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.
February
16, 2011
|
FOREIGN
TRADE BANK OF LATIN AMERICA, INC.
|
|
|
|
By:
/s/ Pedro Toll
|
|
|
|
Name:
Pedro Toll
|
|
Title:
General Manager
|
BLADEX
REPORTS FULL YEAR NET INCOME OF $42.2 MILLION; $1.15 PER SHARE
FOURTH
QUARTER NET INCOME OF $15.5 MILLION; $0.42 PER SHARE
PANAMA CITY, February 16, 2011
– Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, or “the
Bank”) announced today its results for the fourth quarter and full-year ended
December 31, 2010.
Quarterly
and Annual Business Highlights
|
·
|
Fourth
quarter 2010 Net Income
(*)
amounted to $15.5 million, an increase of $0.5 million, or 4%,
compared to third quarter 2010, and an increase of $3.6 million, or 30%,
compared to fourth quarter 2009.
|
|
·
|
Net
income in 2010 amounted to $42.2 million compared to $54.9 million in
2009, as the strong performance of the Commercial Division was mostly
offset by second quarter losses in the Asset Management
Unit.
|
|
·
|
The
Commercial Portfolio grew $292 million, or 7% versus the previous quarter
and $1.3 billion, or 43%, year-on-year to reach balances of $4.4 billion.
Fourth quarter 2010 credit disbursements amounted to $2.2 billion,
compared to the $2.3 billion in the third quarter. 2010
disbursements reached $7.4 billion, up $3.2 billion, or 79%, from
2009.
|
|
·
|
On
a year-on-year-basis, fees and commissions grew 53%, amounting to $10.3
million.
|
(
*)
Net
income or loss attributable to Bladex (“Net Income”, or “Net
Loss”).
|
·
|
Net
interest income in the fourth quarter 2010 was $21.0 million, a $1.0
million, or 5%, increase over the previous period and a $5.8 million, or
38% increase over the fourth quarter 2009. Net interest income
in 2010 amounted to $74.5 million, a 15% increase from
2009. Net interest margin increased to 1.70% in 2010 from 1.62%
in 2009. A
verage funding costs
declined 112bps compared to
2009.
|
|
·
|
The
Commercial Division’s Net Income for 2010 increased $22.0 million (+63%)
to $56.8 million versus $34.8 million in 2009, mainly as a result of
portfolio growth and improved credit quality. The Division’s
Net Income in the fourth quarter 2010 totaled $14.9 million, a 7% increase
over the previous quarter, and a 25% increase over the fourth quarter
2009.
|
|
·
|
The
Treasury Division reported a 2010 Net Loss of $4.9 million, compared to
Net Income of $6.1 million in 2009, driven by losses from trading
portfolio valuations, as increases in securities valuations were offset by
the diminished valuations of associated trading derivatives used to hedge
interest rate risk.
|
|
·
|
The
Asset Management Unit reported a Net Loss of $9.7 million in 2010,
compared to Net Income of $14.1 million in 2009 as the result of trading
losses in Bladex Capital Growth Fund (BCGF, the Investment Fund) incurred
mostly during the second quarter. The Bank will gradually
reduce its exposure to BCGF to its original $100 million investment,
freeing close to $50 million to be used to fund more fee generating
activities.
|
|
·
|
Portfolio
quality improved year-on-year as credit risks abated throughout the
Region, and as non-accrual loans declined to $29.0 million in the fourth
quarter 2010, down from $32.9 million in the previous quarter, and from
$50.5 million in the fourth quarter of
2009.
|
|
·
|
Scale
efficiencies improved in 2010, with expenses growing $3.9 million, or 10%
year-on-year, to $42.1 million, well below the commercial portfolio’s 43%
growth, as the Bank invested in commercial and risk management
resources.
|
|
·
|
The
Bank’s equity consists entirely of common stock equity. The
Bank’s Tier 1 capital ratio as of December 31, 2010 stood at 20.5%,
compared to 20.6% as of September 30, 2010, and 25.8% as of December 31,
2009, while the leverage ratio as of these dates was 7.3x, 7.1x, and 5.7x,
respectively.
|
CEO's
Comments
Mr. Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding the
Bank’s results: “In many ways, Bladex's solid performance during the
fourth quarter was a proxy for the sustained improvement of our business
fundamentals during 2010, which brought about a steady commercial portfolio
growth of 43%, while fees increased by 53%, deposits rose by
45%, net interest margins widened and our network of representative offices
expanded. Concurrently, portfolio quality continued to improve, as non-accrual
loans fell to just $29.0 million, out of a total credit portfolio of $4.9
billion. Expenses involved
in fueling these improvements rose during the year by a
modest 10%, while the Bank maintained a Tier 1 ratio in excess of 20%, and
liquidity remained comfortably above $400 million, or 8% of
assets.
The $42.2
million consolidated Net Income for the 2010 was not higher
principally because the Asset Management's Unit had its first down
full-year since we created the Unit in 2005. The Bank's $15.5
million net income for the fourth quarter, however, demonstrates that have
achieved our goal of generating strong results independently
of the performance of the Division's BCGF fund. As we continue to
strengthen the Division's fee-income generation, we plan to gradually
re-deploy our nearly $50 million of accumulated earnings in the BCGF
over the year 2011 to pursue other opportunities arising in our
market.
2010 was
the first of a two year program designed to substantially increase the Bank's
footprint and strengthen its franchise based on rapidly growing trade
flows in Latin America, a region where we enjoy significant
competitive advantages in terms of market knowledge, support from
our government shareholders, stellar reputation, and timely, tailored
customer service. 2011 will be another year of growth, as we continue expanding
our penetration of the corporate markets, developing new products,
supporting the rapidly growing intra regional trade, expanding our delivery
network, and continuing to serve as the region's premier
bank-to-banks. As was the case with our recent common dividend
increase, we look forward to continuing to share our success with our
shareholders." Mr. Rivera concluded.
RESULTS
BY BUSINESS SEGMENT
COMMERCIAL
DIVISION
The
Commercial Division
incorporates the Bank’s core business of financial intermediation and fee
generation activities. Net Income includes net interest income from
loans, fee income, net allocated operating expenses, the reversals (provisions)
for loan and off-balance sheet credit losses, and any impairment on assets.
(US$
million)
|
|
2010
|
|
|
2009
|
|
|
4Q10
|
|
|
3Q10
|
|
|
4Q09
|
|
Commercial
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
71.6
|
|
|
$
|
66.2
|
|
|
$
|
20.3
|
|
|
$
|
19.1
|
|
|
$
|
15.5
|
|
Non-interest
operating income
(1)
|
|
|
10.1
|
|
|
|
6.9
|
|
|
|
3.1
|
|
|
|
2.1
|
|
|
|
2.1
|
|
Net operating
revenues
(2)
|
|
|
81.7
|
|
|
|
73.1
|
|
|
|
23.4
|
|
|
|
21.2
|
|
|
|
17.6
|
|
Operating
expenses
|
|
|
(29.9
|
)
|
|
|
(23.4
|
)
|
|
|
(9.1
|
)
|
|
|
(7.2
|
)
|
|
|
(6.3
|
)
|
Net operating income
(3)
|
|
|
51.8
|
|
|
|
49.7
|
|
|
|
14.3
|
|
|
|
14.0
|
|
|
|
11.3
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.8
|
|
|
|
(14.8
|
)
|
|
|
0.6
|
|
|
|
(0.1
|
)
|
|
|
0.6
|
|
Recoveries,
net of impairment of assets
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Net
Income
|
|
$
|
56.8
|
|
|
$
|
34.8
|
|
|
$
|
14.9
|
|
|
$
|
13.9
|
|
|
$
|
11.9
|
|
The
Commercial Division’s portfolio growth continued in the fourth quarter, driven
by solid demand across all segments, reaching $4.4 billion in period-end
balances, a 7% increase from the previous quarter, and a 43% increase from the
fourth quarter 2009.
4Q10 vs.
3Q10
Net
Income in the fourth quarter 2010 amounted to $14.9 million, compared to $13.9
million in the third quarter 2010. The $1.0 million quarterly
increase in Net Income was the result of the combined effects of: (i)
a $1.2 million increase in net interest income due to higher average loan
portfolio balances (+14%), mainly driven by greater demand from large
corporations, (ii) a $1.0 million increase in non-interest operating income,
mostly attributable to increased commission income from loans and letter of
credit transactions, (iii) a $1.9 million increase in operating expenses as a
result of the expansion in operations, principally at the new representative
offices, and (iv) a $0.7 million variation in reversals (provision) for credit
losses, mainly due to the Region’s improved risk profile.
4Q10 vs.
4Q09
Net
Income increased $3.0 million compared to the fourth quarter 2009, mainly due to
a 31% increase in net interest income, and a 48% 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 the establishment of new
representative 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.
2010 vs.
2009
The
Division’s Net Income amounted to $56.8 million, compared to $34.8 million in
2009, an annual increase of $22.0 million as a result of: (i) a $19.6 million
positive variation in reversals (provisions) for credit losses, due to improved
risk profile and credit quality, (ii) a $5.4 million increase in net interest
income mostly attributable to the income effects of higher average loan
portfolio balances (+27%), (iii) a $3.2 million increase in commissions and fees
from loans and letters of credits, and (iv) a $6.5 million increase in
operating expenses as the Division expanded its sales force and local presence
in various markets.
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 $4.4
billion as of December 31, 2010, a 7% increase from the balance as of September
30, 2010, and 43% above the balance as of December 31, 2009. The annual
increase was largely attributable to increased demand from the Bank´s
established client base of large corporations and financial institutions, while
the business expansion into the middle market segment
continued. During the fourth quarter 2010, the Bank disbursed $1.8
billion in new loans, 3% more than the third quarter 2010, and an increase of
approximately $1.0 billion, (+112%), compared to the same period in the previous
year.
On an
average basis, the Commercial Portfolio increased 14% in the fourth quarter
2010, compared to the previous quarter, and 48% from the fourth quarter
2009.
The
Commercial Portfolio continues to be mainly short-term and trade-related in
nature. $3.2 billion, or 72%, of the commercial portfolio matures
within one year. Trade financing operations represent 59% of the portfolio,
while the remaining balance consists primarily of lending to banks and
corporations. Refer to Exhibit X for information relating to the
Bank’s Commercial Portfolio distribution by country and Exhibit XII for the
Bank’s distribution of credit disbursements by country.
TREASURY
DIVISION
The
Treasury Division
incorporates the Bank’s
liquidity management, and investment securities activities. Net
Income is presented net of allocated operating expenses, and includes net
interest income on Treasury activities and net other income (loss) relating to
Treasury activities
(12)
.
(US$
million)
|
|
2010
|
|
|
2009
|
|
|
4Q10
|
|
|
3Q10
|
|
|
4Q09
|
|
Treasury
Division:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
3.2
|
|
|
$
|
2.0
|
|
|
$
|
1.1
|
|
|
$
|
1.1
|
|
|
$
|
0.5
|
|
Non-interest
operating income (loss)
(1)
|
|
|
(0.4
|
)
|
|
|
12.0
|
|
|
|
2.4
|
|
|
|
(0.4
|
)
|
|
|
0.7
|
|
Net operating
revenues
(2)
|
|
|
2.8
|
|
|
|
14.0
|
|
|
|
3.5
|
|
|
|
0.7
|
|
|
|
1.2
|
|
Operating
expenses
|
|
|
(7.7
|
)
|
|
|
(7.9
|
)
|
|
|
(1.3
|
)
|
|
|
(2.2
|
)
|
|
|
(1.7
|
)
|
Net operating income
(loss)
(3,
12)
|
|
|
(4.9
|
)
|
|
|
6.1
|
|
|
|
2.2
|
|
|
|
(1.5
|
)
|
|
|
(0.5
|
)
|
Net
Income (Loss)
|
|
$
|
(4.9
|
)
|
|
$
|
6.1
|
|
|
$
|
2.2
|
|
|
$
|
(1.5
|
)
|
|
$
|
(0.5
|
)
|
Liquid
assets
(8)
stood
at $421 million as of December 31, 2010, compared to $336 million as of
September 30, 2010, and $402 million as of December 31, 2009.
The
Trading Portfolio as of December 31, 2010 amounted to $50 million, compared to
$51 million as of September 30, 2010, and $50 million as of December 31,
2009.
The
Securities Available for Sale Portfolio as of December 31, 2010 decreased to
$353 million, compared to $527 million as of September 30, 2010, and $457
million as of December 31, 2009. The reduction during the quarter was
due to the sale of securities for a nominal amount of $135 million, which
generated gains on sales of $2.3 million. The Available for Sale
Portfolio as of December 31, 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 ($6.4) million in the fourth quarter 2010, compared to ($5.5)
million in the third quarter 2010 and ($6.2) million in the same period 2009, as
lower market valuations of the Securities Portfolio were mostly offset by higher
valuations of the interest rate hedging instruments associated with the
securities.
Funding
costs continued to improve as the weighted average funding cost in the fourth
quarter 2010 was 1.17%, a decrease of 5 bps, or 4%, compared to the third
quarter 2010, and a decrease of 58 bps, or 33%, compared to the fourth quarter
2009. Period-end deposit balances stood at $1.8 billion, a decrease of 2%
versus the previous quarter, and a 45% year-on-year increase. Borrowings and
securities sold under repurchase agreements increased 13% from the third quarter
2010 to $2.4 billion, a 36% year-on-year increase.
4Q10 vs.
3Q10
In the
fourth quarter 2010, the Treasury Division posted Net Income of $2.2 million,
compared to a Net Loss of $1.5 million in the third quarter
2010. Fourth quarter net operating revenues were $2.8 million higher
compared to the third quarter, mainly due to higher non-interest operating
income, mostly attributable to gains on the sale of securities available for
sale.
4Q10 vs.
4Q09
The
Treasury Division posted Net Income of $2.2 million in the fourth quarter 2010,
compared to Net Loss of $0.5 million in the fourth quarter 2009, due to a $1.7
million increase in non-interest operating income mostly attributable to gains
on the sale of securities available for sale, a $0.6 million increase in net
interest income as a result of lower interest expense, and a $0.4 million
decrease in operating expenses.
2010 vs.
2009
The
Treasury Division reported a Net Loss of $4.9 million in 2010, compared to a Net
Income of $6.1 million in 2009. The $11.0 million decrease in this
period was primarily driven by trading portfolio valuations, as increases in
securities valuations were more than offset by the diminished valuations of
associated trading derivatives.
ASSET
MANAGEMENT UNIT
The Asset
Management Unit
incorporates the Bank’s
asset management activities.
The Unit’s Investment Fund
follows primarily a Latin America macro strategy, utilizing a combination of
products (foreign exchange, equity indices, interest rate swaps, and sovereign
credit products) to establish long and short positions in the
markets. Bladex considers its asset management subsidiary as part of
its long-term strategy to complement the Bank´s long standing relationships with
institutional investors throughout the world.
The
Unit’s Net Income includes net interest income on the Investment Fund, as well
as net gains (losses) from investment fund trading, other related income (loss),
allocated operating expenses, and the Net Income attributable to redeemable
non-controlling interest.
(US$
million)
|
|
2010
|
|
|
2009
|
|
|
4Q10
|
|
|
3Q10
|
|
|
4Q09
|
|
Asset
Management Unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest loss
|
|
$
|
(0.3
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.8
|
)
|
Non-interest
operating income (loss)
(1)
|
|
|
(7.3
|
)
|
|
|
25.4
|
|
|
|
(0.1
|
)
|
|
|
4.3
|
|
|
|
3.5
|
|
Net operating
revenues
(2)
|
|
|
(7.6
|
)
|
|
|
22.0
|
|
|
|
(0.5
|
)
|
|
|
4.1
|
|
|
|
2.7
|
|
Operating
expenses
|
|
|
(4.5
|
)
|
|
|
(6.8
|
)
|
|
|
(1.3
|
)
|
|
|
(1.0
|
)
|
|
|
(1.9
|
)
|
Net operating income
(loss)
(3)
|
|
|
(12.1
|
)
|
|
|
15.2
|
|
|
|
(1.8
|
)
|
|
|
3.1
|
|
|
|
0.8
|
|
Net
income (loss)
|
|
|
(12.1
|
)
|
|
|
15.2
|
|
|
|
(1.8
|
)
|
|
|
3.1
|
|
|
|
0.8
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.4
|
)
|
|
|
1.1
|
|
|
|
(0.2
|
)
|
|
|
0.5
|
|
|
|
0.2
|
|
Net
Income (Loss)
|
|
$
|
(9.7
|
)
|
|
$
|
14.1
|
|
|
$
|
(1.6
|
)
|
|
$
|
2.6
|
|
|
$
|
0.6
|
|
4Q10 vs.
3Q10
The Asset
Management Unit recorded a Net Loss in the fourth quarter 2010 of $1.6 million,
compared to Net Income of $2.6 million in the third quarter 2010. The $4.2
million quarterly decrease was mainly due to a $4.4 million decrease in
non-interest operating income attributable to net losses from trading activities
in the Investment Fund, partially offset by net income attributable to the
redeemable non-controlling interest.
4Q10 vs.
4Q09
The Unit
posted a Net Loss of $1.6 million in the fourth quarter 2010, compared to $0.6
million in Net Income in the fourth quarter 2009, as a result of lower gains
from investments in the Investment Fund.
2010 vs.
2009
In 2010
the Unit posted a Net Loss of $9.7 million, compared to Net Income of $14.1
million in 2009. The $23.8 million loss year-over-year variance was
due to the combined effects of: (i) a $32.7 million decrease in
non-interest operating income attributable to losses from investments in the
Investment Fund, (ii) a $3.1 million increase in net interest income, (iii) a
$2.3 million decrease in operating expenses as a result of lower provisions for
variable compensation tied to the performance of the Investment
Fund.
As of
December 31, 2010, the Investment Fund’s asset value totaled $167 million,
compared to $181 million as of September 30, 2010, and $198 million as of
December 31, 2009. For the same dates, Bladex’s ownership of the
Bladex Offshore Feeder Fund was 88.67%, 85.82% and 82.34%, respectively, with
remaining balances owned by third party investors.
During
the fourth quarter 2010, the Bank redeemed $6.0 million from its investment in
the Fund. The Bank will gradually reduce its exposure to BCGF to its original
$100 million investment, freeing close to $50 million to be used to fund more
fee generating activities.
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
The
following table illustrates the consolidated results of operations of the Bank
for the periods indicated below:
(US$
million, except percentages and per share amounts)
|
|
2010
|
|
|
2009
|
|
|
4Q10
|
|
|
3Q10
|
|
|
4Q09
|
|
Net
Interest Income
|
|
$
|
74.5
|
|
|
$
|
64.8
|
|
|
$
|
21.0
|
|
|
$
|
20.0
|
|
|
$
|
15.2
|
|
Net
Operating Income (Loss) by Business Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
51.8
|
|
|
$
|
49.7
|
|
|
$
|
14.3
|
|
|
$
|
14.0
|
|
|
$
|
11.3
|
|
Treasury
Division
|
|
$
|
(4.9
|
)
|
|
$
|
6.1
|
|
|
$
|
2.2
|
|
|
$
|
(1.5
|
)
|
|
$
|
(0.5
|
)
|
Asset
Management Unit
|
|
$
|
(12.1
|
)
|
|
$
|
15.2
|
|
|
$
|
(1.8
|
)
|
|
$
|
3.1
|
|
|
$
|
0.8
|
|
Net
Operating Income
|
|
$
|
34.7
|
|
|
$
|
70.9
|
|
|
$
|
14.7
|
|
|
$
|
15.6
|
|
|
$
|
11.6
|
|
Net
income
|
|
$
|
39.7
|
|
|
$
|
56.0
|
|
|
$
|
15.3
|
|
|
$
|
15.5
|
|
|
$
|
12.1
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
$
|
(2.4
|
)
|
|
$
|
1.1
|
|
|
$
|
(0.2
|
)
|
|
$
|
0.5
|
|
|
$
|
0.2
|
|
Net
Income attributable to Bladex
|
|
$
|
42.2
|
|
|
$
|
54.9
|
|
|
$
|
15.5
|
|
|
$
|
15.0
|
|
|
$
|
11.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Share
(5)
|
|
$
|
1.15
|
|
|
$
|
1.50
|
|
|
$
|
0.42
|
|
|
$
|
0.41
|
|
|
$
|
0.33
|
|
Book
Value per common share (period end)
|
|
$
|
18.99
|
|
|
$
|
18.49
|
|
|
$
|
18.99
|
|
|
$
|
18.77
|
|
|
$
|
18.49
|
|
Return
on Average Equity (“ROE”)
|
|
|
6.2
|
%
|
|
|
8.6
|
%
|
|
|
8.9
|
%
|
|
|
8.7
|
%
|
|
|
7.1
|
%
|
Operating Return on
Average Equity ("Operating ROE")
(6)
|
|
|
5.1
|
%
|
|
|
11.1
|
%
|
|
|
8.4
|
%
|
|
|
9.0
|
%
|
|
|
6.9
|
%
|
Return
on Average Assets (“ROA”)
|
|
|
1.0
|
%
|
|
|
1.4
|
%
|
|
|
1.3
|
%
|
|
|
1.3
|
%
|
|
|
1.3
|
%
|
Net
Interest Margin
|
|
|
1.70
|
%
|
|
|
1.62
|
%
|
|
|
1.70
|
%
|
|
|
1.73
|
%
|
|
|
1.60
|
%
|
Efficiency Ratio
(7)
|
|
|
55
|
%
|
|
|
35
|
%
|
|
|
44
|
%
|
|
|
40
|
%
|
|
|
46
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquid Assets /
Total Assets
(8)
|
|
|
8.2
|
%
|
|
|
10.4
|
%
|
|
|
8.2
|
%
|
|
|
6.9
|
%
|
|
|
10.4
|
%
|
Liquid
Assets / Total Deposits
|
|
|
23.1
|
%
|
|
|
32.0
|
%
|
|
|
23.1
|
%
|
|
|
18.1
|
%
|
|
|
32.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accruing
Loans to Total Loans, net
|
|
|
0.7
|
%
|
|
|
1.8
|
%
|
|
|
0.7
|
%
|
|
|
0.9
|
%
|
|
|
1.8
|
%
|
Allowance
for Credit Losses to Commercial Portfolio
|
|
|
2.1
|
%
|
|
|
3.2
|
%
|
|
|
2.1
|
%
|
|
|
2.3
|
%
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$
|
5,100
|
|
|
$
|
3,879
|
|
|
$
|
5,100
|
|
|
$
|
4,861
|
|
|
$
|
3,879
|
|
NET
INTEREST INCOME AND MARGINS
|
|
2010
|
|
|
2009
|
|
|
|
4Q10
|
|
|
|
3Q10
|
|
|
|
4Q09
|
|
Net
Interest Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Division
|
|
$
|
71.6
|
|
|
$
|
66.2
|
|
|
$
|
20.3
|
|
|
$
|
19.1
|
|
|
$
|
15.5
|
|
Treasury
Division
|
|
|
3.2
|
|
|
|
2.0
|
|
|
|
1.1
|
|
|
|
1.1
|
|
|
|
0.5
|
|
Asset
Management Unit
|
|
|
(0.3
|
)
|
|
|
(3.4
|
)
|
|
|
(0.4
|
)
|
|
|
(0.2
|
)
|
|
|
(0.8
|
)
|
Consolidated
|
|
$
|
74.5
|
|
|
$
|
64.8
|
|
|
$
|
21.0
|
|
|
$
|
20.0
|
|
|
$
|
15.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Interest Margin
*
|
|
|
1.70
|
%
|
|
|
1.62
|
%
|
|
|
1.70
|
%
|
|
|
1.73
|
%
|
|
|
1.60
|
%
|
|
|
*
Net interest income divided by average balance of interest-earning
assets.
|
|
Net
interest margin stood at 1.70% in the fourth quarter 2010, compared to 1.73% in
the third quarter 2010, and 1.60% in the fourth quarter
2009.
4Q10 vs.
3Q10
In the
fourth quarter 2010, net interest income amounted to $21.0 million, an increase
of $1.0 million, or 5%, compared to $20.0 million in the third quarter
2010. The quarterly increase reflects mostly:
|
(i)
|
Higher
average interest earning assets balances, consisting primarily of average
loan portfolio balances, which increased $470 million, or 14%, compared to
the third quarter 2010, which resulted in an overall increase of $3.0
million in interest income, partially offset by a $0.4 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 $1.6 million decrease in net interest income. The
average yield earned on interest-earning assets decreased 6 bps to 2.64%
compared to the third quarter 2010, mainly attributable to average yield
decreases in loans, partially offset by the 5 bps decrease in average
yield paid on interest-bearing liabilities to
1.17%.
|
4Q10 vs.
4Q09
Net
interest income increased $5.8 million, or 38%, when compared to the fourth
quarter 2009. This increase primarily reflects:
|
(i)
|
Higher
average interest earning assets balances, mainly average loan portfolio
balances, which increased $1.3 billion, or 48%, compared to the fourth
quarter 2009, resulted in an overall increase of $9.2 million in
interest income. Average volumes of interest bearing
liabilities increased $1.1 billion, or 39%, resulting in a $1.5 million
decrease in net interest
income.
|
|
(ii)
|
A
$1.9 million decrease in net interest income as result of the combined
effects of a 29 bps reduction in average yield earned on
assets, partially offset by a 58 bps decrease in average yield paid
on interest-bearing liabilities, both mostly attributable to lower
interbank market
rates.
|
2010 vs.
2009
Yearly
net interest income amounted to $74.5 million in 2010, compared to $64.8 million
in 2009. The $9.7 million, or 15%, increase of net interest income
during the annual period primarily reflects:
|
(i)
|
Higher
average interest earning assets balances, primarily average loan portfolio
balances, which resulted in a $18.2 million overall increase in interest
income, partially offset by a $2.1 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 $6.3 million decrease in net interest income. The
average yield paid on interest-bearing liabilities decreased 112 bps to
1.26% during 2010, while the average yield on interest-earning assets
decreased 81 bps to 2.69% during the same period. Both effects were mostly
attributable to lower interbank market
rates.
|
Net
interest margin improved to 1.70% in 2010, compared to 1.62% in
2009.
FEES
AND COMMISSIONS
(US$
million)
|
|
2010
|
|
|
2009
|
|
|
4Q10
|
|
|
3Q10
|
|
|
4Q09
|
|
Letters
of credit
|
|
$
|
8.3
|
|
|
$
|
5.0
|
|
|
$
|
2.0
|
|
|
$
|
1.7
|
|
|
$
|
1.8
|
|
Guarantees
|
|
|
0.2
|
|
|
|
1.0
|
|
|
|
0.1
|
|
|
|
0.0
|
|
|
|
0.1
|
|
Loans
|
|
|
1.2
|
|
|
|
0.2
|
|
|
|
1.0
|
|
|
|
0.1
|
|
|
|
0.0
|
|
Third
party investor (BAM)
|
|
|
0.5
|
|
|
|
0.3
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
0.3
|
|
Other*
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
0.0
|
|
|
|
0.1
|
|
|
|
0.1
|
|
Fees
and Commissions, net
|
|
$
|
10.3
|
|
|
$
|
6.7
|
|
|
$
|
3.1
|
|
|
$
|
2.0
|
|
|
$
|
2.4
|
|
* Net of
commission expenses
Fees and
commissions amounted to $3.1 million in the fourth quarter 2010, $1.1 million
over the previous quarter, and $0.7 million higher than fourth quarter
2009. These quarterly increases were mostly the result of higher
commissions from loans and letter of credit
transactions.
During
2010, commission income amounted to $10.3 million, compared $6.7 million in
2009, mainly as a result of $3.3 million increase in commission income from the
letter of credit business as average balances increased along with the Bank’s
expanding footprint.
PORTFOLIO
QUALITY AND PROVISION FOR CREDIT LOSSES
(In
US$ million)
|
|
31-Dec-09
|
|
|
31-Mar-10
|
|
|
30-Jun-10
|
|
|
30-Sep-10
|
|
|
31-Dec-10
|
|
Allowance
for Loan Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
89.9
|
|
|
$
|
73.8
|
|
|
$
|
73.9
|
|
|
$
|
81.3
|
|
|
$
|
68.7
|
|
Provisions
(reversals)
|
|
|
(16.1
|
)
|
|
|
0.1
|
|
|
|
8.7
|
|
|
|
(12.6
|
)
|
|
|
12.8
|
|
Charge-offs,
net of recoveries
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
|
|
(1.4
|
)
|
|
|
(0.0
|
)
|
|
|
(2.9
|
)
|
End
of period balance
|
|
$
|
73.8
|
|
|
$
|
73.9
|
|
|
$
|
81.3
|
|
|
$
|
68.7
|
|
|
$
|
78.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve
for Losses on Off-balance Sheet Credit Risk:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
at beginning of the period
|
|
$
|
11.8
|
|
|
$
|
27.3
|
|
|
$
|
23.6
|
|
|
$
|
14.0
|
|
|
$
|
26.7
|
|
Provisions
(reversals)
|
|
|
15.5
|
|
|
|
(3.7
|
)
|
|
|
(9.6
|
)
|
|
|
12.7
|
|
|
|
(13.3
|
)
|
End
of period balance
|
|
$
|
27.3
|
|
|
$
|
23.6
|
|
|
$
|
14.0
|
|
|
$
|
26.7
|
|
|
$
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Allowance for Credit Losses
|
|
$
|
101.0
|
|
|
$
|
97.6
|
|
|
$
|
95.3
|
|
|
$
|
95.4
|
|
|
$
|
92.0
|
|
Provisions
for loan and off-balance sheet credit losses stood at $92.0 million as of
December 31, 2010, compared to $95.4 million as of September 30, 2010, and
$101.0 million as of December 31, 2009. The reduction of the total allowance for
credit losses during 2010 was the result of lower reserve requirements related
to the improved risk profile in the commercial portfolio, following the
post-crisis economic recovery in the Region.
As of
December 31, 2010, the non-accrual portfolio amounted to $29.0 million, compared
to $32.9 million as of September 30, 2010, and $50.5 million as of December 31,
2009. As of December 31, 2010, amounts past due in the portfolio were
$1.0 million.
The ratio
of the allowance for credit losses to the Commercial Portfolio stood at 2.1% as
of December 31, 2010, compared to 2.3% as of September 30, 2010, and 3.2% as of
December 31, 2009, while the ratio of non-accruing loans to loan portfolio stood
at 0.7%, 0.9%, and 1.8%, respectively, as of these dates.
OPERATING
EXPENSES
(US$
million)
|
|
2010
|
|
|
2009
|
|
|
4Q10
|
|
|
3Q10
|
|
|
4Q09
|
|
Salaries
and other employee expenses
|
|
$
|
23.5
|
|
|
$
|
20.2
|
|
|
$
|
7.1
|
|
|
$
|
5.5
|
|
|
$
|
5.1
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
2.5
|
|
|
|
2.7
|
|
|
|
0.6
|
|
|
|
0.6
|
|
|
|
0.6
|
|
Professional
services
|
|
|
4.9
|
|
|
|
3.3
|
|
|
|
0.9
|
|
|
|
1.7
|
|
|
|
0.8
|
|
Maintenance
and repairs
|
|
|
1.6
|
|
|
|
1.1
|
|
|
|
0.5
|
|
|
|
0.4
|
|
|
|
0.3
|
|
Expenses
from the investment fund
|
|
|
0.9
|
|
|
|
3.5
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.8
|
|
Other
operating expenses
|
|
|
8.6
|
|
|
|
7.4
|
|
|
|
2.4
|
|
|
|
1.9
|
|
|
|
2.1
|
|
Total
Operating Expenses
|
|
$
|
42.1
|
|
|
$
|
38.2
|
|
|
$
|
11.6
|
|
|
$
|
10.4
|
|
|
$
|
9.9
|
|
Quarterly
Variation
Operating
expenses in the fourth quarter 2010 totaled $11.6 million, a $1.3 million, or
12%, increase from the third quarter 2010, and an increase of $1.7 million, or
18%, with respect to the fourth quarter 2009. The year-on-year
increase was mostly attributable to the net effect of salary and other employee
expenses associated with the higher average headcount in the Commercial Division
and risk management area, offset by lower performance-related expenses from the
Investment Fund.
The
Bank’s fourth quarter 2010 efficiency ratio stood at 44%, compared to 40% in the
third quarter 2010, and 46% in the fourth quarter 2009, primarily as a result of
a $5.8 million increase in net operating revenues from the Commercial
Division.
During
the fourth quarter 2010, the operating expenses to average assets ratio amounted
to 0.94%, compared to 0.91% in the previous quarter, and compared to 1.05% in
the fourth quarter 2009.
2010 vs.
2009
During
2010, operating expenses amounted to $42.1 million, compared to $38.2 million
during 2009. The $3.9 million, or 10%, increase in operating expenses
during this period was attributable to the net effect of salary and other
employee expenses associated with higher average headcount and professional fees
in support of the Commercial Division and risk management’s expansion, as well
as capital market issuance programs, partially offset by lower
performance–related expenses from the Investment Fund.
The
Bank’s efficiency ratio as of December 31, 2010 was 55%, compared to 35% as of
December 31, 2009, mainly as the result of a $40.8 million decrease in net
operating revenues in the Asset Management Unit and Treasury Division during the
period.
As of
December 31, 2010, the Bank’s operating expenses to average assets ratio stood
at 0.97%, compared to 0.96% as of December 31, 2009.
CAPITAL
RATIOS AND CAPITAL MANAGEMENT
The
following graphs illustrate the trends in Net Income and Return on Average
Stockholders’ Equity and Tier 1 Capital evolution for the periods
indicated:
The
following table shows capital amounts and ratios at the dates
indicated:
(US$
million, except percentages and per share amounts)
|
|
2010
|
|
|
2009
|
|
|
4Q10
|
|
|
3Q10
|
|
|
4Q09
|
|
Tier
1 Capital
(9)
|
|
$
|
701
|
|
|
$
|
679
|
|
|
$
|
701
|
|
|
$
|
690
|
|
|
$
|
679
|
|
Total
Capital
(10)
|
|
$
|
744
|
|
|
$
|
712
|
|
|
$
|
744
|
|
|
$
|
732
|
|
|
$
|
712
|
|
Risk-Weighted
Assets
|
|
$
|
3,417
|
|
|
$
|
2,633
|
|
|
$
|
3,417
|
|
|
$
|
3,352
|
|
|
$
|
2,633
|
|
Tier
1 Capital Ratio
|
|
|
20.5
|
%
|
|
|
25.8
|
%
|
|
|
20.5
|
%
|
|
|
20.6
|
%
|
|
|
25.8
|
%
|
Total
Capital Ratio
|
|
|
21.8
|
%
|
|
|
27.0
|
%
|
|
|
21.8
|
%
|
|
|
21.8
|
%
|
|
|
27.0
|
%
|
Stockholders’
Equity
|
|
$
|
697
|
|
|
$
|
676
|
|
|
$
|
697
|
|
|
$
|
689
|
|
|
$
|
676
|
|
Stockholders’
Equity to Total Assets
|
|
|
13.7
|
%
|
|
|
17.4
|
%
|
|
|
13.7
|
%
|
|
|
14.2
|
%
|
|
|
17.4
|
%
|
Other
Comprehensive Income Account ("OCI")
|
|
$
|
(6
|
)
|
|
$
|
(6
|
)
|
|
$
|
(6
|
)
|
|
$
|
(5
|
)
|
|
$
|
(6
|
)
|
Leverage
(times)
(11)
|
|
|
7.3
|
|
|
|
5.7
|
|
|
|
7.3
|
|
|
|
7.1
|
|
|
|
5.7
|
|
The
Bank’s equity consists entirely of issued and fully paid ordinary common
stock. As of December 31, 2010, the Bank’s Tier 1 capital ratio stood
at 20.5% compared to 20.6% as of September 30, 2010 and 25.8% as of December 31,
2009. The annual reduction in the Bank’s Tier 1 Capital ratio was due to a $0.8
billion increase in risk-weighted assets associated with the Bank’s increased
loan portfolio. The Bank’s leverage stood at 7.3x, 7.1x, and 5.7x, respectively,
as of these dates.
The
Bank’s common shares outstanding amounted to 36.7 million as of December 31,
2010 compared to the same amount as of September 30, 2010, and 36.5 million as
of December 31, 2009.
During
the Board of Director’s meeting on January 19, 2011, the Bank’s Board reaffirmed
its commitment to a dividend policy that reflects the Bank’s growing core
business. In-line with this policy, the quarterly common dividend increased from
$0.17 to $0.20 per share corresponding to the fourth quarter 2010. The dividend
was paid on February 11, 2011 to stockholders registered as of February 3,
2011.
OTHER
EVENTS
§
|
Ratings
affirmed:
On December 27, 2010, Moody’s Investor Service
affirmed the Bank’s credit rating at Baa2/P-2; with a “Stable”
Outlook.
|
§
|
New representative
office:
On November 15, 2010, the Bank received
authorization from the Superintendence of Peru to open a representative
office in the city of Lima.
|
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 December 31, 2010, Bladex had disbursed
accumulated credits of approximately $169 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly and annual results on
Thursday, February 17, 2011 at 9:30 a.m. New York City time (Eastern
Time). For those interested in participating, please dial (800) 311-9401
in the United States or, if outside the United States, (334) 323-7224.
Participants should use conference ID# 8034, and dial in five minutes before the
call is set to begin. There will also be a live audio web cast of the
conference at http://www.bladex.com.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through April 17,
2011. Please dial (877) 919-4059 or (334) 323-7226, and follow the
instructions. The conference ID# for the replayed call is
32221920. For more information, please access http://www.bladex.com
or contact:
Mr.
Christopher Schech
Chief
Financial Officer
Bladex
Calle 50
y Aquilino de la Guardia
Panama
City, Panama
Tel:
(507) 210-8630
E-mail
address: cschech@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82 Wall
Street, Suite 805, New York, NY 10005
Tel:
(212) 406-3694
E-mail
address: bladex@i-advize.com
EXHIBIT
I
CONSOLIDATED
BALANCE SHEETS
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A)
- (B)
|
|
|
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
December
31, 2010
|
|
|
September
30, 2010
|
|
|
December
31, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In
US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and due from banks
|
|
$
|
437
|
|
|
$
|
363
|
|
|
$
|
425
|
|
|
$
|
74
|
|
|
|
20
|
%
|
|
$
|
12
|
|
|
|
3
|
%
|
Trading
assets
|
|
|
50
|
|
|
|
51
|
|
|
|
50
|
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
|
0
|
|
|
|
0
|
|
Securities
available-for-sale
|
|
|
353
|
|
|
|
527
|
|
|
|
457
|
|
|
|
(174
|
)
|
|
|
(33
|
)
|
|
|
(104
|
)
|
|
|
(23
|
)
|
Securities
held-to-maturity
|
|
|
33
|
|
|
|
20
|
|
|
|
0
|
|
|
|
13
|
|
|
|
65
|
|
|
|
33
|
|
|
n.m.
|
(*)
|
Investment
fund
|
|
|
167
|
|
|
|
181
|
|
|
|
198
|
|
|
|
(14
|
)
|
|
|
(8
|
)
|
|
|
(31
|
)
|
|
|
(16
|
)
|
Loans
|
|
|
4,064
|
|
|
|
3,747
|
|
|
|
2,779
|
|
|
|
317
|
|
|
|
8
|
|
|
|
1,285
|
|
|
|
46
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(79
|
)
|
|
|
(69
|
)
|
|
|
(74
|
)
|
|
|
(10
|
)
|
|
|
14
|
|
|
|
(5
|
)
|
|
|
7
|
|
Unearned
income and deferred fees
|
|
|
(4
|
)
|
|
|
(4
|
)
|
|
|
(4
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Loans,
net
|
|
|
3,981
|
|
|
|
3,674
|
|
|
|
2,701
|
|
|
|
307
|
|
|
|
8
|
|
|
|
1,280
|
|
|
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers'
liabilities under acceptances
|
|
|
27
|
|
|
|
0
|
|
|
|
2
|
|
|
|
27
|
|
|
n.m.
|
(*)
|
|
|
25
|
|
|
|
1,250
|
|
Accrued
interest receivable
|
|
|
31
|
|
|
|
26
|
|
|
|
26
|
|
|
|
5
|
|
|
|
19
|
|
|
|
5
|
|
|
|
19
|
|
Premises
and equipment, net
|
|
|
7
|
|
|
|
7
|
|
|
|
8
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(13
|
)
|
Derivative
financial instruments used for hedging - receivable
|
|
|
2
|
|
|
|
3
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
(33
|
)
|
|
|
1
|
|
|
|
100
|
|
Other
assets
|
|
|
11
|
|
|
|
10
|
|
|
|
12
|
|
|
|
1
|
|
|
|
10
|
|
|
|
(1
|
)
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
5,100
|
|
|
$
|
4,861
|
|
|
$
|
3,879
|
|
|
$
|
239
|
|
|
|
5
|
%
|
|
$
|
1,221
|
|
|
|
31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
$
|
100
|
|
|
$
|
29
|
|
|
$
|
51
|
|
|
$
|
71
|
|
|
|
245
|
%
|
|
$
|
49
|
|
|
|
96
|
%
|
Time
|
|
|
1,721
|
|
|
|
1,831
|
|
|
|
1,205
|
|
|
|
(110
|
)
|
|
|
(6
|
)
|
|
|
516
|
|
|
|
43
|
|
Total
Deposits
|
|
|
1,821
|
|
|
|
1,861
|
|
|
|
1,256
|
|
|
|
(40
|
)
|
|
|
(2
|
)
|
|
|
565
|
|
|
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
liabilities
|
|
|
4
|
|
|
|
5
|
|
|
|
3
|
|
|
|
(1
|
)
|
|
|
(20
|
)
|
|
|
1
|
|
|
|
33
|
|
Securities
sold under repurchase agreements
|
|
|
265
|
|
|
|
338
|
|
|
|
71
|
|
|
|
(73
|
)
|
|
|
(22
|
)
|
|
|
194
|
|
|
|
273
|
|
Short-term
borrowings
|
|
|
1,095
|
|
|
|
790
|
|
|
|
328
|
|
|
|
305
|
|
|
|
39
|
|
|
|
767
|
|
|
|
234
|
|
Acceptances
outstanding
|
|
|
27
|
|
|
|
0
|
|
|
|
2
|
|
|
|
27
|
|
|
n.m.
|
(*)
|
|
|
25
|
|
|
|
1,250
|
|
Accrued
interest payable
|
|
|
10
|
|
|
|
9
|
|
|
|
11
|
|
|
|
1
|
|
|
|
11
|
|
|
|
(1
|
)
|
|
|
(9
|
)
|
Borrowings
and long-term debt
|
|
|
1,075
|
|
|
|
1,028
|
|
|
|
1,390
|
|
|
|
47
|
|
|
|
5
|
|
|
|
(315
|
)
|
|
|
(23
|
)
|
Derivative
financial instruments used for hedging - payable
|
|
|
53
|
|
|
|
70
|
|
|
|
65
|
|
|
|
(17
|
)
|
|
|
(24
|
)
|
|
|
(12
|
)
|
|
|
(18
|
)
|
Reserve
for losses on off-balance sheet credit risk
|
|
|
13
|
|
|
|
27
|
|
|
|
27
|
|
|
|
(14
|
)
|
|
|
(52
|
)
|
|
|
(14
|
)
|
|
|
(52
|
)
|
Other
liabilities
|
|
|
20
|
|
|
|
18
|
|
|
|
14
|
|
|
|
2
|
|
|
|
11
|
|
|
|
6
|
|
|
|
43
|
|
TOTAL
LIABILITIES
|
|
$
|
4,384
|
|
|
$
|
4,146
|
|
|
$
|
3,168
|
|
|
$
|
238
|
|
|
|
6
|
%
|
|
$
|
1,216
|
|
|
|
38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
19
|
|
|
|
26
|
|
|
|
35
|
|
|
|
(7
|
)
|
|
|
(27
|
)
|
|
|
(16
|
)
|
|
|
(46
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock, no par value, assigned value of US$6.67
|
|
|
280
|
|
|
|
280
|
|
|
|
280
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Additional
paid-in capital in excess of assigned value of common
stock
|
|
|
134
|
|
|
|
134
|
|
|
|
135
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
Capital
reserves
|
|
|
95
|
|
|
|
95
|
|
|
|
95
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Retained
earnings
|
|
|
320
|
|
|
|
312
|
|
|
|
301
|
|
|
|
8
|
|
|
|
3
|
|
|
|
19
|
|
|
|
6
|
|
Accumulated
other comprehensive loss
|
|
|
(6
|
)
|
|
|
(5
|
)
|
|
|
(6
|
)
|
|
|
(1
|
)
|
|
|
20
|
|
|
|
0
|
|
|
|
0
|
|
Treasury
stock
|
|
|
(126
|
)
|
|
|
(126
|
)
|
|
|
(130
|
)
|
|
|
0
|
|
|
|
0
|
|
|
|
4
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
$
|
697
|
|
|
$
|
689
|
|
|
$
|
676
|
|
|
$
|
8
|
|
|
|
1
|
%
|
|
$
|
21
|
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
5,100
|
|
|
$
|
4,861
|
|
|
$
|
3,879
|
|
|
$
|
239
|
|
|
|
5
|
%
|
|
$
|
1,221
|
|
|
|
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)
|
|
|
|
|
|
|
December 31, 2010
|
|
|
September 30, 2010
|
|
|
December 31, 2009
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
33,203
|
|
|
$
|
31,559
|
|
|
$
|
28,256
|
|
|
$
|
1,644
|
|
|
|
5
|
%
|
|
$
|
4,947
|
|
|
|
18
|
%
|
Interest
expense
|
|
|
(12,181
|
)
|
|
|
(11,561
|
)
|
|
|
(13,073
|
)
|
|
|
(620
|
)
|
|
|
5
|
|
|
|
892
|
|
|
|
(7
|
)
|
NET
INTEREST INCOME
|
|
|
21,022
|
|
|
|
19,998
|
|
|
|
15,183
|
|
|
|
1,024
|
|
|
|
5
|
|
|
|
5,839
|
|
|
|
38
|
|
Reversal
(provision) for loan losses
|
|
|
(12,776
|
)
|
|
|
12,567
|
|
|
|
16,063
|
|
|
|
(25,343
|
)
|
|
|
(202
|
)
|
|
|
(28,839
|
)
|
|
|
(180
|
)
|
NET
INTEREST INCOME, AFTER REVERSAL (PROVISION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
8,246
|
|
|
|
32,565
|
|
|
|
31,246
|
|
|
|
(24,319
|
)
|
|
|
(75
|
)
|
|
|
(23,000
|
)
|
|
|
(74
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
13,343
|
|
|
|
(12,661
|
)
|
|
|
(15,456
|
)
|
|
|
26,004
|
|
|
|
(205
|
)
|
|
|
28,799
|
|
|
|
(186
|
)
|
Fees
and commissions, net
|
|
|
3,102
|
|
|
|
2,045
|
|
|
|
2,369
|
|
|
|
1,057
|
|
|
|
52
|
|
|
|
733
|
|
|
|
31
|
|
Derivative
financial instrument and hedging
|
|
|
(117
|
)
|
|
|
(36
|
)
|
|
|
(507
|
)
|
|
|
(81
|
)
|
|
|
225
|
|
|
|
390
|
|
|
|
(77
|
)
|
Recoveries,
net of impairment of assets
|
|
|
0
|
|
|
|
0
|
|
|
|
(27
|
)
|
|
|
0
|
|
|
n.m.
|
(*)
|
|
|
27
|
|
|
|
(100
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(331
|
)
|
|
|
4,179
|
|
|
|
2,906
|
|
|
|
(4,510
|
)
|
|
|
(108
|
)
|
|
|
(3,237
|
)
|
|
|
(111
|
)
|
Net
loss from trading securities
|
|
|
(507
|
)
|
|
|
(1,115
|
)
|
|
|
(638
|
)
|
|
|
608
|
|
|
|
(55
|
)
|
|
|
131
|
|
|
|
(21
|
)
|
Net
gain on sale of securities available-for-sale
|
|
|
2,346
|
|
|
|
0
|
|
|
|
0
|
|
|
|
2,346
|
|
|
n.m.
|
(*)
|
|
|
2,346
|
|
|
n.m.
|
|
Gain
on foreign currency exchange
|
|
|
404
|
|
|
|
722
|
|
|
|
1,830
|
|
|
|
(318
|
)
|
|
|
(44
|
)
|
|
|
(1,426
|
)
|
|
|
(78
|
)
|
Other
income (expense), net
|
|
|
499
|
|
|
|
146
|
|
|
|
321
|
|
|
|
353
|
|
|
|
242
|
|
|
|
178
|
|
|
|
55
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
18,739
|
|
|
|
(6,720
|
)
|
|
|
(9,202
|
)
|
|
|
25,459
|
|
|
|
(379
|
)
|
|
|
27,941
|
|
|
|
(304
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(7,067
|
)
|
|
|
(5,545
|
)
|
|
|
(5,131
|
)
|
|
|
(1,522
|
)
|
|
|
27
|
|
|
|
(1,936
|
)
|
|
|
38
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(611
|
)
|
|
|
(622
|
)
|
|
|
(647
|
)
|
|
|
11
|
|
|
|
(2
|
)
|
|
|
36
|
|
|
|
(6
|
)
|
Professional
services
|
|
|
(910
|
)
|
|
|
(1,726
|
)
|
|
|
(834
|
)
|
|
|
816
|
|
|
|
(47
|
)
|
|
|
(76
|
)
|
|
|
9
|
|
Maintenance
and repairs
|
|
|
(518
|
)
|
|
|
(405
|
)
|
|
|
(345
|
)
|
|
|
(113
|
)
|
|
|
28
|
|
|
|
(173
|
)
|
|
|
50
|
|
Expenses
from the investment fund
|
|
|
(177
|
)
|
|
|
(178
|
)
|
|
|
(800
|
)
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
623
|
|
|
|
(78
|
)
|
Other
operating expenses
|
|
|
(2,353
|
)
|
|
|
(1,894
|
)
|
|
|
(2,139
|
)
|
|
|
(459
|
)
|
|
|
24
|
|
|
|
(214
|
)
|
|
|
10
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(11,636
|
)
|
|
|
(10,370
|
)
|
|
|
(9,896
|
)
|
|
|
(1,266
|
)
|
|
|
12
|
|
|
|
(1,740
|
)
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
15,349
|
|
|
$
|
15,475
|
|
|
$
|
12,148
|
|
|
$
|
(126
|
)
|
|
|
(1
|
)
|
|
$
|
3,201
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(168
|
)
|
|
|
507
|
|
|
|
233
|
|
|
|
(675
|
)
|
|
|
(133
|
)
|
|
|
(401
|
)
|
|
|
(172
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
15,517
|
|
|
$
|
14,968
|
|
|
$
|
11,915
|
|
|
$
|
549
|
|
|
|
4
|
%
|
|
$
|
3,602
|
|
|
|
30
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
0.42
|
|
|
|
0.41
|
|
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
|
|
0.42
|
|
|
|
0.41
|
|
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,699
|
|
|
|
36,679
|
|
|
|
36,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average diluted shares
|
|
|
36,983
|
|
|
|
36,814
|
|
|
|
36,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.3
|
%
|
|
|
1.3
|
%
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
|
|
8.9
|
%
|
|
|
8.7
|
%
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin
|
|
|
1.70
|
%
|
|
|
1.73
|
%
|
|
|
1.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest spread
|
|
|
1.47
|
%
|
|
|
1.48
|
%
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses to total average assets
|
|
|
0.94
|
%
|
|
|
0.91
|
%
|
|
|
1.05
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
"n.m." means not
meaningful.
|
SUMMARY
OF CONSOLIDATED FINANCIAL DATA
|
|
|
(Consolidated
Statements of Income, Balance Sheets, and Selected Financial
Ratios)
|
EXHIBIT III
|
|
|
FOR THE TWELVE MONTHS ENDED
|
|
|
|
December 31, 2010
|
|
|
December 31, 2009
|
|
|
|
(In US$ thousand, except per share amounts & ratios)
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
74,503
|
|
|
$
|
64,752
|
|
Fees
and commissions, net
|
|
|
10,326
|
|
|
|
6,733
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4,835
|
|
|
|
(14,830
|
)
|
Derivative
financial instrument and hedging
|
|
|
(1,446
|
)
|
|
|
(2,534
|
)
|
Recoveries,
net of impairment of assets
|
|
|
233
|
|
|
|
(120
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(7,995
|
)
|
|
|
24,997
|
|
Net
gain (loss) from trading securities
|
|
|
(3,603
|
)
|
|
|
13,113
|
|
Net
gain on sale of securities available-for-sale
|
|
|
2,346
|
|
|
|
546
|
|
Gain
on foreign currency exchange
|
|
|
1,870
|
|
|
|
613
|
|
Other
income (expense), net
|
|
|
833
|
|
|
|
912
|
|
Operating
expenses
|
|
|
(42,081
|
)
|
|
|
(38,202
|
)
|
Net
Income
|
|
$
|
39,821
|
|
|
$
|
55,980
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,423
|
)
|
|
|
1,118
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
42,244
|
|
|
$
|
54,862
|
|
BALANCE
SHEET DATA (In US$ millions):
|
|
|
|
|
|
|
|
|
Investment
securities and trading assets
|
|
|
436
|
|
|
|
507
|
|
Investment
fund
|
|
|
167
|
|
|
|
198
|
|
Loans,
net
|
|
|
3,981
|
|
|
|
2,701
|
|
Total
assets
|
|
|
5,100
|
|
|
|
3,879
|
|
Deposits
|
|
|
1,821
|
|
|
|
1,256
|
|
Securities
sold under repurchase agreements
|
|
|
265
|
|
|
|
71
|
|
Short-term
borrowings
|
|
|
1,095
|
|
|
|
328
|
|
Borrowings
and long-term debt
|
|
|
1,075
|
|
|
|
1,390
|
|
Total
liabilities
|
|
|
4,384
|
|
|
|
3,168
|
|
Stockholders'
equity
|
|
|
697
|
|
|
|
676
|
|
PER
COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
|
1.15
|
|
|
|
1.50
|
|
Diluted
earnings per share
|
|
|
1.15
|
|
|
|
1.50
|
|
Book
value (period average)
|
|
|
18.57
|
|
|
|
17.49
|
|
Book
value (period end)
|
|
|
18.99
|
|
|
|
18.49
|
|
(In
thousand):
|
|
|
|
|
|
|
|
|
Weighted
average basic shares
|
|
|
36,647
|
|
|
|
36,493
|
|
Weighted
average diluted shares
|
|
|
36,814
|
|
|
|
36,571
|
|
Basic
shares period end
|
|
|
36,711
|
|
|
|
36,546
|
|
SELECTED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS:
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.0
|
%
|
|
|
1.4
|
%
|
Return
on average stockholders' equity
|
|
|
6.2
|
%
|
|
|
8.6
|
%
|
Net
interest margin
|
|
|
1.70
|
%
|
|
|
1.62
|
%
|
Net
interest spread
|
|
|
1.43
|
%
|
|
|
1.12
|
%
|
Operating
expenses to total average assets
|
|
|
0.97
|
%
|
|
|
0.96
|
%
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY RATIOS:
|
|
|
|
|
|
|
|
|
Non-accruing
loans to total loans, net of discounts
(1)
|
|
|
0.7
|
%
|
|
|
1.8
|
%
|
Charge
offs to total loan portfolio
(1)
|
|
|
0.1
|
%
|
|
|
0.0
|
%
|
Allowance
for loan losses to total loan portfolio
(1)
|
|
|
1.9
|
%
|
|
|
2.7
|
%
|
Allowance
for losses on off-balance sheet credit risk to total
contingencies
|
|
|
3.5
|
%
|
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS:
|
|
|
|
|
|
|
|
|
Stockholders'
equity to total assets
|
|
|
13.7
|
%
|
|
|
17.4
|
%
|
Tier
1 capital to risk-weighted assets
|
|
|
20.5
|
%
|
|
|
25.8
|
%
|
Total capital to risk-weighted
assets
|
|
|
21.8
|
%
|
|
|
27.0
|
%
|
(1)
Loan
portfolio is presented net of unearned income and deferred loan
fees.
EXHIBIT
IV
CONSOLIDATED
STATEMENTS OF INCOME
|
FOR THE TWELVE MONTHS ENDED,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(A) - (B)
|
|
|
|
|
|
|
December 31, 2010
|
|
|
December 31, 2009
|
|
|
CHANGE
|
|
|
%
|
|
(In
US$ thousand)
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
119,478
|
|
|
$
|
141,964
|
|
|
$
|
(22,486
|
)
|
|
|
(16
|
)%
|
Interest
expense
|
|
|
(44,975
|
)
|
|
|
(77,212
|
)
|
|
|
32,237
|
|
|
|
(42
|
)
|
NET
INTEREST INCOME
|
|
|
74,503
|
|
|
|
64,752
|
|
|
|
9,751
|
|
|
|
15
|
|
Reversal
(provision) for loan losses
|
|
|
(9,091
|
)
|
|
|
(18,293
|
)
|
|
|
9,202
|
|
|
|
(50
|
)
|
NET
INTEREST INCOME, AFTER REVERSAL (PROVISION)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR
LOAN LOSSES
|
|
|
65,412
|
|
|
|
46,459
|
|
|
|
18,953
|
|
|
|
41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
for losses on off-balance sheet credit risk
|
|
|
13,926
|
|
|
|
3,463
|
|
|
|
10,463
|
|
|
|
302
|
|
Fees
and commissions, net
|
|
|
10,326
|
|
|
|
6,733
|
|
|
|
3,593
|
|
|
|
53
|
|
Derivative
financial instrument and hedging
|
|
|
(1,446
|
)
|
|
|
(2,534
|
)
|
|
|
1,088
|
|
|
|
(43
|
)
|
Recoveries,
net of impairment of assets
|
|
|
233
|
|
|
|
(120
|
)
|
|
|
353
|
|
|
|
(294
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(7,995
|
)
|
|
|
24,997
|
|
|
|
(32,992
|
)
|
|
|
(132
|
)
|
Net
gain (loss) from trading securities
|
|
|
(3,603
|
)
|
|
|
13,113
|
|
|
|
(16,716
|
)
|
|
|
(127
|
)
|
Net
gain on sale of securities available-for-sale
|
|
|
2,346
|
|
|
|
546
|
|
|
|
1,800
|
|
|
|
330
|
|
Gain
on foreign currency exchange
|
|
|
1,870
|
|
|
|
613
|
|
|
|
1,257
|
|
|
|
205
|
|
Other
income (expense), net
|
|
|
833
|
|
|
|
912
|
|
|
|
(79
|
)
|
|
|
(9
|
)
|
NET
OTHER INCOME (EXPENSE)
|
|
|
16,490
|
|
|
|
47,723
|
|
|
|
(31,233
|
)
|
|
|
(65
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and other employee expenses
|
|
|
(23,499
|
)
|
|
|
(20,201
|
)
|
|
|
(3,298
|
)
|
|
|
16
|
|
Depreciation,
amortization and impairment of premises and equipment
|
|
|
(2,510
|
)
|
|
|
(2,671
|
)
|
|
|
161
|
|
|
|
(6
|
)
|
Professional
services
|
|
|
(4,945
|
)
|
|
|
(3,262
|
)
|
|
|
(1,683
|
)
|
|
|
52
|
|
Maintenance
and repairs
|
|
|
(1,616
|
)
|
|
|
(1,125
|
)
|
|
|
(491
|
)
|
|
|
44
|
|
Expenses
from the investment fund
|
|
|
(890
|
)
|
|
|
(3,520
|
)
|
|
|
2,630
|
|
|
|
(75
|
)
|
Other
operating expenses
|
|
|
(8,621
|
)
|
|
|
(7,423
|
)
|
|
|
(1,198
|
)
|
|
|
16
|
|
TOTAL
OPERATING EXPENSES
|
|
|
(42,081
|
)
|
|
|
(38,202
|
)
|
|
|
(3,879
|
)
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
$
|
39,821
|
|
|
$
|
55,980
|
|
|
$
|
(16,159
|
)
|
|
|
(29
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,423
|
)
|
|
|
1,118
|
|
|
|
(3,541
|
)
|
|
|
(317
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income attributable to Bladex
|
|
$
|
42,244
|
|
|
$
|
54,862
|
|
|
$
|
(12,618
|
)
|
|
|
(23
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE THREE MONTHS ENDED,
|
|
|
|
December 31, 2010
|
|
|
September 30, 2010
|
|
|
December 31, 2009
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits with banks
|
|
$
|
310
|
|
|
$
|
0.2
|
|
|
|
0.22
|
%
|
|
$
|
366
|
|
|
$
|
0.2
|
|
|
|
0.26
|
%
|
|
$
|
405
|
|
|
$
|
0.2
|
|
|
|
0.20
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,903
|
|
|
|
29.2
|
|
|
|
2.93
|
|
|
|
3,424
|
|
|
|
27.0
|
|
|
|
3.09
|
|
|
|
2,624
|
|
|
|
23.6
|
|
|
|
3.52
|
|
Non-accrual
loans
|
|
|
33
|
|
|
|
0.6
|
|
|
|
7.37
|
|
|
|
43
|
|
|
|
0.8
|
|
|
|
7.68
|
|
|
|
43
|
|
|
|
0.8
|
|
|
|
6.94
|
|
Trading
assets
|
|
|
51
|
|
|
|
0.8
|
|
|
|
6.06
|
|
|
|
51
|
|
|
|
0.8
|
|
|
|
6.03
|
|
|
|
50
|
|
|
|
0.8
|
|
|
|
6.10
|
|
Investment
securities
|
|
|
444
|
|
|
|
2.1
|
|
|
|
1.86
|
|
|
|
506
|
|
|
|
2.4
|
|
|
|
1.84
|
|
|
|
459
|
|
|
|
2.5
|
|
|
|
2.14
|
|
Investment
fund
|
|
|
176
|
|
|
|
0.3
|
|
|
|
0.73
|
|
|
|
184
|
|
|
|
0.3
|
|
|
|
0.62
|
|
|
|
195
|
|
|
|
0.4
|
|
|
|
0.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,917
|
|
|
$
|
33.2
|
|
|
|
2.64
|
%
|
|
$
|
4,573
|
|
|
$
|
31.6
|
|
|
|
2.70
|
%
|
|
$
|
3,777
|
|
|
$
|
28.3
|
|
|
|
2.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
37
|
|
|
|
|
|
|
|
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(69
|
)
|
|
|
|
|
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
|
|
|
|
|
|
(90
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,900
|
|
|
|
|
|
|
|
|
|
|
$
|
4,543
|
|
|
|
|
|
|
|
|
|
|
$
|
3,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,855
|
|
|
$
|
2.3
|
|
|
|
0.50
|
%
|
|
$
|
1,650
|
|
|
$
|
2.3
|
|
|
|
0.53
|
%
|
|
$
|
1,242
|
|
|
$
|
2.3
|
|
|
|
0.74
|
%
|
Trading
liabilities
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
3
|
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
fund
|
|
|
0
|
|
|
|
0.4
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.1
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
0.6
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
|
1,161
|
|
|
|
3.2
|
|
|
|
1.09
|
|
|
|
919
|
|
|
|
2.5
|
|
|
|
1.06
|
|
|
|
384
|
|
|
|
0.8
|
|
|
|
0.82
|
|
Borrowings
and long term debt
|
|
|
1,049
|
|
|
|
6.2
|
|
|
|
2.32
|
|
|
|
1,144
|
|
|
|
6.7
|
|
|
|
2.30
|
|
|
|
1,296
|
|
|
|
9.3
|
|
|
|
2.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
4,069
|
|
|
$
|
12.2
|
|
|
|
1.17
|
%
|
|
$
|
3,718
|
|
|
$
|
11.6
|
|
|
|
1.22
|
%
|
|
$
|
2,924
|
|
|
$
|
13.1
|
|
|
|
1.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
113
|
|
|
|
|
|
|
|
|
|
|
$
|
111
|
|
|
|
|
|
|
|
|
|
|
$
|
110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
4,182
|
|
|
|
|
|
|
|
|
|
|
|
3,829
|
|
|
|
|
|
|
|
|
|
|
|
3,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
24
|
|
|
|
|
|
|
|
|
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
694
|
|
|
|
|
|
|
|
|
|
|
|
683
|
|
|
|
|
|
|
|
|
|
|
|
669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,900
|
|
|
|
|
|
|
|
|
|
|
$
|
4,543
|
|
|
|
|
|
|
|
|
|
|
$
|
3,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.47
|
%
|
|
|
|
|
|
|
|
|
|
|
1.48
|
%
|
|
|
|
|
|
|
|
|
|
|
1.18
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
21.0
|
|
|
|
1.70
|
%
|
|
|
|
|
|
$
|
20.0
|
|
|
|
1.73
|
%
|
|
|
|
|
|
$
|
15.2
|
|
|
|
1.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
"n.m." means not
meaningful.
CONSOLIDATED
NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE TWELVE MONTHS ENDED,
|
|
|
|
December 31, 2010
|
|
|
December 31, 2009
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing deposits with banks
|
|
$
|
384
|
|
|
$
|
0.8
|
|
|
|
0.22
|
%
|
|
$
|
592
|
|
|
$
|
1.3
|
|
|
|
0.21
|
%
|
Loans,
net of unearned income & deferred loan fees
|
|
|
3,243
|
|
|
|
101.5
|
|
|
|
3.09
|
|
|
|
2,569
|
|
|
|
113.5
|
|
|
|
4.36
|
|
Non-accrual
loans
|
|
|
44
|
|
|
|
3.3
|
|
|
|
7.55
|
|
|
|
17
|
|
|
|
0.8
|
|
|
|
4.92
|
|
Trading
assets
|
|
|
51
|
|
|
|
3.1
|
|
|
|
6.11
|
|
|
|
102
|
|
|
|
7.2
|
|
|
|
6.95
|
|
Investment
securities
|
|
|
468
|
|
|
|
8.5
|
|
|
|
1.79
|
|
|
|
546
|
|
|
|
17.5
|
|
|
|
3.15
|
|
Investment
fund
|
|
|
190
|
|
|
|
2.2
|
|
|
|
1.14
|
|
|
|
172
|
|
|
|
1.8
|
|
|
|
1.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST EARNING ASSETS
|
|
$
|
4,378
|
|
|
$
|
119.5
|
|
|
|
2.69
|
%
|
|
$
|
3,998
|
|
|
$
|
142.0
|
|
|
|
3.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest earning assets
|
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
46
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses
|
|
|
(75
|
)
|
|
|
|
|
|
|
|
|
|
|
(79
|
)
|
|
|
|
|
|
|
|
|
Other
assets
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
4,357
|
|
|
|
|
|
|
|
|
|
|
$
|
3,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
$
|
1,555
|
|
|
$
|
8.5
|
|
|
|
0.54
|
%
|
|
$
|
1,218
|
|
|
$
|
11.5
|
|
|
|
0.93
|
%
|
Trading
liabilities
|
|
|
4
|
|
|
|
0.0
|
|
|
|
0.00
|
|
|
|
9
|
|
|
|
0.0
|
|
|
|
0.00
|
|
Investment
fund
|
|
|
0
|
|
|
|
1.0
|
|
|
n.m.
|
(*)
|
|
|
0
|
|
|
|
2.3
|
|
|
n.m.
|
(*)
|
Securities
sold under repurchase agreement and Short-term borrowings
|
|
|
724
|
|
|
|
8.0
|
|
|
|
1.09
|
|
|
|
764
|
|
|
|
21.4
|
|
|
|
2.77
|
|
Borrowings
and long term debt
|
|
|
1,241
|
|
|
|
27.4
|
|
|
|
2.18
|
|
|
|
1,208
|
|
|
|
42.0
|
|
|
|
3.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INTEREST BEARING LIABILITIES
|
|
$
|
3,524
|
|
|
$
|
45.0
|
|
|
|
1.26
|
%
|
|
$
|
3,199
|
|
|
$
|
77.2
|
|
|
|
2.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non
interest bearing liabilities and other liabilities
|
|
$
|
119
|
|
|
|
|
|
|
|
|
|
|
$
|
122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
3,643
|
|
|
|
|
|
|
|
|
|
|
|
3,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interest in the investment fund
|
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
681
|
|
|
|
|
|
|
|
|
|
|
|
638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,357
|
|
|
|
|
|
|
|
|
|
|
$
|
3,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.43
|
%
|
|
|
|
|
|
|
|
|
|
|
1.12
|
%
|
NET
INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
74.5
|
|
|
|
1.70
|
%
|
|
|
|
|
|
$
|
64.8
|
|
|
|
1.62
|
%
|
|
|
(*)
"n.m." means not
meaningful.
EXHIBIT
VII
CONSOLIDATED
STATEMENT OF INCOME
(In US$
thousand, except per share amounts and ratios)
|
|
TWELVE MONTHS
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
TWELVE MONTHS
|
|
|
|
ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENDED
|
|
|
|
DEC 31/10
|
|
|
DEC 31/10
|
|
|
SEP 30/10
|
|
|
JUN 30/10
|
|
|
MAR 31/10
|
|
|
DEC 31/09
|
|
|
DEC 31/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME
STATEMENT DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
|
119,478
|
|
|
$
|
33,203
|
|
|
$
|
31,559
|
|
|
$
|
27,697
|
|
|
$
|
27,019
|
|
|
$
|
28,256
|
|
|
$
|
141,964
|
|
Interest
expense
|
|
|
(44,975
|
)
|
|
|
(12,181
|
)
|
|
|
(11,561
|
)
|
|
|
(10,500
|
)
|
|
|
(10,733
|
)
|
|
|
(13,073
|
)
|
|
|
(77,212
|
)
|
NET
INTEREST INCOME
|
|
|
74,503
|
|
|
|
21,022
|
|
|
|
19,998
|
|
|
|
17,197
|
|
|
|
16,286
|
|
|
|
15,183
|
|
|
|
64,752
|
|
Reversal
(provision) for loan losses
|
|
|
(9,091
|
)
|
|
|
(12,776
|
)
|
|
|
12,567
|
|
|
|
(8,723
|
)
|
|
|
(159
|
)
|
|
|
16,063
|
|
|
|
(18,293
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INTEREST INCOME AFTER REVERSAL (PROVISION) FOR LOAN LOSSES
|
|
|
65,412
|
|
|
|
8,246
|
|
|
|
32,565
|
|
|
|
8,474
|
|
|
|
16,127
|
|
|
|
31,246
|
|
|
|
46,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal
(provision) for losses on off-balance sheet credit risk
|
|
|
13,926
|
|
|
|
13,343
|
|
|
|
(12,661
|
)
|
|
|
9,618
|
|
|
|
3,626
|
|
|
|
(15,456
|
)
|
|
|
3,463
|
|
Fees
and commissions, net
|
|
|
10,326
|
|
|
|
3,102
|
|
|
|
2,045
|
|
|
|
2,797
|
|
|
|
2,382
|
|
|
|
2,369
|
|
|
|
6,733
|
|
Derivative
financial instrument and hedging
|
|
|
(1,446
|
)
|
|
|
(117
|
)
|
|
|
(36
|
)
|
|
|
(340
|
)
|
|
|
(953
|
)
|
|
|
(507
|
)
|
|
|
(2,534
|
)
|
Recoveries,
net of impairment of assets
|
|
|
233
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
233
|
|
|
|
(27
|
)
|
|
|
(120
|
)
|
Net
gain (loss) from investment fund trading
|
|
|
(7,995
|
)
|
|
|
(331
|
)
|
|
|
4,179
|
|
|
|
(10,343
|
)
|
|
|
(1,500
|
)
|
|
|
2,906
|
|
|
|
24,997
|
|
Net
gain (loss) from trading securities
|
|
|
(3,603
|
)
|
|
|
(507
|
)
|
|
|
(1,115
|
)
|
|
|
(502
|
)
|
|
|
(1,479
|
)
|
|
|
(638
|
)
|
|
|
13,113
|
|
Net
gains on sale of securities available-for-sale
|
|
|
2,346
|
|
|
|
2,346
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
546
|
|
Gain
(loss) on foreign currency exchange
|
|
|
1,870
|
|
|
|
404
|
|
|
|
722
|
|
|
|
(568
|
)
|
|
|
1,312
|
|
|
|
1,830
|
|
|
|
613
|
|
Other
income (expense), net
|
|
|
833
|
|
|
|
499
|
|
|
|
146
|
|
|
|
117
|
|
|
|
71
|
|
|
|
321
|
|
|
|
912
|
|
NET
OTHER INCOME (EXPENSE)
|
|
|
16,490
|
|
|
|
18,739
|
|
|
|
(6,720
|
)
|
|
|
779
|
|
|
|
3,692
|
|
|
|
(9,202
|
)
|
|
|
47,723
|
|
TOTAL
OPERATING EXPENSES:
|
|
|
(42,081
|
)
|
|
|
(11,636
|
)
|
|
|
(10,370
|
)
|
|
|
(10,032
|
)
|
|
|
(10,043
|
)
|
|
|
(9,896
|
)
|
|
|
(38,202
|
)
|
Net
Income (loss)
|
|
$
|
39,821
|
|
|
$
|
15,349
|
|
|
$
|
15,475
|
|
|
$
|
(779
|
)
|
|
$
|
9,776
|
|
|
$
|
12,148
|
|
|
$
|
55,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2,423
|
)
|
|
|
(168
|
)
|
|
|
507
|
|
|
|
(2,442
|
)
|
|
|
(320
|
)
|
|
|
233
|
|
|
|
1,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
42,244
|
|
|
$
|
15,517
|
|
|
$
|
14,968
|
|
|
$
|
1,663
|
|
|
$
|
10,096
|
|
|
$
|
11,915
|
|
|
$
|
54,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED
FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER
COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
$
|
1.15
|
|
|
$
|
0.42
|
|
|
$
|
0.41
|
|
|
$
|
0.05
|
|
|
$
|
0.28
|
|
|
$
|
0.33
|
|
|
$
|
1.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
|
|
1.0
|
%
|
|
|
1.3
|
%
|
|
|
1.3
|
%
|
|
|
0.2
|
%
|
|
|
1.1
|
%
|
|
|
1.3
|
%
|
|
|
1.4
|
%
|
Return
on average stockholders' equity
|
|
|
6.2
|
%
|
|
|
8.9
|
%
|
|
|
8.7
|
%
|
|
|
1.0
|
%
|
|
|
6.1
|
%
|
|
|
7.1
|
%
|
|
|
8.6
|
%
|
Net
interest margin
|
|
|
1.70
|
%
|
|
|
1.70
|
%
|
|
|
1.73
|
%
|
|
|
1.67
|
%
|
|
|
1.71
|
%
|
|
|
1.60
|
%
|
|
|
1.62
|
%
|
Net
interest spread
|
|
|
1.43
|
%
|
|
|
1.47
|
%
|
|
|
1.48
|
%
|
|
|
1.38
|
%
|
|
|
1.37
|
%
|
|
|
1.18
|
%
|
|
|
1.12
|
%
|
Operating
expenses to average assets
|
|
|
0.97
|
%
|
|
|
0.94
|
%
|
|
|
0.91
|
%
|
|
|
0.98
|
%
|
|
|
1.06
|
%
|
|
|
1.05
|
%
|
|
|
0.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS
SEGMENT ANALYSIS
(In US$
million)
|
|
FOR THE TWELVE MONTHS
ENDED
|
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
DEC 31/10
|
|
|
DEC 31/09
|
|
|
DEC 31/10
|
|
|
SEP 30/10
|
|
|
DEC 31/09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
71.6
|
|
|
$
|
66.2
|
|
|
$
|
20.3
|
|
|
$
|
19.1
|
|
|
$
|
15.5
|
|
Non-interest operating income
(2)
|
|
|
10.1
|
|
|
|
6.9
|
|
|
|
3.1
|
|
|
|
2.1
|
|
|
|
2.1
|
|
Operating expenses
(3)
|
|
|
(29.9
|
)
|
|
|
(23.4
|
)
|
|
|
(9.1
|
)
|
|
|
(7.2
|
)
|
|
|
(6.3
|
)
|
Net operating income
(4)
|
|
|
51.8
|
|
|
|
49.7
|
|
|
|
14.3
|
|
|
|
14.0
|
|
|
|
11.3
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.8
|
|
|
|
(14.8
|
)
|
|
|
0.6
|
|
|
|
(0.1
|
)
|
|
|
0.6
|
|
Recoveries,
net of impairment of assets
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
56.8
|
|
|
$
|
34.8
|
|
|
$
|
14.9
|
|
|
$
|
13.9
|
|
|
$
|
11.9
|
|
Average interest-earning assets
(5)
|
|
|
3,284
|
|
|
|
2,586
|
|
|
|
3,926
|
|
|
|
3,466
|
|
|
|
2,667
|
|
End-of-period interest-earning assets
(5)
|
|
|
4,060
|
|
|
|
2,775
|
|
|
|
4,060
|
|
|
|
3,742
|
|
|
|
2,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY
DIVISION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
3.2
|
|
|
$
|
2.0
|
|
|
$
|
1.1
|
|
|
$
|
1.1
|
|
|
$
|
0.5
|
|
Non-interest operating income (loss)
(2)
|
|
|
(0.4
|
)
|
|
|
12.0
|
|
|
|
2.4
|
|
|
|
(0.4
|
)
|
|
|
0.7
|
|
Operating expenses
(3)
|
|
|
(7.7
|
)
|
|
|
(7.9
|
)
|
|
|
(1.3
|
)
|
|
|
(2.2
|
)
|
|
|
(1.7
|
)
|
Net operating income (loss)
(4)
|
|
|
(4.9
|
)
|
|
|
6.1
|
|
|
|
2.2
|
|
|
|
(1.5
|
)
|
|
|
(0.5
|
)
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX
|
|
$
|
(4.9
|
)
|
|
$
|
6.1
|
|
|
$
|
2.2
|
|
|
$
|
(1.5
|
)
|
|
$
|
(0.5
|
)
|
Average interest-earning assets
(6)
|
|
|
905
|
|
|
|
1,240
|
|
|
|
815
|
|
|
|
923
|
|
|
|
914
|
|
End-of-period interest-earning assets
(6)
|
|
|
874
|
|
|
|
932
|
|
|
|
874
|
|
|
|
960
|
|
|
|
932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
MANAGEMENT UNIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest loss
(1)
|
|
$
|
(0.3
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.8
|
)
|
Non-interest operating income (loss)
(2)
|
|
|
(7.3
|
)
|
|
|
25.4
|
|
|
|
(0.1
|
)
|
|
|
4.3
|
|
|
|
3.5
|
|
Operating expenses
(3)
|
|
|
(4.5
|
)
|
|
|
(6.8
|
)
|
|
|
(1.3
|
)
|
|
|
(1.0
|
)
|
|
|
(1.9
|
)
|
Net operating income (loss)
(4)
|
|
|
(12.1
|
)
|
|
|
15.2
|
|
|
|
(1.8
|
)
|
|
|
3.1
|
|
|
|
0.8
|
|
Net
income (loss)
|
|
|
(12.1
|
)
|
|
|
15.2
|
|
|
|
(1.8
|
)
|
|
|
3.1
|
|
|
|
0.8
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.4
|
)
|
|
|
1.1
|
|
|
|
(0.2
|
)
|
|
|
0.5
|
|
|
|
0.2
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO BLADEX
|
|
$
|
(9.7
|
)
|
|
$
|
14.1
|
|
|
$
|
(1.6
|
)
|
|
$
|
2.6
|
|
|
$
|
0.6
|
|
Average interest-earning assets
(7)
|
|
|
190
|
|
|
|
172
|
|
|
|
176
|
|
|
|
184
|
|
|
|
195
|
|
End-of-period interest-earning assets
(7)
|
|
|
167
|
|
|
|
198
|
|
|
|
167
|
|
|
|
181
|
|
|
|
198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(1)
|
|
$
|
74.5
|
|
|
$
|
64.8
|
|
|
$
|
21.0
|
|
|
$
|
20.0
|
|
|
$
|
15.2
|
|
Non-interest operating income
(2)
|
|
|
2.4
|
|
|
|
44.3
|
|
|
|
5.4
|
|
|
|
6.0
|
|
|
|
6.3
|
|
Operating expenses
(3)
|
|
|
(42.2
|
)
|
|
|
(38.2
|
)
|
|
|
(11.7
|
)
|
|
|
(10.4
|
)
|
|
|
(9.9
|
)
|
Net operating income
(4)
|
|
|
34.7
|
|
|
|
70.9
|
|
|
|
14.7
|
|
|
|
15.6
|
|
|
|
11.6
|
|
Reversal
(provision) for loan and off-balance sheet credit losses,
net
|
|
|
4.8
|
|
|
|
(14.8
|
)
|
|
|
0.6
|
|
|
|
(0.1
|
)
|
|
|
0.6
|
|
Impairment
of assets, net of recoveries
|
|
|
0.2
|
|
|
|
(0.1
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
Net
income
|
|
|
39.7
|
|
|
|
56.0
|
|
|
|
15.3
|
|
|
|
15.5
|
|
|
|
12.1
|
|
Net
income (loss) attributable to the redeemable noncontrolling
interest
|
|
|
(2.4
|
)
|
|
|
1.1
|
|
|
|
(0.2
|
)
|
|
|
0.5
|
|
|
|
0.2
|
|
NET
INCOME ATTRIBUTABLE TO BLADEX
|
|
$
|
42.2
|
|
|
$
|
54.9
|
|
|
$
|
15.5
|
|
|
$
|
15.0
|
|
|
$
|
11.9
|
|
Average
interest-earning assets
|
|
|
4,379
|
|
|
|
3,998
|
|
|
|
4,917
|
|
|
|
4,573
|
|
|
|
3,777
|
|
End-of-period
interest-earning assets
|
|
|
5,101
|
|
|
|
3,905
|
|
|
|
5,101
|
|
|
|
4,883
|
|
|
|
3,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The bank
has aligned its operations into three major business segments, based on the
nature of clients, products and on credit risk standards.
Interest
expenses are allocated based on average credits.
(1)
Interest income on interest-earning assets, net of allocated cost of
funds.
(2)
Non-interest operating income consists of net other income (expense), excluding
reversals of provisions for credit losses and impairment on assets.
(3)
Operating expenses are calculated based on average credits.
(4) Net
operating income refers to net income excluding reversals of provisions for
credit losses and impairment on assets.
(5)
Includes loans, net of unearned income and deferred loan fees.
(6)
Includes cash and due from banks, interest-bearing deposits with banks,
securities available for sale, securities held to maturity, and trading
assets.
(7)
Includes investment fund.
CREDIT
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
31DEC10
|
|
|
30SEP10
|
|
|
31DEC09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
237
|
|
|
|
4.9
|
|
|
$
|
238
|
|
|
|
5.0
|
|
|
$
|
73
|
|
|
|
2.0
|
|
|
$
|
(1
|
)
|
|
$
|
164
|
|
BRAZIL.
|
|
|
1,742
|
|
|
|
35.7
|
|
|
|
1,648
|
|
|
|
34.7
|
|
|
|
1,484
|
|
|
|
41.0
|
|
|
|
94
|
|
|
|
258
|
|
CHILE
|
|
|
356
|
|
|
|
7.3
|
|
|
|
437
|
|
|
|
9.2
|
|
|
|
286
|
|
|
|
7.9
|
|
|
|
(81
|
)
|
|
|
70
|
|
COLOMBIA
|
|
|
704
|
|
|
|
14.4
|
|
|
|
579
|
|
|
|
12.2
|
|
|
|
343
|
|
|
|
9.5
|
|
|
|
125
|
|
|
|
361
|
|
COSTA
RICA
|
|
|
125
|
|
|
|
2.6
|
|
|
|
143
|
|
|
|
3.0
|
|
|
|
107
|
|
|
|
3.0
|
|
|
|
(18
|
)
|
|
|
18
|
|
DOMINICAN
REPUBLIC
|
|
|
138
|
|
|
|
2.8
|
|
|
|
86
|
|
|
|
1.8
|
|
|
|
39
|
|
|
|
1.1
|
|
|
|
52
|
|
|
|
99
|
|
ECUADOR
|
|
|
165
|
|
|
|
3.4
|
|
|
|
160
|
|
|
|
3.4
|
|
|
|
135
|
|
|
|
3.7
|
|
|
|
5
|
|
|
|
30
|
|
EL
SALVADOR
|
|
|
55
|
|
|
|
1.1
|
|
|
|
33
|
|
|
|
0.7
|
|
|
|
58
|
|
|
|
1.6
|
|
|
|
22
|
|
|
|
(3
|
)
|
GUATEMALA
|
|
|
104
|
|
|
|
2.1
|
|
|
|
83
|
|
|
|
1.7
|
|
|
|
86
|
|
|
|
2.4
|
|
|
|
21
|
|
|
|
18
|
|
HONDURAS
|
|
|
38
|
|
|
|
0.8
|
|
|
|
35
|
|
|
|
0.7
|
|
|
|
23
|
|
|
|
0.6
|
|
|
|
3
|
|
|
|
15
|
|
JAMAICA.
|
|
|
65
|
|
|
|
1.3
|
|
|
|
28
|
|
|
|
0.6
|
|
|
|
31
|
|
|
|
0.9
|
|
|
|
37
|
|
|
|
34
|
|
MEXICO
|
|
|
505
|
|
|
|
10.3
|
|
|
|
532
|
|
|
|
11.2
|
|
|
|
418
|
|
|
|
11.5
|
|
|
|
(27
|
)
|
|
|
87
|
|
PANAMA.
|
|
|
98
|
|
|
|
2.0
|
|
|
|
150
|
|
|
|
3.2
|
|
|
|
85
|
|
|
|
2.3
|
|
|
|
(52
|
)
|
|
|
13
|
|
PERU
|
|
|
343
|
|
|
|
7.0
|
|
|
|
395
|
|
|
|
8.3
|
|
|
|
191
|
|
|
|
5.3
|
|
|
|
(52
|
)
|
|
|
152
|
|
TRINIDAD
& TOBAGO
|
|
|
63
|
|
|
|
1.3
|
|
|
|
62
|
|
|
|
1.3
|
|
|
|
72
|
|
|
|
2.0
|
|
|
|
1
|
|
|
|
(9
|
)
|
URUGUAY
|
|
|
0
|
|
|
|
0.0
|
|
|
|
2
|
|
|
|
0.0
|
|
|
|
46
|
|
|
|
1.3
|
|
|
|
(2
|
)
|
|
|
(46
|
)
|
VENEZUELA
|
|
|
80
|
|
|
|
1.6
|
|
|
|
75
|
|
|
|
1.6
|
|
|
|
92
|
|
|
|
2.5
|
|
|
|
5
|
|
|
|
(12
|
)
|
OTHER
|
|
|
66
|
|
|
|
1.4
|
|
|
|
65
|
|
|
|
1.4
|
|
|
|
52
|
|
|
|
1.4
|
|
|
|
1
|
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT PORTFOLIO
(1)
|
|
$
|
4,884
|
|
|
|
100
|
%
|
|
$
|
4,751
|
|
|
|
100
|
%
|
|
$
|
3,621
|
|
|
|
100
|
%
|
|
$
|
133
|
|
|
$
|
1,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND COMMISSION
|
|
$
|
4,880
|
|
|
|
|
|
|
$
|
4,747
|
|
|
|
|
|
|
$
|
3,617
|
|
|
|
|
|
|
$
|
133
|
|
|
$
|
1,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
31DEC10
|
|
|
30SEP10
|
|
|
31DEC09
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
Amount
|
|
|
% of Total
Outstanding
|
|
|
(A) -
(B)
|
|
|
(A) -
(C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
237
|
|
|
|
5.3
|
|
|
$
|
238
|
|
|
|
5.7
|
|
|
$
|
73
|
|
|
|
2.3
|
|
|
$
|
(1
|
)
|
|
$
|
164
|
|
BRAZIL
|
|
|
1,649
|
|
|
|
37.1
|
|
|
|
1,493
|
|
|
|
35.9
|
|
|
|
1,358
|
|
|
|
43.7
|
|
|
|
156
|
|
|
|
291
|
|
CHILE
|
|
|
328
|
|
|
|
7.4
|
|
|
|
409
|
|
|
|
9.8
|
|
|
|
258
|
|
|
|
8.3
|
|
|
|
(81
|
)
|
|
|
70
|
|
COLOMBIA
|
|
|
585
|
|
|
|
13.2
|
|
|
|
427
|
|
|
|
10.3
|
|
|
|
200
|
|
|
|
6.4
|
|
|
|
158
|
|
|
|
385
|
|
COSTA
RICA
|
|
|
120
|
|
|
|
2.7
|
|
|
|
143
|
|
|
|
3.4
|
|
|
|
107
|
|
|
|
3.4
|
|
|
|
(23
|
)
|
|
|
13
|
|
DOMINICAN
REPUBLIC
|
|
|
135
|
|
|
|
3.0
|
|
|
|
82
|
|
|
|
2.0
|
|
|
|
33
|
|
|
|
1.1
|
|
|
|
53
|
|
|
|
102
|
|
ECUADOR
|
|
|
165
|
|
|
|
3.7
|
|
|
|
160
|
|
|
|
3.9
|
|
|
|
135
|
|
|
|
4.3
|
|
|
|
5
|
|
|
|
30
|
|
EL
SALVADOR
|
|
|
39
|
|
|
|
0.9
|
|
|
|
18
|
|
|
|
0.4
|
|
|
|
42
|
|
|
|
1.4
|
|
|
|
21
|
|
|
|
(3
|
)
|
GUATEMALA
|
|
|
93
|
|
|
|
2.1
|
|
|
|
72
|
|
|
|
1.7
|
|
|
|
75
|
|
|
|
2.4
|
|
|
|
21
|
|
|
|
18
|
|
HONDURAS
|
|
|
38
|
|
|
|
0.9
|
|
|
|
35
|
|
|
|
0.8
|
|
|
|
23
|
|
|
|
0.7
|
|
|
|
3
|
|
|
|
15
|
|
JAMAICA
|
|
|
65
|
|
|
|
1.5
|
|
|
|
28
|
|
|
|
0.7
|
|
|
|
31
|
|
|
|
1.0
|
|
|
|
37
|
|
|
|
34
|
|
MEXICO
|
|
|
456
|
|
|
|
10.3
|
|
|
|
474
|
|
|
|
11.4
|
|
|
|
362
|
|
|
|
11.6
|
|
|
|
(18
|
)
|
|
|
94
|
|
PANAMA
|
|
|
49
|
|
|
|
1.1
|
|
|
|
69
|
|
|
|
1.7
|
|
|
|
41
|
|
|
|
1.3
|
|
|
|
(20
|
)
|
|
|
8
|
|
PERU
|
|
|
343
|
|
|
|
7.7
|
|
|
|
364
|
|
|
|
8.8
|
|
|
|
161
|
|
|
|
5.2
|
|
|
|
(21
|
)
|
|
|
182
|
|
TRINIDAD
& TOBAGO
|
|
|
63
|
|
|
|
1.4
|
|
|
|
62
|
|
|
|
1.5
|
|
|
|
72
|
|
|
|
2.3
|
|
|
|
1
|
|
|
|
(9
|
)
|
URUGUAY
|
|
|
0
|
|
|
|
0.0
|
|
|
|
2
|
|
|
|
0.0
|
|
|
|
46
|
|
|
|
1.5
|
|
|
|
(2
|
)
|
|
|
(46
|
)
|
VENEZUELA
|
|
|
80
|
|
|
|
1.8
|
|
|
|
75
|
|
|
|
1.8
|
|
|
|
92
|
|
|
|
3.0
|
|
|
|
5
|
|
|
|
(12
|
)
|
OTHER
|
|
|
1
|
|
|
|
0.0
|
|
|
|
3
|
|
|
|
0.1
|
|
|
|
1
|
|
|
|
0.0
|
|
|
|
(2
|
)
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL
PORTFOLIO
(1)
|
|
$
|
4,446
|
|
|
|
100
|
%
|
|
$
|
4,154
|
|
|
|
100
|
%
|
|
$
|
3,110
|
|
|
|
100
|
%
|
|
$
|
292
|
|
|
$
|
1,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INCOME AND
COMMISSION
(2)
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO, NET OF
UNEARNED INCOME AND
COMMISSION
|
|
$
|
4,442
|
|
|
|
|
|
|
$
|
4,150
|
|
|
|
|
|
|
$
|
3,106
|
|
|
|
|
|
|
$
|
292
|
|
|
$
|
1,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes
book value of loans, acceptances, and contingencies (including confirmed
letters of credit, stand-by letters of credit, and guarantees covering
commercial and country risks and credit
commitments).
|
(2)
|
Represents
unearned income and commission on
loans.
|
TREASURY
PORTFOLIO
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
AT
THE END OF,
|
|
|
Change
in Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
COUNTRY
|
|
31DEC10
|
|
|
30SEP10
|
|
|
31DEC09
|
|
|
(A) - (B)
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAZIL
|
|
$
|
93
|
|
|
$
|
155
|
|
|
$
|
126
|
|
|
$
|
(62
|
)
|
|
$
|
(33
|
)
|
CHILE
|
|
|
28
|
|
|
|
28
|
|
|
|
28
|
|
|
|
0
|
|
|
|
0
|
|
COLOMBIA
|
|
|
119
|
|
|
|
152
|
|
|
|
142
|
|
|
|
(33
|
)
|
|
|
(23
|
)
|
COSTA
RICA
|
|
|
5
|
|
|
|
0
|
|
|
|
0
|
|
|
|
5
|
|
|
|
5
|
|
DOMINICAN
REPUBLIC
|
|
|
3
|
|
|
|
3
|
|
|
|
6
|
|
|
|
0
|
|
|
|
(3
|
)
|
EL
SALVADOR
|
|
|
16
|
|
|
|
16
|
|
|
|
16
|
|
|
|
0
|
|
|
|
0
|
|
GUATEMALA
|
|
|
11
|
|
|
|
11
|
|
|
|
11
|
|
|
|
0
|
|
|
|
0
|
|
MEXICO
|
|
|
48
|
|
|
|
58
|
|
|
|
57
|
|
|
|
(10
|
)
|
|
|
(9
|
)
|
PANAMA
|
|
|
49
|
|
|
|
81
|
|
|
|
44
|
|
|
|
(32
|
)
|
|
|
5
|
|
PERU
|
|
|
0
|
|
|
|
32
|
|
|
|
30
|
|
|
|
(32
|
)
|
|
|
(30
|
)
|
OTHER
|
|
|
65
|
|
|
|
61
|
|
|
|
50
|
|
|
|
4
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
TREASURY PORTOFOLIO
(1)
|
|
$
|
437
|
|
|
$
|
597
|
|
|
$
|
510
|
|
|
$
|
(160
|
)
|
|
$
|
(73
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes
securities available for sale and held to maturity, trading assets and
contingent assets, which consist of credit default
swap.
|
CREDIT
DISBURSEMENTS
DISTRIBUTION
BY COUNTRY
(In US$
million)
|
|
QUARTERLY INFORMATION
|
|
|
Change in Amount
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
COUNTRY
|
|
4QTR10
|
|
|
3QTR10
|
|
|
4QTR09
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
136
|
|
|
$
|
132
|
|
|
$
|
10
|
|
|
$
|
4
|
|
|
$
|
126
|
|
BRAZIL
|
|
|
350
|
|
|
|
420
|
|
|
|
331
|
|
|
|
(70
|
)
|
|
|
19
|
|
CHILE
|
|
|
89
|
|
|
|
188
|
|
|
|
157
|
|
|
|
(99
|
)
|
|
|
(67
|
)
|
COLOMBIA
|
|
|
409
|
|
|
|
383
|
|
|
|
40
|
|
|
|
26
|
|
|
|
369
|
|
COSTA
RICA
|
|
|
105
|
|
|
|
108
|
|
|
|
125
|
|
|
|
(3
|
)
|
|
|
(20
|
)
|
DOMINICAN
REPUBLIC
|
|
|
212
|
|
|
|
131
|
|
|
|
20
|
|
|
|
81
|
|
|
|
192
|
|
ECUADOR
|
|
|
142
|
|
|
|
146
|
|
|
|
130
|
|
|
|
(4
|
)
|
|
|
11
|
|
EL
SALVADOR
|
|
|
34
|
|
|
|
1
|
|
|
|
12
|
|
|
|
34
|
|
|
|
22
|
|
GUATEMALA
|
|
|
70
|
|
|
|
30
|
|
|
|
49
|
|
|
|
40
|
|
|
|
21
|
|
HONDURAS
|
|
|
30
|
|
|
|
21
|
|
|
|
12
|
|
|
|
9
|
|
|
|
18
|
|
JAMAICA
|
|
|
94
|
|
|
|
44
|
|
|
|
31
|
|
|
|
50
|
|
|
|
64
|
|
MEXICO
|
|
|
202
|
|
|
|
229
|
|
|
|
122
|
|
|
|
(27
|
)
|
|
|
79
|
|
PANAMA
|
|
|
70
|
|
|
|
80
|
|
|
|
21
|
|
|
|
(10
|
)
|
|
|
49
|
|
PERU
|
|
|
75
|
|
|
|
270
|
|
|
|
41
|
|
|
|
(194
|
)
|
|
|
34
|
|
TRINIDAD
& TOBAGO
|
|
|
27
|
|
|
|
54
|
|
|
|
52
|
|
|
|
(27
|
)
|
|
|
(25
|
)
|
UNITED
STATES
|
|
|
103
|
|
|
|
27
|
|
|
|
0
|
|
|
|
76
|
|
|
|
103
|
|
URUGUAY
|
|
|
0
|
|
|
|
0
|
|
|
|
11
|
|
|
|
0
|
|
|
|
(11
|
)
|
VENEZUELA
|
|
|
49
|
|
|
|
65
|
|
|
|
53
|
|
|
|
(16
|
)
|
|
|
(4
|
)
|
OTHER
|
|
|
10
|
|
|
|
9
|
|
|
|
1
|
|
|
|
1
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
CREDIT DISBURSED
(1)
|
|
$
|
2,207
|
|
|
$
|
2,338
|
|
|
$
|
1,217
|
|
|
$
|
(130
|
)
|
|
$
|
990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes
book value of loans, fair value of selected investment securities, and
contingencies (including confirmed letters of credit, stand-by letters of
credit, guarantees covering commercial and country risks, credit default
swap and credit commitments).
|
Banco Latinoamericano de... (NYSE:BLX)
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From May 2024 to Jun 2024
Banco Latinoamericano de... (NYSE:BLX)
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From Jun 2023 to Jun 2024