Business Park Torre V, Ave. La Rotonda,
Costa del Este
P.O. Box 0819-08730
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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,
thereunto duly authorized.
Date: April 15, 2020
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FOREIGN TRADE BANK OF LATIN AMERICA, INC.
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(Registrant)
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By:
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/s/ Ana Graciela de Méndez
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Name:
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Ana Graciela
de Méndez
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Title:
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CFO
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BLADEX ANNOUNCES STRONG LEVELS OF CAPITALIZATION,
LIQUIDITY AND ASSET QUALITY AT MARCH 31, 2020
PROFIT FOR THE FIRST QUARTER 2020 OF $18.3 MILLION, OR $0.46 PER SHARE
PANAMA CITY, REPUBLIC OF PANAMA, April
15, 2020
Banco Latinoamericano de Comercio Exterior,
S.A. (NYSE: BLX, “Bladex”, or “the Bank”), a Panama-based multinational bank originally established
by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the region,
today announced its results for the first quarter (“1Q20”) ended March 31, 2020.
The consolidated financial information
in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued
by the International Accounting Standards Board (“IASB”).
FINANCIAL SNAPSHOT
(US$ million, except percentages and per share amounts)
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1Q20
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|
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4Q19
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|
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1Q19
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Key Income Statement Highlights
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Net Interest Income ("NII")
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$
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25.8
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$
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26.9
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$
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28.0
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Fees and commissions, net
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$
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3.1
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$
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5.4
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$
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2.4
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Total revenues
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$
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28.8
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$
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31.4
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$
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32.1
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Reversal (impairment loss) on financial instruments
|
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$
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0.1
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|
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$
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1.9
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|
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$
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(0.9
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)
|
Operating expenses
|
|
$
|
(10.5
|
)
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|
$
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(11.3
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)
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|
$
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(9.9
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)
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Profit for the period
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$
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18.3
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$
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22.1
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$
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21.2
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Profitability Ratios
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Earnings per Share ("EPS") (1)
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$
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0.46
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$
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0.56
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$
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0.54
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Return on Average Equity (“ROAE”) (2)
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7.2
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%
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8.7
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%
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|
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8.6
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%
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Return on Average Assets (“ROAA”)
|
|
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1.12
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%
|
|
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1.34
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%
|
|
|
1.31
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%
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Net Interest Margin ("NIM") (3)
|
|
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1.59
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%
|
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1.65
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%
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|
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1.74
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%
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Net Interest Spread ("NIS") (4)
|
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1.16
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%
|
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1.18
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%
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1.16
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%
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Efficiency Ratio (5)
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|
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36.7
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%
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|
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35.9
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%
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|
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30.8
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%
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Assets, Capital, Liquidity & Credit Quality
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|
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Credit Portfolio (6)
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$
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5,911
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$
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6,582
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$
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6,096
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Commercial Portfolio (7)
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$
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5,832
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$
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6,502
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$
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6,006
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Investment Portfolio
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$
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79
|
|
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$
|
80
|
|
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$
|
90
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Total assets
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$
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6,823
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|
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$
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7,250
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|
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$
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6,450
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Total equity
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$
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1,018
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$
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1,016
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$
|
997
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Market capitalization (8)
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$
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408
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$
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847
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$
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788
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Tier 1 Basel III Capital Ratio (9)
|
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21.8
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%
|
|
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19.8
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%
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|
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20.1
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%
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Total assets / Total equity (times)
|
|
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6.7
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7.1
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|
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6.5
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Liquid Assets / Total Assets (10)
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19.0
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%
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16.0
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%
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|
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11.9
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%
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Credit-impaired loans to Loan Portfolio (11)
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1.16
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%
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1.05
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%
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|
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1.18
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%
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Total allowance for losses to Credit Portfolio (12)
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1.73
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%
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1.56
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%
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|
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1.73
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%
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Total allowance for losses to credit-impaired loans (times) (12)
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|
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1.7
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1.7
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1.6
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1Q20 Highlights
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·
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Bladex
reported a financial position at March 31, 2020, characterized by its prudent liquidity
management and ample cash position, its solid level of capitalization, and sound asset
quality. In the context of the recent and rapidly evolving adverse effects from the coronavirus
outbreak (“Covid-19”), these represent strong foundations on which to operate
the business.
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·
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As
of March 31, 2020, the Bank’s liquidity increased to $1.3 billion (+12% QoQ; +68%
YoY), representing 19% of total assets and 53% of total deposits; 98% of cash and deposits
on banks was placed with the Federal Reserve Bank of New York.
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·
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The
Bank’s Tier 1 Basel III Capital Ratio reached 21.8%, reflecting a stronger capitalization
level than prior comparative periods, resulting from an increasing equity base and lower
risk-weighted assets. The latter relates to the Bank’s ability to decrease its
Commercial Portfolio toward the end of the quarter, on the onset of the COVID-19 crisis,
which led to prudent measures, including preserving liquidity and stricter credit underwriting.
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·
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Commercial
Portfolio totaled $5.8 billion at March 31, 2020 (-10% QoQ; -3% YoY) with improved quality
exposure, as 55% of the portfolio was in investment grade countries. Also, exposure to
financial institutions was 55%, and 15% to quasi-sovereign corporations, with the remainder
to top-tier corporations throughout the Region. 1Q20 average Commercial Portfolio balance
was nearly stable at $6.2 billion (-1% QoQ; +2% YoY).
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·
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Bladex’s
Profit for 1Q20 totaled $18.3 million (-17% QoQ; -14% YoY) resulting in an annualized
Return on Average Equity (“ROAE”) of 7.2% for the period. The Bank’s
profitability in 1Q20 was pressured by lower income generation from Net Interest Income
(“NII”), and the seasonal effect on syndication fees and other income. The
QoQ decrease was also impacted by reversal of impairment losses registered in the previous
quarter.
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·
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Net
Interest Income (“NII”) for 1Q20 was $25.8 million (-4% QoQ; -8% YoY), with
a Net Interest Margin (“NIM”) of 1.59% (-6 bps QoQ; -15 bps YoY) and a Net
Interest Spread (“NIS”) nearly stable at 1.16%. The quarterly decreases of
NII and NIM were mostly associated with the net effect of lower average market rates
(LIBOR-based) partially offset by higher average lending volumes.
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·
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Fees
and commissions income totaled $3.1 million for 1Q20, a 31% YoY increase driven by higher
fees from letters of credit (+14% YoY) and loan syndication (+$0.4 million). The 43%
QoQ decrease was mostly due to the uneven effect of the syndication business, despite
the good performance of the Bank’s letters of credit business.
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·
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1Q20
Efficiency Ratio was 37% (+1 pt QoQ; +6 pts YoY) mainly on lower total revenues, as operating
expenses remained on track, reflecting effective cost control. Operating expenses increased
7% YoY mainly from higher personnel expenses, most of which was related to the CEO transition.
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·
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Credit-impaired
Loans, also referred to as Non-Performing Loans or NPLs, remained unchanged QoQ at $61.8
million, now representing 1.16% of lower total Loan Portfolio balances at the end of
1Q20. This compares to $64.7 million, or 1.18% of total Loan Portfolio, a year ago.
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·
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The
Bank’s total allowance for credit losses remained relatively stable at March 31,
2020 with respect to December 31, 2019 levels, representing 1.73% of the total Credit
Portfolio, compared to 1.56% a quarter ago. The increased coverage resulted from higher
provision requirements on revised outlook for certain industries mostly impacted by Covid-19,
partially offset by reversal in the collectively assessed provision from lower EoP portfolio
balances.
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CEO’s Comments
Mr. Jorge Salas, Bladex’s
Chief Executive Officer said:
“A couple of days after
I joined the Bank on March 9, the World Health Organization declared COVID-19 as a global pandemic and we at Bladex activated our
Business Continuity Plan on March 12. Since then, our 177 employees have been working remotely and the Bank’s day-to-day
operations in full scale have continued uninterrupted, demonstrating the Bank’s preparation and agility in its operating
structure.
In view of the magnitude of this
crisis and the sudden and profound impact on global markets, the Bank took rapid steps to preserve liquidity, and was able to increase
its cash position because of its historically diversified and stable funding sources, which include deposits from Latin American
central banks, our Class A shareholders, as well as long-standing relationships with correspondent banks across the globe.
On the credit side, the Bank
has maintained a high quality portfolio with a country mix that, thanks to the strategies implemented during the last several quarters,
is weighted toward lower risk countries, quasi-sovereign corporations and top-tier banks across the Region that accounted for 55%
of total exposure at quarter-end. The short-term nature of our exposure, coupled with our geographic diversification and the top
quality of our clients, gives us the ability to rearrange the portfolio, as we did throughout 2019. With a focus on maintaining
credit soundness under strict and prudent underwriting standards, we are serving our strategic customer base focusing on client
segments and industries that are better suited to face the challenges posed by the current crisis.
Our results for the first quarter
of 2020 show a well-capitalized, highly liquid bank with a strong balance sheet, industry leading efficiency metrics, sound asset
quality with a top-notch clientele, very low arrears and, perhaps most importantly, the ability to be flexible. I am very grateful
to lead an organization that can quickly adapt to such extreme circumstances, and I want to personally thank our employees and
our Board of Directors who have made this possible. Those of you who know BLADEX, know that our strength and adaptability are built
in, and have been so for a long time.
Finally, I want to address our
Board’s decision on the dividend declaration announced today. In view of the Bank's strong balance sheet, together with our
continued capacity to generate capital through earnings, the Board decided to continue to distribute dividends. However, now that
capital preservation is an over-arching priority, the Board reduced the first interim dividend to 25 cents per share, which is
a payout of 54% on first quarter 2020 earnings. Because of the volatile nature of the Latin American Region in which we operate,
the Bank has historically maintained solid levels of capitalization which, in this context, becomes a unique strength, enabling
us to serve our clients’ needs in difficult times like these.”
RESULTS BY BUSINESS SEGMENT
The Bank’s activities are
managed and executed in two business segments, Commercial and Treasury. Information related to each reportable segment is set out
below. Business segment results are based on the Bank’s managerial accounting process, which assigns assets, liabilities,
revenue and expense items to each business segment on a systemic basis.
COMMERCIAL BUSINESS SEGMENT
The Commercial Business Segment
encompasses the Bank’s core business of financial intermediation and fee generation activities developed to cater to corporations,
financial institutions and investors in Latin America. These activities include the origination of bilateral short-term and medium-term
loans, structured and syndicated credits, loan commitments, and financial guarantee contracts such as issued and confirmed letters
of credit, stand-by letters of credit, guarantees covering commercial risk, and other assets consisting of customers’ liabilities
under acceptances.
Profits from the Commercial Business
Segment include (i) net interest income from loans; (ii) fees and commissions from the issuance, confirmation and negotiation of
letters of credit, guarantees and loan commitments, as well as through loan structuring and syndication activities; (iii) recovery
or impairment loss on financial instruments, as well as gain (loss) in other non-financial assets, net; and (iv) direct and allocated
operating expenses.
The Commercial Portfolio balance
stood at $5.8 billion as of March 31, 2020, a 10% QoQ decrease compared to $6.5 billion as of December 31, 2019, and a 3% YoY decrease
compared to $6.0 billion as of March 31, 2019. The Bank decreased its Commercial Portfolio toward the end of the quarter, on the
onset of the COVID-19 crisis, as it was able to rapidly implement prudent measures, including preserving liquidity and strict credit
underwriting. Average Commercial Portfolio balances for 1Q20 were nearly stable at $6.2 billion (-1% QoQ; +2% YoY).
As of March 31, 2020, 69% of
the Commercial Portfolio was scheduled to mature within a year, and 55% of its short-term origination represented trade finance
transactions, compared to 73% and 58%, respectively, a quarter ago, and 77% and 63%, respectively, a year ago.
The following graphs illustrate
the geographic distribution of the Bank’s Commercial Portfolio, highlighting the portfolio´s risk diversification by
country and across industry segments:
|
|
|
|
|
(*) Investment grade countries
|
The Bank’s traditional
client base of financial institutions represented 55% of the total Commercial Portfolio at the end of 1Q20, while quasi-sovereign
corporate exposure represented 15% of the total, with the remainder in top tier corporates across the Region. The portfolio continued
to be well-diversified across corporate sectors, with none representing more than 6% of the total Commercial Portfolio at the end
of 1Q20.
Geographically, 55% of the portfolio
is in investment grade countries. Exposure in Brazil, the Bank’s largest country-risk exposure, remained at 16% of the total
Commercial Portfolio, of which 80% was with financial institutions at the end of 1Q20. Other relevant country-risk exposures are
Colombia at 15%, Chile at 10%, Mexico at 9% and exposure in top-rated countries outside of Latin America (which relates to transactions
carried out in Latin America) at 9%. During the last several quarters, the Bank shifted its portfolio origination towards lower-risk
countries, where it was able to take advantage of good risk/return opportunities. Consequently, exposure in Argentina was reduced
to 3% of the total Commercial Portfolio at the end of 1Q20, compared to 9% a year ago.
Refer to Exhibit VII for additional
information relating to the Bank’s Commercial Portfolio distribution by country, and Exhibit IX for the Bank’s distribution
of loan disbursements by country.
(US$ million)
|
|
1Q20
|
|
|
4Q19
|
|
|
1Q19
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
Commercial Business
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
|
24.8
|
|
|
$
|
26.1
|
|
|
$
|
27.8
|
|
|
|
-5
|
%
|
|
|
-11
|
%
|
Other
income
|
|
|
3.3
|
|
|
|
6.3
|
|
|
|
2.6
|
|
|
|
-47
|
%
|
|
|
29
|
%
|
Total revenues
|
|
|
28.1
|
|
|
|
32.4
|
|
|
|
30.4
|
|
|
|
-13
|
%
|
|
|
-7
|
%
|
(Impairment
loss) reversal on financial instruments
|
|
|
0.1
|
|
|
|
1.9
|
|
|
|
(1.0
|
)
|
|
|
-95
|
%
|
|
|
109
|
%
|
Operating
expenses
|
|
|
(7.3
|
)
|
|
|
(8.7
|
)
|
|
|
(7.3
|
)
|
|
|
16
|
%
|
|
|
0
|
%
|
Profit
for the segment
|
|
$
|
20.9
|
|
|
$
|
25.6
|
|
|
$
|
22.1
|
|
|
|
-19
|
%
|
|
|
-6
|
%
|
Commercial Business Segment’s
result was $20.9 million for the 1Q20 (-19% QoQ; -6% YoY). The QoQ Profit decrease was mainly attributable to the negative impact
of lower average market rates (LIBOR-based) in net interest income, partially offset by higher average lending volumes, as well
as to lower fees affected by the seasonal nature of the structuring and syndication business. The YoY Profit decrease mostly relates
to lower lending spreads resulting from the shifting of portfolio origination towards lower-risk countries, partly offset by higher
average loan portfolio balances, offsetting the YoY increase in other income mainly driven by higher fees from the letters of credit
and loan syndication businesses.
TREASURY BUSINESS SEGMENT
The Treasury Business Segment
focuses on managing the Bank’s investment portfolio and the overall structure of its assets and liabilities to achieve more
efficient funding and liquidity positions for the Bank, mitigating the traditional financial risks associated with the balance
sheet, such as interest rate, liquidity, price and currency risks. Interest-earning assets managed by the Treasury Business Segment
include liquidity positions in cash and cash equivalents, and financial instruments related to the investment management activities,
consisting of securities at fair value through other comprehensive income (“FVOCI”) and securities at amortized cost
(the “Investment Portfolio”). The Treasury Business Segment also manages the Bank’s interest-bearing liabilities,
which constitute its funding sources, mainly deposits, short- and long-term borrowings and debt.
Profits from the Treasury Business
Segment include net interest income derived from the above-mentioned treasury assets and liabilities, and related net other income
(net results from derivative financial instruments and foreign currency exchange, gain (loss) per financial instruments at fair
value through profit or loss (“FVTPL”), gain (loss) on sale of securities at FVOCI, and other income), recovery or
impairment loss on financial instruments, and direct and allocated operating expenses.
Liquidity balances increased
to $1,297 million at the end of 1Q20, up from $1,160 million at the end of 4Q19 and $771 million at the end of 1Q19, as the Bank
favored liquidity preservation and implemented prudent liquidity management measures toward the end of the quarter, on the onset
of the rapidly evolving adverse effects from Covid-19. Deposits placed with the Federal Reserve Bank of New York represented 98%
at the end of 1Q20. As of these quarter-end dates, liquidity balances to total assets represented 19%, 16% and 12%, respectively,
while the liquidity balances to total deposits ratio was 53%, 40% and 28%, respectively.
The Investment Portfolio balances
totaled $79 million as of March 31, 2020, down from $80 million as of December 31, 2019, and $100 million as of March 31, 2019.
As of these dates, the Investment Portfolio accounted for 1% of total assets, mostly consisting of readily-quoted Latin American
securities, out of which 68% represented sovereign or state-owned risk at the end of the 1Q20, compared to 72% a quarter ago and
76% a year ago (refer to Exhibit VIII for a per-country risk distribution of the Investment Portfolio).
On the funding side, deposit
balances totaled $2.5 billion at the end of 1Q20, down 15% and 10% from a quarter and year ago. Deposits placed by central banks
and designees (i.e.: Class A shareholders of the Bank), represented 48% at the end of 1Q20, compared to 61% and 64% of total deposits
a quarter and year ago, respectively. As of March 31, 2020, total deposits represented 44% of total funding sources, which compared
to 48% and 52% of total funding sources a quarter and year ago, respectively. Average deposit balances remained stable, with a
5% decrease compared to 4Q19 average balances and a 4% decrease compared to 1Q19 average balances, representing 47% of total average
funding sources in 1Q20 versus 50% and 49% in the comparative periods.
Short- and medium-term borrowings
and debt remained stable QoQ at $3.1 billion, and up 25% YoY, as the Bank relied on bond issuances in the Mexican and Japanese
capital markets and several short- and medium-term bilateral transactions. Weighted average funding costs improved to 2.41% in
1Q20, down 28 bps and 94 bps from a quarter and year ago, respectively, mainly on decreased average LIBOR-based market rates and
slightly lower funding spreads.
(US$ million)
|
|
1Q20
|
|
|
4Q19
|
|
|
1Q19
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
Treasury Business
Segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
1.0
|
|
|
$
|
0.8
|
|
|
$
|
0.2
|
|
|
|
28
|
%
|
|
|
344
|
%
|
Other income
(expense)
|
|
|
(0.4
|
)
|
|
|
(1.8
|
)
|
|
|
1.5
|
|
|
|
78
|
%
|
|
|
-127
|
%
|
Total revenues
|
|
|
0.6
|
|
|
|
(1.0
|
)
|
|
|
1.7
|
|
|
|
166
|
%
|
|
|
-62
|
%
|
Reversal on financial instruments
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
n.m.
|
|
|
|
-100
|
%
|
Operating expenses
|
|
|
(3.2
|
)
|
|
|
(2.5
|
)
|
|
|
(2.6
|
)
|
|
|
-26
|
%
|
|
|
-24
|
%
|
Loss
for the segment
|
|
$
|
(2.6
|
)
|
|
$
|
(3.5
|
)
|
|
$
|
(0.9
|
)
|
|
|
27
|
%
|
|
|
-197
|
%
|
“n.m.” means not meaningful.
Treasury Business Segment’s
result was a $2.6 million loss for the 1Q20. The $0.9 million, or 27% quarterly improvement was mainly attributable to lower net
losses in other financial instruments during the 1Q20 related to the Bank’s results on its hedging positions and investment
securities. The $1.7 million decrease YoY was mainly associated to the positive results in its hedging position a year ago.
NET INTEREST INCOME AND MARGINS
(US$ million, except percentages)
|
|
1Q20
|
|
|
4Q19
|
|
|
1Q19
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Net Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
59.0
|
|
|
$
|
64.1
|
|
|
$
|
73.6
|
|
|
|
-8
|
%
|
|
|
-20
|
%
|
Interest expense
|
|
|
(33.2
|
)
|
|
|
(37.2
|
)
|
|
|
(45.5
|
)
|
|
|
11
|
%
|
|
|
27
|
%
|
Net Interest Income ("NII")
|
|
$
|
25.8
|
|
|
$
|
26.9
|
|
|
$
|
28.0
|
|
|
|
-4
|
%
|
|
|
-8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin ("NIM")
|
|
|
1.59
|
%
|
|
|
1.65
|
%
|
|
|
1.74
|
%
|
|
|
-4
|
%
|
|
|
-9
|
%
|
NII for the 1Q20 totaled $25.8
million (-4% QoQ; -8% YoY), with a NIM of 1.59% (-6bps QoQ; -15bps YoY). The quarterly decreases of NII and NIM were mostly associated
to the net effect of lower average market rates (LIBOR-based) partially offset by higher average lending volumes.
FEES AND COMMISSIONS
Fees and Commissions, net, includes
the fee income associated with letters of credit and the fee income derived from loan structuring and syndication activities, together
with loan intermediation and distribution activities in the primary market, and other commissions, mostly from other contingent
credits, such as guarantees and credit commitments, net of fee expenses.
(US$ million)
|
|
1Q20
|
|
|
4Q19
|
|
|
1Q19
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Letters of credit fees
|
|
|
2.5
|
|
|
|
2.5
|
|
|
|
2.2
|
|
|
|
-1
|
%
|
|
|
14
|
%
|
Loan syndication fees
|
|
|
0.4
|
|
|
|
2.7
|
|
|
|
0.0
|
|
|
|
-85
|
%
|
|
|
n.m.
|
|
Other commissions, net
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
24
|
%
|
|
|
15
|
%
|
Fees and Commissions, net
|
|
$
|
3.1
|
|
|
$
|
5.4
|
|
|
$
|
2.4
|
|
|
|
-43
|
%
|
|
|
31
|
%
|
“n.m.” means
not meaningful.
Fees and commissions income totaled
$3.1 million for 1Q20, a 31% YoY increase driven by higher fees from letters of credit (+14% YoY) and loan syndication (+$0.4 million).
The 43% QoQ decrease was generally affected by the seasonal nature from the syndication business, despite a good performance from
the Bank’s letters of credit business.
PORTFOLIO QUALITY AND TOTAL ALLOWANCE FOR LOSSES
(US$ million, except percentages)
|
|
31-Mar-20
|
|
|
31-Dec-19
|
|
|
30-Sep-19
|
|
|
30-Jun-19
|
|
|
31-Mar-19
|
|
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of the period
|
|
$
|
99.3
|
|
|
$
|
101.4
|
|
|
$
|
103.3
|
|
|
$
|
102.3
|
|
|
$
|
100.8
|
|
Provisions (reversals)
|
|
|
0.6
|
|
|
|
(2.1
|
)
|
|
|
0.5
|
|
|
|
0.9
|
|
|
|
1.6
|
|
Write-offs, net of recoveries
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(2.4
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
End of period balance
|
|
$
|
99.9
|
|
|
$
|
99.3
|
|
|
$
|
101.4
|
|
|
$
|
103.3
|
|
|
$
|
102.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan commitments and financial guarantee
contract losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of the period
|
|
$
|
3.0
|
|
|
$
|
2.7
|
|
|
$
|
2.6
|
|
|
$
|
2.7
|
|
|
$
|
3.3
|
|
Provisions (reversals)
|
|
|
(0.6
|
)
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
(0.1
|
)
|
|
|
(0.6
|
)
|
End of period balance
|
|
$
|
2.4
|
|
|
$
|
3.0
|
|
|
$
|
2.7
|
|
|
$
|
2.6
|
|
|
$
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Investment Portfolio losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of the period
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
Provisions (reversals)
|
|
|
(0.0
|
)
|
|
|
(0.2
|
)
|
|
|
(0.0
|
)
|
|
|
0.0
|
|
|
|
(0.0
|
)
|
End of period balance
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for losses
|
|
$
|
102.5
|
|
|
$
|
102.5
|
|
|
$
|
104.4
|
|
|
$
|
106.2
|
|
|
$
|
105.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for losses to Credit Portfolio
|
|
|
1.73
|
%
|
|
|
1.56
|
%
|
|
|
1.67
|
%
|
|
|
1.70
|
%
|
|
|
1.73
|
%
|
Credit-impaired loans to Loan Portfolio
|
|
|
1.16
|
%
|
|
|
1.05
|
%
|
|
|
1.11
|
%
|
|
|
1.16
|
%
|
|
|
1.18
|
%
|
Total allowance for losses to credit-impaired loans (times)
|
|
|
1.7
|
|
|
|
1.7
|
|
|
|
1.7
|
|
|
|
1.6
|
|
|
|
1.6
|
|
The total allowance for credit
losses totaled $102.5 million, representing a coverage ratio to the Credit Portfolio of 1.73% as of March 31, 2020, compared to
$102.5 million, or 1.56% of the Credit Portfolio a quarter ago and compared to $105.3 million, or 1.73% of the Credit Portfolio
a year ago. The 17 bps QoQ coverage ratio increase was mostly associated to higher provision requirements on revised outlook for
certain industries mostly impacted by Covid-19, partially offset by reversal in the collectively assessed provision from lower
EoP portfolio balances.
Credit-impaired Loans, also referred
to as Non-Performing Loans or NPLs, remained unchanged QoQ at $61.8 million, now representing 1.16% of lower total Loan Portfolio
balances at the end of 1Q20. This compares to $64.7 million, or 1.18% of total Loan Portfolio, a year ago. Total allowance for
credit losses was 1.7 times NPL balances at the end of 1Q20 and 4Q19, compared to 1.6 times NPL balances a year ago.
OPERATING EXPENSES
|
|
1Q20
|
|
|
4Q19
|
|
|
1Q19
|
|
|
QoQ (%)
|
|
|
YoY (%)
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
7.0
|
|
|
|
6.4
|
|
|
|
6.3
|
|
|
|
10
|
%
|
|
|
11
|
%
|
Depreciation of equipment and leasehold improvements
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
0
|
%
|
|
|
6
|
%
|
Amortization of intangible assets
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
|
2
|
%
|
|
|
16
|
%
|
Other expenses
|
|
|
2.6
|
|
|
|
4.0
|
|
|
|
2.7
|
|
|
|
-34
|
%
|
|
|
-4
|
%
|
Total Operating Expenses
|
|
$
|
10.5
|
|
|
$
|
11.3
|
|
|
$
|
9.9
|
|
|
|
-6
|
%
|
|
|
7
|
%
|
Efficiency Ratio
|
|
|
36.7
|
%
|
|
|
35.9
|
%
|
|
|
30.8
|
%
|
|
|
|
|
|
|
|
|
The Bank’s operating expenses
totaled $10.5 million for the 1Q20. The 6% QoQ decrease was mostly benefitted from a typical first quarter seasonal effect partially
offset by higher personnel expenses, while the 7% YoY increase was mainly associated to higher personnel expenses related to the
CEO transition and to certain vacancies filled toward the end of 2019.
1Q20 Efficiency Ratio was 37%
(+1 pt QoQ; +6 pts YoY) mainly on lower total revenues, as operating expenses remained under control.
CAPITAL RATIOS AND CAPITAL MANAGEMENT
The following table shows capital
amounts and ratios as of the dates indicated:
(US$ million, except
percentages and shares outstanding)
|
|
31-Mar-20
|
|
|
31-Dec-19
|
|
|
31-Mar-19
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
Tier 1 Capital (9)
|
|
$
|
1,019
|
|
|
$
|
1,016
|
|
|
$
|
997
|
|
|
|
0
|
%
|
|
|
2
|
%
|
Risk-Weighted Assets Basel III (9)
|
|
$
|
4,681
|
|
|
$
|
5,136
|
|
|
$
|
4,963
|
|
|
|
-9
|
%
|
|
|
-6
|
%
|
Tier 1 Basel III Capital Ratio (9)
|
|
|
21.8
|
%
|
|
|
19.8
|
%
|
|
|
20.1
|
%
|
|
|
10
|
%
|
|
|
8
|
%
|
Total equity
|
|
$
|
1,018
|
|
|
$
|
1,016
|
|
|
$
|
997
|
|
|
|
0
|
%
|
|
|
2
|
%
|
Total equity to total assets
|
|
|
14.9
|
%
|
|
|
14.0
|
%
|
|
|
15.5
|
%
|
|
|
7
|
%
|
|
|
-3
|
%
|
Accumulated other comprehensive income (loss) ("OCI")
|
|
$
|
(3
|
)
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
|
|
-46
|
%
|
|
|
-275
|
%
|
Total assets / Total equity (times)
|
|
|
6.7
|
|
|
|
7.1
|
|
|
|
6.5
|
|
|
|
-6
|
%
|
|
|
4
|
%
|
Shares outstanding (in thousand)
|
|
|
39,614
|
|
|
|
39,602
|
|
|
|
39,544
|
|
|
|
0
|
%
|
|
|
0
|
%
|
The Bank’s equity consists
entirely of issued and fully paid ordinary common stock, with 39.6 million common shares outstanding as of March 31, 2020. At the
same date, the Bank’s ratio of total assets to total equity stood at 6.9 times, and the Bank’s Tier 1 Basel III Capital
Ratio reached 21.8%, reflecting a stronger capitalization level than prior comparative quarters, resulting from an increasing equity
base and lower risk-weighted assets. The latter relates to the Bank’s ability to decrease its Commercial Portfolio toward
the end of the quarter, on the onset of the COVID-19 crisis, which led to prudent measures, including preserving liquidity and
strict credit underwriting.
RECENT EVENTS
|
§
|
Quarterly
dividend payment: The Bank’s Board of Directors (the “Board”) approved a quarterly common dividend of $0.25
per share corresponding to the first quarter 2020. The cash dividend will be paid on May 13, 2020, to shareholders registered
as of April 27, 2020.
|
Notes:
|
-
|
Numbers and percentages
set forth in this earnings release have been rounded and accordingly may not total exactly.
|
|
-
|
QoQ and YoY refer
to quarter-on-quarter and year-on-year variations, respectively.
|
Footnotes:
|
1)
|
Earnings per Share (“EPS”) calculation is based on the average
number of shares outstanding during each period.
|
|
2)
|
ROAE refers to return on average stockholders’ equity which is calculated
on the basis of unaudited daily average balances.
|
|
3)
|
NIM refers to net interest margin which constitutes to Net Interest Income
(“NII”) divided by the average balance of interest-earning assets.
|
|
4)
|
NIS refers to net interest spread which constitutes the average yield earned
on interest-earning assets, less the average yield paid on interest-bearing liabilities.
|
|
5)
|
Efficiency Ratio refers to consolidated operating expenses as a percentage
of total revenues.
|
|
6)
|
The Bank’s “Credit Portfolio” includes gross loans (or
the “Loan Portfolio”), securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for
expected credit losses, loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, and
guarantees covering commercial risk; and other assets consisting of customers’ liabilities under acceptances.
|
|
7)
|
The Bank’s “Commercial Portfolio” includes gross loans
(or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as issued and confirmed letters
of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities
under acceptances.
|
|
8)
|
Market capitalization corresponds to total outstanding common shares multiplied
by market close price at the end of each corresponding period.
|
|
9)
|
Tier 1 Capital is calculated according to Basel III capital adequacy guidelines
and is equivalent to stockholders’ equity excluding certain effects such as the OCI effect of the financial instruments at
fair value through OCI. Tier 1 Capital ratio is calculated as a percentage of risk-weighted assets. Risk-weighted assets are estimated
based on Basel III capital adequacy guidelines.
|
|
10)
|
Liquid assets refer to total cash and due from banks, consisting of cash
and due from banks and interest-bearing deposits in banks, excluding pledged deposits and margin calls. Liquidity ratio refers
to liquid assets as a percentage of total assets.
|
|
11)
|
Credit-impaired loans are also commonly referred to as Non-Performing Loans
or NPLs. Loan Portfolio refers to gross loans, excluding interest receivable, the allowance for loan losses, and unearned interest
and deferred fees.
|
|
12)
|
Total allowance for losses refers to allowance for loan losses plus allowance
for loan commitments and financial guarantee contract losses and allowance for investment securities losses.
|
SAFE HARBOR STATEMENT
This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this press release include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and results are 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 coronavirus (COVID-19) pandemic and government actions intended to limit its spread; the anticipated changes in 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 expected credit losses; the need for additional allowance for expected 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. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
|
ABOUT BLADEX
Bladex, a multinational bank
originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign
trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia,
Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing
its customer base, which includes financial institutions and corporations.
Bladex is listed on the NYSE
in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and
entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors
through its public listing.
CONFERENCE CALL INFORMATION
There will be a conference call
to discuss the Bank’s quarterly results on Wednesday, April 15, 2020 at 11:00 a.m. New York City time (Eastern Time). For
those interested in participating, please dial 1-877-271-1828 in the United States or, if outside the United States, 1-334-323-9871.
Participants should use conference passcode 44414285#, and dial in five minutes before the call is set to begin. There will also
be a live audio webcast of the conference at http://www.bladex.com. The webcast presentation will be available for viewing
and downloads on http://www.bladex.com.
The conference call will become
available for review on Conference Replay one hour after its conclusion and will remain available for 60 days. Please dial (877)
919-4059 or (334) 323-0140 and follow the instructions. The replay passcode is: 88179402.
For more information, please access http://www.bladex.com
or contact:
Mrs. Ana Graciela de Méndez
Chief Financial Officer
Tel: +507 210-8563
E-mail address: amendez@bladex.com
EXHIBIT I
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A) - (B)
|
|
|
|
|
|
(A) - (C)
|
|
|
|
|
|
|
March
31, 2020
|
|
|
December
31, 2019
|
|
|
March
31, 2019
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
1,353,018
|
|
|
$
|
1,178,170
|
|
|
$
|
803,549
|
|
|
$
|
174,848
|
|
|
|
15
|
%
|
|
$
|
549,469
|
|
|
|
68
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities and other financial assets,
net
|
|
|
86,326
|
|
|
|
88,794
|
|
|
|
106,549
|
|
|
|
(2,468
|
)
|
|
|
(3
|
)
|
|
|
(20,223
|
)
|
|
|
(19
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
5,337,487
|
|
|
|
5,892,997
|
|
|
|
5,479,172
|
|
|
|
(555,510
|
)
|
|
|
(9
|
)
|
|
|
(141,685
|
)
|
|
|
(3
|
)
|
Interest receivable
|
|
|
40,613
|
|
|
|
41,757
|
|
|
|
47,826
|
|
|
|
(1,144
|
)
|
|
|
(3
|
)
|
|
|
(7,213
|
)
|
|
|
(15
|
)
|
Allowance for
loan losses
|
|
|
(99,941
|
)
|
|
|
(99,307
|
)
|
|
|
(102,346
|
)
|
|
|
(634
|
)
|
|
|
(1
|
)
|
|
|
2,405
|
|
|
|
2
|
|
Unearned
interest and deferred fees
|
|
|
(11,095
|
)
|
|
|
(12,114
|
)
|
|
|
(14,938
|
)
|
|
|
1,019
|
|
|
|
8
|
|
|
|
3,843
|
|
|
|
26
|
|
Loans, net
|
|
|
5,267,064
|
|
|
|
5,823,333
|
|
|
|
5,409,714
|
|
|
|
(556,269
|
)
|
|
|
(10
|
)
|
|
|
(142,650
|
)
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers' liabilities under acceptances
|
|
|
66,657
|
|
|
|
115,682
|
|
|
|
97,805
|
|
|
|
(49,025
|
)
|
|
|
(42
|
)
|
|
|
(31,148
|
)
|
|
|
(32
|
)
|
Derivative financial instruments -
assets
|
|
|
17,044
|
|
|
|
11,157
|
|
|
|
2,102
|
|
|
|
5,887
|
|
|
|
53
|
|
|
|
14,942
|
|
|
|
711
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment and leasehold improvements,
net
|
|
|
18,110
|
|
|
|
18,752
|
|
|
|
23,158
|
|
|
|
(642
|
)
|
|
|
(3
|
)
|
|
|
(5,048
|
)
|
|
|
(22
|
)
|
Intangibles, net
|
|
|
1,236
|
|
|
|
1,427
|
|
|
|
1,469
|
|
|
|
(191
|
)
|
|
|
(13
|
)
|
|
|
(233
|
)
|
|
|
(16
|
)
|
Investment properties
|
|
|
3,494
|
|
|
|
3,494
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
3,494
|
|
|
|
n.m.
|
*
|
Other assets
|
|
|
9,574
|
|
|
|
8,857
|
|
|
|
5,996
|
|
|
|
717
|
|
|
|
8
|
|
|
|
3,578
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
6,822,523
|
|
|
$
|
7,249,666
|
|
|
$
|
6,450,342
|
|
|
$
|
(427,143
|
)
|
|
|
(6
|
)%
|
|
$
|
372,181
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
|
302,442
|
|
|
$
|
85,786
|
|
|
$
|
21,937
|
|
|
$
|
216,656
|
|
|
|
253
|
%
|
|
$
|
280,505
|
|
|
|
1,279
|
%
|
Time deposits
|
|
|
2,165,154
|
|
|
|
2,802,550
|
|
|
|
2,725,637
|
|
|
|
(637,396
|
)
|
|
|
(23
|
)
|
|
|
(560,483
|
)
|
|
|
(21
|
)
|
|
|
|
2,467,596
|
|
|
|
2,888,336
|
|
|
|
2,747,574
|
|
|
|
(420,740
|
)
|
|
|
(15
|
)
|
|
|
(279,978
|
)
|
|
|
(10
|
)
|
Interest payable
|
|
|
5,048
|
|
|
|
5,219
|
|
|
|
10,399
|
|
|
|
(171
|
)
|
|
|
(3
|
)
|
|
|
(5,351
|
)
|
|
|
(51
|
)
|
Total deposits
|
|
|
2,472,644
|
|
|
|
2,893,555
|
|
|
|
2,757,973
|
|
|
|
(420,911
|
)
|
|
|
(15
|
)
|
|
|
(285,329
|
)
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under repurchase agreements
|
|
|
53,888
|
|
|
|
40,530
|
|
|
|
28,232
|
|
|
|
13,358
|
|
|
|
33
|
|
|
|
25,656
|
|
|
|
91
|
|
Borrowings and debt, net
|
|
|
3,137,018
|
|
|
|
3,138,310
|
|
|
|
2,513,208
|
|
|
|
(1,292
|
)
|
|
|
(0
|
)
|
|
|
623,810
|
|
|
|
25
|
|
Interest payable
|
|
|
10,045
|
|
|
|
10,554
|
|
|
|
12,296
|
|
|
|
(509
|
)
|
|
|
(5
|
)
|
|
|
(2,251
|
)
|
|
|
(18
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers' liabilities under acceptances
|
|
|
66,657
|
|
|
|
115,682
|
|
|
|
97,805
|
|
|
|
(49,025
|
)
|
|
|
(42
|
)
|
|
|
(31,148
|
)
|
|
|
(32
|
)
|
Derivative financial instruments -
liabilities
|
|
|
49,095
|
|
|
|
14,675
|
|
|
|
29,262
|
|
|
|
34,420
|
|
|
|
235
|
|
|
|
19,833
|
|
|
|
68
|
|
Allowance for loan commitments and
financial guarantee contract losses
|
|
|
2,443
|
|
|
|
3,044
|
|
|
|
2,702
|
|
|
|
(601
|
)
|
|
|
(20
|
)
|
|
|
(259
|
)
|
|
|
(10
|
)
|
Other liabilities
|
|
|
12,245
|
|
|
|
17,149
|
|
|
|
11,930
|
|
|
|
(4,904
|
)
|
|
|
(29
|
)
|
|
|
315
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$
|
5,804,035
|
|
|
$
|
6,233,499
|
|
|
$
|
5,453,408
|
|
|
$
|
(429,464
|
)
|
|
|
(7
|
)%
|
|
$
|
350,627
|
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
$
|
279,980
|
|
|
$
|
279,980
|
|
|
$
|
279,980
|
|
|
$
|
0
|
|
|
|
0
|
%
|
|
$
|
0
|
|
|
|
0
|
%
|
Treasury stock
|
|
|
(59,409
|
)
|
|
|
(59,669
|
)
|
|
|
(60,947
|
)
|
|
|
260
|
|
|
|
0
|
|
|
|
1,538
|
|
|
|
3
|
|
Additional paid-in capital in excess
of value assigned of common stock
|
|
|
120,586
|
|
|
|
120,362
|
|
|
|
120,318
|
|
|
|
224
|
|
|
|
0
|
|
|
|
268
|
|
|
|
0
|
|
Capital reserves
|
|
|
95,210
|
|
|
|
95,210
|
|
|
|
95,210
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Regulatory reserves
|
|
|
136,019
|
|
|
|
136,019
|
|
|
|
136,019
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Retained earnings
|
|
|
448,762
|
|
|
|
446,083
|
|
|
|
427,064
|
|
|
|
2,679
|
|
|
|
1
|
|
|
|
21,698
|
|
|
|
5
|
|
Other comprehensive
income (loss)
|
|
|
(2,660
|
)
|
|
|
(1,818
|
)
|
|
|
(710
|
)
|
|
|
(842
|
)
|
|
|
(46
|
)
|
|
|
(1,950
|
)
|
|
|
(275
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
$
|
1,018,488
|
|
|
$
|
1,016,167
|
|
|
$
|
996,934
|
|
|
$
|
2,321
|
|
|
|
0
|
%
|
|
$
|
21,554
|
|
|
|
2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity
|
|
$
|
6,822,523
|
|
|
$
|
7,249,666
|
|
|
$
|
6,450,342
|
|
|
$
|
(427,143
|
)
|
|
|
(6
|
)%
|
|
$
|
372,181
|
|
|
|
6
|
%
|
|
(*)
|
"n.m.” means not meaningful.
|
EXHIBIT II
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
(A) - (B)
|
|
|
|
|
|
(A) - (C)
|
|
|
|
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|
March 31, 2019
|
|
|
CHANGE
|
|
|
%
|
|
|
CHANGE
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
58,990
|
|
|
$
|
64,084
|
|
|
$
|
73,554
|
|
|
($
|
5,094
|
)
|
|
|
(8
|
)%
|
|
$
|
(14,564
|
)
|
|
|
(20
|
)%
|
Interest expense
|
|
|
(33,189
|
)
|
|
|
(37,178
|
)
|
|
|
(45,534
|
)
|
|
|
3,989
|
|
|
|
11
|
|
|
|
12,345
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
25,801
|
|
|
|
26,906
|
|
|
|
28,020
|
|
|
|
(1,105
|
)
|
|
|
(4
|
)
|
|
|
(2,219
|
)
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
3,073
|
|
|
|
5,354
|
|
|
|
2,350
|
|
|
|
(2,281
|
)
|
|
|
(43
|
)
|
|
|
723
|
|
|
|
31
|
|
(Loss) gain on financial instruments, net
|
|
|
(358
|
)
|
|
|
(2,029
|
)
|
|
|
756
|
|
|
|
1,671
|
|
|
|
82
|
|
|
|
(1,114
|
)
|
|
|
(147
|
)
|
Other income, net
|
|
|
240
|
|
|
|
1,200
|
|
|
|
945
|
|
|
|
(960
|
)
|
|
|
(80
|
)
|
|
|
(705
|
)
|
|
|
(75
|
)
|
Total other income, net
|
|
|
2,955
|
|
|
|
4,525
|
|
|
|
4,051
|
|
|
|
(1,570
|
)
|
|
|
(35
|
)
|
|
|
(1,096
|
)
|
|
|
(27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
28,756
|
|
|
|
31,431
|
|
|
|
32,071
|
|
|
|
(2,675
|
)
|
|
|
(9
|
)
|
|
|
(3,315
|
)
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal (impairment loss) on financial instruments
|
|
|
89
|
|
|
|
1,935
|
|
|
|
(942
|
)
|
|
|
(1,846
|
)
|
|
|
(95
|
)
|
|
|
1,031
|
|
|
|
109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and other employee expenses
|
|
|
(7,007
|
)
|
|
|
(6,389
|
)
|
|
|
(6,311
|
)
|
|
|
(618
|
)
|
|
|
(10
|
)
|
|
|
(696
|
)
|
|
|
(11
|
)
|
Depreciation of equipment and leasehold improvements
|
|
|
(735
|
)
|
|
|
(734
|
)
|
|
|
(691
|
)
|
|
|
(1
|
)
|
|
|
(0
|
)
|
|
|
(44
|
)
|
|
|
(6
|
)
|
Amortization of intangible assets
|
|
|
(191
|
)
|
|
|
(187
|
)
|
|
|
(164
|
)
|
|
|
(4
|
)
|
|
|
(2
|
)
|
|
|
(27
|
)
|
|
|
(16
|
)
|
Other expenses
|
|
|
(2,611
|
)
|
|
|
(3,960
|
)
|
|
|
(2,718
|
)
|
|
|
1,349
|
|
|
|
34
|
|
|
|
107
|
|
|
|
4
|
|
Total operating expenses
|
|
|
(10,543
|
)
|
|
|
(11,270
|
)
|
|
|
(9,884
|
)
|
|
|
727
|
|
|
|
6
|
|
|
|
(659
|
)
|
|
|
(7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
$
|
18,302
|
|
|
$
|
22,096
|
|
|
$
|
21,245
|
|
|
$
|
(3,794
|
)
|
|
|
(17
|
)%
|
|
$
|
(2,943
|
)
|
|
|
(14
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.46
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
$
|
0.46
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value (period average)
|
|
$
|
25.80
|
|
|
$
|
25.45
|
|
|
$
|
25.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value (period end)
|
|
$
|
25.71
|
|
|
$
|
25.66
|
|
|
$
|
25.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares
|
|
|
39,609
|
|
|
|
39,602
|
|
|
|
39,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares
|
|
|
39,609
|
|
|
|
39,602
|
|
|
|
39,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares period end
|
|
|
39,614
|
|
|
|
39,602
|
|
|
|
39,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.12
|
%
|
|
|
1.34
|
%
|
|
|
1.31
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average equity
|
|
|
7.2
|
%
|
|
|
8.7
|
%
|
|
|
8.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
1.59
|
%
|
|
|
1.65
|
%
|
|
|
1.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread
|
|
|
1.16
|
%
|
|
|
1.18
|
%
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
|
|
|
36.7
|
%
|
|
|
35.9
|
%
|
|
|
30.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses to total average assets
|
|
|
0.65
|
%
|
|
|
0.69
|
%
|
|
|
0.61
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT III
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|
March 31, 2019
|
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
AVERAGE
|
|
|
|
|
|
AVG.
|
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
BALANCE
|
|
|
INTEREST
|
|
|
RATE
|
|
|
|
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EARNING ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
797,722
|
|
|
$
|
2,459
|
|
|
|
1.22
|
%
|
|
$
|
810,691
|
|
|
$
|
3,716
|
|
|
|
1.79
|
%
|
|
$
|
877,224
|
|
|
$
|
5,357
|
|
|
|
2.44
|
%
|
Securities at fair value through OCI
|
|
|
5,086
|
|
|
|
23
|
|
|
|
1.75
|
|
|
|
7,729
|
|
|
|
54
|
|
|
|
2.71
|
|
|
|
20,022
|
|
|
|
250
|
|
|
|
4.99
|
|
Securities at amortized cost (1)
|
|
|
69,661
|
|
|
|
617
|
|
|
|
3.51
|
|
|
|
74,761
|
|
|
|
662
|
|
|
|
3.47
|
|
|
|
83,194
|
|
|
|
692
|
|
|
|
3.33
|
|
Loans, net of unearned interest
|
|
|
5,647,971
|
|
|
|
55,890
|
|
|
|
3.91
|
|
|
|
5,573,386
|
|
|
|
59,652
|
|
|
|
4.19
|
|
|
|
5,551,698
|
|
|
|
67,255
|
|
|
|
4.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST EARNING ASSETS
|
|
$
|
6,520,439
|
|
|
$
|
58,989
|
|
|
|
3.58
|
%
|
|
$
|
6,466,567
|
|
|
$
|
64,084
|
|
|
|
3.88
|
%
|
|
$
|
6,532,138
|
|
|
$
|
73,554
|
|
|
|
4.50
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for expected credit losses on loans
|
|
|
(99,600
|
)
|
|
|
|
|
|
|
|
|
|
|
(103,221
|
)
|
|
|
|
|
|
|
|
|
|
|
(98,896
|
)
|
|
|
|
|
|
|
|
|
Non interest earning assets
|
|
|
152,148
|
|
|
|
|
|
|
|
|
|
|
|
158,324
|
|
|
|
|
|
|
|
|
|
|
|
132,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
6,572,987
|
|
|
|
|
|
|
|
|
|
|
$
|
6,521,669
|
|
|
|
|
|
|
|
|
|
|
$
|
6,566,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST BEARING LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
2,558,726
|
|
|
$
|
11,462
|
|
|
|
1.77
|
%
|
|
|
2,703,014
|
|
|
$
|
14,154
|
|
|
|
2.05
|
%
|
|
$
|
2,658,892
|
|
|
$
|
17,693
|
|
|
|
2.66
|
%
|
Securities sold under repurchase agreement and short-term borrowings and debt
|
|
|
1,381,248
|
|
|
|
8,659
|
|
|
|
2.48
|
|
|
|
1,160,886
|
|
|
|
8,533
|
|
|
|
2.88
|
|
|
|
1,389,071
|
|
|
|
12,079
|
|
|
|
3.48
|
|
Long-term borrowings and debt, net (2)
|
|
|
1,498,934
|
|
|
|
13,067
|
|
|
|
3.45
|
|
|
|
1,537,943
|
|
|
|
14,491
|
|
|
|
3.69
|
|
|
|
1,390,923
|
|
|
|
15,762
|
|
|
|
4.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INTEREST BEARING LIABILITIES
|
|
$
|
5,438,908
|
|
|
$
|
33,188
|
|
|
|
2.41
|
%
|
|
$
|
5,401,844
|
|
|
$
|
37,178
|
|
|
|
2.69
|
%
|
|
$
|
5,438,886
|
|
|
$
|
45,534
|
|
|
|
3.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non interest bearing liabilities and other liabilities
|
|
$
|
111,987
|
|
|
|
|
|
|
|
|
|
|
$
|
112,039
|
|
|
|
|
|
|
|
|
|
|
$
|
120,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
5,550,895
|
|
|
|
|
|
|
|
|
|
|
|
5,513,883
|
|
|
|
|
|
|
|
|
|
|
|
5,559,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
1,022,092
|
|
|
|
|
|
|
|
|
|
|
|
1,007,786
|
|
|
|
|
|
|
|
|
|
|
|
1,006,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
6,572,987
|
|
|
|
|
|
|
|
|
|
|
$
|
6,521,669
|
|
|
|
|
|
|
|
|
|
|
$
|
6,566,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST SPREAD
|
|
|
|
|
|
|
|
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AND NET INTEREST MARGIN
|
|
|
|
|
|
$
|
25,801
|
|
|
|
1.59
|
%
|
|
|
|
|
|
$
|
26,906
|
|
|
|
1.65
|
%
|
|
|
|
|
|
$
|
28,020
|
|
|
|
1.74
|
%
|
|
(1)
|
Gross of the allowance for losses relating to securities
at amortized cost.
|
|
(2)
|
Includes lease liabilities, net of prepaid commissions.
|
Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging.
EXHIBIT IV
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MAR 31/20
|
|
|
DEC 31/19
|
|
|
SEP 30/19
|
|
|
JUN 30/19
|
|
|
MAR 31/19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
$
|
58,990
|
|
|
$
|
64,084
|
|
|
$
|
65,514
|
|
|
$
|
70,530
|
|
|
$
|
73,554
|
|
Interest expense
|
|
|
(33,189
|
)
|
|
|
(37,178
|
)
|
|
|
(38,856
|
)
|
|
|
(42,599
|
)
|
|
|
(45,534
|
)
|
Net Interest Income
|
|
|
25,801
|
|
|
|
26,906
|
|
|
|
26,658
|
|
|
|
27,931
|
|
|
|
28,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees and commissions, net
|
|
|
3,073
|
|
|
|
5,354
|
|
|
|
2,815
|
|
|
|
5,128
|
|
|
|
2,350
|
|
(Loss) gain on financial instruments, net
|
|
|
(358
|
)
|
|
|
(2,029
|
)
|
|
|
(169
|
)
|
|
|
63
|
|
|
|
756
|
|
Other income, net
|
|
|
240
|
|
|
|
1,200
|
|
|
|
217
|
|
|
|
512
|
|
|
|
945
|
|
Total other income, net
|
|
|
2,955
|
|
|
|
4,525
|
|
|
|
2,863
|
|
|
|
5,703
|
|
|
|
4,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
28,756
|
|
|
|
31,431
|
|
|
|
29,521
|
|
|
|
33,634
|
|
|
|
32,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal (impairment loss) on financial instruments
|
|
|
89
|
|
|
|
1,935
|
|
|
|
(612
|
)
|
|
|
(811
|
)
|
|
|
(942
|
)
|
Gain (loss) on non-financial assets, net
|
|
|
0
|
|
|
|
0
|
|
|
|
500
|
|
|
|
0
|
|
|
|
0
|
|
Total operating expenses
|
|
|
(10,543
|
)
|
|
|
(11,270
|
)
|
|
|
(8,969
|
)
|
|
|
(10,551
|
)
|
|
|
(9,884
|
)
|
Profit for the period
|
|
$
|
18,302
|
|
|
$
|
22,096
|
|
|
$
|
20,440
|
|
|
$
|
22,272
|
|
|
$
|
21,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED FINANCIAL DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.46
|
|
|
$
|
0.56
|
|
|
$
|
0.52
|
|
|
$
|
0.56
|
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
1.12
|
%
|
|
|
1.34
|
%
|
|
|
1.34
|
%
|
|
|
1.43
|
%
|
|
|
1.31
|
%
|
Return on average equity
|
|
|
7.2
|
%
|
|
|
8.7
|
%
|
|
|
8.0
|
%
|
|
|
9.0
|
%
|
|
|
8.6
|
%
|
Net interest margin
|
|
|
1.59
|
%
|
|
|
1.65
|
%
|
|
|
1.77
|
%
|
|
|
1.81
|
%
|
|
|
1.74
|
%
|
Net interest spread
|
|
|
1.16
|
%
|
|
|
1.18
|
%
|
|
|
1.19
|
%
|
|
|
1.22
|
%
|
|
|
1.16
|
%
|
Efficiency Ratio
|
|
|
36.7
|
%
|
|
|
35.9
|
%
|
|
|
30.4
|
%
|
|
|
31.4
|
%
|
|
|
30.8
|
%
|
Operating expenses to total average assets
|
|
|
0.65
|
%
|
|
|
0.69
|
%
|
|
|
0.59
|
%
|
|
|
0.68
|
%
|
|
|
0.61
|
%
|
EXHIBIT V
BUSINESS SEGMENT ANALYSIS
(In US$ thousand)
|
|
FOR THE THREE MONTHS ENDED
|
|
|
|
MAR 31/20
|
|
|
DEC 31/19
|
|
|
MAR 31/19
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL BUSINESS SEGMENT:
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
24,767
|
|
|
$
|
26,100
|
|
|
$
|
27,788
|
|
Other income
|
|
|
3,349
|
|
|
|
6,298
|
|
|
|
2,598
|
|
Total revenues
|
|
|
28,116
|
|
|
|
32,398
|
|
|
|
30,385
|
|
(Impairment loss) reversal on financial instruments
|
|
|
89
|
|
|
|
1,935
|
|
|
|
(968
|
)
|
Gain (loss) on non-financial assets, net
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Operating expenses
|
|
|
(7,341
|
)
|
|
|
(8,724
|
)
|
|
|
(7,310
|
)
|
Profit for the segment
|
|
$
|
20,864
|
|
|
$
|
25,609
|
|
|
$
|
22,107
|
|
Segment assets
|
|
|
5,359,398
|
|
|
|
5,967,157
|
|
|
|
5,542,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TREASURY BUSINESS SEGMENT:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
1,034
|
|
|
$
|
806
|
|
|
$
|
233
|
|
Other income (expense)
|
|
|
(394
|
)
|
|
|
(1,773
|
)
|
|
|
1,453
|
|
Total revenues
|
|
|
640
|
|
|
|
(967
|
)
|
|
|
1,685
|
|
Reversal on financial instruments
|
|
|
0
|
|
|
|
0
|
|
|
|
26
|
|
Operating expenses
|
|
|
(3,202
|
)
|
|
|
(2,546
|
)
|
|
|
(2,574
|
)
|
Loss for the segment
|
|
$
|
(2,562
|
)
|
|
$
|
(3,513
|
)
|
|
$
|
(862
|
)
|
Segment assets
|
|
|
1,453,571
|
|
|
|
1,273,678
|
|
|
|
901,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
25,801
|
|
|
$
|
26,906
|
|
|
$
|
28,020
|
|
Other income
|
|
|
2,955
|
|
|
|
4,525
|
|
|
|
4,051
|
|
Total revenues
|
|
|
28,756
|
|
|
|
31,431
|
|
|
|
32,071
|
|
(Impairment loss) reversal on financial instruments
|
|
|
89
|
|
|
|
1,935
|
|
|
|
(942
|
)
|
Gain (loss) on non-financial assets, net
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Operating expenses
|
|
|
(10,543
|
)
|
|
|
(11,270
|
)
|
|
|
(9,884
|
)
|
Profit for the period
|
|
$
|
18,302
|
|
|
$
|
22,096
|
|
|
$
|
21,245
|
|
Total segment assets
|
|
|
6,812,969
|
|
|
|
7,240,835
|
|
|
|
6,444,395
|
|
Unallocated assets
|
|
|
9,554
|
|
|
|
8,831
|
|
|
|
5,947
|
|
Total assets
|
|
|
6,822,523
|
|
|
|
7,249,666
|
|
|
|
6,450,342
|
|
EXHIBIT VI
CREDIT PORTFOLIO
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
March
31, 2020
|
|
|
December
31, 2019
|
|
|
March
31, 2019
|
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
(A)
- (B)
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
195
|
|
|
|
3
|
|
|
$
|
226
|
|
|
|
3
|
|
|
$
|
570
|
|
|
|
9
|
|
|
$
|
(31
|
)
|
|
$
|
(375
|
)
|
BOLIVIA
|
|
|
8
|
|
|
|
0
|
|
|
|
7
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
1
|
|
|
|
8
|
|
BRAZIL
|
|
|
959
|
|
|
|
16
|
|
|
|
1,067
|
|
|
|
16
|
|
|
|
1,089
|
|
|
|
18
|
|
|
|
(108
|
)
|
|
|
(130
|
)
|
CHILE
|
|
|
592
|
|
|
|
10
|
|
|
|
688
|
|
|
|
10
|
|
|
|
221
|
|
|
|
4
|
|
|
|
(96
|
)
|
|
|
371
|
|
COLOMBIA
|
|
|
886
|
|
|
|
15
|
|
|
|
972
|
|
|
|
15
|
|
|
|
762
|
|
|
|
12
|
|
|
|
(86
|
)
|
|
|
124
|
|
COSTA RICA
|
|
|
281
|
|
|
|
5
|
|
|
|
280
|
|
|
|
4
|
|
|
|
319
|
|
|
|
5
|
|
|
|
1
|
|
|
|
(38
|
)
|
DOMINICAN REPUBLIC
|
|
|
121
|
|
|
|
2
|
|
|
|
306
|
|
|
|
5
|
|
|
|
408
|
|
|
|
7
|
|
|
|
(185
|
)
|
|
|
(287
|
)
|
ECUADOR
|
|
|
355
|
|
|
|
6
|
|
|
|
427
|
|
|
|
6
|
|
|
|
406
|
|
|
|
7
|
|
|
|
(72
|
)
|
|
|
(51
|
)
|
EL SALVADOR
|
|
|
70
|
|
|
|
1
|
|
|
|
60
|
|
|
|
1
|
|
|
|
54
|
|
|
|
1
|
|
|
|
10
|
|
|
|
16
|
|
GUATEMALA
|
|
|
340
|
|
|
|
6
|
|
|
|
323
|
|
|
|
5
|
|
|
|
305
|
|
|
|
5
|
|
|
|
17
|
|
|
|
35
|
|
HONDURAS
|
|
|
128
|
|
|
|
2
|
|
|
|
129
|
|
|
|
2
|
|
|
|
42
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
86
|
|
JAMAICA
|
|
|
32
|
|
|
|
1
|
|
|
|
38
|
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(6
|
)
|
|
|
32
|
|
MEXICO
|
|
|
536
|
|
|
|
9
|
|
|
|
803
|
|
|
|
12
|
|
|
|
912
|
|
|
|
15
|
|
|
|
(267
|
)
|
|
|
(376
|
)
|
PANAMA
|
|
|
444
|
|
|
|
8
|
|
|
|
330
|
|
|
|
5
|
|
|
|
548
|
|
|
|
9
|
|
|
|
114
|
|
|
|
(104
|
)
|
PARAGUAY
|
|
|
131
|
|
|
|
2
|
|
|
|
139
|
|
|
|
2
|
|
|
|
150
|
|
|
|
2
|
|
|
|
(8
|
)
|
|
|
(19
|
)
|
PERU
|
|
|
204
|
|
|
|
3
|
|
|
|
158
|
|
|
|
2
|
|
|
|
83
|
|
|
|
1
|
|
|
|
46
|
|
|
|
121
|
|
TRINIDAD & TOBAGO
|
|
|
182
|
|
|
|
3
|
|
|
|
182
|
|
|
|
3
|
|
|
|
124
|
|
|
|
2
|
|
|
|
0
|
|
|
|
58
|
|
URUGUAY
|
|
|
58
|
|
|
|
1
|
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
57
|
|
|
|
58
|
|
OTHER
NON-LATAM (1)
|
|
|
389
|
|
|
|
7
|
|
|
|
446
|
|
|
|
7
|
|
|
|
103
|
|
|
|
2
|
|
|
|
(57
|
)
|
|
|
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT
PORTFOLIO (2)
|
|
$
|
5,911
|
|
|
|
100
|
%
|
|
$
|
6,582
|
|
|
|
100
|
%
|
|
$
|
6,096
|
|
|
|
100
|
%
|
|
$
|
(671
|
)
|
|
$
|
(185
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED INTEREST AND DEFERRED
FEES
|
|
|
(11
|
)
|
|
|
|
|
|
|
(12
|
)
|
|
|
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
1
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CREDIT PORTFOLIO, NET OF UNEARNED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST & DEFERRED
FEES
|
|
$
|
5,900
|
|
|
|
|
|
|
$
|
6,570
|
|
|
|
|
|
|
$
|
6,081
|
|
|
|
|
|
|
$
|
(670
|
)
|
|
$
|
(181
|
)
|
|
(1)
|
Risk in highly rated countries outside the Region, mostly
in Europe and North America, related to transactions carried out in the Region.
|
|
(2)
|
Includes gross loans (or the “Loan Portfolio”),
securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses, loan commitments
and financial guarantee contracts, such as confirmed and stand-by letters of credit, and guarantees covering commercial risk;
and other assets consisting of customers’ liabilities under acceptances.
|
EXHIBIT VII
COMMERCIAL PORTFOLIO
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
AT
THE END OF,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
March
31, 2020
|
|
|
December
31, 2019
|
|
|
March
31, 2019
|
|
|
Change
in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
Amount
|
|
|
%
of Total Outstanding
|
|
|
(A)
- (B)
|
|
|
(A)
- (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$195
|
|
|
3
|
|
|
$226
|
|
|
3
|
|
|
$570
|
|
|
9
|
|
|
($31)
|
|
|
($375)
|
|
BOLIVIA
|
|
|
8
|
|
|
|
0
|
|
|
|
7
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
1
|
|
|
|
8
|
|
BRAZIL
|
|
|
959
|
|
|
|
16
|
|
|
|
1,065
|
|
|
|
16
|
|
|
|
1,085
|
|
|
|
18
|
|
|
|
(106
|
)
|
|
|
(126
|
)
|
CHILE
|
|
|
587
|
|
|
|
10
|
|
|
|
683
|
|
|
|
11
|
|
|
|
216
|
|
|
|
4
|
|
|
|
(96
|
)
|
|
|
371
|
|
COLOMBIA
|
|
|
871
|
|
|
|
15
|
|
|
|
957
|
|
|
|
15
|
|
|
|
746
|
|
|
|
12
|
|
|
|
(86
|
)
|
|
|
125
|
|
COSTA RICA
|
|
|
281
|
|
|
|
5
|
|
|
|
280
|
|
|
|
4
|
|
|
|
319
|
|
|
|
5
|
|
|
|
1
|
|
|
|
(38
|
)
|
DOMINICAN REPUBLIC
|
|
|
121
|
|
|
|
2
|
|
|
|
306
|
|
|
|
5
|
|
|
|
408
|
|
|
|
7
|
|
|
|
(185
|
)
|
|
|
(287
|
)
|
ECUADOR
|
|
|
355
|
|
|
|
6
|
|
|
|
427
|
|
|
|
7
|
|
|
|
406
|
|
|
|
7
|
|
|
|
(72
|
)
|
|
|
(51
|
)
|
EL SALVADOR
|
|
|
70
|
|
|
|
1
|
|
|
|
60
|
|
|
|
1
|
|
|
|
54
|
|
|
|
1
|
|
|
|
10
|
|
|
|
16
|
|
GUATEMALA
|
|
|
340
|
|
|
|
6
|
|
|
|
323
|
|
|
|
5
|
|
|
|
305
|
|
|
|
5
|
|
|
|
17
|
|
|
|
35
|
|
HONDURAS
|
|
|
128
|
|
|
|
2
|
|
|
|
129
|
|
|
|
2
|
|
|
|
42
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
86
|
|
JAMAICA
|
|
|
32
|
|
|
|
1
|
|
|
|
38
|
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
(6
|
)
|
|
|
32
|
|
MEXICO
|
|
|
515
|
|
|
|
9
|
|
|
|
781
|
|
|
|
12
|
|
|
|
885
|
|
|
|
15
|
|
|
|
(266
|
)
|
|
|
(370
|
)
|
PANAMA
|
|
|
406
|
|
|
|
7
|
|
|
|
294
|
|
|
|
5
|
|
|
|
518
|
|
|
|
9
|
|
|
|
112
|
|
|
|
(112
|
)
|
PARAGUAY
|
|
|
131
|
|
|
|
2
|
|
|
|
139
|
|
|
|
2
|
|
|
|
150
|
|
|
|
2
|
|
|
|
(8
|
)
|
|
|
(19
|
)
|
PERU
|
|
|
204
|
|
|
|
3
|
|
|
|
158
|
|
|
|
2
|
|
|
|
83
|
|
|
|
1
|
|
|
|
46
|
|
|
|
121
|
|
TRINIDAD & TOBAGO
|
|
|
182
|
|
|
|
3
|
|
|
|
182
|
|
|
|
3
|
|
|
|
116
|
|
|
|
2
|
|
|
|
0
|
|
|
|
66
|
|
URUGUAY
|
|
|
58
|
|
|
|
1
|
|
|
|
1
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
57
|
|
|
|
58
|
|
OTHER
NON-LATAM (1)
|
|
|
389
|
|
|
|
7
|
|
|
|
446
|
|
|
|
7
|
|
|
|
103
|
|
|
|
2
|
|
|
|
(57
|
)
|
|
|
286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
COMMERCIAL PORTFOLIO (2)
|
|
$
|
5,832
|
|
|
|
100
|
%
|
|
$
|
6,502
|
|
|
|
100
|
%
|
|
$
|
6,006
|
|
|
|
100
|
%
|
|
$
|
(670
|
)
|
|
$
|
(174
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INTEREST AND DEFERRED FEES
|
|
|
(11
|
)
|
|
|
|
|
|
|
(12
|
)
|
|
|
|
|
|
|
(15
|
)
|
|
|
|
|
|
|
1
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL PORTFOLIO,
NET OF
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNEARNED
INTEREST & DEFERRED FEES
|
|
$
|
5,821
|
|
|
|
|
|
|
$
|
6,490
|
|
|
|
|
|
|
$
|
5,991
|
|
|
|
|
|
|
$
|
(669
|
)
|
|
$
|
(170
|
)
|
|
(1)
|
Risk in highly rated countries outside the Region, mostly
in Europe and North America, related to transactions carried out in the Region.
|
|
(2)
|
Includes gross loans (or the “Loan Portfolio”),
loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, and guarantees covering
commercial risk; and other assets consisting of customers’ liabilities under acceptances.
|
EXHIBIT VIII
INVESTMENT PORTFOLIO
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
AT THE END OF,
|
|
|
|
|
|
|
|
|
|
(A)
|
|
|
(B)
|
|
|
(C)
|
|
|
|
|
|
|
|
|
|
March 31, 2020
|
|
|
December 31, 2019
|
|
|
March 31, 2019
|
|
|
Change in Amount
|
|
COUNTRY
|
|
Amount
|
|
|
% of Total Outstanding
|
|
|
Amount
|
|
|
% of Total Outstanding
|
|
|
Amount
|
|
|
% of Total Outstanding
|
|
|
(A) - (B)
|
|
|
(A) - (C)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRAZIL
|
|
$
|
0
|
|
|
|
0
|
|
|
$
|
2
|
|
|
|
2
|
|
|
$
|
4
|
|
|
|
5
|
|
|
($
|
2
|
)
|
|
($
|
4
|
)
|
CHILE
|
|
|
5
|
|
|
|
6
|
|
|
|
5
|
|
|
|
6
|
|
|
|
5
|
|
|
|
6
|
|
|
|
0
|
|
|
|
0
|
|
COLOMBIA
|
|
|
15
|
|
|
|
19
|
|
|
|
15
|
|
|
|
19
|
|
|
|
16
|
|
|
|
17
|
|
|
|
0
|
|
|
|
(1
|
)
|
MEXICO
|
|
|
21
|
|
|
|
27
|
|
|
|
22
|
|
|
|
27
|
|
|
|
27
|
|
|
|
30
|
|
|
|
(1
|
)
|
|
|
(6
|
)
|
PANAMA
|
|
|
38
|
|
|
|
48
|
|
|
|
36
|
|
|
|
45
|
|
|
|
30
|
|
|
|
34
|
|
|
|
2
|
|
|
|
8
|
|
TRINIDAD & TOBAGO
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
8
|
|
|
|
9
|
|
|
|
0
|
|
|
|
(8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENT PORTOFOLIO (1)
|
|
$
|
79
|
|
|
|
100
|
%
|
|
$
|
80
|
|
|
|
100
|
%
|
|
$
|
90
|
|
|
|
100
|
%
|
|
($
|
1
|
)
|
|
($
|
11
|
)
|
(1) Includes securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for losses.
EXHIBIT IX
LOAN DISBURSEMENTS
DISTRIBUTION BY COUNTRY
(In US$ million)
|
|
QUARTERLY
|
|
|
Change in Amount
|
|
|
|
(C)
|
|
|
(D)
|
|
|
(E)
|
|
|
|
|
|
|
|
COUNTRY
|
|
1Q20
|
|
|
4Q19
|
|
|
1Q19
|
|
|
(C) - (D)
|
|
|
(C) - (E)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARGENTINA
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
116
|
|
|
$
|
0
|
|
|
($
|
116
|
)
|
BOLIVIA
|
|
|
0
|
|
|
|
2
|
|
|
|
0
|
|
|
|
(2
|
)
|
|
|
0
|
|
BRAZIL
|
|
|
284
|
|
|
|
415
|
|
|
|
206
|
|
|
|
(131
|
)
|
|
|
78
|
|
CHILE
|
|
|
65
|
|
|
|
262
|
|
|
|
165
|
|
|
|
(197
|
)
|
|
|
(100
|
)
|
COLOMBIA
|
|
|
354
|
|
|
|
429
|
|
|
|
358
|
|
|
|
(75
|
)
|
|
|
(4
|
)
|
COSTA RICA
|
|
|
67
|
|
|
|
146
|
|
|
|
94
|
|
|
|
(79
|
)
|
|
|
(27
|
)
|
DOMINICAN REPUBLIC
|
|
|
120
|
|
|
|
127
|
|
|
|
248
|
|
|
|
(7
|
)
|
|
|
(128
|
)
|
ECUADOR
|
|
|
171
|
|
|
|
179
|
|
|
|
165
|
|
|
|
(8
|
)
|
|
|
6
|
|
EL SALVADOR
|
|
|
32
|
|
|
|
29
|
|
|
|
35
|
|
|
|
3
|
|
|
|
(3
|
)
|
GUATEMALA
|
|
|
43
|
|
|
|
159
|
|
|
|
52
|
|
|
|
(116
|
)
|
|
|
(9
|
)
|
HONDURAS
|
|
|
15
|
|
|
|
17
|
|
|
|
13
|
|
|
|
(2
|
)
|
|
|
2
|
|
JAMAICA
|
|
|
77
|
|
|
|
134
|
|
|
|
0
|
|
|
|
(57
|
)
|
|
|
77
|
|
MEXICO
|
|
|
982
|
|
|
|
892
|
|
|
|
910
|
|
|
|
90
|
|
|
|
72
|
|
PANAMA
|
|
|
212
|
|
|
|
165
|
|
|
|
190
|
|
|
|
47
|
|
|
|
22
|
|
PARAGUAY
|
|
|
28
|
|
|
|
72
|
|
|
|
29
|
|
|
|
(44
|
)
|
|
|
(1
|
)
|
PERU
|
|
|
133
|
|
|
|
97
|
|
|
|
34
|
|
|
|
36
|
|
|
|
99
|
|
TRINIDAD & TOBAGO
|
|
|
5
|
|
|
|
0
|
|
|
|
0
|
|
|
|
5
|
|
|
|
5
|
|
URUGUAY
|
|
|
59
|
|
|
|
1
|
|
|
|
13
|
|
|
|
58
|
|
|
|
46
|
|
OTHER NON-LATAM (1)
|
|
|
370
|
|
|
|
286
|
|
|
|
25
|
|
|
|
84
|
|
|
|
345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LOAN DISBURSED (2)
|
|
$
|
3,017
|
|
|
$
|
3,412
|
|
|
$
|
2,653
|
|
|
$
|
(395
|
)
|
|
$
|
364
|
|
|
(1)
|
Origination in highly rated countries outside the Region,
mostly in Europe and North America, related to transactions carried out in the Region.
|
|
(2)
|
Total loan disbursed does not include loan commitments
and financial guarantee contracts, nor other interest-earning assets such as investment securities.
|