RNS Number:2938C
Banco LatinoamericanoDeExport SA
19 April 2001
BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. (" BLADEX")
REPORTS FOURTH QUARTER AND FULL YEAR 2000 RESULTS
Panama City, Republic of Panama, February 8, 2001 - Banco Latinoamericano de
Exportaciones, S.A. (the "Bank") (NYSE: BLX), a specialized multinational bank
established to finance trade in the Latin American and the Caribbean region,
today reported results for the fourth quarter of, and the year ended, December
31, 2000. Net income for the fourth quarter was $22.9 million, representing a
decline of 10% from the fourth quarter of 1999. Earnings per common share after
preferred dividends were $1.16 per common share for the quarter, representing a
decline of 6% compared to the fourth quarter of 1999.
Net income for the year 2000 was $97.1 million, a decline of 4% compared with
1999. Earnings per common share after preferred dividends were $4.84 per common
share, a decrease of 2% compared with 1999.
There will be a conference call on February 9, 2001 at 11:00 a.m. ET (U.S.
time).
Please call 877-925-2339
Commenting on the Bank's performance, Jose Castaneda, chief executive officer,
said, "BLADEX's results in the fourth quarter of 2000 were mixed with some
improvement evident in the demand for credit from top tier customers and a
decline in our fee based businesses. The overall credit portfolio was
essentially the same as the third quarter. Competitive pressures increased in a
generally weak market environment, causing the decline in our net interest
margin primarily during the first three quarters of 2000. This decline leveled
off in the fourth quarter of 20O0."
"Despite competitive pressure to build the credit portfolio by accepting more
risk, BLADEX's strategy continues to be focused on maintaining asset quality.
We intend to continue to expand our business relationships with creditworthy
customers, and not compromise the quality of our borrowers in pursuit of
short-term margin improvements."
"While the two largest economies in Latin America continue to perform well, the
conditions in many other markets were much less favorable."
"For the year, BLADEX performed well in a difficult market and invested
considerable management time and capital to develop a more agile and pro-active
approach to the changing market. Initiatives were taken to strengthen the risk
management function which has enabled BLADEX to become more competitive as the
customer base is becoming more segmented. The performance of our core business
is improving because of these initiatives and our investments in people and
systems."
"We are encouraged by the internal progress made last year in transforming
BLADEX into a more competitive institution in the Latin American marketplace and
are optimistic about the Bank's future role in the region's growth."
During the year 2000, the Bank repurchased approximately 577 thousand Class B
common shares, which are not traded in the public market. On the other hand, 485
thousand Class B common shares have been converted to date, into Class E common
shares on a one-to-one basis, which contributed to the increase in the number
of Class E common shares trading in the market. Under the share repurchase
program, which started in early December of 2000, the Bank has repurchased to
date, 302 thousand Class E common shares and 156 thousand Class A common shares
(which are not traded in the market). The Bank's total number of common shares
of all classes has been reduced by approximately 1 million common shares in the
last 12 months, to 18.9 million common shares.
BUSINESS
The following table sets forth the Bank's daily average credit portfolio for
each month in the six-month period ending December 31, 2000:
(in $ millions, except percentages)
JUL AUG SEP OCT NOV DEC
AVERAGE LOAN PORTFOLIO (1) 4,571 4,691 4,990 5,049 5,037 5,124
AVERAGE ACCEPTANCES &
CONTINGENCIES 1,337 1,321 1,300 1,281 1,262 1,165
AVERAGE CREDIT
PORTFOLIO (2) 5,908 6,012 6,290 6,331 6,299 6,289
MONTHLY GROWTH RATE OF
AVERAGE CREDIT
PORTFOLIO (%) -1% 2% 5% 1% -1% 0%
(1) Includes loans net of unearned discount plus selected investment securities.
(2) Includes the average loan portfolio net of unearned discount, plus
acceptances and contingencies.
At December 31, 2000, (i) the Bank's outstanding credit portfolio, net of
unearned discount, was $6,472 million, (ii) the loan portfolio, net of unearned
discount, was $5,309 million and (iii) acceptances and contingencies amounted to
$1,163 million. At December 31, 2000, approximately $5,460 million or 84% in
principal amount of the Bank's credit portfolio was outstanding to borrowers in
four countries as follows: Brazil ($2,351 million or 36%); Argentina ($1,471
million or 23%); Mexico ($1,380 million or 21%), and Peru ($258 million or 4%).
A comparative credit distribution by country is shown in Exhibit VIII hereto.
ASSET QUALITY
The following table sets forth the Bank's non-accruing loans and the ratio of
non-accruing loans to the Bank's loan portfolio at the dates set forth below:
(in $ millions, except percentages)
Dec.31,1999 Sept.30,2000 Dec.31,2000
Non-accruing loans 23.8 27.5 14.7
Ratio of non-accruing
loans to loan portfolio 0.50% 0.54% 0.28%
During the fourth quarter of 2000, the Bank placed on non-accrual status loans
totaling $4.4 million and charged-off non-accruing loans in the amount $15.6
million. The following table sets forth the Bank's allowance for possible credit
losses for the quarters ended September 30, 2000 and December 31, 2000:
For the three months ended
September December
30, 2000 31, 2000
Components of the allowance for possible
credit losses (in $ millions, except percentages)
Allowance for possible loan losses:
At beginning of period 117.7 121.0
Provisions charged to expense 3.2 4.8
Recoveries 0.1 0.2
Charged off loans 0.0 15.6
Balance at end of period 121.0 110.4
Allowance for possible losses on
off-balance sheet credit risk:
At beginning of period 15.6 17.2
Provisions charged to expense 1.6 0.0
Balance at end of period 17.2 17.2
Allowance for possible losses on guarantees
(potential credit and market losses on options):
At beginning of period 6.8 5.0
Charged off guarantees -1.8 0.0
Balance at end of period 5.0 5.0
Credit portfolio, net of discount 6,433 6,472
Loan portfolio, net of discount 5,132 5,309
Acceptances and Contingencies 1,301 1,163
Non-accruing loans 27.5 14.7
Mark to market guarantees 100 100
Allowance for possible credit losses
(net of non-accruing loans and the
allowance for possible losses on guarantees)
to total credit portfolio (net of discount,
non-accruing loans and mark-to-market guarantees) 1.8% 1.8%
Allowance for possible loan losses (net of
non-accruing loans) to loan portfolio (net of
discount and non-accruing loans) 1.8% 1.8%
Allowance for possible losses on off-balance
sheet credit risk to total acceptances and
contingencies, net of mark-to-market guarantees 1.4% 1.6%
NET REVENUES
The following table shows net revenues (net interest income plus commission
income) for the periods set forth below:
(in $ millions, except percentages)
IVQ99 IVQ00 Change (%) 1999 2000 Change (%)
Net interest
income 28.2 28.4 1% 112.7 112.7 0%
Commission income 7.6 5.6 -26% 26.5 25.9 -2%
Net revenues 35.8 34.0 -5% 139.2 138.6 0%
NET INTEREST INCOME
The net interest margin (net interest income divided by the average balance of
interest-earning assets) and net interest spread (average yield earned
on interest-earning assets less the average rate paid on
interest-bearing liabilities) for the fourth quarter of 2000 were 2.11%
and 1.01%, respectively, compared to 2.26% and 1.27%, respectively, for the
fourth quarter of 1999, and compared to 2.14% and 0.99%, respectively, for the
third quarter of 2000 (without giving effect to interest income of $1,688
thousand received during the third quarter of 2000 on an impaired/cash basis
asset). The Bank estimates that the decrease of 3 basis points in the net
interest margin during the fourth quarter of 2000, as compared to the third
quarter of 2000, was due to lower lending margins resulting from lower demand
and improved risk perception of the largest countries in the Latin American and
Caribbean region, which had a net negative effect of 3 basis points on the net
interest margin.
The net interest margin and net interest spread for the year 2000 were 2.24% and
1.14%, respectively, compared with 2.15% and 1.30%, respectively, for the same
period in 1999. The net interest margin and net interest spread without giving
effect to (i) an adjustment to interest expense of $299 thousand made during
the second quarter of 1999, (ii) an adjustment to interest income of $525
thousand made during the first quarter of 2000 which corresponded to interest
income of the third and fourth quarters of 1999, and (iii) interest income of
$1,688 thousand received during the third quarter of 2000 on an impaired/cash
basis asset, were 2.19%, for the full year 2000, and 2.17% for the full year
1999. The increase of 2 basis points in the net interest margin for the full
year 2000 compared to 1999, was mainly due to:
i) Lower lending margins resulting from lower demand and improved risk
perception of the largest countries in the Latin American and Caribbean
region, which had a negative effect of 23 basis points on the net increase
in the net interest margin;
ii) The increase in non-accruing loans, which had a negative effect of 2 basis
points on the net increase in the interest margin;
iii) Lower marginal cost of funds to the Bank resulting from lower margins paid
on borrowings, which had a positive effect of 2 basis points on the net
increase in the interest margin, and
iv) A higher equity to debt ratio combined with higher interest rates, which
generated a higher return on the Bank's available capital funds, and had a
positive effect of 25 basis points on the net increase in the net interest
margin.
COMMISSION INCOME
Commission income for the full year 2000 was $25.9 million, which represents a
2% decline compared with 1999. Commission income for the year 2000 covered 116%
of the Bank's commission expenses plus operating expenses. The following table
sets forth the components of commission income for the year ended December 31,
2000 compared to the year ended December 31, 1999:
FOR THE YEAR ENDED DECEMBER 31,
COMMISSION INCOME 1999 2000 CHANGE
(in $ thousands)
Letters of credit 5,962 7,111 1,149
Guarantees:
Options 2,084 1,529 (555)
Other guarantees 5,244 7,487 2,243
Country risk coverage
business 10,388 6,595 (3,793)
Loans 1,615 2,035 420
Asset sales 1,129 1,077 (52)
Other commission income 68 44 (24)
TOTAL COMMISSION 26,490 25,878 (612)
OPERATING EXPENSES
Total operating expenses for the fourth quarter of 2000 were $6.1 million,
representing an increase of 43% compared to the fourth quarter of 1999 and an
increase of 21% compared to the third quarter of 2000. Operating expenses for
the year 2000 were $21.2 million, an increase of 28% compared to 1999. The
following table sets forth the components of total operating expenses for the
year ended December 31, 2000 compared to the same period in 1999.
FOR THE YEAR ENDED
DECEMBER 31,
OPERATING EXPENSES 1999 2000 CHANGE %
(in $ thousands)
Salaries and other employee
expenses 7,547 8,822 1,275 17
Communications 802 872 70 9
Depreciation of premises
and equipment 1,085 1,142 57 5
Professional services 1,326 3,909 2,583 195
Maintenance and repairs 562 645 83 15
Rent of office and equipment 459 584 125 27
Other operating expenses 2,736 3,386 650 24
TOTAL OPERATING EXPENSES BEFORE
PROVISION FOR PERFORMANCE
BONUS 14,517 19,360 4,843 33
Bonus paid on previous year
performance 0 239 239 n.a.
Provision for possible
performance bonus for
employees 2,061 1,581 (480) (23)
TOTAL OPERATING EXPENSES 16,578 21,180 4,602 28
The increase in professional services was primarily due to one time consulting
fees related to the strategic process initiated by the Bank during the second
quarter of 2000. During the year 2000 the Bank also opened a representative
office in Brazil. Operating expenses before provision for performance bonuses
for the year 2000, and excluding these consulting fees related to the strategic
process and the new representative office, grew 15% in relation to the same
period in 1999. The following table sets forth efficiency ratios for the year
ended December 31, 2000 and 1999:
FOR THE YEAR ENDED
DECEMBER 31,
RATIOS 1999 2000
Total operating expenses to
total average assets 0.32% 0.42%
Total operating expenses to net
interest income plus commission
income 11.9% 15.3%
Total commission income to total
commission expenses plus
operating expenses 150.6% 116.0%
PERFORMANCE AND CAPITAL RATIOS
The following table sets forth the return on average stockholders' equity and
return on average assets for the periods set forth below:
IVQ99 IVQ00 JAN-DEC 99 JAN-DEC 00
Return on average
stockholders' equity 14.8% 12.9% 15.7% 14.0%
Return on average assets 2.0% 1.7% 1.9% 1.9%
The ratio of common equity to total assets was 12.4% at December 31, 2000,
compared to 13.2% at December 31, 1999. Although the Bank is not subject to the
capital adequacy requirements of the Federal Reserve Board, if the Federal
Reserve Board risk-based capital adequacy requirements were applied, the Bank's
Tier 1 and Total Capital Ratios would be 18.3% and 19.9%, respectively.
EXHIBIT 1
CONSOLIDATED STATEMENT OF INCOME
AT AND FOR THE THREE MONTHS ENDED DECEMBER 31.
1999 2000 CHANGE %
(in thousands, except percentages and per share
amounts)
INCOME STATEMENT DATA:
Interest income $92,834 $110,492 $17,658 19%
Interest expense (64,589) (82,061) (17,472) 27
NET INTEREST INCOME 28,245 28,431 186 1
Provision for possible
loan losses 0 (4,800) (4,800) n.a.
NET INTEREST INCOME AFTER
PROVISION FOR POSSIBLE
LOAN LOSSES 28,245 23,631 (4,614) (16)
Commission income 7,571 5,635 (1,936) (26)
Commission expense and other
charqes (281) (284) (3) 1
Provision for possible losses
on off-balance sheet credit
risks (6,000) 0 6,000 (100)
Other income 71 2 (69) (97)
OPERATING EXPENSES:
Salaries and other employee
expenses (1,999) (2,345) (346) 17
Communications (203) (225) (22) 11
Depreciation of Premises
and equipment (275) (333) (58) 21
Professional services (307) (1,792) (1,485) 484
Maintenance and repairs (145) (209) (64) 44
Rent of office and equipment (107) (197) (90) 84
Other operatinq expenses (733) (980) (247) 34
TOTAL OPERATING EXPENSES BEFORE
PROVISION FOR POSSIBLE
PERFORMANCE BONUS FOR EMPLOYEES (3,769) (6,081) (2,312) 61
Provision for possible
performance bonus for employees (515) (41) 474 (92)
TOTAL OPERATING EXPENSES (4,284) (6,123) (1,839) 43
NET INCOME BEFORE INCOME TAX 25,322 22,861 (2,461) (10)
Income tax (36) 0 36 (100)
NET INCOME 25,286 22,861 (2,425) (10%)
NET INCOME AVAILABLE FOR COMMON
STOCKHOLDERS 24,941 22,538 (2,402) (10%)
PER COMMON SHARE DATA:
Net income, after Preferred
Stock dividend 1.24 1.16
Diluted earninqs per share 1.24 1.16
COMMON SHARES OUTSTANDING:
Period averaqe 20,054 19,429
PERFORMANCE RATIOS:
Return on averaae assets 2.01% 1.69%
Return on averaqis common
stockholders' equity 14.76% 12.87%
Net interest marqin 2.26% 2.11%
Net interest spread 1.27% 1.01%
Total operating expenses to
total averaqe assets 0.34% 0.45%
EXHIBIT II
SUMMARY CONSOLIDATED FINANCIAL DATA
AT AND FOR THE YEAR ENDED
DECEMBER 31,
1999 2000
(in thousands except per share amounts & ratios)
INCOME STATEMENT DATA:
Net interest income $112,698 $112,670
Provision for possible
loan losses (14,700) (8,000)
Net interest income after
provision for possible loan
losses 97,998 104,670
Commission income 26,490 25,878
Commission expense and other
charges (1,010) (1,136)
Provision for Possible losses
on off-balance sheet credit risks (6,000) (11,200)
Other income 193 89
Operating expenses (16,578) (21,180)
Net income before income tax 101,093 97,121
Income tax (36) (65)
Net income 101,057 97,056
Net income available for common
stockholders 99,687 95,770
BALANCE SHEET DATA:
Loans, net 4,457,266 4,806,392
Investment securities 178,816 395,459
Total assets 5,172,132 5,660,682
Deposits 1,617,174 1,743,842
Short-term borrowings & placements 1,520,971 1,509,880
Medium & long-term borrowings &
placements 1,212,566 1,582,479
Total liabilities 4,474,809 4,945,666
Redeemable Preferred Stock 16,894 15,810
Common stockholders' equity 680,429 699,205
PER COMMON SHARE DATA:
Net income, after Preferred Stock
dividend 4.95 4.84
Diluted earnings Per share 4.92 4.80
Book value (period average) 31.49 34.56
Book value (period end) 34.08 36.37
COMMON SHARES OUTSTANDING:
Period average 20,141 19,783
Period end 19,923 19,189
SELECTED FINANCIAL RATIOS:
PERFORMANCE RATIOS:
Return on average assets 1.93% 1.92%
Return on average common
stockholders' equity 15.68% 13.98%
Net interest margin 2.15% 2.24%
Net interest spread 1.30% 1.14%
Total operating expenses to total
average assets 0.32% 0.42%
ASSET QUALITY RATIOS:
Non-accruinq loans to total loan
portfolio 0.50% 0.28%
Net charge offs to total loan
portfolio 0.12% 0.29%
Allowance for possible loan losses to
total loan portfolio 2.49% 2.08%
Allowance for possible loan losses to
non-accruing loans 494.71% 749.71%
Allowance for possible losses on
off-balance sheet credit risk to total
contingencies net of mark-to-market
guarantees 0.50% 1.62%
CAPITAL RATIOS:
Common stockholders' equity to
total assets 13.16% 12.35%
Common stockholders' equity and
preferred stock to total assets 13.48% 12.63%
Tier 1 capital to risk-weiqhted assets 24.53% 18.27%
Total capital to risk-weiqhted assets 26.40% 19.92%
EXHIBIT III
CONSOLIDATED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31,
1999 2000 CHANGE %
(in thousands, except percentages)
Interest income $368,934 $402,586 $33,652 9%
interest expense (256,236) (289,916) (33,680) 13
NET INTEREST INCOME 112,698 112,670 (28) (0)
Provision for possible
loan losses (14,700) (8,000) 6,700 (46)
NET INTEREST INCOME AFTER
PROVISION FOR POSSIBLE
LOAN LOSSES 97,998 104,670 6,672 7
Commission income 26,490 25,878 (612) (2)
Commission expense and
other charqes (1,010) (1,136) (126) 13
Provision for possible losses
on off-balance sheet credit
risks (6,000) (11,200) (5,200) 87
Other income 193 89 (104) (54)
OPERATING EXPENSES:
Salaries and other employee
expenses (7,547) (8,822) (1,275) 17
Communications (802) (872) (70) 9
Depreciation of premises
and equipment (1,085) (1,142) (57) 5
Professional services (1,326) (3,909) (2,583) 195
Maintenance and repairs (562) (645) (83) 15
Rent of office and equipment (459) (584) (125) 27
Other operating expenses (2,736) (3,386) (650) 24
TOTAL OPERATING EXPENSES
BEFORE PROVISION FOR POSSIBLE
PERFORMANCE BONUS FOR
EMPLOYEES (14,517) (19,360) (4,843) 33
Bonus paid on previous year
performance 0 (239) (239) n.a.
Provision for possible
performance bonus for
employees (2,061) (1,581) 480 (23)
TOTAL OPERATING EXPENSES (16,578) (21,180) (4,602) 28
NET INCOME BEFORE INCOME TAX 101,093 97,121 (3,972) (4)
Income tax (36) (65) (29) 81
NET INCOME $101,057 $97,056 ($4,001) (4)%
EXHIBIT IV
CONSOLIDATED BALANCE SHEET
AT DECEMBER 31,
1999 2000 CHANGE %
(in thousands, except percentages)
ASSETS
cash and due from banks $3,021 $1,435 ($1,586) (53)%
Interest-bearing deposits
with banks 384,552 312,128 (72,424) (19)
Investment securities 178,816 395,459 216,643 121
Loans 4,594,174 4,927,465 333,291 7
Unearned discount (19,238) (10,686) 8,552 (44)
Allowance for possible
loan losses (117,670) (110,388) 7,282 (6)
Total loans, net 4,457,266 4,806,392 349,126 8
Customers' liabilities
under acceptances 31,094 7,420 (23,674) (76)
Premises and equipment 4,907 4,501 (406) (8)
Accrued interest
receivable 103,876 102,152 (1,724) (2)
Other assets 8,600 31,195 22,595 263
TOTAL ASSETS $5,172,132 $5,660,682 $488,550 9%
LIABILITIES
Deposits 1,617,174 1,743,842 126,668 8
Short-term borrowings
& placements 1,520,971 1,509,880 (11,091) (1)
Medium & long-term
borrowings & placements 1,212,566 1,582,479 369,913 31
Acceptances outstanding 31,094 7,420 (23,674) (76)
Accrued interest payable 48,508 60,467 11,959 25
other liabilities 44,496 41,578 (2,918) (7)
Total Liabilities $4,474,809 $4,945,666 $470,857 11%
Redeemable preferred
stock $16,894 $15,810 ($1,084) (6)%
COMMON STOCKHOLDERS' EQUITY
Common stock, without
par value 132,848 132,851
Treasury stock 0 (4,891)
Capital surplus 144,362 142,193
Capital reserve 305,210 305,210
Retained earnings 98,009 123,842
Total Common stockholders'
equity $680,429 $699,205 $18,776 3%
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $5,172,132 $5,660,682 $488,550 9%
EXHIBIT V
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
THREE MONTHS ENDED DECEMBER 31,
1999 2000
AVERAGE AVG. AVERAGE AVG.
BALANCE INTEREST RATE BALANCE INTEREST RATE
(in thousands, except percentages)
INTEREST EARNING ASSETS
Deposits with banks $287,551 $3,969 5.40% $288,298 $4,783 6.49%
Loans, net 4,479,214 85,455 7.47 4,658,726 93,496 7.85
Non accruing loans 29,287 27,448
Investment securities 172,791 3,410 7.72 388,175 12,213 12.31
TOTAL INTEREST
EARNING ASSETS $4,968,843 $92,834 7.31% $5,362,646 $110,492 8.06%
Non interest earning
assets $131,713 $126,885
Allowance for
possible loan losses (127,447) (121,975)
Other assets $9,733 $21,467
TOTAL ASSETS $4,982,842 $5,389,023
INTEREST BEARING
LIABILITIES
Deposits
Demand $11,069 $57 2.02% $5,303 $27 2.00%
Time 1,524,212 21,956 5.64 1,710,529 29,294 6.70
Short-term
borrowinqs &
placements 1,450,303 22,880 6.17 1,327,330 24,027 7.08
Medium & long-term
borrowings &
placements 1,200,538 19,696 6.42 1,511,200 28,713 7.43
TOTAL INTEREST BEARING
LIABILITIES $4,186,122 $64,589 6.04% $4,554,363 $82,061 7.05%
Non interest bearing
liabilities and other
liabilities $109,184 $121,650
TOTAL LIABILITIES 4,295,306 4,676,013
Redeemable preferred
stock 17,044 16,140
Common Stockholders'
equity 670,492 696,870
TOTAL LIABILITIES,
REDEEMABLE PREFERRED
STOCK AND COMMON
STOCKHOLDERS'EQUITY $4,982,842 $5,389,023
NET INTEREST SPREAD 1.27% 1.01%
NET INTEREST INCOME
AND NET INTEREST
MARGIN $28,245 2.26% $28,431 2.11%
EXHIBIT V1
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
YEAR ENDED DECEMBER 31,
1999 2000
AVERAGE AVG. AVERAGE AVG.
BALANCE INTEREST RATE BALANCE INTEREST RATE
(in thousands, except percentages)
INTEREST EARNING
ASSETS
Deposits with banks $281,673 $14,158 4.96% $285,022 $17,962 6.20%
Loans, net 4,772,837 343,539 7.10 4,437,714 358,223 7.94
Non accruing loans 18,101 25,534
Investment securities 162,953 11,237 6.80 286,276 26,401 9.07
TOTAL INTEREST
EARNING ASSETS $5,235,564 $368,934 6.95% $5,034,546 $402,586 7.87%
Non interest earning
assets $120,919 $130,117
Allowance for
possible loan losses (118,569) (118,910)
Other assets 7,910 12,313
TOTAL ASSETS $5,245,824 $5,058,066
INTEREST BEARING LIABILITITES
Deposits
Demand $9,317 $189 2.00% $9,924 $204 2.03%
Time 1,488,893 79,125 5.24 1,675,413 108,478 6.37
Short-term borrowinqs
& placements 1,717,519 100,462 5.77 1,258,491 87,238 6.82
Medium & long-term
borrowings &
placements 1,258,382 76,460 5.99 1,296,549 93,996 7.13
TOTAL INTEREST BEARING
LIABILITIES $4,474,111 $256,236 5.65% $4,240,378 $289,916 6.72%
Non interest bearinq
liabilities and
other liabilities $118,870 $115,883
TOTAL LIABILITIES 4,592,981 4,356,261
Redeemable preferred
stock 17,160 16,689
Common Stockholders'
equity 635,683 685,115
TOTAL LIABILITIES,
REDEEMABLE PREFERRED
STOCK AND COMMON
STOCKHOLDERS' EQUITY $5,245,824 $5,058,066
NET INTEREST SPREAD 1.30% 1.14%
NET INTEREST INCOME
AND NET INTEREST
MARGIN $112,698 2.15% $112,670 2.24%
EXHIBIT VII
CONSOLIDATED STATEMENT OF INCOME
(in thousands. except percentages & ratios)
YEAR THREE MONTHS ENDED YEAR
ENDED ENDED
DEC 31/99 DEC 31/99 MAR 31/00 JUN 30/00 SEP 30/00 DEC 31/00 DEC 31/00
Interest
income $368,934 $92,834 $94,698 $93,738 $103,658 $110,492 $402,586
Interest
expense (256,236) (64,589) (66,107) (66,721) (75,027) (82,061) (289,916)
NET
INTEREST
INCOME 112,698 28,245 28,591 27,017 28,631 28,431 112,670
Provision
for
possible
loan losses(14,700) 0 0 0 (3,200) (4,800) (8,000)
NET INTEREST
INCOME AFTER
PROVISION FOR
POSSIBLE
LOAN
LOSSES 97,998 28,245 28,591 27,017 25,431 23,631 104,670
Commission
income 26,490 7,571 7,488 6,484 6,270 5,635 25,878
Commission
expense
and other
charges (1,010) (281) (322) (283) (247) (284) (1,136)
Provision
for possible
losses
on
off-balance
sheet
credit
risks (6,000) (6,000) (4,800) (4,800) (1,600) 0 (11,200)
Other income 193 71 44 8 35 2 89
Operating
expenses (16,578) (4,284) (4,868) (5,131) (5,058) (6,123) (21,180)
NET INCOME
BEFORE
INCOME TAX 101,093 25,322 26,133 23,295 24,831 22,861 97,121
Income tax (36) (36) (3) (3) (59) 0 (65)
NET INCOME 101,057 25,286 26,130 23,292 24,772 22,861 97,056
NET INCOME
AVAILABLE
TO
STOCKHOLDERS 99,687 24,941 25,789 22,951 24,433 22,538 95,770
OPERATING
INCOME
(Net
interest
income
plus net
commission
income plus
other
income minus
operating
expenses) $121,793 $31,322 $30,933 $28,095 $29,631 $27,661 $116,321
SELECTED FINANCIAL DATA
PER COMMON SHARE DATA
Net
income,
after
preferred
stock
dividend $4.95 $1.24 $1.29 $1.15 $1.23 $1.16 $4.84
PERFORMANCE RATIOS
Return on
average
assets 1.93% 2.01% 2.11% 1.94% 1.96% 1.69% 1.92%
Return on
average
common
stockholder's
equity 15.68% 14.76% 15.24% 13.61% 14.20% 12.87% 13.98%
Net interest
margin 2.15% 2.26% 2.33% 2.26% 2.27% 2.11% 2.24%
Net interest
spread 1.30% 1.27% 1.29% 1.15% 1.12% 1.01% 1.14%
Total
operating
expenses
to average
assets 0.32% 0.34% 0.39% 0.43% 0.40% 0.45% 0.42%
EXHIBIT VIII
CREDIT PORTFOLIO *
DISTRIBUTION BY COUNTRY
(in millions)
OUTSTANDING BALANCE AT
(1) (2) (3)
31DEC99 30SEP00 31DEC00 (3)-(1) (3)-(2)
COUNTRY
ARGENTINA $1,198 $1,479 $1,471 $273 ($8)
BOLIVIA 66 29 21 (45) (8)
BRAZIL 2,159 2,202 2,351 192 149
CHILE 81 90 88 7 (2)
COLOMBIA 257 143 177 (80) 34
COSTA RICA 27 26 29 2 3
DOMINICAN REPUBLIC 112 167 178 66 11
ECUADOR 94 103 113 19 10
EL SALVADOR 38 58 41 3 (17)
GUATEMALA 19 41 42 23 1
HONDURAS 10 0 4 (6) 4
JAMAICA 18 26 18 0 (8)
MEXICO 1,494 1,500 1,380 (114) (120)
NICARAGUA 46 48 38 (8) (10)
PANAMA 141 151 150 9 (1)
PARAGUAY 1 2 2 1 0
PERU 268 272 258 (10) (14)
TRINIDAD & TOBAGO 26 46 55 29 9
URUGUAY 23 7 7 (16) 0
VENEZUELA 28 28 45 17 17
OTHER 2 31 18 16 (13)
TOTAL CREDIT PORTFOLIO $6,108 $6,449 $6,486 $378 $37
UNEARNED DISCOUNT (19) (16) (14) 5 2
TOTAL CREDIT PORTFOLIO,
NET OF UNEARNED DISCOUNT $6,089 $6,433 $6,472 $383 $39
* Includes loans, selected investment securities, letters of Credit, customers'
liabilities under acceptances and guarantees.
There will be a conference call on February 9, 2001 at 11:00 a.m. ET in the U.S.
(11:00 a.m. Panamanian time). For those interested in participating, please call
877-925-2339 (in the United States) and, if outside the United States, please
dial the applicable international access code + U.S. country code followed by
877-925-2339 (or 877-9-BLADEX). All participants should give the conference name
"BILADEX Quarterly Call" or the conference ID# 3501271 to the telephone operator
answering the call five minutes before the call is set to begin.
For further information, please access our Web site on the Internet at:
www.blx.com or call:
Carlos Yap S.
Vice President Finance
BANCO LATINOAMERICANO DE EXPORTACIONES S.A.
Head Office
Calle 50 y Aquilino de la Guardia
Apartado 6-1497 El Dorado
Panama City, Republic of Panama
Tel No.(507) 210-8581
Fax No. (507) 269 6333
E-mail Internet address: cyap@blx.com
- or -
William W. Galvin
The Galvin Partnership
67 Mason Street
Greenwich, CT 06830
U.S.A.
Tel No. (203) 618-9800
Fax No. (203) 618-1010
E-mail Internet address: wwg@galvinpartners.com
The BLADEX Quarterly Earnings Report Conference Call will be available for
review on Conference Replay one hour after the conclusion of the conference
call. Please dial 888-843-8996 in the United States and, if outside the United
States, please dial the applicable international access code + U.S. country code
followed by 630-652-3044 and follow the instructions. The Conference ID# for the
call that will be replayed is 3501271.
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