Interim Results
15 Agosto 2006 - 9:49AM
UK Regulatory
Bladex Reports Net Income of US$8.9 million for the Second Quarter of 2006
PANAMA CITY, Aug. 15 -- Banco Latinoamericano de Exportaciones, S.A. (NYSE:
BLX) ("Bladex" or the "Bank") announced today its results for the second quarter
ended June 30, 2006.
Financial Highlights:
-- During the quarter, the Bank's credit portfolio grew by 4%. Compared to
June 30, 2005, the portfolio has grown 27%, while disbursements have
grown by 62%.
-- In the second quarter, Net Interest Income rose by 29% to
US$14.9 million. Year to date, Net Interest Income has increased by
US$5.4 million, or 26%, compared to the same period in 2005.
-- During the first six months of 2006, Net Interest Income on the
restructured portfolio amounted to 5% of total Net Interest Income,
compared to 23% a year before.
-- Operating Income (1) for the second quarter totaled US$7.3 million,
US$1.9 million, or 21%, below the level reported in the first quarter,
due to net trading losses of US$2.4 million in the second quarter.
Year to date, Operating Income was US$16.5 million, US$3.8 million, or
30%, above the level of the previous year.
-- Driven by lower reversals of provisions for credit losses, Net Income
for the second quarter totaled US$8.9 million (US$7.7 million, or 46%,
below the results of the first quarter), and US$25.6 million year to
date (US$18.3 million, or 42%, below the same period in 2005).
-- Subsequent to the close of the quarter, the Bank completed its US$50
million stock buyback program.
(1) Operating Income refers to net income excluding reversals of
provisions for credit losses and recovery of impairment loss on
securities.
The table below depicts selected key financial figures and ratios for the
periods indicated (the Bank's financial statements are prepared in accordance
with U.S. GAAP, and all figures are stated in U.S. dollars):
Key Financial Figures
(US$ million, except percentages
and per share amounts) 6M05 6M06 2Q05 1Q06 2Q06
Net Interest Income $21.1 $26.5 $9.9 $11.6 $14.9
Operating Income $12.7 $16.5 $5.5 $9.2 $7.3
Net Income $43.8 $25.6 $13.6 $16.7 $8.9
EPS (2) $1.13 $0.68 $0.35 $0.44 $0.24
Return on Average Equity 13.9% 8.7% 9.0% 11.1% 6.2%
Tier 1 Capital Ratio 46.5% 28.9% 46.5% 32.2% 28.9%
Net Interest Margin 1.63% 1.75% 1.60% 1.62% 1.87%
Book Value per common share $15.6 $15.3 $15.6 $15.4 $15.3
(2) Earnings per share calculations are based on the average number of
shares outstanding during each period.
Comments from the Chief Executive Officer
Jaime Rivera, Chief Executive Officer of Bladex, stated the following
regarding the quarter's results:
"The results of the second quarter are the strongest indication yet of the
established nature of the transformation of our business. When compared to a
year ago, disbursements have increased 62%, the portfolio has grown 27%,
operating income is 30% higher, and our efficiency ratios are stronger. During
the second quarter, we saw pricing continue to improve as a result of markets
moving in the Bank's favor and the diversification of our business into the
corporate segment, which in June accounted for 56% of revenues, compared to
33% in June 2005.
"The underlying dynamics of our pristine commercial portfolio quality
remain stable: 73% of our exposure is trade finance in nature, with 80% of the
total credit portfolio due to mature within one year. No interest or principal
payments are past due.
"Financially, the second quarter was a challenging one for our Treasury
where, after two quarters of strong securities gains, unusually volatile
markets resulted in trading losses that took some off the luster of the
quarter's operating results. The volatility in the market, however, allowed us
to complete our stock buyback program under very favorable terms for the Bank.
"On the non-financial front, we obtained the regulatory approvals
necessary to move forward with our Clavex's initiative, and successfully went
live with our new technology platform.
"Our work for the remainder of the year will continue to focus on
translating our progress to the bottom line, as we move forward with
disciplined implementation of our strategic plan to achieve steady, quality
growth through a wider array of trade finance services."
SAFE HARBOR STATEMENT
This press release contains forward-looking statements of expected future
developments. The Bank wishes to ensure that such statements are accompanied
by meaningful cautionary statements pursuant to the safe harbor established by
the Private Securities Litigation Reform Act of 1995. The forward-looking
statements in this press release refer to the growth of the credit portfolio,
including the trade portfolio, the increase in the number of the Bank's
corporate clients, the positive trend of lending spreads, the increase in
activities engaged in by the Bank that are derived from the Bank's client
base, anticipated operating income in future periods, including income derived
from the treasury function, the improvement in the financial strength of the
Bank and the progress the Bank is making. These forward-looking statements
reflect the expectations of the Bank's management and are based on currently
available data; however, actual experience with respect to these factors is
subject to future events and uncertainties, which could materially impact the
Bank's expectations. Among the factors that can cause actual performance and
results to differ materially are as follows: the anticipated growth of the
Bank's credit portfolio; the continuation of the Bank's preferred creditor
status; the impact of increasing interest rates and of improving macroeconomic
environment in the Region on the Bank's financial condition; the execution of
the Bank's strategies and initiatives, including its revenue diversification
strategy; the adequacy of the Bank's allowance for credit losses; the need for
additional provisions for credit losses; the Bank's ability to achieve future
growth, to reduce its liquidity levels and increase its leverage; the Bank's
ability to maintain its investment-grade credit ratings; the availability and
mix of future sources of funding for the Bank's lending operations; the
possibility of fraud; and the adequacy of the Bank's sources of liquidity to
replace large deposit withdrawals.
About Bladex
Bladex is a supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade finance in the
Region. Based in Panama, its shareholders include central banks and state-
owned entities in 23 countries in the Region, as well as Latin American and
international commercial banks, along with institutional and retail investors.
Through June 30, 2006, Bladex had disbursed accumulated credits of over
US$140 billion.
Bladex is listed on the New York Stock Exchange. Further investor
information can be found at http://www.blx.com
A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION WILL BE
FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION, AND CAN BE
OBTAINED FROM BLADEX AT:
Bladex
Head Office
Calle 50 y Aquilino de la Guardia
Panama City, Panama
Attention: Carlos Yap, Chief Financial Officer
Tel. No. +011-507-210-8563
e-mail: cyap@blx.com
-or-
Investor Relations Firm
i-advize Corporate Communications, Inc.
Melanie Carpenter / Peter Majeski
Tel: (212) 406-3690, e-mail: bladex@i-advize.com
Conference Call Information
There will be a conference call to discuss the Bank's quarterly results on
August 16, 2006, at 11:00 a.m., EDT. For those interested in participating,
please dial (888) 569-5033 in the United States or, if outside the United
States, (719) 457-2653. Participants should use conference ID# 2034845, 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.blx.com .
SOURCE Banco Latinoamericano de Exportaciones, S.A.
-0- 08/15/2006
/CONTACT: In Panama, Carlos Yap, Chief Financial Officer, Bladex,
+011-507-210-8563, or cyap@blx.com; or in New York, Melanie Carpenter, or
Peter Majeski, both of i-advize Corporate Communications, Inc.,
+1-212-406-3690, or bladex@i-advize.com, for Bladex/
/Web site: http://www.blx.com /
/Audio: http://www.blx.com /
(BLX)
END
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