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| Name | Symbol | Market | Type |
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RNS Number:5969V
Banco LatinoamericanoDeExport SA
7 May 2002
FOR IMMEDIATE RELEASE
BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. ("BLADEX")
REPORTS FIRST QUARTER 2002 RESULTS
Panama City, Republic of Panama, April 18, 2002 - Banco Latinoamericano de
Exportaciones, S.A. ("BLADEX" or the "Bank") (NYSE: BLX), a specialized
multinational bank established to finance trade in the Latin American and
Caribbean region, today reported results for the first quarter ended March 31,
2002. The Bank reported net income before provisions of $20.5 million, of which
$20.0 million was allocated to increase the allowance for potential credit
losses, making the total of both the allowance for potential credit losses and
impairment of securities $255.0 million, compared to $235 million at December
31, 2001. Net income available to common stockholders was $0.2 million, or $0.01
per share, compared with $26.8 million, or $1.42 per share, reported in the
first quarter of 2001.
The average number of common shares outstanding for the first quarter of 2002
was 17,342,370 shares compared with 18,898,091 shares for the first quarter of
2001.
There will be a conference call on April 19, 2002 at 11:00 a.m. ET in the U.S.
(10:00 a.m. Panamanian time). For those interested in participating, please call
877-925-2339 in the United Sates and, if outside the United States, please dial
the applicable international access code + U.S. country code followed by
847-413-2907. All participants should give the conference name "BLADEX Quarterly
Call" or the conference ID#5600794 to the telephone operator answering the call
five minutes before the call is set to begin.
Jose Castaneda, Chief Executive Officer of BLADEX, said, "Our financial results
for the first quarter were negatively impacted by the continued deterioration of
the situation in Argentina. We remain very concerned about current trends in
that country. However, we believe that our strong capitalization and operating
profitability, coupled with the liquidity and quality of our non-Argentine
portfolio, provide us with the support we need to address the challenges we face
in that country.
During the first quarter of 2002, the Bank's status as a multilateral credit
organization was confirmed by the Central Bank of Argentina, entitling the Bank
to receive payments in US dollars from Argentine creditors without its prior
approval.
In other countries of the region, the generally increasing risk levels and
diminished economic activity led to a reduction in our loan balances in the
quarter. Revenues were further reduced because of our decision to build and
maintain over $600 million in liquidity, a course of action consistent with the
prudent management of the Bank.
We want to provideunusually information to all of our stakeholders about our
Argentine portfolio in order to explain our strategy for this difficult and
complex problem. We have been successful working with our borrowers in Argentina
to help them adjust to the new realities in that market, thereby improving our
chances of collection in the future. This approach resulted in our unpaid
interest from Argentine borrowers as of March 31, 2002 amounting to less than
$0.8 million. Our strategy is to continue to reduce our overall exposure, which
at March 31, 2002 was $1,001 million, down approximately $158 million since
year-end.
The market's perception of our exposure in Argentina, coupled with the recent
lowering of BLADEX's credit ratings, have hindered our ability to maintain an
ideal funding mix. We are about to undertake a program of meetings with our
depositors and correspondents to help them better understand our strategy in
Argentina, and present details about the progress we are making in that market.
Concurrently, we will explain our program of diversifying our revenue bases and
positioning the Bank for future growth in fee-based income," Mr. Castaneda
concluded.
The following table sets forth the condensed profit and loss statements for the
first quarter of 2002 and the first and fourth quarters of 2001:
(In $ millions, except percentages)
IQ01 IVQ01 IQ02
Operating net interest income 15.1 16.9 17.7
Effect of interest rate gap 3.4 5.7 3.3
Interest income on available capital funds 12.0 5.4 3.8
Net interest income, net of adjustments 30.5 28.0 24.8
Net commission and other income 4.2 3.7 2.8
Derivatives and hedging activities 0.6 5.5 -0.3
Net revenues 35.3 37.2 27.3
Operating expenses -5.6 -7.9 -5.3
Adjustments and accounting changes 1.2 0.0 -1.5
Net income before provisions and impairment of 29.7 29.3 20.5
securities
Provision for possible credit losses and impairment -3.8 -106.0 -20.0
loss on securities
Net income 27.1 -76.7 0.5
Net income available to common stockholders 26.8 -77.0 0.2
EXPOSURE IN ARGENTINA
At March 31, 2002, the Bank's exposure in Argentina amounted to $1,001 million,
consisting of $781 million of loans, $106 million of securities, and $114
million of off-balance sheet financial risk instruments. This exposure
represented a reduction of 14% from December 31, 2001 and of 32% from a year
ago.
The distribution of the Bank's Argentine credit portfolio, which is denominated
in US dollars, was as follows, at the dates indicated below:
DEC-31-00 SEP-30-01 DEC-31-01 MAR-31-02
Controlled subsidiaries of major US & 19% 22% 20% 17%
European Banks
Branches of major US & European Banks 6% 4% 5% 6%
Controlled subsidiaries of major US & 21% 19% 21% 25%
European Corporations
State owned banks 31% 29% 31% 25%
Local banks 13% 13% 11% 13%
Local corporations 10% 13% 12% 13%
In addition, the Bank had reverse repurchase agreements with Argentine
counterparties totaling US$245 million at March 31, 2002, which are fully
collateralized with U.S. Treasury securities.
The Bank does not hold Argentine sovereign debt and 32% of the Bank's exposure
in Argentina is considered to be comprised of trade-related transactions. At
March 31, 2002, the Bank's credit portfolio in Argentina had the following
maturity profile: 42% maturing within 6 months, 29% maturing between 6 months
and one year and 29% maturing in more than one year.
At March 31, 2002, the Bank's impaired loans and securities in Argentina
amounted to $146 million, the same as at December 31, 2001, which represented
the Bank's total exposure to one local bank, one international bank and one
local corporation.
As part of the Bank's continued, close monitoring of its Argentine portfolio and
of the adequacy of its loan loss provisions, dedicated teams from BLADEX have
visited each client and held senior level meetings with relevant government
authorities, rating agencies and other banks. The Bank is pursuing a proactive
collection policy in the country, and continues to diligently manage its
Argentine portfolio.
BUSINESS
The average credit portfolio (loans and selected investment securities net of
unearned income, plus acceptances and contingencies) for the first quarter of
2002 was $5,701 million. The following table sets forth the Bank's daily average
credit portfolio for each quarter in the fifteen-month period ended March 31,
2002:
(In $ millions, except percentages)
IQ01 IIQ01 IIIQ01 IVQ01 IQ02
Average credit portfolio (1) 6,646 6,745 6,814 6,666 5,701
Quarterly growth rate of daily average credit portfolio
(%) 5% 1% 1% -2% -14%
1. The average of loans and selected investment securities net of unearned
income, plus acceptances and contingencies.
The following table sets forth the Bank's daily average credit portfolio as well
as the daily average loan portfolio (loans and selected investment securities
net of unearned income) and the daily average acceptances and contingencies for
each month in the six-month period ended March 31, 2002:
(In $ millions, except percentages)
OCT01 NOV01 DEC01 JAN02 FEB02 MAR02
Daily average loan portfolio (1) 5,674 5,593 5,423 5,140 4,892 4,602
Daily average acceptances & contingencies 1,138 1,130 1,047 939 834 756
Daily average credit portfolio (2) 6,812 6,723 6,469 6,079 5,726 5,358
Monthly growth rate of daily average loan 2% -1% -3% -5% -5% -6%
portfolio (%)
Monthly growth rate of daily average 1% -1% -4% -6% -6% -6%
credit portfolio (%)
1. Includes loans and selected investment securities net of unearned income.
2. Includes the average loan portfolio net of unearned income, plus acceptances
and contingencies.
At March 31, 2002, (i) the Bank's outstanding credit portfolio was $5,126,
million, (ii) the loan portfolio was $4,397 million and (iii) acceptances and
contingencies amounted to $729 million. At March 31, 2002, approximately $3,979
million or 77% in principal amount of the Bank's credit portfolio was
outstanding to borrowers in the following four countries: Brazil ($1,989 million
or 39%); Argentina ($960* million or 19%); Mexico ($772 million or 15%); and
Venezuela ($258 million or 5%). A comparative credit distribution by country is
shown in Exhibit VI hereto.
(*) Exposure in Argentina is net of $40 million of impairment loss on securities
ASSET QUALITY
At March 31, 2002, the Bank's impaired loans and securities amounted to $147
million, the same as at December 31, 2001 and compared to $13 million at March
31, 2001. Loans are classified as impaired and placed on a nonaccrual status
(cash basis) when it is determined that the payment of interest or principal is
doubtful of collection, or when interest or principal is past due for 90 days or
more. The following table sets forth the Bank's allowance for possible credit
losses and impairment loss on securities for the quarters ended March 31, 2001,
December 31, 2001 and March 31, 2002:
For the three months ended
March 31, 2001 December 31, 2001 March 31, 2002
Allowance for possible credit losses (In $ millions, except percentages)
At beginning of period 132.6 139.2 194.7
Provisions charged to expense 3.8 65.7 20.0
Recoveries 0.1 0.1 0
Charged off loans 0 10.3 0
Reversal due to SFAS 133 adoption 5.0 0 0
Balance at end of period 131.4 194.7 214.7
Impairment loss on securities 0 40.4 40.4
Allowance for possible credit losses and 131.4 235.0 255.0
impairment loss on securities
NET REVENUES
Net revenues (net interest income and commission income less commission expense
plus income from derivatives and hedging activities plus other income) for the
first quarter of 2002 decreased 27% compared to the first quarter of 2001. The
following table shows the components of net revenues for the periods set forth
below:
(In $ millions)
IQ01 IVQ01 IQ02
Net interest income 30.6 28.0 23.3
Commission income 3.6 3.9 2.8
Commission expenses (0.3) (0.3) (0.3)
Derivatives and hedging 0.6 5.5 (0.3)
activities
Other income 0.1 0.1 0.2
Net revenues 35.4 37.2 25.8
NET INTEREST INCOME
Net interest income amounted to $23.3 million in the first quarter of 2002
compared to $30.6 million for the first quarter of 2001, representing a decrease
of 24%. 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 first quarter of 2002 were 1.72% and 1.30%, respectively.
The table below sets forth the net interest margin and the net interest spread
for each of the periods listed below:
IQ01 IVQ01 IQ02
Net Interest Margin 2.17% 1.82% 1.72%
Net Interest Spread 1.26% 1.33% 1.30%
The Bank estimates that the decline of 10 basis points in the net interest
margin during the first quarter of 2002, as compared to the fourth quarter of
2001, was mainly due to:
i. Lower interest rates, which generated a lower return on the Bank's available
capital funds, resulting in a negative effect of 7 basis points on the net
interest margin;
ii. Higher lending margins, which had a positive effect of 7 basis points on the
net interest margin;
iii. Higher marginal cost of funds, which had a negative effect of 5 basis
points on the net interest margin; and
iv. The cost of financing nonaccruing loans and impaired investments, which had
a negative effect of 5 basis points on the net interest margin.
COMMISSION INCOME
Commission income for the first quarter of 2002 was $2.8 million, compared to
$3.6 million for the first quarter of 2001. The following table shows the
components of commission income for the periods indicated:
(In $ thousands)
COMMISSION INCOME IQ01 IVQ01 IQ02
Letters of credit 1,306 1,709 806
Guarantees:
Country risk coverage business 711 687 585
Other guarantees 1,359 1,243 1,038
Loans 203 234 371
TOTAL COMMISSION INCOME INCOME 3,579 3,873 2,800
OPERATING EXPENSES
Total operating expenses for the first quarter of 2002 declined 7% compared to
the first quarter of 2001, and declined 33% compared to the fourth quarter of
2001. The following table shows the components of total operating expenses for
the periods indicated:
(In $ thousands)
OPERATING EXPENSES IQ01 IVQ01 IQ02
Salaries and other employee expenses* 2,782 3,736 3,109
Communications 224 134 193
Depreciation of premises and equipment 318 267 340
Professional services 554 201 575
Maintenance and repairs 136 252 136
Rent of office and equipment 224 317 187
Pre-operating costs 0 2,967 0
Other operating expenses* 1,412 28 731
TOTAL OPERATING EXPENSES 5,651 7,902 5,270
* The provision for performance bonus for employees has been included in other
operating expenses.
The efficiency ratio (total operating expenses to net revenues) for the first
quarter of 2002 was 20.5%.
PERFORMANCE AND CAPITAL RATIOS
The return on average stockholders' equity and return on average assets for the
quarter ended March 31, 2002 were 0.1% and 0.04%, respectively, compared to
15.6% and 1.9%, respectively, for the quarter ended March 31, 2001.
The ratio of common equity to total assets at March 31, 2002 was 12.1%, compared
to 11.6% at March 31, 2001, and compared to 10.1% at December 31, 2001. 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
18.4% and 20.1%, respectively, as of March 31, 2002, compared to 17.2% and
18.9%, respectively, as of March 31, 2001 and compared to 15.7% and 17.4%,
respectively, as of December 31, 2001.
Note:
Various numbers and percentages set out in this press release have been rounded
and, accordingly, may not total exactly.
SUMMARY CONSOLIDATED FINANCIAL DATA EXHIBIT I
MARCH 31,
2001 2002
(In $ thousands, except per share
amounts & ratios)
INCOME STATEMENT DATA:
Net interest income $30,643 $23,302
Commission income 3,579 2,800
Commission expense and other charges (315) (281)
Derivatives and hedging activities 622 (317)
Gains on sales of securities available for sale 656 98
Other income 242 152
Net revenues 35,427 25,753
Operating expenses (5,651) (5,270)
Provision for loan losses (3,750) (20,000)
Net income before income tax and cumulative effect of accounting changes 26,026 483
Provision for income tax (15) (9)
Cumulative effect of accounting changes (SFAS 133) 1,129 0
Net income 27,140 474
Net income available for common stockholders 26,833 170
BALANCE SHEET DATA:
Loans, net 5,141,050 3,658,936
Securities purchased under agreements to resell 0 244,524
Investment securities 439,816 301,462
Total assets 6,047,250 4,965,310
Deposits 1,787,920 941,815
Short-term borrowings & placements 1,671,744 1,582,086
Medium & long-term borrowings & placements 1,748,260 1,738,843
Total liabilities 5,332,217 4,350,662
Redeemable preferred stock 15,375 15,232
Common stockholders' equity 699,658 599,416
PER COMMON SHARE DATA:
Net income, after Preferred Stock dividend 1.42 0.01
Diluted earnings per share 1.42 0.01
Book value (period average) 37.01 34.70
Book value (period end) 37.43 34.55
COMMON SHARES OUTSTANDING:
Period average 18,898 17,342
Period end 18,682 17,343
SELECTED FINANCIAL RATIOS:
PERFORMANCE RATIOS:
Return on average assets 1.90% 0.04%
Return on average common stockholders' equity 15.55% 0.11%
Net interest margin 2.17% 1.72%
Net interest spread 1.26% 1.30%
Total operating expenses to total average assets 0.40% 0.39%
ASSET QUALITY RATIOS:
Non-accruing loans to total loan portfolio 0.24% 2.43%
Net charge offs to total loan portfolio 0.00% 0.00%
Allowance for loan losses to total loan portfolio 2.01% 4.49%
Allowance for loan losses to non-accruing loans 852.09% 184.50%
Allowance for losses on off-balance sheet credit risk to total contingencies net
of mark-to market guarantees
1.61% 2.73%
CAPITAL RATIOS:
Common stockholders' equity to total assets 11.57% 12.07%
Common stockholders' equity and preferred stock to total assets 11.82% 12.38%
Tier 1 capital to risk-weighted assets 17.22% 18.36%
Total capital to risk-weighted assets 18.85% 20.07%
CONSOLIDATED STATEMENT OF INCOME
EXHIBIT II
THREE MONTHS ENDED
MARCH 31,
2001 2002 CHANGE %
(In $ thousand, except percentages)
Interest income $111,125 $57,105 ($54,020) (49)%
Interest expense (80,482) (33,803) 46,679 (58)
NET INTEREST INCOME 30,643 23,302 (7,341) (24)
Commission income 3,579 2,800 (779) (22)
Commission expense and other charges (315) (281) 34 (11)
Derivatives and hedging activities 622 (317) (939) (151)
Gains on sales of securities available for sale 656 98 (558) (85)
Other income 242 152 (90) (37)
NET REVENUES 35,427 25,753 (9,673) (27)
OPERATING EXPENSES:
Salaries and other employee expenses (3,297) (3,109) 188 (6)
Communications (224) (193) 31 (14)
Depreciation of premises and equipment (318) (340) (22) 7
Professional services (554) (575) (21) 4
Maintenance and repairs (136) (136) 1 (0)
Rent of office and equipment (224) (187) 38 (17)
Other operating expenses (897) (731) 167 (19)
TOTAL OPERATING EXPENSES (5,651) (5,270) 381 (7)
Provision for loan losses (3,750) (20,000) (16,250) 433
NET INCOME BEFORE INCOME TAX AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 26,026 483 (25,543) (98)
Provision for income tax (15) (9) 6 (40)
Cumulative effect of accounting changes (SFAS 133) 1,129 0 (1,129) (100)
NET INCOME $27,140 $474 ($26,666) (98)%
CONSOLIDATED BALANCE SHEET
EXHIBIT III
AT MARCH 31,
2001 2002 CHANGE
%
(In $ thousands, except percentages)
ASSETS
Cash and due from banks $2,486 $3,641 $1,155 46 %
Interest-bearing deposits with banks 260,330 643,872 383,542 147
Securities purchased under agreements to resell 0 244,524 244,524 n.a.
Investment securities 439,816 301,462 (138,354) (31)
Loans 5,267,499 3,872,355 (1,395,144)
(26)
Unearned income (12,201) (15,936) (3,735) 31
Allowance for loan losses (114,248) (197,484) (83,235) 73
Total loans, net 5,141,050 3,658,936 (1,482,114) (29)
Customers' liabilities under acceptances 7,227 8,787 1,560 22
Premises and equipment 5,235 5,192 (44) (1)
Accrued interest receivable 114,055 48,878 (65,178) (57)
Other assets 77,051 50,020 (27,031) (35)
TOTAL ASSETS $6,047,250 $4,965,310 ($1,081,940) (18)%
LIABILITIES
Deposits 1,787,920 941,815 (846,106) (47)
Short-term borrowings & placements 1,671,744 1,582,086 (89,658) (5)
Medium & long-term borrowings & placements 1,748,260 1,738,843 (9,418) (1)
Acceptances outstanding 7,227 8,787 1,560 22
Accrued interest payable 55,935 28,100 (27,835) (50)
Other liabilities 61,130 51,032 (10,098) (17)
TOTAL LIABILITIES $5,332,217 $4,350,662 ($981,555) (18)%
Redeemable preferred stock $15,375 $15,232 ($143) (1)%
COMMON STOCKHOLDERS' EQUITY
Common stock, without par value 133,165 133,230
Treasury stock (8,586) (85,634)
Capital surplus 135,183 145,493
Capital reserve 305,210 305,210
Retained earnings 133,579 101,149
Other comprehensive income 1,107 (32)
Total common stockholders' equity $699,658 $599,416 ($100,242) (14)%
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $6,047,250 $4,965,310 ($1,081,940) (18)%
EXHIBIT IV
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
THREE MONTHS ENDED MARCH 31,
2001 2002
AVERAGE AVG. AVERAGE AVG.
BALANCE INTEREST RATE BALANCE INTEREST RATE
(In $ thousands, except percentages)
INTEREST EARNING ASSETS
Deposits with banks $245,535 $3,484 5.68% $624,555 $2,815 1.80%
Loans, net * 5,044,218 98,549 7.81 4,438,118 48,227 4.35
Non accruing loans 14,091 85,501
Investment securities 421,020 9,093 8.64 339,885 6,063 7.14
TOTAL INTEREST EARNING ASSETS $5,724,864 $111,125 7.76% $5,488,060 $57,105 4.16%
Non interest earning assets $159,301 $84,289
Allowance for loan losses (111,771) (180,095)
Other assets 11,172 63,351
TOTAL ASSETS $5,783,565 $5,455,605
INTEREST BEARING LIABILITITES
Deposits
Demand $5,962 $13 0.86% $6,257 $12 0.74%
Time 1,716,317 25,441 5.93 1,222,824 6,026 1.97
Short-term borrowings & placements 1,585,347 26,013 6.56 1,737,296 12,786 2.94
Medium & long-term borrowings & placements 1,643,294 29,015 7.06 1,757,882 14,980 3.41
TOTAL INTEREST BEARING LIABILITIES $4,950,919 $80,482 6.50% $4,724,259 $33,803 2.86%
Non interest bearing liabilities and other $117,340 $114,081
liabilities
TOTAL LIABILITIES 5,068,260 4,838,339
Redeemable preferred stock 15,537 15,232
Common stockholders' equity 699,768 602,034
TOTAL LIABILITIES, REDEEMABLE PREFERRED
STOCK AND COMMON STOCKHOLDERS' EQUITY $5,783,565 $5,455,605
NET INTEREST SPREAD 1.26% 1.30%
NET INTEREST INCOME AND NET
INTEREST MARGIN $30,643 2.17% $23,302 1.72%
* Includes securities purchased under agreements to resell.
EXHIBIT V
CONSOLIDATED STATEMENT OF INCOME
(In $ thousands, except percentages & ratios)
THREE
YEAR THREE MONTHS ENDED YEAR MONTHS
ENDED ENDED ENDED
DEC 31/00 MAR 31/01 JUN 30/01 SEP 30/01 DEC 31/01 DEC 31/01 MAR 31/02
Interest income $402,586 $111,125 $100,631 $89,996 $76,702 $378,454 $57,105
Interest expense (289,916) (80,482) (69,164) (61,353) (48,683) (259,683) (33,803)
NET INTEREST INCOME 112,670 30,643 31,466 28,642 28,019 118,771 23,302
Commission income 25,878 3,579 3,615 3,867 3,873 14,934 2,800
Commission expense and other
charges (1,136) (315) (351) (306) (272) (1,243) (281)
Derivatives and hedging - 622 4,932 (3,696) 5,521 7,379 (317)
activities
Gains on sales of securities - -
available for sale 656 2,824 1,318 4,798 98
Other income 89 242 257 103 52 654 152
NET REVENUES 137,500 35,427 42,744 29,929 37,193 145,293 25,753
Operating expenses (21,180) (5,651) (5,819) (7,022) (7,902) (26,394) (5,270)
Provision for loan losses (8,000) (3,750) (3,750) (4,000) (65,644) (77,144) (20,000)
Provision for losses on (11,200) - - - - - -
off-balance sheet credit risks
Impairment loss on securities - - - - (40,356) (40,356) -
NET INCOME BEFORE INCOME TAX 97,121 26,026 33,176 18,907 (76,709) 1,399 483
AND CUMULATIVE EFFECT OF
ACCOUNTING CHANGES
Income tax (65) (15) (15) (5) - (35) (9)
Cumulative effect of - 1,129 - - - 1,129 -
accounting changes (SFAS 133)
NET INCOME $97,056 $27,140 $33,161 $18,902 ($76,709) $2,494 $474
NET INCOME AVAILABLE TO 95,770 26,833 32,850 18,588 (77,026) 1,137 170
STOCKHOLDERS
SELECTED FINANCIAL DATA
PER COMMON SHARE DATA
Net income, after preferred $4.84 $1.42 $1.78 $1.05 ($4.43) $0.06 $0.01
stock dividend
PERFORMANCE RATIOS
Return on average assets 1.92% 1.90% 2.25% 1.22% -4.93% 0.04% 0.04%
Return on average common 13.98% 15.55% 18.72% 10.58% -44.03% 0.16% 0.11%
stockholder's equity
Net interest margin 2.27% 2.17% 2.17% 1.86% 1.82% 2.00% 1.72%
Net interest spread 1.18% 1.26% 1.41% 1.25% 1.33% 1.32% 1.30%
Total operating expenses to 0.42% 0.40% 0.40% 0.45% 0.51% 0.44% 0.39%
average assets
* Includes gains on sale of securities available for sale.
EXHIBIT VI
CREDIT PORTFOLIO
DISTRIBUTION BY COUNTRY
(In $ millions)
OUTSTANDING BALANCE AT
(A) (B) (C)
COUNTRY 31MAR01 31DEC01 31MAR02 (C) - (A) (C) - (B)
ARGENTINA $1,522 $1,143 $960 (*) ($562) ($183)
BOLIVIA. 26 26 26 0 0
BRAZIL 2,642 2,461 1,989 (652) (472)
CHILE 85 114 91 7 (22)
COLOMBIA 173 195 182 10 (12)
COSTA RICA 45 69 61 15 (8)
DOMINICAN REPUBLIC 180 221 177 (3) (45)
ECUADOR 63 95 48 (15) (46)
EL SALVADOR 69 62 35 (34) (26)
GUATEMALA. 40 28 22 (18) (7)
HONDURAS 2 0 0 (1) 0
JAMAICA 20 19 16 (4) (2)
MEXICO 1,441 1,062 772 (669) (289)
NICARAGUA. 24 43 40 17 (3)
PANAMA. 143 82 49 (95) (33)
PARAGUAY 1 1 2 1 1
PERU 232 170 106 (125) (64)
TRINIDAD & TOBAGO 60 59 59 (1) 0
URUGUAY 7 0 0 (7) 0
VENEZUELA. 65 274 258 193 (16)
OTHER 35 302 246 211 (56)
TOTAL CREDIT PORTFOLIO (1) $6,874 $6,425 $5,142 ($1,733) ($1,283)
UNEARNED INCOME (2) ($15) ($21) ($16) ($1) $5
TOTAL CREDIT PORTFOLIO,
NET OF UNEARNED INCOME $6,859 $6,404 $5,126 ($1,733) ($1,279)
(1) Includes loans, selected investment securities, letters of credit,
customers' liabilities under acceptances and guarantees.
(2) Includes loans' unearned income and selected investment securities' unearned
income.
(*) The credit portfolio outstanding in Argentina at March 31, 2002 is presented
net of the impairment loss on securities of $40 million.
There will be a conference call on April 19, 2002 at 11:00 a.m. ET in the U.S.
(10:00 a.m. Panamanian time). For those interested in participating, please call
877-925-2339 in the United Sates and, if outside the United States, please dial
the applicable international access code + U.S. country code followed by
847-413-2907. All participants should give the conference name "BLADEX Quarterly
Call" or the conference ID#5600794 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 and Performance Management
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 5600794.
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