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Southern.h 36 | LSE:49GF | London | Bond |
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RNS Number:7863L Banco LatinoamericanoDeExport SA 17 October 2001 FOR IMMEDIATE RELEASE BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. ("BLADEX") REPORTS THIRD QUARTER 2001 RESULTS Panama City, Republic of Panama, October 17, 2001 - 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 the Caribbean region, today reported results for the third quarter ended September 30, 2001. Net income for the third quarter was $18.9 million, a decrease of 24% compared with $24.8 million reported in the third quarter of 2000. Earnings per common share after preferred dividends decreased 15% to $1.05 for the third quarter, compared with $1.23 for the third quarter of 2000. The average number of common shares outstanding for the third quarter of 2001 was 17,705,034 shares compared to 19,873,899 shares for the third quarter of 2000. Net income for the first nine months of 2001 was $79.2 million, an increase of 7% compared with $74.2 million reported in the same period of 2000. Earnings per common share after preferred dividends were $4.27 for the first nine months of 2001, compared with $3.68 in the first nine months of 2000, which represented an increase of 16%. The average number of common shares outstanding for the first nine months of 2001 was 18,347,659 shares compared to 19,901,617 shares for the same period of 2000. There will be a conference call on October 18, 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, "Well before the tragic events of September 11, the third quarter was evolving as a particularly difficult operating environment. The spreading recessionary concerns throughout Latin America produced a sharp increase in the level of risk perception of the region, which is reflected in the substantial increase in the JP Morgan's EMBI+ index for our largest markets during this year. This index tracks total returns for traded external debt instruments in emerging markets. From June 30, 2001 to October 12, 2001, the index for Argentina rose 78% and the index for Mexico and Brazil grew by approximately 40%. The number of defaults in the corporate sector is up sharply and, since September 11, there is a heightened level of concern and uncertainty in the markets in which we operate". "In this environment, BLADEX' focus on asset quality has once again been a significant advantage as we have worked closely with our customers to focus on our core business of financing trade, which is of paramount interest to the governments and central banks in the region". "Our reported results in the latest quarter do not reflect the considerable operating progress the Bank has made under very difficult market conditions. Indicative of this is the 6% increase in operating net interest income in the third quarter of 2001 compared with the second quarter of this year. Also noteworthy is the $8.6 million negative swing in unrealized gains or losses from fair market valuation (SFAS 133) between the second and third quarters of this year, which is a non-operating element in our financial results. To help shareholders and investors better understand BLADEX's relatively good operating performance in this difficult market, we have presented below condensed profit and loss statements which detail the impact of non-operating items on the reported results of BLADEX for both the latest quarter and nine-month period". "These times are difficult and uncertain, but BLADEX is well capitalized, has very high asset quality relative to market conditions, and will continue to meet the needs of its customers," Mr. Castaneda concluded. The following table sets forth the condensed profit and loss statements for the third and second quarter of 2001 and the third quarter of 2000: (In $ millions, except percentages) IIIQ00 IIQ01 IIIQ01 CHANGE % CHANGE % vs vs IIQ01 IIIQ00 Operating net interest income 13.2 15.1 16.0 0.9 6 2.8 21 Effect of interest rate gap 0.6 5.8 4.7 -1.2 -20 4.1 665 Interest income on available 13.5 9.8 8.0 -1.9 -19 -5.6 -41 capital funds One-time interest income and 1.7 0.7 0 -0.7 -100 -1.7 -100 adjustments Net interest income 29.0 31.5 28.6 -2.8 -9 -0.4 -1 Net commission income 5.6 3.9 5.0 1.0 27 -0.7 -12 One-time commission income - 2.4 - -2.4 -100 0 n.a. Net revenues 34.7 37.8 33.6 -4.1 -11 -1.1 -3 Operating expenses 4.4 4.3 4.5 0.2 5 0.1 2 Core operating expenses Other operating expenses * 0.7 1.5 2.5 1.0 67 1.8 257 Operating expenses 5.1 5.8 7.0 1.2 21 1.9 37 Operating income 29.6 32.0 26.6 -5.4 -17 -3.0 -10 Provision for possible credit 4.8 3.8 4.0 0.3 7 0.8 -17 losses Net income before unrealized gains 24.8 28.2 22.6 -5.6 -20 -2.2 -9 or losses from fair market valuation and cumulative effect of accounting changes Unrealized gains or losses from 0 4.9 -3.7 -8.6 -175 -3.7 n.a. fair market valuation (SFAS 133) Net income 24.8 33.2 18.9 -14.3 -43 -5.9 -24 Net revenues, net of interest 19.5 24.8 25.7 0.8 3 6.2 32 income on available capital funds and one-time items Operating income, net of interest 14.4 19.0 18.6 -0.4 -2 4.3 30 income on available capital funds and one-time items Net income, net of SFAS 133 -0.7 -4 5.1 53 accounting changes, interest income on available capital funds and 9.6 15.3 14.6 one-time items (*) Other operating expenses include continuing investments in technology, strategic additions to personnel, and expenses associated with our new representative offices as well as the structured transaction unit in New York. Compared with the third quarter of 2000, net revenue in the latest quarter, net of interest income on available capital and one-time items, increased by 32%. Net income, net of accounting changes (SFAS 133), interest income on available capital and one-time items, for the third quarter of 2001 increased by 53% compared with the third quarter of 2000. Also see Exhibit I hereto, which sets forth the Bank's consolidated statement of income for the third quarter of 2001 as compared to the third quarter of 2000. The following table sets forth the condensed profit and loss statements for the first nine months of 2001 and 2000: (In $ millions, except percentages) 9M00 9M01 CHANGE % Operating net interest income 44.7 45.8 1.1 2 Effect of interest rate gap 1.1 14.8 13.7 1,249 Interest income on available capital funds 37.4 29.3 -8.1 -22 One-time interest income and adjustments 2.2 0.8 -1.4 -62 Net interest income 85.4 90.8 5.4 6 Net commission income 18.0 12.4 -5.6 -31 One-time commission income 0.3 3.1 2.8 1,030 Net revenues 103.7 106.2 2.5 2 Operating expenses 12.5 12.8 0.3 2 Core operating expenses Other operating expenses * 2.6 5.7 3.1 119 Operating expenses 15.1 18.5 3.4 23 Operating income 88.7 87.8 -0.9 -1 Provision for possible credit losses 14.4 11.5 -2.9 -20 Net income before unrealized gains or losses from fair 74.3 76.3 2.0 3 market valuation and cumulative effect of accounting changes Unrealized gains or losses from fair market valuation 0.0 3.0 2.9 4,637 (SFAS 133) Net income 74.2 79.2 5.0 7 Net revenues, net of interest income on available 63.8 73.0 9.2 14 capital funds and one-time items Operating income, net of interest income on available 48.8 54.5 5.7 12 capital funds and one-time items Net income, net of SFAS 133 accounting changes, 34.4 43.0 8.6 25 interest income on available capital funds and one-time items (*) Other operating expenses include continuing investments in technology, strategic additions to personnel, and expenses associated with our new representative offices as well as the structured transaction unit in New York. Also see Exhibit III hereto, which sets forth the Bank's consolidated statement of income for the first nine months of 2001 as compared to the same period of 2000. Under its share repurchase program, which started in early December 2000, the Bank has repurchased, through September 30, 2001, 1,565,705 Class E common shares and 318,140 Class A common shares (which are not publicly traded) for a total of $64.5 million. The average price paid by the Bank for the Class A common shares and the Class E common shares from the inception of this share repurchase program was $34.26. During the third quarter of this year, the Bank repurchased 467,100 Class E common shares and 48,120 Class A common shares for a total of $18.0 million. The average price paid by the Bank for the Class A common shares and the Class E common shares during the third quarter of 2001 was $34.96. BUSINESS The average credit portfolio (loans and selected investment securities net of unearned discount, plus acceptances and contingencies) for the third quarter of 2001 was $6,814 million. The average credit portfolio has increased in each of the last five quarters due to strong demand in several of the Bank's major markets. The following table sets forth the Bank's daily average credit portfolio for each quarter in the fifteen-month period ended September 30, 2001: (In $ millions, except percentages) IIIQ00 IVQ00 IQ01 IIQ01 IIIQ01 DAILY AVERAGE CREDIT PORTFOLIO (1) 6,086 6,306 6,646 6,745 6,814 QUARTERLY GROWTH RATE OF DAILY AVERAGE CREDIT 4% 4% 5% 1% 1% PORTFOLIO (%) 1. Includes the average of loans and selected investment securities net of unearned discount, 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 discount) and the daily average acceptances and contingencies for each month in the six-month period ended September 30, 2001: (In $ millions, except percentages) APR01 MAY01 JUN01 JUL01 AUG01 SEP01 DAILY AVERAGE LOAN PORTFOLIO (1) 5,659 5,473 5,370 5,667 5,655 5,579 DAILY AVERAGE ACCEPTANCES & CONTINGENCIES 1,244 1,236 1,253 1,206 1,187 1,146 DAILY AVERAGE CREDIT PORTFOLIO (2) 6,903 6,709 6,622 6,873 6,842 6,725 MONTHLY GROWTH RATE OF DAILY AVERAGE LOAN 1% -3% -2% 6% 0% -1% PORTFOLIO (%) MONTHLY GROWTH RATE OF DAILY AVERAGE CREDIT 2% -3% -1% 4% 0% -2% PORTFOLIO (%) 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 September 30, 2001, (i) the Bank's outstanding credit portfolio, net of unearned discount, was $6,704 million, (ii) the loan portfolio, net of unearned discount, was $5,587 million and (iii) acceptances and contingencies amounted to $1,118 million. At September 30, 2001, approximately $5,39258 million or 805% in principal amount of the Bank's credit portfolio was outstanding to borrowers in the following four countries: Brazil ($2,644 million or 39%); Argentina ($1,342 million or 20%); Mexico ($1,193 million or 18%); and Peru ($213 million or 3%). 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) Sep. 30, Jun. 30, Sep. 30, 2000 2001 2001 Non-accruing loans 27.5 13.9 13.9 Ratio of non-accruing loans to loan 0.54% 0.25% 0.25% portfolio The Bank had no charged-off loans during the third quarter of 2001. The following table sets forth the Bank's allowance for credit losses for the quarters ended June 30, 2001 and September 30, 2001: For the three months ended June 30, 2001 September 30, 2001 Components of the allowance for credit losses (In $ millions, except percentages) Allowance for loan losses: At beginning of period 114.2 118.0 Provisions charged to expense 3.8 4.0 Recoveries 0.0 0.0 Charged off loans 0.0 0.0 Balance at end of period 118.0 122.0 Allowance for losses on off-balance sheet credit risk: At beginning of period 17.2 17.2 Provisions charged to expense 0.0 0.0 Balance at end of period 17.2 17.2 Credit portfolio, net of discount 6,773 6,704 Loan portfolio, net of discount 5,512 5,587 Acceptances and Contingencies 1,262 1,118 Non-accruing loans 13.9 13.9 Mark-to-market guarantees 98 92 Allowance for credit losses (net of non-accruing loans) 1.8% 1.9% to total credit portfolio (net of discount, non-accruing loans and mark-to-market guarantees) Allowance for loan losses (net of non-accruing loans) 1.9% 1.9% to loan portfolio (net of discount and non-accruing loans) Allowance for losses on off-balance sheet credit risk 1.5% 1.7% to total acceptances and contingencies, net of mark-to-market guarantees NET REVENUES Net revenues (net interest income and commission income less commission expense plus other income) for the third quarter of 2001 declined 3% compared to the third quarter of 2000. Net revenues for the first nine months of 2001 grew 2% compared to the first nine months of 2000. The following table shows net revenues for the periods set forth below: (In $ millions) IIIQ00 IIQ01 IIIQ01 9M00 9M01 Net interest income 29.0 31.5 28.6 85.4 90.8 Commission income 5.9 6.7 5.3 19.1 16.4 Commission expenses (0.2) (0.4) (0.3) (0.9) (1.0) Other income 0.0 0.0 0.0 0.1 0.1 Net revenues 34.7 37.8 33.6 103.7 106.2 NET INTEREST INCOME Net interest income amounted to $28.6 million in the third quarter of 2001 compared to $29.0 million for the third quarter of 2000, representing a decrease of 1%. 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 third quarter of 2001 were 1.86% and 1.25%, respectively. Net interest income amounted to $90.8 million in the first nine months of 2001 compared to $85.4 million for the same period in 2000, representing an increase of 6%. The net interest margin and net interest spread for the first nine months of 2001 were 2.06% and 1.31%, respectively. The table below sets forth the net interest margin and the net interest spread for each of the periods listed below: JUL01 AUG01 SEP01 IIIQ00(1) IIQ01 IIIQ01 9M00(2) 9M01 Net Interest Margin 1.92% 1.82% 1.85% 2.17% 2.17% 1.86% 2.26% 2.06% Net Interest Spread 1.28% 1.21% 1.26% 1.02% 1.41% 1.25% 1.16% 1.31% (1) Excluding one-time interest income of $1.7 million received during the IIIQ00. (2) Excluding an adjustment in IQ00 of $525 thousand of interest income relating to 1999, and excluding one-time interest income of $1.7 million received during the IIIQ00. The net interest margin and net interest spread without this adjustment were 2.32% and 1.22%, respectively, for the first nine months of 2000. The Bank estimates that the decline of 31 basis points in the net interest margin during the third quarter of 2001, as compared to the second quarter of 2001, was mainly due to: i. One-time interest income of $708 thousand from the sale of impaired bonds recorded during the second quarter of 2001, which negatively affected the net interest margin by 5 basis points; ii. Higher liquidity levels, which had a negative effect of 7 basis points on the net interest margin; iii. Lower interest rates, which generated a lower return on the Bank's available capital funds, and which had a negative effect of 12 basis points on the net interest margin; and iv. An inverted interest rate yield curve, which had a negative effect of 7 basis points on the Bank's interest rate gap. The decline of 20 basis points in the net interest margin for the first nine months of 2001 compared to the same period in 2000 (as adjusted) was mainly due to: i. Lower interest rates, which generated a lower return on the Bank's available capital funds, and which at the same time had a positive effect on the Bank's interest rate gap, resulting in a negative effect of 4 basis points on the net interest margin; ii. Lower lending margins, which had a negative effect of 19 basis points on the net interest margin; and iii. Lower non-accruing loans, which had a positive effect of 3 basis points on the net interest margin. COMMISSION INCOME Commission income for the third quarter of 2001 was $5.3 million, compared to $5.9 million for the third quarter of 2000. Commission income for the first nine months of 2001 was $16.4 million, compared to $19.1 million for the same period of 2000. The following table shows the components of commission income for the periods set forth below: (In $ thousands) COMMISSION INCOME IIIQ00 IIQ01 IIIQ01 9M00 9M01 Letters of credit 1,811 1,307 1,472 5,295 4,084 Guarantees: Options 382 0 0 1,227 0 Other guarantees 1,894 1,491 1,548 5,887 4,312 Country risk coverage business 1,572 932 732 5,520 2,374 Loans 60 (121) 112 173 194 Asset sales 128 3,077 1,434 957 5,341 Other commission income 13 6 4 27 97 TOTAL COMMISSION INCOME INCOME 5,861 6,692 5,301 19,086 16,402 The higher commissions generated by asset sales during the first nine months of 2001 compared to the same period in 2000 included $3.1 million from the one-time sale of certain impaired bonds in the second quarter of 2001. OPERATING EXPENSES Total operating expenses for the third quarter of 2001 increased 39% compared to the third quarter of 2000 and increased 21% compared to the second quarter of 2001. Total operating expenses for the first nine months of 2001 increased 23% compared to the same period of 2000. The following table shows the components of total operating expenses for the periods set forth below: (In $ thousands) OPERATING EXPENSES IIIQ00 IIQ01 IIIQ01 9M00 9M01 Salaries and other employee expenses 2,086 2,614 2,675 6,477 7,652 Communications 221 185 190 647 599 Depreciation of premises and equipment 276 318 292 809 928 Professional services 1,010 911 1,408 2,117 2,873 Maintenance and repairs 161 187 163 436 487 Rent of office and equipment 126 152 244 386 621 Other operating expenses 782 892 1,205 2,406 2,994 TOTAL OPERATING EXPENSES BEFORE PROVISION FOR 4,662 5,259 6,178 13,278 16,153 PERFORMANCE BONUS Bonus paid on previous year's performance 0 0 0 239 423 Provision for performance bonus for employees 396 560 845 1,540 1,916 TOTAL OPERATING EXPENSES 5,058 5,819 7,022 15,057 18,492 The increase of 22% in operating expenses before provision for performance bonus during the first nine months of 2001, as compared to the same period in 2000, was due to continuing investments in technology, strategic additions to personnel, and expenses associated with our new representative offices as well as the structured transaction unit in New York and consulting fees related to business initiatives. The following table sets forth efficiency ratios for the quarters set forth below: RATIOS IIIQ00 IVQ00 IQ01 IIQ01 IIIQ01 Total operating expenses to total average 0.40% 0.45% 0.40% 0.40% 0.45% assets Total operating expenses to net interest 14.5% 18.0% 16.1% 15.2% 20.7% income plus commission income Total commission income to total commission 110% 81% 74% 108% 72% expenses plus operating expenses 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: IIIQ00 IIQ01 IIIQ01 9M00 9M01 Return on average stockholders' 14.2% 18.7% 10.6% 14.4% 14.9% equity Return on average assets 2.0% 2.3% 1.2% 2.0% 1.8% The ratio of common equity to total assets was 11.0% at September 30, 2001, compared to 12.7% at September 30, 2000, and compared to 11.9% at June 30, 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 17.1% and 18.7%, respectively, as of September 30, 2001, compared to 19.7% and 21.4%, respectively, as of September 30, 2000 and compared to 17.1% and 18.7%, respectively, as of June 30, 2001. Notes: a. Various numbers and percentages set out in this press release have been rounded and, accordingly, may not total exactly. b. Certain amounts set out in this press release for periods in the year 2000 have been reclassified to make them uniform with the presentation adopted in 2001. c. There will be a conference call on October 18, 2001 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#4847537 3934429 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 3934429 4847537.
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