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Southern.h 36 | LSE:49GF | London | Bond |
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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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