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Final Results
Bladex Reports Net Income of US$53.9 million for the Fourth Quarter 2004
and Record Net Income of US$141.7 million for 2004
Fourth Quarter and Year 2004 Financial Highlights
* Net income in the fourth quarter of 2004 was US$53.9 million, compared
to US$33.7 million in the third quarter of 2004, and US$16.2 million in the
fourth quarter of 2003.
* For the year, net income was a record US$141.7 million, compared to
US$111.5 million in 2003.
* During the fourth quarter of 2004, the trade credit portfolio increased
15%, or US$279 million. For the year, the trade credit portfolio increased
25%, or US$431 million.
* During the fourth quarter of 2004, the credit portfolio in Argentina
decreased by US$86 million, or 26%. For the year, the credit portfolio in the
country decreased by US$195 million, or 45%.
* The Argentine credit portfolio at December 31, 2004 was US$240 million,
or US$156 million net of allowances for credit losses. During 2004, provision
reversals related to the reduction in the portfolio in Argentina amounted to
US$104.9 million in 2004, compared to US$48.4 million in 2003.
PANAMA CITY, Feb. 15 -- Banco Latinoamericano de Exportaciones, S.A. (NYSE:
BLX) ("Bladex" or "the Bank") announced its results for the fourth quarter
ended
December 31, 2004.
The table below depicts selected key figures and ratios for the periods
indicated (the Bank's financial statements are prepared in accordance with
U.S. GAAP; and all figures are stated in U.S. dollars):
Key Figures
2003 2004 4Q03 3Q04 4Q04
Net Income
(In US$ million) $111.5 $141.7 $16.2 $33.7 $53.9
EPS (*) $3.88 $3.61 $0.41 $0.86 $1.39
Return on
Average Equity 23.9% 22.8% 11.2% 21.2% 33.1%
Tier 1 Capital
Ratio 35.4% 42.8% 35.4% 43.8% 42.8%
Net Interest
Margin 1.87% 1.65% 2.07% 1.74% 1.46%
(*) 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 fourth
quarter proved a fitting end to a solid year. In January 2004, we established
four main objectives for the year. First, the execution of our commercial
strategy, focused around re-leveraging the balance sheet and developing new
sources of fee income. Second, the management of our portfolio in Argentina,
an effort geared around completing pending restructurings and maximizing
collections. Third, taking capital management action in view of the Bank's
medium-term needs, and fourth, expanding our shareholder base to increase the
liquidity of our common stock.
"In our view, the quantitative and qualitative results for the year are
evidence of significant progress in respect to all four objectives.
"Regarding our commercial strategy, the critical job of re-leveraging the
balance sheet is well underway. During the fourth quarter, and in spite of
significant reductions in non-trade credits in Argentina, the amount of our
assets reached its highest level since the first quarter of 2003. In
addition, the US$1.6 billion in disbursements in the fourth quarter
represented an increase of 52% over the activity during the previous quarter.
"The figures reflecting the management of our Argentine portfolio speak
for themselves. Our success along this front exceeded our expectations.
"Regarding capital management, we achieved our objective of maintaining a
solid capitalization while providing significant cash flow to our
shareholders. Since January 1, 2004, and including the recently announced
US$2.00 per share special dividend, we have returned a total of
US$144.0 million in equity capital to our shareholders, and still have a
balance of US$42.5 million with which to purchase shares in the open market
under our US$50.0 million share repurchase program.
"We were also glad to see our investor relations efforts pay off
handsomely. Average daily trading volumes for the year increased by 42%
(152,949 in 2004 vs. 107,535 in 2003). In addition, we had the honor of
welcoming a number of prestigious new institutions as shareholders of the
Bank.
"Beyond these four objectives, Bladex made important headway in a number
of different areas. The launching of our new corporate identity, for instance,
has resonated well in the market, making significant contribution to our
commercial efforts.
"Despite our progress in 2004, we are well aware that we still have work
to do, particularly in one important area: the generation of additional fee
income. We are focusing our efforts in 2005 accordingly.
"The principles behind our work in 2005 remain unchanged: to continue
making progress towards our vision of becoming the leading trade finance house
in the Latin American and Caribbean region (the "Region"), while creating
significant added value for our shareholders, and improving opportunities for
people in the Region.
"To this end, our priorities for 2005 remain unchanged: executing our
commercial strategy, making continued progress with respect to our Argentine
portfolio, paying special attention to capital management, and increasing the
liquidity for our common stock. We believe Bladex has the skills, clients,
contacts, and financial resources to execute accordingly."
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 executing the Bank's commercial
strategy, progress with respect to the Bank's Argentine portfolio, capital
management actions, increasing the liquidity of the Bank's common stock and
the ability of the Bank to make progress in these areas. 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: a decline
in the willingness of international lenders and depositors to provide funding
to the Bank, causing a contraction of the Bank's credit portfolio, adverse
economic or political developments in the Region, particularly in Brazil or
Argentina, which could increase the level of impaired loans in the Bank's loan
portfolio and, if sufficiently severe, result in the Bank's allowance for
credit losses being insufficient to cover losses in the portfolio,
unanticipated developments with respect to international banking transactions
(including, among other things, interest rate spreads and competitive
conditions), a change in the Bank's credit ratings, events in Brazil or
Argentina or other countries in the Region unfolding in a manner that is
detrimental to the Bank, or which might result in adequate liquidity being
unavailable to the Bank, the Bank's operations being less profitable than
anticipated, or higher than anticipated equity capital requirements.
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 December 31, 2004, over its 25 years of operations, Bladex had
disbursed accumulated credits of over US$129 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 HAS BEEN
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, Senior Vice President, Finance
Tel. No. (507) 210-8581, 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
There will be a conference call to discuss the quarterly and annual
results on February 16, 2005 at 11:00 a.m. New York City time. For those
interested in participating, please dial (800)-458-9009 in the United States
or, if outside the United States, 719-457-2623. Participants should give the
conference ID# 1604296 to the telephone operator five minutes before the call
is set to begin. There will also be a live audio webcast of the event at
http://www.blx.com.
Bladex's conference call will become available for review on Conference
Replay one hour after the conclusion of the conference, and will remain
available through February 23, 2005. Please dial (888) 203-1112 or (719) 457-
0820 and follow the instructions. The Conference ID# for the replayed call is
1604296.
SOURCE Banco Latinoamericano de Exportaciones, S.A.
-0- 02/15/2005
/CONTACT: Carlos Yap, Senior Vice President, Finance, Bladex,
+1-507-210-8581, or cyap@blx.com ; or 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 /
END