1st Quarter Results
10 Mai 2006 - 4:44PM
UK Regulatory
Bladex Reports Net Income of US$16.7 million for the First Quarter of 2006
First Quarter 2006 Financial Highlights:
* Operating Income (1) increased 4% to US$9.2 million compared to the
previous quarter. Excluding revenues on the restructured portfolio,
Operating Income grew 7%, and 183% with respect to the fourth quarter
of 2005 and the first quarter of 2005, respectively.
* Net Income grew 2% to US$16.7 million, or US$0.44 per share. As a
result of lower credit provision reversals on the impaired portfolio,
net income decreased US$13.6 million when compared to the first quarter
of 2005.
* For the third consecutive quarter, disbursements exceeded US$2 billion,
while the client base grew 8% in the quarter.
* Operating expenses decreased 15% to US$6.3 million compared to the
previous quarter.
(1) Operating Income refers to net income excluding reversals of
provisions for credit losses and recovery of impairment loss
on securities.
PANAMA CITY, May 10 -- Banco Latinoamericano de Exportaciones, S.A.
(NYSE: BLX) ("Bladex" or the "Bank") announced today its results for the first
quarter ended March 31, 2006.
The table below depicts selected key financial figures and ratios for the
periods indicated (the Bank's financial statements are prepared in accordance
with U.S. GAAP, and all figures are stated in U.S. dollars):
Key Financial Figures
(US$ million, except percentages and per share amounts)
1Q05 4Q05 1Q06
Net Income $30.2 $16.4 $16.7
EPS (2) $0.78 $0.43 $0.44
Return on Average Equity 18.4% 10.6% 11.1%
Tier 1 Capital Ratio 40.9% 33.7% 32.2%
Net Interest Margin 1.66% 1.77% 1.62%
Book Value per common share $15.36 $16.19 $15.40
(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:
"With a successful first quarter behind us, we are off to a solid start
for 2006. During what is the seasonally weakest period of the year, we were
able to improve upon the solid operating income results achieved last quarter.
"In terms of revenue, what drove our results was the expansion of our
client base and gains realized from our treasury function, offset by
unprecedentedly low credit spreads. The new corporate client activity has
already allowed us to reverse the thinning trend in spreads. Notably, we were
able to convert the lower underlying risk perception in the market into our
advantage through gains in our securities portfolio. In our opinion, this
supports our strategy of converting the treasury function into a revenue
center.
"We continue to be pleased with our success in replacing the revenue
generated by our restructured portfolio, which has been collected almost in
its entirety. Operating income, excluding net revenues on the restructured
portfolio, has nearly tripled in the last year.
"In terms of expenses, the first quarter followed our pattern of cost
reductions when compared to the relatively heavy year-end period. The 15%
seasonal reduction in expenses reported this quarter, however, is nearly
double the 8% realized in the first quarter of 2005.
"Other initiatives are moving forward as well. The deployment of our new
technology platform is about 75% done, and the approval by the U.S. Federal
Reserve Board of our representative office in Miami will allow us to
accelerate the pace of our intermediation in US - Latin America trade flows.
"Our opinion on the macro environment for the rest of the year in the
Region remains largely positive. While we are watching both the political
landscape and oil prices carefully, we believe the strong demand for the
Region's products will result in healthy growth rates for the year, a pattern
which we expect will benefit our business.
"Lastly, on behalf of the Board of Directors and all of us at Bladex, I'd
like to thank our shareholders for their overwhelming support of all motions
presented during the recent Annual Shareholders' Meeting."
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 March 31, 2006, Bladex had disbursed accumulated credits
of over US$138 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, Senior Vice President, Finance
Tel. No. (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
May 11, 2006 at 11:00 a.m. EDT.
For those interested in participating, please dial:
United States: (800) 946-0785
Outside the United States: (719) 457-2661
Participants should use conference ID# 8508343, 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- 05/10/2006
/CONTACT: In Panama, Carlos Yap S., Senior Vice President, Finance,
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 /
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