SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report of
Foreign Private Issuer
Pursuant
to Rule 13a-16 Or 15d-16
under the
Securities Exchange Act of 1934
Short
form of Press Release
BANCO
LATINOAMERICANO DE EXPORTACIONES, S.A.
(Exact
name of Registrant as specified in its Charter)
LATIN
AMERICAN EXPORT BANK
(Translation
of Registrant’s name into English)
Calle 50
y Aquilino de la Guardia
P.O. Box
0819-08730
El
Dorado, Panama City
Republic
of Panama
(Address
of Registrant’s Principal Executive Offices)
(Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.)
Form 20-F
x Form
40-F ¨
(Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing information to the Commission pursuant to
Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)
Yes ¨ No x
(If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b). 82__.)
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly
authorized.
April 22,
2009
|
Banco
Latinoamericano de Exportaciones, S.A.
|
|
|
By:
/s/ Pedro Toll
|
|
|
Name:
Pedro Toll
|
|
|
Title: Deputy
Manager
|
|
BLADEX
REPORTS FIRST QUARTER NET INCOME OF $16.7 MILLION, OR $0.46 PER
SHARE. NET INCOME, OPERATING INCOME, CAPITALIZATION, CREDIT RESERVE
COVERAGE, DEPOSITS, LOAN DISBURSEMENTS, FEES AND LENDING MARGINS
STRENGTHEN.
PANAMA CITY, April 22, 2009 –
Banco Latinoamericano de Exportaciones (NYSE: BLX, “Bladex”, or “the Bank”)
announced today its results for the first quarter ended March 31,
2009.
Business
Highlights
|
|
·
|
Net
income amounted to $16.7 million in the first quarter 2009, compared to a
net loss of $4.3 million in the fourth quarter 2008, and compared to a net
income of $19.2 million gain during the first quarter
2008.
|
|
|
·
|
Net
operating income(1)
for the first quarter 2009 amounted to $22.3 million, compared to a net
operating loss of $4.5 million in the fourth quarter 2008, and compared to
a $19.2 million in net operating income in the first quarter
2008.
|
|
|
·
|
Net
interest income in the first quarter 2009 amounted to $15.4 million, an
increase of $0.7 million, or 5% from fourth quarter 2008, mainly due to
increased lending spreads.
|
|
|
·
|
Deposits
as of March 31, 2009 increased $47 million (4%) from the fourth quarter,
2008.
|
|
|
·
|
The
Bank’s Tier 1 capital ratio as of March 31, 2009 stood at 21.7%, compared
to 20.4% as of December 31, 2008, and compared to 20.4% as of March 31,
2008. The Bank’s leverage ratio as of these dates was 6.8x,
7.6x and 8.3x, respectively. The Bank’s equity consists entirely of common
shares.
|
|
|
·
|
As
of March 31, 2009, the Bank reported zero past due credits in its
portfolio. The ratio of the allowance for credit losses to the
commercial portfolio strengthened to 3.2%, compared to 2.8% as of December
31, 2008, and 2.0% as of March 31,
2008.
|
|
|
·
|
Commercial Division’s net
operating income for the first quarter 2009 was $12.8 million, a decrease
of $1.0 million from the fourth quarter 2008, and $2.2 million from the
first quarter 2008, mostly due to a lower average loan portfolio balance,
partially offset by wider lending
margins.
|
|
|
·
|
Asset
Management Division’s net operating income for the quarter increased to
$8.5 million, compared to $1.3 million in the fourth quarter 2008, and
compared to $3.1 million in the first quarter 2008, mostly driven by
trading gains in the Investment
Fund.
|
|
|
·
|
Treasury
Division reported net operating income of $1.0 million, compared to a net
operating loss of $19.6 million in the fourth quarter 2008, and compared
to a net operating income of $1.0 million in the first quarter 2008,
mostly due to the appreciation of trading
securities.
|
CEO's
Comments
Mr. Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding the
Bank's results: "The results for the quarter confirm Bladex's ability to operate
profitably and soundly in the midst of unusual volatility in the financial
markets, and a generally weakening global economic environment. The
results also confirm the benefits of the diversified business model that the
Bank has built during the last four years, incorporating a wide variety of
clients and industries, while combining a balanced and prudent mix of credit and
market risk.
In Latin
America, the effects of the financial crisis have been felt later than in other
regions of the world. While the Region was well prepared to face economic
adversity, Bladex believes that, in many of the Bank’s markets, the full impact
of lessened demand and tighter credit availability has yet to be felt, and are
managing the Bank accordingly.
The
Bank’s short term goals are to protect Bladex's financial fundamentals and,
equally important, preserve resources and flexibility so that once economic
growth resumes, the Bank can make full use of the new opportunities. In-line
with these goals, and working within an environment of gradually improving
credit demand, liquidity, asset appreciation, lending margins, the Bank's
financial indicators were strengthened further during the first quarter.
Furthermore, the Bank’s operating expense base run-rate was reduced, and
the collection of potentially vulnerable credit exposures was continued, with
reserve coverage strengthening in-line with increasing risk levels in the
Region. Finally, the Board of Directors set a new dividend level,
commensurate with the heightened uncertainty and volatility levels in the
markets. With these measures in place, Bladex finds itself in a
privileged position within its areas of expertise to execute the actions best
suited for its business going forward.
Strategically,
the results of the April 15 Shareholders Meeting, during which shareholders of
all Classes approved a set of changes to the Bank's Articles of Incorporation,
will prove very important to the Bank's long-term ability to fuel growth and
maximize shareholder value. While the impact of the changes is likely to
be felt only in the medium-to-long term as conditions in the markets stabilize,
they provide the Bank with the flexibility needed to remain a leader within the
financial industry."
CONSOLIDATED
RESULTS OF OPERATIONS
KEY
FINANCIAL FIGURES AND RATIOS
|
(US$ million, except percentages and per share
amounts)
|
1Q08
|
4Q08
|
1Q09
|
|||||||||
|
Net
Interest Income
|
$ | 21.1 | $ | 14.7 | $ | 15.4 | ||||||
|
Net
Operating Income (Loss) by Business Segment:
|
||||||||||||
|
Commercial
Division
|
$ | 15.0 | $ | 13.8 | $ | 12.8 | ||||||
|
Treasury
Division
|
$ | 1.0 | $ | (19.6 | ) | $ | 1.0 | |||||
|
Asset
Management Division
|
$ | 3.1 | $ | 1.3 | $ | 8.5 | ||||||
|
Net
Operating Income (Loss)
|
$ | 19.2 | $ | (4.5 | ) | $ | 22.3 | |||||
|
Net
Income (Loss)
|
$ | 19.2 | $ | (4.3 | ) | $ | 16.7 | |||||
|
Net Income (loss) per Share(2)
|
$ | 0.53 | $ | (0.12 | ) | $ | 0.46 | |||||
|
Book
Value per common share (period end)
|
$ | 16.73 | $ | 15.77 | $ | 16.50 | ||||||
|
Return
on Average Equity (“ROE”)
|
12.6 | % | -3.0 | % | 11.4 | % | ||||||
|
Operating Return on Average
Equity ("Operating ROE") (3)
|
12.6 | % | -3.1 | % | 15.2 | % | ||||||
|
Return
on Average Assets (“ROA”)
|
1.6 | % | -0.4 | % | 1.6 | % | ||||||
|
Net
Interest Margin
|
1.77 | % | 1.24 | % | 1.50 | % | ||||||
|
Efficiency Ratio (4)
|
32 | % | 186 | % | 33 | % | ||||||
|
Tier 1 Capital(5)
|
$ | 629 | $ | 640 | $ | 655 | ||||||
|
Total Capital(6)
|
$ | 668 | $ | 680 | $ | 693 | ||||||
|
Risk-Weighted
Assets
|
$ | 3,089 | $ | 3,144 | 3,014 | |||||||
|
Tier 1 Capital Ratio(5)
|
20.4 | % | 20.4 | % | 21.7 | % | ||||||
|
Total Capital Ratio (6)
|
21.6 | % | 21.6 | % | 23.0 | % | ||||||
|
Stockholders’
Equity
|
$ | 608 | $ | 574 | $ | 601 | ||||||
|
Stockholders’
Equity to Total Assets
|
12.0 | % | 13.2 | % | 14.6 | % | ||||||
|
Other
Comprehensive Income Account ("OCI")
|
(25 | ) | (72 | ) | (57 | ) | ||||||
|
Leverage (times) (7)
|
8.3 | 7.6 | 6.8 | |||||||||
|
Liquid Assets / Total Assets(8)
|
9.5 | % | 18.9 | % | 13.7 | % | ||||||
|
Liquid
Assets / Total Deposits
|
35.5 | % | 70.6 | % | 46.3 | % | ||||||
|
Non-Accruing
Loans to Total Loans, net
|
0.0 | % | 0.0 | % | 0.0 | % | ||||||
|
Allowance
for Credit Losses to Commercial Portfolio
|
2.0 | % | 2.8 | % | 3.2 | % | ||||||
|
Total
Assets
|
$ | 5,059 | $ | 4,363 | $ | 4,108 | ||||||
2
Footnotes:
|
(1)
|
Net
Operating Income (Loss) refers to net interest income plus non-interest
operating income, minus operating
expenses.
|
|
(2)
|
Net
Income per Share calculations are based on the average number of shares
outstanding during each period.
|
|
(3)
|
Operating
ROE: Annualized net operating income divided by average stockholders’
equity.
|
|
(4)
|
Efficiency
ratio refers to consolidated operating expenses as a percentage of net
operating revenues.
|
|
(5)
|
Tier
1 Capital is calculated according to the US Federal Reserve Board, and
Basel I capital adequacy guidelines, and is equivalent to stockholders’
equity excluding the OCI effect of the available for sale
portfolio. Tier 1 Capital ratio is calculated as a percentage
of risk weighted assets. Risk-weighted assets are, in turn,
also calculated based on US Federal Reserve Board, and Basel I capital
adequacy guidelines.
|
|
(6)
|
Total
Capital refers to Tier 1 Capital plus Tier 2 Capital, based on US Federal
Reserve Board, and Basel I capital adequacy guidelines. Total
Capital ratio refers to Total Capital as a percentage of risk weighted
assets.
|
|
(7)
|
Leverage
corresponds to assets divided by stockholders’
equity.
|
|
(8)
|
Liquidity
ratio refers to liquid assets as a percentage of total
assets. Liquid assets consist of investment-grade ‘A’
securities, and cash and due from banks, excluding pledged regulatory
deposits.
|
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 and return on equity in future periods, including income
derived from the Treasury Division and Asset Management Division, the
improvement in the financial and performance 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/decreasing interest rates and of the 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; potential trading losses; the possibility of fraud; and the
adequacy of the Bank’s sources of liquidity to replace deposit
withdrawals.
|
About
Bladex
Bladex is
a supranational bank originally established by the Central Banks of Latin
American and Caribbean countries to support 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, 2009, Bladex had disbursed accumulated
credits of approximately $159 billion.
3
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Thursday,
April 23, 2009 at 10:00 a.m. New York City time (Eastern Time). For those
interested in participating, please dial (800) 311-9401 in the United States or,
if outside the United States, (334) 323-7224. Participants should use
conference ID# 8034, and dial in five minutes before the call is set to
begin. There will also be a live audio web cast of the conference at
www.bladex.com.
The
conference call will become available for review on Conference Replay one hour
after its conclusion, and will remain available through June 23, 2009.
Please dial (877) 919-4059 or (334) 323-7226, and follow the instructions.
The Conference ID# for the replayed call is 53121836.
For more
information, please access www.bladex.com or contact:
Mr. Jaime
Celorio
Chief
Financial Officer
Bladex
Calle 50
y Aquilino de la Guardia
P.O. Box:
0819-08730
Panama
City, Panama
Tel:
(507) 210-8630
Fax:
(507) 269-6333
E-mail
address: jcelorio@bladex.com
Investor
Relations Firm:
i-advize
Corporate Communications, Inc.
Mrs.
Melanie Carpenter / Mr. Peter Majeski
82 Wall
Street, Suite 805
New York,
NY 10005
Tel:
(212) 406-3690
E-mail
address: bladex@i-advize.com
4