SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of
Foreign Private Issuer
Pursuant
to Rule 13a-16 Or 15d-16 Of 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
o
(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
o
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, thereto
duly authorized.
|
April
15, 2008
|
||||
| Banco Latinoamericano de Exportaciones, S.A. | ||||
|
By:
|
/s/
|
Pedro
Toll
|
||
|
Name:
|
Pedro
Toll
|
|||
|
Title:
|
Deputy
Manager
|
|||
BLADEX
REPORTS FIRST QUARTER NET INCOME OF $19.2 MILLION, REPRESENTING AN INCREASE
OF
29% AND 24% FROM THE FIRST QUARTER 2007 AND FOURTH QUARTER 2007,
RESPECTIVELY.
Panama
City, Republic of Panama, April 15, 2008 –
Banco
Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (“Bladex” or the “Bank”)
announced today its results for the first quarter ended March 31, 2008, with
net
operating revenue of $28.4 million and net income of $19.2 million; annualized
return on average equity was 12.6%, and Tier 1 capitalization stood at
19.6%.
Business
Highlights
| - |
Net
operating revenue(1)
of
$28.4 million, an increase of 32% from the first quarter 2007 and
8% from
the fourth quarter 2007, reflecting strong growth in the Bank’s
intermediation business.
|
| - |
Net
income of $19.2 million, an increase of 29% compared to the first
quarter
2007, and 24% from the fourth quarter
2007.
|
| - |
Return
on average equity (“ROE”) of 12.6%, an increase of 24% from the first
quarter 2007, and 27% from the fourth quarter 2007.
|
| - |
Commercial
Division’s net operating income(2)
of
$14.7 million, an increase of 45% from the first quarter 2007 and
28% from
the fourth quarter 2007. Commercial portfolio growth was solid and
diverse, as reflected in an 18% increase in the average portfolio
from a
year ago.
|
| - |
Treasury
Division’s net operating income of $1.0 million, a decrease of $1.6
million compared to the first quarter 2007, and $1.9 million from
the
fourth quarter 2007, due to lower gains on sale of securities available
for sale. During the quarter, the
Bank increased its available for sale portfolio with $227 million
of high
quality Latin American floating rate securities, reflecting the current
price volatility impact in the other comprehensive income
account.
|
| - |
Asset
Management Division’s net operating income of $3.6 million, an increase of
165% from the first quarter 2007, and 138% from the fourth quarter
2007,
driven by trading gains.
|
| - |
As
of March 31, 2008, the Bank had zero credits in non-accruing or past
due
status. The Bank’s liquidity ratio(3)
strengthened to 9.7% from 7.1% in the first quarter 2007, and 8.4%
in the
fourth quarter 2007. During the quarter, the Bank contracted a $200
million medium-term loan facility from China Development Bank.
|
| - |
The
Bank’s efficiency ratio(4)
improved to 32% from 35% in the first quarter 2007, and from 40%
in the
fourth quarter 2007.
|
Mr.
Jaime
Rivera, Bladex’s Chief Executive Officer, stated the following regarding
quarter’s results: "We
are
aware of the difficult market conditions that are prevailing in some segments
of
the financial industry. From Bladex's perspective, however, the shifting markets
have given rise to attractive revenue opportunities that we have been able
to
exploit thanks to the strength of our financial condition, our expertise, and
the expanded reach of our product suite. From a strategic perspective, the
current environment has highlighted the value of our franchise as one of the
pieces that support Latin America's growing trade flows.
As
we
continue moving forward, we will retain our focus on a solid portfolio, ample
liquidity, growing profitability, and further diversification of our revenue
sources. "
KEY
FINANCIAL FIGURES AND RATIOS
|
(US$
million, except percentages and per share amounts)
|
1Q07
|
4Q07
|
1Q08
|
|||||||
|
Net
Interest Income
|
$
|
17.1
|
$
|
19.1
|
$
|
21.1
|
||||
|
Net
Operating Income by business segment:
|
||||||||||
|
Commercial
Division
|
$
|
10.1
|
$
|
11.4
|
$
|
14.7
|
||||
|
Treasury
Division
|
$
|
2.6
|
$
|
2.8
|
$
|
1.0
|
||||
|
Asset
Management Division
|
$
|
1.3
|
$
|
1.5
|
$
|
3.6
|
||||
|
Net
Operating Income
|
$
|
14.0
|
$
|
15.8
|
$
|
19.2
|
||||
|
Net
Income
|
$
|
14.8
|
$
|
15.5
|
$
|
19.2
|
||||
|
Net
Income per Share(5)
|
$
|
0.41
|
$
|
0.43
|
$
|
0.53
|
||||
|
Book
Value per common share
|
$
|
16.24
|
$
|
16.83
|
$
|
16.73
|
||||
|
Return
on Average Equity (“ROE”)
|
10.2
|
%
|
9.9
|
%
|
12.6
|
%
|
||||
|
Operating
Return on Average Equity (Operating ROE)
|
9.7
|
%
|
10.1
|
%
|
13.2
|
%
|
||||
|
Return
on Average Assets (“ROA”)
|
1.5
|
%
|
1.3
|
%
|
1.6
|
%
|
||||
|
Net
Interest Margin
|
1.82
|
%
|
1.69
|
%
|
1.77
|
%
|
||||
|
Tier
1 Capital(6)
|
$
|
590
|
$
|
612
|
$
|
608
|
||||
|
Total
Capital(7)
|
$
|
623
|
$
|
649
|
$
|
647
|
||||
|
Risk-Weighted
Assets
|
$
|
2,641
|
$
|
2,927
|
$
|
3,112
|
||||
|
Tier
1 Capital Ratio(6)
|
22.3
|
%
|
20.9
|
%
|
19.6
|
%
|
||||
|
Total
Capital Ratio (7)
|
23.6
|
%
|
22.2
|
%
|
20.8
|
%
|
||||
|
Stockholders’
Equity to Total Assets
|
13.8
|
%
|
12.8
|
%
|
12.0
|
%
|
||||
|
Liquid
Assets / Total Assets
|
7.1
|
%
|
8.4
|
%
|
9.7
|
%
|
||||
|
Liquid
Assets / Total Deposits
|
22.0
|
%
|
27.4
|
%
|
36.3
|
%
|
||||
|
Non-Accruing
Loans to Total Loans, net
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
||||
|
Allowance
for Loan Losses to Total Loan Portfolio
|
1.7
|
%
|
1.9
|
%
|
1.9
|
%
|
||||
|
Allowance
for Losses on Off-Balance Sheet Credit Risk to Total
Contingencies
|
4.7
|
%
|
2.5
|
%
|
3.5
|
%
|
||||
|
Total
Assets
|
$
|
4,274
|
$
|
4,791
|
$
|
5,090
|
||||
2
FOOTNOTES:
(1)
Net
Operating Revenue refers to net interest income plus non-interest operating
income.
(2)
Net
Operating Income refers to net interest income plus non-interest operating
income minus operating expenses.
(3)
Liquidity ratio refers to liquid assets as a percentage of total assets. Liquid
assets represent cash and due from banks and exclude cash balances in the Asset
Management division.
(4)
Efficiency ratio refers to consolidated operating expenses as a percentage
of
net operating revenues. Excluding the Asset Management Division’s net revenues
and expenses, the efficiency ratio is 35%, 43% and 38% for first quarter 2008,
fourth quarter 2007 and first quarter 2007, respectively.
(5)
Net
Income per Share calculations are based on the average number of shares
outstanding during each period.
(6)
Tier
1 Capital refers to total stockholders’ equity.
Tier
1
Capital ratio refers to Tier 1 Capital as a percentage of risk weighted
assets.
Risk-weighted
assets are calculated based on US Federal Reserve Board and Basel I capital
adequacy guidelines.
(7)
Total
Capital refers to total stockholders’ equity 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.
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, 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 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; potential trading losses; the possibility of fraud; and
the
adequacy of the Bank’s sources of liquidity to replace large deposit
withdrawals.
3
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, 2008,
Bladex had disbursed accumulated credits of over $154 billion.
Conference
Call Information
There
will be a conference call to discuss the Bank’s quarterly results on Wednesday,
April 16, 2008, at 11:00 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 webcast 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 April 22, 2008. Please
dial (877)
919-4059 or (334) 323-7226,
and
follow the instructions. The Conference ID# for the replayed call is
65669442.
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) 210-8563
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