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
Apartado 6-1497
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, thereto duly authorized.
November 18, 2004
Banco Latinoamericano de Exportaciones, S.A.
By: /s/ Pedro Toll
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Name: Pedro Toll
Title: Deputy Manager
Bladex [ICON]
FOR IMMEDIATE RELEASE
Bladex Reports Third Quarter 2004 Net Income of US$33.7 million
3Q04 Financial Highlights
o Net Income in the 3Q04 was US$33.7 million, compared to US$24.3 million in
the 2Q04 and US$17.8 million in the 3Q03.
o The credit portfolio in Argentina at September 30, 2004, was US$327
million, down US$34 million, or 9%, from 2Q04, and US$126 million, or 28%
from 3Q03.
o On October 8, 2004, the Bank announced the receipt of a US$56 million
Argentine loan prepayment, which resulted in a loan loss provision
reversal of US$43 million. Along with other principal reductions, the
credit portfolio in Argentina as of October 31, 2004 had decreased to
US$253 million.
Panama City, Republic of Panama, November 17, 2004 - Banco Latinoamericano de
Exportaciones, S.A. (NYSE: BLX) ("Bladex" or "the Bank"), announced today its
results for the third quarter ended September 30, 2004. (The Bank's financial
statements are prepared in accordance with U.S. GAAP; all figures are stated in
U.S. dollars.)
The table below depicts selected key figures and ratios for the periods
indicated:
Key Figures
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9M03 9M04 3Q03 2Q04 3Q04
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Net Income (In US$ million) $95.3 $87.8 $17.8 $24.3 $33.7
EPS (*) $3.78 $2.23 $0.45 $0.62 $0.86
Return on Average Equity 29.7% 19.1% 12.6% 15.8% 21.2%
Tier 1 Capital Ratio 37.8% 43.8% 37.8% 41.1% 43.8%
Net Interest Margin 1.81% 1.71% 1.96% 1.72% 1.74%
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(*) Earnings per share calculations are based on the average number
of shares outstanding during each period. During the first nine
months of 2004, the average number of common shares outstanding was
39.3 million, compared to 25.1 million for the same period in 2003.
In a subsequent event, on October 8, 2004, the Bank announced the receipt of a
US$56 million prepayment on an Argentine restructured loan. The Bank accounted
for this prepayment by reversing allocated loan loss provisions back to
earnings, generating a profit for accounting purposes of US$43 million.
Comments from the Chief Executive Officer:
Jaime Rivera, Chief Executive Officer of Bladex, stated, "The third quarter
results were driven by continued progress in our strategy of deploying an
expanded trade finance business model, as well as a successful approach in
addressing the remaining issues pertaining to our portfolio in Argentina.
Notably, collections in Argentina remain strong. The January 1st, 2004 repayment
schedules for our restructured portfolio indicated a potential credit portfolio
level of US$357 million at October 31st. However, prepayments brought the figure
down to US$253 million.
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Although positive in that they strengthen the balance sheet and improve net
income, the rapid principal collections in Argentina result in diminished
contributions to our net interest revenue stream. We have thus shifted
additional resources to our new commercial team to support the re-leveraging of
our balance sheet and the generation of additional fee income. The resulting
trends, as evident in our financial statements, are tangible. First, fee income
increased by 7% during this quarter. Second, our net interest margin increased
by 2 basis points.
The successful collection of our Argentine exposure, along with the change in
our portfolio mix and our profit generation, have continued to significantly
strengthen the capital position of the Bank. Accordingly, we are reviewing our
capital plan in light of our growth and investment perspectives.
Bladex remains focused on the disciplined execution of its strategy. We are
working from the unique competitive position that the combination of ample
resources, a first rate team, an unequaled client franchise, and our special
shareholder support, affords us," Mr. Rivera concluded.
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, and institutional and retail investors. Through September 30,
2004, over its 25 years of operations, Bladex had disbursed accumulated credits
of over US$127 billion.
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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 collections in Argentina remaining strong,
re-leveraging the Bank's balance sheet, the generation of fee income and
increases in the net interest margin. 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 Argentina or Brazil, 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 probable 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 Argentina and Brazil 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, or the Bank's operations being less
profitable than anticipated.
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Bladex is listed on the New York Stock Exchange. Further investor information
can be found at 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
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There will be a conference call to discuss the quarterly results on November 18,
2004 at 11:00 a.m. New York City time. For those interested in participating,
please call (800) 946-0719 in the United States or, if outside the United
States, please dial (719) 457-2645. All participants should give the conference
ID#875025 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 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 November 19, 2004. Please dial (888) 203-1112 or (719) 457-0820 and
follow the instructions. The Conference ID#, for the call that will be replayed
is 875025.
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