Banco Latinoamericano de Comercio Exterior, S.A., or Bladex (BLX) Wednesday reported a decline in first-quarter profit, reflecting lower net interest income and margins.
Rubens Amaral Jr., chief executive officer stated, "Bladex commenced 2013 with satisfactory results in what historically has been the slowest quarter of the year - First Quarter 2012 results notwithstanding. The results for first quarter 2013 were driven by an expansion of the Commercial Portfolio that reflects the Region's positive growth dynamics and Bladex's competitive edge."
Commercial Division's portfolio balance grew 14 percent year-over-year to $6.2 billion as of March 31, mainly attributable to strong demand in the company's client base of Corporations.
For the quarter, net income attributable to shareholders was $16.3 million or $0.43 per share, lower than $32.2 million or $0.86 per share in the previous year. On average, two analysts polled by Thomson Reuters expected the company to earn $0.58 per share for the quarter. Analysts' estimates typically exclude special items. The company noted that the decrease in net income was mainly due to lower gains from Treasury activities, including the investment in the Investment Funds, along with $4.4 million in reversals of provisions for credit losses recorded in the first quarter 2012.
Net interest income decreased to $26 million from $29.6 million last year. Net interest margin was 1.62 percent, down from 1.90 percent a year earlier.
As of March 31, the bank's Tier 1 Capital Ratio declined to 16.6 percent from 17.9 percent last year.
In addition, the board has approved a quarterly cash dividend of $0.30 per share, to stockholders of record on April 29, payable on May 7.
BLX is currently trading at $22.79, down $0.96 or 4.04 percent, on a volume of 54 thousand shares.
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