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Presentacion corporativa 3 q20 ingles
Bladex provides a corporate presentation summarizing its business model and financial position. It highlights its long experience operating in Latin America, diversified portfolio across countries and industries, and resilient funding and liquidity positions. Bladex focuses on providing financial solutions to top-tier clients throughout Latin America, leveraging its regional expertise and relationships. It manages risks proactively through its governance, short-term lending portfolio, and liquid assets held mainly with the Federal Reserve Bank of New York.
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Presentacion corporativa 3 q20 ingles
- 1. 1 Banco Latinoamericano deComercio Exterior, S.A. (“Bladex”) Corporate Presentation As of September 30, 2020
- 2. 2 This presentation containsforward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this presentation include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and results are 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 coronavirus (COVID-19) pandemic and government actions intended to limit its spread; the anticipated changes in 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 expected credit losses; the need for additional allowance for expected 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. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
- 3. 3 Deep knowledge ofthe Latin American region, strong business fundamentals, unique ownership structure and world-class corporate governance Resilient business model and proactive balance sheet management represent key advantages through economic cycles Sustainable results evidence Bladex´s financial strength and operating performance 1 Bladex represents a resilient and solid investment proposition in the current context 2 3
- 4. 4 Deep knowledge ofthe Latin American region, strong business fundamentals, unique ownership structure and world-class corporate governance Resilient business model and proactive balance sheet management represent key advantages through economic cycles Sustainable results evidence Bladex´s financial strength and operating performance 1 Bladex represents a resilient and solid investment proposition in the current context 2 3
- 5. 5 Bladex has developeda strong franchise with 40+ years of experience, through a broad footprint across Latin America and deep understanding of the Region’s risks and opportunities ▪ Bladex was founded in 1978 by 23 Central Banks from Latin American & the Caribbean, with the participation of other financial institutions and the IFC to promote trade and regional integration ▪ In 1992, Bladex became the first Latin American bank to be listed on the NYSE (BLX), and to obtain Investment Grade rating ▪ Bladex’s multinational DNA is embedded in its regional presence, ownership structure, management and organizational culture ▪ Bladex is subject to multi-country regulators, including: ▪ Superintendence of Banks of Panama ▪ U.S. Federal Reserve Board (New York) ▪ New York State Department of Financial Services ▪ U.S. Securities and Exchange Commission ▪ Mexican Banking and Securities Commission
- 6. 6 Class E Private Investors ▪NYSE Public Float Class B LatAm & international banks and financial institutions ▪ 1-to-1 convertibility rights into Class E shares Class A Central Banks and designated state institutions of 23 countries of Latin America and the Caribbean ▪ Direct link between the Bank and the governments of Latin America ▪ Main source of Bladex’s deposits, which have proven to be a stable funding source, even during periods of market volatility ▪ Super-majority rights: changes in the Bank’s Articles of Incorporation, dissolution or mergers require 75% Class A approval ▪ Preferred Creditor Status in distressed scenarios 3 5 2 Class A Class E Classes A,B,E Total members = 10 Board of Directors Seat Composition Bladex’s unique shareholder structure reinforces the Bank’s corporate governance and fosters a holistic view in decision making to fulfill its mission of promoting regional trade and integration 16% 5% 79%
- 7. 7 World-class Corporate Governanceis the backbone of Bladex’s management, centered on Enterprise Wide Risk Management First Line of Defense ▪ Includes the Business Units and related departments, where opportunities that meet the Bank’s risk appetite are originated and executed Second Line of Defense ▪ Oversees that risks are managed in line with the defined level of risk appetite and in total compliance with all current regulations ▪ The Comprehensive Risk Management unit reports directly to the Board’s Risk Policy & Assessment Committee ▪ The Compliance Department reports directly to the Board’s Compliance & Anti-Money Laundering Committee Third Line of Defense ▪ The Internal Audit unit reports directly and with complete independence to the Board’s Audit Committee ▪ Its responsibility is focused on regular assessments of the Bank’s policies, methods and procedures and their effective implementation Board of Directors Audit Committee Compensation Committee Finance & Business Committee Risk Policy & Assessment Committee Compliance & Anti-Money Laundering Committee Internal Audit Compliance Legal and Corporate Secretary Comprehensive Risk Management FinanceOperations Corporate Banking Chief Executive Officer Treasury & Capital Markets
- 8. 8 Region LatAm Focus ▪ Regional scope,supported by a centralized operating structure ▪ Single point of contact with local presence, providing client- specific solutions Industry Strategic Sectors ▪ Deep and up-to-date knowledge of Latin American economies and most relevant industries ▪ Main focus on Financial Institutions, complemented by a well diversified exposure to corporates in various industries Client Base Top Tier ▪ Top-tier customer base spanning most of the countries in the Region ▪ Network of industry-leading clients, with extensive understanding of their financial needs and access to their key decision makers ▪ Focus on US Dollar generation clients with growth oriented beyond their domestic markets Bladex has a long-standing commitment to the Region, with USD 295 billion in cumulative credits granted since the Bank's inception Bladex’s business model focuses on top-tier clients throughout Latin America and the Caribbean, with participation in each country’s strategic sectors
- 9. 9 Deep knowledge ofthe Latin American region, strong business fundamentals, unique ownership structure and world-class corporate governance Resilient business model and proactive balance sheet management represent key advantages through economic cycles Sustainable results evidence Bladex´s financial strength and operating performance 1 Bladex represents a resilient and solid investment proposition in the current context 2 3
- 10. 10 57% 16% 27% Short-term Medium & Long-term(current) Medium & Long-term 1 2 3 17% 3% 14% 10% 12% Central America and the Caribbean: 7 countries, 26% Non LatAm: 9% 59% Total Investment Grade: 3% 3% 2% Short-term Portfolio Blue-chip Clients Regional Footprint • Main financial institutions of each country, systemic • USD generators • Access to Capital Markets • Minimum sales of USD $200 millions • Good Corporate Governance practices ▪ 73% maturing in less than 1 year ▪ 55% of its original short-term portfolio in trade finance % as of 30Sep20% as of 30Sep20 Bladex's Business Model allows to rebalance credit risk swiftly 73% Maturing in less than 1 year % as of 30Sep20 53% 33% 14% Financial Institutions Corporations Sovereigns/Quasi-sovereigns 1% USD 5.1 Bn USD 5.1 Bn
- 11. 11 Resumed portfolio quarterly growthwith strong level of disbursements ▪ > $2.2 billion in new disbursements (+111% QoQ) ▪ Continued risk assessment and close contact with clients ▪ Margins of new disbursements slightly higher than those of maturities Collection of virtually all scheduled credit maturities ▪ Collected over $2 billion in quarterly maturities ▪ High quality borrowers ▪ Short-term nature of the portfolio (USD millions, except for %) - QoQ +3% growth QoQ in Commercial Portfolio, maintaining sound asset quality and portfolio diversification ▪ $0 NPLs ▪ All loans are current ▪ 59% in Investment Grade countries ▪ 73% maturing in less than a year ▪ Margin over Libor +14pbs QoQ Commercial Portfolio balances and lending spreads show a positive quarterly trend, while collections of scheduled maturities remain at close to 100%, evidencing the high quality of Bladex's borrowers and the short-term nature of its business 4,486 (1,834) 1,915 4,566 430 (227) 318 520 30-Jun-20 Maturities * Disbursements 30-Sep-20 (*) Includes prepayments and sales 4,915 (2,061) +2,233 5,087 L+ 2.31% L+ 1.95% Loan Portfolio Average Interest Rate Total L+ 2.27% L+ 2.45% Contingencies Loans Bladex continues to be well-positioned throughout the crisis ▪ Top-tier clients (FIs & Corporate industry leaders) ▪ No retail exposure ▪ 71% maturing in less than a year ▪ Robust credit quality with $0 NPLs
- 12. 12 53% 6% 5% 5% 4% 4% 3% 3% 3% 2% 2% 2% 2%1% 1% 4% Financial institutions Electric power Metalmanufacturing Food and beverage Other services Oil and gas (Downstream) Oil and gas (upstream) Other manufacturing industries Oil and gas (Integrated) Coffee Grains and oilseeds Mining Retail trade Plastics and Packaging Sugar Other Industries <1% Q1 Q2 Q3 Variance Q3 Vs Q1 $195 $180 $146 -25% ($49 MM) $281 $221 $178 -37% ($103 MM) $355 $191 $174 -51% ($181MM) 14% 12% 10% 9% 7%3% 3% 1% 17% 6% 4% 3% 3% 3% 2% 3% Colombia Mexico Chile Non-Latam Panama T. & Tobago Peru Uruguay Brazil Guatemala Dominican Republic Costa Rica Ecuador Argentina Paraguay Other Latam≤ 1% Q1 Q2 Q3 Variance Q3 Vs Q1 $147 $68 $48 -67% ( $99 MM) Airlines Less than 1% as of Q3 Bladex maintains a well-diversified portfolio across the Latin American region, with a focus on high quality origination and on reducing exposure to higher risk countries and sectors By Country Commercial Portfolio by Industry Argentina 3% as of Q3 Costa Rica 3% as of Q3 By Country % as of 30Sep20 By CountryCommercial Portfolio by Country % as of 30Sep20 Ecuador 3% as of Q3 (USD millions) - EoP (USD millions) - EoP USD 5.1 BnUSD 5.1 Bn IG 59% Non-IG 41%
- 13. 13 Commercial Portfolio byProduct Cumulative Number of Syndicated Transactions (USD millions) – EoP Balance Although predominantly a trade finance bank, Bladex also provides versatile financial solutions to cater to its clients’ strategic needs ▪ Bladex has developed a strong and reliable franchise as a provider of financial solutions for Financial Institutions and Corporations in the Region ▪ The Bank supports trade finance, working capital, capex, and other needs, including the regional expansion of its strategic clients ▪ Bladex is a trusted partner for global and regional banks in the Latin American syndicated loan market ▪ Since strengthening its Syndications team in 2012, the Bank has successfully originated, structured, and distributed more than 55 transactions ▪ Bladex also has an established presence in the international Letter of Credit business, being able to provide risk confirmation for a large base of banks in the Region generating additional revenue for the Bank 5,554 5,893 5,337 4,486 4,566 663 609 494 430 520 6,217 6,502 5,832 4,915 5,087 3Q19 4Q19 1Q20 2Q20 3Q20 Letters of credit, acceptances, loan commitments and financial guarantees contracts Loans 1 3 8 18 25 35 42 49 55 56 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
- 14. 14 (USD millions, exceptfor %) - EoP Bladex has a proven capacity to secure funding and maintain a robust liquidity during crises; liquid assets are mainly placed with the Federal Reserve Bank of New York (1) Liquid assets refer to total cash and cash equivalents, consisting of cash and due from banks and interest-bearing deposits in banks, excluding pledged deposits and margin calls; as well as corporate debt securities rated ‘A-‘ or above. (2) The Superintendency defines the LCR as the stock of high-quality liquid assets over total net cash outflows over the next 30 calendar days. The definition is based on the Basel III Liquidity Coverage Ratio and liquidity risk monitoring tools published by the Basel Committee on Banking Supervision and adjusted by the Superintendency. LCR available on www.bladex.com/en/investors/quarterly-earnings. Liquid Assets Placements by Country Risk Liquidity Coverage Ratio2 Total Liquid Assets1 EoP ▪ Advanced liquidity management under Basel III framework, to monitor short and long-term liquidity ▪ The Bank adopted Basel III methodology in 2012. The Superintendency of Banks of Panama established LCR as a regulatory requirement in December 2018 % as of 30Sep20 1 963 1,160 1,297 1,959 1,465 14% 16% 19% 30% 23% 0% 5% 10% 15% 20% 25% 30% - 500 1,000 1,500 2,000 3Q19 4Q19 1Q20 2Q20 3Q20 Liquid assets Liquid assets / total assets 82% 7% 5% 4% 2% FED Multilaterals Other OECD United States except FED Latin American 1.00x 1.31x 1.21x 1.80x 1.67x 3Q19 4Q19 1Q20 2Q20 3Q20
- 15. 15 Deposits by Typeof Client Bladex actively pursues a wide diversification of funding sources to further enhance the stability and strength of its funding base, which includes a relevant share of deposits from its Class A shareholders ▪ Solid deposit base denotes the steady support from the Bank’s Class A shareholders (i.e. central banks and their designees), and the its new Yankee CD program to complement the Bank’s short-term funding structure ▪ The Bank maintains longstanding relationships with a wide network of more than 40 correspondent banks, across different geographies ▪ Bladex is a recurrent issuer in the US (third bond issued in the 144A/Reg S market in Sept. 2020) and Mexican debt capital markets (last placement in Mexico in June 2020) and completed its first transaction in the Tokyo Pro-Bond market in 2016 ▪ Additionally, the Bank reaches a large number of global investors in the Americas, Europe and Asia through its EMTN program ▪ Bladex is also a recurrent participant in the global syndicated loan market Funding Sources by Region % as of 30Sep20% as of 30Sep20 29% 17% 14% 10% 10% 9% 6% 5% South America Central America USA / Canada Europe Mexico Asia Multilateral The Caribbean 51% 24% 9% 8% 5% 3% Central Banks or designees - Class "A" shareholders Private banks State-owned banks State-owned corporations Multilateral Private corporations
- 16. 16 Deep knowledge ofthe Latin American region, strong business fundamentals, unique ownership structure and world-class corporate governance Resilient business model and proactive balance sheet management represent key advantages through economic cycles Sustainable results evidence Bladex´s financial strength and operating performance 1 Bladex represents a resilient and solid investment proposition in the current context 2 3
- 17. 17 79% 68% 74% 20% 31% 22% 1% 1% 4% 6,7706,603 6,202 -1,000,000 -800,000 -600,000 -400,000 -200,000 0 0% 20% 40% 60% 80% 100% 1Q20 2Q20 3Q20 Loans Cash and due from banks Investment Portfolio (USD millions, except for %) - EoP Interest Earning Assets The Bank resumed portfolio growth during 3Q20, shifting from high liquidity levels in previous quarters (by design) +$81 MM or 2% QoQ ✓ The Bank resumed loan portfolio growth during 3Q20 after high liquidity levels from previous quarters (by design) -$620 MM or -31% QoQ ✓ The Bank has gradually reduced its cash position, still remaining at a robust level; mainly placed with the Federal Reserve Bank of New York +$138 MM or 144% QoQ ✓ Higher Investment Portfolio, of which $107 million were new corporate debt securities classified as HQLA by Basel III standards
- 18. 18 44% 52% 60% 30% 23% 8% 26% 25% 32% 5,6595,524 5,133 -80,000 -70,000 -60,000 -50,000 -40,000 -30,000 -20,000 -10,000 0 0% 20% 40% 60% 80% 100% 1Q20 2Q20 3Q20 Long-term borrowings and debt, net Repos and Short-term borrowings and debt Deposits Bladex successfully tapped the international debt and capital markets, while deposits continued to grow, resulting in a continuous solid and diversified funding base Funding Structure +$169 MM or 6% QoQ ✓ Deposit base continued to grow, with more than half provided by the Bank's Class A shareholders (51%) ✓ Growth of the Bank’s new Yankee CD program to $329 million (+70% QoQ) ✓ 3rd issuance in the international capital markets (144A/RegS) for USD $400 million, 4 times oversubscribed. The 5-year term bonds pay a fixed rate coupon of 2.375% (Treasury +220bps) ✓ New syndicated loan placed among investors from Asia, Europe, US and Latin America +$273 MM or 20% QoQ (USD millions, except for %) - EoP ✓ Reduced reliance on short-term bilateral funding, while maintaining a fluent access to a wide network of fund providers from Asia, Europe and the Americas -$833 MM or -66% QoQ
- 19. 19 26.7 26.9 25.8 21.722.6 1.77% 1.65% 1.59% 1.28% 1.42% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 3Q19 4Q19 1Q20 2Q20 3Q20 Net interest income Net interest margin (NIM) (USD millions) - EoP (USD millions, except for %) - EoP (USD millions, except for %) - EoP Sustained operating performance in 3Q20, on higher revenues and stable operating expenses QoQ, while provisions for credit losses remained low on sound asset quality Net Profit for the Period Net Interest Income & Margins Efficiency RatioFees & Commissions (USD millions) - EoP 20.4 22.1 18.3 14.1 15.4 3Q19 4Q19 1Q20 2Q20 3Q20 2.3 2.5 2.5 1.8 2.3 0.5 2.7 0.4 0.1 0.1 0.2 0.2 0.0 0.2 2.8 5.4 3.1 1.9 2.6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 3Q19 4Q19 1Q20 2Q20 3Q20 Other commissions, net Loan syndication fees Letters of credit Fees and Commissions, net 29.5 31.4 28.8 19.9 25.2 -9.0 -11.3 -10.5 -8.3 -8.3 30.4% 35.9% 36.7% 41.5% 33.1% -2. 0% 3.0% 8.0% 13. 0% 18. 0% 23. 0% 28. 0% 33. 0% 38. 0% 43. 0% 48. 0% -10.0 0.0 10.0 20.0 30.0 40.0 50.0 3Q19 4Q19 1Q20 2Q20 3Q20 Operating expenses Total revenues Efficiency ratio
- 20. 20 5,262 5,586 5,660 4,8094,481 1.96 1.92 1.92 2.13 2.46 3Q19 4Q19 1Q20 2Q20 3Q20 Average Balance ($MM) Lending Credit Spread (%) Loans Cash and Due from Banks Financial Liabilities (1) Represents the spread over the Libor-based rate corresponding to the tenor of the transaction of the Performing Loan Portfolio. Average Loan Portfolio Assets & Liabilities Interest Rates 1 (USD millions, except for %) ▪ Upward trend in net lending spreads in 2020, reverting prior periods’ downward tendency, as Bladex re-profiled its loan origination toward lower-risk exposures in recent years ▪ Favorable interest rate gap position in decreasing market rate environment as of the third quarter of 2020, positively impacting net interest income as liabilities repriced faster than loans ▪ Increase in low-yielding liquidity levels has affected net interest income and margins 4.54% 4.19% 3.94% 3.56% 3.31% 3.09% 2.69% 2.41% 1.57% 1.26% 2.23% 1.79% 1.22% 0.19% 0.20% 3.29% 3.30% 3.38% 3.39% 2.64% 0.00 % 2.00 % 4.00 % 6.00 % 8.00 % 10 .0 0% 12 .0 0% 14 .0 0% -2.00% -1.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 3Q19 4Q19 1Q20 2Q20 3Q20 1.45% 1.50% 1.53% 2.05% 1.99% Investment Portfolio Positive quarterly trend in NII and NIM, on widening rate differential between loans and liabilities. Still below pre-Covid levels, mostly pressured by high average cash position and lower average loan balances
- 21. 21 95% 95% 93% 90% 94% 4% 4% 6% 10% 6% 1% 1% 1% 0% 0% 6,3026,582 5,911 5,011 5,320 -1,000,000 -800,000 -600,000 -400,000 -200,000 0 - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 3Q19 4Q19 1Q20 2Q20 3Q20 62 62 62 1.1% 1.0% 1.2% 0.0% 0.0% 1.7x 1.7x 1.7x 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 45 50 55 60 65 70 75 80 3Q19 4Q19 1Q20 2Q20 3Q20 Credit Impaired Loans Credit impaired loans to loan portfolio Total allowance for losses to credit impaired loans Zero NPLs since June 30, 2020 Allowance for Credit Losses Credit Impaired Loans (USD millions, except for %)(USD millions, except for %) Total Allowance for Losses to Credit Portfolio 1.66% 1.56% 1.73% 0.84% Allowance for Losses to Stages 1 + 2 0.80% 0.73% 0.82% 0.84% 0.95% 0.95% Allowance for Losses 104.4 102.5 102.5 44.947.8 Stage 1 (low risk) Stage 2 (increased risk) Stage 3 (credit impaired) Credit Portfolio Adequate level of allowances for credit losses under IFRS 9 incorporates forward looking expected losses and reflects sound portfolio quality, with zero non-performing loans and the entire portfolio being current (1) Includes allowance for expected credit losses on loans at amortized cost, on loan commitments and financial guarantees contracts, and on securities at amortized cost and at fair value through other comprehensive income. (USD million) 30-Sep-19 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 Allowance for losses Balance at beginning of the period $106.2 $104.4 $102.5 $102.5 $47.8 Provisions (reversals) 0.6 (1.9) (0.1) (2.6) $1.5 Write-offs, net of recoveries (2.4) 0.0 0.1 (52.1) (4.4) End of period balance $104.4 $102.5 $102.5 $47.8 $44.9 1
- 22. 22 $0.385 $0.385 $0.250 $0.250$0.250 7.6% 7.1% 5.4% 8.7% 8.2% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1 3Q19 4Q19 1Q20 2Q20 3Q20 Declared dividends per share Annualized return / Average price per share $0.52 $0.56 $0.46 $0.36 $0.39 75% 69% 54% 70% 64% 0%1%2%3%4%5%6%7%8%9%10%11%12%13%14%15%16%17%18%19%20%21%22%23%24%25%26%27%28%29%30%31%32%33%34%35%36%37%38%39%40%41%42%43%44%45%46%47%48%49%50%51%52%53%54%55%56%57%58%59%60%61%62%63%64%65%66%67%68%69%70%71%72%73%74%75%76%77%78%79% $0 $0 $0 $0 $0 $1 $1 $1 $1 $1 3Q19 4Q19 1Q20 2Q20 3Q20 Earnings per share (EPS) Pay-Out Ratio: Declared Dividend / EPS 8.0% 8.7% 7.2% 5.5% 6.0% 1.3% 1.3% 1.1% 0.8% 1.0% 3Q19 4Q19 1Q20 2Q20 3Q20 Return on Average Equity (ROAE) Return on Average Assets (ROAA) 1,009 1,016 1,018 1,022 1,026 19.0% 17.3% 19.2% 22.1% 21.8% 21.1% 19.8% 21.8% 24.8% 26.5% -10 .0 % -5.0% 0.0% 5.0% 10 .0 % 15 .0 % 20 .0 % 25 .0 % 800 850 900 950 1,000 1,050 1,100 1,150 3Q19 4Q19 1Q20 2Q20 3Q20 Equity SBP Regulatory Capital Adecuacy Tier 1 Capital Ratio (Basel III) Strong solvency and stable profitability support Bladex’s solid financial position and place the Bank favorably in the current context ROAE & ROAA Capital Ratios (1) As defined by the Superintendence of Banks of Panama (SBP), based on Basel III Standardized Approach. (2) Based on Basel III Internal ratings-based (IRB) approach. (USD millions, except for %) - EoP 21 Minimum Regulatory Capital Ratio = 8.0% Dividend YieldDividend Pay-out Ratio
- 23.
- 24. 24 * Financial Informationwas prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB.. Selected financial information (In US$ million, except percentages and per share amounts) 3Q19 4Q19 1Q20 2Q20 3Q20 9M19 9M20 Selected Profit or Loss Data: Net Interest Income 26.7 26.9 25.8 21.7 22.6 82.6 70.1 Fees and commissions, net 2.8 5.4 3.1 1.9 2.6 10.3 7.6 Gain (loss) on financial instruments, net (0.2) (2.0) (0.4) (3.9) (0.4) 0.7 (4.7) Other income, net 0.2 1.2 0.2 0.2 0.4 1.7 0.8 Total revenues 29.5 31.4 28.8 19.9 25.2 95.2 73.8 Reversal (provision) for credit losses (0.6) 1.9 0.1 2.6 (1.5) (2.4) 1.2 Impairment on non-financial assets 0.5 - - (0.1) 0.1 0.5 - Operating expenses (9.0) (11.3) (10.5) (8.3) (8.3) (29.4) (27.2) Profit for the year 20.4 22.1 18.3 14.1 15.4 64.0 47.9 Selected Financial Position Data Liquidity 963 1,160 1,297 1,959 1,465 963 1,465 Loan Portfolio 5,554 5,893 5,337 4,486 4,566 5,554 4,566 Total Assets 6,681 7,250 6,823 6,627 6,311 6,681 6,311 Deposits 2,851 2,888 2,468 2,886 3,055 2,851 3,055 Repos, borrowings and debt, net 2,682 3,179 3,191 2,638 2,078 2,682 2,078 Total Equity 1,009 1,016 1,018 1,022 1,026 1,009 1,026 Selected Financial Ratios Return on Average Assets (ROAA) 1.3% 1.3% 1.1% 0.8% 1.0% 1.4% 1.0% Return on Average Equity (ROAE) 8.0% 8.7% 7.2% 5.5% 6.0% 8.5% 6.2% Net Interest Margin (NIM) 1.77% 1.65% 1.59% 1.28% 1.42% 1.77% 1.43% Net Interest Spread ("NIS") 1.19% 1.18% 1.17% 1.01% 1.19% 1.19% 1.12% Tier 1 Capital Ratio (Basel III) 21.1% 19.8% 21.8% 24.8% 26.5% 21.1% 26.5% Efficiency Ratio 30% 36% 37% 42% 33% 31% 37% Credit-impaired loans to Loan Portfolio 1.11% 1.05% 1.16% 0.00% 0.00% 1.11% 0.00% Credit-impaired coverage (x times) 1.7 1.7 1.7 n.a. n.a. 1.7 n.a Total allowance for losses to Credit Portfolio (%) 1.65% 1.56% 1.73% 0.95% 0.84% 1.65% 0.84% Shares and Market Capitalization Number of shares outstanding (thousand) 39,602 39,602 39,614 39,672 39,672 39,602 39,672 Share price (as of period end) 19.94 21.38 10.31 11.50 12.15 19.94 12.15 Market capitalization 790 847 408 456 482 790 482 Earnings per share (EPS) 0.52 0.56 0.46 0.36 0.39 1.62 1.21 Book value per share (BVPS) 25.48 25.66 25.71 25.76 25.85 25.48 25.85 Annualized return / Average price per share 7.6% 7.1% 5.4% 8.7% 8.2% 7.7% 7.1% Pay-Out Ratio: Paid Dividend / EPS 75% 69% 83% 70% 64% 71% 73% Price to EPS (times) 9.3 9.8 4.9 6.1 6.9 9.3 6.9 Price to BVPS (times) 0.8 0.8 0.4 0.4 0.5 0.8 0.5