Bladex Q2 Profit Decreases - Quick Facts

(RTTNews) - Banco Latinoamericano de Comercio Exterior, S.A. (BLX) reported second-quarter net income of $21.7 million, or $0.57 per share, compared to $23.2 million, or $0.61 per share in the second quarter 2012.

The company said the decrease versus the second quarter 2012 was largely driven by the $5.6 million gain on sale of premises and equipment recorded in the second quarter 2012, while net operating income grew 12% year-over-year.

Net interest income reached $29.4 million in the second quarter 2013, an increase of 13% year-over-year, mainly driven by a reduction in the average cost of funds, despite the accelerated amortization of commission expense from debt prepayments, and the amortization expense of financial instruments for which hedge accounting was discontinued in the third quarter 2012.

Fees and commissions totaled $2.8 million in the second quarter 2013, an increase of 21% year-over-year, mainly as a result of growth in contingency and letters of credit transactions, while the number of executed mandated transactions and pipeline of intermediation activities increased, as well.