Bladex Q3 Profit Increases - Quick Facts

(RTTNews) - Banco Latinoamericano de Comercio Exterior, S.A. (BLX) or Bladex reported that its third quarter 2013 net income attributable to stockholders increased to $22.7 million, or $0.59 per share, from $13.0 million, or $0.34 per share in the third quarter 2012, as improved performance from core activities, mainly higher net interest income from average portfolio growth, higher fee income, and lower operating expenses, was partially offset by losses from holdings in the investments funds. Analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income grew to $36.6 million from last year's $25.1 million, mainly driven by higher average loan portfolio and investment securities balances, and a reduction in average funding costs.

Fees and commissions increased 79% year-over-year to $3.8 million in the third quarter 2013, mainly as a result of increased commissions from the letters of credit business, while the number of executed mandated transactions and pipeline of intermediation activities continued to grow.