Bladex (BLX) Misses Q3 EPS by 4c

Bladex (NYSE: BLX) reported Q3 EPS of $0.52, $0.04 worse than the analyst estimate of $0.56.

• 3Q17 and 9M17 Profit totaled $20.5 million (+17% QoQ, -27% YoY) and $61.4 million (-17% YoY), respectively, mainly as the effects of lower provisions for expected credit losses (\"ECL\") were offset by decreased net interest income.
• Net interest income and margin (\"NIM\") were $91.7 million and 1.87% in 9M17 (-22% and -21 bps YoY); $27.9 million and 1.76% in 3Q17 (-5% and -4 bps QoQ; -30% and -37 bps YoY, respectively). These decreases were a consequence of i) a YoY lower average loan book from de-risking and diversification efforts; ii) tighter net lending spreads on excess USD liquidity in markets across the Region; and iii) the effects from changes in the portfolio mix towards short-term trade exposures.
• Fees and Other Income totaled $12.8 million in 9M17 (+9% YoY) and $3.8 million (-28% QoQ, +5 YoY), mainly from increased activity in the letters of credit business, and the successful closing of three structured transactions in the quarter, for a total of five YTD.

For earnings history and earnings-related data on Bladex (BLX) click here.

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