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Bladex Reports Third Quarter Net Income of $16.3 Million, or $0.44 Per Share

Third quarter 2011 Net Income (*) totaled $16.3 million, a $1.4 million, or 9%, improvement from third quarter 2010, as the Commercial Division reported Net Income of $17.7 million, a $3.8 million, or 27%, increase over last year, partly offset by results in the Asset Management Unit (-$3.3 million).
On a year-to-date basis, the Bank's Net Income totaled $58.4 million, a $31.7 million, or 118%, increase from 2010, driven by improved performance across all of the Bank's business lines.
The Commercial Division's continued growth in Net Income was driven by net operating revenues of $30.0 million, 42% higher than the same period 2010, and 27% higher than the second quarter 2011. The increase during the quarter was driven by portfolio growth and diversification, along with increased commission income.
The Commercial Portfolio reached $5.6 billion, a $1.4 billion, or 34%, year-on-year increase, and a $371 million, or 7%, increase from the previous quarter, while average portfolio balances grew 11%....

During the third quarter 2011, the Asset Management Unit reported a Net Loss of $3.3 million, mainly due to mark-to-market losses on long positions in Latin American currencies and Latin American short-term sovereign credits incurred late in the quarter during increased market volatility. On a year-to-date basis, Bladex's investment in the Bladex Capital Growth Fund (BCGF, the Investment Fund, managed by this Unit), contributed Net Income of $11.5 million to the Bank, compared to a Net Loss of $8.1 million in the same period 2010.

Looking forward to some expert analysis here. Seems like good results to me, especially considering the Asset Mgmt losses.

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