Banco Latinoamericano de Comercio Exterior (BLCE - Foreign Trade Bank of Latin America) has reported second quarter net income down to US$21.7 million in 2013 from US$23.2 million in the second quarter 2012.

Despite the decrease, the bank says that letters of credit (L/Cs) have played a significant role boosting BLCE's operating performance.

Exceptional items

The bank explained when it announced its second quarter 2012 results that the decreased income in that quarter was largely due to a US$5.6 million gain on the sale of premises and equipment recorded in the same quarter in 2012.

Operating income was actually 12 per cent up in the second quarter of 2013 compared with the same period last year.

Increased income

Comparing the same periods, net interest income increased by 13 per cent to reach US$29.4 million.

Fees and commissions totalled US$2.8 million in the second quarter of 2013, 21 per cent up on the same period in 2012.

L/C transactions

The bank says this is mainly as a result of growth in contingency and L/C transactions, while the number of executed mandated transactions and pipeline of intermediation activities also increased.

BLCE is a supranational bank established by central banks of Latin American and Caribbean countries to promote trade finance in Latin America and the Caribbean.

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