Banco Latinoamericano de Comercio Exterior,S.A (BLX) 首席执行官 Gabriel Tolchinsky 于 2019年 第二季度业绩 - 收益电话成绩单

Banco Latinoamericano de Comercio Exterior, S.A (NYSE:BLX) Q2 2019 Earnings Conference Call July 19, 2019 11:00 AM ET

Banco Latinoamericano de Comercio Exterior,S.A(纽约证券交易所代码:[BLX])2019年第二季度收益电话会议2019年7月19日美国东部时间上午11:00

公司参与者

Gabriel Tolchinsky - CEO
Ana Graciela de Mendez - CFO

  • Gabriel Tolchinsky - 首席执行官
  • Ana Graciela de Mendez - 首席财务官

电话会议参与者

Robert Tate - Global Rational Capital

  • 罗伯特泰特 - 全球理性资本

会议主持员

Hello, everyone, and welcome to Bladex's Second Quarter 2019 Conference Call on the 19th day of July, 2019. This call is being recorded and is for investors and analysts only. If you are a member of the media, you are invited to listen only. Bladex has prepared a PowerPoint presentation to accompany their discussion. It is available through the webcast and on the bank's corporate website at www.bladex.com.
Joining us today are Mr. Gabriel Tolchinsky, Chief Executive Officer; and Ms. Ana Graciela de Mendez, Chief Financial Officer. Their comments will be based on the earnings release, which was issued earlier today and is available on the corporate website. The following statement is made pursuant to the safe harbor for forward-looking statements described in the Private Securities Litigation Reform Act of 1995.
In these communications, we may make certain statements that are forward-looking such as statements regarding Bladex's future results, plans and anticipated trends in the markets affecting end results and financial conditions. These forward-looking statements are Bladex's expectations on the day of the initial broadcast of this conference call and Bladex does not undertake to update these expectations based on the subsequent events or knowledge.
Various risks, uncertainties and assumptions are detailed in Bank's press releases and filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize or should any of our underlying assumptions prove incorrect, actual results may differ significantly from results expressed or implied in these communications.
And with that, I am pleased to turn the call over to Mr. Tolchinsky for his presentation.

大家好,欢迎参加2019年7月19日Bladex第二季度2019年电话会议。此电话正在录制,仅供投资者和分析师使用。如果您是媒体成员,则仅邀请您收听。 Bladex准备了PowerPoint演示文稿以配合他们的讨论。可通过网络直播和银行的公司网站www.bladex.com获取。

今天加入我们的是首席执行官Gabriel Tolchinsky先生;以及首席财务官Ana Graciela de Mendez女士。他们的评论将基于今天早些时候发布的盈利发布,可以在公司网站上找到。以下声明是根据1995年“私人证券诉讼改革法案”中所述的前瞻性陈述的安全港作出的。

在这些通信中,我们可能会做出一些具有前瞻性的陈述,例如关于Bladex的未来结果,计划和影响最终结果和财务状况的市场预期趋势的陈述。这些前瞻性陈述是Bladex在本次电话会议首次广播当天的预期,而Bladex并未承诺根据后续事件或知识更新这些预期。

银行的新闻稿和向美国证券交易委员会提交的文件详细说明了各种风险,不确定性和假设。如果这些风险或不确定性中的一个或多个成为现实或者我们的任何基本假设被证明是错误的,那么实际结果可能与这些通信中表达或暗示的结果有很大不同。

有了这个,我很高兴将这个电话转交给Tolchinsky先生。

Gabriel Tolchinsky

Thanks, Travis. Good morning, everyone. Thank you for joining us today. Before Ana Graciela delves into key aspects of our earnings results for the second quarter, I would like to discuss with you the economic and business environment in Latin America, important developments that took place during the quarter and the impact of these recent developments on our perception of risk and financial results.
During our last three quarters conference calls, we mentioned that the credit quality of our portfolio, cost structure and allowances for expected credit losses set the base to improve our earnings generation capacity. Our second quarter 2019 results are another step in that direction. On the economic and business environment front, once again, our diminished expectations for Latin America's economic growth continue to be challenge by the global macroeconomic environment, as well as by Brazil and Mexico, the two largest economies in Latin America, with growth expectations for the region now hovering around 1%.
Starting with the global macroeconomic context the U.S. dollar is strong, protectionist rhetoric on trade and tariff from the U.S. is a weekly occurrence and then ambition slow down of economic activity in China, Europe and the U.S. became a reality in the second quarter of 2019.
After switching to a neutral mode on the direction of interest rates in the first quarter the Federal Reserve started setting the stage in the second quarter for lowering rates in the second half of the year, while short-term rates remain relatively stable, the prospect of lower rates, lower the yield on the 10 year U.S. treasury to around 2%, thereby inverting the U.S. dollar yield curve. And inverted yield curve is usually a harbinger for an economic slowdown, which usually weakens the U.S. dollar.
Nevertheless further economic deceleration in Europe and China continue to make the U.S. dollar attractive reducing fund flows to emerging markets in general in Latin America in particular, with lower fund flows to Latin America, sagging investment in key countries has become a drag on the region's economic growth. Today, our growth estimates for the Brazilian economy for example are below 1%. These estimates are down from expectations of 2% in the first quarter and from above 2.5% at the end of 2018.
Mexico is now expected to grow at 1.2%, down from estimates of 1.6% in the first quarter and cross to 2% at the end of 2018. Argentina, the third largest economy in Latin America is still in the midst of a recession that’s exacerbated by restrictive fiscal guidelines under their IMF agreement and the impact of low growth from its neighbor Brazil.
Overall, our adjustments to economic growth are driven by lower investment, the prospect of diminishing trade volumes, the weight of lower growth rates from developed market, but also importantly by the uncertainty over the capacity of the current leadership in these countries leaders survive politically as in the case of Argentina follow through with the free market agenda as in the case of Mexico or enact the necessary fiscal reforms in sufficient magnitude to reverse structural deficit as in the case of Brazil.

谢谢,特拉维斯。大家,早安。感谢您今天加入我们。在Ana Graciela深入研究第二季度盈利结果的关键方面之前,我想与您讨论拉丁美洲的经济和商业环境,本季度发生的重要发展以及这些近期发展对我们认知的影响。风险和财务结果。

在我们过去三季度的电话会议中,我们提到我们的投资组合的信用质量,成本结构和预期信用损失准备为我们提高盈利发电能力奠定了基础。我们2019年第二季度的业绩是朝这个方向迈出的又一步。在经济和商业环境方面,我们对拉丁美洲经济增长的预期不断下降,继续受到全球宏观经济环境以及拉丁美洲两大经济体巴西和墨西哥的挑战。地区现在徘徊在1%左右。

从全球宏观经济背景开始,美元走势强劲,美国的贸易和关税保护主义言论每周都会发生,然后中国,欧洲和美国的经济活动的野心放缓将在2019年第二季度成为现实。

在第一季度利率方向转为中性模式之后,美联储在第二季度开始设定阶段,以降低下半年的利率,同时短期利率保持相对稳定,降低利率,将10年期美国国债的收益率降至2%左右,从而扭转美元收益率曲线。反向收益率曲线通常是经济放缓的预兆,通常会削弱美元。

然而,欧洲和中国的进一步经济减速继续使美元具有吸引力,特别是拉丁美洲的新兴市场资金流入减少,拉丁美洲的资金流入减少,主要国家的投资下降已成为该地区经济的拖累生长。今天,我们对巴西经济的增长预测低于1%。这些估计值低于第一季度预期的2%和2018年底的2.5%。

墨西哥目前预计将增长1.2%,低于第一季度1.6%的预期,并在2018年底达到2%。拉丁美洲第三大经济体阿根​​廷仍然处于经济衰退之中,这种情况进一​​步恶化根据其国际货币基金组织协议的限制性财政准则以及邻国巴西的低增长影响。

总体而言,我们对经济增长的调整是由于投资减少,贸易量减少的前景,发达市场增长率较低的重要因素,以及这些国家现任领导人的能力不确定因素在政治上生存的重要因素。在阿根廷的情况下,像墨西哥一样遵循自由市场议程,或者实施足够大的必要财政改革,以扭转结构性赤字,就像巴西一样。

The prospect of passage of the pension reform plan in Brazil have improved after it was approved by the first reading in the lower house. There is a second vote in the lower house of Congress before it moves to the Senate where there is two votes in that house of Congress.
Nevertheless, the presence when in popularity may dilute the bill and therefore the magnitude of fiscal savings. On the economic front, as we mentioned in the previous call, we see the engines of growth for the Brazilian economy tied to internal demand and investment not to export industries, primarily because prices for some key export soft commodities such as sugar and soybean are still depressed. Passage of fiscal reform is key to restoring confidence in growth for a pickup in both internal demand and in investment.
In Argentina, we are adjusting our exposure down as we get closer to the August primary and the October election. Although both candidates appear to be a thousand premarket positions the uncertainty of a popular backlash against fiscally restrictive policies from the IMF program, and high levels of debt could suede the new administration to restructure existing obligations, always a messy outcome.
We continue to believe that the macroeconomic and regional context offers no room for complacency. Furthermore, the combination of slow growth and risk aversion is exacerbating liquidity for the top names in the region compressing their margins not always compensating for the risk these credits represent. Against this backdrop, we continually analyze the risk reward functions at the country level to adjust our portfolio accordingly. As we mentioned in previous calls, with 79% of our commercial portfolio less than one year of remaining life Bladex is in a privileged position to dynamically adjust portfolio exposures.
We continue to see opportunities to grow our exposure in some countries of Central America and the Caribbean as well as in Columbia, Peru, Paraguay and Chile. Our book of business is solid. We are identifying new prospects we’re increasing share of wallet with our existing client base, and are structuring value added transactions with key clients.
Although our focus on high quality borrowers and persistent U.S. dollar liquidity in key markets put pressure on our origination margins, Bladex continue to originate at stable lending spreads, and with a better asset mix, improving the lending spread over the -- of the overall portfolio.
Our pipeline of syndicated and structured transactions tied to Latin American integration is also solid, and should help us get closer to the 40% exposure, we look for in our model portfolio for medium term loans, as well as increasing our fee income.
Deposits, particularly from our Class A shareholders now represents 55% of our funding structure. We appreciate the trust and commitment of the region's Central Bank and the impact of these deposits -- that this deposits have on improving our cost of funds.
On the cost side, expenses for the quarter continue to be under control. We reiterate our statement from the last two calls that net of restructuring and other non-recurring charges and seasonality, our recurrent expenses continue to decline. As you'll hear from Ana Graciela, our credit impaired loans are unchanged from last quarter, our credit reserve coverage and Tier I capital ratios continue to be very strong, and our book value remains solid above $25 a share. That is why our Board of Directors approved to maintain $0.385 a share dividend. Against this backdrop, the management of Bladex, as well as its Board of Directors is cautiously optimistic for the second half of 2019, and look for a continuation of the profitability path we embarked on, on the last two quarters.

在下议院一读通过后,巴西养老金改革计划通过的前景有所改善。国会下院在进入参议院之前进行了第二次投票,在那里,国会众议院有两票。

然而,在受欢迎时的存在可能会削弱账单,从而削弱财政储蓄的规模。在经济方面,正如我们在上一次电话会议中所提到的,我们看到巴西经济的增长引擎与内部需求和投资不相关,而不是出口行业,这主要是因为一些主要出口软商品如糖和大豆的价格依然存在郁闷。财政改革的通过是恢复内部需求和投资回升的增长信心的关键。

在阿根廷,随着我们接近8月初选和10月大选,我们正在调整我们的风险敞口。虽然这两个候选人似乎都是一千个上市前的立场,但是国际货币基金组织计划中针对财政限制性政策的普遍反对的不确定性,以及高水平的债务可能会使新政府谴责重组现有债务,总是一个混乱的结果。

我们仍然认为,宏观经济和区域背景没有任何自满的余地。此外,缓慢增长和避险情绪的结合加剧了该地区顶级品牌的流动性,压缩其利润率并不能总是弥补这些信贷所代表的风险。在此背景下,我们不断分析国家层面的风险回报函数,以相应调整我们的投资组合。正如我们在之前的调用中所提到的,我们79%的商业投资组合的剩余寿命不到一年,Bladex在动态调整投资组合风险方面处于特权地位。

我们继续看到在中美洲和加勒比地区的一些国家以及哥伦比亚,秘鲁,巴拉圭和智利增加曝光率的机会。我们的业务书很扎实。我们正在确定新的前景,我们正在通过现有客户群增加钱包份额,并正在与主要客户构建增值交易。

尽管我们对高质量借款人的关注以及主要市场持续的美元流动性给我们的创业利润带来压力,但Bladex继续源于稳定的贷款利差,并且有更好的资产组合,改善了整个投资组合的贷款利差。 。

我们与拉丁美洲一体化相关的银团和结构性交易渠道也很稳固,应该有助于我们接近40%的风险敞口,我们在中期贷款模型组合中寻找,以及增加我们的手续费收入。

存款,特别是来自我们A类股东的存款现在占我们资金结构的55%。我们感谢该地区中央银行的信任和承诺以及这些存款的影响 - 这些存款有助于提高我们的资金成本。

在成本方面,本季度的费用继续受到控制。我们重申最近两次电话会议的声明,即重组和其他非经常性费用和季节性因素,我们的经常性支出继续下降。正如您从Ana Graciela那里听到的那样,我们的信用减值贷款与上一季度相比没有变化,我们的信贷储备覆盖率和一级资本比率继续保持强劲,我们的账面价值仍高于每股25美元。这就是为什么我们的董事会批准维持每股0.385美元的股息。在此背景下,Bladex及其董事会的管理层对2019年下半年持谨慎乐观态度,并寻求在过去两个季度继续实施我们的盈利路径。

With these initial and brief comments, I will now turn the call over to our CFO, Ana Graciela to provide you with more color about our financial performance in Q2 2019.

通过这些初步和简短的评论,我现在将致电我们的首席财务官Ana Graciela,为您提供更多关于我们2019年第二季度财务业绩的色彩。

Ana Graciela de Mendez

Thank you, Gabriel. Good morning to everyone and thank you for your participation in our call. I will now review the results for the second quarter and first half of 2019, making reference to the presentation that we have uploaded on our website.
So on page four, you can see the continuous improvement in our profitability, both on a quarterly and on a year-to-date basis. This performance was achieved with the contribution of virtually all line items with revenue growth supported by a positive quarterly trend in net interest margins, fees and commercial portfolio balances, lower year-on-year expense levels, stable NPLs and high quality portfolio origination, which in turn resulted in low credit provisioning. And finally, the absence of losses on non-financial assets accounted for in the second quarter of 2018.
The banks second quarter 2019 profits of $22.3 million, or $0.56 per share represented a 34% increase with respect to the year before and were up 5% on a quarter-on-quarter basis. For the first half of 2019, profits amounted to $43.5 million, a 40% increase compared to last year. With this result, we were able to achieve a 9% return on average equity, a 1.4% return on average assets and an efficiency ratio of 31%, while maintaining a solid level of capitalization at 20% of Tier 1 Basel III Ratio.
Now I will refer to the evolution of net interest income and the impact of financial margins and loan trends on page five. Net interest income for the second quarter of 2019 remained relatively stable at close to $28 million, with respect to both the first quarter of 2019 and the second quarter of 2018. The Bank's loan portfolio the main driver of net interest income remained relatively stable for the quarter, with an average balance up 1% year-on-year and down 2% quarter-on-quarter to $5.4 billion.
Loan origination remained solid at $3 billion during the quarter, offsetting maturities by over $90 million, translating into a quarter-on-quarter end of period loan balances increase of 2% to $5.6 billion, a similar level from a year ago.
Net interest margin of 1.81% for the second quarter of 2019 represented a 7 basis points increase with respect to the previous quarter and was stable year-on-year. Margins were positively impacted during the quarter by lower average funding costs and the continued decrease of average liquidity to historical level hence improving the mix and yield of financial assets. While lending spreads and average loans remained relatively stable.
For the first six months of 2019, the Bank’s net interest income increased by 3% year-on-year to $56 million and the net interest margin increased by 2 basis points to 1.77%, reflecting the Bank’s effective management of its interest rate GAAP position in a period of increasing market rate as the Bank's LIBOR based loan rate reprise at a higher level than the LIBOR based rate of its funding, more than offsetting a decrease in lending spreads on the account of higher quality loan origination, and which has been stabilized in recent quarters.

谢谢,加布里埃尔。大家早上好,感谢您参与我们的电话会议。我现在将审查2019年第二季度和上半年的结果,并参考我们在网站上传的演示文稿。

因此,在第四页,您可以看到我们的盈利能力持续改善,无论是季度还是年初至今。这一业绩是通过几乎所有项目的贡献实现的,收入增长得益于净息差,费用和商业投资组合余额的正季度趋势,较低的同比支出水平,稳定的不良贷款和高质量的投资组合来源,反过来导致信贷供应量减少。最后,非金融资产的亏损没有在2018年第二季度出现。

银行2019年第二季度的利润为2230万美元,或每股0.56美元,较上年同期增长34%,同比增长5%。 2019年上半年,利润达到4350万美元,比去年增长了40%。通过这一结果,我们能够实现9%的平均股本回报率,1.4%的平均资产回报率和31%的效率比率,同时保持稳定的资本化水平,达到1级巴塞尔协议III比率的20%。

现在我将参考第五页的净利息收入的变化以及金融利润和贷款趋势的影响。 2019年第二季度的净利息收入保持相对稳定,接近20100万美元,相对于2019年第一季度和2018年第二季度。银行的贷款组合是净利息收入的主要驱动因素,相对稳定。季度,平均余额同比增长1%,环比下降2%至54亿美元。

本季度贷款发放量稳定在30亿美元,抵消期限超过9000万美元,转换为季度末贷款余额增加2%至56亿美元,与去年同期水平相当。

2019年第二季度的净利息收益率为1.81%,比上一季度增加了7个基点,并且同比保持稳定。本季度利润率受到平均融资成本降低和平均流动性持续下降至历史水平的影响,从而改善了金融资产的组合和收益。虽然贷款利差和平均贷款保持相对稳定。

2019年前六个月,本行净利息收入同比增长3%至5600万美元,净利息收益率增加2个基点至1.77%,反映了本行对其利率GAAP头寸的有效管理在市场利率上升的时期,因为银行的LIBOR贷款利率比基于LIBOR的贷款利率更高的水平重新出现,抵消了贷款利差较高的贷款利差下降,并且已经稳定下来在最近几个季度。

Now moving on to page six, fees and commissions increased to $5.1 million for the second quarter of 2019. Representing a quarter-on-quarter increase of 118% on the account of two syndicated transactions closed during the quarter, compared to none in the previous quarter, reflecting the uneven nature of this transactional business. Fees for the quarter stood at a similar level year-on-year.
The Bank continues to be an active and relevant player in the structuring and syndications Latin American market, supporting clients with their growth plans and cross border operations. For the first six months of 2019 fees totaled $7.5 million, an 8% decline over the previous year due to lower letter of credit fees, partly offset by a better performance and fee level from the syndications business.
From pages seven through nine, we present the evolution and composition of our commercial portfolio. At June 30, 2019 commercial portfolio totaled $6.2 billion, representing a 3% increase quarter-on-quarter as well as year-on-year. Total commercial portfolio continue to be mostly short-term, with 79% maturing in the next 12 months and an average remaining tenure of close to 10 months. 56% of the Bank's short–term commercial portfolio is specifically trade related.
The Bank's high quality origination is evidence by the overall exposure to financial institutions, sovereign and quasi-sovereign, which represented 70% of total commercial portfolio as of June 30, 2019. Financial institutions alone represent the largest industry exposure, with 56% of the total at quarter end.
Other relevant industry exposures are the integrated and downstream oil and gas sectors, with 7% and 4%, respectively of total exposure as of June 30, 2019. These sectors exposures represent the Bank's historical participation in credit related to strategic oil and refined product exports and imports to sovereign and quasi-sovereign entities across the region to the issuance and confirmation of letters of credit, as well as financing. The remaining overall exposure is well diversified among several industry sectors, with no other industry exceeding 5% of total exposure.
At June 30, 2019, Brazil's exposure decreased to 16% of total portfolio from 18% in the previous quarter on the account of the bank's view of risk not being compensated by the adequate returns in this market. And on the continued effort to a more diversified country exposure.
Nonetheless, Brazil remains the largest country exposure. The average remaining tenor of the country's portfolio is lower than 9 months, with 84% maturing in the next 12 months. Our exposure in Mexico remained relatively stable, accounting for 14% of the total portfolio compared to 15% in the previous quarter, and it remains focused on strategic, state enterprises and private sector exporting corporation, with participation in the North American trade flows.
We continue to closely monitor the country's evolution in terms of the new government policy, GDP growth and investment the impact of Pemex [ph] proposed restructuring program as well as the pending approval of the USMCA by U.S. Congress among other issue.

现在转到第6页,2019年第二季度的费用和佣金增加到510万美元。由于本季度两个银团交易账户的账户数量比去年同期增加了118%。季度,反映了这种交易业务的不平衡性。本季度的费用与去年同期水平相当。

本行继续成为拉美市场结构和联合体的积极参与者,为客户提供增长计划和跨境业务支持。 2019年前六个月的费用共计750万美元,比上一年下降8%,原因是信用证费用较低,部分被联合企业的业绩和收费水平所抵消。

从第7页到第9页,我们介绍了我们商业投资组合的演变和构成。 2019年6月30日,商业投资组合总计62亿美元,环比增长3%,同比增长3%。总的商业投资组合大多是短期的,未来12个月的79%到期,平均剩余期限接近10个月。该银行56%的短期商业投资组合与贸易有关。

2019年6月30日,金融机构占主要商业投资组合总额的70%,金融机构的主要风险来自银行的高质量起源。仅金融机构就是最大的行业风险,其中56%是季末总数。

其他相关行业敞口是综合和下游石油和天然气行业,截至2019年6月30日,其总敞口分别占7%和4%。这些行业敞口代表了世行在战略石油和成品出口相关信贷方面的历史参与并向该地区的主权和准主权实体进口,以发行和确认信用证以及融资。剩余的整体风险在多个行业中差异很大,没有其他行业超过总风险的5%。

在2019年6月30日,巴西的风险敞口从上一季度的18%降至总投资组合的16%,原因是该银行认为风险没有得到该市场足够回报的补偿。并继续致力于更多元化的国家曝光。

尽管如此,巴西仍然是最大的国家。该国投资组合的平均剩余期限低于9个月,其中84%在未来12个月到期。我们在墨西哥的风险敞口相对稳定,占总投资组合的14%,而上一季度为15%,并且仍然专注于战略,国有企业和私营部门出口公司,参与北美贸易流动。

我们继续密切关注该国在新政府政策,GDP增长和投资方面的演变,以及Pemex提出的重组计划的影响,以及美国国会在其他问题上等待USMCA的批准。

Given the uncertainty we continue to favor a short tenure origination approach in the country. 72% of Mexico’s portfolio matures in the next 12 months and the average tenure is approximately 11 months. Argentina’s exposure is down to 6% of the total portfolio compared to 9% in the preceding quarters executing on our plan to reduce the country's exposure in view of the uncertain outcome of the coming presidential elections, which are critical to the country's overall risk profile and the needed ongoing availability of external financing.
We maintain a short-term approach with strategic state entities and top tier international banks and exporting corporation. 64% of the portfolio in Argentina matures in the next 12 months and the average tenure of the portfolio is approximately 13.5 months. We have successfully increased our portfolio in Chile, where we continue to see good risk reward opportunity. At June 30, 2019 Chile exposure accounted for 8% of total portfolio compared to 4% in the previous quarter.
And we also maintain a 30% exposure in the central American and Caribbean region the Bank’s natural market for its geographic proximity, of which 72% is with banks, sovereigns and quasi-sovereigns. 76% of this portfolio in this region matures in the next 12 months and the average tenure of the portfolio is approximately 10 months.
On page 10 now we present the evolution of credit impaired loans or NPL and allowances of credit losses. NPL balances remained unchanged during the quarter at $65 million, representing 1.16% of total loans with a reserve coverage of 1.6 times. IFRS 9 Stage 3 individual allowances allocated to this NPL portfolio increased to $57 million during the quarter, representing 88% of NPL balances in view of this credit restructuring evolution.
IFRS 9 Stage 2 allocated research decrease during the quarter on the account of reduced credit exposure in this category, related to collections in our watch list exposure, as well as reductions in exposures to countries impacted by internal country ratings such as Argentina. All of the exposure in this categories remains current.
Our IFRS 9 Stage 1 exposure and its associated credit allowances increase in the account of higher portfolio origination relative to maturities, reflecting an improved competition of our commercial portfolio. This Stage 1 exposure, which relate to the performing portfolio with credit conditions unchanged origination continued to be the most relevant with 94% of total exposure at quarter end.
On page 11, the Bank continue to improve its efficiency with a sustained focus on expense control and process improvement evident by the declining trend in year-to-date expenses and by the improvement on the Bank's efficiency ratio for second quarter and first half of 2019 to 31%. Second quarter 2019 expenses amounted to $10.6 million, representing a 7% decrease year-on-year and a 7% increase quarter-on-quarter. While operating expenses for the first half of the year were down 20% from the year before totaling $20.4 million.

鉴于这种不确定性,我们继续支持该国的短期任期。墨西哥72%的投资组合在未来12个月内到期,平均任期约为11个月。考虑到即将举行的总统选举结果不确定,这对于该国整体风险状况至关重要,我们计划减少该国的风险,前几个季度阿根廷的风险敞口已下降至总投资组合的6%。所需的持续外部融资。

我们与战略性国家实体和顶级国际银行以及出口公司保持短期合作关系。阿根廷64%的投资组合在未来12个月内到期,投资组合的平均任期约为13.5个月。我们已成功增加智利的投资组合,我们继续看到良好的风险回报机会。 2019年6月30日,智利风险敞口占总投资组合的8%,而上一季度为4%。

此外,我们还在中美洲和加勒比海地区保持30%的风险敞口,即该银行的地理位置接近的自然市场,其中72%与银行,主权国家和准主权国家有关。该地区76%的投资组合在未来12个月内到期,投资组合的平均任期约为10个月。

现在,我们将介绍信用减值贷款或不良贷款和信贷损失准备的演变情况。本季度不良贷款余额保持不变,为6500万美元,占贷款总额的1.16%,储备金覆盖率为1.6倍。国际财务报告准则第9号第3阶段分配给该不良贷款组合的个人免税额在本季度增加至5700万美元,相当于该信贷重组发展的88%,不良贷款余额。

国际财务报告准则第9号第2阶段在本季度分配了研究减少,因为该类别的信用风险减少,与我们观察名单中的收集有关,以及受阿根廷等内部国家评级影响的国家的风险敞口减少。此类别中的所有暴露都是最新的。

我们的国际财务报告准则第9阶段第1阶段风险敞口及其相关信贷免税额在相对于到期日的较高投资组合来源增加,反映了我们商业投资组合的竞争改善。第一阶段风险敞口与信贷条件不变的执行投资组合持续相关,与季末总风险敞口的94%最相关。

在第11页,世行继续提高效率,持续关注费用控制和流程改善,这可以从今年迄今为止的费用下降趋势以及世行第二季度和2019年上半年的效率比率的提高中看出到31%。 2019年第二季度的费用为1060万美元,同比下降7%,环比增长7%。虽然上半年的营业费用比前一年下降了20%,总计为2040万美元。

The year-over-year expense reduction mostly relate to lower viable compensation and other employee expenses related to the personnel restructuring process that the bank underwent in the first month of 2018 as well as to the resulting lower salary expense base. The quarter-on-quarter increase is mainly attributable to higher business related expenses when compared to a seasonally low first quarter.
On page 12, we present the positive ROE evolution, which reached 9% in this past quarter, while the Bank maintain a solid capitalization of over 20%. Like Gabriel mentioned, the Board of Directors kept the dividend payment unchanged at $0.385 per share, which represents a 68% payout over quarterly earnings.
I will now turn the call back to Gabriel to open the Q&A session. Thank you.

同比减少的费用主要与较低的可行薪酬和与银行在2018年第一个月进行的人事重组过程相关的其他员工开支以及由此产生的较低薪资费用基数有关。 季度环比增长主要是由于与季节性低的第一季度相比,业务相关费用增加。

在第12页,我们呈现了正的净资产收益率变化,在上个季度达到了9%,而本行保持了超过20%的可靠资本化。 与Gabriel提到的一样,董事会将股息支付保持在每股0.385美元不变,相当于季度收益的68%。

我现在将把电话转回加布里埃尔开启问答环节。 谢谢。

Gabriel Tolchinsky

Thank you, Ana Graciela. Travis, you can now open the call to the Q&A session.

谢谢你,Ana Graciela。 特拉维斯,您现在可以打开问答环节的电话。

问答环节

[Operator Instructions] We have no questions in the queue at this time.

[操作员说明]我们目前在队列中没有任何问题。

Gabriel Tolchinsky

Thank you, everybody. I believe that there is a question coming in.

谢谢大家。 我相信会有一个问题进来。

会议主持员

Yes, we do have someone queue up. We have a question for Robert Tate, Global Rational Capital.

是的,我们确实有人排队。 我们对全球理性资本Robert Tate提出了一个问题。

罗伯特泰特

Hi, Gabriel, Ana, thank you very much. [Technical Difficulty] well this quarter, again, just want to congratulate you on the good results.

嗨,加布里埃尔,安娜,非常感谢你。 [技术难度]本季度又好了,只想祝贺你的好成绩。

Gabriel Tolchinsky

Thank you, Robert. Very much appreciate it.

谢谢罗伯特。 非常感谢。

罗伯特泰特

So, as I mentioned, you've done very well this year despite the headwind [Technical difficulty] track to achieve a 10% or double digit return on equity. And I was just wondering, so and you've been [Technical difficulty]. How, how are you able to do so well, despite the difficult environment, and why are they not more [Technical difficulty] you mentioned, in the first part of your call.

因此,正如我所提到的,尽管逆风[技术难度]追踪到达10%或两位数的股本回报率,但今年你做得非常好。 而我只是想知道,所以你一直[技术难度]。 如何,尽管环境困难,你怎么能做得这么好,为什么你在电话的第一部分中没有提到[技术难度]。

Gabriel Tolchinsky

Okay. Thank you for your question. Robert, some of your comments were cut off because of bad communication. But I think I got the gist of the question. And let me start answering by saying that, in this environment, we need to, of course have very sturdy and strict credit underwriting standards. And we do so and also pay good attention to overall portfolio allocation. We are reducing exposure in countries like Argentina, because of the potential for volatility, particularly from the political side. But we're able to increase exposure in Central America and the Caribbean where our margins are very good and we have very good presence in those countries.
So from a big picture portfolio allocation, we are able to navigate Latin America based on where the appropriate risk reward is. And from a more micro level, we have been doing very good transactions, as Ana Graciela mentioned, we have done two significant syndicate transactions at good margin levels that is additive to our portfolio. Overall, we are able to still find our good spots within what we consider an overall challenging environment.
Challenging doesn't always mean that it will translate to NPLs, it just means that we need to be careful on how we underwrite the bulk of our portfolio is short-term in nature. As we mentioned before, around 79% of our exposure matures within a year, that means that we have the capacity to move around and stay away from difficult situations, very much a product of the derisking that we took on starting in 2017 all the way to 2018. And are able to really have constructed a portfolio that we feel very comfortable with, and able to adjust exposure accordingly based on changing macro and micro wins.

好的。谢谢你的问题。罗伯特,你的一些评论因为沟通不畅而被切断了。但我认为我得到了问题的要点。让我开始回答说,在这种环境下,我们当然需要非常坚固和严格的信用承保标准。我们这样做也很注意整体投资组合分配。我们正在减少像阿根廷这样的国家的风险敞口,因为它可能会出现波动,特别是来自政治方面。但我们能够增加中美洲和加勒比地区的曝光率,我们的利润非常好,而且我们在这些国家拥有非常好的存在。

因此,从全局投资组合分配中,我们能够根据适当的风险回报来指导拉丁美洲。从更微观层面来看,我们一直在进行非常好的交易,正如Ana Graciela所说,我们已经完成了两个重要的联合交易,保证金水平很高,这对我们的投资组合来说是一个附加的。总的来说,我们仍然能够在我们认为具有整体挑战性的环境中找到我们的优势。

具有挑战性并不总是意味着它会转化为不良贷款,这只意味着我们需要谨慎对待我们如何承担大部分投资组合的短期性质。正如我们之前提到的,我们大约79%的曝光在一年内到期,这意味着我们有能力四处走动并远离困境,这是我们从2017年开始一路走来的产品。能够真正建立一个我们感到非常舒适的投资组合,并能够根据宏观和微观变化的相应调整风险。

罗伯特泰特

Right. Thank you, Gabriel. And just a question for you both the H2 exposure into [Technical difficulty] that's quite an important category I think, and perhaps one that [Technical difficulty] just wondering if you could just describe the general composition of exposure [Technical difficulty] and country?

对。 谢谢,加布里埃尔。 对于你们来说,只有一个问题,即H2暴露于[技术难度]这是我认为的一个非常重要的类别,也许是一个[技术难度]只是想知道你是否只能描述暴露的一般构成[技术难度]和国家?

安娜·门德斯

Yes, Robert. Thank you. Yes Stage 2 exposure, this is a category under IFRS 9, as I mentioned, and basically the accounting standard what is asked is that in any case, where we see that exposures or the conditions of the exposures changed with respect to when they were originated, it implies that we have to move from allocating credit reserve on a one year basis rather than on lifetime. So when we put exposures from Stage 1 to Stage 2, it means that some conditions have deteriorated to this portfolio since these loans were originated.
Now, what does this translate to is that whenever we risk area determines that there has been certain deterioration in a country or an industry, that means that we give an internal downgrade to the country risk, all the exposure that are closely associated to this country exposure is analyzed and then it's put on the Stage 2 category until it matures, because it was originated in different risk conditions. But it -- I emphasize that this exposure is performing and in our perspective, it continues to be with very good clients and it continues to follow very strict credit procedures in terms of the underwriting that Gabriel mentioned. So it's just an accounting rule that we have to follow.
We do have a small portion of this portfolio, which we have in our watch list. Like I mentioned, we continue to get paid on that. And it's a very small portion of that. I think it at the end of the quarter totaled $30 million. So in general terms, it's nothing that we particularly worry about in terms of -- it's just an accounting standard that we have to follow. I don't know Gabriel you…

是的,罗伯特。谢谢。是第二阶段风险,这是IFRS 9下的一个类别,正如我所提到的,基本上会计标准所要求的是,在任何情况下,我们都会看到风险暴露或风险条件发生变化的时间。 ,这意味着我们必须从一年的基础而不是一生中分配信贷储备。因此,当我们将第1阶段的风险暴露到第2阶段时,这意味着自从这些贷款产生以来,某些条件已经恶化到这个投资组合。

现在,这转化为什么,每当我们风险区域确定某个国家或行业出现某种恶化时,这意味着我们对国家风险进行内部降级,所有与该国密切相关的风险敞口分析暴露,然后将其置于第2阶段,直至其成熟,因为它起源于不同的风险条件。但它 - 我强调这种曝光表现并且在我们看来,它仍然是非常好的客户,并且继续遵循Gabriel提到的承销方面非常严格的信贷程序。所以这只是我们必须遵循的会计规则。

我们确实拥有此投资组合的一小部分,我们在观察名单中有这一部分。就像我提到的那样,我们继续得到报酬。而且这只是其中的一小部分。我认为在本季度末总计3000万美元。总的来说,就我们而言,这并不是我们特别担心的 - 它只是我们必须遵循的会计准则。我不知道加布里埃尔......

Gabriel Tolchinsky

Right. I think that summarizes it very well. Thank you.

对。 我认为这很好地总结了它。 谢谢。

罗伯特泰特

Yes. And just in terms of the [Technical difficulty] country at all in that category. I presume, it would be countries like maybe Argentina and industries, perhaps sugar, maybe oil and gas. Is that correct or what industries and countries within that category of exposure?

是。 就该类别中的[技术难度]国家而言。 我认为,这可能是像阿根廷和工业这样的国家,也许是糖,也许是石油和天然气。 这是正确的还是该类别中的哪些行业和国家?

Gabriel Tolchinsky

A significant amount of the exposure there is Argentina and Costa Rica, both countries that were downgraded in the last few months. And that is the bulk of the increase. But the underlying credits are not only performing those are good credits with absolutely no delays and we don't have any concerns as to the capacity of these borrowers to repay their debt.

阿根廷和哥斯达黎加都有大量的风险,这两个国家在过去几个月都被降级。 这是增长的主要部分。 但基础信用不仅表现出良好的信用,绝对没有延迟,我们对这些借款人偿还债务的能力没有任何担忧。

罗伯特泰特

Okay, okay. Great. Just on the provision for the network [Technical difficulty] in the first three of last year. I think the [Technical difficulty] Stage 3 exposure and from when I [Technical difficulty] particular loan went from 75% in quarter four of last year to [Technical difficulty].

好吧好吧。 大。 仅仅是去年前三个网络[技术难度]的规定。 我认为[技术难度]第3阶段曝光,从我[技术难度]特定贷款时间从去年第四季度的75%上升到[技术难度]。

Ana Graciela de Mendez

Yes, we kind of losing you Robert.

是的,我们有点失去了罗伯特。

Gabriel Tolchinsky

I am sorry, Robert, we have lost you.

对不起,罗伯特,我们失去了你。

罗伯特泰特

[Technical difficulty]. The impairments of sugar loan, I think it’s at 85% provision, is that about right at the moment?

[技术难度]。 糖业贷款的减值,我认为是85%的拨款,目前是正确的吗?

Gabriel Tolchinsky

That is about right.

那是对的。

Ana Graciela de Mendez

Yes, that’s correct.

对,那是正确的。

罗伯特泰特

Okay, and then [Technical difficulty].

好的,然后[技术难度]。

Gabriel Tolchinsky

Robert, I’m so sorry, we’re going to have to maybe pick this up outside the call, because we are unable to hear and probably the rest of the participants in the conference call are unable to hear you. So, we’re happy to entertain your questions directly. Travis, if you want to open up for more questions, or wrap the call, please takeover. Thank you.

罗伯特,我很抱歉,我们不得不在电话会议之外接听电话,因为我们无法听到,可能电话会议的其他参与者都听不到你的声音。 所以,我们很乐意直接接受您的问题。 特拉维斯,如果你想打开更多问题,或打包电话,请接管。 谢谢。

会议主持员

Thank you, sir [Operator Instructions]. There is no questions in the queue at this time, I’d like to turn the call back over to you, sir.

谢谢,先生[操作员说明]。 先生,队列中没有问题,我想把电话转回给你。

Gabriel Tolchinsky

Thank you, everybody and we look forward to talking to you in -- after we report numbers for the third quarter and have everyone a very good day. Bye-bye.

谢谢大家,我们期待与您交谈 - 在我们报告第三季度的数据并让每个人都度过了美好的一天之后。 再见。

Ana Graciela de Mendez

Thank you.

谢谢。

会议主持员

Thank you, ladies and gentlemen, this concludes today’s teleconference. You may now disconnect.

女士们,先生们,谢谢你们今天的电话会议。 您现在可以断开连接。

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