In quantitative terms, these efforts resulted in a significant increase of 81.2% in operating income, which totaled $71.2 million for the year.  Within the context of the past three years,  operating profits increased 146.1%. 

For the third year in a row, the increase in revenues, combined with the disciplined control of expenses that has always distinguished the institution, contributed to progress in the efficiency ratio. Which reached 34%, a substantial improvement over what was already a good figure posted in the previous year, of 42%.           

The combination of all these elements described resulted in a net income of $72.2 million, an increase of 24.7% compared to the $57.9 million for the year 2006, equivalent to a return on equity of 11.9%.

We should point out the difficult environment in which these results were achieved, in particular during the second half of the year.  Beginning in August, the increased level of uncertainty that arose in international markets as a result of the problems in the sub-prime mortgage sector in the United States, brought about an unprecedented degree of volatility in the financial markets, with interbank liquidity abruptly becoming subject to severe limitations.  Thanks to its tradition of excellence in the liquidity management, Bladex was able, in spite of this environment, to strengthen its liquidity while sustaining the growth pattern in its core business.