Bladex announces Net Profit of $56.4 Million for the First Quarter 2026

Rhea-AI Summary

Bladex (NYSE: BLX) reported net profit of $56.4 million for 1Q26, a 9% YoY increase, with EPS of $1.31 and adjusted annualized ROE of 14.2%. Total revenues were $83.1 million and NII was $70.2 million. Credit portfolio reached an all-time high of $13,487 million, deposits rose to $7,307 million, and liquid assets were $1,988 million. The Board declared a quarterly dividend of $0.6875 per share payable May 27, 2026.

Positive

• Net profit of $56.4 million in 1Q26 (+9% YoY)
• Credit portfolio at an all-time high of $13,487 million (+13% YoY)
• Deposits increased to $7,307 million (+25% YoY), representing 63% of funding
• Tier 1 capital ratio of 17.9%, providing capital headroom
• Quarterly dividend of $0.6875 per share payable May 27, 2026

Negative

• Net interest margin compressed to 2.34% (down 2bps YoY) due to lower base rates
• Fees and commissions declined QoQ to $13.1 million (down 9% QoQ)
• Operating expenses increased 5% YoY to $22.0 million, reflecting ongoing investments

News Market Reaction – BLX

-5.91% 1.8x vol

3 alerts

-5.91% Session close to close

-2.1% Trough Tracked

$2.01B Market Cap

1.8x Rel. Volume

In the Apr 28 session, BLX declined 5.91%, reflecting a notable negative market reaction. Argus tracked a trough of -2.1% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.9% in the session following this news. A negative reaction despite strong 1Q26 fi...

Analysis

The stock moved -5.9% in the session following this news. A negative reaction despite strong 1Q26 figures would fit prior patterns where positive strategic news, such as the 2030 plan, coincided with declines. Earnings delivered net profit of $56.4M, NIM of 2.34%, and a record $13,487M credit portfolio, alongside a 26.5% efficiency ratio. Pressure could have centered on lower EPS versus 4Q25 or concerns over margin compression despite otherwise strong capital and asset quality metrics.

Key Figures

Net profit: $56.4M Earnings per share: $1.31 Adjusted ROE: 14.2% +5 more

8 metrics

Net profit $56.4M 1Q26 net profit, up 9% YoY

Earnings per share $1.31 1Q26 EPS after AT1 coupon deduction

Adjusted ROE 14.2% 1Q26 adjusted annualized return on equity

Net interest income $70.2M 1Q26 NII, +8% YoY

Net interest margin 2.34% 1Q26 NIM, -2 bps YoY

Credit portfolio $13,487M Record credit portfolio as of Mar 31, 2026

Efficiency ratio 26.5% 1Q26 operating expenses as % of total revenues

Quarterly dividend $0.6875/share 1Q26 common dividend payable May 27, 2026

Historical Context

5 past events · Latest: Apr 21 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 21	Debt issuance	Positive	-1.9%	MXN 4,265M three‑year Cebures issued with strong demand and top ratings.
Apr 20	Annual report filing	Neutral	-1.9%	Form 20‑F filed with audited 2025 financial statements and disclosures.
Apr 13	Earnings call notice	Neutral	+1.3%	Scheduled 1Q26 results release and conference call with management.
Mar 25	2030 strategy update	Positive	-3.4%	Long‑term growth and return targets outlined at Investor Day.
Feb 12	Dividend increase	Positive	+3.0%	Quarterly dividend raised to $0.6875 after record 2025 results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news often saw mixed reactions, with some positive strategic and financing updates met by share price declines.

Recent Company History

Over recent months, Bladex has paired strong financial performance with strategic balance sheet growth. A MXN 4,265M Cebures issuance on Apr 21, 2026 and the 2030 strategy outlined on Mar 25, 2026 both coincided with negative next‑day moves, despite growth targets and solid capital levels. Dividend increases (to $0.6875) and conference call announcements tended to be received more favorably. Today’s 1Q26 earnings fit into this pattern of expanding credit portfolios, high asset quality, and disciplined capital returns.

Key Terms

international financial reporting standards, iasb, at1, return on equity, +4 more

8 terms

international financial reporting standards financial

"prepared in accordance with International Financial Reporting Standards ("IFRS")"

International Financial Reporting Standards are a common set of accounting rules used by companies in many countries to prepare and present their financial statements. They matter to investors because they make results easier to compare across borders — like using the same measuring tape — so investors can assess profitability, cash flow and risk more reliably and spot differences that come from business performance rather than differing accounting methods.

iasb financial

"as issued by the International Accounting Standards Board ("IASB")."

The International Accounting Standards Board (IASB) is the independent body that creates and updates the global rulebook for how companies prepare financial statements, known as International Financial Reporting Standards (IFRS). Think of it as the rule-maker that helps ensure company reports are prepared consistently so investors can fairly compare performance, spot risks, and make informed decisions based on trustworthy numbers.

at1 financial

"reflecting the deduction of the AT1 coupon distribution from net profit"

AT1 (Additional Tier 1) are high-risk bank bonds that act like an emergency shock absorber for a bank’s capital: they pay higher interest but can be forcibly converted into shares or written down if the bank’s financial health deteriorates. Investors care because AT1 instruments can offer attractive yields but carry the real possibility of losing principal or seeing debt turned into equity during stress, which can sharply change the value and ownership stakes.

return on equity financial

"Annualized Return on Equity ("ROE") reached 13.5% in 1Q26."

Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.

net interest margin financial

"Net Interest Margin ("NIM") stood at 2.34% for 1Q26"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

net interest spread financial

"Net Interest Spread ("NIS") (6) | 1.69 % | 1.68 % | 1.65 %"

Net interest spread is the difference between the average interest a lender or bank earns on loans and investments and the average interest it pays to depositors and creditors. Think of it like the gap between the price you charge for something and the cost you pay to obtain it; a wider gap means more income left over to cover expenses and profit. Investors watch this number because it signals how easily a financial firm can make money from its core lending business and how sensitive that income is to changing interest rates.

efficiency ratio financial

"Well-managed Efficiency Ratio of 26.5% for 1Q26"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

basel iii regulatory

"Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios resulted in 17.9%"

An international set of banking rules that tells banks how much high-quality capital and readily available cash they must hold and how to manage risk, like a safety checklist for lenders. Investors care because these rules influence how safely banks can absorb losses, how much they can lend, and therefore their profits, dividend capacity and the chance of government support in a crisis — think of it as requirements that trade some short-term profit potential for longer-term financial stability.

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PANAMA CITY, April 27, 2026 /PRNewswire/ -- Bladex (NYSE: BLX, or "the Bank"), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, announced today its results for the First Quarter ("1Q26") ended March 31, 2026.

The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").  

Financial & Business Highlights

Solid profitability with Net Profits reaching $56.4 million in 1Q26 (+9% YoY), supported by continued balance sheet expansion and revenue generation. Earnings per share totaled $1.31 for 1Q26, reflecting the deduction of the AT1 coupon distribution from net profit attributable to common shareholders, in accordance with the applicable EPS calculation.

Adjusted Annualized Return on Equity stood at 14.2% for 1Q26, reflecting disciplined balance sheet growth, solid fee generation, and continued funding optimization.  Including the effect of the AT1 issuance completed in late September 2025, the annualized Return on Equity ("ROE") reached 13.5% in 1Q26.

Net Interest Income ("NII") resulted in $70.2 million in 1Q26 (+8% YoY) mostly driven by higher average business volumes. Net Interest Margin ("NIM") stood at 2.34% for 1Q26 (-2bps YoY), reflecting lower base rates implemented in the fourth quarter of 2025 and increased market liquidity driving competitive pricing and margin compression, which was partially offset by improved funding costs driven by deposit growth, as well as pricing discipline.

Fees and non-interest income totaled $12.9 million for 1Q26 (+2% YoY), mainly driven by higher fees (+$2.5 million or +24% YoY) from the Bank's off-balance sheet business (letters of credit and commitments) supported by consistent client engagement and increased transactionality. Fee generation was also supported by the loan syndication desk, reflecting continued execution across the Bank's structuring and distribution capabilities.

Well-managed Efficiency Ratio of 26.5% for 1Q26, as higher total revenues (+7% YoY) compensated the increase in operating expenses (+5% YoY), associated with continuing investments in technology, modernization and other business initiatives related to the Bank's strategic priorities, including its associated operating costs and depreciation and amortization.

Credit Portfolio reached new all-time high at $13,487 million as of March 31, 2026 (+13% YoY), resulting from:

• Commercial Portfolio EoP balances reaching a peak of $12,047 million at the end of 1Q26 (+13% YoY), reflecting strong growth across all products lines. In addition, the Bank created in this quarter a "Commercial Bond Portfolio" as a strategic capital deployment mechanism applied selectively within the Bank's existing credit framework, with an outstanding principal balance of $234 million as of March 31, 2026.
• Treasury Investment Portfolio of $1,440 million (+14% YoY), mostly consisting of investment-grade securities outside of Latin America held at amortized cost, further enhancing country and credit-risk diversification and providing contingent liquidity funding.

Healthy asset quality, with most of the credit portfolio (97.5%) remaining low-risk or Stage 1 at the end of 1Q26. Stage 2 exposures increased to 2.2% of the portfolio at the end of 1Q26, resulting from the Bank's proactive and cautionary credit assessment against a backdrop of challenging macroeconomic and operating conditions.  Impaired credits or Stage 3 principal balance remained unchanged at $38.7 million or 0.3% of total Credit Portfolio, with a reserve coverage of 2.9x.

Heightened and diversified deposit base, reaching historically high levels of $7,307 million at the end of 1Q26 (+25% YoY), representing 63% of the Bank's total funding sources (+6pp YoY). The Bank also maintained ample and constant access to interbank and debt capital markets, most recently denoted by the MXN4.3 billion bond issued in April 2026 in the Mexican capital market.

Strong Liquidity position at $1,988 million, or 14.5% of total assets as of March 31, 2026, mostly consisting of deposits placed with the Federal Reserve Bank of New York (80%).

The Bank's Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios resulted in 17.9% and 14.7% at the end of 1Q26, respectively, both well above internal targets and regulatory minimum and providing ample headroom for capital deployment.

Financial Snapshot
(US$ million, except percentages and per share amounts)	1Q26	4Q25	1Q25	QoQ (var.)	YoY (var.)
Key Income Statement Highlights
Net Interest Income ("NII")	$70.2	$70.8	$65.3	-1 %	8 %
Fees and commissions, net	$13.1	$14.5	$10.6	-9 %	24 %
(Loss) gain on financial instruments, net	($0.3)	$3.2	$2.0	-110 %	-117 %
Other income, net	$0.1	$0.4	$0.1	-75 %	-25 %
Total revenues	$83.1	$88.8	$77.9	-6 %	7 %
Impairment losses on financial instruments	($4.7)	($5.4)	($5.2)	-12 %	-9 %
Operating expenses	($22.0)	($27.4)	($21.0)	-20 %	5 %
Profit for the period	$56.4	$56.0	$51.7	1 %	9 %
Profitability Ratios
Earnings per Share ("EPS") (1)	$1.31	$1.50	$1.40	-13 %	-7 %
Return on Average Equity ("ROE") (2)	13.5 %	13.4 %	15.4 %	6bps	-197bps
Adjusted ROE excluding other equity instruments (3)	14.2 %	14.2 %	15.4 %	3bps	-121bps
Return on Average Assets ("ROA") (4)	1.8 %	1.8 %	1.8 %	-1bps	4bps
Net Interest Margin ("NIM") (5)	2.34 %	2.39 %	2.36 %	-5bps	-2bps
Net Interest Spread ("NIS") (6)	1.69 %	1.68 %	1.65 %	0bps	3bps
Efficiency Ratio (7)	26.5 %	30.9 %	26.9 %	-437bps	-45bps
Assets, Capital, Liquidity & Credit Quality
Credit Portfolio (8)	$13,487	$12,599	$11,950	7 %	13 %
Commercial Portfolio (9)	$12,047	$11,184	$10,686	8 %	13 %
Treasury Investment Portfolio	$1,440	$1,415	$1,264	2 %	14 %
Total Assets	$13,739	$12,786	$12,395	7 %	11 %
Total Equity	$1,708	$1,679	$1,371	2 %	25 %
Market Capitalization (10)	1,917	1,660	1,360	15 %	47 %
Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (11)	17.9 %	17.4 %	15.1 %	56bps	283bps
Capital Adequacy Ratio (Regulatory) (12)	14.7 %	15.5 %	13.5 %	-82bps	114bps
Total Assets / Total Equity (times)	8.0	7.6	9.0	6 %	-11 %
Liquid Assets / Total Assets (13)	14.5 %	14.9 %	14.9 %	-48bps	-47bps
Credit-impaired Loans to Loan Portfolio (14)	0.4 %	0.4 %	0.2 %	-2bps	20bps
Impaired Credits (15) to Credit Portfolio	0.3 %	0.3 %	0.1 %	-2bps	14bps
Total Allowance for Losses to Credit Portfolio (16)	0.8 %	0.9 %	0.8 %	-2bps	8bps
Total Allowance for Losses to Impaired credits (times) (16)	2.9	2.8	5.3	4 %	-45 %

Recent Events

Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.6875 per share corresponding to 1Q26. The cash dividend will be paid on May 27, 2026, to shareholders registered as of May 8, 2026.

Annual Shareholders' Meeting Results: At the Annual Shareholders' Meeting held on April 21, 2026, in Panama City, Panama, shareholders:

• Approved an amendment of the Article 1 of the Bank's Articles of Incorporation to change the name of the Bank from "Banco Latinoamericano de Comercio Exterior, S.A." to "Bladex, Inc."
• Reelected Mr. José Alberto Garzon and elected Mr. Juan Alberto Pazo, as Directors representing the holders of Class "A" shares of the Bank's common stock,
• Elected Ms. Julianne Canavaggio as Director representing the holders of Class "E" shares of the Bank's common stock,
• Approved the Bank's audited consolidated financial statements for the fiscal year ended December 31, 2025,
• Ratified KPMG as the Bank's independent registered public accounting firm for the fiscal year ending December 31, 2026,
• Approved, on an advisory basis, the compensation of the Bank's executive officers.

Notes

• Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.
• QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively.

Footnotes

1.	Earnings per Share ("EPS") calculation is based on the average number of shares outstanding during each period.
2.	ROE refers to return on average stockholders' equity which is calculated based on unaudited daily average balances.
3.	ROE excluding other equity instruments refers to the adjusted net profit after AT1 distributions over average stockholders' equity excluding other equity instruments, which is calculated based on unaudited daily average balances.
4.	ROA refers to return on average assets which is calculated based on unaudited daily average balances.
5.	NIM refers to net interest margin which constitutes to Net Interest Income ("NII") divided by the average balance of interest-earning assets.
6.	NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, minus the average yield paid on interest-bearing liabilities.
7.	Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
8.	The Bank's "Credit Portfolio" includes (i) loans – principal balance, which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees (or the "Loan Portfolio"); (ii) principal balance of securities at FVOCI and at amortized cost, which excludes interest receivable and allowance for expected credit losses; and (iii) loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit and guarantees covering commercial risk and other assets consisting of customers' liabilities under acceptances.
9.	The Bank's "Commercial Portfolio" includes loans – principal balance (or the "Loan Portfolio"), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers' liabilities under acceptances; and the principal balance of investment securities managed by the Bank's Commercial Unit (or the "Commercial bond Portfolio").
10.	Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
11.	Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percentage of risk-weighted assets. Risk-weighted assets are estimated based on Basel III capital adequacy guidelines, utilizing internal-ratings based approach or "IRB" for credit risk and standardized approach for operational risk.
12.	As defined by the Superintendency of Banks of Panama ("SBP") through Rules No. 01-2015, 03-2016 and 05-2023, based on Basel III standardized approach. The capital adequacy ratio is defined as the ratio of capital funds to risk-weighted assets, rated according to the asset's categories for credit risk. In addition, risk-weighted assets consider calculations for market risk and operating risk.
13.	Liquid assets consist of total cash and due from banks, excluding time deposits with original maturity over 90 days and other restricted deposits, as well as corporate debt securities rated A- or above. Liquidity ratio refers to liquid assets as a percentage of total assets.
14.	Loan Portfolio refers to loans – principal balance, which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees. Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs.
15.	Impaired Credits refers to the principal balance of Non-Performing Loans or NPLs and non-performing securities at FVOCI and at amortized cost.
16.	Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses, allowance for investment securities losses and allowance for cash and due from banks losses.

Safe Harbor Statement

This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will" and similar references to future periods. The forward-looking statements in this press release include the Bank's financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank's management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank's expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and geopolitical events; the anticipated changes in the Bank's credit portfolio; the continuation of the Bank's preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank's financial condition; the execution of the Bank's strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank's allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank's ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank's ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank's lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank's sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About Bladex

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations.

Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.

Conference Call Information

There will be a conference call to discuss the Bank's quarterly results on Tuesday, April 28, 2026, at 11:00 a.m. New York City time (Eastern Time). For those interested in participating, please click here to pre-register to our conference call or visit our website at https://bladex.com/. Participants should register five minutes before the call is set to begin. The webcast presentation will be available for viewing and downloads on https://bladex.com/. The conference call will become available for review one hour after its conclusion.

For more information, please access http://www.bladex.com or contact:

Mr. Carlos Daniel Raad
Chief Investor Relations Officer
Tel: +507 366-4925 ext. 7925
E-mail: craad@bladex.com / ir@bladex.com

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SOURCE Bladex

FAQ

What were Bladex (BLX) 1Q26 earnings and EPS on April 27, 2026?

Bladex reported net profit of $56.4 million for 1Q26 with EPS of $1.31. According to Bladex, results reflect higher business volumes and fee generation despite margin compression.

How large is Bladex's credit portfolio reported in 1Q26 (BLX)?

Bladex's credit portfolio reached $13,487 million at March 31, 2026. According to Bladex, this represents a 13% year-over-year increase and includes a new commercial bond portfolio.

What dividend did Bladex announce for 1Q26 and when is it payable (BLX)?

The Board approved a quarterly common dividend of $0.6875 per share, payable May 27, 2026. According to Bladex, shareholders of record as of May 8, 2026 will receive the cash payment.

How strong is Bladex's capital and liquidity position in 1Q26 (BLX)?

Bladex reported a Tier 1 ratio of 17.9% and liquid assets of $1,988 million (14.5% of assets). According to Bladex, both metrics provide headroom for capital deployment and contingent liquidity.

Why did Bladex's net interest margin change in 1Q26 (BLX)?

NIM was 2.34% in 1Q26, slightly down year-over-year. According to Bladex, margin compression came from lower base rates and elevated market liquidity, partly offset by improved funding costs.

Did Bladex report any major funding or market transactions in April 2026 (BLX)?

Bladex noted access to debt markets, including an April 2026 issuance of MXN4.3 billion in the Mexican market. According to Bladex, this underscores continued access to interbank and capital markets.