Bladex announces Net Profit of $66.5 Million for the Second Quarter 2026
Rhea-AI Summary
Bladex (NYSE: BLX) reported 2Q26 net profit of $66.5 million ($1.77 per share), up 4% year-on-year, and 6M26 profit of $122.8 million, up 6%. Adjusted annualized ROE reached 16.4% in 2Q26, while reported ROE was 15.4%.
Net interest income rose 8% YoY to $73.3 million, with NIM at 2.24%, pressured by high liquidity and competition. Fees and non-interest income hit a record $25.6 million in 2Q26 (+15% YoY). The efficiency ratio was 24.1% as revenues outpaced higher operating expenses.
The credit portfolio grew 19% YoY to $14.5 billion, with 98.4% in low-risk Stage 1 and impaired credits at 0.5% of the portfolio. Deposits rose 22% YoY to $7.9 billion, representing 64% of funding. Tier 1 Basel III capital was 16.6%, and the regulatory capital adequacy ratio 14.3%. The board approved a quarterly dividend of $0.6875 per share, and major rating agencies affirmed or upgraded Bladex with stable outlooks.
Positive
- Net profit $66.5m in 2Q26, up 4% YoY
- 6M26 net profit $122.8m, increasing 6% YoY
- Net interest income $73.3m in 2Q26, +8% YoY
- Record fees and non-interest income $25.6m in 2Q26, +15% YoY
- Credit portfolio $14.5bn, growing 19% YoY
- Deposits $7.9bn, up 22% YoY, now 64% of funding
- Tier 1 capital ratio 16.6% and regulatory CAR 14.3%, above minima
- Quarterly dividend $0.6875 per share approved for 2Q26
- S&P upgraded long-term rating to BBB+ with Stable outlook
Negative
- Net interest margin 2.24% in 2Q26, down 12bps YoY
- Impairment losses $8.6m in 2Q26, up 71% YoY
- Operating expenses $23.8m in 2Q26, up 14% YoY
- EPS $3.08 for 6M26, 2% lower than 6M25
- Credit-impaired loans ratio 0.7%, up 50bps YoY
- Allowance for losses to impaired credits fell to 1.2x from 5.1x YoY
News Explained
The release confirms that Bladex’s approved quarterly common dividend of
News Market Reaction – BLX
In the Jul 28 session, BLX gained 1.08%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 27 | 1Q26 earnings | Positive | -5.9% | Prior quarterly earnings report posted a negative 24-hour reaction despite higher profit and EPS. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The prior tag-matched earnings release produced a negative 24-hour reaction despite higher reported profit and EPS.
Key Terms
international financial reporting standards regulatory
net interest margin financial
AT1 issuance financial
Basel III regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
All-time high profitability with Net Profits reaching
Adjusted Annualized Return on Equity stood at
Net Interest Income ("NII") resulted in
Fees and non-interest income reached a record
Well-managed Efficiency Ratio of
Credit Portfolio reached a record level at
- Commercial Portfolio EoP balances reaching a peak of
$13,029 million 20% YoY), reflecting growth across loans and contingencies, as the Bank continues to execute its commercial pipeline. - Treasury Investment Portfolio of
$1,437 million 5% YoY), mostly consisting of investment-grade securities outside ofLatin America held at amortized cost, further enhancing country and credit-risk diversification and providing contingent liquidity funding.
Sound asset quality, with most of the credit portfolio (
Heightened and diversified deposit base, reaching historically high levels of
Solid liquidity position at
The Bank's Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios resulted in
Financial Snapshot | ||||||||
(US$ million, except percentages and per share amounts) | 2Q26 | 1Q26 | 2Q25 | QoQ | YoY (var.) | 6M26 | 6M25 | YoY (var.) |
Key Income Statement Highlights | ||||||||
Net Interest Income ("NII") | 4 % | 8 % | 8 % | |||||
Fees and commissions, net | 78 % | 17 % | 20 % | |||||
Gain (loss) on financial instruments, net | ( | 764 % | 1 % | -55 % | ||||
Other income, net | 3 % | -58 % | -46 % | |||||
Total revenues | 19 % | 10 % | 8 % | |||||
Impairment losses on financial instruments | ( | ( | ( | -82 % | -71 % | ( | ( | -30 % |
Operating expenses | ( | ( | ( | -8 % | -14 % | ( | ( | -10 % |
Profit for the period | 18 % | 4 % | 6 % | |||||
Profitability Ratios | ||||||||
Earnings per Share ("EPS") (1) | 35 % | 3 % | -2 % | |||||
Return on Average Equity ("ROE") (2) | 15.4 % | 13.5 % | 18.5 % | 197bps | -303bps | 14.5 % | 17.0 % | -251bps |
Adjusted ROE excluding other equity instruments (3) | 16.4 % | 14.2 % | 18.5 % | 223bps | -201bps | 15.3 % | 17.0 % | -162bps |
Return on Average Assets ("ROA") (4) | 2.0 % | 1.8 % | 2.1 % | 14bps | -14bps | 1.9 % | 2.0 % | -5bps |
Net Interest Margin ("NIM") (5) | 2.24 % | 2.34 % | 2.36 % | -10bps | -12bps | 2.29 % | 2.36 % | -7bps |
Net Interest Spread ("NIS") (6) | 1.64 % | 1.69 % | 1.70 % | -5bps | -6bps | 1.66 % | 1.68 % | -1bps |
Efficiency Ratio (7) | 24.1 % | 26.5 % | 23.1 % | -237bps | 97bps | 25.2 % | 24.9 % | 29bps |
Assets, Capital, Liquidity & Credit Quality | ||||||||
Credit Portfolio (8) | 7 % | 19 % | 19 % | |||||
Commercial Portfolio (9) | 8 % | 20 % | 20 % | |||||
Treasury Investment Portfolio | 0 % | 5 % | 5 % | |||||
Total Assets | 5 % | 14 % | 14 % | |||||
Total Equity | 3 % | 24 % | 24 % | |||||
Market Capitalization (10) | 21 % | 54 % | 54 % | |||||
Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (11) | 16.6 % | 17.9 % | 15.0 % | -132bps | 163bps | 16.6 % | 15.0 % | 163bps |
Capital Adequacy Ratio (Regulatory) (12) | 14.3 % | 14.7 % | 13.9 % | -33bps | 41bps | 14.3 % | 13.9 % | 41bps |
Total Assets / Total Equity (times) | 8.2 | 8.0 | 9.0 | 2 % | -8 % | 8.2 | 9.0 | -8 % |
Liquid Assets / Total Assets (13) | 13.3 % | 14.5 % | 15.5 % | -115bps | -214bps | 13.3 % | 15.5 % | -214bps |
Credit-impaired Loans to Loan Portfolio (14) | 0.7 % | 0.4 % | 0.2 % | 32bps | 50bps | 0.7 % | 0.2 % | 50bps |
Impaired Credits (15) to Credit Portfolio | 0.5 % | 0.3 % | 0.2 % | 23bps | 37bps | 0.5 % | 0.2 % | 37bps |
Total Allowance for Losses to Credit Portfolio (16) | 0.6 % | 0.8 % | 0.8 % | -18bps | -13bps | 0.6 % | 0.8 % | -13bps |
Total Allowance for Losses to Impaired credits (times) (16) | 1.2 | 2.9 | 5.1 | -57 % | -75 % | 1.2 | 5.1 | -75 % |
Recent Events
Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of
Rating updates: On June 18, 2026, S&P Global Ratings upgraded the Bank's global long-term issuer credit ratings to "BBB+" and affirmed the short-term issuer credit rating at "A-2" on robust credit risk management, superior asset quality indicators, a well-diversified portfolio across geographies, economic sectors, and client profiles; and resilient earnings and strong capital adequacy, which give it ample capacity to absorb unexpected credit losses. The outlook remains "Stable".
On June 16, 2026, Moody's Investors Service affirmed Bladex's all ratings, including its long- and short-term foreign currency deposit ratings at "Baa2/Prime-2", respectively. The outlook on Bladex's long-term foreign currency ratings remains "Stable".
On April 28, 2026, Fitch Ratings affirmed Bladex's Long- and Short-Term Issuer Default Rating at 'BBB/F2', respectively. The outlook remains "Stable". In addition, the Bank's National Long- and Short-Term ratings were affirmed at 'AAA(pan)'/Outlook Stable, and 'F1+(pan)', respectively.
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 profit attributable to common shareholders, after deducting distributions accrued on AT1 instruments, divided by the weighted-average number of common shares outstanding during the 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
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 Lat-in-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 Unit-ed States of America, and a Representative License in Peru, supporting the re-gional expansion and servicing its customer base, which includes financial in-stitutions 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 fi-nancial 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, July 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