Banco Latinoamericano De - BLX STOCK NEWS

Banco Latinoamericano de Comercio Exterior (NYSE: BLX) announced the appointment of Angelica Ruiz Celis as an Independent Director on March 30, 2023, following the resignation of a female director. This move reinforces the Board's commitment to gender diversity, aligning with Panamanian regulations requiring at least 30% female representation.

Ms. Ruiz brings over 20 years of experience in the energy and commodities sectors, enhancing the Board's expertise. Concurrently, Dr. Mario Covo has been recommended for reelection to maintain continuity in leadership. The Bank's strategic focus is on expanding its client base and increasing profitability, with an updated return on equity guidance for 2023 raised to between 11% and 13%. This leadership change is anticipated to support Bladex's growth strategy and strengthen its governance.

Banco Latinoamericano de Comercio Exterior (Bladex), listed as NYSE:BLX, reported strong financial results for 1Q23, with a net profit of $37.0 million, marking a 19% increase quarter-on-quarter and a significant 232% year-on-year rise. This performance is attributed to continued growth in net interest income, which rose to $52.6 million, reflecting a 105% year-on-year growth and an expansion in the net interest margin to 2.41%. The bank's return on equity improved to 13.7%, up by 212 basis points QoQ. Despite a 9% QoQ decline in fees, they still grew by 22% YoY. Operating expenses decreased slightly, leading to an improved efficiency ratio of 26.9%. Bladex maintained a stable credit portfolio of $8,716 million, with solid liquidity at 14.1% of total assets.