STOCK TITAN
  1. Home
  2. Sec-filings
  3. BLX
  4. [6-K] Banco Latinoamericano de Comercio Exterior, S.A Current Report (Foreign Issuer)

[6-K] Banco Latinoamericano de Comercio Exterior, S.A Current Report (Foreign Issuer)

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
6-K
Rhea-AI Filing Summary

Bladex (BLX) delivered a strong 2Q25, posting net profit of $64.2 m (+28% YoY) and EPS of $1.73. Annualized ROE rose 222 bps to 18.5%, driven by record net interest income of $67.7 m (+8% YoY) and record net fees of $19.9 m (+59% YoY). Total revenue grew 20% YoY to $90.0 m while credit-loss provisions remained low at $5.0 m, keeping the efficiency ratio at an attractive 23.1%.

The credit portfolio hit an all-time high of $12.2 bn (+18% YoY). Deposits also reached a record $6.4 bn (+23% YoY), now 62% of funding. Asset quality stayed healthy: 97.9% of exposures are Stage 1 and Stage 3 balances are only 0.2% of the portfolio with reserve coverage of 5.1×. Liquidity remains ample at $2.0 bn (15.5% of assets), 96% held at the New York Fed.

Margins tightened slightly amid abundant USD liquidity (NIM 2.36%, −7 bps YoY; funding cost 4.99%, −72 bps YoY). Tier 1 capital ratio is solid at 15.0%, albeit down 120 bps YoY, still comfortably above regulatory minimums. Operating expenses rose 14% YoY due to tech and head-count investments, but were offset by higher revenues.

A $0.625 quarterly dividend was declared (ex-date Aug 15; pay Sep 3). Moody’s, S&P and Fitch all affirmed investment-grade ratings with stable outlooks. Management will host a results call on Aug 5, 2025.

Bladex (BLX) ha registrato un solido 2Q25, con un utile netto di 64,2 milioni di dollari (+28% su base annua) e un EPS di 1,73 dollari. Il ROE annualizzato è salito di 222 punti base al 18,5%, trainato da un reddito netto da interessi record di 67,7 milioni di dollari (+8% YoY) e commissioni nette record di 19,9 milioni di dollari (+59% YoY). I ricavi totali sono cresciuti del 20% su base annua, raggiungendo i 90,0 milioni di dollari, mentre le accantonamenti per perdite su crediti sono rimasti contenuti a 5,0 milioni di dollari, mantenendo il rapporto di efficienza a un livello interessante del 23,1%.

Il portafoglio crediti ha raggiunto un massimo storico di 12,2 miliardi di dollari (+18% YoY). Anche i depositi hanno toccato un record di 6,4 miliardi di dollari (+23% YoY), rappresentando ora il 62% del finanziamento. La qualità degli attivi è rimasta solida: il 97,9% delle esposizioni è classificato come Stage 1 e i saldi Stage 3 rappresentano solo lo 0,2% del portafoglio, con una copertura delle riserve di 5,1 volte. La liquidità è abbondante a 2,0 miliardi di dollari (15,5% degli attivi), di cui il 96% detenuto presso la Federal Reserve di New York.

I margini si sono leggermente ridotti in un contesto di abbondante liquidità in USD (NIM 2,36%, -7 punti base YoY; costo del finanziamento 4,99%, -72 punti base YoY). Il coefficiente di capitale Tier 1 si attesta a un solido 15,0%, sebbene in calo di 120 punti base YoY, ma ancora ben al di sopra dei requisiti normativi. Le spese operative sono aumentate del 14% su base annua a causa di investimenti in tecnologia e personale, ma sono state compensate dai ricavi più elevati.

È stato dichiarato un dividendo trimestrale di 0,625 dollari (ex data 15 agosto; pagamento 3 settembre). Moody’s, S&P e Fitch hanno confermato i rating investment-grade con outlook stabili. La direzione terrà una conference call sui risultati il 5 agosto 2025.

Bladex (BLX) presentó un sólido 2T25, con una ganancia neta de 64,2 millones de dólares (+28% interanual) y un BPA de 1,73 dólares. El ROE anualizado aumentó 222 puntos básicos hasta el 18,5%, impulsado por un ingreso neto por intereses récord de 67,7 millones de dólares (+8% interanual) y comisiones netas récord de 19,9 millones de dólares (+59% interanual). Los ingresos totales crecieron un 20% interanual hasta 90,0 millones de dólares, mientras que las provisiones para pérdidas crediticias se mantuvieron bajas en 5,0 millones de dólares, manteniendo la ratio de eficiencia en un atractivo 23,1%.

La cartera de créditos alcanzó un máximo histórico de 12,2 mil millones de dólares (+18% interanual). Los depósitos también alcanzaron un récord de 6,4 mil millones de dólares (+23% interanual), representando ahora el 62% del financiamiento. La calidad de los activos se mantuvo saludable: el 97,9% de las exposiciones están en Etapa 1 y los saldos en Etapa 3 son solo el 0,2% de la cartera, con una cobertura de reservas de 5,1 veces. La liquidez sigue siendo abundante con 2,0 mil millones de dólares (15,5% de los activos), el 96% mantenido en la Reserva Federal de Nueva York.

Los márgenes se estrecharon ligeramente en medio de abundante liquidez en USD (NIM 2,36%, -7 pb interanual; costo de financiamiento 4,99%, -72 pb interanual). La ratio de capital Tier 1 es sólida en 15,0%, aunque bajó 120 pb interanual, aún cómodamente por encima de los mínimos regulatorios. Los gastos operativos aumentaron un 14% interanual debido a inversiones en tecnología y personal, pero fueron compensados por mayores ingresos.

Se declaró un dividendo trimestral de 0,625 dólares (fecha ex 15 de agosto; pago 3 de septiembre). Moody’s, S&P y Fitch confirmaron las calificaciones investment-grade con perspectivas estables. La dirección realizará una llamada de resultados el 5 de agosto de 2025.

Bladex (BLX)는 2분기 2025년 실적에서 강력한 성과를 보이며 순이익 6,420만 달러(+전년 대비 28%)와 주당순이익(EPS) 1.73달러를 기록했습니다. 연환산 자기자본이익률(ROE)은 222bps 상승한 18.5%로, 순이자수익 6,770만 달러(+8% YoY)와 순수수료 수익 1,990만 달러(+59% YoY)의 기록적인 증가에 힘입었습니다. 총수익은 전년 대비 20% 증가한 9,000만 달러를 기록했으며, 신용손실충당금은 500만 달러로 낮게 유지되어 효율성 비율이 매력적인 23.1%를 유지했습니다.

신용 포트폴리오는 122억 달러(+18% YoY)로 사상 최고치를 기록했습니다. 예금도 64억 달러(+23% YoY)로 사상 최고치를 경신했으며, 현재 자금 조달의 62%를 차지합니다. 자산 건전성은 양호하게 유지되어, 97.9%가 1단계 노출이며 3단계 잔액은 포트폴리오의 0.2%에 불과하고, 충당금 커버리지는 5.1배입니다. 유동성은 20억 달러(자산의 15.5%)로 충분하며, 이 중 96%가 뉴욕 연방준비은행에 예치되어 있습니다.

풍부한 달러 유동성 속에서 마진은 다소 축소되었습니다(NIM 2.36%, 전년 대비 -7bps; 자금 조달 비용 4.99%, 전년 대비 -72bps). Tier 1 자본비율은 15.0%로 견고하지만 전년 대비 120bps 하락했으며, 여전히 규제 최소 기준을 여유 있게 상회합니다. 운영비용은 기술 및 인력 투자로 인해 전년 대비 14% 증가했으나, 수익 증가로 상쇄되었습니다.

분기별 배당금 0.625달러가 선언되었으며(기준일 8월 15일, 지급일 9월 3일), Moody’s, S&P, Fitch는 모두 안정적인 전망과 함께 투자등급 신용등급을 유지했습니다. 경영진은 2025년 8월 5일 실적 발표 컨퍼런스 콜을 개최할 예정입니다.

Bladex (BLX) a réalisé un solide deuxième trimestre 2025, affichant un bénéfice net de 64,2 millions de dollars (+28 % en glissement annuel) et un BPA de 1,73 $. Le ROE annualisé a augmenté de 222 points de base pour atteindre 18,5 %, porté par un revenu net d’intérêts record de 67,7 millions de dollars (+8 % en glissement annuel) et des commissions nettes record de 19,9 millions de dollars (+59 % en glissement annuel). Le chiffre d’affaires total a progressé de 20 % en glissement annuel pour atteindre 90,0 millions de dollars, tandis que les provisions pour pertes sur crédits sont restées faibles à 5,0 millions de dollars, maintenant un ratio d’efficacité attractif de 23,1 %.

Le portefeuille de crédits a atteint un niveau record de 12,2 milliards de dollars (+18 % en glissement annuel). Les dépôts ont également atteint un record de 6,4 milliards de dollars (+23 % en glissement annuel), représentant désormais 62 % du financement. La qualité des actifs est restée saine : 97,9 % des expositions sont en Phase 1 et les soldes en Phase 3 ne représentent que 0,2 % du portefeuille, avec une couverture des provisions de 5,1×. La liquidité reste abondante à 2,0 milliards de dollars (15,5 % des actifs), dont 96 % détenus à la Fed de New York.

Les marges se sont légèrement resserrées dans un contexte d’abondance de liquidités en USD (NIM 2,36 %, −7 points de base en glissement annuel ; coût du financement 4,99 %, −72 points de base en glissement annuel). Le ratio de fonds propres Tier 1 est solide à 15,0 %, bien qu’en baisse de 120 points de base en glissement annuel, restant toutefois confortablement au-dessus des minima réglementaires. Les charges opérationnelles ont augmenté de 14 % en glissement annuel en raison d’investissements dans la technologie et les effectifs, mais ont été compensées par des revenus plus élevés.

Un dividende trimestriel de 0,625 $ a été déclaré (date ex-dividende 15 août ; paiement le 3 septembre). Moody’s, S&P et Fitch ont tous confirmé les notations investment-grade avec des perspectives stables. La direction tiendra une conférence téléphonique sur les résultats le 5 août 2025.

Bladex (BLX) erzielte ein starkes zweites Quartal 2025 mit einem Nettogewinn von 64,2 Mio. USD (+28 % im Jahresvergleich) und einem Gewinn je Aktie (EPS) von 1,73 USD. Die annualisierte Eigenkapitalrendite (ROE) stieg um 222 Basispunkte auf 18,5 %, angetrieben durch einen Rekordzinsüberschuss von 67,7 Mio. USD (+8 % YoY) und Rekord-Nettoerträge aus Gebühren von 19,9 Mio. USD (+59 % YoY). Die Gesamterlöse wuchsen um 20 % auf 90,0 Mio. USD, während die Kreditverlustvorsorgen mit 5,0 Mio. USD niedrig blieben, was die Effizienzquote bei attraktiven 23,1 % hielt.

Das Kreditportfolio erreichte mit 12,2 Mrd. USD (+18 % YoY) einen Rekordwert. Die Einlagen erreichten ebenfalls mit 6,4 Mrd. USD (+23 % YoY) einen Höchststand und machen nun 62 % der Finanzierung aus. Die Asset-Qualität blieb gesund: 97,9 % der Exposures sind Stage 1, und Stage 3-Bestände machen nur 0,2 % des Portfolios aus, mit einer Rückstellungsdeckung von 5,1×. Die Liquidität bleibt mit 2,0 Mrd. USD (15,5 % der Aktiva) reichlich vorhanden, davon 96 % bei der New Yorker Fed gehalten.

Die Margen haben sich angesichts der reichlichen USD-Liquidität leicht verschmälert (NIM 2,36 %, −7 Basispunkte YoY; Finanzierungskosten 4,99 %, −72 Basispunkte YoY). Die Tier-1-Kapitalquote ist mit 15,0 % solide, wenn auch um 120 Basispunkte YoY gesunken, aber immer noch komfortabel über den regulatorischen Mindestanforderungen. Die Betriebskosten stiegen aufgrund von Investitionen in Technologie und Personal um 14 % YoY, wurden aber durch höhere Erlöse ausgeglichen.

Eine Quartalsdividende von 0,625 USD wurde angekündigt (Ex-Tag 15. Aug.; Auszahlung 3. Sept.). Moody’s, S&P und Fitch bestätigten alle Investment-Grade-Ratings mit stabilem Ausblick. Das Management wird am 5. August 2025 eine Ergebnispräsentation abhalten.

Positive
  • Net profit up 28% YoY to $64.2 m with EPS $1.73.
  • ROE improved to 18.5%, exceeding many regional peers.
  • Record NII ($67.7 m) and fee income ($19.9 m) demonstrate strong revenue mix.
  • Credit portfolio and deposits at all-time highs, up 18% and 23% YoY respectively.
  • Asset quality excellent: 97.9% Stage 1, Stage 3 only 0.2%.
  • Efficiency ratio 23.1%, reflecting cost discipline.
  • $0.625 quarterly dividend maintained; ratings affirmed investment-grade.
Negative
  • NIM compressed 7 bps YoY to 2.36% amid competitive USD pricing.
  • Tier 1 ratio declined 120 bps YoY to 15.0% due to rapid asset growth.
  • Operating expenses rose 14% YoY from tech and workforce investments.
  • Stage 3 balances increased to $18.7 m (though still low).

Insights

TL;DR: Earnings beat, revenue mix improving, dividend intact—positive for equity holders.

Double-digit profit and fee growth signal successful execution of Bladex’s strategy to diversify beyond spread income. Record deposits lower funding costs and bolster NIM stability despite competitive pricing. With ROE now above 18% and payout steady, valuation upside is likely if momentum persists. Capital remains robust and asset quality pristine, supporting future balance-sheet expansion. Key watch-item is NIM compression should rates fall further, but operating leverage currently offsets that risk.

TL;DR: Credit risk low but capital buffer drift warrants monitoring.

Stage-3 loans at 0.2% and 5.1× reserve coverage point to minimal credit stress. Geographic and sector diversification plus high liquidity (Fed deposits) reduce contagion risk. However, Tier 1 slipped from 16.2% to 15.0% YoY amid rapid asset growth; sustained expansion without capital raising could pressure ratios. Margin compression, though modest, should be watched if funding costs reverse. Overall risk profile remains satisfactory.

Bladex (BLX) ha registrato un solido 2Q25, con un utile netto di 64,2 milioni di dollari (+28% su base annua) e un EPS di 1,73 dollari. Il ROE annualizzato è salito di 222 punti base al 18,5%, trainato da un reddito netto da interessi record di 67,7 milioni di dollari (+8% YoY) e commissioni nette record di 19,9 milioni di dollari (+59% YoY). I ricavi totali sono cresciuti del 20% su base annua, raggiungendo i 90,0 milioni di dollari, mentre le accantonamenti per perdite su crediti sono rimasti contenuti a 5,0 milioni di dollari, mantenendo il rapporto di efficienza a un livello interessante del 23,1%.

Il portafoglio crediti ha raggiunto un massimo storico di 12,2 miliardi di dollari (+18% YoY). Anche i depositi hanno toccato un record di 6,4 miliardi di dollari (+23% YoY), rappresentando ora il 62% del finanziamento. La qualità degli attivi è rimasta solida: il 97,9% delle esposizioni è classificato come Stage 1 e i saldi Stage 3 rappresentano solo lo 0,2% del portafoglio, con una copertura delle riserve di 5,1 volte. La liquidità è abbondante a 2,0 miliardi di dollari (15,5% degli attivi), di cui il 96% detenuto presso la Federal Reserve di New York.

I margini si sono leggermente ridotti in un contesto di abbondante liquidità in USD (NIM 2,36%, -7 punti base YoY; costo del finanziamento 4,99%, -72 punti base YoY). Il coefficiente di capitale Tier 1 si attesta a un solido 15,0%, sebbene in calo di 120 punti base YoY, ma ancora ben al di sopra dei requisiti normativi. Le spese operative sono aumentate del 14% su base annua a causa di investimenti in tecnologia e personale, ma sono state compensate dai ricavi più elevati.

È stato dichiarato un dividendo trimestrale di 0,625 dollari (ex data 15 agosto; pagamento 3 settembre). Moody’s, S&P e Fitch hanno confermato i rating investment-grade con outlook stabili. La direzione terrà una conference call sui risultati il 5 agosto 2025.

Bladex (BLX) presentó un sólido 2T25, con una ganancia neta de 64,2 millones de dólares (+28% interanual) y un BPA de 1,73 dólares. El ROE anualizado aumentó 222 puntos básicos hasta el 18,5%, impulsado por un ingreso neto por intereses récord de 67,7 millones de dólares (+8% interanual) y comisiones netas récord de 19,9 millones de dólares (+59% interanual). Los ingresos totales crecieron un 20% interanual hasta 90,0 millones de dólares, mientras que las provisiones para pérdidas crediticias se mantuvieron bajas en 5,0 millones de dólares, manteniendo la ratio de eficiencia en un atractivo 23,1%.

La cartera de créditos alcanzó un máximo histórico de 12,2 mil millones de dólares (+18% interanual). Los depósitos también alcanzaron un récord de 6,4 mil millones de dólares (+23% interanual), representando ahora el 62% del financiamiento. La calidad de los activos se mantuvo saludable: el 97,9% de las exposiciones están en Etapa 1 y los saldos en Etapa 3 son solo el 0,2% de la cartera, con una cobertura de reservas de 5,1 veces. La liquidez sigue siendo abundante con 2,0 mil millones de dólares (15,5% de los activos), el 96% mantenido en la Reserva Federal de Nueva York.

Los márgenes se estrecharon ligeramente en medio de abundante liquidez en USD (NIM 2,36%, -7 pb interanual; costo de financiamiento 4,99%, -72 pb interanual). La ratio de capital Tier 1 es sólida en 15,0%, aunque bajó 120 pb interanual, aún cómodamente por encima de los mínimos regulatorios. Los gastos operativos aumentaron un 14% interanual debido a inversiones en tecnología y personal, pero fueron compensados por mayores ingresos.

Se declaró un dividendo trimestral de 0,625 dólares (fecha ex 15 de agosto; pago 3 de septiembre). Moody’s, S&P y Fitch confirmaron las calificaciones investment-grade con perspectivas estables. La dirección realizará una llamada de resultados el 5 de agosto de 2025.

Bladex (BLX)는 2분기 2025년 실적에서 강력한 성과를 보이며 순이익 6,420만 달러(+전년 대비 28%)와 주당순이익(EPS) 1.73달러를 기록했습니다. 연환산 자기자본이익률(ROE)은 222bps 상승한 18.5%로, 순이자수익 6,770만 달러(+8% YoY)와 순수수료 수익 1,990만 달러(+59% YoY)의 기록적인 증가에 힘입었습니다. 총수익은 전년 대비 20% 증가한 9,000만 달러를 기록했으며, 신용손실충당금은 500만 달러로 낮게 유지되어 효율성 비율이 매력적인 23.1%를 유지했습니다.

신용 포트폴리오는 122억 달러(+18% YoY)로 사상 최고치를 기록했습니다. 예금도 64억 달러(+23% YoY)로 사상 최고치를 경신했으며, 현재 자금 조달의 62%를 차지합니다. 자산 건전성은 양호하게 유지되어, 97.9%가 1단계 노출이며 3단계 잔액은 포트폴리오의 0.2%에 불과하고, 충당금 커버리지는 5.1배입니다. 유동성은 20억 달러(자산의 15.5%)로 충분하며, 이 중 96%가 뉴욕 연방준비은행에 예치되어 있습니다.

풍부한 달러 유동성 속에서 마진은 다소 축소되었습니다(NIM 2.36%, 전년 대비 -7bps; 자금 조달 비용 4.99%, 전년 대비 -72bps). Tier 1 자본비율은 15.0%로 견고하지만 전년 대비 120bps 하락했으며, 여전히 규제 최소 기준을 여유 있게 상회합니다. 운영비용은 기술 및 인력 투자로 인해 전년 대비 14% 증가했으나, 수익 증가로 상쇄되었습니다.

분기별 배당금 0.625달러가 선언되었으며(기준일 8월 15일, 지급일 9월 3일), Moody’s, S&P, Fitch는 모두 안정적인 전망과 함께 투자등급 신용등급을 유지했습니다. 경영진은 2025년 8월 5일 실적 발표 컨퍼런스 콜을 개최할 예정입니다.

Bladex (BLX) a réalisé un solide deuxième trimestre 2025, affichant un bénéfice net de 64,2 millions de dollars (+28 % en glissement annuel) et un BPA de 1,73 $. Le ROE annualisé a augmenté de 222 points de base pour atteindre 18,5 %, porté par un revenu net d’intérêts record de 67,7 millions de dollars (+8 % en glissement annuel) et des commissions nettes record de 19,9 millions de dollars (+59 % en glissement annuel). Le chiffre d’affaires total a progressé de 20 % en glissement annuel pour atteindre 90,0 millions de dollars, tandis que les provisions pour pertes sur crédits sont restées faibles à 5,0 millions de dollars, maintenant un ratio d’efficacité attractif de 23,1 %.

Le portefeuille de crédits a atteint un niveau record de 12,2 milliards de dollars (+18 % en glissement annuel). Les dépôts ont également atteint un record de 6,4 milliards de dollars (+23 % en glissement annuel), représentant désormais 62 % du financement. La qualité des actifs est restée saine : 97,9 % des expositions sont en Phase 1 et les soldes en Phase 3 ne représentent que 0,2 % du portefeuille, avec une couverture des provisions de 5,1×. La liquidité reste abondante à 2,0 milliards de dollars (15,5 % des actifs), dont 96 % détenus à la Fed de New York.

Les marges se sont légèrement resserrées dans un contexte d’abondance de liquidités en USD (NIM 2,36 %, −7 points de base en glissement annuel ; coût du financement 4,99 %, −72 points de base en glissement annuel). Le ratio de fonds propres Tier 1 est solide à 15,0 %, bien qu’en baisse de 120 points de base en glissement annuel, restant toutefois confortablement au-dessus des minima réglementaires. Les charges opérationnelles ont augmenté de 14 % en glissement annuel en raison d’investissements dans la technologie et les effectifs, mais ont été compensées par des revenus plus élevés.

Un dividende trimestriel de 0,625 $ a été déclaré (date ex-dividende 15 août ; paiement le 3 septembre). Moody’s, S&P et Fitch ont tous confirmé les notations investment-grade avec des perspectives stables. La direction tiendra une conférence téléphonique sur les résultats le 5 août 2025.

Bladex (BLX) erzielte ein starkes zweites Quartal 2025 mit einem Nettogewinn von 64,2 Mio. USD (+28 % im Jahresvergleich) und einem Gewinn je Aktie (EPS) von 1,73 USD. Die annualisierte Eigenkapitalrendite (ROE) stieg um 222 Basispunkte auf 18,5 %, angetrieben durch einen Rekordzinsüberschuss von 67,7 Mio. USD (+8 % YoY) und Rekord-Nettoerträge aus Gebühren von 19,9 Mio. USD (+59 % YoY). Die Gesamterlöse wuchsen um 20 % auf 90,0 Mio. USD, während die Kreditverlustvorsorgen mit 5,0 Mio. USD niedrig blieben, was die Effizienzquote bei attraktiven 23,1 % hielt.

Das Kreditportfolio erreichte mit 12,2 Mrd. USD (+18 % YoY) einen Rekordwert. Die Einlagen erreichten ebenfalls mit 6,4 Mrd. USD (+23 % YoY) einen Höchststand und machen nun 62 % der Finanzierung aus. Die Asset-Qualität blieb gesund: 97,9 % der Exposures sind Stage 1, und Stage 3-Bestände machen nur 0,2 % des Portfolios aus, mit einer Rückstellungsdeckung von 5,1×. Die Liquidität bleibt mit 2,0 Mrd. USD (15,5 % der Aktiva) reichlich vorhanden, davon 96 % bei der New Yorker Fed gehalten.

Die Margen haben sich angesichts der reichlichen USD-Liquidität leicht verschmälert (NIM 2,36 %, −7 Basispunkte YoY; Finanzierungskosten 4,99 %, −72 Basispunkte YoY). Die Tier-1-Kapitalquote ist mit 15,0 % solide, wenn auch um 120 Basispunkte YoY gesunken, aber immer noch komfortabel über den regulatorischen Mindestanforderungen. Die Betriebskosten stiegen aufgrund von Investitionen in Technologie und Personal um 14 % YoY, wurden aber durch höhere Erlöse ausgeglichen.

Eine Quartalsdividende von 0,625 USD wurde angekündigt (Ex-Tag 15. Aug.; Auszahlung 3. Sept.). Moody’s, S&P und Fitch bestätigten alle Investment-Grade-Ratings mit stabilem Ausblick. Das Management wird am 5. August 2025 eine Ergebnispräsentation abhalten.



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2025

Commission File Number 1-11414

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.
(Exact name of Registrant as specified in its Charter)

FOREIGN TRADE BANK OF LATIN AMERICA, INC.
(Translation of Registrant’s name into English)

Business Park Torre V, Ave. La Rotonda, Costa del Este
P.O. Box 0819-08730
Panama City, Republic of Panama
(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 FOREIGN TRADE BANK OF LATIN AMERICA, INC.
 (Registrant)
  
Date: August 6, 2025By: /s/ Annette Van Hoorde de Solis
Name:Annette Van Hoorde de Solis
Title:Chief Financial Officer

Panama City, Republic of Panama                             August 4, 2025


BLADEX ANNOUNCES 2Q25 NET PROFIT OF $64.2 MILLION , OR $1.73 PER SHARE, RESULTING IN AN ANNUALIZED RETURN ON EQUITY OF 18.5%
Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, 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 Second Quarter (“2Q25”) and six months (“6M25”) ended June 30, 2025.

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
•Improved profitability, with Net Profits reaching $64.2 million in 2Q25 (+28% YoY) and $115.9 million in 6M25 (+14% YoY), fostered by strong top-line revenues, with stable credit provisions and greater efficiency.
•Annualized Return on Equity (“ROE”) increased to 18.5% in 2Q25 (+222 bps YoY) and 17.0% in 6M25 (+47 bps YoY), on the back of stronger income growth and the strengthening of the Bank's business model and successful execution of its strategy.
•Net Interest Income (“NII”) increased to a record-high of $67.7 million in 2Q25 (+8% YoY) and $133.0 million in 6M25 (+6% YoY), mainly driven by higher average business volumes and margin stability. Consequently, Net Interest Margin (“NIM”) stood at 2.36% for 2Q25 (-7bps YoY) and 6M25 (-9bps YoY), in the face of increased USD market liquidity driving competitive pricing.
•Record Fee Income at $19.9 million for 2Q25 (+59% YoY) and $30.5 million in 6M25 (+39% YoY), driven by the strong performance in all business lines, highlighted by the Bank's largest ever structured transaction and higher fees from letters of credit and credit commitments.
•Well-managed Efficiency Ratio of 23.1% for 2Q25 and 24.9% in 6M25, as revenue growth overcompensated the ongoing investments in technology, modernization and other business initiatives related to the Bank’s strategy execution.
•Credit Portfolio reached new all-time high at $12,182 million as of June 30, 2025 (+18% YoY), resulting from:
◦Commercial Portfolio EoP balances reaching an historic peak of $10,819 million at the end of 2Q25 (+18% YoY), driven by higher off-balance sheet business (+25% YoY), supported by strong credit demand across all business products.
◦Investment Portfolio amounted to $1,363 million (+20% 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 (97.9%) remaining low risk or Stage 1 at the end of 2Q25. Impaired credits or Stage 3 principal balance totaled $19 million or 0.2% of total Credit Portfolio, with a robust reserve coverage of 5.1x.
•Steady growth of the Bank’s deposit base, reaching $6,446 million at the end of 2Q25 (+23% YoY), representing a new all-time high, and 62% of the Bank’s total funding sources (+4pp YoY). The Bank also counts on ample and constant access to interbank and debt capital markets, denoted by its most recent $4 billion MXN bond issuance in the Mexican capital market.
•Strong Liquidity position at $1,959 million, or 15.5% of total assets as of June 30, 2025, mostly consisting of deposits placed with the Federal Reserve Bank of New York (96%).
•The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at 15.0% and 13.9%, respectively, enhanced by strong earnings generation and within the Bank’s risk appetite.

Panama City, Republic of Panama                             August 4, 2025


FINANCIAL SNAPSHOT
(US$ million, except percentages and per share amounts)2Q251Q252Q246M256M24
Key Income Statement Highlights
Net Interest Income ("NII")$67.7 $65.3 $62.8 $133.0 $125.6 
Fees and commissions, net$19.9 $10.6 $12.5 $30.5 $22.0 
Gain (loss) on financial instruments, net$2.2 $2.0 $(0.4)$4.1 $(0.2)
Total revenues$90.0 $77.9 $75.0 $168.0 $147.6 
Provision for credit losses$(5.0)$(5.2)$(6.7)$(10.2)$(9.7)
Operating expenses$(20.8)$(21.0)$(18.2)$(41.8)$(36.5)
Profit for the period$64.2 $51.7 $50.1 $115.9 $101.4 
Profitability Ratios
Earnings per Share ("EPS") (1)
$1.73 $1.40 $1.36 $3.13 $2.76 
Return on Average Equity (“ROE”) (2)
18.5 %15.4 %16.2 %17.0 %16.5 %
Return on Average Assets (ROA) (3)
2.1 %1.8 %1.9 %2.0 %1.9 %
Net Interest Margin ("NIM") (4)
2.36 %2.36 %2.43 %2.36 %2.45 %
Net Interest Spread ("NIS") (5)
1.70 %1.65 %1.74 %1.68 %1.77 %
Efficiency Ratio (6)
23.1 %26.9 %24.3 %24.9 %24.7 %
Assets, Capital, Liquidity & Credit Quality
Credit Portfolio (7)
$12,182 $11,950 $10,336 $12,182 $10,336 
Commercial Portfolio (8)
$10,819 $10,686 $9,201 $10,819 $9,201 
Investment Portfolio$1,363 $1,264 $1,134 $1,363 $1,134 
Total assets$12,674 $12,395 $10,907 $12,674 $10,907 
Total equity$1,415 $1,371 $1,264 $1,415 $1,264 
Market capitalization (9)
$1,500 $1,360 $1,091 $1,500 $1,091 
Tier 1 Capital to risk-weighted assets (Basel III – IRB) (10)
15.0 %15.1 %16.2 %15.0 %16.2 %
Capital Adequacy Ratio (Regulatory) (11)
13.9 %13.5 %14.0 %13.9 %14.0 %
Total assets / Total equity (times)9.09.08.69.08.6
Liquid Assets / Total Assets (12)
15.5 %14.9 %17.4 %15.5 %17.4 %
Credit-impaired loans to Loan Portfolio (13)
0.2 %0.2 %0.1 %0.2 %0.1 %
Impaired credits (14) to Credit Portfolio
0.2 %0.1 %0.1 %0.2 %0.1 %
Total allowance for losses to Credit Portfolio (15)
0.8 %0.8 %0.7 %0.8 %0.7 %
Total allowance for losses to Impaired credits (times) (15)
5.15.37.55.17.5



Panama City, Republic of Panama                             August 4, 2025

Bladex’s activities are comprised of two business segments, Commercial and Treasury. Information related to each segment is set out below. Business segment reporting is based on the Bank’s managerial accounting process, which assigns assets, liabilities, revenue, and expense items to each business segment on a systemic basis.



COMMERCIAL BUSINESS SEGMENT

The Commercial Business Segment encompasses the Bank’s core business of financial intermediation and fee generation activities developed to cater to corporations, financial institutions, and investors in Latin America. These activities include the origination of bilateral short-term and medium-term loans, structured and syndicated credits, 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.

The majority of the Bank’s core financial intermediation business, consisting of loans – principal balance (or the “Loan Portfolio”), amounted to $8,597 million at the end of 2Q25, representing a slight decrease of 1% QoQ and an increase of 16% YoY, as the Bank continued experiencing strong credit demand, even in the context of global uncertainty and ample market liquidity. In addition, contingencies and acceptances amounted to $2,222 million at the end of 2Q25 (+11% QoQ; +25% YoY), reflecting sustained growth in commercial activity across the Region and strong demand in each segment of letters of credit, guarantees and credit commitments.




screenshot2025-07x17171610a.jpg













Panama City, Republic of Panama                             August 4, 2025


Consequently, the Bank’s Commercial Portfolio reached an all-time high of $10,819 million at the end of 2Q25, increasing 1% from $10,686 million in the prior quarter and increasing 18% from $9,201 million a year ago. In addition, the average Commercial Portfolio balance increased to $10,626 million in 2Q25 (+4% QoQ and +21% YoY) and to $10,405 million in 6M25 (+19% YoY).




screenshot2025-07x21153210a.jpg



As of June 30, 2025, 69% of the Commercial Portfolio was scheduled to mature within a year and trade finance transactions accounted for 63% of the Bank’s short-term original book.

Weighted average lending rates stood at 7.42% in 2Q25 (-11 bps QoQ; -107 bps YoY) and 7.47% in 6M25 (-104 bps YoY), reflecting the continued effect of lower USD market-based interest rates and ample market liquidity driving competitive pricing.

















Panama City, Republic of Panama                             August 4, 2025



Commercial Portfolio by Country



screenshot2025-07x17143257a.jpg



Bladex maintains well-diversified exposures across countries and industries. Brazil at 14% of the total Commercial Portfolio, continues to represent the largest country-risk exposure, followed by Guatemala at 12%, Mexico at 11%, the Dominican Republic and Colombia at 9% each and Peru at 7%. Exposure to top-rated countries outside of Latin America, which relates to transactions carried out in the Region, represented 7% of the portfolio at the end of 2Q25. As of June 30, 2025, 38% of the Commercial Portfolio was geographically distributed in investment grade countries.

Exposure to the Bank’s traditional client base comprising financial institutions represented 32% of the total, while sovereign and state-owned corporations accounted for another 12%. Exposure to corporates accounted for the remainder 56% of the Commercial Portfolio, comprised of top-tier clients well diversified across sectors, with the most significant exposures in Electric Power at 9%, Food and Beverage at 8%, Oil & Gas (Integrated) at 7%, Oil & Gas (Downstream) at 6% and Metal Manufacturing at 5% of the Commercial Portfolio at the end of 2Q25.

Refer to Exhibit IX for additional information related to the Bank’s Commercial Portfolio distribution by country.
















Panama City, Republic of Panama                             August 4, 2025

Commercial Portfolio by Industry

screenshot2025-07x17143841a.jpg



Commercial Segment Profitability

Profits from the Commercial Business Segment include: (i) net interest income from loans; (ii) fees and commissions from the issuance, confirmation and negotiation of letters of credit, guarantees and loan commitments, as well as through loan structuring and syndication activities; (iii) gain on sale of loans generated through loan intermediation activities, such as sales and distribution in the primary market; (iv) gain (loss) on sale of loans measured at FVTPL; (v) reversal (provision) for credit losses; and (vi) direct and allocated operating expenses.

(US$ million)2Q251Q252Q24QoQ (%)YoY (%)6M256M24YoY (%)
Commercial Business Segment:
Net interest income$59.7$59.0$55.91 %7 %$118.7$112.36 %
Other income21.510.912.798 %69 %32.422.544 %
Total revenues81.269.968.716 %18 %151.1134.812 %
Provision for credit losses(5.2)(5.1)(6.6)-2 %22 %(10.3)(10.3)1 %
Operating expenses(16.3)(16.9)(14.6)4 %-12 %(33.2)(29.2)-14 %
Profit for the segment$59.7$47.9$47.525 %26 %$107.6$95.213 %

Commercial Segment Profit totaled $59.7 million in 2Q25 (+25% QoQ and +26% YoY) and $107.6 million in 6M25 (+13% YoY), mostly driven by increased top line performance in NII and fee income generation, partly offset by higher letters of credit business and higher YoY operating expenses associated with the Bank’s increased commercial workforce and strategy execution.


Panama City, Republic of Panama                             August 4, 2025


TREASURY BUSINESS SEGMENT

The Treasury Business Segment manages the Bank’s investment portfolio and overall asset and liability structure to enhance funding efficiency and liquidity, mitigating the traditional financial risks associated with the balance sheet, such as interest rate, liquidity, price, and currency risks. Interest-earning assets managed by the Treasury Business Segment include liquidity positions in cash and cash equivalents, as well as highly liquid corporate debt securities rated ‘A-‘ or above, and financial instruments related to investment management activities, consisting of the principal balances of securities at fair value through other comprehensive income (“FVOCI”) and securities at amortized cost (the “Investment Portfolio”). The Treasury Business Segment also manages the Bank’s interest-bearing liabilities, consisting of deposits, securities sold under repurchased agreements, borrowed funds and floating and fixed rate debt placements.



Liquidity

The Bank’s liquid assets, mostly consisting of cash and due from banks, totaled $1,959 million as of June 30, 2025, compared to $1,852 million as of March 31, 2025, and $1,899 million as of June 30, 2024 , conforming with the Bank’s proactive and prudent liquidity management approach, which follows Basel methodology’s liquidity coverage ratio, as required by Panamanian banking regulator. At the end of those periods, liquidity balances to total assets represented 15%, 15% and 17%, respectively, while the liquidity balances to total deposits ratio was 30%, 32% and 36% respectively. As of June 30, 2025, 96% of total liquid assets represented deposits placed with the Federal Reserve Bank of New York (“FED”), and 2% of total liquid assets represented deposits placed with highly rated U.S. banks.



image9a.jpg









Panama City, Republic of Panama                             August 4, 2025





Investment Portfolio

The Investment Portfolio, focused on further diversifying credit-risk exposures and providing contingent liquidity funding, amounted to $1,363 million in principal amount as of June 30, 2025, up 8% from the previous quarter and up 20% from a year ago. As of June 30, 2025, 86% of the Investment Portfolio consists of investment-grade credit securities eligible for the FED discount window, and $48 million consists of highly rated corporate debt securities (‘A-‘ or above) classified as high quality liquid assets (“HQLA”) in accordance with the specifications of the Basel Committee.

Refer to Exhibit X for a per-country risk distribution of the Investment Portfolio.

Investment Portfolio by Country
screenshot2025-07x17144359a.jpg


Funding

The Bank’s principal sources of funds are deposits, borrowed funds and floating and fixed rate debt placements. As of June 30, 2025, total net funding amounted to $10,423 million, a 1% increase compared to $10,322 million a quarter ago, and a 15% increase compared to $9,102 million a year ago, as the Bank continues to expand and diversify its funding base aligned with the ongoing commercial strategic initiatives.

The Bank obtains deposits from central banks, as well as from multilaterals, commercial banks and corporations primarily located in the Region. Total deposits amounted to $6,446 million at the end of 2Q25 (+10% QoQ and +23% YoY), representing a new all-time high, and 62% of total funding sources, compared to 57% and 58%, a quarter and a year ago, respectively, highlighting the change in the funding structure towards increased reliance in deposits.

As of June 30, 2025, the Bank’s Yankee CD program totaled $1,306 million, or 13% of total funding sources, providing granularity and complementing the short-term funding structure and long-standing support from the Bank’s Class A shareholders (i.e.: central banks and their designees), which represented 37% of total deposits at the end of 2Q25.







Panama City, Republic of Panama                             August 4, 2025



Deposits by Client Type
screenshot2025-07x17144801a.jpg
Funding through short and medium-term borrowings and debt, net decreased 6% QoQ and increased 7% YoY to $3,779 million at the end of 2Q25. This ample and constant access to interbank and debt capital markets is clearly evidenced through public debt issuances in Mexico, Panama and the United States, coupled with private debt issuances placed in different markets primarily in Asia, Europe and Latin America. Funding through securities sold under repurchase agreements (“Repos”) reached $197 million at the end of 2Q25 (-57% QoQ; -35% YoY).


Funding Sources by Product

screenshot2025-07x18180154a.jpg



Panama City, Republic of Panama                             August 4, 2025

The Bank's funding sources are well diversified across geographies and currencies. In addition, the Bank has no significant foreign exchange risk, nor does it hold material open foreign exchange positions. Funding obtained in other currencies is hedged with derivatives to avoid any currency mismatch.



Funding Sources by Region


screenshot2025-07x18180239a.jpg



Weighted average funding costs resulted in 4.99% in 2Q25 (-11 bps QoQ; -72 bps YoY) and 5.04% in 6M25 (-65 bps YoY), reflecting the continued effect of lower USD market-based interest rates.


Treasury Segment Profitability

Profits from the Treasury Business Segment include net interest income derived from the above-mentioned Treasury assets and liabilities, and related net other income (net results from derivative financial instruments and foreign currency exchange, gain (loss) per financial instruments at fair value through profit or loss (“FVTPL”), gain (loss) on sale of securities at FVOCI, and other income), recovery or impairment loss on financial instruments, and direct and allocated operating expenses.

(US$ million)2Q251Q252Q24QoQ (%)YoY (%)6M256M24YoY (%)
Treasury Business Segment:
Net interest income$8.1$6.2$6.830 %18 %$14.3$13.37 %
Other income (expense)0.81.8(0.5)-57 %270 %2.6(0.5)655 %
Total revenues8.98.06.410 %39 %16.912.931 %
Reversal of (provision for) credit losses0.2(0.1)(0.1)216 %304 %0.00.6-96 %
Operating expenses(4.6)(4.1)(3.7)-12 %-25 %(8.6)(7.3)-19 %
Profit for the segment$4.5$3.8$2.617 %70 %$8.3$6.234 %

The Treasury Business Segment recorded a $4.5 million profit for 2Q25 (+17% QoQ; +70% YoY) and $8.3 million profit for 6M25 (+34% YoY), primarily driven by higher Net Interest Income resulting from an effective funding and liquidity

Panama City, Republic of Panama                             August 4, 2025

management, coupled with positive other income results and reversals of provisions for credit losses in 2Q25, offsetting increased operating expenses.


NET INTEREST INCOME AND MARGINS

(US$ million, except percentages)2Q251Q252Q24QoQ (%)YoY (%)6M256M24YoY (%)
Net Interest Income
Interest income$194.4 $189.4 $195.4 3 %0 %$383.9 $388.9 -1 %
Interest expense(126.7)(124.2)(132.6)2 %-4 %(250.9)(263.3)-5 %
Net Interest Income ("NII")$67.7 $65.3 $62.8 4 %8 %$133.0 $125.6 6 %
Net Interest Spread ("NIS")1.70 %1.65 %1.74 %1.68 %1.77 %
Net Interest Margin ("NIM")2.36 %2.36 %2.43 %2.36 %2.45 %


NII increased 4% QoQ and 8% YoY to $67.7 million in 2Q25. For the six months ended June 30, 2025, NII increased 6% to $133.0 million. Solid NII levels continue to be supported by a steady increase in business volumes, margin stability and disciplined pricing, together with a higher deposit base allowing for an efficient cost of funds, partly offset by the continued effect of increased USD market liquidity driving competitive pricing. As a result, NIM stood at 2.36% in 2Q25 and 6M25.



FEES AND COMMISSIONS
Fees and Commissions, net, include revenues associated with the letter of credit business and guarantees, credit commitments, loan structuring and syndication, loan intermediation and distribution in the primary market, and other commissions, net of fee and commission expenses.

(US$ million)
2Q251Q252Q24QoQ (%)YoY (%)6M256M24YoY (%)
Letters of credit and guarantees7.86.76.517 %20 %14.512.516 %
Structuring services10.02.43.7318 %171 %12.45.0147 %
Credit commitments2.81.42.4101 %18 %4.24.05 %
Other fees and commissions income0.10.40.1-78 %-31 %0.50.9-39 %
Total fee and commission income20.710.912.790 %63 %31.622.441 %
Fees and commission expense(0.8)(0.3)(0.2)-132 %-303 %(1.2)(0.4)-190 %
Fees and Commissions, net$19.9$10.6$12.588 %59 %$30.5$22.039 %

Fees and Commissions, net, reached a record-level of $19.9 million in 2Q25 (+88% QoQ; +59% YoY) and totaled $30.5 million in 6M25 (+39% YoY). These results were driven by higher fees in each of the Bank’s business lines, achieving a standout, record-setting performance of its syndications desk, alongside higher fee income from our off-balance sheet business (letters of credit and commitments) driven by an effective strategic execution, strong cross-selling initiatives and optimized processes.




Panama City, Republic of Panama                             August 4, 2025

PORTFOLIO QUALITY AND TOTAL ALLOWANCE FOR CREDIT LOSSES
(US$ million, except percentages) 2Q251Q254Q243Q242Q246M256M24
Allowance for loan losses
Balance at beginning of the period$77.3$78.2$71.9$63.3$59.6$78.2$59.4
Provisions (reversals)4.6(0.9)6.37.53.73.83.9
Recoveries (write-offs)0.00.00.01.10.00.00.0
End of period balance$81.9$77.3$78.2$71.9$63.3$81.9$63.3
Allowance for loan commitments and financial guarantee contract losses
Balance at beginning of the period$11.3$5.4$7.4$11.5$8.6$5.4$5.1
Provisions (reversals)0.56.0(2.0)(4.1)2.96.56.4
End of period balance$11.9$11.3$5.4$7.4$11.5$11.9$11.5
Allowance for Investment Portfolio losses
Balance at beginning of the period$1.2$1.3$1.5$1.4$1.3$1.3$1.6
Provisions (reversals)0.0(0.1)(0.2)0.20.1(0.1)(0.6)
Recoveries (write-offs)0.0(0.0)0.00.00.0(0.0)0.3
End of period balance$1.2$1.2$1.3$1.5$1.4$1.2$1.4
Total allowance for the Credit Portfolio losses$95.0$89.8$84.9$80.8$76.1$95.0$76.1
Allowance for cash and due from banks losses$0.0$0.2$0.0$0.0$0.0$0.0$0.0
Total allowance for losses$95.1$90.0$84.9$80.8$76.1$95.1$76.1
(at the end of each period)
Total allowance for losses to Credit Portfolio0.8 %0.8 %0.8 %0.7 %0.7 %0.8 %0.7 %
Credit-impaired loans to Loan Portfolio0.2 %0.2 %0.2 %0.2 %0.1 %0.2 %0.1 %
Impaired Credits to Credit Portfolio0.2 %0.1 %0.2 %0.2 %0.1 %0.2 %0.1 %
Total allowance for losses to Impaired credits (times)5.15.35.04.77.55.17.5
Stage 1 Exposure (low risk) to Total Credit Portfolio97.9 %97.9 %96.4 %95.7 %94.5 %97.9 %94.5 %
Stage 2 Exposure (increased risk) to Total Credit Portfolio2.0 %2.0 %3.5 %4.1 %5.5 %2.0 %5.5 %
Stage 3 Exposure (credit impaired) to Total Credit Portfolio0.2 %0.1 %0.2 %0.2 %0.1 %0.2 %0.1 %

As of June 30, 2025, the total allowance for losses stood at $95.1 million, compared to $90.0 million at the end of 1Q25, and $76.1 million a year ago. The $5.0 million provision for credit losses in 2Q25 was mostly associated to strengthening the reserves allocated to exposures classified at Stage 2 with increased risk since origination and individually assessed credit reserves allocated to impaired loans on Stage 3. Allowances for losses associated with the Credit Portfolio represented a coverage ratio of 0.8% at the end of 2Q25.

As of June 30, 2025, the principal balance of impaired credits (Stage 3) increased to $18.7 million, or 0.2% of total Credit Portfolio, with ample reserve coverage, compared to $17.0 million in the previous quarter and $10.1 million a year ago. Total allowance for credit losses to impaired credits resulted in 5.1 times. Credits categorized as Stage 1 or low-risk credits under IFRS 9 accounted for 97.9% of total credits, while Stage 2 credits represented 2.0% of total credits.


Panama City, Republic of Panama                             August 4, 2025

OPERATING EXPENSES AND EFFICIENCY

(US$ million, except percentages)2Q251Q252Q24QoQ (%)YoY (%)6M256M24YoY (%)
Operating Expenses
Salaries and other employee expenses12.4 13.9 11.8 -11 %5 %26.3 23.4 12 %
Depreciation and amortization of equipment, leases and leasehold improvements0.7 0.7 0.6 4 %22 %1.4 1.2 19 %
Amortization of intangible assets0.3 0.3 0.3 7 %39 %0.7 0.5 42 %
Other expenses7.4 6.0 5.6 22 %31 %13.4 11.4 17 %
Total Operating Expenses$20.8 $21.0 $18.2 -1 %14 %$41.8 $36.5 15 %
Efficiency Ratio23.1 %26.9 %24.3 %24.9 %24.7 %
Operating expenses totaled $20.8 million in 2Q25 (-1% QoQ; +14% YoY) and $41.8 million in 6M25 (+15% YoY). The YoY increases were primarily related to higher personnel expenses and other expenses aimed at enhancing business volumes, modernization and strengthening the Bank’s strategy execution capabilities.

The Efficiency Ratio improved to 23.1% in 2Q25, compared to 26.9% in 1Q25 and 24.3% in 2Q24, on the back of higher quarterly total revenues and well-controlled operating expenses. For the six months ended June 30, 2025, the Efficiency Ratio stood at 24.9%, nearly unchanged compared to 24.7% a year ago, reflecting a consistent disciplined approach to cost management.

CAPITAL RATIOS AND CAPITAL MANAGEMENT
The following table shows capital amounts and ratios as of the dates indicated:

(US$ million, except percentages and shares outstanding)30-Jun-202531-Mar-202530-Jun-2024QoQ (%)YoY (%)
Total equity$1,415 $1,371 $1,264 3 %12 %
Tier 1 capital to risk weighted assets (Basel III – IRB) (10)
15.0 %15.1 %16.2 %-1 %-7 %
Risk-Weighted Assets (Basel III – IRB) (10)
$9,433 $9,064 $7,799 4 %21 %
Capital Adequacy Ratio (Regulatory) (11)
13.9 %13.5 %14.0 %3 %-1 %
Risk-Weighted Assets (Regulatory) (11)
$10,156 $10,143 $9,101 0 %12 %
Total assets / Total equity (times)9.09.08.6-1 %4 %
Shares outstanding (in thousand)37,23137,15436,7870 %1 %


The Bank’s equity consists entirely of issued and fully paid ordinary common stock, with 37.2 million common shares outstanding as of June 30, 2025. At the same date, the Tier 1 Basel III Capital Ratio, in which risk-weighted assets are calculated under the advanced internal ratings-based approach (IRB) for credit risk, resulted in 15.0%. Similarly, the Bank’s Capital Adequacy Ratio, as defined by Panama’s banking regulator under Basel’s standardized approach, was 13.9% as of June 30, 2025, well above the regulatory minimum.














Panama City, Republic of Panama                             August 4, 2025

RECENT EVENTS:

•Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.625 per share corresponding to 2Q25. The cash dividend will be paid on September 3, 2025, to shareholders registered as of August 15, 2025.
•Rating Updates: On July 2, 2025, 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 May 28, 2025, S&P Global Ratings affirmed the Bank’s global issuer credit ratings at “BBB/A-2”. The outlook remains “Stable”.

On May 15, 2025, 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 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)ROA refers to return on average assets which is calculated based on unaudited daily average balances.
(4)NIM refers to net interest margin which constitutes to Net Interest Income (“NII”) divided by the average balance of interest-earning assets.
(5)NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, less the average yield paid on interest-bearing liabilities.
(6)Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
(7)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 (or the “Investment Portfolio”); 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.
(8)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.
(9)Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
(10)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.
(11)As defined by the Superintendency of Banks of Panama 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.
(12)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.

Panama City, Republic of Panama                             August 4, 2025

(13)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.
(14)Impaired Credits refers to Non-Performing Loans or NPLs and non-performing securities at FVOCI and at amortized cost.
(15)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, August 5, 2025, 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 http://www.bladex.com. Participants should register five minutes before the call is set to begin. The

Panama City, Republic of Panama                             August 4, 2025

webcast presentation will be available for viewing and downloads on http://www.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:
picture1a.jpg

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



Panama City, Republic of Panama                             August 4, 2025

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION      EXHIBIT I
AT THE END OF
(A)(B)(C)(A) - (B)(A) - (C)
June 30, 2025March 31, 2025June 30, 2024CHANGE%CHANGE%
(In US$ thousand)
Assets
Cash and due from banks$1,997,581 $1,898,678 $1,905,420 $98,903 5 %$92,161 5 %
Investment securities1,377,813 1,276,167 1,146,484 101,646 8 231,329 20 
Loans8,583,899 8,709,983 7,443,597 (126,084)(1)1,140,302 15 
Customers' liabilities under acceptances602,232 437,094 284,997 165,138 38 317,235 111 
Trading derivative financial instruments - assets2,189 73 0 2,116 2,899 2,189 n.m.
Hedging derivative financial instruments - assets63,713 32,492 92,652 31,221 96 (28,939)(31)
Equipment, leases and leasehold improvements, net19,417 19,233 15,821 184 1 3,596 23 
Intangible assets3,462 3,425 2,605 37 1 857 33 
Other assets23,901 17,712 15,038 6,189 35 8,863 59 
Total assets$12,674,207 $12,394,857 $10,906,614 $279,350 2 %$1,767,593 16 %
Liabilities
Customer deposits$6,491,382 $5,902,294 $5,321,142 $589,088 10 $1,170,240 22 
Securities sold under repurchase agreements196,562 458,492 302,765 (261,930)(57)(106,203)(35)
Borrowings and debt, net3,779,353 4,004,159 3,540,487 (224,806)(6)238,866 7 
Interest payable44,581 39,787 37,310 4,794 12 7,271 19 
Lease Liabilities18,713 18,993 16,148 (280)(1)2,565 16 
Acceptance outstanding602,232 437,094 284,997 165,138 38 317,235 111 
Trading derivative financial instruments - liabilities191 49 0 142 290 191 n.m.
Hedging derivative financial instruments - liabilities69,217 111,317 94,578 (42,100)(38)(25,361)(27)
Allowance for losses on loan commitments and financial guarantee contract11,877 11,334 11,488 543 5 389 3 
Other liabilities44,619 40,667 34,104 3,952 10 10,515 31 
Total liabilities$11,258,727 $11,024,186 $9,643,019 $234,541 2 %$1,615,708 17 %
Equity
Common stock279,980 279,980 279,980 0 0 %0 0 %
Treasury stock(97,578)(98,978)(105,672)1,400 1 8,094 8 
Additional paid-in capital in excess of value assigned to common stock120,854 120,213 120,735 641 1 119 0 
Capital reserves95,210 95,210 95,210 0 0 0 0 
Regulatory reserves149,665 149,639 136,019 26 0 13,646 10 
Retained earnings861,430 820,542 737,958 40,888 5 123,472 17 
Other comprehensive income5,919 4,065 (635)1,854 46 6,554 (1,032)
Total equity$1,415,480 $1,370,671 $1,263,595 $44,809 3 %$151,885 12 %
Total liabilities and equity$12,674,207 $12,394,857 $10,906,614 $279,350 2 %$1,767,593 16 %

Panama City, Republic of Panama                             August 4, 2025

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS EXHIBIT II

(In US$ thousand, except per share amounts and ratios)
FOR THE THREE MONTHS ENDED
(A)(B)(C)(A) - (B)(A) - (C)
June 30, 2025March 31, 2025June 30, 2024CHANGE%CHANGE%
Net Interest Income:
Interest income$194,431 $189,420 $195,373 5,011 3 %$(942)(0)%
Interest expense(126,692)(124,164)(132,614)(2,528)(2)5,922 4 
Net Interest Income67,739 65,256 62,759 2,483 4 4,980 8 
Other income (expense):
Fees and commissions, net19,912 10,583 12,533 9,329 88 7,379 59 
Gain (loss) on financial instruments, net2,161 1,984 (351)177 9 2,512 716 
Other income, net230 126 99 104 83 131 132 
Total other income, net22,303 12,693 12,281 9,610 76 10,022 82 
Total revenues90,042 77,949 75,040 12,093 16 15,002 20 
Provision for credit losses(5,019)(5,216)(6,684)197 4 1,665 25 
Operating expenses:
Salaries and other employee expenses(12,384)(13,938)(11,761)1,554 11 (623)(5)
Depreciation and amortization of equipment, leases and leasehold improvements(721)(693)(591)(28)(4)(130)(22)
Amortization of intangible assets(348)(326)(250)(22)(7)(98)(39)
Other expenses(7,386)(6,044)(5,632)(1,342)(22)(1,754)(31)
Total operating expenses(20,839)(21,001)(18,234)162 1 (2,605)(14)
Profit for the period$64,184 $51,732 $50,122 $12,452 24 %$14,062 28 %
PER COMMON SHARE DATA:
Basic earnings per share$1.73 $1.40 $1.36 
Diluted earnings per share$1.73 $1.40 $1.36 
Book value (period average)$37.50 $36.83 $33.78 
Book value (period end)$38.02 $36.89 $34.35 
Weighted average basic shares (in thousands of shares)37,203 36,941 36,775 
Weighted average diluted shares (in thousands of shares)37,203 36,941 36,775 
Basic shares period end (in thousands of shares)37,231 37,154 36,787 
PERFORMANCE RATIOS:
Return on average assets2.1 %1.8 %1.9 %
Return on average equity18.5 %15.4 %16.2 %
Net interest margin2.36 %2.36 %2.43 %
Net interest spread1.70 %1.65 %1.74 %
Efficiency Ratio23.1 %26.9 %24.3 %
Operating expenses to total average assets0.69 %0.73 %0.68 %



Panama City, Republic of Panama                             August 4, 2025

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS EXHIBIT III

(In US$ thousand, except per share amounts and ratios)
FOR THE SIX MONTHS ENDED
(A)(B)(A) - (B)
June 30, 2025June 30, 2024CHANGE%
Net Interest Income:
Interest income$383,851 $388,945 $(5,094)(1)%
Interest expense(250,856)(263,301)12,445 5 
Net Interest Income132,995 125,644 7,351 6 
Other income (expense):
Fees and commissions, net30,495 22,005 8,490 39 
Gain (loss) on financial instruments, net4,145 (191)4,336 2270 
Other income, net356 170 186 109 
Total other income, net34,996 21,984 13,012 59 
Total revenues167,991 147,628 20,363 14 
Provision for credit losses(10,235)(9,713)(522)(5)
Operating expenses:
Salaries and other employee expenses(26,322)(23,431)(2,891)(12)
Depreciation and amortization of equipment, leases and leasehold improvements(1,414)(1,185)(229)(19)
Amortization of intangible assets(674)(474)(200)(42)
Other expenses(13,430)(11,435)(1,995)(17)
Total operating expenses(41,840)(36,525)(5,315)(15)
Profit for the period$115,916 $101,390 $14,526 14 %
PER COMMON SHARE DATA:
Basic earnings per share$3.13 $2.76 
Diluted earnings per share$3.13 $2.76 
Book value (period average)$37.17 $33.69 
Book value (period end)$38.02 $34.35 
Weighted average basic shares (in thousands of shares)37,072 36,692 
Weighted average diluted shares (in thousands of shares)37,072 36,692 
Basic shares period end (in thousands of shares)37,231 36,787 
PERFORMANCE RATIOS:
Return on average assets1.96 %1.9 %
Return on average equity17.0 %16.5 %
Net interest margin2.36 %2.45 %
Net interest spread1.68 %1.77 %
Efficiency Ratio24.9 %24.7 %
Operating expenses to total average assets0.71 %0.68 %

Panama City, Republic of Panama                             August 4, 2025

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES EXHIBIT IV
FOR THE THREE MONTHS ENDED
June 30, 2025March 31, 2025June 30, 2024
AVERAGE BALANCEINTERESTAVG. RATEAVERAGE BALANCEINTERESTAVG. RATEAVERAGE BALANCEINTERESTAVG. RATE
(In US$ thousand)
INTEREST EARNING ASSETS
Cash and due from banks (1)
$1,702,178 $18,845 4.38 %$1,596,763 $16,848 4.22 %$1,895,631 $25,642 +0.0535128211202309000
Securities at fair value through OCI120,400 1,812 5.95126,743 1,757 5.5497,621 1,144 4.64 
Securities at amortized cost (2)
1,179,561 14,359 4.821,091,843 12,553 4.601,064,451 11,486 4.27 
Loans, net of unearned interest (2)
8,502,456 159,415 7.428,403,207 158,262 7.537,317,976 157,101 8.49 
TOTAL INTEREST EARNING ASSETS$11,504,595 $194,431 6.69 %$11,218,556 $189,420 6.75 %$10,375,679 $195,373 7.45 %
Allowance for loan losses(34,776)(85,300)(61,641)
Non interest earning assets700,141 578,899 545,211 
TOTAL ASSETS$12,169,959 $11,712,154 $10,859,249 
INTEREST BEARING LIABILITIES
Deposits$6,216,129 $74,507 4.74 %$5,623,600 $67,878 +0.0482809255829890000
$5,327,006 $76,808 5.70 %
Securities sold under repurchase agreement232,045 2,860 4.88191,657 2,401 5.01248,887 3,592 5.71 
Short-term borrowings and debt881,949 11,151 5.001,154,460 14,602 5.06933,330 15,633 6.63 
Long-term borrowings and debt, net (3)
2,717,418 38,174 5.562,763,148 39,282 5.692,686,722 36,581 5.39 
TOTAL INTEREST BEARING LIABILITIES$10,047,540 $126,692 4.99 %$9,732,865 $124,164 5.10 %$9,195,944 $132,614 5.71 %
Non interest bearing liabilities and other liabilities$727,274 $618,766 $421,218 
TOTAL LIABILITIES10,774,814 10,351,631 9,617,162 
TOTAL EQUITY1,395,145 1,360,523 1,242,087 
TOTAL LIABILITIES AND EQUITY$12,169,959 $11,712,154 $10,859,249 
NET INTEREST SPREAD1.70 %1.65 %1.74 %
NET INTEREST INCOME AND NET INTEREST MARGIN67,739 2.36 %65,256 2.36 %62,759 2.43 %
(1)Gross of interest receivable and the allowance for losses relating to deposits.
(2)Gross of interest receivable and the allowance for losses relating to financial instruments at amortized cost.
(3)Includes lease liabilities, net of prepaid commissions.
Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging.


Panama City, Republic of Panama                             August 4, 2025

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES EXHIBIT V

FOR THE SIX MONTHS ENDED
June 30, 2025June 30, 2024
AVERAGE BALANCEINTERESTAVG. RATEAVERAGE BALANCEINTERESTAVG. RATE
(In US$ thousand)
INTEREST EARNING ASSETS
Cash and due from banks (1)
$1,649,762 $35,693 4.30 %$1,871,461 $50,668 5.36 %
Securities at fair value through OCI123,554 3,569 5.7490,443 2,114 4.62 
Securities at amortized cost (2)
1,135,944 26,912 4.711,032,899 21,144 4.05 
Loans, net of unearned interest (2)
8,453,105 317,677 7.477,317,557 315,019 8.52 
TOTAL INTEREST EARNING ASSETS$11,362,365 $383,851 6.72 %$10,312,359 $388,945 7.46 %
Allowance for loan losses(59,899)(60,147)
Non interest earning assets639,855 564,090 
TOTAL ASSETS$11,942,322 $10,816,302 
INTEREST BEARING LIABILITIES
Deposits$5,921,501 $142,385 4.78 %$5,078,580 $146,542 5.71 %
Securities sold under repurchase agreement211,963 5,261 4.94235,818 6,156 5.16 
Short-term borrowings and debt1,018,991 25,753 5.031,144,101 37,913 6.55 
Long-term borrowings and debt, net (3)
2,740,157 77,457 5.622,696,188 72,690 5.33 
TOTAL INTEREST BEARING LIABILITIES$9,892,612 $250,856 5.04 %$9,154,687 $263,301 5.69 %
Non interest bearing liabilities and other liabilities$671,780 $425,610 
TOTAL LIABILITIES10,564,392 9,580,297 
TOTAL EQUITY1,377,930 1,236,005 
TOTAL LIABILITIES AND EQUITY$11,942,322 $10,816,302 
NET INTEREST SPREAD1.68 %1.77 %
NET INTEREST INCOME AND NET INTEREST MARGIN$132,995 2.36 %$125,644 2.45 %
(1)Gross of interest receivable and the allowance for losses relating to deposits.
(2)Gross of interest receivable and the allowance for losses relating to financial instruments at amortized cost.
(3)Includes lease liabilities, net of prepaid commissions.
Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging.


Panama City, Republic of Panama                             August 4, 2025

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS EXHIBIT VI
(In US$ thousand, except per share amounts and ratios)FOR THE SIX MONTHS ENDEDFOR THE THREE MONTHS ENDEDFOR THE SIX MONTHS ENDED
June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024
June 30, 2025June 30, 2024
Net Interest Income:
Interest income$383,851 $194,431 $189,420 $197,405 $198,682 $195,373 $388,945 
Interest expense(250,856)(126,692)(124,164)(130,468)(132,052)(132,614)(263,301)
Net Interest Income132,995 67,739 65,256 66,937 66,630 62,759 125,644 
Other income (expense):
Fees and commissions, net30,495 19,912 10,583 11,906 10,490 12,533 22,005 
Gain (loss) on financial instruments, net4,145 2,161 1,984 (620)328 (351)(191)
Other income, net356 230 126 202 135 99 170 
Total other income, net34,996 22,303 12,693 11,488 10,953 12,281 21,984 
Total revenues167,991 90,042 77,949 78,425 77,583 75,040 147,628 
Provision for credit losses(10,235)(5,019)(5,216)(4,038)(3,548)(6,684)(9,713)
Total operating expenses(41,840)(20,839)(21,001)(22,897)(21,042)(18,234)(36,525)
Profit for the period$115,916 $64,184 $51,732 $51,490 $52,993 $50,122 $101,390 
SELECTED FINANCIAL DATA
PER COMMON SHARE DATA:
Basic earnings per share$3.13 $1.73 $1.40 $1.40 $1.44 $1.36 $2.76 
PERFORMANCE RATIOS:
Return on average assets2.0 %2.1 %1.8 %1.8 %1.9 %1.9 %1.9 %
Return on average equity17.0 %18.5 %15.4 %15.5 %16.4 %16.2 %16.5 %
Net interest margin2.36 %2.36 %2.36 %2.44 %2.55 %2.43 %2.45 %
Net interest spread1.68 %1.70 %1.65 %1.69 %1.78 %1.74 %1.77 %
Efficiency Ratio24.9 %23.1 %26.9 %29.2 %27.1 %24.3 %24.7 %
Operating expenses to total average assets0.71 %0.69 %0.73 %0.80 %0.77 %0.68 %0.68 %

Panama City, Republic of Panama                             August 4, 2025

BUSINESS SEGMENT ANALYSIS EXHIBIT VII

(In US$ thousand)FOR THE SIX MONTHS ENDEDFOR THE THREE MONTHS ENDED
June 30, 2025June 30, 2024June 30, 2025March 31, 2025June 30, 2024
COMMERCIAL BUSINESS SEGMENT:
Net interest income$118,685 $112,303 $59,657 $59,029 $55,937 
Other income32,400 22,452 21,519 10,881 12,742 
Total revenues151,085 134,755 81,176 69,910 68,679 
Provision for credit losses(10,257)(10,314)(5,182)(5,075)(6,604)
Operating expenses(33,192)(29,240)(16,271)(16,921)(14,581)
Profit for the segment$107,636 $95,201 $59,723 $47,914 $47,494 
Segment assets9,205,569 7,744,509 9,205,569 9,166,885 7,744,509 
TREASURY BUSINESS SEGMENT:
Net interest income$14,310 $13,341 $8,082 $6,227 $6,822 
Other income (expense) 2,596 (468)784 1,812 (461)
Total revenues16,906 12,873 8,866 8,039 6,361 
Reversal of (provision for) credit losses22 601 163 (141)(80)
Operating expenses(8,648)(7,285)(4,568)(4,080)(3,653)
Profit for the segment$8,280 $6,189 $4,461 $3,818 $2,628 
Segment assets3,444,737 3,147,067 3,444,737 3,210,260 3,147,067 
TOTAL:
Net interest income$132,995 $125,644 $67,739 $65,256 $62,759 
Other income34,996 21,984 22,303 12,693 12,281 
Total revenues167,991 147,628 90,042 77,949 75,040 
Provision for credit losses(10,235)(9,713)(5,019)(5,216)(6,684)
Operating expenses(41,840)(36,525)(20,839)(21,001)(18,234)
Profit for the period$115,916 $101,390 $64,184 $51,732 $50,122 
Total segment assets12,650,306 10,891,576 12,650,306 12,377,145 10,891,576 
Unallocated assets23,901 15,038 23,901 17,712 15,038 
Total assets12,674,207 10,906,614 12,674,207 12,394,857 10,906,614 

Panama City, Republic of Panama                             August 4, 2025

CREDIT PORTFOLIO DISTRIBUTION BY COUNTRY EXHIBIT VIII

(principal balance in US$ million)                                                                                
AT THE END OF
(A)(B)(C)(A) - (B)(A) - (C)
June 30, 2025March 31, 2025June 30, 2024CHANGECHANGE
Amount% of Total OutstandingAmount% of Total OutstandingAmount% of Total Outstanding
ARGENTINA$254 2$362 3$292 3$(108)$(38)
BOLIVIA0 00 04 00 (4)
BRAZIL1,501 121,480 121,153 1121 348 
CHILE545 4585 5564 5(40)(19)
COLOMBIA989 81,059 91,066 10(70)(77)
COSTA RICA541 4443 4369 498 172 
DOMINICAN REPUBLIC930 8931 8893 9(1)37 
ECUADOR502 4481 4475 521 27 
EL SALVADOR100 175 155 125 45 
GUATEMALA1,299 111,179 10874 8120 425 
HONDURAS209 2235 2204 2(26)5 
JAMAICA89 163 164 126 25 
MEXICO1,193 101,330 111,073 10(137)120 
MULTILATERAL ORGANIZATIONS76 178 198 1(2)(22)
PANAMA615 5625 5446 4(10)169 
PARAGUAY212 2156 1227 256 (15)
PERU788 6845 7746 7(57)42 
PUERTO RICO40 028 00 012 40 
SURINAME150 10 00 0150 150 
TRINIDAD AND TOBAGO188 2169 1162 219 26 
UNITED STATES OF AMERICA873 7828 7657 645 216 
URUGUAY156 1122 161 134 95 
OTHER NON-LATAM (1)
932 8876 7853 856 79 
 TOTAL CREDIT PORTFOLIO (2)
$12,182 100 %$11,950 100 %$10,336 100 %$232 $1,846 
 INTEREST RECEIVABLE117 138 118 (21)(1)
UNEARNED INTEREST AND DEFERRED FEES$(32)$(31)$(18)$(1)$(14)
TOTAL CREDIT PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES$12,267 $12,057 $10,436 $210 $1,831 
(1)Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of June 30, 2025, Other Non-Latam was comprised of Canada ($76 million), European countries ($509 million ) and Asian-Pacific countries ($347 million ).
(2)Includes gross loans (or the "Loan Portfolio"), securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses, 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.

Panama City, Republic of Panama                             August 4, 2025

COMMERCIAL PORTFOLIO DISTRIBUTION BY COUNTRY EXHIBIT IX

(principal balance in US$ million)                                                                                
AT THE END OF
(A)(B)(C)(A) - (B)(A) - (C)
June 30, 2025March 31, 2025June 30, 2024CHANGECHANGE
Amount% of Total OutstandingAmount% of Total OutstandingAmount% of Total Outstanding
ARGENTINA$254 2$362 3$292 3$(108)$(38)
BOLIVIA0 00 04 00 (4)
BRAZIL1,489 141,468 141,129 1221 360 
CHILE516 5556 5508 6(40)8 
COLOMBIA925 9995 91,051 11(70)(126)
COSTA RICA533 5435 4361 498 172 
DOMINICAN REPUBLIC930 9931 9888 10(1)42 
ECUADOR502 5481 5475 521 27 
EL SALVADOR100 175 155 025 45 
GUATEMALA1,299 121,179 11874 10120 425 
HONDURAS209 2235 2204 2(26)5 
JAMAICA89 063 164 126 25 
MEXICO1,190 111,311 121,027 11(121)163 
PANAMA542 5553 5380 4(11)162 
PARAGUAY212 2156 1227 256 (15)
PERU778 7826 8715 8(48)63 
PUERTO RICO40 028 00 012 40 
SURINAME150 10 00 0150 150 
TRINIDAD AND TOBAGO188 2169 2162 219 26 
URUGUAY156 1122 161 134 95 
OTHER NON-LATAM (1)
717 7741 7724 8(24)(7)
 TOTAL COMMERCIAL PORTFOLIO (2)
$10,819 100 %10,686 100 %$9,201 100 %$133 $1,618 
 INTEREST RECEIVABLE101 125 105 (24)(4)
UNEARNED INTEREST AND DEFERRED FEES(32)(31)(18)(1)(14)
TOTAL COMMERCIAL PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES$10,888 $10,780 $9,288 $108 $1,600 
(1)Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of June 30, 2025, Other Non-Latam was comprised of United States of America ($146 million), Canada ($32 million), European countries ($361 million) and Asian-Pacific countries ($178 million).
(2)Includes gross loans (or the "Loan Portfolio"), 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.


Panama City, Republic of Panama                             August 4, 2025

INVESTMENT PORTFOLIO DISTRIBUTION BY COUNTRY EXHIBIT X

(principal balance in US$ million)                                                                                
AT THE END OF
(A)(B)(C)(A) - (B)(A) - (C)
June 30, 2025March 31, 2025June 30, 2024CHANGECHANGE
Amount% of Total OutstandingAmount% of Total OutstandingAmount% of Total Outstanding
BRAZIL$12 1$12 1$24 2$0 $(12)
CHILE29 229 256 50 (27)
COLOMBIA64 564 515 10 49 
COSTA RICA8 18 18 10 0 
DOMINICAN REPUBLIC0 00 05 00 (5)
MEXICO3 019 146 4(16)(43)
MULTILATERAL ORGANIZATIONS76 678 698 9(2)(22)
PANAMA73 572 666 61 7 
PERU10 119 131 3(9)(21)
UNITED STATES OF AMERICA727 53672 53584 5155 143 
OTHER NON-LATAM (1)
361 26291 24201 1870 160 
 TOTAL INVESTMENT PORTFOLIO (2)
$1,363 100 %$1,264 100 %$1,134 100 %$99 $229 
 INTEREST RECEIVABLE16 13 13 3 3 
TOTAL INVESTMENT PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES$1,379 $1,277 $1,147 $102 $232 
(1)Risk in highly rated countries outside the Region. As of June 30, 2025, Other Non-Latam was comprised of Canada ($44 million), European countries ($148 million) and Asian-Pacific countries ($169 million).
(2)Includes securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for losses.

Source: View Original Filing on SEC EDGAR

FAQ

What were Bladex's 2Q25 earnings per share (BLX)?

Bladex reported EPS of $1.73 for 2Q25, up from $1.36 a year earlier.

How did net interest income change for Bladex in 2Q25?

Net interest income reached $67.7 million, an 8% YoY increase and a quarterly record.

What is Bladex's current dividend?

The Board declared a $0.625 per share cash dividend, payable Sep 3 2025 to holders of record Aug 15 2025.

How strong is Bladex's capital position?

Tier 1 Basel III ratio stands at 15.0% and the regulatory capital adequacy ratio at 13.9%.

What is the quality of Bladex's loan book?

97.9% of exposures are Stage 1 (low risk) and Stage 3 balances are just 0.2% of the portfolio.

How large is Bladex's credit portfolio as of June 30 2025?

The portfolio reached an all-time high of $12.2 billion, up 18% YoY.
Stock BLX logo
Banco Latinoamericano De

NYSE:BLX

BLX Rankings

#3207 Ranked by Market Cap
#548 Ranked by Dividends

BLX Latest News

BLX Latest SEC Filings

BLX Stock Data

1.52B
29.10M
29.74%
0.34%
Banks - Regional
Financial Services
Link
Panama
Panama City