STOCK TITAN
  1. Home
  2. Sec-filings
  3. BLX
  4. [6-K] FOREIGN TRADE BANK OF LATIN AMERICA, INC. Current Report (Foreign Issuer)

Bladex (NYSE: BLX) grows Q1 2026 profit to $56.4M on record credit portfolio

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Bladex reported net profit of $56.4 million for 1Q26, up 9% year-on-year, driven by balance sheet growth and solid revenue generation. Earnings per share were $1.31 for the quarter. Adjusted annualized return on equity reached 14.2%, while reported ROE was 13.5%.

The Credit Portfolio hit an all-time high of $13.5 billion, up 13% year-on-year, with the Commercial Portfolio at $12.0 billion. Deposits rose 25% year-on-year to $7.3 billion, now 63% of total funding, supporting lower funding costs and a Net Interest Margin of 2.34%.

Asset quality remained strong with 97.5% of credits in Stage 1 and impaired credits stable at $38.7 million, or 0.3% of the Credit Portfolio. Capital ratios stayed comfortably above regulatory minimums, with a Tier 1 Basel III ratio of 17.9% and a regulatory capital adequacy ratio of 14.7%.

Positive

  • Net profit growth and strong ROE: 1Q26 profit reached $56.4 million, up 9% year-on-year, with adjusted return on equity at 14.2% and reported ROE at 13.5%, indicating solid profitability on a larger capital base.
  • Balance sheet and funding strength: The Credit Portfolio grew 13% year-on-year to $13.5 billion and deposits rose 25% to $7.3 billion, while the Tier 1 Basel III ratio of 17.9% and regulatory capital adequacy ratio of 14.7% remained well above minimums.

Negative

  • Margin pressure and higher Stage 2 exposures: Net Interest Margin slipped to 2.34% (down a few basis points year-on-year) amid lower base rates and strong competition, while Stage 2 exposures rose to 2.2% of the Credit Portfolio and allowance coverage of impaired credits fell to 2.9 times from 5.3 times a year earlier.

Insights

Profits and portfolio grow double‑digit while margins gently compress.

Bladex delivered 1Q26 net profit of $56.4 million, up 9% year-on-year, on higher business volumes. The Credit Portfolio reached $13.5 billion and total assets $13.7 billion, both up double digits versus a year earlier, evidencing active balance sheet expansion.

Return on equity of 13.5% (adjusted 14.2%) and an efficiency ratio of 26.5% show strong profitability and cost control, even as Net Interest Margin eased to 2.34% amid lower USD rates and competition. Asset quality remained robust with 97.5% of credits in Stage 1 and impaired credits at only 0.3% of the Credit Portfolio.

Capital and liquidity are solid, with a Tier 1 Basel III ratio of 17.9% and liquid assets of $2.0 billion, or 14.5% of total assets as of March 31, 2026. A quarterly dividend of $0.6875 per share was approved, alongside shareholder approval to change the corporate name to Bladex, Inc.

Net profit $56.4 million Profit for the period, 1Q26, up 9% YoY
Earnings per share $1.31 Basic EPS for 1Q26
Adjusted ROE 14.2% Adjusted return on equity excluding other equity instruments, 1Q26
Net Interest Margin 2.34% NIM for 1Q26, slightly lower year-on-year
Credit Portfolio $13.487 billion Total Credit Portfolio as of March 31, 2026, up 13% YoY
Customer deposits $7.307 billion Deposits at March 31, 2026, 63% of funding, up 25% YoY
Tier 1 Basel III ratio 17.9% Tier 1 capital to risk-weighted assets (IRB) at March 31, 2026
Efficiency Ratio 26.5% Operating expenses as % of total revenues, 1Q26
Net Interest Margin financial
"Net Interest Margin (“NIM”) stood at 2.34% for 1Q26"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
Stage 2 exposures financial
"Stage 2 exposures increased to 2.2% of the portfolio at the end of 1Q26"
Additional Tier 1 (AT1) capital financial
"effect of the AT1 issuance completed in late September 2025"
Efficiency Ratio financial
"Well-managed Efficiency Ratio of 26.5% for 1Q26"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
Basel III – IRB financial
"Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (11)"
High quality liquid assets (HQLA) financial
"classified as high quality liquid assets (“HQLA”) in accordance with the specifications"

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Form 6-K: How Foreign Companies Report to the SEC →

FAQ

How did Bladex (BLX) perform financially in the first quarter of 2026?
Bladex posted net profit of $56.4 million in 1Q26, up 9% year-on-year, with earnings per share of $1.31. Total revenues were $83.1 million, supported by $70.2 million in net interest income and $12.9 million in non-interest income.

What were Bladex’s key profitability ratios for 1Q26?
Bladex reported a return on average equity of 13.5% and an adjusted ROE of 14.2% in 1Q26. Return on average assets was 1.8%, and the bank maintained an efficiency ratio of 26.5%, reflecting strong cost control relative to revenues.

How did Bladex’s loan and credit portfolios evolve in 1Q26?
The total Credit Portfolio reached $13.5 billion, up 13% year-on-year, while the Commercial Portfolio hit $12.0 billion, also up 13%. The core Loan Portfolio totaled $9.7 billion, with 64% scheduled to mature within a year, supporting trade-focused lending.

What is the asset quality profile of Bladex as of March 31, 2026?
Bladex’s asset quality remained strong, with 97.5% of the Credit Portfolio in Stage 1 and 2.2% in Stage 2. Impaired credits (Stage 3) were stable at $38.7 million, or 0.3% of the Credit Portfolio, backed by total allowances of $112.3 million.

How robust are Bladex’s capital and liquidity positions after 1Q26?
The bank showed a Tier 1 Basel III ratio of 17.9% and a regulatory capital adequacy ratio of 14.7%, both above requirements. Liquid assets totaled $2.0 billion, representing 14.5% of total assets, mostly deposits placed with the Federal Reserve Bank of New York.

What dividend did Bladex declare for the first quarter of 2026?
The Board approved a quarterly common dividend of $0.6875 per share for 1Q26. The cash dividend is scheduled to be paid on May 27, 2026, to shareholders of record as of May 8, 2026, continuing the bank’s capital distribution to investors.

Did Bladex announce any notable corporate governance changes in 1Q26?
Shareholders approved changing the legal name from Banco Latinoamericano de Comercio Exterior, S.A. to Bladex, Inc.. They also elected and reelected directors, approved 2025 audited financial statements, ratified KPMG as auditor, and supported executive compensation on an advisory basis.


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 April, 2026

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:  April 29, 2026By: /s/ Annette van Hoorde de Solís
Name:Annette van Hoorde de Solís
Title:Chief Financial Officer


BLADEX ANNOUNCES NET PROFITS OF $56.4 MILLION FOR THE FIRST QUARTER 2026

PANAMA CITY, REPUBLIC OF PANAMA, APRIL 27, 2026

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

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

2

FINANCIAL & BUSINESS HIGHLIGHTS
•Solid profitability with Net Profits reaching $56.4 million in 1Q26 (+9% YoY), supported by continued balance sheet expansion and revenue generation. Earnings per share totaled $1.31 for 1Q26, reflecting the deduction of the AT1 coupon distribution from net profit attributable to common shareholders, in accordance with the applicable EPS calculation.
•Adjusted Annualized Return on Equity stood at 14.2% for 1Q26, reflecting disciplined balance sheet growth, solid fee generation, and continued funding optimization. Including the effect of the AT1 issuance completed in late September 2025, the annualized Return on Equity (“ROE”) reached 13.5% in 1Q26.
•Net Interest Income (“NII”) resulted in $70.2 million in 1Q26 (+8% YoY) mostly driven by higher average business volumes. Net Interest Margin (“NIM”) stood at 2.34% for 1Q26 (-2bps YoY), reflecting lower base rates implemented in the fourth quarter of 2025 and increased market liquidity driving competitive pricing and margin compression, which was partially offset by improved funding costs driven by deposit growth, as well as pricing discipline.
•Fees and non-interest income totaled $12.9 million for 1Q26 (+2% YoY), mainly driven by higher fees (+$2.5 million or +24% YoY) from the Bank’s off-balance sheet business (letters of credit and commitments) supported by consistent client engagement and increased transactionality. Fee generation was also supported by the loan syndication desk, reflecting continued execution across the Bank’s structuring and distribution capabilities.
•Well-managed Efficiency Ratio of 26.5% for 1Q26, as higher total revenues (+7% YoY) compensated the increase in operating expenses (+5% YoY), associated with continuing investments in technology, modernization and other business initiatives related to the Bank’s strategic priorities, including its associated operating costs and depreciation and amortization.
•Credit Portfolio reached new all-time high at $13,487 million as of March 31, 2026 (+13% YoY), resulting from:
◦Commercial Portfolio EoP balances reaching a peak of $12,047 million at the end of 1Q26 (+13% YoY), reflecting strong growth across all products lines. In addition, the Bank created in this quarter a “Commercial Bond Portfolio” as a strategic capital deployment mechanism applied selectively within the Bank’s existing credit framework, with an outstanding principal balance of $234 million as of March 31, 2026.
◦Treasury Investment Portfolio of $1,440 million (+14% YoY), mostly consisting of investment-grade securities outside of Latin America held at amortized cost, further enhancing country and credit-risk diversification and providing contingent liquidity funding.
•Healthy asset quality, with most of the credit portfolio (97.5%) remaining low-risk or Stage 1 at the end of 1Q26. Stage 2 exposures increased to 2.2% of the portfolio at the end of 1Q26, resulting from the Bank’s proactive and cautionary credit assessment against a backdrop of challenging macroeconomic and operating conditions. Impaired credits or Stage 3 principal balance remained unchanged at $38.7 million or 0.3% of total Credit Portfolio, with a reserve coverage of 2.9x.
•Heightened and diversified deposit base, reaching historically high levels of $7,307 million at the end of 1Q26 (+25% YoY), representing 63% of the Bank’s total funding sources (+6pp YoY). The Bank also maintained ample and constant access to interbank and debt capital markets, most recently denoted by the MXN4.3 billion bond issued in April 2026 in the Mexican capital market.
•Strong Liquidity position at $1,988 million, or 14.5% of total assets as of March 31, 2026, mostly consisting of deposits placed with the Federal Reserve Bank of New York (80%).
•The Bank’s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios resulted in 17.9% and 14.7% at the end of 1Q26, respectively, both well above internal targets and regulatory minimum and providing ample headroom for capital deployment.





3

FINANCIAL SNAPSHOT
(US$ million, except percentages and per share amounts)1Q264Q251Q25QoQ (var.)YoY (var.)
Key Income Statement Highlights
Net Interest Income ("NII")$70.2 $70.8 $65.3 -1 %8 %
Fees and commissions, net$13.1 $14.5 $10.6 -9 %24 %
(Loss) gain on financial instruments, net$(0.3)$3.2 $2.0 -110 %-117 %
Other income, net$0.1 $0.4 $0.1 -75 %-25 %
Total revenues$83.1 $88.8 $77.9 -6 %7 %
Impairment losses on financial instruments$(4.7)$(5.4)$(5.2)-12 %-9 %
Operating expenses$(22.0)$(27.4)$(21.0)-20 %5 %
Profit for the period$56.4 $56.0 $51.7 1 %9 %
Profitability Ratios
Earnings per Share ("EPS") (1)
$1.31 $1.50 $1.40 -13 %-7 %
Return on Average Equity (“ROE”) (2)
13.5 %13.4 %15.4 % 6bps -197bps
Adjusted ROE excluding other equity instruments (3)
14.2 %14.2 %15.4 % 3bps -121bps
Return on Average Assets (ROA) (4)
1.8 %1.8 %1.8 % -1bps 4bps
Net Interest Margin ("NIM") (5)
2.34 %2.39 %2.36 % -5bps -2bps
Net Interest Spread ("NIS") (6)
1.69 %1.68 %1.65 % 0bps 3bps
Efficiency Ratio (7)
26.5 %30.9 %26.9 % -437bps -45bps
Assets, Capital, Liquidity & Credit Quality
Credit Portfolio (8)
$13,487 $12,599 $11,950 7 %13 %
Commercial Portfolio (9)
$12,047 $11,184 $10,686 8 %13 %
Treasury Investment Portfolio$1,440 $1,415 $1,264 2 %14 %
Total assets$13,739 $12,786 $12,395 7 %11 %
Total equity$1,708 $1,679 $1,371 2 %25 %
Market capitalization (10)
$1,917 $1,660 $1,360 15 %41 %
Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (11)
17.9 %17.4 %15.1 % 56bps 283bps
Capital Adequacy Ratio (Regulatory) (12)
14.7 %15.5 %13.5 % -82bps 114bps
Total Assets / Total Equity (times)8.07.69.06 %-11 %
Liquid Assets / Total Assets (13)
14.5 %14.9 %14.9 % -48bps -47bps
Credit-impaired loans to Loan Portfolio (14)
0.4 %0.4 %0.2 % -2bps 20bps
Impaired credits (15) to Credit Portfolio
0.3 %0.3 %0.1 % -2bps 14bps
Total Allowance for Losses to Credit Portfolio (16)
0.8 %0.9 %0.8 % -2bps 8bps
Total Allowance for Losses to Impaired credits (times) (16)
2.92.85.34 %-45 %

RESULTS BY BUSINESS SEGMENT
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 and investment securities managed by the Commercial business unit (or “Commercial Bond Portfolio”).


4

The majority of the Bank’s core financial intermediation business, consisting of loans – principal balance (or the “Loan Portfolio”), amounted to $9,696 million at the end of 1Q26, representing an increase of 6% QoQ and 12% YoY, as the Bank selectively deployed balance-sheet capacity driven by longer-tenor transactions with attractive risk-adjusted returns. In addition, contingencies and acceptances amounted to $2,117 million at the end of 1Q26 (+6% QoQ and YoY), complementing loan growth and supporting solid client demand and commercial activity across the Region. Additionally, the Bank created a “Commercial Bond Portfolio” as a strategic capital deployment mechanism applied selectively within the Bank’s existing credit framework, with outstanding principal balances of $234 million registered as securities at fair value through comprehensive income (“FVOCI”), as of March 31, 2026.

imagea.jpg

Consequently, the Bank’s Commercial Portfolio reached an all-time high of $12,047 million at the end of 1Q26, with increases of 8% from $11,184 million in the prior quarter and of 13% from $10,686 million a year ago, highlighting the continued growth strategy execution aligned with prudent capital management. In addition, the average Commercial Portfolio balances totaled $11,316 million in 1Q26 (+5 QoQ and +11% YoY).

image1a.jpg

5

As of March 31, 2026, 64% of the Commercial Portfolio was scheduled to mature within a year and trade finance transactions accounted for 59% of the Bank’s short-term original book.

Weighted average lending rates stood at 6.71% in 1Q26 (-34bps QoQ; -82bps YoY), reflecting the continued impact of lower USD market-based interest rates and ample market liquidity driving competitive pricing.
image2a.jpg

Bladex maintains well-diversified exposures across countries and industries. At the end of 1Q26, Guatemala represents the largest country-risk exposure of the total Commercial Portfolio at 14%, followed by Brazil and Colombia, each at 12%, Mexico at 11%, Dominican Republic at 9%, and exposure to top-rated countries outside of Latin America at 7%, which relates to transactions carried out in the Region. As of March 31, 2026, 34% of the Commercial Portfolio was geographically distributed in investment grade countries.

Exposure to the Bank’s traditional client base comprising financial institutions represented 25% of the total, while sovereign and state-owned corporations accounted for another 16%. Exposure to corporates accounted for the remainder 59% of the Commercial Portfolio, comprised of top-tier clients well diversified across sectors, with the most significant exposures in Electric Power and Oil & Gas (Integrated), each at 11%, Food and Beverage at 9%, Oil & Gas (Downstream) and Other Manufacturing Industries at 5% each, of the Commercial Portfolio at the end of 1Q26.

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

6

image6a.jpg

Commercial Segment Profitability

Profits from the Commercial Business Segment include: (i) net interest income from loans and investment securities of the Commercial bond Portfolio; (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) impairment losses on financial instruments; and (vi) direct and allocated operating expenses.
(US$ million)1Q264Q251Q25QoQ (%)YoY (%)
Commercial Business Segment:
Net interest income$62.3 $63.8 $59.0 -2 %6 %
Non-interest income, net13.415.110.9-11 %23 %
Total revenues75.778.969.9-4 %8 %
Impairment losses on financial instruments(5.2)(5.5)(5.1)5 %-3 %
Operating expenses(17.4)(21.4)(16.9)19 %-3 %
Profit for the segment$53.1 $52.0 $47.9 2 %11 %
Commercial Segment Profit totaled $53.1 million in 1Q26 (+2% QoQ and +11% YoY). The increases were mostly driven by top line performance in net interest income supported by heightened average business volumes coupled with solid fee income generation, offsetting the effects of higher operating expenses YoY and lower loan sale-related income, as the Bank focused on retaining these assets to support net interest income generation.



7

TREASURY BUSINESS SEGMENT

The Treasury Business Segment manages the Bank’s Treasury 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 Treasury investment management activities, consisting of the principal balances of securities at fair value through other comprehensive income (“FVOCI”) and securities at amortized cost (the “Treasury 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 $1,988 million as of March 31, 2026, compared to $1,911 million as of December 31, 2025, and $1,852 million as of March 31, 2025, highlighting the Bank’s proactive and prudent liquidity management approach in response to higher interest-bearing assets, also conforming with Basel methodology’s liquidity coverage ratio, as required by Panamanian banking regulator. At the end of those periods, liquidity balances to total assets represented 14.5%, 14.9% and 14.9%, respectively, while the liquidity balances to total deposits ratio was 27%, 29% and 32%, respectively. As of March 31, 2026, 80% of total liquid assets represented deposits placed with the Federal Reserve Bank of New York (“FED”).

image7a.jpg
Treasury Investment Portfolio

The Treasury Investment Portfolio, focused on further diversifying credit-risk exposures and providing contingent liquidity funding, amounted to $1,440 million in principal amount as of March 31, 2026, up 2% from the previous quarter and up 14% from a year ago. As of March 31, 2026, 96% of the Investment Portfolio consists of investment-grade credit securities eligible for the FED discount window, and $49 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 VIII for a per-country risk distribution of the Investment Portfolio.

8

image3a.jpg

Funding

The Bank’s principal sources of funds are the principal balances of deposits, borrowed funds and floating and fixed rate debt placements. As of March 31, 2026, total net funding amounted to $11,607 million, representing an increase of 8% compared to $10,727 million a quarter ago, and of 12% compared to $10,322 million a year ago, as the Bank continues to diversify its funding base to support the Bank’s ongoing commercial strategic initiatives.

The Bank obtains deposits from central banks, as well as from multilaterals, commercial banks, brokers and corporations primarily located in the Region. The principal balance of deposits amounted to $7,307 million at the end of 1Q26 (+11% QoQ and +25% YoY), representing 63% of total funding sources, supported by effective cross-selling efforts, highlighting the change in the funding structure towards higher reliance in deposits.

As of March 31, 2026, the Bank’s Yankee CD program totaled $1,715 million, or 15% of total funding sources, further diversifying the deposit base and 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 30% of total deposits at the end of 1Q26.

image4a.jpg

Funding through the principal balance of short and medium-term borrowings and debt, net of transaction costs and interest payable increased 1% QoQ and YoY to $4,091 million at the end of 1Q26. The Bank’s ample and constant access to interbank and debt capital markets is clearly evidenced through public debt issuances in Mexico and Panama, coupled with private debt issuances placed in different markets primarily in Asia, Europe, the United States and Latin America. Funding through the principal balance of securities sold under repurchase agreements (“Repos”) reached $244 million at the end of 1Q26 (+88% QoQ; -47% YoY).

9

image8a.jpg
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.

image9a.jpg

Weighted average funding costs resulted in 4.43% in 1Q26 (-26bps QoQ; -67bps YoY), mainly due to higher reliance on deposits, preserving margin discipline and funding stability, and the 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, gain (loss) on intermediary derivatives and other income), recovery or impairment loss on financial instruments, and direct and allocated operating expenses.

10


(US$ million)1Q264Q251Q25QoQ (%)YoY (%)
Treasury Business Segment:
Net interest income$7.9 $7.0 $6.2 13 %27 %
Non-interest income (expense), net(0.5)2.91.8-117 %-128 %
Total revenues7.49.98.0-25 %-8 %
Reversals (impairment losses) on financial instruments0.50.1(0.1)421 %458 %
Operating expenses(4.6)(6.0)(4.1)23 %-14 %
Profit for the segment$3.3 $4.0 $3.8 -18 %-14 %
The Treasury Business Segment recorded $3.3 million profit for 1Q26 (-18% QoQ; -14% YoY). The quarterly and yearly decreases were mainly attributable to losses from the sale of investment securities and increasing operating expenses, offset by higher net interest income driven by an efficient cost of funds and active liquidity management, along with gains resulting from the Bank’s hedging derivatives and foreign exchange positions and reversals of impairment losses on financial instruments.


NET INTEREST INCOME AND MARGINS
(US$ million, except percentages)1Q264Q251Q25QoQ (%)YoY (%)
Net Interest Income
Interest income$185.9$190.9$189.4-3 %-2 %
Interest expense(115.7)(120.2)(124.2)-4 %-7 %
Net Interest Income ("NII")$70.2$70.8$65.3-1 %8 %
Net Interest Spread ("NIS")1.69 %1.68 %1.65 %0bps3bps
Net Interest Margin ("NIM")2.34 %2.39 %2.36 %-5bps-2bps
NII resulted in $70.2 million in 1Q26 (stable QoQ; +8% YoY). Solid NII levels continue to be supported by heightened average business volumes, disciplined pricing, improved funding mix, spreads stabilization through medium-term transactions, together with a continued deposit growth allowing for an efficient cost of funds, offset the continued impact of margin compression from high USD market liquidity amid intensified competition for quality assets, adding pressure on asset pricing and yields. Alongside the factors discussed above and considering the cumulative effect of market reference rate cuts implemented in the fourth quarter of 2025, NIM stood at 2.34% in 1Q26.



11

NON-INTEREST INCOME
Non-Interest Income comprises Fees and Commissions, net, including revenues associated with the letter of credit business and guarantees, credit commitments, structuring services, loan intermediation and distribution in the primary market, and other commissions, net of expenses; gains (losses) on financial instruments, net, including gains from the sales of financial instruments, as well as unrealized gains or losses on fair value valuations; and other income, net.
(US$ million)1Q264Q251Q25
QoQ (%)
YoY (%)
Fees and commissions
Letters of credit and guarantees7.38.46.7-14 %9 %
Structuring services3.13.42.4-9 %31 %
Credit commitments3.63.41.45 %157 %
Other fees and commissions income0.4 0.0 0.4 759 %-7 %
Total fee and commission income14.4 15.3 10.9 -6 %32 %
Fees and commission expenses(1.3)(0.9)(0.3)-50 %-271 %
Fees and Commissions, net$13.1 $14.5 $10.6 -9 %24 %
Gain on financial instruments, net
Loans0.00.40.0-100 %n.m.
Investment securities0.01.8(0.4)-100 %100 %
Derivatives - intermediation0.30.50.0-40 %1092 %
Other financial instruments(0.6)0.52.3-220 %-126 %
(Loss) gain on financial instruments, net(0.3)3.22.0-110 %-117 %
Other income, net0.10.40.1-75 %-25 %
Total other income, net12.918.012.7-29 %2 %
Non-interest income reached $12.9 million in 1Q26 (-29% QoQ; +2% YoY). The results were mainly driven by robust fees and commissions generation (-9% QoQ and +24% YoY) reflecting seasonality effects on its performance. The Bank’s off-balance sheet business (letters of credit and commitments) delivered $7.3 million in 1Q26 (+9% YoY) supported by consistent client engagement and increased transactionality. The Bank’s loan syndication desk business continues to deliver solid results, with $3.1 million in 1Q26 (+31% YoY), as the Bank’s participation in project and infrastructure finance continues to expand, ahead of the Bank’s full balance sheet deployment. During the quarter, gains from the Bank’s hedging derivatives and foreign exchange positions declined, along with loan sale-related income, as the Bank focused on retaining these assets to support net interest income generation.

12

PORTFOLIO QUALITY AND TOTAL ALLOWANCE FOR CREDIT LOSSES
(US$ million, except percentages)1Q264Q253Q252Q251Q25
Allowance for loan losses
Balance at beginning of the period$94.3 $87.0 $81.9 $77.3 $78.2 
Impairment losses (reversals)3.8 6.7 5.1 4.6 (0.9)
Recoveries (write-offs)0.0 0.6 0.0 0.0 0.0 
End of period balance$98.0 $94.3 $87.0 $81.9 $77.3 
Allowance for loan commitments and financial guarantee contract losses
Balance at beginning of the period$12.1 $13.3 $11.9 $11.3 $5.4 
Impairment losses (reversals)0.7 (1.2)1.4 0.5 6.0 
End of period balance$12.8 $12.1 $13.3 $11.9 $11.3 
Allowance for Investment Portfolio losses
Balance at beginning of the period$1.0 $1.2 $1.2 $1.2 $1.3 
Impairment losses (reversals)0.3 (0.2)0.0 0.0 (0.1)
Recoveries (write-offs)0.0 0.0 0.0 0.0 0.0 
End of period balance$1.3 $1.0 $1.2 $1.2 $1.2 
Total allowance for Credit Portfolio losses$112.2 $107.4 $101.5 $95.0 $89.8 
Allowance for cash and due from banks losses$0.1 $0.2 $0.1 $0.0 $0.2 
Total allowance for losses$112.3 $107.6 $101.5 $95.1 $90.0 
(at the end of each period)
Total allowance for losses to Credit Portfolio
0.8 %0.9 %0.8 %0.8 %0.8 %
Credit-impaired loans to Loan Portfolio0.4 %0.4 %0.2 %0.2 %0.2 %
Impaired Credits to Credit Portfolio0.3 %0.3 %0.2 %0.2 %0.1 %
Total allowance for losses to impaired credits (times)2.92.85.45.15.3
Stage 1 Exposure (low risk) to Total Credit Portfolio97.5 %98.2 %97.2 %97.9 %97.9 %
Stage 2 Exposure (increased risk) to Total Credit Portfolio2.2 %1.5 %2.6 %2.0 %2.0 %
Stage 3 Exposure (credit impaired) to Total Credit Portfolio0.3 %0.3 %0.2 %0.2 %0.1 %

As of March 31, 2026, the total allowance for losses stood at $112.3 million, compared to $107.6 million the previous quarter, and $90.0 million a year ago.

The $4.7 million increase in allowance for credit losses in 1Q26 was mainly associated with increased coverage on selected exposures classified at Stage 2, resulting from the Bank’s proactive and cautionary credit assessment against a backdrop of challenging macroeconomic and operating conditions. Credits categorized as Stage 1 or low-risk credits under IFRS 9 accounted for 97.5% of total credits, while Stage 2 credits with increased risk since origination represented 2.2% of total credits.

As of March 31, 2026, the principal balance of impaired credits (Stage 3) remained unchanged at $38.7 million, or 0.3% of total Credit Portfolio, with ample reserve coverage, compared to $38.7 million in the previous quarter and $17.0 million a year ago.

Allowances for losses associated with the Credit Portfolio represented a coverage ratio of 0.8% at the end of 1Q26. Total allowance for credit losses to impaired credits resulted in 2.9 times.
13


OPERATING EXPENSES AND EFFICIENCY
(US$ million, except percentages)1Q264Q251Q25QoQ (%)YoY (%)
Operating expenses
Salaries and other employee expenses13.3 15.9 13.9 -16 %-4 %
Depreciation and amortization of equipment, right-of-use and leasehold improvements0.9 0.7 0.7 21 %30 %
Amortization of intangible assets0.7 0.9 0.3 -26 %115 %
Other expenses7.1 9.8 6.0 -28 %17 %
Total Operating Expenses$22.0 $27.4 $21.0 -20 %5 %
Efficiency Ratio26.5 %30.9 %26.9 %-437bps-45bps

Operating expenses totaled $22.0 million in 1Q26 (-20% QoQ; +5% YoY). The yearly increases were mostly associated with continuing investments in technology, modernization and other business initiatives related to the Bank’s strategic priorities, including its associated operating costs and depreciation and amortization. The 20% quarterly decrease was attributed to seasonal year-end effects including higher variable compensation expenses aligned with the financial results for the prior year.

The Efficiency Ratio totaled 26.5% in 1Q26 (-437bps QoQ; -45bps YoY) as total revenues offset the pressure from ongoing operating expenses, demonstrating the Bank’s ability to absorb strategic investments while preserving cost discipline, balancing investments in growth and transformation with a continued focus on operating efficiency.


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)31-Mar-2631-Dec-2531-Mar-25QoQ (%)YoY (%)
Common equity$1,510 $1,481 $1,371 2 %10 %
Other equity instruments$198 $198 $0 0 %n.m.
Total equity$1,708 $1,679 $1,371 2 %25 %
Total assets / Total equity (times)8.07.69.06 %-11 %
Shares outstanding (in thousand)37,53637,23037,1541 %1 %
Basel III International Framework (11)
Risk-Weighted Assets (Basel III – IRB)$9,505 $9,653 $9,064 -2 %5 %
Tier 1 capital to risk weighted assets (Basel III – IRB)17.9 %17.4 %15.1 %56bps283bps
Panama's Banking Regulation (12)
Risk-Weighted Assets$11,592 $10,823 $10,143 7 %14 %
Ordinary Common Tier 1 Capital Ratio11.6 %12.2 %12.1 % -64bps -51bps
Total Common Tier 1 Capital Ratio13.3 %14.1 %12.1 % -76bps 119bps
Capital Adequacy Ratio14.7 %15.5 %13.5 % -82bps 114bps
The Bank’s equity mainly consists of issued and fully paid ordinary common stock, with 37.5 million common shares outstanding as of March 31, 2026. In addition, the Bank’s capital position considers the US$200 million inaugural Additional Tier 1 (AT1) capital issuance, registered in the Bank’s statement of financial position as other equity instruments, net of transaction costs.

14

As of March 31, 2026, 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 17.9%. Similarly, the Bank’s Capital Adequacy Ratio, as defined by Panama’s banking regulator under Basel’s standardized approach, was 14.7% as of March 31, 2026, well above the regulatory minimum of 9.25%. Additionally, the Bank’s Ordinary Common Tier 1 Capital Ratio, as defined by the Panama’s banking regulator, was 11.6% as of March 31, 2026, well above the regulatory minimum of 5.75%.


Recent Events:
•Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.6875 per share corresponding to 1Q26. The cash dividend will be paid on May 27, 2026, to shareholders registered as of May 8, 2026.
•Annual Shareholders’ Meeting Results: At the Annual Shareholders’ Meeting held on April 21, 2026, in Panama City, Panama, shareholders:
◦Approved an amendment of the Article 1 of the Bank’s Articles of Incorporation to change the name of the Bank from “Banco Latinoamericano de Comercio Exterior, S.A.” to “Bladex, Inc.”
◦Reelected Mr. José Alberto Garzon and elected Mr. Juan Alberto Pazo, as Directors representing the holders of Class “A” shares of the Bank’s common stock,
◦Elected Ms. Julianne Canavaggio as Director representing the holders of Class “E” shares of the Bank’s common stock,
◦Approved the Bank’s audited consolidated financial statements for the fiscal year ended December 31, 2025,
◦Ratified KPMG as the Bank’s independent registered public accounting firm for the fiscal year ending December 31, 2026,
◦Approved, on an advisory basis, the compensation of the Bank’s executive officers.


Notes:
•Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.

•QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively.


Footnotes:
1.Earnings per Share (“EPS”) calculation is based on the average number of shares outstanding during each period.
2.ROE refers to return on average stockholders’ equity which is calculated based on unaudited daily average balances.
3.ROE excluding other equity instruments refers to the adjusted net profit after AT1 distributions over average stockholders’ equity excluding other equity instruments, which is calculated based on unaudited daily average balances.
4.ROA refers to return on average assets which is calculated based on unaudited daily average balances.
5.NIM refers to net interest margin which constitutes to Net Interest Income (“NII”) divided by the average balance of interest-earning assets.
6.NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, minus the average yield paid on interest-bearing liabilities.
7.Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
8.The Bank’s “Credit Portfolio” includes (i) loans – principal balance, which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees (or the “Loan Portfolio”); (ii) principal balance of securities at FVOCI and at amortized cost, which excludes interest receivable and allowance for expected credit losses; and (iii) loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit and guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances.
9.The Bank’s “Commercial Portfolio” includes loans – principal balance (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of
15

credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances; and the principal balance of investment securities managed by the Bank’s Commercial Unit (or the “Commercial Bond Portfolio”).
10.Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
11.Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percentage of risk-weighted assets. Risk-weighted assets are estimated based on Basel III capital adequacy guidelines, utilizing internal-ratings based approach or “IRB” for credit risk and standardized approach for operational risk.
12.As defined by the Superintendency of Banks of Panama (“SBP”) through Rules No. 01-2015, 03-2016 and 05-2023, based on Basel III standardized approach. The capital adequacy ratio is defined as the ratio of capital funds to risk-weighted assets, rated according to the asset’s categories for credit risk. In addition, risk-weighted assets consider calculations for market risk and operating risk.
13.Liquid assets consist of total cash and due from banks, excluding time deposits with original maturity over 90 days and other restricted deposits, as well as corporate debt securities rated A- or above. Liquidity ratio refers to liquid assets as a percentage of total assets.
14.Loan Portfolio refers to loans – principal balance, which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees. Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs.
15.Impaired Credits refers to the principal balance of Non-Performing Loans or NPLs and non-performing securities at FVOCI and at amortized cost.
16.Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses, allowance for investment securities losses and allowance for cash and due from banks losses.




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


16

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

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

CONFERENCE CALL INFORMATION

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

For more information, please access https://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




17

EXHIBIT I
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AT THE END OF,
(A) (B) (C) (A) - (B) (A) - (C)
March 31, 2026December 31, 2025March 31, 2025CHANGE % CHANGE %
(In US$ thousand)
Assets
Cash and due from banks$2,016,428 $1,923,731 $1,900,544 $92,697 5 %$115,884 6 %
Investment securities1,690,352 1,428,990 1,276,167 261,362 18414,185 32
Loans9,683,093 9,141,668 8,709,983 541,425 6973,110 11
Customers' liabilities under acceptances230,591 161,597 437,094 68,994 43(206,503)(47)
Trading derivative - assets2,431 1,569 73 862 552,358 3,230
Hedging derivative financial instruments - assets57,644 69,837 32,492 (12,193)(17)25,152 77
Equipment, right-of-use assets and leasehold improvements, net20,462 19,673 19,233 789 41,229 6
Intangible assets10,596 10,744 3,425 (148)(1)7,171 209
Other assets27,544 28,584 15,846 (1,040)(4)11,698 74
Total assets$13,739,141 $12,786,393 $12,394,857 $952,748 7 %$1,344,284 11 %
Liabilities
Customer deposits$7,347,763 $6,640,290 $5,902,294 $707,473 11$1,445,469 24
Securities sold under repurchase agreements245,880 130,509 460,451 115,371 88(214,571)(47)
Borrowings and debt4,090,790 4,030,389 4,041,987 60,401 148,803 1
Lease liabilities18,068 18,429 18,993 (361)(2)(925)(5)
Acceptance outstanding230,591 161,597 437,094 68,994 43(206,503)(47)
Trading derivative - liabilities1,033 433 49 600 139984 2,008
Hedging derivative financial instruments - liabilities48,015 62,506 111,317 (14,491)(23)(63,302)(57)
Provisions for losses on loan commitments and financial guarantee contract12,836 12,130 11,334 706 61,502 13
Other liabilities36,150 51,363 40,667 (15,213)(30)(4,517)(11)
Total liabilities$12,031,126 $11,107,646 $11,024,186 $923,480 8 %$1,006,940 9 %
Equity
Common stock$279,980 $279,980 $279,980 $0 0 %$0 0 %
Treasury stock(92,016)(97,597)(98,978)5,581 66,962 7
Other equity instruments197,976 197,976 0 0 0197,976 n.m.
Additional paid-in capital in excess of value assigned to common stock121,995 125,151 120,213 (3,156)(3)1,782 1
Capital reserves95,210 95,210 95,210 0 00 0
Regulatory reserves163,946 159,093 149,639 4,853 314,307 10
Retained earnings934,624 916,429 820,542 18,195 2114,082 14
Other comprehensive income6,300 2,505 4,065 3,795 1512,235 55
Total equity$1,708,015 $1,678,747 $1,370,671 $29,268 2 %$337,344 25 %
Total liabilities and equity$13,739,141 $12,786,393 $12,394,857 $952,748 7 %$1,344,284 11 %
(*) "n.m."means not meaningful.
18

EXHIBIT II
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
 FOR THE THREE MONTHS ENDED   
 (A)(B)(C)(A) - (B)(A) - (C)
 March 31, 2026December 31, 2025March 31, 2025CHANGE % CHANGE %
Net Interest Income:       
Interest income$185,948 $190,933 $189,420 $(4,985)(3)%$(3,472)(2)%
Interest expense(115,742)(120,173)(124,164)4,431 48,422 7
Net Interest Income70,206 70,760 65,256 (554)(1)4,950 8
   
Other income (expense):  
Fees and commissions, net13,130 14,466 10,583 (1,336)(9)2,547 24
(Loss) gain on financial instruments, net(330)3,204 1,984 (3,534)(110)(2,314)(117)
Other income94 372 126 (278)(75)(32)(25)
Total other income, net12,894 18,042 12,693 (5,148)(29)201 2
   
Total revenues83,100 88,802 77,949 (5,702)(6)5,151 7
   
Impairment losses on financial instruments(4,734)(5,402)(5,216)668 12482 9
   
Operating expenses:  
Salaries and other employee expenses(13,349)(15,902)(13,938)2,553 16589 4
Depreciation and amortization of equipment, right-of-use and leasehold improvements(900)(743)(693)(157)(21)(207)(30)
Amortization of intangible assets(701)(949)(326)248 26(375)(115)
Other expenses(7,061)(9,808)(6,044)2,747 28(1,017)(17)
Total operating expenses(22,011)(27,402)(21,001)5,391 20(1,010)(5)
 
Profit for the period$56,355 $55,998 $51,732 $357 1 %$4,623 9 %
     
PER COMMON SHARE DATA:    
Basic earnings per share$1.31 $1.50 $1.40     
Book value (period average)$40.15 $39.26 $36.83     
Book value (period end)$40.23 $39.77 $36.89     
     
Weighted average basic shares (in thousands of shares)37,387 37,231 36,941     
Basic shares period end (in thousands of shares)37,536 37,230 37,154     
     
PERFORMANCE RATIOS:    
Return on average assets1.8 %1.8 %1.8 %    
Return on average equity13.5 %13.4 %15.4 %    
Net interest margin2.34 %2.39 %2.36 %    
Net interest spread1.69 %1.68 %1.65 %    
Efficiency Ratio26.5 %30.9 %26.9 %    
Operating expenses to total average assets0.71 %0.90 %0.73 %    

19

EXHIBIT III
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
 FOR THE THREE MONTHS ENDED
 March 31, 2026December 31, 2025March 31, 2025
 AVERAGE BALANCE INTERESTAVG. RATE AVERAGE BALANCEINTERESTAVG. RATEAVERAGE BALANCEINTERESTAVG. RATE
 (In US$ thousand)
INTEREST EARNING ASSETS         
Cash and due from banks (1)
$1,422,693 $13,192 3.71 %$1,548,440 $15,903 4.02 %$1,596,763 $16,848 4.22 %
Securities at fair value through OCI165,121 2,132 5.1664,071 781 4.77126,743 1,757 5.54
Securities at amortized cost (2)
1,371,978 16,264 4.741,370,122 16,763 4.791,091,843 12,553 4.60
Loans, net of unearned interest (2)
9,196,336 154,360 6.718,740,662 157,486 7.058,403,207 158,262 7.53
TOTAL INTEREST EARNING ASSETS$12,156,128 $185,948 6.12 %$11,723,295 $190,933 6.37 %$11,218,556 $189,420 6.75 %
 
Allowance for loan losses(94,918)(70,822)(85,300)
Non interest earning assets428,542402,969578,899
TOTAL ASSETS$12,489,751 $12,055,442 $11,712,154 
 
INTEREST BEARING LIABILITIES
Deposits6,673,642$68,639 4.11 %6,416,582$72,004 4.39 %$5,623,600 $67,878 4.83 %
Securities sold under repurchase agreement142,5301,640 4.60120,4541,472 4.78191,657 2,401 5.01
Short-term borrowings and debt1,084,42812,102 4.461,110,48612,663 4.461,154,460 14,602 5.06
Long-term borrowings and debt, net (3)
2,543,42033,361 5.252,383,06534,034 5.592,763,14839,283 5.69
TOTAL INTEREST BEARING LIABILITIES$10,444,020 $115,742 4.43 %$10,030,588 $120,173 4.69 %$9,732,865 $124,164 5.10 %
 
Non interest bearing liabilities and other liabilities$346,544 $365,371 $618,766 
TOTAL LIABILITIES10,790,564 10,395,958 10,351,631 
TOTAL EQUITY1,699,187 1,659,484 1,360,523 
 
TOTAL LIABILITIES AND EQUITY$12,489,751 $12,055,442 $11,712,154 
 
NET INTEREST SPREAD1.69 %1.68 %1.65 %
 
NET INTEREST INCOME AND NET INTEREST MARGIN$70,206 2.34 %$70,760 2.39 %$65,256 2.36 %
(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.
20

EXHIBIT IV
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
 FOR THE THREE MONTHS ENDED
 MAR 31/26DEC 31/25SEP 30/25JUN 30/25MAR 31/25
Net Interest Income:         
Interest income$185,948 $190,933 $193,680 $194,431 $189,420
Interest expense(115,742) (120,173) (126,253) (126,692) (124,164)
Net Interest Income70,206 70,760 67,427 67,739 65,256
          
Other income (expense):         
Fees and commissions, net13,130 14,466 14,052 19,912 10,583
(Loss) Gain on financial instruments, net(330) 3,204 882 2,161 1,984
Other income94 372 416 230 126
Total other income, net12,894 18,042 15,350 22,303 12,693
          
Total revenues83,100 88,802 82,777 90,042 77,949
          
Impairment losses on financial instruments(4,734) (5,402) (6,482) (5,019) (5,216)
Total operating expenses(22,011) (27,402) (21,327) (20,839) (21,001)
          
Profit for the period$56,355 $55,998 $54,968 $64,184 $51,732
          
SELECTED FINANCIAL DATA         
          
PER COMMON SHARE DATA         
Basic earnings per share$1.31  $1.50  $1.48  $1.73  $1.40 
          
PERFORMANCE RATIOS         
Return on average assets1.8 % 1.8 % 1.8 % 2.1 % 1.8 %
Return on average equity13.5 % 13.4 % 14.9 % 18.5 % 15.4 %
Net interest margin2.34 % 2.39 % 2.32 % 2.36 % 2.36 %
Net interest spread1.69 % 1.68 % 1.64 % 1.70 % 1.65 %
Efficiency Ratio26.5 % 30.9 % 25.8 % 23.1 % 26.9 %
Operating expenses to total average assets0.71 % 0.90 % 0.70 % 0.69 % 0.73 %
21

EXHIBIT V
BUSINESS SEGMENT ANALYSIS
(In US$ thousand)
 FOR THE THREE MONTHS ENDED
 MAR 31/26DEC 31/25MAR 31/25
COMMERCIAL BUSINESS SEGMENT:   
    
Net interest income$62,276 $63,773 $59,029 
Other income, net13,407 15,093 10,881 
Total revenues75,683 78,866 69,910 
Impairment losses on financial instruments(5,239)(5,499)(5,075)
Operating expenses(17,380)(21,399)(16,921)
    
Profit for the segment$53,064 $51,968 $47,914 
    
Segment assets10,172,721 9,327,239 9,166,885 
    
TREASURY BUSINESS SEGMENT:   
    
Net interest income$7,930 $6,987 $6,227 
Other (expense) income, net(513)2,949 1,812 
Total revenues7,417 9,936 8,039 
Reversals (impairment losses) on financial instruments505 97 (141)
Operating expenses(4,631)(6,003)(4,080)
    
Profit for the segment$3,291 $4,030 $3,818 
    
Segment assets3,538,876 3,430,570 3,210,260 
    
TOTAL:   
    
Net interest income$70,206 $70,760 $65,256 
Other income, net12,894 18,042 12,693 
Total revenues83,100 88,802 77,949 
Impairment losses on financial instruments(4,734)(5,402)(5,216)
Operating expenses(22,011)(27,402)(21,001)
Profit for the period$56,355 $55,998 $51,732 
Total segment assets13,711,597 12,757,809 12,377,145 
Unallocated assets27,544 28,584 17,712 
Total assets13,739,141 12,786,393 12,394,857 
22

EXHIBIT VI
CREDIT PORTFOLIO
DISTRIBUTION BY COUNTRY
(principal balance in US$ million)
 AT THE END OF,
 (A) (B) (C)   
 March 31, 2026December 31, 2025March 31, 2025Change in Amount
COUNTRYAmount % of Total
 Outstanding 		Amount % of Total
 Outstanding 		Amount % of Total
 Outstanding 		(A) - (B) (A) - (C)
ARGENTINA$435 3$365 3$362 3$70 $73 
BRAZIL1,421 111,268 101,480 12153 (59)
CHILE616 5595 5585 521 31 
COLOMBIA1,413 101,174 91,059 9239 354 
COSTA RICA474 4525 4443 4(51)31 
DOMINICAN REPUBLIC1,044 81,092 9931 8(48)113 
ECUADOR573 4389 3481 4184 92 
EL SALVADOR171 1155 175 116 96 
GUATEMALA1,725 131,653 131,179 1072 546 
HONDURAS147 1129 1235 218 (88)
JAMAICA101 158 063 143 38 
MEXICO1,350 101,326 111,330 1124 20 
PANAMA699 5679 5625 520 74 
PARAGUAY167 1208 2156 1(41)11 
PERU414 3395 3845 719 (431)
PUERTO RICO19 022 0280(3)(9)
SURINAME150 1150 1000 150 
TRINIDAD & TOBAGO245 2214 2169 131 76 
UNITED STATES OF AMERICA1,031 8990 8828 741 203 
URUGUAY139 171 1122 168 17 
MULTILATERAL ORGANIZATIONS102 197 178 15 24 
OTHER NON-LATAM (1)
1,051 81,044 8876 77 175 
TOTAL CREDIT PORTFOLIO (2)
$13,487 100 %$12,599 100 %$11,950 100 %$888 $1,537 
INTEREST RECEIVABLE135 104 138 31 (3)
UNEARNED INTEREST AND DEFERRED FEES(34) (35) (31) 1 (3)
TOTAL CREDIT PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES$13,588  $12,668  $12,057  $920 $1,531 
(1)Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of March 31, 2026, “Other Non-Latam” was comprised of Canada ($96 million), European countries ($551 million) and Asian-Pacific countries ($404 million).
(2)Includes (i) loans - principal balance (or the "Loan Portfolio"); (ii) principal balance of securities at FVOCI and at amortized cost, gross of interest receivable and the 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.

23

EXHIBIT VII
COMMERCIAL PORTFOLIO
DISTRIBUTION BY COUNTRY
(principal balance in US$ million)
 AT THE END OF,
 (A) (B) (C)   
 March 31, 2026December 31, 2025March 31, 2025Change in Amount
COUNTRYAmount % of Total
 Outstanding 		Amount % of Total
 Outstanding 		Amount % of Total
 Outstanding 		(A) - (B) (A) - (C)
ARGENTINA$435 4$365 3$362 3$70 $73 
BRAZIL1,421 121,261 111,468 14160 (47)
CHILE586 5565 5556 521 30 
COLOMBIA1,413 121,159 10995 9254 418 
COSTA RICA474 4517 5435 4(43)39 
DOMINICAN REPUBLIC1,044 91,092 10931 9(48)113 
ECUADOR573 5389 4481 5184 92 
EL SALVADOR171 1155 175 116 96 
GUATEMALA1,725 141,653 151,179 1172 546 
HONDURAS147 1129 1235 218 (88)
JAMAICA101 158 163 143 38 
MEXICO1,350 111,325 121,311 1225 39 
PANAMA664 6604 5553 560 111 
PARAGUAY167 1208 2156 1(41)11 
PERU412 3385 3826 827 (414)
PUERTO RICO19 022 0280(3)(9)
SURINAME150 1150 1000 150 
TRINIDAD & TOBAGO245 2214 2169 231 76 
URUGUAY139 171 1122 168 17 
OTHER NON-LATAM (1)
811 7862 8741 7(51)70 
TOTAL COMMERCIAL PORTFOLIO (2)
$12,047 100 %$11,184 100 %$10,686 100 %$863 $1,361 
INTEREST RECEIVABLE118 89 125 29 (7)
UNEARNED INTEREST AND DEFERRED FEES(34) (35) (31) 1 (3)
TOTAL COMMERCIAL PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES$12,131  $11,238  $10,780  $893 $1,351 
(1)Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of March 31, 2026, “Other Non-Latam” was comprised of United States of America ($232 million), Canada ($41 million), European countries ($359 million) and Asian-Pacific countries ($179 million).
(2)Includes loans - principal balance (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances; and investment securities managed by the Commercial business unit (or “Commercial Bond Portfolio”).


24

EXHIBIT VIII
INVESTMENT PORTFOLIO
DISTRIBUTION BY COUNTRY
(principal balance in US$ million)
  AT THE END OF,
  (A)  (B)  (C)     
  March 31, 2026December 31, 2025March 31, 2025 Change in Amount
COUNTRY Amount% of Total
 Outstanding 		 Amount% of Total
 Outstanding 		 Amount% of Total
 Outstanding 		 (A) - (B)  (A) - (C)
BRAZIL $0 0$7 0$12 1 $(7)$(12)
CHILE 30230229 2 0 1 
COLOMBIA 0 015 164 5 (15)(64)
COSTA RICA 0 08 18 1 (8)(8)
MEXICO 0 01 019 1 (1)(19)
PANAMA 35 275 572 6 (40)(37)
PERU 2 010 119 1 (8)(17)
UNITED STATES OF AMERICA 799 56733 52672 53 66 127 
MULTILATERAL ORGANIZATIONS 102 797 778 6 5 24 
OTHER NON-LATAM (1)
 472 33439 31291 24 33 181 
TOTAL INVESTMENT PORTFOLIO (2)
$1,440 100 %$1,415 100 %$1,264 100 %$25 $176 
INTEREST RECEIVABLE171513 2 4 
TOTAL INVESTMENT PORTFOLIO, NET OF INTEREST RECEIVABLE $1,457 100 % $1,430 100 % $1,277 100 % $27 $180 
(1)Risk in highly rated countries outside the Region. As of March 31, 2026, “Other Non-Latam” was comprised of Canada ($55 million), European countries ($192 million) and Asian-Pacific countries ($225 million).
(2)Includes financial instruments related to Treasury investment management activities such as the principal balance of securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for losses.





























25



image5a.jpg
26

Source: View Original Filing on SEC EDGAR