Financial Performance - Net interest income for the three months ended March 31, 2023, was $52,620, an increase of 104.5% compared to $25,721 for the same period in 2022[8] - Total revenues for the first quarter of 2023 were $59,175, up 95.8% from $30,252 in the first quarter of 2022[8] - Profit for the period for Q1 2023 was $36,954, representing a significant increase from $11,119 in Q1 2022[8] - Basic and diluted earnings per share for Q1 2023 were both $1.02, compared to $0.31 in Q1 2022[8] - Total comprehensive income for the period was $33.760 million in Q1 2023, compared to $21.416 million in Q1 2022, marking a 57.5% increase[129] - Total profit for the period increased to $36.954 million in Q1 2023, compared to $11.119 million in Q1 2022, representing a growth of 232.5%[129] Assets and Liabilities - Total assets as of March 31, 2023, were $9,248,641, a decrease of 0.38% from $9,283,910 as of December 31, 2022[5] - Total liabilities decreased to $8,153,108 as of March 31, 2023, from $8,214,563 as of December 31, 2022, a reduction of 0.74%[5] - Total equity increased to $1,095,533 as of March 31, 2023, from $1,069,347 as of December 31, 2022, an increase of 2.44%[5] - The bank's total liabilities increased to $8,391,935 thousand as of March 31, 2023, from $7,983,409 thousand at the end of 2022, reflecting a rise of approximately 5.1%[160] Loans and Credit - Interest income from loans for Q1 2023 was $122,596, a substantial increase from $40,208 in Q1 2022[8] - Total loans at amortized cost amounted to $6,707,820,000, with a loss allowance of $55,200,000[40] - The total current loans at amortized cost as of March 31, 2023, was $6,655,268 million, compared to $6,763,020 million as of December 31, 2022[74] - The loss allowance for Stage 1 loans was $29,298 million, while Stage 2 and Stage 3 loans had allowances of $4,108 million and $25,865 million, respectively[65] - Credit-impaired loans increased to $25,865 thousand as of March 31, 2023, up from $21,561 thousand at the end of December 2022[86] Deposits and Funding - The bank's demand deposits rose significantly to $503,341 as of March 31, 2023, from $233,757 as of December 31, 2022, an increase of 115.5%[5] - Total deposits rose to $3,568,739,000 as of March 31, 2023, compared to $3,190,716,000 as of December 31, 2022, marking an increase of 11.8%[137] - The aggregate amount of deposits in the New York Agency increased to $725,117,000 as of March 31, 2023, compared to $526,474,000 as of December 31, 2022, a growth of 37.7%[137] Cash Flow and Liquidity - Net cash provided by operating activities was $518,211,000 in Q1 2023, a turnaround from a cash used of $481,213,000 in Q1 2022[32] - The bank's cash and cash equivalents at the end of the period were $1,264,524,000, up from $610,412,000 in the previous year[32] - Total liquid assets reached $1.303 billion as of March 31, 2023, up from $1.269 billion as of December 31, 2022, indicating a 2.67% increase[124] - The liquidity ratio at the end of March 31, 2023, was 195.85%, compared to 167.46% at the end of December 31, 2022[96] Derivative Financial Instruments - The bank's derivative financial instruments had a total notional value of $1,733,454,000, with fair value assets of $68,159,000 and liabilities of $33,761,000[48] - The nominal amount of derivative instruments used in fair value hedges totaled $555,093,000 as of March 31, 2023, compared to $546,504,000 as of December 31, 2022[145] - The total nominal amount for cash flow hedges was $990,431,000 as of March 31, 2023, with a carrying hedging asset of $105,334,000[146] Credit Losses and Provisions - As of March 31, 2023, the allowance for expected credit losses totaled $3,461 million, a decrease from $3,628 million as of December 31, 2022[52] - The net effect of changes in the reserve for expected credit losses was a reduction of $428 million during the period[52] - The total expected credit losses for Stage 1 loans as of March 31, 2023, was $6,578,105 million[65] Market and Operational Insights - The bank's representative offices are located in Buenos Aires, Mexico City, and Bogota, with a representative license in Lima, Peru, indicating ongoing market expansion efforts[36] - The bank maintained compliance with all borrowing agreements and covenants as of March 31, 2023[140] - The bank's exposure to foreign exchange risk included significant amounts in various currencies, with total assets in other currencies at $341,654 thousand[191]

PART I [Item 3. Key Information](index=11&type=section&id=Item%203.%20Key%20Information) This section outlines the principal financial, operational, and regional risks affecting the Bank's business and financial condition [Risk Factors](index=11&type=section&id=D.%20Risk%20Factors) The Bank's performance is materially affected by business-specific risks like market volatility and operational threats, alongside regional economic and political instability - The Bank's business is significantly impacted by market and macroeconomic conditions, including geopolitical events, pandemics, inflation, and changes in monetary policy, which can destabilize global markets and affect financial results[96](index=96&type=chunk)[126](index=126&type=chunk)[129](index=129&type=chunk) - The Bank faces significant liquidity risk due to its highly concentrated deposit base, with **45% of total deposits from central banks** as of December 31, 2022[104](index=104&type=chunk)[133](index=133&type=chunk)[135](index=135&type=chunk) - The transition from LIBOR to Alternative Reference Rates (ARRs) like SOFR presents substantial risks, including potential market dislocation and operational complexities in transitioning contracts[114](index=114&type=chunk)[115](index=115&type=chunk)[148](index=148&type=chunk) - The Bank is exposed to significant compliance risks related to complex anti-money laundering (AML), anti-corruption, and sanctions laws, with failures potentially leading to severe penalties[47](index=47&type=chunk)[48](index=48&type=chunk)[3](index=3&type=chunk) - Credit activities are highly concentrated in the Latin America and Caribbean Region, with **50% of the Credit Portfolio in five countries** as of year-end 2022, increasing susceptibility to localized economic downturns[218](index=218&type=chunk)[220](index=220&type=chunk) [Item 4. Information on the Company](index=31&type=section&id=Item%204.%20Information%20on%20the%20Company) This section provides an overview of the Bank's history, business structure, strategic direction, and regulatory environment [History and Development of the Company](index=31&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Established in 1977, Bladex is a multinational bank headquartered in Panama City to promote foreign trade in Latin America and the Caribbean - Bladex was organized in 1977 and began operations in 1979 as a specialized multinational bank to promote foreign trade and economic integration in the Latin America and Caribbean Region[230](index=230&type=chunk)[261](index=261&type=chunk) - The Bank is headquartered in Panama, chosen for its role as a regional banking center, its U.S. dollar-based economy, and its tax-exempt status granted by a contract-law[261](index=261&type=chunk) - Bladex operates through its head office in Panama, an agency in New York, a subsidiary in Brazil, and representative offices in Argentina, Mexico, and Colombia[286](index=286&type=chunk) [Business Overview](index=32&type=section&id=B.%20Business%20Overview) The Bank operates through Commercial and Treasury segments, with a strategic focus on expanding its customer base and optimizing its credit portfolio - The Bank operates through two business segments: the Commercial Business Segment for core financial intermediation and the Treasury Business Segment for investment and asset/liability management[265](index=265&type=chunk)[233](index=233&type=chunk)[292](index=292&type=chunk) - The Bank's five-year strategic plan (2022-2026) focuses on strengthening the business model, expanding the customer base, and optimizing commercial effectiveness and credit origination[310](index=310&type=chunk)[311](index=311&type=chunk)[312](index=312&type=chunk) - The Bank is subject to extensive regulation by the Superintendency of Banks in Panama and by U.S. authorities for its New York Agency, covering capital, liquidity, and AML/CFT compliance[434](index=434&type=chunk)[435](index=435&type=chunk)[488](index=488&type=chunk) Credit Portfolio Growth (in millions USD) | Portfolio | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | :--- | | **Credit Portfolio** | **$8,726** | **$7,365** | **$5,946** | | Commercial Portfolio | $7,706 | $6,540 | $5,551 | | Investment Portfolio | $1,020 | $825 | $395 | [Operating and Financial Review and Prospects](index=58&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the Bank's financial performance, liquidity position, capital resources, and critical accounting estimates [Operating Results](index=60&type=section&id=A.%20Operating%20Results) The Bank's profit increased 47% in 2022, driven by a significant rise in net interest income from higher rates and loan growth - The **71% increase in net interest income** in 2022 was driven by both higher volumes ($13.5M impact) and higher interest rates ($47.8M impact)[555](index=555&type=chunk)[514](index=514&type=chunk) - **Provision for credit losses increased significantly to $19.5 million** in 2022, up from $2.3 million in 2021, due to Credit Portfolio growth and provisions on impaired instruments[761](index=761&type=chunk)[1240](index=1240&type=chunk) - **Operating expenses rose 38% to $55.1 million** in 2022, attributed to strategic initiatives, new hires, and a new performance-based variable compensation policy[1175](index=1175&type=chunk)[537](index=537&type=chunk) Profit for the Year and Key Metrics | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | **Profit for the year** | **$92.0 M** | **$62.7 M** | **$63.6 M** | | Basic earnings per share | $2.54 | $1.62 | $1.60 | | Net interest income | $148.0 M | $86.8 M | $92.4 M | | Return on average total equity | 8.95% | 6.10% | 6.19% | [Liquidity and Capital Resources](index=72&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The Bank maintains a strong liquidity and capital position, with diversified funding sources and capital ratios well above regulatory minimums - The Bank's funding is diversified between deposits (40.3%) and borrowings/debt (59.7%), with deposits from central and state-owned banks constituting 45% of total deposits[1341](index=1341&type=chunk)[1342](index=1342&type=chunk) - Off-balance sheet arrangements, primarily documentary and stand-by letters of credit, **increased to $656 million** as of December 31, 2022, from $482 million in the prior year[916](index=916&type=chunk)[917](index=917&type=chunk) Financial Position Summary (in millions USD) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$9,284** | **$8,038** | | Loans, net | $6,760 | $5,713 | | **Total Liabilities** | **$8,215** | **$7,046** | | Deposits | $3,205 | $3,037 | | Borrowings and debt, net | $4,417 | $3,304 | | **Total Equity** | **$1,069** | **$992** | Capital Adequacy Ratios | Ratio | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Tier 1 Capital Ratio (Basel III) | 15.3% | 19.1% | | Regulatory Capital Adequacy Ratio | 13.2% | 15.6% | [Critical Accounting Estimates](index=94&type=section&id=E.%20Critical%20Accounting%20Estimates) The Bank's financial statements rely on material estimates, particularly for credit loss allowances, securities impairment, and fair value of financial instruments - Management identifies the determination of allowances for expected credit losses, impairment of securities, and the fair value of financial instruments as critical accounting estimates[695](index=695&type=chunk) - These estimates require significant judgment, especially in assessing future cash flows for impaired loans and assumptions used in fair value models[1044](index=1044&type=chunk)[1045](index=1045&type=chunk)[1046](index=1046&type=chunk) [Item 6. Directors, Executive Officers and Employees](index=94&type=section&id=Item%206.%20Directors%2C%20Executive%20Officers%20and%20Employees) This section details the composition of the Board and executive team, their compensation structure, and board committee functions - The Board of Directors consists of ten members, with a separation between the roles of Chairman and CEO to ensure independent oversight[972](index=972&type=chunk)[836](index=836&type=chunk) - Executive compensation is performance-based, combining variable cash bonuses with long-term equity awards to align with corporate objectives[772](index=772&type=chunk)[773](index=773&type=chunk) - Non-employee directors receive an annual cash retainer ($85,000 for directors, $135,000 for the Chairman) and an annual equity award of restricted shares[782](index=782&type=chunk)[784](index=784&type=chunk) - As of December 31, 2022, the Bank's workforce comprised **238 permanent employees**, an increase from 184 in 2021[907](index=907&type=chunk)[912](index=912&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=109&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the Bank's ownership structure and transactions conducted with shareholders and related parties in the ordinary course of business - As of December 31, 2022, **Brandes Investment Partners, L.P. was the largest shareholder of Class E stock**, holding 17.1% of the class and 13.1% of total common stock[915](index=915&type=chunk) - Major Class A shareholders include Banco de la Nación Argentina (16.5% of class) and Banco do Brasil (15.4% of class)[915](index=915&type=chunk) - The Bank conducts credit and deposit transactions with its Class A and B stockholders, with **12% of the Loan Portfolio placed with these related parties** as of December 31, 2022[923](index=923&type=chunk) [Item 8. Financial Information](index=112&type=section&id=Item%208.%20Financial%20Information) This section references the included financial statements and outlines the Bank's dividend policy and legal proceedings status - The Bank's policy is to declare and distribute quarterly cash dividends, with the total dividend declared for 2022 at **$1.00 per common share**, unchanged from 2021 and 2020[954](index=954&type=chunk) - No legal or arbitration proceedings that could have a significant effect on the Bank's financial position or profitability are pending or contemplated[926](index=926&type=chunk) [Item 10. Additional Information](index=115&type=section&id=Item%2010.%20Additional%20Information) This section provides details on the Bank's corporate structure, share classes, and tax implications for shareholders - The Bank's common stock is divided into four classes (A, B, E, F) with different rights, and the affirmative vote of **75% of Class A shares is required for major corporate actions**[919](index=919&type=chunk)[974](index=974&type=chunk) - Under a special contract law, the Bank is **exempt from income tax in Panama**, and dividends paid are exempt from Panamanian dividend tax or withholding[1029](index=1029&type=chunk)[1049](index=1049&type=chunk) - For U.S. Holders, distributions are generally taxable as ordinary dividend income, and the Bank does not believe it will be classified as a Passive Foreign Investment Company (PFIC)[1011](index=1011&type=chunk)[1018](index=1018&type=chunk) [Item 11. Quantitative and Qualitative Disclosure About Market Risk](index=121&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The Bank actively manages market risk, which primarily consists of interest rate, foreign exchange, and price risk - The Bank's primary market risk is interest rate risk, which is managed by monitoring repricing mismatches and is considered relatively low due to the short-term nature of its portfolio[1055](index=1055&type=chunk)[1416](index=1416&type=chunk) - Foreign exchange risk is not significant as the majority of assets and liabilities are denominated in U.S. dollars, with most non-USD exposures hedged with derivatives[1067](index=1067&type=chunk)[1232](index=1232&type=chunk) - Price risk is associated with the Bank's Investment Portfolio, which had a carrying amount of **$1.02 billion** and a fair value of $0.97 billion as of December 31, 2022[1068](index=1068&type=chunk)[1069](index=1069&type=chunk) PART II [Item 15. Controls and Procedures](index=127&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section affirms the effectiveness of the Bank's disclosure controls, procedures, and internal control over financial reporting - The CEO and CFO concluded that the Bank's disclosure controls and procedures were **effective** as of December 31, 2022[1074](index=1074&type=chunk) - Based on the COSO framework (2013), management concluded that the Bank's internal control over financial reporting was **effective** as of December 31, 2022[1076](index=1076&type=chunk)[1079](index=1079&type=chunk) - The independent registered public accounting firm, KPMG, issued an **unqualified opinion** on the effectiveness of the Bank's internal control over financial reporting[1106](index=1106&type=chunk)[801](index=801&type=chunk) [Item 16. Corporate Governance](index=129&type=section&id=Item%2016.%20Corporate%20Governance) This section covers corporate governance matters, including the audit committee financial expert, Code of Ethics, and accountant fees - The Board has determined that Mr. Fausto de Andrade Ribeiro is an "audit committee financial expert" and is independent[1112](index=1112&type=chunk) - The Bank has adopted a Code of Ethics that applies to its principal executive, financial, and accounting officers[1113](index=1113&type=chunk)[1114](index=1114&type=chunk) - The Bank's corporate governance practices differ from NYSE standards for domestic companies regarding the absence of a separate corporate governance committee and the process for approving equity compensation plans[1122](index=1122&type=chunk)[1123](index=1123&type=chunk) Principal Accountant Fees (in USD) | Fee Type | 2022 | 2021 | | :--- | :--- | :--- | | Audit fees | $677,892 | $656,124 | | Audit-related fees | $181,900 | $103,790 | | **Total** | **$859,792** | **$759,914** | PART III [Item 18. Financial Statements](index=132&type=section&id=Item%2018.%20Financial%20Statements) This section contains the Bank's audited consolidated financial statements for the three-year period ended December 31, 2022, prepared in accordance with IFRS - The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB[727](index=727&type=chunk)[1254](index=1254&type=chunk) - The independent auditor, KPMG, issued an **unqualified opinion**, stating that the financial statements present fairly the financial position and results of operations of the Bank[727](index=727&type=chunk) Consolidated Statement of Financial Position (in thousands USD) | | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$9,283,910** | **$8,038,111** | | Loans, net | $6,760,434 | $5,713,022 | | Securities, net | $1,023,632 | $831,913 | | **Total Liabilities** | **$8,214,563** | **$7,046,321** | | Deposits | $3,190,716 | $3,036,228 | | Borrowings and debt, net | $4,416,511 | $3,304,178 | | **Total Equity** | **$1,069,347** | **$991,790** | Consolidated Statement of Profit or Loss (in thousands USD) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net interest income | $148,011 | $86,782 | $92,450 | | Total revenues | $166,672 | $104,206 | $99,157 | | (Provision for) credit losses | ($19,521) | ($2,328) | $1,464 | | **Profit for the year** | **$92,040** | **$62,697** | **$63,593** |

Carlos Raad - Investor Relations Jorge Salas - Chief Executive Officer Ana Mendez - Executive Vice President and Chief Financial Officer Eduardo Vivone - Executive Vice President of Treasury and Capital Markets Samuel Canineu - Executive Vice President of Commercial Banking Operator Carlos Raad With this, let me turn the call to Jorge. Please go ahead. Moving on to Slide 2. So this slide provides a summary of our results for the quarter. As anticipated in our last quarter results call, our focus for 2023 is ...

Financial Data and Key Metrics Changes - The company reported a net income of $31 million for Q4 2022, totaling $92 million for the year, marking a 47% annual increase [25] - Total assets increased by 15% year-on-year to $9.3 billion, driven by an 18% growth in the loan portfolio, which reached $6.8 billion [26] - Net interest income (NII) rose by 71% year-on-year, with net interest margin increasing by almost 40 basis points [19][30] - Return on equity (ROE) for 2022 reached close to 9%, up by 284 basis points from the previous year [32] Business Line Data and Key Metrics Changes - The company has expanded its client base by 29%, with 42% of average growth in 2022 coming from new clients added during the year [24] - Fee income from letters of credit increased by 16% year-on-year, totaling $14 million for the year [40] - The syndication and structuring business also saw a 15% increase in fees, reaching close to $5 million [40] Market Data and Key Metrics Changes - Economic activity in Latin America grew almost 4%, with foreign trade flows reaching record highs [20] - Trade flows are expected to grow an additional 2% in 2023, reaching nearly $3 trillion, which is 37% higher than pre-pandemic levels [48] Company Strategy and Development Direction - The company aims for single-digit growth of 3% to 4% in 2023, focusing more on profitability rather than aggressive growth [50] - The strategic plan includes optimizing capital allocation, increasing cross-sales, and expanding the customer base without changing credit risk appetite [23] - The management is focused on enhancing product offerings and process automation to improve profitability [52] Management's Comments on Operating Environment and Future Outlook - The management views 2023 as a year of transition, with expectations of lower growth and interest rates, while inflation may remain persistent [46] - The company is committed to maintaining conservative credit underwriting standards despite economic headwinds [50] - The management anticipates that net interest margin will continue to expand, projecting levels between 2.1% and 2.4% for the year [53] Other Important Information - The company maintains a Basel III Tier 1 ratio of 15.3%, indicating a sound capital position [36] - The cost-to-income efficiency ratio improved to 33% in 2022, down from 38% in the previous two years [43] Q&A Session Summary Question: Opportunities from near-shoring in Mexico - The company is starting to see business opportunities from near-shoring, particularly in Mexico, with clients seeking capital for investments [59] Question: Roadmap to reach the $10 billion to $11 billion commercial portfolio target - The growth pace will depend on regional dynamics, but the company remains on track to meet the target by expanding its product offerings and customer base [61] Question: Concerns about non-performing loans (NPLs) - The increase in NPLs is attributed to one specific exposure, and the company maintains conservative credit underwriting standards [64] Question: Expectations for net interest margin and profitability with stable expenses - The company expects net interest margin to continue expanding, supported by new structured products and a normalized interest rate environment [66][68]

Banco Latinoamericano de Comercio Exterior, S. A. (NYSE:BLX) Q3 2022 Earnings Conference Call November 2, 2022 11:00 AM ET Company Participants Carlos Raad - IR Jorge Salas - CEO Ana Mendez - CFO Sam Canineu - Chief Commercial Officer Conference Call Participants Jim Marrone - Singular Research Operator Good morning, and welcome to Bladex's Third Quarter 2022 Earnings Call. A slide presentation is accompanying today's webcast and is available in the Investor Section of the company's website www.bladex.com. ...

Banco Latinoamericano de Comercio Exterior, S. A. (NYSE:BLX) Q2 2022 Earnings Conference Call August 4, 2022 11:00 AM ET Company Participants Carlos Raad - Investor Relations Jorge Salas - Chief Executive Officer Ana Mendez - Chief Financial Officer Sam Canineu - Chief Commercial Officer Ed Vivone - Head of Treasury & Capital Markets Conference Call Participants Jim Marrone - Singular Research Pedro Escudero - DOMA Perpetual Operator Good morning and welcome to Bladex's Second Quarter 2022 Earnings Call. A ...

Financial Data and Key Metrics Changes - The credit portfolio reached $8.4 billion, up 14% quarter-on-quarter and 38% year-on-year, marking a record-breaking quarter for asset growth [5] - Net interest income increased by 4% compared to the previous quarter and 36% year-on-year, reflecting strong asset growth [5][13] - Profits for the quarter were down 13% year-on-year due to increased credit provisions related to the growth of the credit portfolio [6][12] Business Line Data and Key Metrics Changes - The commercial portfolio grew 12% quarter-on-quarter and 28% year-on-year, nearing a historical peak of $7.4 billion [5] - Syndication fees were $2 million short of fourth quarter 2021 levels, indicating variability in transaction-based revenue [14] - Operating expenses increased by 21% year-on-year and 7% quarter-on-quarter, primarily due to higher personnel-related expenses [14] Market Data and Key Metrics Changes - The exposure to financial institutions remained stable at $3.1 billion, but its relative participation decreased to 42% of the total [8] - The investment portfolio surpassed $1 billion, with a significant portion invested in non-Latin American issuers [10] Company Strategy and Development Direction - The company is optimistic about prospects, leveraging demand for financing from large importers and exporters amid rising commodity prices [25] - The bank aims to maintain a cost-efficient, diversified, and resilient funding base to support commercial growth [11] - The strategy includes focusing on winning sectors, countries, and clients to enhance profitability [25] Management's Comments on Operating Environment and Future Outlook - Management noted minimal impact from the Russia-Ukraine conflict on operations, with a positive trade shock for Latin America due to rising commodity prices [22][24] - The company expects foreign trade in the region to grow nearly 10% for the year, despite challenges like lower growth and higher inflation [24] - The management remains confident in the ability to increase profitability through efficient capital use and favorable market dynamics [26] Other Important Information - The Board declared a dividend of $0.25 per share, representing 82% of first-quarter earnings [20] - The Basel III Tier 1 capitalization ratio stood at 16%, down from 19% in the previous quarter, due to a higher credit risk-weighted asset base [19] Q&A Session Summary Question: Concerns about inflation in Latin America - Management sees proactive actions from central banks to contain inflation and is not overly concerned in the short term, although Argentina and Brazil are monitored closely for inflationary pressures [27][28] Question: Growth expectations for the investment portfolio - The investment portfolio is expected to slow down as demand for commercial loans increases, but it will grow if commercial demand decreases [29] Question: Disconnect between stock price and book value - Management acknowledges the disconnect and aims to enhance investor relations to better convey growth prospects [31][32][33] Question: Loan book growth and commodity prices - The loan book is growing due to both increased commodity prices and new loan origination, with expectations for continued growth despite stable commodity prices [35][36] Question: Sustainability of net interest margin - Management believes the net interest margin of 1.49% is sustainable going forward, driven by trade-related demand and local currency rate hikes [43] Question: Impact of Fed interest rate increases - The bank's interest rate gap is moderate, and increases in rates are expected to positively impact net interest income [44][45] Question: Credit loss provisions and future revenue expectations - Management confirmed that the growth in the loan portfolio should lead to higher net interest income without a corresponding increase in loan loss provisions [46][47]

Table of Contents ________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________ FORM 20-F ________________________________________ (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 O ...

Banco Latinoamericano de Comercio Exterior, S.A (NYSE:BLX) Q4 2021 Earnings Conference Call February 22, 2022 11:00 AM ET Company Participants Jorge Salas - CEO Ana Graciela de Méndez - CFO Sam Canineu - CCO Conference Call Participants Jim Marrone - Singular Research Operator Hello, everyone, and welcome to Bladex’s Fourth Quarter 2021 Conference Call on this 22nd day of February 2022. This call is being recorded and is for investors and analysts only. If you are a member of the media you are invited to li ...

Banco Latinoamericano de Comercio Exterior, S.A (NYSE:BLX) Q3 2021 Earnings Conference Call October 29, 2021 11:00 AM ET Company Participants Jorge Salas - Chief Executive Officer Ana Graciela de Méndez - Chief Financial Officer Sam Canineu - Chief Commercial Officer Conference Call Participants Jim Marrone - Singular Research Operator Hello, everyone, and welcome to Bladex's Third Quarter 2021 Conference call on this the 29th day of October 2021. This call is being recorded and is for investors and analyst ...