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 ...

Financial Data and Key Metrics Changes - The company's profits grew by 12% quarter-on-quarter and 2% year-on-year, reaching nearly $16 million, driven by a 5% increase in top-line revenues quarter-on-quarter and a 7% increase year-on-year [21][9] - Net interest income (NII) showed a quarterly growth trend supported by higher credit portfolio balances and higher lending spreads, with a slight annual decrease of 2% due to lower LIBOR rates [22][25] - The Basel III Tier 1 capitalization ratio remained solid at 21%, with risk-weighted assets increasing by 9% quarter-on-quarter and 22% year-on-year [29] Business Line Data and Key Metrics Changes - The bank's loan disbursements reached approximately $3.6 billion, up 8% from the previous quarter, with a net portfolio growth of 3% quarter-on-quarter [11][12] - The investment portfolio increased by $252 million during the quarter, totaling $573 million, with 43% of it in investment-grade companies [17] - Fee income from syndications increased by 11% quarter-on-quarter and 82% year-on-year, reflecting a resurgence in transaction-based structuring and syndications [23] Market Data and Key Metrics Changes - Latin American trade flows are expected to grow by 26% in 2021 and nearly 10% in 2022, supported by high commodity prices and pent-up demand [16][7] - The economic recovery in Latin America is mixed, with Brazil and Mexico projected to grow at 5.2% and 6.2% respectively this year [6][7] - The bank's exposure to financial institutions decreased by 7%, primarily in Brazil and Colombia, while investment-grade countries now account for 46% of total exposure [14][16] Company Strategy and Development Direction - The company remains cautiously optimistic about growth opportunities in Latin America, leveraging its agile business model and robust balance sheet [8][32] - The bank is focusing on increasing exposure in countries like the Dominican Republic, Guatemala, and Panama, while reducing exposure in riskier countries such as Argentina and El Salvador [42][43] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of inflationary pressures and tighter monetary policies across Latin America, which could increase demand for hard currency financing [35] - The company is well-positioned to navigate challenges such as supply chain disruptions and rising freight rates, with clients looking to build inventory to mitigate risks [36][38] Other Important Information - The board declared a quarterly dividend of $0.25 per share, maintaining a 64% payout ratio relative to quarterly earnings [31] - The company executed a share buyback program, repurchasing 1.8 million Class E shares for nearly $29 million since its launch [30] Q&A Session Summary Question: Impact of inflation on Bladex - Management acknowledged rising inflation due to commodity prices and supply chain disruptions, noting that central banks in Latin America are responding with tighter monetary policies, which could favor Bladex [34][35] Question: Increase in operating expenses - The CFO explained that the increase in operating expenses is attributed to the resumption of variable compensation and general expenses after cost-saving measures during the pandemic [40][41] Question: Countries for exposure reduction and increase - Management identified Argentina and El Salvador as countries for exposure reduction due to economic challenges, while expressing confidence in countries like the Dominican Republic and Panama for increased exposure [42][43]

Financial Data and Key Metrics Changes - Revenue increased by 17% quarter-on-quarter and 29% year-on-year, while net profit rose by 10% quarter-on-quarter, remaining stable year-on-year at $14 million [8][20] - The loan portfolio and investment portfolio grew for the fourth consecutive quarter, with a net portfolio growth of 5% quarter-on-quarter [8][11] - Non-performing loans (NPLs) remained low at 0.2% of total loans, reflecting sound asset quality [8][24] Business Line Data and Key Metrics Changes - The credit investment portfolio grew by $134 million last quarter, with a total of $523 million by the end of the quarter, predominantly investment grade [15] - The bank's fee income for the quarter was $4.3 million, showing a sequential increase of 41% and more than double the figure from the second quarter of last year [21] - The oil and gas portfolio increased by 71%, while the metals and manufacturing sector grew by 40% [14] Market Data and Key Metrics Changes - Latin American trade flows are expected to grow by 21% in 2021 and an additional 8% in 2022, driven by world growth, particularly in the U.S. and China [14] - The Dominican Republic, Guatemala, and Mexico were the primary focus for growth during the quarter, particularly in resilient sectors [13] Company Strategy and Development Direction - The company created a new executive position, EVP of Strategy and PMO, to enhance organizational structure and execution capabilities [9] - The share buyback plan announced in May is being executed as planned, and the quarterly dividend was maintained at $0.25 per share [10][31] - The company aims to return to its historical mix of financial institutions and corporate clients while avoiding small and medium businesses [41] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism about growth in Latin America as economies reopen and commodity prices rise, with the IMF revising growth projections for the region to 5.8% [6][7] - Inflationary pressures are expected to lead to interest rate increases in the region, which could benefit the company's profitability [36][37] Other Important Information - The bank's total allowance for credit losses represented 71 basis points of the total credit portfolio as of June 30, 2021 [28] - The Basel III Tier 1 capitalization remains strong at 23.6%, reflecting the low-risk nature of the bank's exposures [29] Q&A Session Summary Question: How is Bladex looking to capitalize on the increase in interest rates going forward? - Management indicated that rising interest rates could potentially increase margins on the asset side, benefiting profitability, especially in Brazil and Chile [36][37] Question: Can you provide insight into the credit quality and its concentration? - The bank primarily focuses on large corporations and banks, with no exposure to small businesses, maintaining a clean credit book [39][41] Question: What explains the $4.4 million charge to other comprehensive loss on the balance sheet? - The charge is related to the valuation of derivatives used for hedging liabilities in Mexican pesos, which can show volatility in the interim [43][44]

Financial Data and Key Metrics Changes - Profit for Q1 2021 was $12.8 million, down 19% sequentially and 30% year-on-year, primarily due to lower net interest income [19][20] - Net interest income (NII) for the quarter was $18.9 million, down $6.9 million or 27% year-on-year, influenced by a sharp decrease in LIBOR-based rates [23][24] - Expenses were down 10% sequentially and 13% year-on-year, mainly due to lower personnel expenses [22] Business Line Data and Key Metrics Changes - The commercial portfolio grew 3% quarter-on-quarter, with disbursements up 5% [12] - Most growth was concentrated in Brazil, Chile, and Uruguay, while exposure in Argentina was decreased [13] - Commodity-related growth was significant, with oil and gas up 49% and metal manufacturing up 37% [14][15] Market Data and Key Metrics Changes - The IMF revised its 2021 growth estimate for Latin America from 3% to 4.6%, with trade growth estimates revised from 8.2% to 16.2% [9][10] - Demand from commodity clients increased by at least 30% on average, indicating a positive trend in the region [16] Company Strategy and Development Direction - The company plans to utilize a $60 million stock repurchase program to return value to shareholders, reflecting confidence in the market [10][34] - The management aims to explore new growth opportunities, particularly in structured trade finance products and solutions [37][38] - The company maintains a focus on high-quality credit exposure, with 95% of its $5.8 billion credit portfolio classified as low-risk [29][30] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the bank's ability to navigate 2021 despite ongoing pandemic challenges, citing a clean balance sheet and strong capital base [32] - The management noted that the region is showing positive signs, particularly in trade finance segments, and expects to reach pre-COVID portfolio levels [35][56] Other Important Information - The bank recorded no credit provisions during the quarter, as it focused on high-quality countries and sectors [22][31] - The average rate of new disbursements was LIBOR plus 141 basis points, down 46 basis points from the maturing portfolio [12] Q&A Session Summary Question: Insight into the Board's decision for share repurchase and growth opportunities - The management believes the stock is undervalued at 55% of book value and views the share buyback as a tactical way to return value to shareholders [34] - The management sees opportunities in structured trade finance products and plans to grow without relaxing underwriting standards [37][38] Question: Increased exposures in Brazil and commodities - The management feels comfortable with exposures in Brazil, primarily in financial institutions, despite the pandemic's impact [41] - Commodity exposure is treated as short-term trade-related, with price volatility hedged by tenor [43] Question: Managing net interest margin amidst low rates - The management is focusing on increasing loan volume and fee-generating products to counteract the impact of low LIBOR rates [46] Question: Evolution of spreads and cash utilization - The management expects spreads to tighten in 2021 but plans to grow the investment portfolio using excess cash [51][52] Question: Loan growth opportunities - The management is optimistic about reaching pre-COVID levels due to increased demand from financial institutions and commodity-related companies [56][57] Question: Current situation in Central America - The management acknowledges the diverse realities in Central America, with potential for growth depending on the country [60][61]

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 x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...