Financial Data and Key Metrics Changes - The commercial loan portfolio reached $10.7 billion, reflecting a 6.5% increase quarter over quarter and a 23% increase year over year [5] - Net interest income totaled $65.3 million, with an interest margin of 2.36%, remaining resilient and in line with guidance [6][8] - Net income for the quarter was CAD 51.7 million, consistent with the previous quarter, and return on equity stood at 15.4% [8][25] Business Line Data and Key Metrics Changes - Total loan portfolio reached a record $8.7 billion, up 18% year over year and 4% quarter over quarter, indicating sustained loan demand [9] - The contingency portfolio, including letters of credit and guarantees, grew to nearly $2 billion, up 20% quarter over quarter and 49% year over year [10] - Fee income totaled $10.6 million, up 12% year over year, with letters of credit generating $6.7 million in fees, also up 12% year over year [20][21] Market Data and Key Metrics Changes - Deposits rose to $5.9 billion, reflecting an 8% increase quarter over quarter and 24% year over year, now representing almost 60% of total funding [5][14] - The bank maintained a strong liquidity position with $1.9 billion in liquid assets, representing 15% of total assets [11] - Nonperforming loans remained at $17 million, representing just 0.1% of total exposure, indicating strong asset quality [12][13] Company Strategy and Development Direction - The company is focused on building a business model that consistently generates fee income to reduce sensitivity to interest rate fluctuations [44] - There is a strong emphasis on letters of credit as a low capital allocation business with attractive returns, supported by investments in technology [45] - The company aims to maintain a healthy deal pipeline, including longer tenure structured transactions to complement core short-term lending [10] Management's Comments on Operating Environment and Future Outlook - The global economic environment has shifted, leading to increased uncertainty and potential impacts on growth forecasts [27] - Latin America has remained relatively insulated from recent tariff announcements, with opportunities to benefit from shifts in global supply chains [29] - The company reaffirms its full-year guidance, indicating confidence in achieving objectives despite current global uncertainties [31] Other Important Information - The total capital increased to $1.37 billion, up 3% from the prior quarter, with a Tier one ratio of 15.1% [17][18] - Operating expenses totaled $21 million, reflecting a 50% increase year over year due to strategic investments and higher headcounts [22] Q&A Session Summary Question: What is driving the increase in operating costs, and what could be expected going forward? - The increase in costs is mainly due to headcount growth, IT investments, and consulting fees tied to the execution of the strategic plan [35] Question: Can you comment on the growth in the commercial book and its sustainability? - The off-balance sheet growth was higher than expected, particularly driven by the oil and gas sector in Argentina, and the company anticipates continued growth in this area [41][46] Question: Can you elaborate on the impact of high volatility on spreads and potential upside risks to NIM guidance? - The company has maintained lending margins above December 2024 levels, and expects margin expansion in upcoming quarters due to a robust medium-term pipeline [58][63] Question: Why did the letters of credit business show a decrease in fee income despite growth in the balance? - The increase in balance occurred towards the end of the quarter, and the benefits of the income will reflect more in the second quarter [60]

Financial Data and Key Metrics Changes - The commercial loan portfolio reached $10.7 billion, reflecting a 6.5% increase quarter over quarter and a 23% increase year over year [5] - Net interest income totaled $65.3 million, with a net interest margin of 2.36%, remaining resilient and in line with guidance [6][19] - Deposits rose to $5.9 billion, up 8% quarter over quarter and 24% year over year, representing almost 60% of total funding [5][15] - Net income for the quarter was $51.7 million, with a return on equity of 15.4% [7][25] Business Line Data and Key Metrics Changes - The total loan portfolio reached a record $8.7 billion, up 18% year over year and 4% quarter over quarter [10] - The contingency portfolio, including letters of credit and guarantees, grew to nearly $2 billion, up 20% quarter over quarter and 49% year over year [11] - Fee income totaled $10.6 million, up 12% year over year, with letters of credit generating $6.7 million in fees [6][20] Market Data and Key Metrics Changes - Strong performance was noted in Argentina, Mexico, and Guatemala, contributing to the growth of the loan portfolio [5][11] - The bank maintained a strong liquidity position with $1.9 billion in liquid assets, representing 15% of total assets [12] Company Strategy and Development Direction - The company is focused on building a robust and diversified pipeline with long-standing clients, particularly in sectors less exposed to tariff discussions [4] - A proactive commercial execution strategy is in place, supported by close client relationships and deep local market insights [4] - The company aims to maintain its full-year guidance despite global uncertainties, emphasizing prudent execution and long-term value creation [31] Management's Comments on Operating Environment and Future Outlook - The global economic environment has shifted, leading to increased uncertainty and potential impacts on growth forecasts [27] - Latin America remains relatively insulated from direct tariff effects, with opportunities to benefit from shifts in global supply chains [29] - The company is well-positioned to manage exposures and capitalize on arising opportunities, with only 15% of its trade finance portfolio linked to the US [30] Other Important Information - The capital ratio remains strong at above 15%, with a quarterly dividend of $0.0625 per share approved, reflecting confidence in earnings outlook [8][18] - The efficiency ratio improved to 26.9%, down from 29.2% in the prior quarter, indicating effective cost management [22] Q&A Session Summary Question: What is driving the increase in operating costs, and what can be expected going forward? - The increase in costs is mainly due to headcount growth, IT investments, and consulting fees tied to the execution of the strategic plan. The pace of hiring is expected to decelerate moving forward [34][36] Question: Can you comment on the growth in the commercial book and its sustainability? - The off-balance sheet growth was higher than expected, driven by the oil and gas sector in Argentina. The company anticipates continued growth in letters of credit, supported by a robust pipeline [40][45] Question: Can you elaborate on the impact of high volatility on spreads and potential upside risks to NIM guidance? - The company has maintained lending margins above December 2024 levels despite competitive pricing. Active balance sheet management and a strong pipeline are expected to benefit margins moving forward [56][62] Question: Why did the letters of credit business show a decrease in fee income despite growth in the balance? - The increase in balance occurred towards the end of the quarter, with income benefits expected to reflect more in the second quarter. The dynamics of commitments and letters of credit are expected to normalize [58][60]

Financial Performance - Net income reached $52 million, remaining stable QoQ and increasing by 1% YoY[2] - The Return on Equity (ROE) was 154%, decreasing by 10 bps QoQ and 134 bps YoY[2] - Net Interest Margin (NIM) stood at 236%, down 8 bps QoQ and 11 bps YoY[2] - The efficiency ratio improved to 269%, decreasing by 225 bps QoQ and increasing by 174 bps YoY[2] Portfolio and Deposits - The commercial book grew to $107 billion, up 6% QoQ and 23% YoY[2] - Total deposits increased to $59 billion, reflecting an 8% increase QoQ and a 24% increase YoY[2] - Non-Performing Loans (NPLs) represented 01% of the portfolio, decreasing by 1 bps QoQ and increasing by 4 bps YoY[2] Liquidity and Funding - Liquid assets accounted for 15% of total assets[13] - The Liquidity Coverage Ratio (LCR) was reported at 265x[12] Capitalization - The Common Equity Tier 1 (CET1) ratio was 151%[26] - The dividend payout ratio was 45%[27] Fee Income - Net fees totaled $106 million, decreasing by 11% QoQ and increasing by 12% YoY[2,40]

Core Insights - Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) reported a net profit of $51.7 million for the first quarter of 2025, reflecting a 1% year-over-year increase, supported by a 7% rise in total revenues [5][4] - The bank's net interest income (NII) grew by 4% year-over-year to $65.3 million, driven by increased business volumes, while the net interest margin (NIM) was recorded at 2.36% [5][6] - The credit portfolio reached an all-time high of $11,950 million, marking a 22% year-over-year increase, with a significant contribution from the commercial portfolio [5][7] Financial Performance - Total revenues for 1Q25 were $77.9 million, compared to $72.6 million in 1Q24, indicating a 7% increase [4][5] - Operating expenses were reported at $21.0 million, a slight decrease from $22.9 million in the previous quarter [4][5] - The efficiency ratio improved to 26.9% in 1Q25 from 29.2% in 4Q24, reflecting effective cost management despite increased headcount [5][6] Asset Quality and Capital Position - The bank maintained a healthy asset quality, with 97.9% of the credit portfolio classified as low risk or Stage 1, and impaired credits at only 0.1% of the total credit portfolio [5][7] - The Tier 1 capital ratio stood at 15.1%, and the regulatory capital adequacy ratio was 13.5%, both within the bank's risk appetite [5][7] - Liquid assets accounted for 14.9% of total assets, with a strong liquidity position of $1,852 million as of March 31, 2025 [5][7] Recent Developments - The Board of Directors approved a quarterly dividend of $0.625 per share for 1Q25, to be paid on June 3, 2025 [8] - The Annual Shareholders' Meeting held on April 29, 2025, resulted in the election and reelection of several directors and the approval of the bank's audited financial statements for the fiscal year ended December 31, 2024 [9]

PANAMA CITY, May 5, 2025 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or the "Bank"), announced today its Board of Directors' approval of a quarterly cash dividend of US$0.625 per share corresponding to the first quarter of 2025.The cash dividend is payable June 3, 2025 to the Bank's stockholders as of May 16, 2025 record date.As of March 31, 2025, Bladex had 37,154,366.86 shares outstanding of all classes.Bladex, a multinational bank originally established by the central banks ...

Core Insights - Bladex is committed to transforming environmental challenges into sustainable solutions, as demonstrated by the construction of a bridge using recycled materials, which enhances community mobility and safety [3][5][8] - The bridge, measuring 81 meters, connects four communities and serves over 300 people, symbolizing collaboration for social impact [2][4] - This initiative is part of Bladex's broader ESG strategy aimed at promoting sustainable development in Panama and Latin America [3][4] Company Overview - Bladex, established in 1979, is a multinational bank focused on foreign trade financing and regional economic integration, headquartered in Panama with offices in several Latin American countries and the United States [9][10] - The bank has been listed on the New York Stock Exchange since 1992, with a diverse shareholder base including central banks and financial institutions from 23 Latin American countries [10]

MONTREAL, April 24, 2025 (GLOBE NEWSWIRE) -- Boralex inc. ("Boralex" or the "Company") (TSX: BLX) announces that the release of the 2025 first quarter results will take place on Wednesday, May 14, 2025, at 9 a.m. (previously announced at 9:30 a.m.). Financial analysts and investors are invited to attend a conference call during which the financial results will be presented. Date and time Wednesday, May 14, 2025, at 9 a.m. ET To attend the conference Webcast link: https://edge.media-server.com/mmc/p/3nwdfvm2 ...

MONTREAL, April 17, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) announces that it will hold its Annual Meeting of Shareholders at 11:00 a.m. EDT on Wednesday, May 14, 2025, in a hybrid format, i.e. in person with a live audio webcast. Simultaneous interpretation will also be available for English-speaking participants to the online meeting. The online and in-person access to the event will start at 10:30 a.m. EDT. Registered shareholders and duly appointed proxyholders will ...

PART I [Item 3. Key Information](index=9&type=section&id=Item%203.%20Key%20Information) The Bank faces significant business risks from market conditions, liquidity, credit, and regional economic volatility [Risk Factors](index=9&type=section&id=D.%20Risk%20Factors) The Bank's performance is subject to market conditions, business-specific risks, and regional economic volatility - The Bank's business is **significantly impacted by market and macroeconomic conditions**, including geopolitical events which can cause market volatility and supply chain disruptions[34](index=34&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk) - Bladex is exposed to **significant liquidity risk**, with a high concentration of deposits from central banks (**38%**) and other institutions[46](index=46&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The Bank's credit activities are **heavily concentrated in Latin America and the Caribbean**, with **52% of the Credit Portfolio** in five countries as of December 31, 2024[135](index=135&type=chunk)[136](index=136&type=chunk)[138](index=138&type=chunk) - A significant portion of the loan portfolio is exposed to the **oil/gas (11%)** and **agribusiness (5%)** sectors, which carry unique risks related to commodity price volatility[150](index=150&type=chunk) - **Panama's inclusion on international financial monitoring lists** poses a reputational and regulatory risk that could adversely affect the Bank's operations[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk) [Item 4. Information on the Company](index=27&type=section&id=Item%204.%20Information%20on%20the%20Company) The company's history, business segments, strategic plans, credit portfolio, and regulatory environment are detailed [History and Development of the Company](index=27&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Bladex was established by regional central banks to promote foreign trade and is headquartered in Panama - Bladex was established as a **specialized multinational bank** by central banks in the region to promote foreign trade and economic integration[155](index=155&type=chunk)[156](index=156&type=chunk) - The Bank is headquartered in Panama, chosen for its status as a regional banking center and its **U.S. dollar-based economy**[156](index=156&type=chunk) - Bladex operates through its head office in Panama, a New York Agency, a subsidiary in Brazil, and representative offices in Argentina, Mexico, and Colombia[157](index=157&type=chunk) [Business Overview](index=28&type=section&id=B.%20Business%20Overview) The Bank's operations are divided into Commercial and Treasury segments, with a focus on strategic growth and regulatory compliance - The Bank operates through two main segments: the **Commercial Business Segment** for core intermediation and the **Treasury Business Segment** for investment and liability management[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk) - The Bank's **2022-2026 Strategic Plan** focuses on strengthening the business model, expanding the customer base, and optimizing credit origination[207](index=207&type=chunk)[210](index=210&type=chunk)[214](index=214&type=chunk) Commercial Portfolio by Product (as of Dec 31) | | 2024 | % | 2023 | % | 2022 | % | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **(in $ millions, except percentages)** | | | | | | | | Loans at amortized cost - principal balance | $8,375.2 | 83.5 | $7,195.6 | 84.4 | $6,763.0 | 87.8 | | Loan commitments and financial guarantee contracts | 1,414.3 | 14.1 | 1,063.7 | 12.5 | 779.4 | 10.1 | | Customers' liabilities under acceptances | 245.1 | 2.4 | 261.4 | 3.1 | 163.3 | 2.1 | | **Total** | **$10,034.6** | **100.0** | **$8,520.7** | **100.0** | **$7,705.7** | **100.0** | - The total **Credit Portfolio increased by 18% to $11.2 billion** in 2024 from $9.5 billion in 2023, driven by higher lending origination[227](index=227&type=chunk) - **Credit-impaired loans increased to $17 million (0.20% of Loan Portfolio)** in 2024 from $10 million (0.14%) in 2023[233](index=233&type=chunk) - The Bank is regulated by the Superintendency of Banks of Panama and is subject to U.S. laws, with key regulations including a **Capital Adequacy Ratio** and a **Liquidity Coverage Ratio (LCR)**[265](index=265&type=chunk)[269](index=269&type=chunk)[280](index=280&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=53&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) The Bank's financial performance analysis shows increased profit in 2024, driven by higher net interest income and fees [Operating Results](index=54&type=section&id=A.%20Operating%20Results) Profit for 2024 grew 24% to $205.9 million, driven by higher net interest income and improved return on average equity Summary of Profit for the Year | | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **(in $ thousands, except per share amounts)** | | | | | Net interest income | 259,211 | 233,183 | 148,011 | | Total other income, net | 44,425 | 32,936 | 18,661 | | **Total revenues** | **303,636** | **266,119** | **166,672** | | Provision for credit losses | (17,299) | (27,463) | (19,521) | | Total operating expenses | (80,464) | (72,498) | (55,111) | | **Profit for the year** | **$205,873** | **$166,158** | **$92,040** | | Basic earnings per share (in US dollars) | $5.60 | $4.55 | $2.54 | | Return on average total equity | 16.20% | 14.68% | 8.95% | - The **24% increase in 2024 profit** was driven by a $26.0 million rise in net interest income and a $10.2 million decrease in credit loss provisions[326](index=326&type=chunk) - **Net interest income grew 11%** in 2024 due to improved lending spreads and increased average credit balances[326](index=326&type=chunk)[336](index=336&type=chunk) - **Fees and commissions increased by 37%** to $44.4 million in 2024, driven by growth in letters of credit and syndication activities[340](index=340&type=chunk) - The **Commercial Business Segment's profit rose 27%** to $194.5 million, while the Treasury Business Segment's profit declined 10% to $11.4 million[354](index=354&type=chunk)[356](index=356&type=chunk)[360](index=360&type=chunk) [Liquidity and Capital Resources](index=71&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The Bank maintains a strong liquidity and capital position, with significant growth in assets and deposits in 2024 - **Total assets increased by 10% to $11.9 billion** as of Dec 31, 2024, driven by a 16% growth in the Loan Portfolio[363](index=363&type=chunk)[366](index=366&type=chunk) - **Total deposits increased 23% to $5.4 billion** in 2024, with deposits from central banks constituting 38% of the total[367](index=367&type=chunk) - The Bank maintained a strong liquidity position with **$1.9 billion in liquid assets** and a **Liquidity Coverage Ratio (LCR) of 264.6%**[399](index=399&type=chunk)[950](index=950&type=chunk) Key Credit Ratios (as of Dec 31) | | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **(in $ millions, except percentages)** | | | | | Total allowance for credit losses to impaired credits | 498% | 654% | 190% | | Impaired credits to Credit Portfolio | 0.15% | 0.11% | 0.40% | | Total allowance for loan losses to Loan Portfolio | 0.93% | 0.83% | 0.82% | | Credit-impaired loans to Loan Portfolio | 0.20% | 0.14% | 0.45% | - **Total equity grew 11% to $1.34 billion** in 2024, with a **Tier 1 capital ratio of 15.5%**, well above required minimums[454](index=454&type=chunk)[459](index=459&type=chunk)[460](index=460&type=chunk) [Trend Information](index=82&type=section&id=D.%20Trend%20Information) Management identifies key trends including global economic slowdown, regional inflation, and political uncertainty as material risks - Key downside risks for the region include a **sharper-than-projected global slowdown**, financing stress, and geopolitical disruptions[468](index=468&type=chunk) - **Persistent inflation and interest rate increases** in advanced economies could lead to a severe external financing shock for the region[468](index=468&type=chunk) - **Political uncertainty** from upcoming elections in several Latin American countries creates an unpredictable economic policy trajectory[474](index=474&type=chunk) 2024 vs. 2023 Performance Highlights | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Profit for the year | $205.9M | $166.2M | | Earnings Per Share (EPS) | $5.60 | $4.55 | | Net Interest Income | $259.2M | $233.2M | | Fees and Commissions | $44.4M | $32.5M | | Return on Average Equity (ROAE) | 16.2% | 14.7% | | Efficiency Ratio | 26.5% | 27.2% | [Item 6. Directors, Executive Officers and Employees](index=85&type=section&id=Item%206.%20Directors%2C%20Executive%20Officers%20and%20Employees) This section details the Bank's leadership composition, compensation structure, board practices, and employee demographics [Directors and Executive Officers](index=85&type=section&id=A.%20Directors%20and%20Executive%20Officers) The Bank's leadership includes a ten-member Board of Directors and an experienced executive team led by CEO Jorge Salas - The Board of Directors is composed of **ten members** elected by different classes of common stock, ensuring representation from various shareholder groups[488](index=488&type=chunk)[490](index=490&type=chunk) - The executive leadership team is headed by **Chief Executive Officer Jorge Salas**, who has been in the role since March 2020[503](index=503&type=chunk) [Compensation](index=91&type=section&id=B.%20Compensation) Executive compensation combines fixed salaries with variable cash and equity awards based on performance - For fiscal year 2024, the aggregate **variable cash compensation** paid to current executive officers was **$1,543,004**[519](index=519&type=chunk) - On February 20, 2024, executive officers were granted an aggregate of **143,976 restricted stock units** corresponding to 2023 performance[521](index=521&type=chunk) 2024 CEO Compensation | Component | Amount | | :--- | :--- | | Annual Base Salary | $500,000 | | Performance-based Variable Cash | $415,285 | | Restricted Stock Units (Value) | $1,038,462 | | Perquisites & Other Benefits | $9,795 | - Non-employee Directors receive an **annual cash retainer of $85,000** ($135,000 for the Chairman) and an annual equity grant of restricted shares[530](index=530&type=chunk)[532](index=532&type=chunk) [Board Practices](index=95&type=section&id=C.%20Board%20Practices) The Board maintains independent oversight through separate CEO and Chairman roles and five standing committees - The Bank maintains **separate positions for the Chief Executive Officer and the Chairman of the Board** to ensure independent oversight[547](index=547&type=chunk) - The Board has **five standing committees**: Audit, Risk Policy and Assessment, Finance and Business, Anti-Money Laundering, and Nomination, Compensation and Operations[551](index=551&type=chunk) - The Audit Committee is composed entirely of **independent directors**, with Mr. Roland Holst serving as the designated "audit committee financial expert"[552](index=552&type=chunk)[553](index=553&type=chunk) - The **Risk Policy and Assessment Committee** is responsible for overseeing the Bank's enterprise risk management[559](index=559&type=chunk) [Employees](index=100&type=section&id=D.%20Employees) The Bank's permanent employee count grew to 322 in 2024, with the majority based in Panama Number of Permanent Employees by Location | Location | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Bladex Head Office in Panama | 287 | 237 | 208 | | New York Agency | 8 | 7 | 6 | | Representative Office in Argentina | 4 | 3 | 3 | | Representative Office in Brazil | 10 | 8 | 9 | | Representative Office in Mexico | 8 | 8 | 7 | | Representative Office in Colombia | 5 | 5 | 5 | | **Total** | **322** | **268** | **238** | [Item 7. Major Shareholders and Related Party Transactions](index=100&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section identifies major shareholders and confirms that related party transactions are conducted on arm's-length terms [Major Shareholders](index=100&type=section&id=A.%20Major%20Shareholders) Major shareholders include Latin American central banks for Class A shares and institutional investors for Class E shares Major Shareholders (Beneficial Owners of 5% or more of a class) as of Dec 31, 2024 | Shareholder | Class | Number of Shares | % of Class | % of Total Common Stock | | :--- | :--- | :--- | :--- | :--- | | Banco de la Nación Argentina | A | 1,045,348 | 16.5% | 2.8% | | Banco do Brasil | A | 974,551 | 15.4% | 2.6% | | Banco de Comercio Exterior de Colombia | A | 488,547 | 7.7% | 1.3% | | Banco de la Nación (Perú) | A | 446,556 | 7.0% | 1.2% | | Banco Central del Paraguay | A | 434,658 | 6.9% | 1.2% | | Banco Central del Ecuador | A | 431,217 | 6.8% | 1.2% | | Banco del Estado de Chile | A | 323,413 | 5.1% | 0.9% | | Banco de la Provincia de Buenos Aires | B | 884,461 | 51.7% | 2.4% | | The Korea Exchange Bank | B | 147,173 | 8.6% | 0.4% | | Brandes Investment Partners, L.P. | E | 4,508,530 | 15.7% | 12.3% | | BlackRock, Inc. | E | 2,295,659 | 8.0% | 6.2% | - The Bank's common shares have different rights by class, with **Class E shares being the only class listed on the NYSE**[588](index=588&type=chunk)[589](index=589&type=chunk) [Related Party Transactions](index=102&type=section&id=B.%20Related%20Party%20Transactions) The Bank engages in ordinary course credit transactions with its shareholders on commercial, arm's-length terms - The Bank conducts credit transactions with its Class A and B stockholders, with **7% of the Loan Portfolio** placed with these parties as of Dec 31, 2024[591](index=591&type=chunk) - All related party transactions are made on **arm's-length terms**, subject to prevailing market rates and corporate governance procedures[591](index=591&type=chunk)[592](index=592&type=chunk) [Item 8. Financial Information](index=102&type=section&id=Item%208.%20Financial%20Information) This section outlines the Bank's dividend policy, which includes quarterly cash dividends and a significant increase in 2024 Dividends Declared Per Common Share | Year Ended Dec 31 | Dividend per Share | | :--- | :--- | | 2024 | $2.125 | | 2023 | $1.250 | | 2022 | $1.000 | [Item 9. The Offer and Listing](index=103&type=section&id=Item%209.%20The%20Offer%20and%20Listing) The Bank's Class E shares are listed on the NYSE under the symbol "BLX", with other share classes not publicly traded - The Bank's **Class E shares are the only publicly traded class**, listed on the NYSE under the symbol "BLX"[601](index=601&type=chunk)[604](index=604&type=chunk) Class E Share Price Range on NYSE (in $) | Period | High | Low | | :--- | :--- | :--- | | 2024 | 36.58 | 22.93 | | 2023 | 25.73 | 15.71 | | 2022 | 17.35 | 12.58 | [Item 10. Additional Information](index=104&type=section&id=Item%2010.%20Additional%20Information) This section covers corporate governance details, exchange controls, and taxation implications for shareholders [Memorandum and Articles of Association](index=105&type=section&id=B.%20Memorandum%20and%20Articles%20of%20Association) The Bank's articles define its purpose to promote regional trade and outline the governance structure and share class rights - The Bank's purpose is to **promote economic development and foreign trade** in Latin American countries[610](index=610&type=chunk) - The Board consists of ten members: **3 elected by Class A shareholders**, 5 by Class E shareholders, and 2 by all common shareholders combined[613](index=613&type=chunk) - A **three-quarters affirmative vote of Class A shares** is required for significant corporate actions like mergers or dissolution[616](index=616&type=chunk) [Taxation](index=107&type=section&id=E.%20Taxation) The Bank is exempt from income tax in Panama, and dividends paid are not subject to withholding tax - The Bank is **exempt from income tax in Panama** under a special contract law, and dividends are exempt from Panamanian dividend tax[655](index=655&type=chunk)[656](index=656&type=chunk) - For U.S. Holders, distributions on Class E shares are typically treated as **ordinary dividend income**, and gains from sales are treated as capital gains[633](index=633&type=chunk)[637](index=637&type=chunk) - The Bank does not believe it will be classified as a **Passive Foreign Investment Company (PFIC)** for U.S. tax purposes[639](index=639&type=chunk)[641](index=641&type=chunk) [Item 11. Quantitative and Qualitative Disclosure About Market Risk](index=111&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The Bank manages market risk through Board-approved policies, with minimal exposure to foreign exchange and interest rate risk - The Bank's market risk management policies are designed to **identify and control credit and market risks** through established limits and regular monitoring[663](index=663&type=chunk) - The Bank has **no significant foreign exchange risk** as most assets and liabilities are denominated in U.S. dollars[671](index=671&type=chunk)[673](index=673&type=chunk) - **Interest rate risk is managed by controlling repricing mismatches** and is relatively low due to the short-term nature of its balance sheet[448](index=448&type=chunk)[452](index=452&type=chunk) PART II [Item 15. Controls and Procedures](index=117&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management and independent auditors have concluded that the Bank's disclosure controls and internal controls are effective - The CEO and CFO concluded that the Bank's **disclosure controls and procedures were effective** as of December 31, 2024[681](index=681&type=chunk) - Based on the COSO 2013 framework, management concluded that the Bank's **internal control over financial reporting was effective**[682](index=682&type=chunk)[686](index=686&type=chunk) - The independent auditor, KPMG, issued an **unqualified opinion on the effectiveness** of the Bank's internal control over financial reporting[688](index=688&type=chunk) [Item 16. Other Information](index=119&type=section&id=Item%2016.%20Other%20Information) This section covers governance topics including the audit committee expert, code of ethics, accountant fees, and cybersecurity [Audit Committee Financial Expert](index=119&type=section&id=16A.%20Audit%20Committee%20Financial%20Expert) The Board has identified Mr. Roland Holst as an independent audit committee financial expert - The Board has determined that **Mr. Roland Holst is an "audit committee financial expert"** and is independent[694](index=694&type=chunk) [Code of Ethics](index=119&type=section&id=16B.%20Code%20of%20Ethics) The Bank has adopted a Code of Ethics for its principal officers, which was amended in July 2024 - The Bank has adopted a **Code of Ethics for its principal officers**, which was amended in July 2024[695](index=695&type=chunk) [Principal Accountant Fees and Services](index=119&type=section&id=16C.%20Principal%20Accountant%20Fees%20and%20Services) Total fees paid to the principal accountant, KPMG, were $875,426 in 2024 Principal Accountant Fees | Fee Type | 2024 | 2023 | | :--- | :--- | :--- | | Audit fees | $735,726 | $721,604 | | Audit-related fees | $139,700 | $180,000 | | Tax fees | $0 | $0 | | All other fees | $0 | $0 | | **Total** | **$875,426** | **$901,604** | [Purchases of Equity Securities by the Issuer and Affiliated Purchasers](index=120&type=section&id=16E.%20Purchases%20of%20Equity%20Securities%20by%20the%20Issuer%20and%20Affiliated%20Purchasers) A $50 million share repurchase program was authorized in 2024, but no shares were repurchased during the year - A share repurchase program of up to **$50 million was authorized** in February 2024[700](index=700&type=chunk) - **No common stock was repurchased** under the plan during the year ended December 31, 2024[701](index=701&type=chunk) [Corporate Governance](index=120&type=section&id=16G.%20Corporate%20Governance) The Bank's governance practices differ from NYSE standards regarding committee structure and equity plan approval - Unlike NYSE standards, the Bank **does not have a dedicated corporate governance committee**; these responsibilities are handled by the full Board[703](index=703&type=chunk) - **Equity compensation plans are approved by the Board**, not directly by shareholders, which differs from NYSE rules but complies with Panamanian law[704](index=704&type=chunk) [Cybersecurity](index=121&type=section&id=16K.%20Cybersecurity) The Board's Risk Committee oversees a comprehensive cybersecurity program, and no critical incidents occurred in 2024 - The Board's **Risk Policy and Assessment Committee oversees cybersecurity** and information security risk[711](index=711&type=chunk) - The Bank's cybersecurity program is built on five pillars and utilizes **next-generation security platforms**[714](index=714&type=chunk)[715](index=715&type=chunk) - For the year ended December 31, 2024, Bladex was **not a victim of any critical system failures, data loss, or cyber-attacks**[716](index=716&type=chunk) PART III [Item 18. Financial Statements](index=123&type=section&id=Item%2018.%20Financial%20Statements) This section contains the Bank's audited consolidated financial statements prepared in accordance with IFRS Accounting Standards [Notes to the Consolidated Financial Statements](index=139&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail the Bank's accounting policies, including its IFRS-based preparation and three-stage ECL model - The consolidated financial statements are prepared in accordance with **IFRS Accounting Standards** as issued by the IASB[754](index=754&type=chunk) - The Bank classifies financial assets as measured at **amortized cost, FVOCI, or FVTPL** based on its business model and cash flow characteristics[780](index=780&type=chunk) - The allowance for expected credit losses (ECL) is measured using a **three-stage approach** based on changes in credit risk[828](index=828&type=chunk)[832](index=832&type=chunk) - The Bank's **comprehensive risk management framework** addresses financial and non-financial risks, with oversight from the Board's Risk Committee[1019](index=1019&type=chunk)[1022](index=1022&type=chunk)

MONTREAL, April 15, 2025 (GLOBE NEWSWIRE) -- Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) announces that the release of the 2025 first quarter results will take place on Wednesday, May 14, 2025, at 9:30 a.m. Financial analysts and investors are invited to attend a conference call during which the financial results will be presented. Date and time Wednesday, May 14, 2025, at 9:30 a.m. ET To attend the conference Webcast link: https://edge.media-server.com/mmc/p/3nwdfvm2To attend the event by phone: C ...