Company Participants Conference Call Participants Carlos Raad Thank you, Carlos, and good morning everyone joining us today. I'm excited to share our second quarter results. I'll start by presenting the highlights of our performance for the quarter and then, Annie, our CFO, will discuss the results in detail. After that, I will comment on our views on the economic dynamics of the region for the second half of the year. And then, as always, we will open the call for questions. Also, I want to highlight anoth ...

Key Results: Sustained Strong Financial Performance in 2Q23 Credit Book $9.1 Bn ↑ 5% QoQ |↑ 5% YoY | --- | --- | |------------------------------------|-------| | | | | | | | 2Q23 Earnings Results July 2023 | | | | | Increased NII and Margin Expansion NII $54.5M ↑3 % QoQ |↑ 67% YoY Efficiency Ratio 27.2% ↑ 38 bps QoQ| ↓ 815 bps YoY Net Income $37.1M 0% QoQ |↑ 61% YoY 2 Strong Fee Income and Strict Cost Control while Investing in Transformation Deposits $4.1 Bn ↑ 14% QoQ |↑ 31% YoY ত Net Fees $6.5M ↑ 35% QoQ ...

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]

In addition, the Bank relies heavily on its employees to assist it by identifying and reporting such activities, and its employees have varying degrees of experience in recognizing criminal tactics and understanding the level of sophistication of criminal organizations. Where the Bank outsources any of its customer due diligence, customer screening or anti-financial crime operations, it remains responsible and accountable for full compliance and any breaches. If the Bank is unable to apply the necessary scr ...

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 ...

Banco Latinoamericano de Comercio Exterior, S. A. (NYSE:BLX) Q4 2022 Results Conference Call February 28, 2023 11:00 AM ET Company Participants Carlos Raad - IR Jorge Salas - CEO Ana Mendez - CFO Sam Canineu - Chief Commercial Officer Operator Good morning everyone and thanks for joining our Fourth Quarter 2022 Earnings Call. Before we begin our presentation, allow me to remind that certain statements made during the course of this discussion may constitute forward-looking statements, which are based on man ...

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 ...