Group 1: Transaction Overview - Banco Latinoamericano de Comercio Exterior (Bladex) successfully closed a US$500 million Club Deal Long Term Facility for Grupo De Inversiones Suramericana, S.A. [1] - The funds will finance the Public Tender Offer (OPA) launched by Grupo Sura for acquiring the remaining shares of Grupo Nutresa, along with other transaction-related expenses [2][3]. Group 2: Significance of the Transaction - This transaction is significant in Colombia as it will result in a share exchange between Grupo Sura and the majority shareholders of Grupo Nutresa [2]. - Bladex's country manager in Colombia highlighted the importance of this transaction for the private sector and its demonstration of Bladex's commitment to the Colombian market [3]. Group 3: Bladex's Background - Bladex was established in 1979 to promote foreign trade finance and economic integration in Latin America and the Caribbean, with its headquarters in Panama [4]. - The bank has a strong presence in the region, with offices in multiple countries and a customer base that includes financial institutions and corporations [4]. Group 4: Grupo de Inversiones Suramericana Overview - Grupo de Inversiones Suramericana S.A. is a Colombian investment manager focused on financial services and growth potential in Latin America, with a diversified investment portfolio [5]. - The company has significant investments in the insurance, savings, asset management, and banking sectors, with its core investments including Suramericana, SURA Asset Management, and Bancolombia [6].

Core Insights - Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) announced the closing of a new global syndicated loan of US$400 million, marking the largest syndicated facility in its history [1][2] - The loan involved participation from thirty-three financial entities across various countries, indicating Bladex's growing influence in global financial markets [1][2] - The funds will be utilized to support growth and foreign trade in member countries, enhancing Bladex's funding structure and complementing its deposit base [2] Company Overview - Bladex is a multinational bank established by the central banks of Latin American and Caribbean countries, operational since 1979 to promote foreign trade and regional integration [2] - The bank is headquartered in Panama and has offices in several countries, including Argentina, Brazil, Colombia, Mexico, and the USA, with a representative license in Peru [2] - Bladex has been listed on the New York Stock Exchange since 1992, with shareholders including central banks, state banks, and various investors from 23 Latin American and Caribbean countries [2]

[Unaudited Condensed Consolidated Interim Financial Statements](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the Bank's financial position, performance, cash flows, and equity changes for the interim period [Statement of Financial Position (Balance Sheet)](index=4&type=section&id=Unaudited%20condensed%20consolidated%20interim%20statements%20of%20financial%20position) As of March 31, 2024, the Bank's total assets slightly decreased to **$10.69 billion**, while total equity increased to **$1.24 billion** Condensed Consolidated Statement of Financial Position (in thousands of US dollars) | | March 31, 2024 (Unaudited) | December 31, 2023 (Audit) | | :--- | :--- | :--- | | **Total assets** | **10,687,823** | **10,743,792** | | Cash and due from banks | 1,726,295 | 2,047,452 | | Loans, net | 7,383,521 | 7,220,520 | | **Total liabilities** | **9,449,912** | **9,539,968** | | Total deposits | 4,777,245 | 4,451,025 | | Borrowings and debt, net | 3,933,303 | 4,351,988 | | **Total equity** | **1,237,911** | **1,203,824** | [Statement of Profit or Loss (Income Statement)](index=6&type=section&id=Unaudited%20condensed%20consolidated%20interim%20statement%20of%20profit%20or%20loss) For Q1 2024, profit increased to **$51.3 million**, driven by higher net interest income and other income, with EPS rising to **$1.40** Statement of Profit or Loss Highlights (in thousands of US dollars, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total interest income | 193,572 | 143,379 | | Total interest expense | (130,687) | (90,759) | | **Net interest income** | **62,885** | **52,620** | | Total other income, net | 9,703 | 6,555 | | Provision for credit losses | (3,029) | (6,331) | | Total operating expenses | (18,291) | (15,890) | | **Profit for the period** | **51,268** | **36,954** | | **Basic earnings per share** | **$1.40** | **$1.02** | [Statement of Comprehensive Income](index=7&type=section&id=Unaudited%20condensed%20consolidated%20interim%20statement%20of%20comprehensive%20income) Total comprehensive income for Q1 2024 was **$51.0 million**, including net profit and an other comprehensive loss Comprehensive Income Summary (in thousands of US dollars) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Profit for the period | 51,268 | 36,954 | | Other comprehensive income (loss) | (293) | (3,194) | | **Total comprehensive income** | **50,975** | **33,760** | [Statement of Changes in Equity](index=8&type=section&id=Unaudited%20condensed%20consolidated%20interim%20statement%20of%20changes%20in%20equity) Total equity increased to **$1.24 billion** by March 31, 2024, primarily due to profit, partially offset by dividends Changes in Equity for Q1 2024 (in thousands of US dollars) | Description | Amount | | :--- | :--- | | Balances at January 1, 2024 | 1,203,824 | | Profit for the period | 51,268 | | Other comprehensive income (loss) | (293) | | Dividends declared | (18,321) | | Other changes | 1,433 | | **Balances at March 31, 2024** | **1,237,911** | [Statement of Cash Flows](index=9&type=section&id=Unaudited%20condensed%20consolidated%20interim%20statement%20of%20cash%20flows) Q1 2024 saw net cash provided by operating activities of **$175.5 million**, resulting in a **$320.9 million** net decrease in cash Cash Flow Summary for Q1 2024 (in thousands of US dollars) | Cash Flow Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | 175,539 | 518,211 | | Net cash (used in) provided by investing activities | (89,221) | 76,516 | | Net cash used in financing activities | (407,216) | (521,139) | | **(Decrease) increase net in cash and cash equivalents** | **(320,898)** | **73,588** | | Cash and cash equivalents at beginning of the period | 1,987,068 | 1,190,936 | | **Cash and cash equivalents at end of the period** | **1,666,170** | **1,264,524** | [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=10&type=section&id=Notes%20to%20the%20unaudited%20condensed%20consolidated%20interim%20financial%20statements) This section provides detailed explanations and breakdowns for the figures presented in the interim financial statements [Note 1: Corporate Information](index=10&type=section&id=1.%20Corporate%20information) Bladex is a Panama-headquartered multinational bank specializing in Latin American and Caribbean foreign trade financing - Bladex is a specialized multinational bank focused on supporting foreign trade financing in Latin America and the Caribbean[31](index=31&type=chunk) - The Bank is regulated by the Superintendence of Banks of Panama (SBP) and also operates a key agency in New York City, USA[52](index=52&type=chunk)[54](index=54&type=chunk)[75](index=75&type=chunk) [Note 2: Basis of Preparation](index=11&type=section&id=2.%20Basis%20of%20preparation%20of%20the%20consolidated%20financial%20statements) The interim financial statements are prepared in accordance with International Accounting Standard 34 (IAS 34) - The financial statements are prepared in accordance with **IAS 34** for interim reporting[56](index=56&type=chunk) [Note 3: Financial Risk Review](index=11&type=section&id=3.%20Financial%20risk%20review) This note details the Bank's comprehensive framework for managing credit, liquidity, and market risks [Credit Risk](index=11&type=section&id=A.%20Credit%20risk) The Bank manages credit risk through a grading system, with most loans in Stages 1 and 2, and significant concentration in financial institutions Credit Quality of Loans at Amortized Cost (in thousands of US dollars) | Grade | PD Ranges | Stage 1 | Stage 2 | Stage 3 | | :--- | :--- | :--- | :--- | :--- | | 1-4 | 0.03 - 0.74 | 2,954,393 | — | — | | 5-6 | 0.75 - 3.80 | 3,769,122 | 224,613 | — | | 7-8 | 3.81 - 34.51 | 321,485 | 70,012 | — | | 9-10 | 34.52 - 100 | — | — | 10,107 | | **Total Gross** | | **7,045,000** | **294,625** | **10,107** | | Loss Allowance | | (34,822) | (17,802) | (6,934) | Reconciliation of Loss Allowance for Loans (in thousands of US dollars) | Description | Stage 1 | Stage 2 | Stage 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Allowance at Dec 31, 2023** | **34,778** | **17,734** | **6,898** | **59,410** | | Net effect of changes | (123) | 698 | 36 | 611 | | Derecognized instruments | (9,631) | (667) | — | (10,298) | | New instruments | 9,835 | — | — | 9,835 | | **Allowance at Mar 31, 2024** | **34,822** | **17,802** | **6,934** | **59,558** | - Credit risk concentration is highest in the Financial Institutions sector (**$2.61 billion**) and Manufacturing sector (**$1.77 billion**), with largest geographical exposures in Brazil, Colombia, and Mexico[99](index=99&type=chunk) [Liquidity Risk](index=24&type=section&id=B.%20Liquidity%20risk) The Bank maintains a strong liquidity position with an LCR of **210.4%**, well above regulatory minimums Liquidity Ratios | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | LCR at end of period | 210.4% | 205.8% | | LCR Period average | 207.8% | 177.2% | - As of March 31, 2024, the Bank held **$1.67 billion** in cash and due from banks, with **$1.54 billion** held at the Federal Reserve of the United States of America, forming the core of its liquidity reserves[133](index=133&type=chunk) - The Bank's maturity analysis shows a net positive liquidity position of **$181.3 million** in the 'Up to 3 months' bucket, indicating sufficient short-term liquidity[130](index=130&type=chunk) [Market Risk](index=31&type=section&id=C.%20Market%20risk) The Bank manages market risk, including interest rate and foreign exchange, with minimal net currency positions Interest Rate Sensitivity Analysis (Effect in thousands of US dollars) | Scenario (Mar 31, 2024) | Effect on Profit or Loss | Effect on Equity | Effect on Equity Value (EVE) | | :--- | :--- | :--- | :--- | | +50 bps | (4,817) | 4,541 | (11,671) | | -50 bps | 4,611 | (4,269) | 11,871 | - The Bank's net foreign currency position was minimal at **$204 thousand** as of March 31, 2024, indicating effective management of foreign exchange risk[141](index=141&type=chunk) [Note 4: Fair Value of Financial Instruments](index=36&type=section&id=4.%20Fair%20value%20of%20financial%20instruments) All financial instruments measured at fair value on a recurring basis are classified as Level 2, totaling **$282.3 million** in assets Fair Value Hierarchy - Recurring Basis (in thousands of US dollars, Mar 31, 2024) | | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Securities at FVOCI | — | 99,099 | — | 99,099 | | Derivative financial instruments | — | 183,177 | — | 183,177 | | **Total Assets** | **—** | **282,276** | **—** | **282,276** | | **Liabilities** | | | | | | Derivative financial instruments | — | (36,301) | — | (36,301) | | **Total Liabilities** | **—** | **(36,301)** | **—** | **(36,301)** | [Note 5: Cash and Due from Banks](index=39&type=section&id=5.%20Cash%20and%20due%20from%20banks) Cash and due from banks totaled **$1.73 billion**, with the majority held as unrestricted deposits at the Federal Reserve Composition of Cash and Due from Banks (in thousands of US dollars) | Description | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Unrestricted deposits with Federal Reserve | 1,537,393 | 1,884,204 | | Cash and non-interest-bearing deposits | 8,837 | 3,349 | | Cash and interest-bearing deposits | 180,065 | 159,899 | | **Total cash and due from banks** | **1,726,295** | **2,047,452** | | Less: Time deposits > 90 days & restricted | (60,125) | (60,384) | | **Cash for Cash Flow Statement** | **1,666,170** | **1,987,068** | [Note 6: Securities](index=41&type=section&id=6.%20Securities) The securities portfolio increased to **$1.11 billion**, primarily composed of securities at amortized cost Securities Portfolio (in thousands of US dollars, Mar 31, 2024) | Category | Amortized Cost | FVOCI | | :--- | :--- | :--- | | Principal | 1,000,915 | 97,608 | | Interest receivable | 11,615 | 1,491 | | Allowance | (1,260) | — | | **Total** | **1,011,270** | **99,099** | [Note 7: Loans](index=42&type=section&id=7.%20Loans) The net loan portfolio increased to **$7.38 billion**, predominantly fixed-rate, with 6% to Class A and B shareholders Loan Portfolio Composition (in thousands of US dollars) | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Fixed interest rate | 4,216,164 | 3,828,485 | | Floating interest rates | 3,133,568 | 3,367,082 | | **Total Outstanding Balance** | **7,349,732** | **7,195,567** | - Interest rates on loans range from **1.95% to 15.17%**, with **75%** of the fixed-rate loan portfolio having remaining maturities of less than 180 days[182](index=182&type=chunk) [Note 8: Loan Commitments and Financial Guarantee Contracts](index=42&type=section&id=8.%20Loan%20commitments%20and%20financial%20guarantee%20contracts) Outstanding loan commitments and financial guarantee contracts increased to **$1.10 billion**, mostly short-term Commitments and Guarantees (in thousands of US dollars) | Type | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Documentary letters of credit | 261,825 | 345,608 | | Stand-by letters of credit and guarantees | 455,327 | 490,626 | | Commitments loans | 287,773 | 227,472 | | Commitments letters of credit | 100,000 | — | | **Total** | **1,104,925** | **1,063,706** | [Note 9: Gain (loss) on financial instruments, net](index=44&type=section&id=9.%20Gain%20%28loss%29%20on%20financial%20instruments%2C%20net) The Bank recorded a net gain of **$160 thousand** on financial instruments for Q1 2024, down from **$1.7 million** in Q1 2023 Net Gain (Loss) on Financial Instruments (in thousands of US dollars) | Description | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Gain on derivative financial instruments and foreign currency exchange, net | 160 | 3,071 | | Loss on sale of financial instruments at amortized cost | — | (1,367) | | **Total** | **160** | **1,704** | [Note 10: Derivative Financial Instruments](index=45&type=section&id=10.%20Derivative%20financial%20instruments) The Bank uses derivatives, primarily interest rate and cross-currency swaps, for hedging, with a total notional amount of **$2.68 billion** Notional Amounts of Hedging Instruments (in thousands of US dollars, Mar 31, 2024) | Hedge Type | Risk Type | Notional Amount | | :--- | :--- | :--- | | Fair value hedges | Interest rate | 1,182,467 | | Fair value hedges | Interest rate & foreign exchange | 319,389 | | Cash flow hedges | Interest rate & foreign exchange | 1,173,619 | | **Total** | | **2,675,475** | - For fair value hedges in Q1 2024, the total ineffectiveness recognized in profit or loss was a gain of **$200 thousand**[241](index=241&type=chunk) - For cash flow hedges in Q1 2024, the total ineffectiveness recognized in profit or loss was a gain of **$78 thousand**[246](index=246&type=chunk) [Note 11: Other Assets](index=51&type=section&id=11.%20Other%20assets) Other assets increased to **$30.2 million**, mainly due to a new 'Accounts receivable - others' item Summary of Other Assets (in thousands of US dollars) | Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Accounts receivable - others | 14,702 | — | | Prepaid expenses | 3,054 | 2,174 | | Interest receivable - deposits | 2,572 | 1,603 | | Severance fund | 2,246 | 2,169 | | IT projects under development | 2,130 | 1,802 | | Other | 5,510 | 9,826 | | **Total** | **30,214** | **15,595** | [Note 12: Deposits](index=52&type=section&id=12.%20Deposits) Total deposits increased to **$4.72 billion**, with most having a remaining term of less than 6 months Deposits by Remaining Term (in thousands of US dollars, Mar 31, 2024) | Remaining Term | Amount | | :--- | :--- | | Demand | 533,709 | | Up to 3 months | 2,820,183 | | 3 to 6 months | 874,134 | | 6 months to 1 year | 464,959 | | Over 1 year | 31,294 | | **Total** | **4,724,279** | [Note 13: Securities Sold Under Repurchase Agreements](index=52&type=section&id=13.%20Securities%20sold%20under%20repurchase%20agreements) Financing through repurchase agreements increased to **$363.8 million**, with interest expense of **$2.6 million** for Q1 2024 Repurchase Agreements (in thousands of US dollars) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Financing transactions | 363,804 | 310,197 | | **Interest Expense (Q1)** | **2,564** | **1,867 (Q1 2023)** | [Note 14: Borrowings and Debt](index=53&type=section&id=14.%20Borrowings%20and%20debt) Total borrowings and debt decreased to **$3.93 billion**, driven by a reduction in short-term borrowings Borrowings and Debt Composition (in thousands of US dollars, Mar 31, 2024) | Category | Amount | | :--- | :--- | | Short-term borrowings, net | 973,291 | | Short-term debt, net | 173,340 | | Long-term borrowings, net | 536,142 | | Long-term debt, net | 2,250,530 | | **Total borrowings and debt, net** | **3,933,303** | - The Bank was in compliance with all covenants related to its borrowing agreements as of March 31, 2024[249](index=249&type=chunk) [Note 15: Lease Liabilities](index=58&type=section&id=15.%20Lease%20liabilities) Lease liabilities remained stable at **$16.4 million**, with the majority due after 5 years Lease Liabilities (in thousands of US dollars, Mar 31, 2024) | Maturity | Undiscounted Lease Liabilities | | :--- | :--- | | Due within 1 year | 1,720 | | After 1 year but within 5 years | 6,760 | | After 5 years | 11,727 | | **Total** | **20,207** | [Note 16: Other Liabilities](index=58&type=section&id=16.%20Other%20liabilities) Other liabilities decreased to **$37.3 million**, mainly due to the settlement of funds received for debt repayment Summary of Other Liabilities (in thousands of US dollars) | Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Accruals and other accumulated expenses | 19,076 | 24,120 | | Funds received for debt repayment | — | 14,735 | | Accounts payable | 8,077 | 5,143 | | Unearned commissions | 10,028 | 9,652 | | **Total** | **37,265** | **53,734** | [Note 17: Earnings Per Share](index=59&type=section&id=17.%20Earnings%20per%20share) Basic EPS for Q1 2024 was **$1.40**, based on a profit of **$51.3 million** and **36.6 million** weighted average shares EPS Calculation | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Profit for the period (thousands of US$) | 51,268 | 36,954 | | Weighted average shares (thousands) | 36,609 | 36,360 | | **Basic EPS (US$)** | **1.40** | **1.02** | [Note 18: Fee and Commission Income](index=59&type=section&id=18.%20Fee%20and%20commission%20income) Net fee and commission income nearly doubled to **$9.5 million** in Q1 2024, driven by documentary and stand-by letters of credit Fee and Commission Income Breakdown (in thousands of US dollars) | Type | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Documentary and stand-by letters of credit | 5,831 | 3,924 | | Fees and commission income | 2,504 | 662 | | Structured loans | 1,334 | 397 | | **Total Fee and Commission Income** | **9,669** | **4,983** | [Note 19: Business Segment Information](index=60&type=section&id=19.%20Business%20segment%20information) The Commercial segment generated **$47.7 million** profit on **$7.6 billion** assets, while Treasury generated **$3.6 million** on **$3.0 billion** assets Segment Performance (in thousands of US dollars, Q1 2024) | Metric | Commercial | Treasury | Total | | :--- | :--- | :--- | :--- | | Total revenues | 66,076 | 6,512 | 72,588 | | **Segment profit** | **47,708** | **3,560** | **51,268** | | Segment assets | 7,635,198 | 3,024,983 | 10,660,181 | | Segment liabilities | 257,111 | 9,155,536 | 9,412,647 | [Note 20: Related Party Transactions](index=61&type=section&id=20.%20Related%20party%20transactions) Assets with related parties totaled **$82.7 million**, and liabilities were **$257.6 million** as of March 31, 2024 Balances with Related Parties (in thousands of US dollars, Mar 31, 2024) | Type | Amount | | :--- | :--- | | **Assets** | | | Loans, net | 61,836 | | Securities at amortized cost, net | 14,161 | | Demand deposits | 6,675 | | **Total Assets** | **82,672** | | **Liabilities** | | | Time deposits | 257,611 | [Note 21: Litigation](index=62&type=section&id=21.%20Litigation) Bladex is not involved in any significant litigation that would adversely affect its business or financial performance - The Bank is not engaged in any significant litigation[267](index=267&type=chunk) [Note 22: Applicable Laws and Regulations](index=63&type=section&id=22.%20Applicable%20laws%20and%20regulations) The Bank complies with SBP regulations, maintaining capital adequacy, leverage, and LCR ratios above requirements Capital and Liquidity Ratios | Ratio | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Capital adequacy index | 13.7% | 13.6% | | Leverage ratio | 10.1% | 9.7% | | LCR | 210.4% | 205.8% | - The Bank maintains a dynamic provision of **$136 million**, appropriated from retained earnings, which is restricted for dividend distribution[2](index=2&type=chunk) - The loan portfolio is classified according to SBP rules, with **$7.30 billion** classified as 'Normal' out of a total **$7.35 billion** portfolio as of March 31, 2024[11](index=11&type=chunk) [Note 23: Subsequent Events](index=66&type=section&id=23.%20Subsequent%20events) The Board of Directors approved a quarterly cash dividend of **$0.50 per share** for Q1 2024, payable in May - A quarterly cash dividend of **$0.50 per share** was approved by the Board of Directors on April 16, 2024[3](index=3&type=chunk)

PANAMA CITY, April 25, 2024 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex" or "the Bank") announced today that the Bank filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2023 Annual Report and audited financial statements can be accessed by visiting either the SEC's website at www.sec.gov or Bladex's website at www.bladex.com.  The Bank can also provide a co ...

Date: April 25, 2024 By: /s/ Ana Graciela de Méndez Name: Ana Graciela de Méndez Title: Chief Financial Officer Commission File Number 1-11414 Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F o BLADEX FILES ANNUAL REPORT ON FORM 20-F Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integra ...

depositors due, among other factors, to any change in their U.S. dollar liquidity strategies which currently include making deposits with the Bank, could have a material adverse effect on the Bank's liquidity, results of operations and financial condition. In addition, if some private or state-owned international banks cease to provide deposits to the Bank or cease to provide funding to the Bank at historically applicable interest rates, the Bank would have to seek funding from other sources, which may not ...

Financial Performance - The bank achieved a net income of over $51 million in Q1 2024, representing a 39% increase year-on-year and an 11% increase quarter-on-quarter, with an annualized return on equity of 16.8% [3][58] - The balance sheet remained stable at $10.7 billion, up 16% year-on-year, driven by growth in the loan and investment portfolio [4][58] - Net interest income reached $62.9 million, up 20% year-on-year, although down 4% from the previous quarter [39] Business Line Performance - The commercial portfolio grew to $8.7 billion, increasing by 12% year-on-year and 2% from the end of 2023 [61] - Fee income for Q1 2024 was $9.5 million, nearly double the amount from the same period last year, driven by strong revenues from letters of credit [40][41] Market Data - Deposits increased by 32% year-on-year and 7% quarter-on-quarter, now representing 52% of total funding [32] - The bank's cash position stood at $1.7 billion, accounting for 16% of total assets [5] Company Strategy and Industry Competition - The bank is transitioning from the optimization phase to the expansion phase of its strategic plan, focusing on enhancing its product suite and implementing new IT platforms [45][46] - Increased competition from local and international banks is noted, impacting credit spreads [23][55] Management Commentary on Operating Environment and Future Outlook - Management highlighted a challenging landscape with increased liquidity and competition but managed to grow the portfolio and maintain income generation [55][58] - The bank remains committed to achieving a net interest margin of 2.5% and expects incremental revenues from IT investments to reach around 10% of total revenue by 2026 [14][25] Other Important Information - The bank's asset quality remains strong, with 97% of the credit portfolio classified as low risk [31] - A quarterly dividend of $0.50 per share was declared, unchanged from the previous quarter [35] Q&A Session Summary Question: Comments on margin decrease - Management noted that the decrease in margins is due to competition from local and international debt capital markets, but a strong pipeline of syndicated deals is expected to compensate [8] Question: Expectations for future expenses - Management indicated that expenses are seasonally low in Q1 and should align closer to Q3 levels moving forward, with continued investments in IT transformations [9] Question: Realistic NIM expectations - Management confirmed that the target NIM of 2.5% remains realistic, despite potential pressure from lower interest rates in the future [14][16]

PANAMA CITY, April 18, 2024 /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$0.50 per share corresponding to the first quarter of 2024. The cash dividend is payable May 15, 2024 to the Bank's stockholders as of April 29, 2024 record date. As of March 31, 2024, Bladex had 36,727,297.73 shares outstanding of all classes. Bladex, a multinational bank originally established by the centra ...

PANAMA CITY, April 18, 2024 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, "Bladex", or "the Bank"), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, announced today its results for the First Quarter ("1Q24") ended March 31, 2024. The consolidated financial information in this document has been prepared in accordance with International Finan ...

helovi/E+ via Getty Images Banco Latinoamericano de Comercio Exterior (NYSE:BLX), or Bladex, is a Panamanian trade-finance bank. Since October 2021, I have considered Bladex a buy for a total return of 80%. In my latest article, from December 2023, I kept the Buy rating. Despite the recent appreciation, I considered Bladex still traded at a reasonable multiple of very pessimistic earnings. In this article, I analyze 4Q23 results and management's comments. I also revisit the valuation after the 18% price ...