FOREIGN TRADE BANK OF LATIN AMERICA, INC. | ||||||||
(Registrant) | ||||||||
Date: August 3, 2023 | By: | /s/ Ana Graciela de Méndez | ||||||
Name: | Ana Graciela de Méndez | |||||||
Title: | Chief Financial Officer |
Unaudited condensed consolidated interim statement of financial position | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of profit or loss | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of comprehensive income | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of changes in equity | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of cash flows | ||||||||||||||||||||
Notes to the unaudited condensed consolidated interim financial statements |
June 30, | December 31, | ||||||||||||||||
2023 | 2022 | ||||||||||||||||
Notes | (Unaudited) | (Audit) | |||||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | 3,4,5 | 1,820,024 | 1,241,586 | ||||||||||||||
Securities, net | 3,4,6 | 1,009,857 | 1,023,632 | ||||||||||||||
Loans, net | 3,4,7 | 6,820,865 | 6,760,434 | ||||||||||||||
Customers' liabilities under acceptances | 3,4 | 310,814 | 163,345 | ||||||||||||||
Derivative financial instruments - assets | 3,4,10 | 138,877 | 68,159 | ||||||||||||||
Equipment and leasehold improvements, net | 16,979 | 17,282 | |||||||||||||||
Intangibles, net | 2,255 | 2,104 | |||||||||||||||
Other assets | 11 | 14,021 | 7,368 | ||||||||||||||
Total assets | 10,133,692 | 9,283,910 | |||||||||||||||
Liabilities and Equity | |||||||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 590,589 | 233,757 | |||||||||||||||
Time deposits | 3,483,866 | 2,956,959 | |||||||||||||||
3,4,12 | 4,074,455 | 3,190,716 | |||||||||||||||
Interest payable | 24,783 | 14,670 | |||||||||||||||
Total deposits | 4,099,238 | 3,205,386 | |||||||||||||||
Securities sold under repurchase agreements | 3,4,13 | 407,572 | 300,498 | ||||||||||||||
Borrowings and debt, net | 3,4,14 | 4,048,071 | 4,416,511 | ||||||||||||||
Interest payable | 49,508 | 47,878 | |||||||||||||||
Lease liabilities | 3,15 | 16,596 | 16,745 | ||||||||||||||
Acceptances outstanding | 3,4 | 310,814 | 163,345 | ||||||||||||||
Derivative financial instruments - liabilities | 3,4,10 | 39,454 | 33,761 | ||||||||||||||
Allowance for losses on loan commitments and financial guarantee contract | 3,4 | 5,269 | 3,628 | ||||||||||||||
Other liabilities | 16 | 29,648 | 26,811 | ||||||||||||||
Total liabilities | 9,006,170 | 8,214,563 | |||||||||||||||
Equity: | |||||||||||||||||
Common stock | 279,980 | 279,980 | |||||||||||||||
Treasury stock | (110,715) | (114,097) | |||||||||||||||
Additional paid-in capital in excess of value assigned to common stock | 119,960 | 120,498 | |||||||||||||||
Capital reserves | 22 | 95,210 | 95,210 | ||||||||||||||
Regulatory reserves | 22 | 136,362 | 136,019 | ||||||||||||||
Retained earnings | 599,069 | 543,612 | |||||||||||||||
Other comprehensive income (loss) | 7,656 | 8,125 | |||||||||||||||
Total equity | 1,127,522 | 1,069,347 | |||||||||||||||
Total liabilities and equity | 10,133,692 | 9,283,910 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
Notes | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||
Deposits | 19,002 | 1,756 | 33,401 | 2,259 | |||||||||||||||||||||||||
Securities | 6,577 | 6,338 | 12,962 | 10,631 | |||||||||||||||||||||||||
Loans | 133,923 | 55,959 | 256,518 | 96,167 | |||||||||||||||||||||||||
Total interest income | 19 | 159,502 | 64,053 | 302,881 | 109,057 | ||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||
Deposits | (50,542) | (8,774) | (90,600) | (12,314) | |||||||||||||||||||||||||
Borrowings and debt | (54,358) | (22,434) | (104,915) | (38,029) | |||||||||||||||||||||||||
Lease liabilities | 15 | (144) | (146) | (288) | (294) | ||||||||||||||||||||||||
Total interest expense | 19 | (105,044) | (31,354) | (195,803) | (50,637) | ||||||||||||||||||||||||
Net interest income | 54,458 | 32,699 | 107,078 | 58,420 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Fees and commissions, net | 18 | 6,507 | 4,269 | 11,319 | 8,218 | ||||||||||||||||||||||||
(Loss) gain on financial instruments, net | 9 | (3,637) | (74) | (1,933) | 492 | ||||||||||||||||||||||||
Other income, net | 52 | 24 | 91 | 40 | |||||||||||||||||||||||||
Total other income, net | 19 | 2,922 | 4,219 | 9,477 | 8,750 | ||||||||||||||||||||||||
Total revenues | 57,380 | 36,918 | 116,555 | 67,170 | |||||||||||||||||||||||||
Provision for credit losses | 3,19 | (4,691) | (833) | (11,022) | (8,944) | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Salaries and other employee expenses | (9,862) | (8,246) | (19,598) | (15,691) | |||||||||||||||||||||||||
Depreciation of equipment and leasehold improvements | (552) | (515) | (1,099) | (1,048) | |||||||||||||||||||||||||
Amortization of intangible assets | (190) | (126) | (377) | (250) | |||||||||||||||||||||||||
Other expenses | (5,019) | (4,176) | (10,439) | (7,096) | |||||||||||||||||||||||||
Total operating expenses | 19 | (15,623) | (13,063) | (31,513) | (24,085) | ||||||||||||||||||||||||
Profit for the period | 37,066 | 23,022 | 74,020 | 34,141 | |||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||
Basic earnings per share (in US dollars) | 17 | 1.02 | 0.63 | 2.03 | 0.94 | ||||||||||||||||||||||||
Diluted earnings per share (in US dollars) | 17 | 1.02 | 0.63 | 2.03 | 0.94 | ||||||||||||||||||||||||
Weighted average basic shares (in thousands of shares) | 17 | 36,492 | 36,313 | 36,426 | 36,281 | ||||||||||||||||||||||||
Weighted average diluted shares (in thousands of shares) | 17 | 36,492 | 36,313 | 36,426 | 36,281 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Profit for the period | 37,066 | 23,022 | 74,020 | 34,141 | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Items that are or may be reclassified subsequently to profit or loss: | |||||||||||||||||||||||
Change in fair value on financial instruments, net of hedging | 3,498 | (538) | 108 | 9,447 | |||||||||||||||||||
Reclassification of gains (losses) on financial instruments to profit or loss | (773) | (217) | (577) | 95 | |||||||||||||||||||
Other comprehensive income (loss) | 2,725 | (755) | (469) | 9,542 | |||||||||||||||||||
Total comprehensive income for the period | 39,791 | 22,267 | 73,551 | 43,683 |
Common stock | Treasury stock | Additional paid-in capital in excess of value assigned to common stock |
Capital reserves | Regulatory reserves |
Retained earnings | Other comprehensive income |
Total equity | ||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2022 | 279,980 | (115,799) | 120,043 | 95,210 | 136,019 | 487,885 | (11,548) | 991,790 | |||||||||||||||||||||||||||||||||||||||
Profit for the period | — | — | — | — | — | 34,141 | — | 34,141 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 9,542 | 9,542 | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 1,148 | (1,148) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 1,214 | — | — | — | — | 1,214 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 663 | (663) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (18,150) | — | (18,150) | |||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 279,980 | (113,988) | 119,446 | 95,210 | 136,019 | 503,876 | (2,006) | 1,018,537 | |||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2023 | 279,980 | (114,097) | 120,498 | 95,210 | 136,019 | 543,612 | 8,125 | 1,069,347 | |||||||||||||||||||||||||||||||||||||||
Profit for the period | — | — | — | — | — | 74,020 | — | 74,020 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | (469) | (469) | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 1,148 | (1,148) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 2,844 | — | — | — | — | 2,844 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 2,234 | (2,234) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Regulatory credit reserve | — | — | — | — | 343 | (343) | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (18,220) | — | (18,220) | |||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2023 | 279,980 | (110,715) | 119,960 | 95,210 | 136,362 | 599,069 | 7,656 | 1,127,522 |
Notes | 2023 | 2022 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Profit for the period | 74,020 | 34,141 | ||||||||||||
Adjustments to reconcile profit for the period to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation of equipment and leasehold improvements | 1,099 | 1,048 | ||||||||||||
Amortization of intangible assets | 377 | 250 | ||||||||||||
Provision for credit losses | 3 | 11,022 | 8,944 | |||||||||||
Loss on financial instruments at FVTPL | 9 | — | 101 | |||||||||||
Loss on sale of financial instruments at amortized cost | 3,167 | — | ||||||||||||
Compensation cost - share-based payment | 2,844 | 1,214 | ||||||||||||
Net changes in hedging position and foreign currency | 27,428 | (6,299) | ||||||||||||
Interest income | (302,881) | (109,057) | ||||||||||||
Interest expense | 195,803 | 50,637 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Pledged deposits | (11,882) | (25,400) | ||||||||||||
Loans | (14,674) | (1,029,219) | ||||||||||||
Other assets | (6,679) | (614) | ||||||||||||
Due to depositors | 883,739 | 73,451 | ||||||||||||
Other liabilities | 2,829 | 17,636 | ||||||||||||
Cash flows provided by (used in) operating activities | 866,212 | (983,167) | ||||||||||||
Interest received | 298,213 | 103,561 | ||||||||||||
Interest paid | (178,184) | (40,689) | ||||||||||||
Net cash provided by (used in) operating activities | 986,241 | (920,295) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisition of equipment and leasehold improvements | (427) | (443) | ||||||||||||
Acquisition of intangible assets | (528) | (260) | ||||||||||||
Proceeds from the sale of securities at amortized cost | 45,988 | — | ||||||||||||
Proceeds from the redemption of securities at amortized cost | 204,218 | 71,397 | ||||||||||||
Proceeds from the redemption of securities at FVOCI | 78,600 | 45,600 | ||||||||||||
Purchases of securities at amortized cost | (324,838) | (406,161) | ||||||||||||
Net cash provided by (used in) investing activities | 3,013 | (289,867) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Increase in securities sold under repurchase agreements | 107,074 | 259,541 | ||||||||||||
Net (decrease) increase in short-term borrowings and debt | 14 | (424,273) | 228,057 | |||||||||||
Proceeds from long-term borrowings and debt | 14 | 71,645 | 511,321 | |||||||||||
Payments of long-term borrowings and debt | 14 | (158,416) | (181,329) | |||||||||||
Payments of lease liabilities | 15 | (518) | (494) | |||||||||||
Dividends paid | (18,210) | (18,125) | ||||||||||||
Net cash (used in) provided by financing activities | (422,698) | 798,971 | ||||||||||||
Increase (decrease) net in cash and cash equivalents | 566,556 | (411,191) | ||||||||||||
Cash and cash equivalents at beginning of the period | 1,190,936 | 1,211,001 | ||||||||||||
Cash and cash equivalents at end of the period | 5 | 1,757,492 | 799,810 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
3,001,645 | — | — | 3,001,645 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
3,390,312 | 123,808 | — | 3,514,120 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 |
235,823 | 42,681 | — | 278,504 | ||||||||||||||||||||||||
Grades 9 - 10 | 34.52 - 100 |
— | — | 10,107 | 10,107 | ||||||||||||||||||||||||
6,627,780 | 166,489 | 10,107 | 6,804,376 | ||||||||||||||||||||||||||
Loss allowance | (31,016) | (6,023) | (5,629) | (42,668) | |||||||||||||||||||||||||
Total | 6,596,764 | 160,466 | 4,478 | 6,761,708 |
December 31, 2022 | |||||||||||||||||||||||||||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
2,864,686 | — | — | 2,864,686 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
3,645,901 | 50,625 | — | 3,696,526 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 |
123,603 | 48,098 | 20,000 | 191,701 | ||||||||||||||||||||||||
Grades 9 - 10 | 34.52 - 100 |
— | — | 10,107 | 10,107 | ||||||||||||||||||||||||
6,634,190 | 98,723 | 30,107 | 6,763,020 | ||||||||||||||||||||||||||
Loss allowance | (28,589) | (5,050) | (21,561) | (55,200) | |||||||||||||||||||||||||
Total | 6,605,601 | 93,673 | 8,546 | 6,707,820 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
12-month PD Ranges |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and financial guarantees issued | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
547,378 | — | — | 547,378 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
321,247 | 1,700 | — | 322,947 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 |
124,335 | 3,958 | — | 128,293 | ||||||||||||||||||||||||
992,960 | 5,658 | — | 998,618 | ||||||||||||||||||||||||||
Customers' liabilities under acceptances | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
135,175 | — | — | 135,175 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
8,237 | — | — | 8,237 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 |
167,402 | — | — | 167,402 | ||||||||||||||||||||||||
310,814 | — | — | 310,814 | ||||||||||||||||||||||||||
1,303,774 | 5,658 | — | 1,309,432 | ||||||||||||||||||||||||||
Loss allowance | (5,177) | (92) | — | (5,269) | |||||||||||||||||||||||||
Total | 1,298,597 | 5,566 | — | 1,304,163 |
December 31, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and financial guarantees issued | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
302,260 | — | — | 302,260 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
279,550 | 1,700 | — | 281,250 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 |
195,864 | — | — | 195,864 | ||||||||||||||||||||||||
777,674 | 1,700 | — | 779,374 | ||||||||||||||||||||||||||
Customers' liabilities under acceptances | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
34,258 | — | — | 34,258 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
19,782 | — | — | 19,782 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 |
109,305 | — | — | 109,305 | ||||||||||||||||||||||||
163,345 | — | — | 163,345 | ||||||||||||||||||||||||||
941,019 | 1,700 | — | 942,719 | ||||||||||||||||||||||||||
Loss allowance | (3,605) | (23) | — | (3,628) | |||||||||||||||||||||||||
Total | 937,414 | 1,677 | — | 939,091 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
12-month DP Ranges |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
874,546 | — | — | 874,546 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
92,601 | 33,090 | — | 125,691 | ||||||||||||||||||||||||
967,147 | 33,090 | — | 1,000,237 | ||||||||||||||||||||||||||
Loss allowance | (1,562) | (693) | — | (2,255) | |||||||||||||||||||||||||
Total | 965,585 | 32,397 | — | 997,982 |
December 31, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
736,139 | — | — | 736,139 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 |
154,248 | 46,589 | — | 200,837 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 |
— | — | 4,995 | 4,995 | ||||||||||||||||||||||||
890,387 | 46,589 | 4,995 | 941,971 | ||||||||||||||||||||||||||
Loss allowance | (2,170) | (1,779) | (4,002) | (7,951) | |||||||||||||||||||||||||
Total | 888,217 | 44,810 | 993 | 934,020 |
June 30, 2023 | |||||||||||||||||||||||||||||
12-month PD Ranges |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
— | — | — | — | ||||||||||||||||||||||||
— | — | — | — | ||||||||||||||||||||||||||
Loss allowance | — | — | — | — | |||||||||||||||||||||||||
Total | — | — | — | — |
December 31, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 |
77,972 | — | — | 77,972 | ||||||||||||||||||||||||
77,972 | — | — | 77,972 | ||||||||||||||||||||||||||
Loss allowance | (10) | — | — | (10) | |||||||||||||||||||||||||
Total | 77,962 | — | — | 77,962 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Current | 6,627,780 | 166,489 | — | 6,794,269 | |||||||||||||||||||
Past due | — | — | 10,107 | 10,107 | |||||||||||||||||||
Total | 6,627,780 | 166,489 | 10,107 | 6,804,376 |
December 31, 2022 | |||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Current | 6,634,190 | 98,723 | — | 6,732,913 | |||||||||||||||||||
Defaulters | — | — | 20,000 | 20,000 | |||||||||||||||||||
Past due | — | — | 10,107 | 10,107 | |||||||||||||||||||
Total | 6,634,190 | 98,723 | 30,107 | 6,763,020 |
June 30, 2023 | |||||||||||||||||
Notional value USD |
Derivative financial instruments - fair value asset |
Derivative financial instruments - fair value liabilities |
|||||||||||||||
Interest rate swaps | 294,966 | 2,879 | (2,038) | ||||||||||||||
Cross-currency swaps | 1,144,009 | 135,998 | (37,029) | ||||||||||||||
Foreign exchange forwards | 98,010 | — | (387) | ||||||||||||||
Total | 1,536,985 | 138,877 | (39,454) |
December 31, 2022 | |||||||||||||||||
Notional value USD |
Derivative financial instruments - fair value asset |
Derivative financial instruments - fair value liabilities |
|||||||||||||||
Interest rate swaps | 368,711 | 483 | (544) | ||||||||||||||
Cross-currency swaps | 1,175,570 | 45,806 | (33,217) | ||||||||||||||
Foreign exchange forwards | 189,173 | 21,870 | — | ||||||||||||||
Total | 1,733,454 | 68,159 | (33,761) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 28,589 | 5,050 | 21,561 | 55,200 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (135) | 135 | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,376) | 523 | 5,212 | 4,359 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (12,339) | (526) | — | (12,865) | |||||||||||||||||||
New instruments originated or purchased | 16,277 | 841 | — | 17,118 | |||||||||||||||||||
Write-offs | — | — | (21,144) | (21,144) | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2023 | 31,016 | 6,023 | 5,629 | 42,668 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 20,115 | 16,175 | 5,186 | 41,476 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (29) | 29 | — | — | |||||||||||||||||||
Transfer to 12-month expected credit losses | 176 | (176) | — | — | |||||||||||||||||||
Transfer to credit-impaired financial instruments | (130) | — | 130 | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,718) | (10,146) | 16,072 | 4,208 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (12,385) | (832) | — | (13,217) | |||||||||||||||||||
New instruments originated or purchased | 22,560 | — | — | 22,560 | |||||||||||||||||||
Write-offs | — | — | (893) | (893) | |||||||||||||||||||
Recoveries | — | — | 1,066 | 1,066 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 28,589 | 5,050 | 21,561 | 55,200 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 3,605 | 23 | — | 3,628 | |||||||||||||||||||
Net effect of changes in reserve for expected credit losses | (13) | 27 | — | 14 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (2,639) | — | — | (2,639) | |||||||||||||||||||
New instruments originated or purchased | 4,248 | 18 | — | 4,266 | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2023 | 5,177 | 92 | — | 5,269 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 3,472 | 331 | — | 3,803 | |||||||||||||||||||
Transfer to 12-month expected credit losses | 133 | (133) | — | — | |||||||||||||||||||
Net effect of changes in reserve for expected credit losses | (160) | (39) | — | (199) | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (2,981) | (136) | — | (3,117) | |||||||||||||||||||
New instruments originated or purchased | 3,141 | — | — | 3,141 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 3,605 | 23 | — | 3,628 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 2,170 | 1,779 | 4,002 | 7,951 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (60) | 60 | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (112) | 2,132 | 1,253 | 3,273 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (595) | (2,058) | — | (2,653) | |||||||||||||||||||
New instruments originated or purchased | 159 | — | — | 159 | |||||||||||||||||||
Write-offs | — | (1,220) | (5,255) | (6,475) | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2023 | 1,562 | 693 | — | 2,255 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 1,790 | — | — | 1,790 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (46) | 46 | — | — | |||||||||||||||||||
Transfer to credit-impaired financial instruments | (33) | — | 33 | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (13) | 941 | 3,969 | 4,897 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (420) | — | — | (420) | |||||||||||||||||||
New financial assets originated or purchased | 892 | 792 | — | 1,684 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 2,170 | 1,779 | 4,002 | 7,951 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 10 | — | — | 10 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (10) | — | — | (10) | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2023 | — | — | — | — |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 26 | — | — | 26 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (16) | — | — | (16) | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 10 | — | — | 10 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | Loans at amortized cost |
Loan commitments and financial guarantee contracts |
Securities | Total | ||||||||||||||||||||||||||||
At amortized cost | FVOCI | |||||||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | 4,359 | 14 | 3,273 | — | 7,646 | |||||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (12,865) | (2,639) | (2,653) | (10) | (18,167) | |||||||||||||||||||||||||||
New financial assets originated or purchased | 17,118 | 4,266 | 159 | — | 21,543 | |||||||||||||||||||||||||||
Total | 8,612 | 1,641 | 779 | (10) | 11,022 |
June 30, 2022 | Loans at amortized cost |
Loan commitments and financial guarantee contracts |
Securities | Total | ||||||||||||||||||||||||||||
At amortized cost | FVOCI | |||||||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,877) | (329) | 437 | — | (1,769) | |||||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (8,140) | (2,569) | (255) | (6) | (10,970) | |||||||||||||||||||||||||||
New financial assets originated or purchased | 19,125 | 1,623 | 935 | — | 21,683 | |||||||||||||||||||||||||||
Total | 9,108 | (1,275) | 1,117 | (6) | 8,944 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 | ||||||||||
Credit-impaired loans at beginning of period | 21,561 | 5,186 | |||||||||
Classified as credit-impaired during the period | — | 130 | |||||||||
Change in allowance for expected credit losses | 5,000 | 14,606 | |||||||||
Interest income | 212 | 1,466 | |||||||||
Write-offs | (21,144) | (893) | |||||||||
Recoveries of amounts previously written off | — | 1,066 | |||||||||
Credit-impaired loans at end of period | 5,629 | 21,561 |
June 30, 2023 |
December 31, 2022 | ||||||||||
Investments at amortized cost with credit impairment at beginning of period | 4,002 | — | |||||||||
Classified as credit-impaired during the period | — | 33 | |||||||||
Change in allowance for expected credit losses | 1,250 | 3,717 | |||||||||
Interest income | 3 | 252 | |||||||||
Write-offs | (5,255) | — | |||||||||
Investments at amortized cost with credit impairment at end of period | — | 4,002 | |||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost |
Loan commitments and financial guarantee contracts |
Securities | |||||||||||||||||||||||||||||||||||||||||||||
At amortized cost | FVOCI | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 |
December 31, 2022 |
June 30, 2023 |
December 31, 2022 |
June 30, 2023 |
December 31, 2022 |
June 30, 2023 |
December 31, 2022 |
||||||||||||||||||||||||||||||||||||||||
Carrying amount - principal | 6,804,376 | 6,763,020 | 310,814 | 163,345 | 1,000,237 | 941,971 | — | 77,972 | |||||||||||||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 998,618 | 779,374 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Concentration by sector | |||||||||||||||||||||||||||||||||||||||||||||||
Corporations: | |||||||||||||||||||||||||||||||||||||||||||||||
Private | 2,982,602 | 2,553,193 | 564,877 | 409,139 | 616,654 | 543,381 | — | 24,773 | |||||||||||||||||||||||||||||||||||||||
State-owned | 877,657 | 1,115,932 | 232,847 | 110,468 | 20,653 | 51,388 | — | — | |||||||||||||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||||||||||||||
Private | 2,117,645 | 2,245,385 | 138,979 | 120,614 | 274,850 | 250,975 | — | — | |||||||||||||||||||||||||||||||||||||||
State-owned | 719,322 | 719,882 | 372,729 | 302,498 | 28,616 | 31,902 | — | 53,199 | |||||||||||||||||||||||||||||||||||||||
Sovereign | 107,150 | 128,628 | — | — | 59,464 | 64,325 | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,804,376 | 6,763,020 | 1,309,432 | 942,719 | 1,000,237 | 941,971 | — | 77,972 | |||||||||||||||||||||||||||||||||||||||
Concentration by industry | |||||||||||||||||||||||||||||||||||||||||||||||
Financial institutions | 2,836,967 | 2,965,266 | 511,709 | 423,112 | 327,846 | 282,878 | — | 53,199 | |||||||||||||||||||||||||||||||||||||||
Manufacturing | 1,617,755 | 1,341,453 | 403,165 | 293,659 | 369,803 | 339,914 | — | 14,898 | |||||||||||||||||||||||||||||||||||||||
Oil and petroleum derived products | 1,021,382 | 1,244,491 | 204,598 | 104,426 | 90,518 | 77,553 | — | 9,875 | |||||||||||||||||||||||||||||||||||||||
Agricultural | 295,291 | 317,037 | 958 | 3,854 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Services | 341,331 | 267,868 | 77,150 | 55,430 | 65,250 | 64,412 | — | — | |||||||||||||||||||||||||||||||||||||||
Mining | 217,905 | 150,707 | 20,671 | — | 14,527 | 24,381 | — | — | |||||||||||||||||||||||||||||||||||||||
Sovereign | 107,150 | 128,628 | — | — | 59,464 | 64,325 | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 366,595 | 347,570 | 91,181 | 62,238 | 72,829 | 88,508 | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,804,376 | 6,763,020 | 1,309,432 | 942,719 | 1,000,237 | 941,971 | — | 77,972 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost |
Loan commitments and financial guarantee contracts |
Securities | |||||||||||||||||||||||||||||||||||||||||||||
At amortized cost | FVOCI | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 |
December 31, 2022 |
June 30, 2023 |
December 31, 2022 |
June 30, 2023 |
December 31, 2022 |
June 30, 2023 |
December 31, 2022 |
||||||||||||||||||||||||||||||||||||||||
Carrying amount - principal | 6,804,376 | 6,763,020 | 310,814 | 163,345 | 1,000,237 | 941,971 | — | 77,972 | |||||||||||||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 998,618 | 779,374 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1-4 | 3,001,645 | 2,864,686 | 682,553 | 336,518 | 874,546 | 736,139 | — | 77,972 | |||||||||||||||||||||||||||||||||||||||
5-6 | 3,514,120 | 3,696,526 | 331,184 | 301,032 | 125,691 | 200,837 | — | — | |||||||||||||||||||||||||||||||||||||||
7-8 | 278,504 | 191,701 | 295,695 | 305,169 | — | 4,995 | — | — | |||||||||||||||||||||||||||||||||||||||
9-10 | 10,107 | 10,107 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,804,376 | 6,763,020 | 1,309,432 | 942,719 | 1,000,237 | 941,971 | — | 77,972 | |||||||||||||||||||||||||||||||||||||||
Concentration by country | |||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 50,181 | 55,598 | 45,448 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Australia | — | — | — | — | — | 9,628 | — | — | |||||||||||||||||||||||||||||||||||||||
Belgium | 14,255 | 25,362 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Bolivia | — | — | 5,365 | 3,759 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Brazil | 937,897 | 980,205 | 99,711 | 54,907 | 51,091 | 69,501 | — | — | |||||||||||||||||||||||||||||||||||||||
Canada | — | — | — | — | 33,324 | 13,503 | — | — | |||||||||||||||||||||||||||||||||||||||
Chile | 509,389 | 416,714 | 59,178 | 44,846 | 88,727 | 112,586 | — | — | |||||||||||||||||||||||||||||||||||||||
China | — | 2,800 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Colombia | 863,334 | 702,409 | 86,045 | 54,333 | 34,117 | 54,484 | — | — | |||||||||||||||||||||||||||||||||||||||
Costa Rica | 219,401 | 260,625 | 51,441 | 56,718 | 7,981 | 9,926 | — | — | |||||||||||||||||||||||||||||||||||||||
Denmark | — | — | — | 11,880 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dominican Republic | 518,588 | 579,918 | 74,281 | 27,534 | 4,767 | 4,828 | — | — | |||||||||||||||||||||||||||||||||||||||
Ecuador | 185,677 | 110,466 | 251,801 | 305,168 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
El Salvador | 51,072 | 30,032 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
France | 92,061 | 126,929 | 147,787 | 66,906 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Germany | — | — | 15,000 | 10,000 | 14,714 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Guatemala | 588,692 | 745,837 | 57,817 | 67,456 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Honduras | 198,249 | 176,270 | 975 | 3,615 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Ireland | — | — | — | — | 14,729 | 9,579 | — | — | |||||||||||||||||||||||||||||||||||||||
Israel | — | — | — | — | 4,834 | 4,880 | — | — | |||||||||||||||||||||||||||||||||||||||
Jamaica | 5,769 | 14,083 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Japan | 13,374 | 14,712 | — | — | 38,093 | 4,353 | — | — | |||||||||||||||||||||||||||||||||||||||
Korea | — | — | — | — | 1,812 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Luxembourg | 114,694 | 114,557 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Mexico | 906,956 | 823,028 | 82,773 | 69,080 | 90,189 | 100,870 | — | — | |||||||||||||||||||||||||||||||||||||||
Norway | — | — | — | — | 9,872 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Panama | 362,389 | 533,452 | 18,568 | 19,240 | 29,335 | 29,065 | — | — | |||||||||||||||||||||||||||||||||||||||
Paraguay | 96,056 | 151,287 | 230 | 3,430 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Peru | 539,861 | 478,998 | 249,446 | 114,941 | 18,633 | 60,575 | — | — | |||||||||||||||||||||||||||||||||||||||
Singapore | 155,848 | 152,208 | 17,474 | 24,333 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trinidad and Tobago | 175,421 | 128,846 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
United States of America | 99,352 | 53,463 | 17,349 | 3,349 | 514,346 | 458,193 | — | 43,464 | |||||||||||||||||||||||||||||||||||||||
United Kingdom | 40,257 | 51,221 | — | — | 28,939 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Uruguay | 65,603 | 34,000 | 28,743 | 1,224 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Multilateral | — | — | — | — | — | — | — | 34,508 | |||||||||||||||||||||||||||||||||||||||
Total | 6,804,376 | 6,763,020 | 1,309,432 | 942,719 | 1,000,237 | 941,971 | — | 77,972 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Gross amounts of assets |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount |
|||||||||||||||||||||||||||||||
Financial instruments |
Cash collateral received |
||||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | 138,877 | — | 138,877 | — | (135,021) | 3,856 | |||||||||||||||||||||||||||||
Total | 138,877 | — | 138,877 | — | (135,021) | 3,856 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Gross amounts of assets |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount |
|||||||||||||||||||||||||||||||
Financial instruments |
Cash collateral received |
||||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | 68,159 | — | 68,159 | — | (50,615) | 17,544 | |||||||||||||||||||||||||||||
Total | 68,159 | — | 68,159 | — | (50,615) | 17,544 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of liabilities |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount |
||||||||||||||||||||||||||||||||||
Financial instruments |
Cash collateral received |
|||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (407,572) | — | (407,572) | 450,427 | 16,655 | 59,510 | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | (39,454) | — | (39,454) | — | 33,877 | (5,577) | ||||||||||||||||||||||||||||||||
Total | (447,026) | — | (447,026) | 450,427 | 50,532 | 53,933 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of liabilities |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount |
||||||||||||||||||||||||||||||||||
Financial instruments |
Cash collateral received |
|||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (300,498) | — | (300,498) | 791,956 | 22,947 | 514,405 | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | (33,761) | — | (33,761) | — | 17,702 | (16,059) | ||||||||||||||||||||||||||||||||
Total | (334,259) | — | (334,259) | 791,956 | 40,649 | 498,346 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
At the end of the period | 136.24 | % | 167.46 | % | |||||||
Period average | 186.63 | % | 132.63 | % | |||||||
Maximum of the period | 356.99 | % | 276.86 | % | |||||||
Minimun of the period | 111.49 | % | 81.18 | % |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(in millions of USD dollars) | Cash and due from banks |
Securities FVOCI | Total | Cash and due from banks |
Securities FVOCI | Total | |||||||||||||||||||||||||||||
United State of America | 1,695 | — | 1,695 | 1,151 | 43 | 1,194 | |||||||||||||||||||||||||||||
Latin America | 12 | — | 12 | 15 | — | 15 | |||||||||||||||||||||||||||||
Multilateral | 50 | — | 50 | 25 | 35 | 60 | |||||||||||||||||||||||||||||
Total | 1,757 | — | 1,757 | 1,191 | 78 | 1,269 |
June 30, 2023 |
December 31, 2022 |
||||||||||
(in millions of USD dollars) | |||||||||||
Demand and "overnight" deposits | 905 | 583 | |||||||||
Demand and "overnight" deposits to total deposits | 22.21 | % | 18.27 | % |
June 30, 2023 |
December 31, 2022 |
||||||||||
(in millions of USD dollars) | |||||||||||
Total liquid assets | 1,757 | 1,269 | |||||||||
Total assets to total liabilities | 43.13 | % | 39.77 | % | |||||||
Total liquid assets in the Federal Reserve of the United States of America |
84.59 | % | 90.23 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
(in millions of USD dollars) | |||||||||||
Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 3,839 | 4,008 | |||||||||
Average term (days) | 187 | 200 |
June 30, 2023 |
December 31, 2022 |
||||||||||
(in millions of USD dollars) | |||||||||||
Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 3,965 | 3,775 | |||||||||
Average term (days) | 1,367 | 1,367 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Up to 3 months |
3 to 6 months | 6 months to 1 year |
1 to 5 years | More than 5 years |
Gross inflows (outflows) |
Carrying amount |
||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,820,361 | — | — | — | — | 1,820,361 | 1,820,024 | |||||||||||||||||||||||||||||||||||||
Securities | 45,344 | 51,330 | 113,454 | 852,352 | 50,917 | 1,113,397 | 1,009,857 | |||||||||||||||||||||||||||||||||||||
Loans | 2,133,735 | 1,545,521 | 1,295,257 | 2,389,104 | 92,974 | 7,456,591 | 6,820,865 | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | 13,603 | 1,271 | 362 | 123,641 | — | 138,877 | 138,877 | |||||||||||||||||||||||||||||||||||||
Total | 4,013,043 | 1,598,122 | 1,409,073 | 3,365,097 | 143,891 | 10,529,226 | 9,789,623 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | (3,187,772) | (535,740) | (286,186) | (133,192) | — | (4,142,890) | (4,099,238) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (255,622) | (24,353) | (138,089) | — | — | (418,064) | (407,572) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt | (872,580) | (877,581) | (355,739) | (2,149,440) | (28,520) | (4,283,860) | (4,097,579) | |||||||||||||||||||||||||||||||||||||
Lease liabilities | (259) | (234) | (484) | (4,258) | (11,361) | (16,596) | (16,596) | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | (1,746) | (197) | (18,445) | (16,952) | (2,114) | (39,454) | (39,454) | |||||||||||||||||||||||||||||||||||||
Total | (4,317,979) | (1,438,105) | (798,943) | (2,303,842) | (41,995) | (8,900,864) | (8,660,439) | |||||||||||||||||||||||||||||||||||||
Subtotal net position | (304,936) | 160,017 | 610,130 | 1,061,255 | 101,896 | 1,628,362 | 1,129,184 | |||||||||||||||||||||||||||||||||||||
Off-balance sheet contingencies | ||||||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 191,373 | 110,879 | 1,230 | — | — | 303,482 | ||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 131,659 | 29,846 | 231,819 | 40,926 | — | 434,250 | ||||||||||||||||||||||||||||||||||||||
Credit commitments | 66,677 | — | 30,634 | 163,575 | — | 260,886 | ||||||||||||||||||||||||||||||||||||||
Total | 389,709 | 140,725 | 263,683 | 204,501 | — | 998,618 | ||||||||||||||||||||||||||||||||||||||
Total net position | (694,645) | 19,292 | 346,447 | 856,754 | 101,896 | 629,744 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Up to 3 months |
3 to 6 months |
6 months to 1 year |
1 to 5 years | More than 5 years |
Gross inflows (outflows) |
Carrying amount |
||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,241,779 | — | — | — | — | 1,241,779 | 1,241,586 | |||||||||||||||||||||||||||||||||||||
Securities | 129,983 | 105,789 | 98,345 | 744,996 | 10,293 | 1,089,406 | 1,023,632 | |||||||||||||||||||||||||||||||||||||
Loans | 2,294,259 | 1,478,494 | 1,223,661 | 2,244,454 | 158,967 | 7,399,835 | 6,760,434 | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | 4,216 | 10,831 | 14,015 | 39,097 | — | 68,159 | 68,159 | |||||||||||||||||||||||||||||||||||||
Total | 3,670,237 | 1,595,114 | 1,336,021 | 3,028,547 | 169,260 | 9,799,179 | 9,093,811 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | (2,770,754) | (256,989) | (161,889) | (39,805) | — | (3,229,437) | (3,205,386) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (53,418) | (64,513) | (55,144) | (138,286) | — | (311,361) | (300,498) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt | (776,584) | (895,531) | (934,288) | (2,212,704) | (41,523) | (4,860,630) | (4,464,389) | |||||||||||||||||||||||||||||||||||||
Lease liabilities | (384) | (384) | (738) | (5,769) | (13,771) | (21,046) | (16,745) | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | (3,702) | (764) | (63) | (26,882) | (2,350) | (33,761) | (33,761) | |||||||||||||||||||||||||||||||||||||
Total | (3,604,842) | (1,218,181) | (1,152,122) | (2,423,446) | (57,644) | (8,456,235) | (8,020,779) | |||||||||||||||||||||||||||||||||||||
Subtotal net position | 65,395 | 376,933 | 183,899 | 605,101 | 111,616 | 1,342,944 | 1,073,032 | |||||||||||||||||||||||||||||||||||||
Off-balance sheet contingencies |
||||||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 166,367 | 117,398 | 21,024 | — | — | 304,789 | ||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 132,353 | 117,750 | 92,750 | 8,772 | — | 351,625 | ||||||||||||||||||||||||||||||||||||||
Credit commitments | — | 13,102 | 32,906 | 76,952 | — | 122,960 | ||||||||||||||||||||||||||||||||||||||
Total | 298,720 | 248,250 | 146,680 | 85,724 | — | 779,374 | ||||||||||||||||||||||||||||||||||||||
Total net position | (233,325) | 128,683 | 37,219 | 519,377 | 111,616 | 563,570 |
Type of financial instrument | Basis on which amounts are compiled | |||||||
Financial assets and liabilities | Undiscounted cash flows, which include estimated interest payments. | |||||||
Issued financial guarantee contracts, and loan commitments | Earliest possible contractual maturity. For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. | |||||||
Derivative financial assets and financial liabilities |
Contractual undiscounted cash flows. The amounts shown are the gross nominal inflows and outflows for derivatives that simultaneously settle gross or net amounts. |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Amount | Fair value | Amount | Fair value | ||||||||||||||||||||
Balances with Federal Reserve of the United States of America |
1,486,676 | 1,486,676 | 1,144,896 | 1,144,896 | |||||||||||||||||||
Cash and due from banks (1) |
270,816 | 270,816 | 46,040 | 46,040 | |||||||||||||||||||
Total | 1,757,492 | 1,757,492 | 1,190,936 | 1,190,936 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Pledged as collateral | Available as collateral | Pledged as collateral | Available as collateral | ||||||||||||||||||||
Cash and due from banks | 62,532 | 1,757,492 | 50,649 | 1,190,936 | |||||||||||||||||||
Securities | 450,855 | 550,349 | 331,571 | 672,042 | |||||||||||||||||||
Loans at amortized cost | — | 6,804,376 | — | 6,763,020 | |||||||||||||||||||
Total | 513,387 | 9,112,217 | 382,220 | 8,625,998 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months |
3 to 6 months |
6 months to 1 year |
1 to 5 years |
More than 5 years |
Without interest rate risk |
Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,811,116 | — | — | — | — | 8,908 | 1,820,024 | ||||||||||||||||||||||||||||||||||
Securities | 39,482 | 40,982 | 69,868 | 804,995 | 44,910 | — | 1,000,237 | ||||||||||||||||||||||||||||||||||
Loans | 4,224,088 | 1,648,062 | 709,911 | 204,221 | 18,094 | — | 6,804,376 | ||||||||||||||||||||||||||||||||||
Total | 6,074,686 | 1,689,044 | 779,779 | 1,009,216 | 63,004 | 8,908 | 9,624,637 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Demand deposits and time deposits | (3,157,279) | (518,779) | (270,579) | (114,222) | — | (13,596) | (4,074,455) | ||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (252,260) | (23,686) | (131,626) | — | — | — | (407,572) | ||||||||||||||||||||||||||||||||||
Borrowings and debt | (2,090,715) | (789,493) | (152,808) | (1,001,192) | (13,863) | — | (4,048,071) | ||||||||||||||||||||||||||||||||||
Total | (5,500,254) | (1,331,958) | (555,013) | (1,115,414) | (13,863) | (13,596) | (8,530,098) | ||||||||||||||||||||||||||||||||||
Net effect of derivative financial instruments held for interest risk management | 12,046 | 1,271 | (18,082) | 106,689 | (2,114) | — | 99,810 | ||||||||||||||||||||||||||||||||||
Total interest rate sensitivity | 586,478 | 358,357 | 206,684 | 491 | 47,027 | (4,688) | 1,194,349 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months |
3 to 6 months |
6 months to 1 year |
1 to 5 years |
More than 5 years |
Without interest rate risk |
Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,233,700 | — | — | — | — | 7,886 | 1,241,586 | ||||||||||||||||||||||||||||||||||
Securities | 112,736 | 114,815 | 82,666 | 701,749 | 7,977 | — | 1,019,943 | ||||||||||||||||||||||||||||||||||
Loans | 2,956,268 | 2,531,067 | 1,007,343 | 240,949 | 27,393 | — | 6,763,020 | ||||||||||||||||||||||||||||||||||
Total | 4,302,704 | 2,645,882 | 1,090,009 | 942,698 | 35,370 | 7,886 | 9,024,549 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Demand deposits and time deposits | (2,746,776) | (250,299) | (153,862) | (35,082) | — | (4,697) | (3,190,716) | ||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (52,164) | (62,968) | (53,740) | (131,626) | — | — | (300,498) | ||||||||||||||||||||||||||||||||||
Borrowings and debt | (1,354,457) | (953,503) | (1,083,543) | (999,151) | (25,857) | — | (4,416,511) | ||||||||||||||||||||||||||||||||||
Total | (4,153,397) | (1,266,770) | (1,291,145) | (1,165,859) | (25,857) | (4,697) | (7,907,725) | ||||||||||||||||||||||||||||||||||
Net effect of derivative financial instruments held for interest risk management | 476 | 41 | 2,145 | 12,215 | (2,350) | — | 12,527 | ||||||||||||||||||||||||||||||||||
Total interest rate sensitivity | 149,783 | 1,379,153 | (198,991) | (210,946) | 7,163 | 3,189 | 1,129,351 |
Change in interest rate |
Effect on profit or loss |
Effect on equity |
|||||||||||||||
June 30, 2023 | +50 bps | 3,148 | (4,573) | ||||||||||||||
-50 bps | (3,345) | 4,734 | |||||||||||||||
December 31, 2022 | +50 bps | 4,559 | 676 | ||||||||||||||
-50 bps | (4,629) | (206) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Brazilian real |
European euro |
Japanese yen |
Colombian peso |
Mexican peso |
Other
currencies
(1)
|
Total | |||||||||||||||||||||||||||||||||||
Exchange rate | 4.79 | 1.09 | 144.28 | 4,166.67 | 17.12 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 33 | 188 | 3 | 96 | 2,102 | 23 | 2,445 | ||||||||||||||||||||||||||||||||||
Loans | — | 13,640 | — | — | 415,885 | — | 429,525 | ||||||||||||||||||||||||||||||||||
Total | 33 | 13,828 | 3 | 96 | 417,987 | 23 | 431,970 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | (13,640) | — | — | (417,762) | — | (431,402) | ||||||||||||||||||||||||||||||||||
Total | — | (13,640) | — | — | (417,762) | — | (431,402) | ||||||||||||||||||||||||||||||||||
Net currency position | 33 | 188 | 3 | 96 | 225 | 23 | 568 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Brazilian real |
European euro |
Japanese yen |
Colombian peso |
Mexican peso |
Other
currencies
(1)
|
Total | |||||||||||||||||||||||||||||||||||
Exchange rate | 5.29 | 1.07 | 130.96 | 4,854.37 | 19.50 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 26 | 53 | 4 | 9 | 5,439 | 38 | 5,569 | ||||||||||||||||||||||||||||||||||
Loans | — | — | — | — | 301,765 | — | 301,765 | ||||||||||||||||||||||||||||||||||
Total | 26 | 53 | 4 | 9 | 307,204 | 38 | 307,334 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | — | — | — | (306,603) | — | (306,603) | ||||||||||||||||||||||||||||||||||
Total | — | — | — | — | (306,603) | — | (306,603) | ||||||||||||||||||||||||||||||||||
Net currency position | 26 | 53 | 4 | 9 | 601 | 38 | 731 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivative financial instruments - assets: | |||||||||||||||||||||||
Interest rate swaps | — | 2,879 | — | 2,879 | |||||||||||||||||||
Cross-currency swaps | — | 135,998 | — | 135,998 | |||||||||||||||||||
Total assets at fair value | — | 138,877 | — | 138,877 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments - liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 2,038 | — | 2,038 | |||||||||||||||||||
Cross-currency swaps | — | 37,029 | — | 37,029 | |||||||||||||||||||
Foreign exchange forwards | — | 387 | — | 387 | |||||||||||||||||||
Total liabilities at fair value | — | 39,454 | — | 39,454 |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities at FVOCI - Corporate debt | — | 78,372 | — | 78,372 | |||||||||||||||||||
Derivative financial instruments - assets: | |||||||||||||||||||||||
Interest rate swaps | — | 483 | — | 483 | |||||||||||||||||||
Cross-currency swaps | — | 45,806 | — | 45,806 | |||||||||||||||||||
Foreign exchange forwards | — | 21,870 | — | 21,870 | |||||||||||||||||||
Total derivative financial instrument assets | — | 68,159 | — | 68,159 | |||||||||||||||||||
Total assets at fair value | — | 146,531 | — | 146,531 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments - liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 544 | — | 544 | |||||||||||||||||||
Cross-currency swaps | — | 33,217 | — | 33,217 | |||||||||||||||||||
Total derivative financial instruments - liabilities | — | 33,761 | — | 33,761 | |||||||||||||||||||
Total liabilities at fair value | — | 33,761 | — | 33,761 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
Carrying amount |
Fair value |
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits on banks | 1,820,024 | 1,820,024 | — | 1,820,024 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) |
1,009,857 | 973,210 | — | 964,199 | 9,011 | ||||||||||||||||||||||||
Loans at amortized cost (2) |
6,820,865 | 6,845,824 | — | 6,845,824 | — | ||||||||||||||||||||||||
Customers' liabilities under acceptances | 310,814 | 310,814 | — | 310,814 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | 4,099,238 | 4,099,238 | — | 4,099,238 | — | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 407,572 | 407,572 | — | 407,572 | — | ||||||||||||||||||||||||
Borrowings and debt, net | 4,048,071 | 4,034,583 | — | 4,034,583 | — | ||||||||||||||||||||||||
Acceptances outstanding | 310,814 | 310,814 | — | 310,814 | — |
December 31, 2022 | |||||||||||||||||||||||||||||
Carrying amount |
Fair value |
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits on banks | 1,241,586 | 1,241,586 | — | 1,241,586 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) |
945,260 | 895,154 | — | 894,034 | 1,120 | ||||||||||||||||||||||||
Loans at amortized cost, net (2) |
6,760,434 | 6,785,652 | — | 6,785,652 | — | ||||||||||||||||||||||||
Customers' liabilities under acceptances | 163,345 | 163,345 | — | 163,345 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | 3,205,386 | 3,205,386 | — | 3,205,386 | — | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 300,498 | 300,498 | — | 300,498 | — | ||||||||||||||||||||||||
Borrowings and debt, net | 4,416,511 | 4,389,902 | — | 4,389,902 | — | ||||||||||||||||||||||||
Acceptances outstanding | 163,345 | 163,345 | — | 163,345 | — |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
Unrestricted deposits with the Federal Reserve of the United States of America | 1,486,676 | 1,144,896 | |||||||||
Cash and non-interest-bearing deposits in other banks | 8,908 | 7,886 | |||||||||
Cash and interest-bearing deposits in other banks(1) |
324,440 | 88,804 | |||||||||
Total cash and due from banks | 1,820,024 | 1,241,586 | |||||||||
Less: | |||||||||||
Time deposits with original maturity over 90 days and other restricted deposits (1) |
62,532 | 50,650 | |||||||||
Total cash and due from banks in the consolidated statement of cash flows | 1,757,492 | 1,190,936 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Switzerland | 16,626 | 16,797 | |||||||||
Japan | 15,240 | — | |||||||||
United States of America(1) |
12,537 | 11,387 | |||||||||
Spain | 11,128 | 12,814 | |||||||||
Germany | 5,721 | 5,380 | |||||||||
Canada | 1,280 | — | |||||||||
United Kingdom | — | 4,272 | |||||||||
Total | 62,532 | 50,650 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | Amortized cost | FVOCI | Total | ||||||||||||||
Principal | 1,000,237 | 0 | 1,000,237 | ||||||||||||||
Interest receivable | 11,875 | 0 | 11,875 | ||||||||||||||
Allowance | (2,255) | — | (2,255) | ||||||||||||||
1,009,857 | 0 | 1,009,857 |
December 31, 2022 | Amortized cost | FVOCI | Total | ||||||||||||||
Principal | 941,971 | 77,972 | 1,019,943 | ||||||||||||||
Interest receivable | 11,240 | 400 | 11,640 | ||||||||||||||
Allowance | (7,951) | — | (7,951) | ||||||||||||||
945,260 | 78,372 | 1,023,632 |
June 30, 2023 | Amortized cost | FVOCI | Total | |||||||||||||||||
Due within 1 year | 164,924 | — | 164,924 | |||||||||||||||||
After 1 year but within 5 years | 790,403 | — | 790,403 | |||||||||||||||||
After 5 years but within 10 years | 44,910 | — | 44,910 | |||||||||||||||||
Balance - principal | 1,000,237 | — | 1,000,237 |
December 31, 2022 | Amortized cost | FVOCI | Total | |||||||||||||||||
Due within 1 year | 222,666 | 77,972 | 300,638 | |||||||||||||||||
After 1 year but within 5 years | 711,328 | — | 711,328 | |||||||||||||||||
After 5 years but within 10 years | 7,977 | — | 7,977 | |||||||||||||||||
Balance - principal | 941,971 | 77,972 | 1,019,943 |
June 30, 2023 |
December 31, 2022 | ||||||||||
Securities pledged to secure repurchase transactions | 450,427 | 345,187 | |||||||||
Securities sold under repurchase agreements | (407,572) | (300,498) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 | ||||||||||
Loans, outstanding balance | 6,804,376 | 6,763,020 | |||||||||
Interest receivable | 81,834 | 69,965 | |||||||||
Loss allowance | (42,668) | (55,200) | |||||||||
Unearned interest and deferred fees | (22,677) | (17,351) | |||||||||
Loans, net | 6,820,865 | 6,760,434 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Fixed interest rate | 3,716,389 | 3,827,083 | |||||||||
Floating interest rates | 3,087,987 | 2,935,937 | |||||||||
Total | 6,804,376 | 6,763,020 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Loans to class A and B shareholders | 634,745 | 834,768 | |||||||||
% Loans to class A and B shareholders over total loan portfolio | 9 | % | 12 | % | |||||||
% Class A and B stockholders with loans over number of class A and B stockholders | 13 | % | 11 | % |
June 30, 2023 |
December 31, 2022 |
||||||||||
Documentary letters of credit | 303,482 | 304,789 | |||||||||
Stand-by letters of credit and guarantees - commercial risk | 434,250 | 351,625 | |||||||||
Credit commitments | 260,886 | 122,960 | |||||||||
Total | 998,618 | 779,374 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
Up to 1 year | 800,117 | 693,650 | |||||||||
From 1 to 2 years | 57,464 | 15,956 | |||||||||
Over 2 to 5 years | 141,037 | 69,768 | |||||||||
Total | 998,618 | 779,374 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gain (loss) on derivative financial instruments and foreign currency exchange, net |
(1,837) | (74) | 1,234 | 492 | |||||||||||||||||||
Loss on sale of financial instruments at amortized cost | (1,800) | — | (3,167) | — | |||||||||||||||||||
Total | (3,637) | (74) | (1,933) | 492 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||
Nominal amount |
Carrying amount of hedging instruments |
||||||||||||||||
Asset (1) |
Liability (1) |
||||||||||||||||
Interest rate risk | |||||||||||||||||
Fair value hedges | 254,966 | 2,805 | (2,038) | ||||||||||||||
Cash flow hedges | 40,000 | 74 | — | ||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||
Fair value hedges | 272,214 | 30,359 | (17,080) | ||||||||||||||
Cash flow hedges | 871,795 | 105,639 | (19,949) | ||||||||||||||
Foreign exchange risk | |||||||||||||||||
Cash flow hedges | 98,010 | — | (387) | ||||||||||||||
1,536,985 | 138,877 | (39,454) |
December 31, 2022 | |||||||||||||||||
Nominal amount |
Carrying amount of hedging instruments |
||||||||||||||||
Asset (1) |
Liability (1) |
||||||||||||||||
Interest rate risk | |||||||||||||||||
Fair value hedges | 293,711 | 340 | (543) | ||||||||||||||
Cash flow hedges | 75,000 | 143 | (1) | ||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||
Fair value hedges | 252,793 | 4,129 | (16,237) | ||||||||||||||
Cash flow hedges | 922,777 | 41,677 | (16,980) | ||||||||||||||
Foreign exchange risk | |||||||||||||||||
Cash flow hedges | 189,173 | 21,870 | — | ||||||||||||||
1,733,454 | 68,159 | (33,761) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
Nominal amount | Carrying amount of hedging instruments |
Changes in fair
value used to
calculate hedge
ineffectiveness (2)
|
Ineffectiveness
recognized in
profit or loss (2)
|
||||||||||||||||||||||||||
Asset (1) |
Liability (1) |
||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 50,381 | — | (1,409) | (1,266) | 2 | ||||||||||||||||||||||||
Securities at amortized cost | 10,000 | 178 | — | (15) | 69 | ||||||||||||||||||||||||
Deposits | 6,000 | — | (28) | (26) | 2 | ||||||||||||||||||||||||
Borrowings and debt | 188,585 | 2,627 | (601) | 980 | 61 | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | — | — | — | (113) | 467 | ||||||||||||||||||||||||
Borrowings and debt | 272,214 | 30,359 | (17,080) | 27,381 | 292 | ||||||||||||||||||||||||
Total | 527,180 | 33,164 | (19,118) | 26,941 | 893 |
December 31, 2022 | |||||||||||||||||||||||||||||
Nominal amount | Carrying amount of hedging instruments |
Changes in fair
value used to
calculate hedge
ineffectiveness (2)
|
Ineffectiveness
recognized in
profit or loss (2)
|
||||||||||||||||||||||||||
Asset (1) |
Liability (1) |
||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 155,511 | 134 | (543) | 1,607 | (18) | ||||||||||||||||||||||||
Securities at amortized cost | 10,000 | 178 | — | 167 | (62) | ||||||||||||||||||||||||
Borrowings and debt | 128,200 | 28 | — | (3,457) | (111) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | 1,938 | 108 | — | (227) | (129) | ||||||||||||||||||||||||
Borrowings and debt | 250,855 | 4,021 | (16,237) | 8,072 | (1,548) | ||||||||||||||||||||||||
Total | 546,504 | 4,469 | (16,780) | 6,162 | (1,868) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items |
Changes in fair value of
the hedged items used
to calculate hedge
ineffectiveness(1)
|
||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 52,293 | — | Loans, net | (357) | 1,268 | ||||||||||||||||||||||||
Securities at amortized cost | 9,810 | — | Securities, net | (144) | 84 | ||||||||||||||||||||||||
Deposits | — | (5,997) | Demand Deposits | 28 | 28 | ||||||||||||||||||||||||
Borrowings and debt | — | (191,615) | Borrowings and debt, net | 2,431 | (919) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | — | — | Loans, net | — | 580 | ||||||||||||||||||||||||
Borrowings and debt | — | (290,784) | Borrowings and debt, net | (15,364) | (27,089) | ||||||||||||||||||||||||
Total | 62,103 | (488,396) | (13,406) | (26,048) |
December 31, 2022 | |||||||||||||||||||||||||||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items |
Changes in fair value of
the hedged items used
to calculate hedge
ineffectiveness(1)
|
||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 157,136 | — | Loans, net | (1,625) | (1,625) | ||||||||||||||||||||||||
Securities at amortized cost | 9,654 | — | Securities, net | (229) | (229) | ||||||||||||||||||||||||
Borrowings and debt | — | (129,306) | Borrowings and debt, net | 3,350 | 3,346 | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | 1,839 | — | Loans, net | (580) | 98 | ||||||||||||||||||||||||
Borrowings and debt | — | (243,851) | Borrowings and debt, net | 11,612 | (9,620) | ||||||||||||||||||||||||
Total | 168,629 | (373,157) | 12,528 | (8,030) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||
Interest rate swaps |
Cross currency swaps | Total | |||||||||||||||
Less than 1 year | 50,381 | 68,768 | 119,149 | ||||||||||||||
Over 1 to 2 years | 57,035 | 84,647 | 141,682 | ||||||||||||||
Over 2 to 5 years | 147,550 | 108,674 | 256,224 | ||||||||||||||
More than 5 years | — | 10,125 | 10,125 | ||||||||||||||
Total | 254,966 | 272,214 | 527,180 |
December 31, 2022 | |||||||||||||||||
Interest rate swaps |
Cross currency swaps | Total | |||||||||||||||
Less than 1 year | 145,511 | 1,937 | 147,448 | ||||||||||||||
Over 1 to 2 years | 20,000 | 153,415 | 173,415 | ||||||||||||||
Over 2 to 5 years | 128,200 | 87,316 | 215,516 | ||||||||||||||
More than 5 years | — | 10,125 | 10,125 | ||||||||||||||
Total | 293,711 | 252,793 | 546,504 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount of hedging instruments |
Change in fair value used for calculating hedge ineffectiveness |
Changes in the
fair value of the hedging instruments recognized in OCI (2)
|
Ineffectiveness recognized in profit or loss (3) |
Amount
reclassified from the hedge reserve to profit or loss (3)
|
|||||||||||||||||||||||||||||||||||||
Nominal amount |
Asset (1) |
Liability (1) |
|||||||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 40,000 | 74 | — | (51) | (51) | — | 62 | ||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 871,795 | 105,639 | (19,949) | 62,185 | 62,502 | 317 | (286) | ||||||||||||||||||||||||||||||||||
Foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Deposits | — | — | — | (37) | (37) | — | (44) | ||||||||||||||||||||||||||||||||||
Borrowings and debt | 98,010 | — | (387) | (22,220) | (22,220) | — | 896 | ||||||||||||||||||||||||||||||||||
Total | 1,009,805 | 105,713 | (20,336) | 39,877 | 40,194 | 317 | 628 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount of hedging instruments |
Change in fair value used for calculating hedge ineffectiveness |
Changes in the
fair value of the hedging instruments recognized in OCI (2)
|
Ineffectiveness recognized in profit or loss (3) |
Amount
reclassified from the hedge reserve to profit or loss (3)
|
|||||||||||||||||||||||||||||||||||||
Nominal amount |
Asset (1) |
Liability (1) |
|||||||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 75,000 | 143 | (1) | 550 | 551 | 1 | — | ||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 922,777 | 41,677 | (16,980) | 28,211 | 27,061 | (1,150) | 4,914 | ||||||||||||||||||||||||||||||||||
Foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Deposits | 8,534 | 37 | — | 37 | 37 | — | — | ||||||||||||||||||||||||||||||||||
Borrowings and debt | 180,639 | 21,833 | — | 21,833 | 21,833 | — | — | ||||||||||||||||||||||||||||||||||
Total | 1,186,950 | 63,690 | (16,981) | 50,631 | 49,482 | (1,149) | 4,914 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Changes in the fair value
of the hedged items used to calculate the hedge ineffectiveness
|
Cash flow hedge reserve |
||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (40,422) | Borrowings and debt, net | 51 | (46) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (954,831) | Borrowings and debt, net | (62,502) | (7,545) | ||||||||||||||||||||||||
Foreign exchange risk | |||||||||||||||||||||||||||||
Deposits | — | — | Demand deposits | 37 | — | ||||||||||||||||||||||||
Borrowings and debt | (96,419) | Borrowings and debt, net | 22,220 | 3,405 | |||||||||||||||||||||||||
Total | — | (1,091,672) | (40,194) | (4,186) |
December 31, 2022 | |||||||||||||||||||||||||||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Changes in the fair value
of the hedged items used to calculate the hedge ineffectiveness
|
Cash flow hedge reserve |
||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (75,695) | Borrowings and debt, net | (551) | (97) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (943,942) | Borrowings and debt, net | (27,061) | (8,836) | ||||||||||||||||||||||||
Foreign exchange risk | |||||||||||||||||||||||||||||
Deposits | — | (8,566) | Demand deposits | (37) | (44) | ||||||||||||||||||||||||
Borrowings and debt | — | (196,646) | Borrowings and debt, net | (21,833) | 1,836 | ||||||||||||||||||||||||
Total | — | (1,224,849) | (49,482) | (7,141) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | ||||||||||||||||||||||||||
Foreign exchange forward contracts |
Interest rate swaps |
Cross currency swaps | Total | |||||||||||||||||||||||
Less than 1 year | 98,010 | 40,000 | 356,142 | 494,152 | ||||||||||||||||||||||
Over 1 to 2 years | — | — | 370,418 | 370,418 | ||||||||||||||||||||||
Over 2 to 5 years | — | — | 127,949 | 127,949 | ||||||||||||||||||||||
More than 5 years | — | — | 17,286 | 17,286 | ||||||||||||||||||||||
Total | 98,010 | 40,000 | 871,795 | 1,009,805 |
December 31, 2022 | ||||||||||||||||||||||||||
Foreign exchange forward contracts |
Interest rate swaps |
Cross currency swaps | Total | |||||||||||||||||||||||
Less than 1 year | 189,173 | 75,000 | 388,035 | 652,208 | ||||||||||||||||||||||
Over 1 to 2 years | — | — | 194,639 | 194,639 | ||||||||||||||||||||||
Over 2 to 5 years | — | — | 322,817 | 322,817 | ||||||||||||||||||||||
More than 5 years | — | — | 17,286 | 17,286 | ||||||||||||||||||||||
Total | 189,173 | 75,000 | 922,777 | 1,186,950 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Accounts receivable | 4,918 | 2,240 | |||||||||
Prepaid expenses | 4,050 | 1,120 | |||||||||
Prepaid fees and commissions | 801 | 325 | |||||||||
Interest receivable - deposits | 725 | 751 | |||||||||
IT projects under development | 470 | 425 | |||||||||
Severance fund | 2,058 | 2,026 | |||||||||
Other | 999 | 481 | |||||||||
Total | 14,021 | 7,368 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
Demand | 590,589 | 233,757 | |||||||||
Up to 1 month | 1,342,642 | 999,043 | |||||||||
From 1 month to 3 months | 630,165 | 969,960 | |||||||||
From 3 month to 6 months | 690,413 | 385,972 | |||||||||
From 6 month to 1 year | 641,490 | 554,402 | |||||||||
From 1 year to 2 years | 161,336 | 31,287 | |||||||||
From 2 years to 5 years | 17,820 | 16,295 | |||||||||
Total | 4,074,455 | 3,190,716 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Aggregate amount of $100,000 or more | 4,074,103 | 3,190,376 | |||||||||
Aggregate amount of deposits in the New York Agency | 883,994 | 526,474 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest expense on deposits made in the New York Agency | 11,194 | 2,136 | 19,648 | 3,221 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||
Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
Principal | 1,641,771 | 155,659 | 595,275 | 1,662,972 | 4,055,677 | ||||||||||||||||||||||||
Transaction costs | (408) | (8) | (2,449) | (4,741) | (7,606) | ||||||||||||||||||||||||
1,641,363 | 155,651 | 592,826 | 1,658,231 | 4,048,071 |
December 31, 2022 | |||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||
Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
Principal | 2,153,351 | 42,255 | 650,275 | 1,580,727 | 4,426,608 | ||||||||||||||||||||||||
Transaction costs | (1,376) | (5) | (2,952) | (5,764) | (10,097) | ||||||||||||||||||||||||
2,151,975 | 42,250 | 647,323 | 1,574,963 | 4,416,511 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
Short-term borrowings: | |||||||||||
At fixed interest rates | 1,033,211 | 1,584,776 | |||||||||
At floating interest rates | 608,560 | 568,575 | |||||||||
Principal | 1,641,771 | 2,153,351 | |||||||||
Less: Transaction costs | (408) | (1,376) | |||||||||
Total short-term borrowings, net | 1,641,363 | 2,151,975 | |||||||||
Short-term debt: | |||||||||||
At fixed interest rates | 100,160 | — | |||||||||
At floating interest rates | 55,499 | 42,255 | |||||||||
Principal | 155,659 | 42,255 | |||||||||
Less: Transaction costs | (8) | (5) | |||||||||
Total short-term debt, net | 155,651 | 42,250 | |||||||||
Total short-term borrowings and debt | 1,797,014 | 2,194,225 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 3.82% to 6.21% |
1.53% to 6.52% |
|||||||||
Range of floating interest rates on borrowings in U.S. dollars | 5.92% to 6.09% |
4.90% to 5.72% |
|||||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.75% to 12.65% |
10.97% to 12.00% |
|||||||||
Range of fixed interest rates on borrowings in Euro | 4.15 | % | — | % | |||||||
Range of floating interest rates on borrowings in Euro | 3.90 | % | — | % | |||||||
Range of fixed interest rates on borrowings and debt in Japanese yen | 1.11% to 1.23% |
0.84% to 1.23% |
June 30, 2023 |
December 31, 2022 |
||||||||||
US dollar | 1,166,163 | 1,593,531 | |||||||||
Japanese yen | 95,648 | 196,245 | |||||||||
Euros | 68,200 | — | |||||||||
Mexican peso | 467,419 | 405,830 | |||||||||
Carrying amount - principal | 1,797,430 | 2,195,606 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
Long-term borrowings: | |||||||||||
At fixed interest rates with due dates from August 2023 to September 2023 | 45,000 | 75,000 | |||||||||
At floating interest rates with due dates from August 2023 to May 2026 | 550,275 | 575,275 | |||||||||
Principal | 595,275 | 650,275 | |||||||||
Less: Transaction costs | (2,449) | (2,952) | |||||||||
Total long-term borrowings, net | 592,826 | 647,323 | |||||||||
Long-term debt: | |||||||||||
At fixed interest rates with due dates from March 2024 to November 2034 | 1,239,081 | 1,136,743 | |||||||||
At floating interest rates with due dates from November 2023 to February 2026 | 423,891 | 443,984 | |||||||||
Principal | 1,662,972 | 1,580,727 | |||||||||
Less: Transaction costs | (4,741) | (5,764) | |||||||||
Total long-term debt, net | 1,658,231 | 1,574,963 | |||||||||
Total long-term borrowings and debt, net | 2,251,057 | 2,222,286 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 0.85% to 5.81% |
0.80% to 5.81% |
|||||||||
Range of floating interest rates on borrowings and debt in U.S. dollars | 6.10% to 6.72% |
4.96% to 6.04% |
|||||||||
Range of fixed interest rates on borrowings and debt in Mexican pesos | 6.50% to 9.20% |
6.50% to 9.20% |
|||||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.69% to 11.80% |
10.55% to 10.93% |
|||||||||
Range of fixed interest rates on debt in Japanese yens | 0.40% to 1.27% |
0.40% to 1.27% |
|||||||||
Range of fixed interest rates on debt in Euros | 0.90% to 3.75% |
0.23% to 3.75% |
|||||||||
Range of fixed interest rates on debt in Australian dollars | 1.41% to 6.81% |
1.41% to 6.81% |
|||||||||
Range of fixed interest rates on debt in Sterling pounds | 1.50 | % | 1.50 | % | |||||||
Range of fixed interest rates on debt in Swiss francs | 0.35 | % | 0.35 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
US dollar | 1,126,076 | 1,155,275 | |||||||||
Mexican peso | 913,300 | 845,867 | |||||||||
Euro | 86,218 | 111,095 | |||||||||
Japanese yen | 90,293 | 76,513 | |||||||||
Australian dollar | 26,489 | 26,968 | |||||||||
Swiss franc | 11,172 | 10,820 | |||||||||
Sterling pound | 4,699 | 4,464 | |||||||||
Carrying amount - principal | 2,258,247 | 2,231,002 |
Outstanding | |||||
2023 | 57,500 | ||||
2024 | 597,802 | ||||
2025 | 999,788 | ||||
2026 | 267,210 | ||||
2027 | 310,770 | ||||
2028 | 1,477 | ||||
2029 | 13,862 | ||||
2034 | 9,838 | ||||
Carrying amount - principal | 2,258,247 |
2023 | 2022 | ||||||||||
Principal as of January 1, | 4,416,511 | 3,304,178 | |||||||||
Net increase in short-term borrowings and debt | (424,273) | 228,057 | |||||||||
Proceeds from long-term borrowings and debt | 71,645 | 511,321 | |||||||||
Payments of long-term borrowings and debt | (158,416) | (181,329) | |||||||||
Change in foreign currency rates | 137,914 | (13,487) | |||||||||
Fair value adjustment due to hedge accounting relationship | 2,208 | (2,229) | |||||||||
Other adjustments | 2,482 | (1,791) | |||||||||
Principal as of June 30, | 4,048,071 | 3,844,720 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 |
||||||||||
Due within 1 year | 1,532 | 1,506 | |||||||||
After 1 year but within 5 years | 7,559 | 7,210 | |||||||||
After 5 years but within 10 years | 11,598 | 12,330 | |||||||||
Total undiscounted lease liabilities | 20,689 | 21,046 | |||||||||
Short-term | 977 | 965 | |||||||||
Long-term | 15,619 | 15,780 | |||||||||
Lease liabilities included in the consolidated statement of financial position | 16,596 | 16,745 |
June 30, | |||||||||||
2023 | 2022 | ||||||||||
Payments of lease liabilities | 518 | 494 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Accruals and other accumulated expenses | 14,000 | 16,812 | |||||||||
Accounts payable | 10,306 | 7,269 | |||||||||
Other | 5,342 | 2,730 | |||||||||
Total | 29,648 | 26,811 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(Thousands of U.S. dollars) | |||||||||||||||||||||||
Profit for the period | 37,066 | 23,022 | 74,020 | 34,141 | |||||||||||||||||||
(U.S. dollars) | |||||||||||||||||||||||
Basic earnings per share | 1.02 | 0.63 | 2.03 | 0.94 | |||||||||||||||||||
Diluted earnings per share | 1.02 | 0.63 | 2.03 | 0.94 | |||||||||||||||||||
(Thousands of shares) | |||||||||||||||||||||||
Weighted average of common shares outstanding applicable to basic EPS | 36,492 | 36,313 | 36,426 | 36,281 | |||||||||||||||||||
Adjusted weighted average of common shares outstanding applicable to diluted EPS | 36,492 | 36,313 | 36,426 | 36,281 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Structured Loans | 788 | 596 | 1,184 | 1,026 | |||||||||||||||||||
Documentary and stand-by letters of credit | 5,025 | 3,491 | 8,949 | 6,820 | |||||||||||||||||||
Other commissions, net |
694 | 182 | 1,186 | 372 | |||||||||||||||||||
Total | 6,507 | 4,269 | 11,319 | 8,218 |
June 30, 2023 |
|||||
Up to 1 year | 4,736 | ||||
From 1 to 2 years | 523 | ||||
Total | 5,259 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, 2023 | Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
Interest income | 133,923 | 25,579 | 159,502 | 256,518 | 46,363 | 302,881 | |||||||||||||||||||||||||||||
Interest expense | (115) | (104,929) | (105,044) | (230) | (195,573) | (195,803) | |||||||||||||||||||||||||||||
Inter-segment net interest income | (85,349) | 85,349 | — | (163,000) | 163,000 | — | |||||||||||||||||||||||||||||
Net interest income | 48,459 | 5,999 | 54,458 | 93,288 | 13,790 | 107,078 | |||||||||||||||||||||||||||||
Other income (expense), net | 6,729 | (3,807) | 2,922 | 11,721 | (2,244) | 9,477 | |||||||||||||||||||||||||||||
Total income | 55,188 | 2,192 | 57,380 | 105,009 | 11,546 | 116,555 | |||||||||||||||||||||||||||||
Provision for credit losses | (6,349) | 1,658 | (4,691) | (10,253) | (769) | (11,022) | |||||||||||||||||||||||||||||
Operating expenses | (12,289) | (3,334) | (15,623) | (24,132) | (7,381) | (31,513) | |||||||||||||||||||||||||||||
Segment profit (loss) | 36,550 | 516 | 37,066 | 70,624 | 3,396 | 74,020 | |||||||||||||||||||||||||||||
Segment assets | 7,148,031 | 2,972,345 | 10,120,376 | ||||||||||||||||||||||||||||||||
Segment liabilities | 329,360 | 8,647,162 | 8,976,522 |
Three months ended June 30, 2022 | Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
Interest income | 55,959 | 8,094 | 64,053 | 96,167 | 12,890 | 109,057 | |||||||||||||||||||||||||||||
Interest expense | (117) | (31,237) | (31,354) | (235) | (50,402) | (50,637) | |||||||||||||||||||||||||||||
Inter-segment net interest income | (27,151) | 27,151 | — | (41,987) | 41,987 | — | |||||||||||||||||||||||||||||
Net interest income | 28,691 | 4,008 | 32,699 | 53,945 | 4,475 | 58,420 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,504 | (285) | 4,219 | 8,637 | 113 | 8,750 | |||||||||||||||||||||||||||||
Total income | 33,195 | 3,723 | 36,918 | 62,582 | 4,588 | 67,170 | |||||||||||||||||||||||||||||
Provision for credit losses | (472) | (361) | (833) | (7,834) | (1,110) | (8,944) | |||||||||||||||||||||||||||||
Operating expenses | (10,283) | (2,780) | (13,063) | (19,083) | (5,002) | (24,085) | |||||||||||||||||||||||||||||
Segment profit (loss) | 22,440 | 582 | 23,022 | 35,665 | (1,524) | 34,141 | |||||||||||||||||||||||||||||
Segment assets | 6,914,479 | 2,001,050 | 8,915,529 | ||||||||||||||||||||||||||||||||
Segment liabilities | 165,620 | 7,708,333 | 7,873,953 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Profit for the period | 37,066 | 23,022 | 74,020 | 34,141 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Assets from reportable segments | 10,120,376 | 8,915,529 | |||||||||||||||||||||
Other assets - unallocated | 13,316 | 8,976 | |||||||||||||||||||||
Total | 10,133,692 | 8,924,505 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Liabilities from reportable segments | 8,976,522 | 7,873,953 | |||||||||||||||||||||
Other liabilities - unallocated | 29,648 | 32,015 | |||||||||||||||||||||
Total | 9,006,170 | 7,905,968 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Assets: | |||||||||||
Demand deposits | 7,787 | 5,986 | |||||||||
Loans, net | 72,056 | 242,024 | |||||||||
Securities at amortized cost | 9,666 | 19,593 | |||||||||
Customers' liabilities under acceptances | 71,997 | — | |||||||||
Total | 161,506 | 267,603 | |||||||||
Liabilities: | |||||||||||
Time deposits | 168,555 | 567,451 | |||||||||
Acceptances outstanding | 71,997 | — | |||||||||
Total | 240,552 | 567,451 | |||||||||
Contingencies: | |||||||||||
Stand-by letters of credit | 1,619 | 3,350 | |||||||||
Loss allowance | (58) | (16) | |||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans | 1,163 | 673 | 2,011 | 1,057 | |||||||||||||||||||
Securities at amortized cost | 56 | 119 | 111 | 221 | |||||||||||||||||||
Total | 1,219 | 792 | 2,122 | 1,278 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | (2,318) | (2,327) | (4,727) | (3,280) | |||||||||||||||||||
Net interest income (expenses) | (1,099) | (1,535) | (2,605) | (2,002) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Fees and commissions, net | 250 | 43 | 257 | 81 | |||||||||||||||||||
Loss on financial instruments, net | — | 92 | — | 54 | |||||||||||||||||||
Total other income, net | 250 | 135 | 257 | 135 | |||||||||||||||||||
Net income from related parties | (849) | (1,400) | (2,348) | (1,867) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation costs to directors | 756 | 499 | 884 | 722 | |||||||||||||||||||
Compensation costs to executives | 1,179 | 786 | 5,325 | 2,488 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 |
December 31, 2022 | ||||||||||
Capital funds | 1,133,721 | 1,072,110 | |||||||||
Risk-weighted assets | 8,317,464 | 8,117,913 | |||||||||
Capital adequacy index | 13.63% | 13.21% |
June 30, 2023 |
December 31, 2022 | ||||||||||
Ordinary capital | 997,703 | 936,092 | |||||||||
Non-risk-weighted assets | 10,268,553 | 9,606,970 | |||||||||
Leverage ratio | 9.72% | 9.74% |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Corporations | 3,850,152 | — | — | — | 10,107 | 3,860,259 | |||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 2,117,645 | — | — | — | — | 2,117,645 | |||||||||||||||||||||||||||||
State-owned | 719,322 | — | — | — | — | 719,322 | |||||||||||||||||||||||||||||
2,836,967 | — | — | — | — | 2,836,967 | ||||||||||||||||||||||||||||||
Sovereign | 107,150 | — | — | — | — | 107,150 | |||||||||||||||||||||||||||||
Total | 6,794,269 | — | — | — | 10,107 | 6,804,376 | |||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||
losses under IFRS (1): |
37,039 | — | — | — | 5,629 | 42,668 | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Corporations | 3,659,018 | — | — | — | 10,107 | 3,669,125 | |||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 2,225,385 | — | 20,000 | — | — | 2,245,385 | |||||||||||||||||||||||||||||
State-owned | 719,882 | — | — | — | — | 719,882 | |||||||||||||||||||||||||||||
2,945,267 | — | 20,000 | — | — | 2,965,267 | ||||||||||||||||||||||||||||||
Sovereign | 128,628 | — | — | — | — | 128,628 | |||||||||||||||||||||||||||||
Total | 6,732,913 | — | 20,000 | — | 10,107 | 6,763,020 | |||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||
losses under IFRS (1): |
33,639 | — | 16,141 | — | 5,420 | 55,200 | |||||||||||||||||||||||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2023 | ||||||||||||||||||||||||||
Current | Past due | Delinquent | Total | |||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||
Corporations | 3,850,152 | — | 10,107 | 3,860,259 | ||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||
Private | 2,117,645 | — | — | 2,117,645 | ||||||||||||||||||||||
State-owned | 719,322 | — | — | 719,322 | ||||||||||||||||||||||
2,836,967 | — | — | 2,836,967 | |||||||||||||||||||||||
Sovereign | 107,150 | — | — | 107,150 | ||||||||||||||||||||||
Total | 6,794,269 | — | 10,107 | 6,804,376 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Current | Past due | Delinquent | Total | |||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||
Corporations | 3,659,018 | — | 10,107 | 3,669,125 | ||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||
Private | 2,225,385 | 20,000 | — | 2,245,385 | ||||||||||||||||||||||
State-owned | 719,882 | — | — | 719,882 | ||||||||||||||||||||||
2,945,267 | 20,000 | — | 2,965,267 | |||||||||||||||||||||||
Sovereign | 128,628 | — | — | 128,628 | ||||||||||||||||||||||
Total | 6,732,913 | 20,000 | 10,107 | 6,763,020 | ||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Impaired loans | — | — | — | — | 10,107 | 10,107 | |||||||||||||||||||||||||||||
Total | — | — | — | — | 10,107 | 10,107 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Impaired loans | — | — | 20,000 | — | 10,107 | 30,107 | |||||||||||||||||||||||||||||
Total | — | — | 20,000 | — | 10,107 | 30,107 |
June 30, 2023 |
December 31, 2022 |
||||||||||
Non-accruing loans: | |||||||||||
Private corporations | 10,107 | 30,107 | |||||||||
Interest that would be reversed if the loans had been classified as non-accruing loans | 240 | 1,173 | |||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |