PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2025

Commission File Number 1-11414

(Exact name of Registrant as specified in its Charter)

(Translation of Registrant’s name into English)

Business Park Torre V, Ave. La Rotonda, Costa del Este

P.O. Box 0819-08730

Panama City, Republic of Panama

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, or “the Bank”), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, announced today its results for the First Quarter (“1Q25”) ended March 31, 2025.

The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

•Solid quarterly trend profitability, with Net Profits of $51.7 million in 1Q25 (+1% YoY), fostered by strong top-line performance, as total revenues increased +7% YoY. Annualized Return on Equity (“ROE”) reached 15.4% in 1Q25.

•Net Interest Income (“NII”) increased 4% YoY to $65.3 million in 1Q25, mainly driven by the constant increase in business volumes. Net Interest Margin (“NIM”) stood at 2.36% in 1Q25 on the impact of lower market rates coupled with increased USD market liquidity driving competitive pricing.

•Fee Income remained strong at $10.6 million for 1Q25 (+12% YoY), stemming from the successful cross-sell initiatives, streamlined processes and new client onboardings.

•Well-managed Efficiency Ratio of 26.9% for 1Q25, despite increased headcount and ongoing investments in technology and business initiatives related to the Bank’s strategy execution.

•New all-time high Credit Portfolio at $11,950 million as of March 31, 2025 (+22% YoY), resulting from:

◦Commercial Portfolio EoP balances reaching a new record level of $10,686 million at the end of 1Q25 (+23% YoY), as the Bank continued experiencing strong credit demand and business growth from new client onboarding and product cross-selling.

◦Investment Portfolio amounted to $1,264 million (+15% YoY), mostly consisting of investment-grade securities outside of Latin America held at amortized cost to further enhance country and credit-risk exposure diversification and provide contingent liquidity funding.

•Healthy asset quality, with most of the credit portfolio (97.9%) remains low risk or Stage 1 at the end of 1Q25. Impaired credits or Stage 3 exposures stood at $17 million or 0.1% of total Credit Portfolio, with a robust reserve coverage of 5.3x.

•Continued expansion of the Bank’s deposit base, reaching all-time high of $5,859 million at the end of 1Q25 (+24% YoY), representing 57% of the Bank’s total funding sources. The Bank also counts on ample and constant access to interbank and debt capital markets.

•Strong Liquidity position at $1,852 million, or 15% of total assets as of March 31, 2025, mainly consisting of deposits placed with the Federal Reserve Bank of New York (67%) and highly rated U.S. banks (23%).

•The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at 15.1% and 13.5%, respectively, enhanced by strong earnings generation and within the Bank’s risk appetite.

Bladex’s activities are comprised of two business segments, Commercial and Treasury. Information related to each segment is set out below. Business segment reporting is based on the Bank’s managerial accounting process, which assigns assets, liabilities, revenue, and expense items to each business segment on a systemic basis.

The Commercial Business Segment encompasses the Bank’s core business of financial intermediation and fee generation activities developed to cater to corporations, financial institutions, and investors in Latin America. These activities include the origination of bilateral short-term and medium-term loans, structured and syndicated credits, loan commitments, and financial guarantee contracts such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk, and other assets consisting of customers’ liabilities under acceptances.

The majority of the Bank’s core financial intermediation business, consisting of loans – principal balance (or the “Loan Portfolio”), amounted to $8,692 million at the end of 1Q25, increasing 4% QoQ and 18% YoY, as the Bank continued experiencing strong credit demand and business growth, even in the context of seasonally slower first quarter and increased market volatility. In addition, contingencies and acceptances amounted to $1,994 million at the end of 1Q25 (+20% QoQ; +49% YoY), driven by strong demand in the Letter of Credit business.

Consequently, the Bank’s Commercial Portfolio reached an all-time high of $10,686 million at the end of 1Q25, increasing 6% from $10,035 million in the prior quarter and increasing 23% from $8,690 million a year ago. In addition, the average Commercial Portfolio balance increased to $10,182 million in 1Q25 (+6% QoQ and +18% YoY).

As of March 31, 2025, 73% of the Commercial Portfolio was scheduled to mature within a year and trade finance transactions accounted for 62% of the Bank’s short-term original book.

Weighted average lending rates stood at 7.53% in 1Q25 (-37 bps QoQ; -101 bps YoY), reflecting the continued effect of lower USD market-based interest rates and ample market liquidity driving competitive pricing.

Bladex maintains well-diversified exposures across countries and industries. Brazil at 14% of the total Commercial Portfolio, continues to represent the largest country-risk exposure, followed by Mexico at 12%, Guatemala at 11%, Colombia and the Dominican Republic at 9% each and Peru at 8%. Exposure to top-rated countries outside of Latin America, which relates to transactions carried out in the Region, represented 7% of the portfolio at the end of 1Q25. As of March 31, 2025, 40% of the Commercial Portfolio was geographically distributed in investment grade countries.

Exposure to the Bank’s traditional client base comprising financial institutions represented 35% of the total, while sovereign and state-owned corporations accounted for another 13%. Exposure to corporates accounted for the remainder 52% of the Commercial Portfolio, comprised of top-tier clients well diversified across sectors, with the most significant exposures in Electric Power at 9%, Food and Beverage at 8%, Oil & Gas (Downstream) at 6% and Oil & Gas (Integrated) at 5% of the Commercial Portfolio at the end of 1Q25.

Refer to Exhibit VII for additional information related to the Bank’s Commercial Portfolio distribution by country.

Profits from the Commercial Business Segment include: (i) net interest income from loans; (ii) fees and commissions from the issuance, confirmation and negotiation of letters of credit, guarantees and loan commitments, as well as through loan structuring and syndication activities; (iii) gain on sale of loans generated through loan intermediation activities, such as sales and distribution in the primary market; (iv) gain (loss) on sale of loans measured at FVTPL; (v) reversal (provision) for credit losses; and (vi) direct and allocated operating expenses.

Commercial Segment Profit totaled $47.9 million in 1Q25 (-3% QoQ and stable YoY), mostly driven by solid top line performance in NII and fee income generation, partly offset by provision requirements, mostly associated with higher letters of credit business and higher YoY operating expenses associated with the Bank’s increased commercial workforce and its strategy execution.

The Treasury Business Segment manages the Bank’s investment portfolio and overall asset and liability structure to enhance funding efficiency and liquidity, mitigating the traditional financial risks associated with the balance sheet, such as interest rate, liquidity, price, and currency risks. Interest-earning assets managed by the Treasury Business Segment include liquidity positions in cash and cash equivalents, as well as highly liquid corporate debt securities rated ‘A-‘ or above, and financial instruments related to investment management activities, consisting of the principal balances of securities at fair value through other comprehensive income (“FVOCI”) and securities at amortized cost (the “Investment Portfolio”). The Treasury Business Segment also manages the Bank’s interest-bearing liabilities, consisting of deposits, securities sold under repurchased agreements, borrowed funds and floating and fixed rate debt placements.

The Bank’s liquid assets, mostly consisting of cash and due from banks, totaled $1,852 million as of March 31, 2025, compared to $1,918 million as of December 31, 2024, and $1,764 million as of March 31, 2024, conforming with the Bank’s proactive and prudent liquidity management approach, which follows Basel methodology’s liquidity coverage ratio, as required by Panamanian banking regulator. At the end of those periods, liquidity balances to total assets represented 15%, 16% and 17%, respectively, while the liquidity balances to total deposits ratio was 32%, 35% and 37% respectively. As of March 31, 2025, 67% of total liquid assets represented deposits placed with the Federal Reserve Bank of New York (“FED”), and 23% of total liquid assets represented deposits placed with highly rated U.S. banks.

The Investment Portfolio, focused on further diversifying credit-risk exposures and providing contingent liquidity funding, amounted to $1,264 million in principal amount as of March 31, 2025, up 6% from the previous quarter and up 15% from a year ago. 85% of the Investment Portfolio consists of investment-grade credit securities eligible for the FED discount window, and $78 million consists of highly rated corporate debt securities (‘A-‘ or above) classified as high quality liquid assets (“HQLA”) in accordance with the specifications of the Basel Committee. Refer to Exhibit VIII for a per-country risk distribution of the Investment Portfolio.

The Bank’s principal sources of funds are deposits, borrowed funds and floating and fixed rate debt placements. As of March 31, 2025, total net funding amounted to $10,322 million, a 3% increase compared to $9,978 million a quarter ago, and a 14% increase compared to $9,021 million a year ago, as the Bank’s ongoing strategic initiative further enhanced its deposit base.

The Bank obtains deposits from central banks, as well as from multilaterals, commercial banks and corporations primarily located in the Region. Total deposits amounted to $5,859 million at the end of 1Q25 (+8% QoQ and +24% YoY), representing 57% of total funding sources, compared to 52% a year ago, highlighting the change in the funding structure towards increased reliance in deposits.

As of March 31, 2025, the Bank’s Yankee CD program totaled $1,065 million, or 11% of total funding sources, providing granularity and complementing the short-term funding structure and long-standing support from the Bank’s Class A shareholders (i.e.: central banks and their designees), which represented 35% of total deposits at the end of 1Q25.

Funding through short and medium-term borrowings and debt, net decreased 8% QoQ and increased 2% YoY to $4,004 million at the end of 1Q25. This ample and constant access to interbank and debt capital markets is clearly evidenced through public debt issuances in Mexico, Panama and the United States, coupled with private debt issuances placed in different markets primarily in Asia, Europe and Latin America. Funding through securities sold under repurchase agreements (“Repos”) reached $458 million at the end of 1Q25 (+115% QoQ; +26% YoY).

The Bank's funding sources are well diversified across geographies and currencies. In addition, the Bank has no significant foreign exchange risk, nor does it hold material open foreign exchange positions. Funding obtained in other currencies is hedged with derivatives to avoid any currency mismatch.

Weighted average funding costs resulted in 5.10% in 1Q25 (-28 bps QoQ; -57 bps YoY), reflecting the continued effect of lower USD market-based interest rates.

Profits from the Treasury Business Segment include net interest income derived from the above-mentioned Treasury assets and liabilities, and related net other income (net results from derivative financial instruments and foreign currency exchange, gain (loss) per financial instruments at fair value through profit or loss (“FVTPL”), gain (loss) on sale of securities at FVOCI, and other income), recovery or impairment loss on financial instruments, and direct and allocated operating expenses.

The Treasury Business Segment recorded a $3.8 million profit for 1Q25 (+94% QoQ; +7% YoY), primarily driven by other income from net gains in its hedging derivatives position offsetting losses from the sale of securities at amortized cost in 1Q25.

NII decreased 3% QoQ and increased 4% YoY to $65.3 million in 1Q25. Solid NII levels continue to be supported by a steady increase in business volumes, together with a higher deposit base allowing for an efficient cost of funds, partly offset by the impact of lower market rates and an inverted yield curve coupled with increased USD market liquidity driving competitive pricing. As a result, NIM decreased to 2.36% in 1Q25 (-8 bps QoQ; -11 bps YoY).

Fees and Commissions, net, include revenues associated with the letter of credit business and guarantees, credit commitments, loan structuring and syndication, loan intermediation and distribution in the primary market, and other commissions, net of fee and commission expenses.

Fees and Commissions, net, resulted in $10.6 million in 1Q25, an 11% QoQ decrease due to seasonal effects when compared to the solid performance achieved in 4Q24; and a 12% YoY increase driven by higher fees from the Bank’s letters of credit business and structuring activities.

As of March 31, 2025, the total allowance for losses stood at $90.0 million, compared to $84.9 million at the end of 4Q24, and $69.5 million a year ago. The $5.2 million quarterly increase in total allowance for losses was mostly associated to higher letters of credit business. Allowances for losses associated with the Credit Portfolio represented a coverage ratio of 0.8% at the end of 1Q25.

As of March 31, 2025, impaired credits (Stage 3) remained at $17 million, or 0.1% of total Credit Portfolio, with ample reserve coverage, compared to $17 million in the previous quarter and $10 million a year ago. Total allowance for credit losses to impaired credits resulted in 5.3 times. Credits categorized as Stage 1 or low-risk credits under IFRS 9 accounted for 97.9% of total credits, while Stage 2 credits represented 2.0% of total credits.

Operating expenses totaled $21.0 million in 1Q25, an 8% QoQ decrease primarily due to seasonally lower other expenses, and a 15% YoY increase primarily driven by higher personnel expenses from increased headcount aimed at enhancing business volumes and strengthening the Bank’s strategy execution capabilities.

The Efficiency Ratio stood at 26.9% in 1Q25, compared to 29.2% in 4Q24 and 25.2% in 1Q24. The quarterly improvement was driven by an 8% decrease in operating expenses as total revenues remained nearly stable, despite increased headcount and ongoing investments in technology and business initiatives related to strategy execution.

The following table shows capital amounts and ratios as of the dates indicated:

The Bank’s equity consists entirely of issued and fully paid ordinary common stock, with 37.2 million common shares outstanding as of March 31, 2025. At the same date, the Tier 1 Basel III Capital Ratio, in which risk-weighted assets are calculated under the advanced internal ratings-based approach (IRB) for credit risk, resulted in 15.1%. Similarly, the Bank’s Capital Adequacy Ratio, as defined by Panama’s banking regulator under Basel’s standardized approach, was 13.5% as of March 31, 2025, well above the regulatory minimum.

•Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.625 per share corresponding to 1Q25. The cash dividend will be paid on June 3, 2025, to shareholders registered as of May 16, 2025.

•Annual Shareholders’ Meeting Results:

◦Elected Ms. Tarciana Paula Gomes Medeiros as Director representing the holders of Class “A” shares of the Bank’s common stock,

◦Reelected Mr. Ricardo Manuel Arango and Mr. Roland Holst, and elected Mrs. Angélica Ruiz Celis, as Directors representing the holders of Class “E” shares of the Bank’s common stock,

◦Approved the Bank’s audited consolidated financial statements for the fiscal year ended December 31, 2024,

◦Ratified KPMG as the Bank’s independent registered public accounting firm for the fiscal year ending December 31, 2025,

◦Approved, on an advisory basis, the compensation of the Bank’s executive officers.

•Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.

•QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively.

1.Earnings per Share (“EPS”) calculation is based on the average number of shares outstanding during each period.

2.ROE refers to return on average stockholders’ equity which is calculated based on unaudited daily average balances.

3.ROA refers to return on average assets which is calculated based on unaudited daily average balances.

4.NIM refers to net interest margin which constitutes to Net Interest Income (“NII”) divided by the average balance of interest-earning assets.

5.NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, less the average yield paid on interest-bearing liabilities.

6.Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.

7.The Bank’s “Credit Portfolio” includes (i) loans – principal balance, which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees (or the “Loan Portfolio”); (ii) principal balance of securities at FVOCI and at amortized cost, which excludes interest receivable and allowance for expected credit losses (or the “Investment Portfolio”); and (iii) loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit and guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances.

8.The Bank’s “Commercial Portfolio” includes loans – principal balance (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances.

9.Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.

10.Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percentage of risk-weighted assets. Risk-weighted assets are estimated based on Basel III capital adequacy guidelines, utilizing internal-ratings based approach or “IRB” for credit risk and standardized approach for operational risk.

11.As defined by the Superintendency of Banks of Panama through Rules No. 01-2015, 03-2016 and 05-2023, based on Basel III standardized approach. The capital adequacy ratio is defined as the ratio of capital funds to risk-

weighted assets, rated according to the asset’s categories for credit risk. In addition, risk-weighted assets consider calculations for market risk and operating risk.

12.Liquid assets consist of total cash and due from banks, excluding time deposits with original maturity over 90 days and other restricted deposits, as well as corporate debt securities rated A- or above. Liquidity ratio refers to liquid assets as a percentage of total assets.

13.Loan Portfolio refers to loans – principal balance, which excludes interest receivable, allowance for loan losses, and unearned interest and deferred fees. Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs.

14.Impaired Credits refers to Non-Performing Loans or NPLs and non-performing securities at FVOCI and at amortized cost.

15.Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses, allowance for investment securities losses and allowance for cash and due from banks losses.

This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this press release include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank’s expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and geopolitical events; the anticipated changes in the Bank’s credit portfolio; the continuation of the Bank’s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank’s allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations.

Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.

There will be a conference call to discuss the Bank’s quarterly results on Tuesday, May 6, 2025, at 11:00 a.m. New York City time (Eastern Time). For those interested in participating, please click here to pre-register to our conference call or visit our website at http://www.bladex.com. Participants should register five minutes before the call is set to begin. The webcast presentation will be available for viewing and downloads on http://www.bladex.com. The conference call will become available for review one hour after its conclusion.

For more information, please access http://www.bladex.com or contact:

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(1)Gross of interest receivable and the allowance for losses relating to deposits.

(2)Gross of interest receivable and the allowance for losses relating to financial instruments at amortized cost.

(3)Includes lease liabilities, net of prepaid commissions.

Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging.

(In US$ thousand)

						AT THE END OF,
						(A)												(B)												(C)
						March 31, 2025												December 31, 2024												March 31, 2024												Change in Amount
COUNTRY						Amount						% of Total  Outstanding						Amount						% of Total  Outstanding						Amount						% of Total  Outstanding						(A) - (B)						(A) - (C)
ARGENTINA						$	362					3						$	110					1						$	170					2						$	252					$	192
BOLIVIA						0						0						1						0						4						0						(1)						(4)
BRAZIL						1,480						12						1,455						13						1,092						11						25						388
CHILE						585						5						539						5						517						5						46						68
COLOMBIA						1,059						9						1,006						9						966						10						53						93
COSTA RICA						443						4						415						4						375						4						28						68
DOMINICAN REPUBLIC						931						8						974						9						742						8						(43)						189
ECUADOR						481						4						487						4						515						5						(6)						(34)
EL SALVADOR						75						1						90						1						75						1						(15)						0
GUATEMALA						1,179						10						1,111						10						845						9						68						334
HONDURAS						235						2						216						2						244						2						19						(9)
JAMAICA						63						1						43						0						98						1						20						(35)
MEXICO						1,330						11						1,231						11						1,019						10						99						311
PANAMA						625						5						545						5						502						5						80						123
PARAGUAY						156						1						192						2						182						2						(36)						(26)
PERU						845						7						801						7						689						7						44						156
PUERTO RICO						28						0						32						0						0						0						(4)						28
TRINIDAD & TOBAGO						169						1						167						1						187						2						2						(18)
UNITED STATES OF AMERICA						828						7						753						7						668						7						75						160
URUGUAY						122						1						67						1						81						1						55						41
MULTILATERAL ORGANIZATIONS						78						1						99						1						98						1						(21)						(20)
OTHER NON-LATAM (1)						876						7						890						8						720						7						(14)						156
TOTAL CREDIT PORTFOLIO (2)						$	11,950					100		%				$	11,224					100		%				$	9,789					100		%				$	726					$	2,161
INTEREST RECEIVABLE						138												132												127												6						11
UNEARNED INTEREST AND DEFERRED FEES						(31)												(31)												(21)												0						(10)
TOTAL CREDIT PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES						$	12,057											$	11,325											$	9,895											$	732					$	2,162