Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2026
Commission File Number 1-11414
BLADEX, INC.
(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
SIGNATURES
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.
|
|
|
|
|
|
|
|
|
| |
|
BLADEX, INC. |
| |
|
(Registrant) |
| |
|
|
| Date: July 28, 2026 |
By: |
/s/ Annette van Hoorde de Solís |
|
Name: |
Annette van Hoorde de Solís |
|
Title: |
Chief Financial Officer |
BLADEX ANNOUNCES NET PROFIT OF $66.5 MILLION FOR THE SECOND QUARTER 2026
PANAMA CITY, REPUBLIC OF PANAMA, JULY 27, 2026
Bladex, Inc. (NYSE: BLX, 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 second quarter (“2Q26”) and the six months (“6M26”) ended June 30, 2026.
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”).
FINANCIAL & BUSINESS HIGHLIGHTS
•All-time high profitability with Net Profits reaching $66.5 million or $1.77 per share in 2Q26 (+4% YoY) and $122.8 million or $3.08 per share in 6M26 (+6% YoY), supported by higher average commercial balances, record fee generation and continued funding optimization, notwithstanding continued margin pressure driven by abundant liquidity and intensified competition for high-quality assets across the Region.
•Adjusted Annualized Return on Equity stood at 16.4% in 2Q26 and 15.3% in 6M26, reflecting disciplined commercial growth, enhanced revenue diversification and continued funding optimization. Including the effect of the AT1 issuance completed in late September 2025, the annualized Return on Equity (“ROE”) reached 15.4% in 2Q26 and 14.5% in 6M26.
•Net Interest Income (“NII”) resulted in $73.3 million in 2Q26 (+8% YoY) and $143.5 million in 6M26 (+8% YoY) mostly driven by higher average business volumes. Net Interest Margin (“NIM”) stood at 2.24% in 2Q26 and 2.29% in 6M26, supported by lower funding costs driven by deposit growth and continued pricing discipline, which was offset by increased market liquidity and intensified competition for high-quality assets that continue to pressure asset pricing and short-term lending spreads.
•Fees and non-interest income reached a record $25.6 million in 2Q26 (+15% YoY), primarily attributable to the growing contribution from fee-generating activities, supported by sustained client engagement and increased transactional activity. Revenues generated by the intermediation of financial instruments have become increasingly an important source of income, generating $1.3 million in 2Q26. Consequently, fees and non-interest income totaled $38.5 million in 6M26 (+10% YoY).
•Well-managed Efficiency Ratio of 24.1% in 2Q26 and 25.2% in 6M26, as higher total revenues more than offset increased operating expenses associated with expanded execution capacity and personnel-related expenses, along with continuing investments in technology, modernization and other strategic initiatives.
•Credit Portfolio reached a record level at $14,466 million as of June 30, 2026 (+19% YoY), resulting from:
◦Commercial Portfolio EoP balances reaching a peak of $13,029 million at the end of 2Q26 (+20% YoY), reflecting growth across loans and contingencies, as the Bank continues to execute its commercial pipeline.
◦Treasury Investment Portfolio of $1,437 million (+5% YoY), mostly consisting of investment-grade securities outside of Latin America held at amortized cost, further enhancing country and credit-risk diversification and providing contingent liquidity funding.
•Sound asset quality, with most of the credit portfolio (98.4%) remaining low-risk or Stage 1 at the end of 2Q26. Stage 2 exposures decreased to 1.1% of the portfolio at the end of 2Q26, reflecting credit quality improvements, maturities, repayments and the migration of a specific exposure to Stage 3. As a result, impaired credits or Stage 3 principal balance increased to $75.1 million or 0.5% of total Credit Portfolio, with a reserve coverage of 1.2x.
•Heightened and diversified deposit base, reaching historically high levels of $7,890 million at the end of 2Q26 (+22% YoY), representing 64% of the Bank’s total funding sources. The Bank also maintained ample and constant access to interbank and debt capital markets.
•Solid liquidity position at $1,922 million, or 13.3% of total assets as of June 30, 2026, mostly consisting of deposits placed with the Federal Reserve Bank of New York (67%) and highly rated banks in the U.S. and other OECD countries (27%).
•The Bank’s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios resulted in 16.6% and 14.3% at the end of 2Q26, respectively, both well above internal targets and regulatory minimum, reflecting the strategic deployment of capital to support profitable business growth.
FINANCIAL SNAPSHOT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million, except percentages and per share amounts) |
|
2Q26 |
|
1Q26 |
|
2Q25 |
|
QoQ (var.) |
YoY (var.) |
6M26 |
|
6M25 |
YoY (var.) |
| Key Income Statement Highlights |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Interest Income ("NII") |
|
$ |
73.3 |
|
|
$ |
70.2 |
|
|
$ |
67.7 |
|
|
4 |
% |
8 |
% |
$ |
143.5 |
|
|
$ |
133.0 |
|
8 |
% |
| Fees and commissions, net |
|
$ |
23.3 |
|
|
$ |
13.1 |
|
|
$ |
19.9 |
|
|
78 |
% |
17 |
% |
$ |
36.5 |
|
|
$ |
30.5 |
|
20 |
% |
| Gain (loss) on financial instruments, net |
|
$ |
2.2 |
|
|
$ |
(0.3) |
|
|
$ |
2.2 |
|
|
764 |
% |
1 |
% |
$ |
1.9 |
|
|
$ |
4.1 |
|
-55 |
% |
| Other income, net |
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
$ |
0.2 |
|
|
3 |
% |
-58 |
% |
$ |
0.2 |
|
|
$ |
0.4 |
|
-46 |
% |
| Total revenues |
|
$ |
98.9 |
|
|
$ |
83.1 |
|
|
$ |
90.0 |
|
|
19 |
% |
10 |
% |
$ |
182.0 |
|
|
$ |
168.0 |
|
8 |
% |
| Impairment losses on financial instruments |
|
$ |
(8.6) |
|
|
$ |
(4.7) |
|
|
$ |
(5.0) |
|
|
-82 |
% |
-71 |
% |
$ |
(13.3) |
|
|
$ |
(10.2) |
|
-30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
$ |
(23.8) |
|
|
$ |
(22.0) |
|
|
$ |
(20.8) |
|
|
-8 |
% |
-14 |
% |
$ |
(45.9) |
|
|
$ |
(41.8) |
|
-10 |
% |
| Profit for the period |
|
$ |
66.5 |
|
|
$ |
56.4 |
|
|
$ |
64.2 |
|
|
18 |
% |
4 |
% |
$ |
122.8 |
|
|
$ |
115.9 |
|
6 |
% |
| Profitability Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share ("EPS") (1)
|
|
$ |
1.77 |
|
|
$ |
1.31 |
|
|
$ |
1.73 |
|
|
35 |
% |
3 |
% |
$ |
3.08 |
|
|
$ |
3.13 |
|
-2 |
% |
Return on Average Equity (“ROE”) (2)
|
|
15.4 |
% |
|
13.5 |
% |
|
18.5 |
% |
|
197bps |
-303bps |
14.5 |
% |
|
17.0 |
% |
-251bps |
Adjusted ROE excluding other equity instruments (3)
|
|
16.4 |
% |
|
14.2 |
% |
|
18.5 |
% |
|
223bps |
-201bps |
15.3 |
% |
|
17.0 |
% |
-162bps |
Return on Average Assets (ROA) (4)
|
|
2.0 |
% |
|
1.8 |
% |
|
2.1 |
% |
|
14bps |
-14bps |
1.9 |
% |
|
2.0 |
% |
-5bps |
Net Interest Margin ("NIM") (5)
|
|
2.24 |
% |
|
2.34 |
% |
|
2.36 |
% |
|
-10bps |
-12bps |
2.29 |
% |
|
2.36 |
% |
-7bps |
Net Interest Spread ("NIS") (6)
|
|
1.64 |
% |
|
1.69 |
% |
|
1.70 |
% |
|
-5bps |
-6bps |
1.66 |
% |
|
1.68 |
% |
-1bps |
Efficiency Ratio (7)
|
|
24.1 |
% |
|
26.5 |
% |
|
23.1 |
% |
|
-237bps |
97bps |
25.2 |
% |
|
24.9 |
% |
29bps |
| Assets, Capital, Liquidity & Credit Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Portfolio (8)
|
|
$ |
14,466 |
|
|
$ |
13,487 |
|
|
$ |
12,182 |
|
|
7 |
% |
19 |
% |
$ |
14,466 |
|
|
$ |
12,182 |
|
19 |
% |
Commercial Portfolio (9)
|
|
$ |
13,029 |
|
|
$ |
12,047 |
|
|
$ |
10,819 |
|
|
8 |
% |
20 |
% |
$ |
13,029 |
|
|
$ |
10,819 |
|
20 |
% |
| Treasury Investment Portfolio |
|
$ |
1,437 |
|
|
$ |
1,440 |
|
|
$ |
1,363 |
|
|
0 |
% |
5 |
% |
$ |
1,437 |
|
|
$ |
1,363 |
|
5 |
% |
| Total assets |
|
$ |
14,437 |
|
|
$ |
13,739 |
|
|
$ |
12,674 |
|
|
5 |
% |
14 |
% |
$ |
14,437 |
|
|
$ |
12,674 |
|
14 |
% |
| Total equity |
|
$ |
1,757 |
|
|
$ |
1,708 |
|
|
$ |
1,415 |
|
|
3 |
% |
24 |
% |
$ |
1,757 |
|
|
$ |
1,415 |
|
24 |
% |
Market capitalization (10)
|
|
$ |
2,311 |
|
|
$ |
1,917 |
|
|
$ |
1,500 |
|
|
21 |
% |
54 |
% |
$ |
2,311 |
|
|
$ |
1,500 |
|
54 |
% |
Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (11)
|
|
16.6 |
% |
|
17.9 |
% |
|
15.0 |
% |
|
-132bps |
163bps |
16.6 |
% |
|
15.0 |
% |
163bps |
Capital Adequacy Ratio (Regulatory) (12)
|
|
14.3 |
% |
|
14.7 |
% |
|
13.9 |
% |
|
-33bps |
41bps |
14.3 |
% |
|
13.9 |
% |
41bps |
| Total Assets / Total Equity (times) |
|
8.2 |
|
8.0 |
|
9.0 |
|
2 |
% |
-8 |
% |
8.2 |
|
9.0 |
-8 |
% |
Liquid Assets / Total Assets (13)
|
|
13.3 |
% |
|
14.5 |
% |
|
15.5 |
% |
|
-115bps |
-214bps |
13.3 |
% |
|
15.5 |
% |
-214bps |
Credit-impaired loans to Loan Portfolio (14)
|
|
0.7 |
% |
|
0.4 |
% |
|
0.2 |
% |
|
32bps |
50bps |
0.7 |
% |
|
0.2 |
% |
50bps |
Impaired credits (15) to Credit Portfolio
|
|
0.5 |
% |
|
0.3 |
% |
|
0.2 |
% |
|
23bps |
37bps |
0.5 |
% |
|
0.2 |
% |
37bps |
Total Allowance for Losses to Credit Portfolio (16)
|
|
0.6 |
% |
|
0.8 |
% |
|
0.8 |
% |
|
-18bps |
-13bps |
0.6 |
% |
|
0.8 |
% |
-13bps |
Total Allowance for Losses to Impaired credits (times) (16)
|
|
1.2 |
|
2.9 |
|
5.1 |
|
-57 |
% |
-75 |
% |
1.2 |
|
5.1 |
-75 |
% |
RESULTS BY BUSINESS SEGMENT
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.
COMMERCIAL BUSINESS SEGMENT
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 and investment securities managed by the Commercial business unit (or “Commercial Bond Portfolio”).
The majority of the Bank’s core financial intermediation business, consisting of loans – principal balance (or the “Loan Portfolio”), amounted to $10,462 million at the end of 2Q26, representing an increase of 8% QoQ and 22% YoY, as the Bank continues to execute its commercial pipeline, including medium-tenor transactions with attractive risk-adjusted returns and stronger trade-related activity across several markets. Contingencies and acceptances amounted to $2,341 million at the end of 2Q26 (+11% QoQ and +5% YoY), supporting solid client demand and commercial activity across the Region. Additionally, the Bank’s Commercial Bond Portfolio reached principal balances of $226 million registered as securities at fair value through comprehensive income (“FVOCI”), as of June 30, 2026.
Consequently, the Bank’s Commercial Portfolio reached an all-time high of $13,029 million at the end of 2Q26, with increases of 8% from $12,047 million in the prior quarter and of 20% from $10,819 million a year ago, highlighting the continued growth resulting from the strategy execution aligned with disciplined capital management. In addition, the average Commercial Portfolio balances totaled $12,394 million in 2Q26 (+10% QoQ and +17% YoY) and $11,858 million in 6M26 (+14% YoY).
As of June 30, 2026, 65% of the Commercial Portfolio was scheduled to mature within a year and trade finance transactions accounted for 56% of the Bank’s short-term book, based on original tenor.
Weighted average lending rates stood at 6.57% in 2Q26 (-14bps QoQ; -85bps YoY) and 6.64% for 6M26 (-83bps YoY), reflecting continued margin compression driven from elevated USD market liquidity and intensified competition for high-quality assets, which continues to pressure asset pricing, yields and spreads, as well as the lagged effect of the market interest rate cuts implemented in late 2025 as the portfolio continues to reprice.
Bladex maintains well-diversified exposures across countries and industries. At the end of 2Q26, Guatemala represents the largest country-risk exposure of the total Commercial Portfolio at 14%, followed by Brazil at 12%, Mexico and Colombia, each at 10%, Panama and Dominican Republic, each at 9%, and exposure to top-rated countries outside of Latin America at 6%, which relates to transactions carried out in the Region. As of June 30, 2026, 35% of the Commercial Portfolio was geographically distributed in investment grade countries.
Exposure to the Bank’s traditional client base comprising financial institutions represented 27% of the total, while sovereign and state-owned corporations accounted for another 16%. Exposure to corporates accounted for the remainder 57% of the Commercial Portfolio, comprised of top-tier clients and well diversified across sectors, with the most significant exposures in Electric Power and Oil & Gas (Integrated), each at 10%, Food and Beverage at 8%, and Retail Trade and Oil & Gas (Downstream) at 5% each, of the Commercial Portfolio at the end of 2Q26.
Refer to Exhibit IX for additional information related to the Bank’s Commercial Portfolio distribution by country.
Commercial Segment Profitability
Profits from the Commercial Business Segment include: (i) net interest income from loans and investment securities of the Commercial bond Portfolio; (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) impairment losses on financial instruments; and (vi) direct and allocated operating expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million) |
|
2Q26 |
|
1Q26 |
|
2Q25 |
|
QoQ (%) |
|
YoY (%) |
|
6M26 |
|
6M25 |
|
YoY (%) |
| Commercial Business Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
$ |
66.0 |
|
|
$ |
62.3 |
|
|
$ |
59.7 |
|
|
6 |
% |
|
11 |
% |
|
$ |
128.3 |
|
|
$ |
118.7 |
|
|
8 |
% |
| Non-interest income, net |
|
23.7 |
|
13.4 |
|
21.5 |
|
76 |
% |
|
10 |
% |
|
37.1 |
|
32.4 |
|
14 |
% |
| Total revenues |
|
89.6 |
|
75.7 |
|
81.2 |
|
18
|
% |
|
10
|
% |
|
165.3 |
|
151.1 |
|
9
|
% |
| Impairment losses on financial instruments |
|
(8.7) |
|
(5.2) |
|
(5.2) |
|
-65 |
% |
|
-67 |
% |
|
(13.9) |
|
(10.3) |
|
-35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
(18.8) |
|
(17.4) |
|
(16.3) |
|
-8 |
% |
|
-15 |
% |
|
(36.1) |
|
(33.2) |
|
-9 |
% |
| Profit for the segment |
|
$ |
62.2
|
|
|
$ |
53.1
|
|
|
$ |
59.7
|
|
|
17
|
% |
|
4
|
% |
|
$ |
115.3
|
|
|
$ |
107.6
|
|
|
7
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Segment Profit totaled $62.2 million in 2Q26 (+17% QoQ and +4% YoY) and $115.3 million in 6M26 (+7% YoY). The increases were mostly driven by the continued top line performance in net interest income supported by heightened average business volumes coupled with strong fee income generation, offsetting the effects of higher operating expenses and increased impairment losses on financial instruments, mainly from increasing Commercial Portfolio balances.
TREASURY BUSINESS SEGMENT
The Treasury Business Segment manages the Bank’s Treasury 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 Treasury investment management activities, consisting of the principal balances of securities at fair value through other comprehensive income (“FVOCI”) and securities at amortized cost (the “Treasury 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.
Liquidity
The Bank’s liquid assets, mostly consisting of cash and due from banks, totaled $1,922 million as of June 30, 2026, compared to $1,988 million as of March 31, 2026, and $1,959 million as of June 30, 2025, highlighting the Bank’s proactive and prudent liquidity management approach in response to higher interest-bearing assets, also conforming with Basel methodology’s liquidity coverage ratio, as required by Panamanian banking regulator. At the end of those periods, liquidity balances to total assets represented 13.3%, 14.5% and 15.5%, respectively, while the liquidity balances to total deposits ratio was 24%, 27% and 30%, respectively. As of June 30, 2026, 67% of total liquid assets represented deposits placed with the Federal Reserve Bank of New York (“FRBNY”) and 27% of total liquid assets represented deposits placed with highly rated banks in the U.S and other OECD countries.
Treasury Investment Portfolio
The Treasury Investment Portfolio, focused on further diversifying credit-risk exposures and providing contingent liquidity funding, amounted to $1,437 million in principal amount as of June 30, 2026, stable from the previous quarter and up 5% from a year ago. As of June 30, 2026, 99% of the Treasury Investment Portfolio consists of investment-grade credit securities eligible for the FRBNY discount window, and $97 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 X for a per-country risk distribution of the Investment Portfolio.
Funding
The Bank’s principal sources of funds are the principal balances of deposits, borrowed funds and floating and fixed rate debt placements. As of June 30, 2026, total net funding amounted to $12,270 million, representing an increase of 6% compared to $11,607 million a quarter ago, and of 18% compared to $10,423 million a year ago, as the Bank continues to diversify its funding base to support the Bank’s ongoing commercial growth.
The Bank obtains deposits from central banks, as well as from multilaterals, commercial banks, brokers and corporations primarily located in the Region. The principal balance of deposits reached a record $7,890 million at the end of 2Q26 (+8% QoQ and +22% YoY), representing 64% of total funding sources. The Bank’s Yankee CD program also reached a record level of $1,973 million, or 16% of total funding sources. These results reflect continued progress in expanding and diversifying the Bank’s deposit base, supported by effective cross-selling efforts and long-standing relationships with central banks, financial institutions, corporations and other institutional depositors.
Class A shareholders (i.e.: central banks and their designees) represented 34% of total deposits at the end of 2Q26, continuing to provide an important and stable component of the Bank’s deposit franchise.
Funding through the principal balance of short and medium-term borrowings and debt, net of transaction costs and interest payable increased 1% QoQ and 9% YoY to $4,149 million at the end of 2Q26. The Bank’s ample and constant access to interbank and debt capital markets is clearly evidenced through public debt issuances in Mexico and Panama, coupled with private debt issuances placed in different markets primarily in Asia, Europe, the United States and Latin America. Funding through the principal balance of securities sold under repurchase agreements (“Repos”) reached $274 million at the end of 2Q26 (+12% QoQ; +39% YoY).
The Bank's funding sources are well diversified across geographies and currencies. The Bank maintained no significant foreign exchange risk and does hold material open foreign exchange positions. Most funding obtained in currencies other than the U.S. dollar is hedged into U.S. dollars through derivative instruments, while a smaller portion is matched with assets denominated in the same currency, thereby avoiding currency mismatches.
Weighted average funding costs resulted in 4.37% in 2Q26 (-6bps QoQ; -62bps YoY) and 4.40% for 6M26 (-64bps YoY), primarily driven by improved funding efficiency resulting from a shift in funding mix towards greater reliance in deposits.
Treasury Segment Profitability
Profits from the Treasury Business Segment include net interest income derived from the above-mentioned Treasury assets and liabilities, and related net other income (net results from derivative financial instruments and foreign currency exchange, gain (loss) per financial instruments at fair value through profit or loss (“FVTPL”), gain (loss) on sale of securities, gain (loss) on intermediary derivatives and other income), recovery or impairment loss on financial instruments, and direct and allocated operating expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million) |
|
2Q26 |
|
1Q26 |
|
2Q25 |
|
QoQ (%) |
|
YoY (%) |
|
6M26 |
|
6M25 |
|
YoY (%) |
| Treasury Business Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income |
|
$ |
7.3 |
|
|
$ |
7.9 |
|
|
$ |
8.1 |
|
|
-8 |
% |
|
-10 |
% |
|
$ |
15.2 |
|
|
$ |
14.3 |
|
|
6 |
% |
| Non-interest income (expense), net |
|
2.0 |
|
(0.5) |
|
0.8 |
|
483 |
% |
|
151 |
% |
|
1.5 |
|
2.6 |
|
-44 |
% |
| Total revenues |
|
9.3 |
|
7.4 |
|
8.9 |
|
25
|
% |
|
4
|
% |
|
16.7 |
|
16.9 |
|
-1
|
% |
| Reversals on financial instruments |
|
0.1 |
|
0.5 |
|
0.2 |
|
-89 |
% |
|
-65 |
% |
|
0.6 |
|
0.0 |
|
2,455 |
% |
| Operating expenses |
|
(5.1) |
|
(4.6) |
|
(4.6) |
|
-10 |
% |
|
-11 |
% |
|
(9.7) |
|
(8.6) |
|
-12 |
% |
| Profit for the segment |
|
$ |
4.2
|
|
|
$ |
3.3
|
|
|
$ |
4.5
|
|
|
29
|
% |
|
-5
|
% |
|
$ |
7.5
|
|
|
$ |
8.3
|
|
|
-9
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Treasury Business Segment recorded $4.2 million profit for 2Q26 (+29% QoQ; -5% YoY) and $7.5 million profit for 6M26 (-9% YoY). The quarterly increase was primarily driven by gains resulting from the Bank’s sales and intermediation of financial instruments and hedging derivatives and foreign exchange positions, offsetting increased operating expenses. The year-to-date decrease was mainly associated with lower results from the Bank’s hedging derivatives and foreign exchange positions, coupled with increased operating expenses.
NET INTEREST INCOME AND MARGINS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million, except percentages) |
|
2Q26 |
|
1Q26 |
|
2Q25 |
|
QoQ (%) |
|
YoY (%) |
|
6M26 |
|
6M25 |
|
YoY (%) |
| Net Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
$199.2 |
|
$185.9 |
|
$194.4 |
|
7 |
% |
|
2 |
% |
|
$385.2 |
|
$383.9 |
|
0 |
% |
| Interest expense |
|
(125.9) |
|
(115.7) |
|
(126.7) |
|
9 |
% |
|
-1 |
% |
|
(241.7) |
|
(250.9) |
|
-4 |
% |
| Net Interest Income ("NII") |
|
$73.3 |
|
$70.2 |
|
$67.7 |
|
4
|
% |
|
8
|
% |
|
$143.5 |
|
$133.0 |
|
8
|
% |
| Net Interest Spread ("NIS") |
|
1.64
|
% |
|
1.69
|
% |
|
1.70
|
% |
|
-5bps |
|
-6bps |
|
1.66
|
% |
|
1.68
|
% |
|
-1bps |
| Net Interest Margin ("NIM") |
|
2.24
|
% |
|
2.34
|
% |
|
2.36
|
% |
|
-10bps |
|
-12bps |
|
2.29
|
% |
|
2.36
|
% |
|
-7bps |
NII resulted in $73.3 million in 2Q26 (+4% QoQ; +8% YoY) and $143.5 million in 6M26 (+8% YoY). Solid NII levels continued to be supported by higher average business volumes, continued pricing discipline, the execution of medium-term transactions with attractive risk-adjusted returns and continued deposit growth that contributed to an efficient cost of funds. These factors help mitigate the ongoing market dynamics, as margin compression driven by high USD market liquidity and intensified competition for high-quality assets continue to pressure asset pricing and short-term lending spreads. Alongside the factors discussed above and considering the cumulative impact of market reference rate cuts implemented last year, NIM stood at 2.24% in 2Q26 and 2.29% for 6M26.
NON-INTEREST INCOME
Non-Interest Income comprises Fees and Commissions, net, including revenues associated with the letter of credit business and guarantees, credit commitments, structuring services, loan intermediation and distribution in the primary market, and other commissions, net of expenses; gains (losses) on financial instruments, net, including gains from the sales of financial instruments, as well as unrealized gains or losses on fair value valuations; and other income, net.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million, except percentages) |
|
2Q26 |
|
1Q26 |
|
2Q25 |
|
QoQ (%) |
|
YoY (%) |
|
6M26 |
|
6M25 |
|
YoY (%) |
| Fees and commissions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Letters of credit and guarantees |
|
9.5 |
|
7.3 |
|
7.8 |
|
31 |
% |
|
22 |
% |
|
16.8 |
|
14.5 |
|
16 |
% |
| Structuring services |
|
7.9 |
|
3.1 |
|
10.0 |
|
152 |
% |
|
-21 |
% |
|
11.0 |
|
12.4 |
|
-11 |
% |
| Credit commitments |
|
5.2 |
|
3.6 |
|
2.8 |
|
45 |
% |
|
86 |
% |
|
8.8 |
|
4.2 |
|
110 |
% |
| Other fees and commissions income |
|
1.9 |
|
|
0.4 |
|
|
0.1 |
|
|
379 |
% |
|
1,947 |
% |
|
2.3 |
|
|
0.5 |
|
|
343 |
% |
| Total fee and commission income |
|
24.5 |
|
|
14.4 |
|
|
20.7 |
|
|
70 |
% |
|
18 |
% |
|
39.0 |
|
|
31.6 |
|
|
23 |
% |
| Fees and commission expenses |
|
(1.2) |
|
|
(1.3) |
|
|
(0.8) |
|
|
6 |
% |
|
-50 |
% |
|
(2.5) |
|
|
(1.2) |
|
|
-117 |
% |
| Fees and Commissions, net |
|
$ |
23.3
|
|
|
$ |
13.1
|
|
|
$ |
19.9
|
|
|
78
|
% |
|
17
|
% |
|
$ |
36.5
|
|
|
$ |
30.5
|
|
|
20
|
% |
| Gain (loss) on financial instruments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans |
|
0.1 |
|
0.0 |
|
1.4 |
|
n.m. |
|
-94 |
% |
|
0.1 |
|
1.4 |
|
-94 |
% |
| Investment securities |
|
0.2 |
|
0.0 |
|
(0.1) |
|
n.m. |
|
366 |
% |
|
0.2 |
|
(0.5) |
|
-152 |
% |
| Derivatives - intermediation |
|
1.3 |
|
0.3 |
|
0.0 |
|
381 |
% |
|
n.m. |
|
1.6 |
|
0.0 |
|
5,713 |
% |
| Other financial instruments |
|
0.5 |
|
(0.6) |
|
0.9 |
|
-189 |
% |
|
-39 |
% |
|
(0.1) |
|
3.2 |
|
102 |
% |
| Gain (loss) on financial instruments, net |
|
2.2 |
|
(0.3) |
|
2.2 |
|
-764
|
% |
|
1
|
% |
|
1.9 |
|
4.1 |
|
55
|
% |
| Other income, net |
|
0.1 |
|
0.1 |
|
0.2 |
|
3 |
% |
|
-58 |
% |
|
0.2 |
|
0.4 |
|
-46 |
% |
| Total other income, net |
|
25.6 |
|
12.9 |
|
22.3 |
|
99
|
% |
|
15
|
% |
|
38.5 |
|
35.0 |
|
10
|
% |
| "n.m." means not meaningful. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income reached $25.6 million in 2Q26 (+99% QoQ; +15% YoY) and $38.5 million in 6M26 (+10% YoY). Fees from letters of credit and guarantees totaled $9.5 million in 2Q26 and $16.8 million in 6M26, supported by sustained client activity and higher transaction volumes. The Bank’s syndication and structuring activities generated $7.9 million of fee income in 2Q26 and $11.0 million in 6M26, as the Bank completed seven transactions during the quarter (nine transactions during the first half of the year, totaling nearly $2.0 billion) supporting financial institutions and corporate clients across six countries and reflecting its regional origination, structuring and distribution capabilities. Credit-commitment fees reached $5.2 million in 2Q26 and $8.8 million in 6M26, primarily reflecting the continued expansion of the Bank’s project and infrastructure finance activities. As the Bank continues to diversify its sources of non-interest income, revenues from the intermediation of financial instruments contributed $1.3 million in 2Q26 and $1.6 million in 6M26. During the quarter, the Bank also recorded higher net gains from hedging derivatives and foreign-exchange positions, together with gains from the sale of investment securities.
PORTFOLIO QUALITY AND TOTAL ALLOWANCE FOR CREDIT LOSSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million, except percentages) |
|
2Q26 |
|
1Q26 |
|
4Q25 |
|
3Q25 |
|
2Q25 |
|
6M26 |
|
6M25 |
| Allowance for loan losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at beginning of the period |
|
$ |
98.0 |
|
|
$ |
94.3 |
|
|
$ |
87.0 |
|
|
$ |
81.9 |
|
|
$ |
77.3 |
|
|
$ |
94.3 |
|
|
$ |
78.2 |
|
| Impairment losses (reversals) |
|
9.5 |
|
|
3.8 |
|
|
6.7 |
|
|
5.1 |
|
|
4.6 |
|
|
13.3 |
|
|
3.8 |
|
| (Write-offs) recoveries |
|
(27.1) |
|
|
0.0 |
|
|
0.6 |
|
|
0.0 |
|
|
0.0 |
|
|
(27.1) |
|
|
0.0 |
|
| End of period balance |
|
$ |
80.5
|
|
|
$ |
98.0
|
|
|
$ |
94.3
|
|
|
$ |
87.0
|
|
|
$ |
81.9
|
|
|
$ |
80.5
|
|
|
$ |
81.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan commitments and financial guarantee contract losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at beginning of the period |
|
$ |
12.8 |
|
|
$ |
12.1 |
|
|
$ |
13.3 |
|
|
$ |
11.9 |
|
|
$ |
11.3 |
|
|
$ |
12.1 |
|
|
$ |
5.4 |
|
| (Reversals) impairment losses |
|
(0.9) |
|
|
0.7 |
|
|
(1.2) |
|
|
1.4 |
|
|
0.5 |
|
|
(0.2) |
|
|
6.5 |
|
| End of period balance |
|
$ |
12.0
|
|
|
$ |
12.8
|
|
|
$ |
12.1
|
|
|
$ |
13.3
|
|
|
$ |
11.9
|
|
|
$ |
12.0
|
|
|
$ |
11.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for investment securities losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at beginning of the period |
|
$ |
1.3 |
|
|
$ |
1.0 |
|
|
$ |
1.2 |
|
|
$ |
1.2 |
|
|
$ |
1.2 |
|
|
$ |
1.0 |
|
|
$ |
1.3 |
|
| Impairment losses (reversals) |
|
(0.1) |
|
|
0.3 |
|
|
(0.2) |
|
|
0.0 |
|
|
0.0 |
|
|
0.2 |
|
|
(0.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| End of period balance |
|
$ |
1.2
|
|
|
$ |
1.3
|
|
|
$ |
1.0
|
|
|
$ |
1.2
|
|
|
$ |
1.2
|
|
|
$ |
1.2
|
|
|
$ |
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total allowance for the Credit Portfolio losses |
|
$ |
93.7
|
|
|
$ |
112.2
|
|
|
$ |
107.4
|
|
|
$ |
101.5
|
|
|
$ |
95.0
|
|
|
$ |
93.7
|
|
|
$ |
95.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for cash and due from banks losses |
|
$ |
0.2 |
|
|
$ |
0.1 |
|
|
$ |
0.2 |
|
|
$ |
0.1 |
|
|
$ |
0.0 |
|
|
$ |
0.2 |
|
|
$ |
0.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total allowance for losses |
|
$ |
93.8
|
|
|
$ |
112.3
|
|
|
$ |
107.6
|
|
|
$ |
101.5
|
|
|
$ |
95.1
|
|
|
$ |
93.8
|
|
|
$ |
95.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (at the end of each period) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for losses to Credit Portfolio |
|
0.6
|
% |
|
0.8
|
% |
|
0.9
|
% |
|
0.8
|
% |
|
0.8
|
% |
|
0.6
|
% |
|
0.8
|
% |
| Credit-impaired loans to Loan Portfolio |
|
0.7
|
% |
|
0.4
|
% |
|
0.4
|
% |
|
0.2
|
% |
|
0.2
|
% |
|
0.7
|
% |
|
0.2
|
% |
| Impaired Credits to Credit Portfolio |
|
0.5
|
% |
|
0.3
|
% |
|
0.3
|
% |
|
0.2
|
% |
|
0.2
|
% |
|
0.5
|
% |
|
0.2
|
% |
| Total allowance for losses to impaired credits (times) |
|
1.2 |
|
2.9 |
|
2.8 |
|
5.4 |
|
5.1 |
|
1.2 |
|
5.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Stage 1 Exposure (low risk) to Total Credit Portfolio |
|
98.4
|
% |
|
97.5
|
% |
|
98.2
|
% |
|
97.2
|
% |
|
97.9
|
% |
|
98.4
|
% |
|
97.9
|
% |
| Stage 2 Exposure (increased risk) to Total Credit Portfolio |
|
1.1
|
% |
|
2.2
|
% |
|
1.5
|
% |
|
2.6
|
% |
|
2.0
|
% |
|
1.1
|
% |
|
2.0
|
% |
| Stage 3 Exposure (credit impaired) to Total Credit Portfolio |
|
0.5
|
% |
|
0.3
|
% |
|
0.3
|
% |
|
0.2
|
% |
|
0.2
|
% |
|
0.5
|
% |
|
0.2
|
% |
As of June 30, 2026, the total allowance for losses stood at $93.8 million, compared to $112.3 million the previous quarter, and $95.1 million a year ago.
The $18.5 million decrease in allowance for credit losses in 2Q26 was mainly associated with the net effect of (i) $28.2 million credit write-offs mostly related to impaired credits of a client in the upstream gas sector and a client in the primary metals manufacturing, both in Colombia, as well as the partial sale of exposures related to a petrochemical company in Brazil that had previously been categorized at Stage 2 due to a significant increase in credit risk since origination, (ii) recoveries of $1.1 million related to a previous write-off loan and (iii) charges for impairment losses on financial instruments amounting to $8.6 million in 2Q26, mainly driven by the growth of the Bank’s Commercial Portfolio.
Credits categorized as Stage 1 or low-risk credits under IFRS 9 accounted for 98.4% of total credits, while Stage 2 exposures decreased to 1.1% of the portfolio, reflecting credit quality improvements, maturities, repayments and the migration to Stage 3 of a deferred-payment letters of credit exposure related to a petrochemical company in Brazil. As a result, impaired credits or Stage 3 principal balance increased to $75.1 million, or 0.5% of total Credit Portfolio, compared to $38.7 million in the previous quarter and $18.7 million a year ago.
Allowances for losses associated with the Credit Portfolio represented a coverage ratio of 0.6% at the end of 2Q26. Total allowance for credit losses to impaired credits resulted in 1.2 times.
OPERATING EXPENSES AND EFFICIENCY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million, except percentages) |
|
2Q26 |
|
1Q26 |
|
2Q25 |
|
QoQ (%) |
|
YoY (%) |
|
6M26 |
|
6M25 |
|
YoY (%) |
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and other employee expenses |
|
14.0 |
|
|
13.3 |
|
|
12.4 |
|
|
5 |
% |
|
13 |
% |
|
27.3 |
|
|
26.3 |
|
|
4 |
% |
| Depreciation and amortization of equipment, right-of-use and leasehold improvements |
|
0.9 |
|
|
0.9 |
|
|
0.7 |
|
|
3 |
% |
|
29 |
% |
|
1.8 |
|
|
1.4 |
|
|
29 |
% |
| Amortization of intangible assets |
|
0.7 |
|
|
0.7 |
|
|
0.3 |
|
|
4 |
% |
|
109 |
% |
|
1.4 |
|
|
0.7 |
|
|
112 |
% |
| Other expenses |
|
8.2 |
|
|
7.1 |
|
|
7.4 |
|
|
17 |
% |
|
12 |
% |
|
15.3 |
|
|
13.4 |
|
|
14 |
% |
| Total Operating Expenses |
|
$ |
23.8
|
|
|
$ |
22.0
|
|
|
$ |
20.8
|
|
|
8
|
% |
|
14
|
% |
|
$ |
45.9
|
|
|
$ |
41.8
|
|
|
10
|
% |
| Efficiency Ratio |
|
24.1
|
% |
|
26.5
|
% |
|
23.1
|
% |
|
-237bps |
|
97bps |
|
25.2
|
% |
|
24.9
|
% |
|
29bps |
Operating expenses totaled $23.8 million in 2Q26 (+8% QoQ; +14% YoY) and $45.9 million in 6M26 (+10% YoY). The quarterly and yearly increases were mostly associated with increased execution capacity and personnel-related expenses, along with continuing investments in technology, modernization and other business initiatives related to the Bank’s strategic priorities, including its associated operating costs and depreciation and amortization.
The Efficiency Ratio totaled 24.1% in 2Q26 (-237bps QoQ; +97bps YoY) and 25.2% for 6M26 (+29bps YoY) as higher total revenues offset the pressure from ongoing operating expenses, demonstrating the Bank’s ability to absorb strategic investments while preserving cost discipline, balancing investments in growth, modernization and transformation with a continued focus on operating leverage and efficiency.
CAPITAL RATIOS AND CAPITAL MANAGEMENT
The following table shows capital amounts and ratios as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (US$ million, except percentages and shares outstanding) |
|
30-Jun-26 |
|
31-Mar-26 |
|
30-Jun-25 |
|
QoQ (%) |
|
YoY (%) |
| Common equity |
|
$ |
1,559 |
|
|
$ |
1,510 |
|
|
$ |
1,415 |
|
|
3 |
% |
|
10 |
% |
| Other equity instruments |
|
$ |
198 |
|
|
$ |
198 |
|
|
$ |
0 |
|
|
0 |
% |
|
n.m. |
| Total equity |
|
$ |
1,757 |
|
|
$ |
1,708 |
|
|
$ |
1,415 |
|
|
3 |
% |
|
24 |
% |
| Total assets / Total equity (times) |
|
8.2 |
|
8.0 |
|
9.0 |
|
2 |
% |
|
-8 |
% |
| Shares outstanding (in thousand) |
|
37,599 |
|
37,536 |
|
37,231 |
|
0 |
% |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
Basel III International Framework (11)
|
|
|
|
|
|
|
|
|
|
|
| Risk-Weighted Assets (Basel III – IRB) |
|
$ |
10,545 |
|
|
$ |
9,505 |
|
|
$ |
9,433 |
|
|
11 |
% |
|
12 |
% |
| Tier 1 capital to risk weighted assets (Basel III – IRB) |
|
16.6
|
% |
|
17.9
|
% |
|
15.0
|
% |
|
-132bps |
|
163bps |
|
|
|
|
|
|
|
|
|
|
|
Panama's Banking Regulation (12)
|
|
|
|
|
|
|
|
|
|
|
| Risk-Weighted Assets |
|
$ |
12,132 |
|
|
$ |
11,592 |
|
|
$ |
10,156 |
|
|
5 |
% |
|
19 |
% |
| Ordinary Common Tier 1 Capital Ratio |
|
11.3 |
% |
|
11.6 |
% |
|
12.5 |
% |
|
-32bps |
|
-124bps |
| Total Common Tier 1 Capital Ratio |
|
12.9 |
% |
|
13.3 |
% |
|
12.5 |
% |
|
-40bps |
|
39bps |
| Capital Adequacy Ratio |
|
14.3
|
% |
|
14.7
|
% |
|
13.9
|
% |
|
-33bps |
|
41bps |
The Bank’s equity mainly consists of issued and fully paid ordinary common stock, with 37.6 million common shares outstanding as of June 30, 2026. In addition, the Bank’s capital position considers the US$200 million inaugural Additional Tier 1 (AT1) capital issuance, registered in the Bank’s statement of financial position as other equity instruments, net of transaction costs.
As of June 30, 2026, 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 16.6%. Similarly, the Bank’s Capital Adequacy Ratio, as defined by Panama’s banking regulator under Basel’s standardized approach, was 14.3% as of June 30, 2026, well above the regulatory minimum of 9.25%. Additionally, the Bank’s Ordinary Common Tier 1 Capital Ratio, as defined by the Panama’s banking regulator, was 11.3% as of June 30, 2026, well above the regulatory minimum of 5.75%.
Recent Events:
•Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.6875 per share corresponding to 2Q26. The cash dividend will be paid on August 25, 2026, to shareholders registered as of August 7, 2026.
•Rating updates: On June 18, 2026, S&P Global Ratings upgraded the Bank’s global long-term issuer credit ratings to “BBB+” and affirmed the short-term issuer credit rating at “A-2” on robust credit risk management, superior asset quality indicators, a well-diversified portfolio across geographies, economic sectors, and client profiles; and resilient earnings and strong capital adequacy, which give it ample capacity to absorb unexpected credit losses. The outlook remains “Stable”.
On June 16, 2026, Moody’s Investors Service affirmed Bladex’s all ratings, including its long- and short-term foreign currency deposit ratings at “Baa2/Prime-2”, respectively. The outlook on Bladex’s long-term foreign currency ratings remains “Stable”.
On April 28, 2026, Fitch Ratings affirmed Bladex’s Long- and Short-Term Issuer Default Rating at ‘BBB/F2’, respectively. The outlook remains “Stable”. In addition, the Bank’s National Long- and Short-Term ratings were affirmed at ‘AAA(pan)’/Outlook Stable, and ‘F1+(pan)’, respectively.
Notes:
•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.
Footnotes:
1.Earnings per Share (“EPS”) calculation is based on profit attributable to common shareholders, after deducting distributions accrued on AT1 instruments, divided by the weighted-average number of common shares outstanding during the period.
2.ROE refers to return on average stockholders’ equity which is calculated based on unaudited daily average balances.
3.ROE excluding other equity instruments refers to the adjusted net profit after AT1 distributions over average stockholders’ equity excluding other equity instruments, which is calculated based on unaudited daily average balances.
4.ROA refers to return on average assets which is calculated based on unaudited daily average balances.
5.NIM refers to net interest margin which constitutes to Net Interest Income (“NII”) divided by the average balance of interest-earning assets.
6.NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, minus the average yield paid on interest-bearing liabilities.
7.Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
8.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; 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.
9.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; and the principal balance of investment securities managed by the Bank’s Commercial Unit (or the “Commercial Bond Portfolio”).
10.Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
11.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.
12.As defined by the Superintendency of Banks of Panama (“SBP”) 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.
13.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.
14.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.
15.Impaired Credits refers to the principal balance of Non-Performing Loans or NPLs and non-performing securities at FVOCI and at amortized cost.
16.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.
SAFE HARBOR STATEMENT
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.
ABOUT BLADEX
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.
CONFERENCE CALL INFORMATION
There will be a conference call to discuss the Bank’s quarterly results on Tuesday, July 28, 2026, 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 https://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 https://bladex.com/. The conference call will become available for review one hour after its conclusion.
For more information, please access https://bladex.com or contact:
|
|
|
|
|
|
|
Mr. Carlos Daniel Raad
Chief Investor Relations Officer
Tel: +507 366-4925 ext. 7925
E-mail: craad@bladex.com / ir@bladex.com
|
EXHIBIT I
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AT THE END OF, |
|
|
|
|
|
|
|
|
|
(A) |
|
(B) |
|
(C) |
|
(A) - (B) |
|
|
|
(A) - (C) |
|
|
|
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
|
CHANGE |
|
% |
|
CHANGE |
|
% |
|
(In US$ thousand) |
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and due from banks |
$ |
1,888,971 |
|
|
$ |
2,016,428 |
|
|
$ |
1,998,810 |
|
|
$ |
(127,457) |
|
|
(6) |
% |
|
$ |
(109,839) |
|
|
(5) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment securities |
1,683,153 |
|
|
1,690,352 |
|
|
1,377,813 |
|
|
(7,199) |
|
|
0 |
|
305,340 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loans |
10,465,018 |
|
|
9,683,093 |
|
|
8,583,899 |
|
|
781,925 |
|
|
8 |
|
1,881,119 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customers' liabilities under acceptances |
198,040 |
|
|
230,591 |
|
|
602,232 |
|
|
(32,551) |
|
|
(14) |
|
(404,192) |
|
|
(67) |
| Trading derivative - assets |
6,317 |
|
|
2,431 |
|
|
2,189 |
|
|
3,886 |
|
|
160 |
|
4,128 |
|
|
189 |
| Hedging derivative financial instruments - assets |
96,886 |
|
|
57,644 |
|
|
63,713 |
|
|
39,242 |
|
|
68 |
|
33,173 |
|
|
52 |
| Equipment, right-of-use assets and leasehold improvements, net |
21,749 |
|
|
20,462 |
|
|
19,417 |
|
|
1,287 |
|
|
6 |
|
2,332 |
|
|
12 |
| Intangible assets |
9,906 |
|
|
10,596 |
|
|
3,462 |
|
|
(690) |
|
|
(7) |
|
6,444 |
|
|
186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
66,805 |
|
|
27,544 |
|
|
22,672 |
|
|
39,261 |
|
|
143 |
|
44,133 |
|
|
195 |
| Total assets |
$ |
14,436,845
|
|
|
$ |
13,739,141
|
|
|
$ |
12,674,207
|
|
|
$ |
697,704
|
|
|
5
|
% |
|
$ |
1,762,638
|
|
|
14
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Customer deposits |
$ |
7,934,541 |
|
|
$ |
7,347,763 |
|
|
$ |
6,491,382 |
|
|
$ |
586,778 |
|
|
8 |
|
$ |
1,443,159 |
|
|
22 |
| Securities sold under repurchase agreements |
275,310 |
|
|
245,880 |
|
|
198,503 |
|
|
29,430 |
|
|
12 |
|
76,807 |
|
|
39 |
| Borrowings and debt |
4,148,884 |
|
|
4,090,790 |
|
|
3,821,993 |
|
|
58,094 |
|
|
1 |
|
326,891 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lease liabilities |
19,329 |
|
|
18,068 |
|
|
18,713 |
|
|
1,261 |
|
|
7 |
|
616 |
|
|
3 |
| Acceptance outstanding |
198,040 |
|
|
230,591 |
|
|
602,232 |
|
|
(32,551) |
|
|
(14) |
|
(404,192) |
|
|
(67) |
| Trading derivative - liabilities |
3,601 |
|
|
1,033 |
|
|
191 |
|
|
2,568 |
|
|
249 |
|
3,410 |
|
|
1,785 |
| Hedging derivative financial instruments - liabilities |
46,463 |
|
|
48,015 |
|
|
69,217 |
|
|
(1,552) |
|
|
(3) |
|
(22,754) |
|
|
(33) |
| Provisions for losses on loan commitments and financial guarantee contract |
11,967 |
|
|
12,836 |
|
|
11,877 |
|
|
(869) |
|
|
(7) |
|
90 |
|
|
1 |
| Other liabilities |
41,391 |
|
|
36,150 |
|
|
44,619 |
|
|
5,241 |
|
|
14 |
|
(3,228) |
|
|
(7) |
| Total liabilities |
$ |
12,679,526
|
|
|
$ |
12,031,126
|
|
|
$ |
11,258,727
|
|
|
$ |
648,400
|
|
|
5
|
% |
|
$ |
1,420,799
|
|
|
13
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common stock |
$ |
279,980 |
|
|
$ |
279,980 |
|
|
$ |
279,980 |
|
|
$ |
0 |
|
|
0 |
% |
|
$ |
0 |
|
|
0 |
% |
| Treasury stock |
(90,879) |
|
|
(92,016) |
|
|
(97,578) |
|
|
1,137 |
|
|
1 |
|
6,699 |
|
|
7 |
| Other equity instruments |
197,976 |
|
|
197,976 |
|
|
0 |
|
|
0 |
|
|
0 |
|
197,976 |
|
|
n.m. |
| Additional paid-in capital in excess of value assigned to common stock |
123,157 |
|
|
121,995 |
|
|
120,854 |
|
|
1,162 |
|
|
1 |
|
2,303 |
|
|
2 |
| Capital reserves |
95,210 |
|
|
95,210 |
|
|
95,210 |
|
|
0 |
|
|
0 |
|
0 |
|
|
0 |
| Regulatory reserves |
189,969 |
|
|
163,946 |
|
|
149,665 |
|
|
26,023 |
|
|
16 |
|
40,304 |
|
|
27 |
| Retained earnings |
949,206 |
|
|
934,624 |
|
|
861,430 |
|
|
14,582 |
|
|
2 |
|
87,776 |
|
|
10 |
| Other comprehensive income |
12,700 |
|
|
6,300 |
|
|
5,919 |
|
|
6,400 |
|
|
102 |
|
6,781 |
|
|
115 |
| Total equity |
$ |
1,757,319
|
|
|
$ |
1,708,015
|
|
|
$ |
1,415,480
|
|
|
$ |
49,304
|
|
|
3
|
% |
|
$ |
341,839
|
|
|
24
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and equity |
$ |
14,436,845
|
|
|
$ |
13,739,141
|
|
|
$ |
12,674,207
|
|
|
$ |
697,704
|
|
|
5
|
% |
|
$ |
1,762,638
|
|
|
14
|
% |
(*) "n.m."means not meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT II
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOR THE THREE MONTHS ENDED |
|
|
|
|
|
|
|
|
| |
(A) |
|
(B) |
|
(C) |
|
(A) - (B) |
|
|
|
(A) - (C) |
|
|
| |
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
|
CHANGE |
|
% |
|
CHANGE |
|
% |
| Net Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
$ |
199,217 |
|
|
$ |
185,948 |
|
|
$ |
194,431 |
|
|
$ |
13,269 |
|
|
7 |
% |
|
$ |
4,786 |
|
|
2 |
% |
| Interest expense |
(125,938) |
|
|
(115,742) |
|
|
(126,692) |
|
|
(10,196) |
|
|
(9) |
|
754 |
|
|
1 |
| Net Interest Income |
73,279
|
|
|
70,206
|
|
|
67,739
|
|
|
3,073
|
|
|
4 |
|
5,540
|
|
|
8 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fees and commissions, net |
23,335 |
|
|
13,130 |
|
|
19,912 |
|
|
10,205 |
|
|
78 |
|
3,423 |
|
|
17 |
| Gain (loss) on financial instruments, net |
2,191 |
|
|
(330) |
|
|
2,161 |
|
|
2,521 |
|
|
764 |
|
30 |
|
|
1 |
| Other income |
97 |
|
|
94 |
|
|
230 |
|
|
3 |
|
|
3 |
|
(133) |
|
|
(58) |
| Total other income, net |
25,623 |
|
|
12,894 |
|
|
22,303 |
|
|
12,729 |
|
|
99 |
|
3,320 |
|
|
15 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
98,902
|
|
|
83,100
|
|
|
90,042
|
|
|
15,802
|
|
|
19 |
|
8,860
|
|
|
10 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Impairment losses on financial instruments |
(8,599) |
|
|
(4,734) |
|
|
(5,019) |
|
|
(3,865) |
|
|
(82) |
|
(3,580) |
|
|
(71) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and other employee expenses |
(13,953) |
|
|
(13,349) |
|
|
(12,384) |
|
|
(604) |
|
|
(5) |
|
(1,569) |
|
|
(13) |
| Depreciation and amortization of equipment, right-of-use and leasehold improvements |
(928) |
|
|
(900) |
|
|
(721) |
|
|
(28) |
|
|
(3) |
|
(207) |
|
|
(29) |
| Amortization of intangible assets |
(726) |
|
|
(701) |
|
|
(348) |
|
|
(25) |
|
|
(4) |
|
(378) |
|
|
(109) |
| Other expenses |
(8,242) |
|
|
(7,061) |
|
|
(7,386) |
|
|
(1,181) |
|
|
(17) |
|
(856) |
|
|
(12) |
| Total operating expenses |
(23,849) |
|
|
(22,011) |
|
|
(20,839) |
|
|
(1,838) |
|
|
(8) |
|
(3,010) |
|
|
(14) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit for the period |
$ |
66,454
|
|
|
$ |
56,355
|
|
|
$ |
64,184
|
|
|
$ |
10,099
|
|
|
18
|
% |
|
$ |
2,270
|
|
|
4
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
$ |
1.77 |
|
|
$ |
1.31 |
|
|
$ |
1.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value (period average) |
$ |
40.71 |
|
|
$ |
40.15 |
|
|
$ |
37.50 |
|
|
|
|
|
|
|
|
|
| Book value (period end) |
$ |
41.47 |
|
|
$ |
40.23 |
|
|
$ |
38.02 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average basic shares (in thousands of shares) |
37,579 |
|
|
37,387 |
|
|
37,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic shares period end (in thousands of shares) |
37,599 |
|
|
37,536 |
|
|
37,231 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PERFORMANCE RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
2.0 |
% |
|
1.8 |
% |
|
2.1 |
% |
|
|
|
|
|
|
|
|
| Return on average equity |
15.4 |
% |
|
13.5 |
% |
|
18.5 |
% |
|
|
|
|
|
|
|
|
| Net interest margin |
2.24 |
% |
|
2.34 |
% |
|
2.36 |
% |
|
|
|
|
|
|
|
|
| Net interest spread |
1.64 |
% |
|
1.69 |
% |
|
1.70 |
% |
|
|
|
|
|
|
|
|
| Efficiency Ratio |
24.1 |
% |
|
26.5 |
% |
|
23.1 |
% |
|
|
|
|
|
|
|
|
| Operating expenses to total average assets |
0.71 |
% |
|
0.71 |
% |
|
0.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT III
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOR THE SIX MONTHS ENDED |
|
|
|
|
| |
(A) |
|
(B) |
|
(A) - (B) |
|
|
| |
June 30, 2026 |
|
June 30, 2025 |
|
CHANGE |
|
% |
| Net Interest Income: |
|
|
|
|
|
|
|
| Interest income |
$ |
385,165 |
|
|
$ |
383,851 |
|
|
$ |
1,314 |
|
|
0 |
% |
| Interest expense |
(241,680) |
|
|
(250,856) |
|
|
9,176 |
|
|
4 |
|
|
|
|
|
|
|
|
|
| Net Interest Income |
143,485 |
|
|
132,995 |
|
|
10,490 |
|
|
8 |
|
| |
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
| Fees and commissions, net |
36,465 |
|
|
30,495 |
|
|
5,970 |
|
|
20 |
|
| Gain on financial instruments, net |
1,861 |
|
|
4,145 |
|
|
(2,284) |
|
|
(55) |
|
| Other income |
191 |
|
|
356 |
|
|
(165) |
|
|
(46) |
|
| Total other income, net |
38,517 |
|
|
34,996 |
|
|
3,521 |
|
|
10 |
|
| |
|
|
|
|
|
|
|
| Total revenues |
182,002 |
|
|
167,991 |
|
|
14,011 |
|
|
8 |
|
| |
|
|
|
|
|
|
|
| Impairment losses on financial instruments |
(13,333) |
|
|
(10,235) |
|
|
(3,098) |
|
|
(30) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
| Salaries and other employee expenses |
(27,302) |
|
|
(26,322) |
|
|
(980) |
|
|
(4) |
|
| Depreciation and amortization of equipment, right-of-use and leasehold improvements |
(1,828) |
|
|
(1,414) |
|
|
(414) |
|
|
(29) |
|
| Amortization of intangible assets |
(1,427) |
|
|
(674) |
|
|
(753) |
|
|
(112) |
|
| Other expenses |
(15,303) |
|
|
(13,430) |
|
|
(1,873) |
|
|
(14) |
|
| Total operating expenses |
(45,860) |
|
|
(41,840) |
|
|
(4,020) |
|
|
(10) |
|
| |
|
|
|
|
|
|
|
| Profit for the period |
$ |
122,809 |
|
|
$ |
115,916 |
|
|
$ |
6,893 |
|
|
6 |
% |
| |
|
|
|
|
|
|
|
| PER COMMON SHARE DATA: |
|
|
|
|
|
|
|
| Basic earnings per share |
$ |
3.08 |
|
|
$ |
3.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book value (period average) |
$ |
40.44 |
|
|
$ |
37.17 |
|
|
|
|
|
| Book value (period end) |
$ |
41.47 |
|
|
$ |
38.02 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Weighted average basic shares (in thousands of shares) |
37,483 |
|
|
37,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic shares period end (in thousands of shares) |
37,599 |
|
|
37,231 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
| PERFORMANCE RATIOS: |
|
|
|
|
|
|
|
| Return on average assets |
1.9 |
% |
|
2.0 |
% |
|
|
|
|
| Return on average equity |
14.5 |
% |
|
17.0 |
% |
|
|
|
|
| Net interest margin |
2.29 |
% |
|
2.36 |
% |
|
|
|
|
| Net interest spread |
1.66 |
% |
|
1.68 |
% |
|
|
|
|
| Efficiency Ratio |
25.2 |
% |
|
24.9 |
% |
|
|
|
|
| Operating expenses to total average assets |
0.71 |
% |
|
0.71 |
% |
|
|
|
|
EXHIBIT IV
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOR THE THREE MONTHS ENDED |
| |
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
| (In US$ thousand, except percentages) |
AVERAGE BALANCE |
|
INTEREST |
|
AVG. RATE |
|
AVERAGE BALANCE |
|
INTEREST |
|
AVG. RATE |
|
AVERAGE BALANCE |
|
INTEREST |
|
AVG. RATE |
| |
(In US$ thousand) |
| INTEREST EARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks (1)
|
$ |
1,525,657 |
|
|
$ |
14,075 |
|
|
3.65 |
% |
|
$ |
1,422,693 |
|
|
$ |
13,192 |
|
|
3.71 |
% |
|
$ |
1,702,178 |
|
|
$ |
18,845 |
|
|
4.38 |
% |
| Securities at fair value through OCI |
296,011 |
|
|
4,196 |
|
|
5.61 |
|
165,121 |
|
|
2,132 |
|
|
5.16 |
|
120,400 |
|
|
1,812 |
|
|
5.95 |
Securities at amortized cost (2)
|
1,377,221 |
|
|
16,198 |
|
|
4.65 |
|
1,371,978 |
|
|
16,264 |
|
|
4.74 |
|
1,179,561 |
|
|
14,359 |
|
|
4.82 |
Loans, net of unearned interest (2)
|
9,922,103 |
|
|
164,748 |
|
|
6.57 |
|
9,196,336 |
|
|
154,360 |
|
|
6.71 |
|
8,502,456 |
|
|
159,415 |
|
|
7.42 |
| TOTAL INTEREST EARNING ASSETS |
$ |
13,120,991
|
|
|
$ |
199,217
|
|
|
6.01
|
% |
|
$ |
12,156,128
|
|
|
$ |
185,948
|
|
|
6.12
|
% |
|
$ |
11,504,595
|
|
|
$ |
194,431
|
|
|
6.69
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
(98,322) |
|
|
|
|
|
(94,918) |
|
|
|
|
|
(34,776) |
|
|
|
|
| Non interest earning assets |
489,632 |
|
|
|
|
|
428,542 |
|
|
|
|
|
700,141 |
|
|
|
|
| TOTAL ASSETS |
$ |
13,512,301
|
|
|
|
|
|
|
$ |
12,489,751
|
|
|
|
|
|
|
$ |
12,169,959
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
7,206,231 |
|
$ |
74,203 |
|
|
4.07 |
% |
|
6,673,642 |
|
$ |
68,639 |
|
|
4.11 |
% |
|
$ |
6,216,129 |
|
|
$ |
74,507 |
|
|
4.74 |
% |
| Securities sold under repurchase agreement |
197,557 |
|
2,200 |
|
|
4.40 |
|
142,530 |
|
1,640 |
|
|
4.60 |
|
232,045 |
|
|
2,860 |
|
|
4.88 |
| Short-term borrowings and debt |
1,334,634 |
|
15,076 |
|
|
4.47 |
|
1,084,428 |
|
12,102 |
|
|
4.46 |
|
881,949 |
|
|
11,151 |
|
|
5.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term borrowings and debt, net (3)
|
2,672,089 |
|
34,459 |
|
|
5.10 |
|
2,543,420 |
|
33,361 |
|
|
5.25 |
|
2,717,418 |
|
38,174 |
|
|
5.56 |
| TOTAL INTEREST BEARING LIABILITIES |
$ |
11,410,511
|
|
|
$ |
125,938
|
|
|
4.37
|
% |
|
$ |
10,444,020
|
|
|
$ |
115,742
|
|
|
4.43
|
% |
|
$ |
10,047,540
|
|
|
$ |
126,692
|
|
|
4.99
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non interest bearing liabilities and other liabilities |
$ |
373,833 |
|
|
|
|
|
|
$ |
346,544 |
|
|
|
|
|
|
$ |
727,274 |
|
|
|
|
|
| TOTAL LIABILITIES |
11,784,343 |
|
|
|
|
|
|
10,790,564 |
|
|
|
|
|
|
10,774,814 |
|
|
|
|
|
| TOTAL EQUITY |
1,727,958 |
|
|
|
|
|
|
1,699,187 |
|
|
|
|
|
|
1,395,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND EQUITY |
$ |
13,512,301
|
|
|
|
|
|
|
$ |
12,489,751
|
|
|
|
|
|
|
$ |
12,169,959
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST SPREAD |
|
|
|
|
1.64
|
% |
|
|
|
|
|
1.69
|
% |
|
|
|
|
|
1.70
|
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AND NET INTEREST MARGIN |
|
|
$ |
73,279
|
|
|
2.24
|
% |
|
|
|
$ |
70,206
|
|
|
2.34
|
% |
|
|
|
$ |
67,739
|
|
|
2.36
|
% |
(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.
EXHIBIT V
CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOR THE SIX MONTHS ENDED |
| |
June 30, 2026 |
|
June 30, 2025 |
| (In US$ thousand, except percentages) |
AVERAGE BALANCE |
|
INTEREST |
|
AVG. RATE |
|
AVERAGE BALANCE |
|
INTEREST |
|
AVG. RATE |
| |
(In US$ thousand) |
| INTEREST EARNING ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks (1)
|
$ |
1,474,459 |
|
|
$ |
27,267 |
|
|
3.68 |
% |
|
$ |
1,649,762 |
|
|
$ |
35,693 |
|
|
4.30 |
% |
| Securities at fair value through OCI |
230,927 |
|
|
6,328 |
|
|
5.45 |
|
123,554 |
|
|
3,569 |
|
|
5.74 |
Securities at amortized cost (2)
|
1,374,614 |
|
|
32,462 |
|
|
4.70 |
|
1,135,944 |
|
|
26,912 |
|
|
4.71 |
Loans, net of unearned interest (2)
|
9,561,224 |
|
|
319,108 |
|
|
6.64 |
|
8,453,105 |
|
|
317,677 |
|
|
7.47 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INTEREST EARNING ASSETS |
$ |
12,641,225 |
|
|
$ |
385,165 |
|
|
6.06 |
% |
|
$ |
11,362,365 |
|
|
$ |
383,851 |
|
|
6.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan losses |
(96,630) |
|
|
|
|
|
(59,899) |
|
|
|
|
| Non interest earning assets |
459,256 |
|
|
|
|
|
639,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
$ |
13,003,851 |
|
|
|
|
|
|
$ |
11,942,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INTEREST BEARING LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
$ |
6,941,407 |
|
|
$ |
142,842 |
|
|
4.09 |
% |
|
$ |
5,921,501 |
|
|
$ |
142,385 |
|
|
4.78 |
% |
| Securities sold under repurchase agreement |
170,196 |
|
$ |
3,840 |
|
|
4.49 |
|
211,963 |
|
$ |
5,261 |
|
|
4.94 |
| Short-term borrowings and debt |
1,210,222 |
|
$ |
27,177 |
|
|
4.47 |
|
1,018,991 |
|
$ |
25,753 |
|
|
5.03 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term borrowings and debt, net (3)
|
2,608,110 |
|
|
67,821 |
|
|
5.17 |
|
2,740,157 |
|
|
77,457 |
|
|
5.62 |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL INTEREST BEARING LIABILITIES |
$ |
10,929,935 |
|
|
$ |
241,680 |
|
|
4.40 |
% |
|
$ |
9,892,612 |
|
|
$ |
250,856 |
|
|
5.04 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Non interest bearing liabilities and other liabilities |
$ |
360,264 |
|
|
|
|
|
|
$ |
671,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES |
11,290,199 |
|
|
|
|
|
|
10,564,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL EQUITY |
1,713,652 |
|
|
|
|
|
|
1,377,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL LIABILITIES AND EQUITY |
$ |
13,003,851 |
|
|
|
|
|
|
$ |
11,942,322 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST SPREAD |
|
|
|
|
1.66 |
% |
|
|
|
|
|
1.68 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| NET INTEREST INCOME AND NET INTEREST MARGIN |
|
|
$ |
143,485 |
|
|
2.29 |
% |
|
|
|
$ |
132,995 |
|
|
2.36 |
% |
(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.
EXHIBIT VI
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
(In US$ thousand, except per share amounts and ratios)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
SIX MONTHS ENDED |
|
FOR THE THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
| |
JUN 30/26 |
|
JUN 30/26 |
|
MAR 31/26 |
|
DEC 31/25 |
|
SEP 30/25 |
|
JUN 30/25 |
|
JUN 30/25 |
| Net Interest Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
$ |
385,165 |
|
$ |
199,217 |
|
$ |
185,948 |
|
$ |
190,933 |
|
$ |
193,680 |
|
$ |
194,431 |
|
$ |
383,851 |
| Interest expense |
(241,680) |
|
(125,938) |
|
(115,742) |
|
(120,173) |
|
(126,253) |
|
(126,692) |
|
(250,856) |
| Net Interest Income |
143,485 |
|
73,279 |
|
70,206 |
|
70,760 |
|
67,427 |
|
67,739 |
|
132,995 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fees and commissions, net |
36,465 |
|
23,335 |
|
13,130 |
|
14,466 |
|
14,052 |
|
19,912 |
|
30,495 |
| Gain (loss) on financial instruments, net |
1,861 |
|
2,191 |
|
(330) |
|
3,204 |
|
882 |
|
2,161 |
|
4,145 |
| Other income |
191 |
|
97 |
|
94 |
|
372 |
|
416 |
|
230 |
|
356 |
| Total other income, net |
38,517 |
|
25,623 |
|
12,894 |
|
18,042 |
|
15,350 |
|
22,303 |
|
34,996 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total revenues |
182,002 |
|
98,902 |
|
83,100 |
|
88,802 |
|
82,777 |
|
90,042 |
|
167,991 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Impairment losses on financial instruments |
(13,333) |
|
(8,599) |
|
(4,734) |
|
(5,402) |
|
(6,482) |
|
(5,019) |
|
(10,235) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
(45,860) |
|
(23,849) |
|
(22,011) |
|
(27,402) |
|
(21,327) |
|
(20,839) |
|
(41,840) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Profit for the period |
$ |
122,809 |
|
$ |
66,454 |
|
$ |
56,355 |
|
$ |
55,998 |
|
$ |
54,968 |
|
$ |
64,184 |
|
$ |
115,916 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| SELECTED FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PER COMMON SHARE DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share |
$ |
3.08 |
|
|
$ |
1.77 |
|
|
$ |
1.31 |
|
|
$ |
1.50 |
|
|
$ |
1.48 |
|
|
$ |
1.73 |
|
|
$ |
3.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| PERFORMANCE RATIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average assets |
1.9 |
% |
|
2.0 |
% |
|
1.8 |
% |
|
1.8 |
% |
|
1.8 |
% |
|
2.1 |
% |
|
2.0 |
% |
| Return on average equity |
14.5 |
% |
|
15.4 |
% |
|
13.5 |
% |
|
13.4 |
% |
|
14.9 |
% |
|
18.5 |
% |
|
17.0 |
% |
| Net interest margin |
2.29 |
% |
|
2.24 |
% |
|
2.34 |
% |
|
2.39 |
% |
|
2.32 |
% |
|
2.36 |
% |
|
2.36 |
% |
| Net interest spread |
1.66 |
% |
|
1.64 |
% |
|
1.69 |
% |
|
1.68 |
% |
|
1.64 |
% |
|
1.70 |
% |
|
1.68 |
% |
| Efficiency Ratio |
25.2 |
% |
|
24.1 |
% |
|
26.5 |
% |
|
30.9 |
% |
|
25.8 |
% |
|
23.1 |
% |
|
24.9 |
% |
| Operating expenses to total average assets |
0.71 |
% |
|
0.71 |
% |
|
0.71 |
% |
|
0.90 |
% |
|
0.70 |
% |
|
0.69 |
% |
|
0.71 |
% |
EXHIBIT VII
BUSINESS SEGMENT ANALYSIS
(In US$ thousand)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
FOR THE SIX MONTHS ENDED |
|
FOR THE THREE MONTHS ENDED |
| |
JUN 30/26 |
|
JUN 30/25 |
|
JUN 30/26 |
|
MAR 31/26 |
|
JUN 30/25 |
| COMMERCIAL BUSINESS SEGMENT: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net interest income |
$ |
128,262 |
|
|
$ |
118,685 |
|
|
$ |
65,985 |
|
|
$ |
62,276 |
|
|
$ |
59,657 |
|
| Other income, net |
37,064 |
|
|
32,400 |
|
|
23,657 |
|
|
13,407 |
|
|
21,519 |
|
| Total revenues |
165,326 |
|
|
151,085 |
|
|
89,642 |
|
|
75,683 |
|
|
81,176 |
|
| Impairment losses on financial instruments |
(13,895) |
|
|
(10,257) |
|
|
(8,656) |
|
|
(5,239) |
|
|
(5,182) |
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
(36,143) |
|
(33,192) |
|
(18,764) |
|
(17,380) |
|
(16,271) |
| |
|
|
|
|
|
|
|
|
|
| Profit for the segment |
$ |
115,288
|
|
|
$ |
107,636
|
|
|
$ |
62,222
|
|
|
$ |
53,064
|
|
|
$ |
59,723
|
|
| |
|
|
|
|
|
|
|
|
|
| Segment assets |
10,916,767
|
|
|
9,205,569
|
|
|
10,916,767
|
|
|
10,172,721
|
|
|
9,205,569
|
|
| |
|
|
|
|
|
|
|
|
|
| TREASURY BUSINESS SEGMENT: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net interest income |
$ |
15,223 |
|
|
$ |
14,310 |
|
|
$ |
7,294 |
|
|
$ |
7,930 |
|
|
$ |
8,082 |
|
| Other income (expense), net |
1,453 |
|
|
2,596 |
|
|
1,966 |
|
|
(513) |
|
|
784 |
|
| Total revenues |
16,676 |
|
|
16,906 |
|
|
9,260 |
|
|
7,417 |
|
|
8,866 |
|
| Reversals on financial instruments |
562 |
|
|
22 |
|
|
57 |
|
|
505 |
|
|
163 |
|
| Operating expenses |
(9,717) |
|
|
(8,648) |
|
|
(5,085) |
|
|
(4,631) |
|
|
(4,568) |
|
| |
|
|
|
|
|
|
|
|
|
| Profit for the segment |
$ |
7,521
|
|
|
$ |
8,280
|
|
|
$ |
4,232
|
|
|
$ |
3,291
|
|
|
$ |
4,461
|
|
| |
|
|
|
|
|
|
|
|
|
| Segment assets |
3,453,273
|
|
|
3,444,737
|
|
|
3,453,273
|
|
|
3,538,876
|
|
|
3,444,737
|
|
| |
|
|
|
|
|
|
|
|
|
| TOTAL: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net interest income |
$ |
143,485 |
|
|
$ |
132,995 |
|
|
$ |
73,279 |
|
|
$ |
70,206 |
|
|
$ |
67,739 |
|
| Other income, net |
38,517 |
|
|
34,996 |
|
|
25,623 |
|
|
12,894 |
|
|
22,303 |
|
| Total revenues |
182,002 |
|
|
167,991 |
|
|
98,902 |
|
|
83,100 |
|
|
90,042 |
|
| Impairment losses on financial instruments |
(13,333) |
|
|
(10,235) |
|
|
(8,599) |
|
|
(4,734) |
|
|
(5,019) |
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
(45,860) |
|
|
(41,840) |
|
|
(23,849) |
|
|
(22,011) |
|
|
(20,839) |
|
| Profit for the period |
$ |
122,809
|
|
|
$ |
115,916
|
|
|
$ |
66,454
|
|
|
$ |
56,355
|
|
|
$ |
64,184
|
|
| Total segment assets |
14,370,040
|
|
|
12,650,306
|
|
|
14,370,040
|
|
|
13,711,597
|
|
|
12,650,306
|
|
| Unallocated assets |
66,805 |
|
|
23,901 |
|
|
66,805 |
|
|
27,544 |
|
|
23,901 |
|
| Total assets |
14,436,845
|
|
|
12,674,207
|
|
|
14,436,845
|
|
|
13,739,141
|
|
|
12,674,207
|
|
EXHIBIT VIII
CREDIT PORTFOLIO
DISTRIBUTION BY COUNTRY
(principal balance in US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
AT THE END OF, |
| |
|
(A) |
|
(B) |
|
(C) |
|
|
|
|
| |
|
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
|
Change in Amount |
| COUNTRY |
|
Amount |
|
% of Total
Outstanding |
|
Amount |
|
% of Total
Outstanding |
|
Amount |
|
% of Total
Outstanding |
|
(A) - (B) |
|
(A) - (C) |
| ARGENTINA |
|
$ |
659 |
|
|
5 |
|
$ |
435 |
|
|
3 |
|
$ |
254 |
|
|
2 |
|
$ |
224 |
|
|
$ |
405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BRAZIL |
|
1,533 |
|
|
11 |
|
1,421 |
|
|
11 |
|
1,501 |
|
|
12 |
|
112 |
|
|
32 |
|
| CHILE |
|
684 |
|
|
5 |
|
616 |
|
|
5 |
|
545 |
|
|
4 |
|
68 |
|
|
139 |
|
| COLOMBIA |
|
1,340 |
|
|
9 |
|
1,413 |
|
|
10 |
|
989 |
|
|
8 |
|
(73) |
|
|
351 |
|
| COSTA RICA |
|
479 |
|
|
3 |
|
474 |
|
|
4 |
|
541 |
|
|
4 |
|
5 |
|
|
(62) |
|
| DOMINICAN REPUBLIC |
|
1,166 |
|
|
8 |
|
1,044 |
|
|
8 |
|
930 |
|
|
8 |
|
122 |
|
|
236 |
|
| ECUADOR |
|
656 |
|
|
5 |
|
573 |
|
|
4 |
|
502 |
|
|
4 |
|
83 |
|
|
154 |
|
| EL SALVADOR |
|
231 |
|
|
2 |
|
171 |
|
|
1 |
|
100 |
|
|
1 |
|
60 |
|
|
131 |
|
| GUATEMALA |
|
1,777 |
|
|
12 |
|
1,725 |
|
|
13 |
|
1,299 |
|
|
11 |
|
52 |
|
|
478 |
|
| HONDURAS |
|
168 |
|
|
1 |
|
147 |
|
|
1 |
|
209 |
|
|
2 |
|
21 |
|
|
(41) |
|
| JAMAICA |
|
40 |
|
|
0 |
|
101 |
|
|
1 |
|
89 |
|
|
1 |
|
(61) |
|
|
(49) |
|
| MEXICO |
|
1,323 |
|
|
9 |
|
1,350 |
|
|
10 |
|
1,193 |
|
|
10 |
|
(27) |
|
|
130 |
|
| PANAMA |
|
1,219 |
|
|
8 |
|
699 |
|
|
5 |
|
615 |
|
|
5 |
|
520 |
|
|
604 |
|
| PARAGUAY |
|
144 |
|
|
1 |
|
167 |
|
|
1 |
|
212 |
|
|
2 |
|
(23) |
|
|
(68) |
|
| PERU |
|
529 |
|
|
4 |
|
414 |
|
|
3 |
|
788 |
|
|
6 |
|
115 |
|
|
(259) |
|
| PUERTO RICO |
|
2 |
|
|
0 |
|
19 |
|
|
0 |
|
40 |
|
0 |
|
(17) |
|
|
(38) |
|
| SURINAME |
|
150 |
|
|
1 |
|
150 |
|
|
1 |
|
150 |
|
1 |
|
0 |
|
|
0 |
|
| TRINIDAD & TOBAGO |
|
199 |
|
|
1 |
|
245 |
|
|
2 |
|
188 |
|
|
2 |
|
(46) |
|
|
11 |
|
| UNITED STATES OF AMERICA |
|
885 |
|
|
6 |
|
1,031 |
|
|
8 |
|
873 |
|
|
7 |
|
(146) |
|
|
12 |
|
| URUGUAY |
|
58 |
|
|
0 |
|
139 |
|
|
1 |
|
156 |
|
|
1 |
|
(81) |
|
|
(98) |
|
| MULTILATERAL ORGANIZATIONS |
|
76 |
|
|
1 |
|
102 |
|
|
1 |
|
76 |
|
|
1 |
|
(26) |
|
|
0 |
|
OTHER NON-LATAM (1)
|
|
1,148 |
|
|
8 |
|
1,051 |
|
|
8 |
|
932 |
|
|
8 |
|
97 |
|
|
216 |
|
TOTAL CREDIT PORTFOLIO (2)
|
|
$ |
14,466
|
|
|
100
|
% |
|
$ |
13,487
|
|
|
100
|
% |
|
$ |
12,182
|
|
|
100
|
% |
|
$ |
979
|
|
|
$ |
2,284
|
|
| INTEREST RECEIVABLE |
|
137 |
|
|
|
|
135 |
|
|
|
|
117 |
|
|
|
|
2 |
|
|
20 |
|
| UNEARNED INTEREST AND DEFERRED FEES |
|
(34) |
|
|
|
|
(34) |
|
|
|
|
(32) |
|
|
|
|
0 |
|
|
(2) |
|
| TOTAL CREDIT PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES |
|
$ |
14,569
|
|
|
|
|
$ |
13,588
|
|
|
|
|
$ |
12,267
|
|
|
|
|
$ |
981
|
|
|
$ |
2,302
|
|
(1)Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of June 30, 2026, “Other Non-Latam” was comprised of Canada ($97 million), European countries ($660 million) and Asian-Pacific countries ($391 million).
(2)Includes (i) loans - principal balance (or the "Loan Portfolio"); (ii) principal balance of securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses; and (iii) loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, and guarantees covering commercial risk; and other assets consisting of customers liabilities under acceptances.
EXHIBIT IX
COMMERCIAL PORTFOLIO
DISTRIBUTION BY COUNTRY
(principal balance in US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
AT THE END OF, |
| |
|
(A) |
|
(B) |
|
(C) |
|
|
|
|
| |
|
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
|
Change in Amount |
| COUNTRY |
|
Amount |
|
% of Total
Outstanding |
|
Amount |
|
% of Total
Outstanding |
|
Amount |
|
% of Total
Outstanding |
|
(A) - (B) |
|
(A) - (C) |
| ARGENTINA |
|
$ |
659 |
|
|
5 |
|
$ |
435 |
|
|
4 |
|
$ |
254 |
|
|
2 |
|
$ |
224 |
|
|
$ |
405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BRAZIL |
|
1,533 |
|
|
12 |
|
1,421 |
|
|
12 |
|
1,489 |
|
|
14 |
|
112 |
|
|
44 |
|
| CHILE |
|
620 |
|
|
5 |
|
586 |
|
|
5 |
|
516 |
|
|
5 |
|
34 |
|
|
104 |
|
| COLOMBIA |
|
1,340 |
|
|
10 |
|
1,413 |
|
|
12 |
|
925 |
|
|
9 |
|
(73) |
|
|
415 |
|
| COSTA RICA |
|
479 |
|
|
4 |
|
474 |
|
|
4 |
|
533 |
|
|
5 |
|
5 |
|
|
(54) |
|
| DOMINICAN REPUBLIC |
|
1,166 |
|
|
9 |
|
1,044 |
|
|
9 |
|
930 |
|
|
9 |
|
122 |
|
|
236 |
|
| ECUADOR |
|
656 |
|
|
5 |
|
573 |
|
|
5 |
|
502 |
|
|
5 |
|
83 |
|
|
154 |
|
| EL SALVADOR |
|
231 |
|
|
2 |
|
171 |
|
|
1 |
|
100 |
|
|
1 |
|
60 |
|
|
131 |
|
| GUATEMALA |
|
1,777 |
|
|
14 |
|
1,725 |
|
|
14 |
|
1,299 |
|
|
12 |
|
52 |
|
|
478 |
|
| HONDURAS |
|
168 |
|
|
1 |
|
147 |
|
|
1 |
|
209 |
|
|
2 |
|
21 |
|
|
(41) |
|
| JAMAICA |
|
40 |
|
|
0 |
|
101 |
|
|
1 |
|
89 |
|
|
0 |
|
(61) |
|
|
(49) |
|
| MEXICO |
|
1,323 |
|
|
10 |
|
1,350 |
|
|
11 |
|
1,190 |
|
|
11 |
|
(27) |
|
|
133 |
|
| PANAMA |
|
1,214 |
|
|
9 |
|
664 |
|
|
6 |
|
542 |
|
|
5 |
|
550 |
|
|
672 |
|
| PARAGUAY |
|
144 |
|
|
1 |
|
167 |
|
|
1 |
|
212 |
|
|
2 |
|
(23) |
|
|
(68) |
|
| PERU |
|
527 |
|
|
4 |
|
412 |
|
|
3 |
|
778 |
|
|
7 |
|
115 |
|
|
(251) |
|
| PUERTO RICO |
|
2 |
|
|
0 |
|
19 |
|
|
0 |
|
40 |
|
0 |
|
(17) |
|
|
(38) |
|
| SURINAME |
|
150 |
|
|
1 |
|
150 |
|
|
1 |
|
150 |
|
1 |
|
0 |
|
|
0 |
|
| TRINIDAD & TOBAGO |
|
199 |
|
|
2 |
|
245 |
|
|
2 |
|
188 |
|
|
2 |
|
(46) |
|
|
11 |
|
| URUGUAY |
|
58 |
|
|
0 |
|
139 |
|
|
1 |
|
156 |
|
|
1 |
|
(81) |
|
|
(98) |
|
OTHER NON-LATAM (1)
|
|
743 |
|
|
6 |
|
811 |
|
|
7 |
|
717 |
|
|
7 |
|
(68) |
|
|
26 |
|
TOTAL COMMERCIAL PORTFOLIO (2)
|
|
$ |
13,029
|
|
|
100
|
% |
|
$ |
12,047
|
|
|
100
|
% |
|
$ |
10,819
|
|
|
100
|
% |
|
$ |
982
|
|
|
$ |
2,210
|
|
| INTEREST RECEIVABLE |
|
116 |
|
|
|
|
118 |
|
|
|
|
101 |
|
|
|
|
(2) |
|
|
15 |
|
| UNEARNED INTEREST AND DEFERRED FEES |
|
(34) |
|
|
|
|
(34) |
|
|
|
|
(32) |
|
|
|
|
0 |
|
|
(2) |
|
| TOTAL COMMERCIAL PORTFOLIO, NET OF INTEREST RECEIVABLE, UNEARNED INTEREST & DEFERRED FEES |
|
$ |
13,111
|
|
|
|
|
$ |
12,131
|
|
|
|
|
$ |
10,888
|
|
|
|
|
$ |
980
|
|
|
$ |
2,223
|
|
(1)Risk in highly rated countries outside the Region related to transactions carried out in the Region. As of June 30, 2026, “Other Non-Latam” was comprised of United States of America ($102 million), Canada ($42 million), European countries ($446 million) and Asian-Pacific countries ($153 million).
(2)Includes loans - principal balance (or the “Loan Portfolio”), loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers’ liabilities under acceptances; and investment securities managed by the Commercial business unit (or “Commercial Bond Portfolio”).
EXHIBIT X
TREASURY INVESTMENT PORTFOLIO
DISTRIBUTION BY COUNTRY
(principal balance in US$ million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
AT THE END OF, |
| |
|
(A) |
|
(B) |
|
(C) |
|
|
|
|
| |
|
June 30, 2026 |
|
March 31, 2026 |
|
June 30, 2025 |
|
Change in Amount |
| COUNTRY |
|
Amount |
|
% of Total
Outstanding |
|
Amount |
|
% of Total
Outstanding |
|
Amount |
|
% of Total
Outstanding |
|
(A) - (B) |
|
(A) - (C) |
| BRAZIL |
|
$ |
0 |
|
|
0 |
|
$ |
0 |
|
|
0 |
|
$ |
12 |
|
|
1 |
|
$ |
0 |
|
|
$ |
(12) |
|
| CHILE |
|
64 |
|
5 |
|
30 |
|
2 |
|
29 |
|
|
2 |
|
34 |
|
|
35 |
|
| COLOMBIA |
|
0 |
|
|
0 |
|
0 |
|
|
0 |
|
64 |
|
|
5 |
|
0 |
|
|
(64) |
|
| COSTA RICA |
|
0 |
|
|
0 |
|
0 |
|
|
0 |
|
8 |
|
|
1 |
|
0 |
|
|
(8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MEXICO |
|
0 |
|
|
0 |
|
0 |
|
|
0 |
|
3 |
|
|
0 |
|
0 |
|
|
(3) |
|
| PANAMA |
|
5 |
|
|
0 |
|
35 |
|
|
2 |
|
73 |
|
|
5 |
|
(30) |
|
|
(68) |
|
| PERU |
|
2 |
|
|
0 |
|
2 |
|
|
0 |
|
10 |
|
|
1 |
|
0 |
|
|
(8) |
|
| UNITED STATES OF AMERICA |
|
783 |
|
|
55 |
|
799 |
|
|
56 |
|
727 |
|
|
53 |
|
(16) |
|
|
56 |
|
| MULTILATERAL ORGANIZATIONS |
|
76 |
|
|
5 |
|
102 |
|
|
7 |
|
76 |
|
|
6 |
|
(26) |
|
|
0 |
|
OTHER NON-LATAM (1)
|
|
507 |
|
|
35 |
|
472 |
|
|
33 |
|
361 |
|
|
26 |
|
35 |
|
|
146 |
|
TOTAL TREASURY INVESTMENT PORTFOLIO (2)
|
|
$ |
1,437
|
|
|
100
|
% |
|
$ |
1,440
|
|
|
100
|
% |
|
$ |
1,363
|
|
|
100
|
% |
|
$ |
(3) |
|
|
$ |
74
|
|
| INTEREST RECEIVABLE |
|
21 |
|
|
|
17 |
|
|
|
16 |
|
|
|
|
4 |
|
|
5 |
|
| TOTAL TREASURY INVESTMENT PORTFOLIO, NET OF INTEREST RECEIVABLE |
|
$ |
1,458
|
|
|
100
|
% |
|
$ |
1,457
|
|
|
100
|
% |
|
$ |
1,379
|
|
|
100
|
% |
|
$ |
1
|
|
|
$ |
79
|
|
(1)Risk in highly rated countries outside the Region. As of June 30, 2026, “Other Non-Latam” was comprised of Canada ($55 million), European countries ($214 million) and Asian-Pacific countries ($238 million).
(2)Includes financial instruments related to Treasury investment management activities such as the principal balance of securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for losses.
エドガーで原本を確認する
