Banco Latinoamericano De Comercio ( (BLX) ) has realeased its Q3 earnings. Here is a breakdown of the information Banco Latinoamericano De Comercio presented to its investors.
Banco Latinoamericano De Comercio Exterior, S.A. (Bladex) is a multinational bank headquartered in Panama, focusing on promoting foreign trade and economic integration across Latin America and the Caribbean. Bladex has seen a strong financial performance in the third quarter of 2024, reporting a net profit of $53 million, a 16% increase year-over-year, and an annualized return on equity of 16.4%. This growth was driven by an 8% rise in total revenues and a 10% increase in net interest income, reaching $66.6 million.
The bank’s credit portfolio reached an all-time high of $10,875 million, with a 17% growth in the commercial portfolio to $9,673 million, indicating robust client demand and successful product cross-selling. Despite a slight decrease in fee income for the quarter, the nine-month period saw a significant 45% increase, primarily due to a positive trend in letter of credit fees. Operating efficiency remained strong, with a 27.1% efficiency ratio for the quarter.
Bladex maintained a healthy asset quality, with 96% of its credit portfolio classified as low risk and a reserve coverage of 4.7 times for impaired credits. The bank’s liquidity position was stable, with deposits at a record level of $5,639 million, representing 59% of total funding sources. Additionally, the bank’s capital adequacy ratios remain well above regulatory requirements.
Looking ahead, Bladex’s management remains optimistic about its ongoing growth and profitability, supported by a diversified funding base and strategic initiatives aimed at enhancing revenue and maintaining asset quality.
