PANAMA
CITY, March 4, 2024 /PRNewswire/ -- Banco
Latinoamericano de Comercio Exterior,
S.A. (NYSE: BLX, "Bladex", or "the Bank"),
announced the results achieved during the fourth quarter of 2023.
The net income for the period was US$46.4
million, resulting in a record level of US$166.2 million in FY2023, up 81% from the
previous year. The annualized return on equity stood at 15.5% in
the fourth quarter and 14.7% in FY2023 due to consistent growth
during the period and Bladex's increased presence in the
region.
Net interest income amounted to US$233
million, representing a 58% increase year over year. The
focus on fee income yielded remarkable results, with a 64% increase
from 2022, reaching US$32.5
million.
In light of this new level of profitability, Bladex's Board of
Directors decided to double the quarterly dividend from
25 cents to 50
cents per share, reaffirming the bank's commitment to
generating shareholder value.
Jorge Salas, Bladex's president,
noted that "2023 was an unprecedented year for us. Regardless of
which financial indicator we review, last year was the best in our
history".
In addition to having a record annualized return for the bank,
Bladex's commercial portfolio has grown by 30% since we began
executing our strategic plan a couple of years ago. Our loan
portfolio grew 9% year over year. Today, our US$9.5 billion loan portfolio is not only at an
alltime high, but more importantly, it is as diversified, healthy
and well provisioned as it has ever been, with late payment levels
close to zero".
Deposits in 2023 stood at US$4,408
million for the first time in Bladex's history, up 38% from
the previous year. "This not only strengthens our financing
structure, but also reflects the confidence and backing of a wide
range of international investors", Salas noted.
The commercial portfolio grew around 10% to a record
US$8.521 billion at the end of the
fourth quarter of 2023 thanks to sustained cross-selling and the
addition of new clients. The investment portfolio remained stable
at US$1.011 dollars, which consists
mainly of investment-grade debt securities held at amortized cost,
further improving the diversification of credit risk exposure.
According to Jorge Salas, the
outlook is positive. "We are very optimistic about the bank's
growth potential in the coming years. Today, Bladex is sailing
steadily towards achieving sustainable double-digit returns. I
would like to express my sincere thanks to our highly qualified
team, clients and investors. Together, we continue to build a
success story. Your support and trust have committed us more than
ever to continue promoting foreign trade and sustainable
development in Latin America".
About Bladex
Bladex, one of the industry leaders in foreign trade banking in
Latin America and the Caribbean. Headquartered in Panama, it is a multinational bank with a
presence in several countries throughout the region. The bank was
founded in 1979 to promote trade finance and economic integration
in the region.
Bladex has been listed and traded on the New York Stock Exchange
(NYSE: BLX) for more than three decades, as well as on the Mexican
Stock Exchange for more than 10 years. Its presence in these
organizations has allowed Bladex to have shareholders from central
banks and state entities from 23 Latin American countries, as well
as commercial banks, financial institutions, institutional
investors and individuals.
In addition to its presence in Mexico, it has offices in Argentina, Brazil, Colombia and the
United States of America, as well as a representative
license in Peru, to serve and
support regional development and satisfy the needs of its diverse
client base, which includes financial institutions and
corporations.
For more information, please
access http://www.bladex.com or contact:
Carlos Daniel Raad – Chief
Investor Relations Officer
E-mail address: craad@bladex.com / ir@bladex.com.
Tel.: (+507) 366-4925 ext. 7925
Head Office Address: Torre V, Business Park, Ave. La Rotonda, Urb.
Costa del Este,
Panama, Republic of Panama
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)
