We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Banco Latinoamericano de Comercio Exterior SA | NYSE:BLX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.54 | -1.74% | 30.58 | 30.99 | 30.5165 | 30.99 | 9,275 | 16:27:07 |
Bladex announces Net Profit increased 23% QoQ and 70% YoY to $45.8 Million, or $1.25 per share for the 3Q23; annualized return on equity of 15.9% in 3Q23
PANAMA CITY, Oct. 19, 2023 /PRNewswire/ -- 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 Third Quarter ("3Q23") and nine months ("9M23") ended September 30, 2023.
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").
3Q23 & 9M23 Financial & Business Highlights
Ascending trend in Profitability, with Net Profit of $45.8 million in 3Q23 (+23% QoQ; +70% YoY), reaching $119.8 million in 9M23 (+96% YoY), fostered by the sustained growth trend on Net Interest Income ("NII") and fee income generation.
Expanded Annualized Return on Equity ("ROE") to 15.9% in 3Q23 (+245 bps QoQ; +559 bps YoY) and 14.4% in 9M23 (+637 bps YoY).
Record level in NII, increasing for tenth consecutive quarter at $60.5 million in 3Q23 (+11% QoQ; +51% YoY), reaching $167.6 million (+70% YoY) in 9M23, driven by higher average volumes and rates. Net Interest Margin ("NIM") expanded to 2.48% in 3Q23 (+6 bps QoQ; +71 bps YoY) and to 2.44% in 9M23 (+88 bps YoY), on the back of higher lending spreads and market rates.
Strong fee income totaling $11.1 million for 3Q23 (+71% QoQ; +77% YoY), as letter of credit frees increased for eight consecutive quarters (+23% QoQ; +76% YoY), along with higher loan syndication fee activity (+248% QoQ; +7% YoY). These positive results boosted fee income to $22.4 million (+55% YoY) in 9M23.
Improved Efficiency Ratio at 27% in 3Q23 and 9M23, on the back of higher total revenues, which continue to overcompensate for the increases in operating expenses mostly related to the Bank's strategy and focus on strengthening its execution capabilities. Operating expenses increased to $19.5 million in 3Q23 (+25% QoQ; +34% YoY) and $51.0 million in 9M23 (+32% YoY).
All-time high Credit Portfolio at $9,244 million as of September 30, 2023 (+1% QoQ and +4% YoY).
Healthy asset quality. Most of the credit portfolio (97%) remains classified as low risk or Stage 1. Impaired credits (Stage 3) remained unchanged at $10 million at 3Q23 or 0.1% of total Credit Portfolio, with a reserve coverage of 5.6x.
Record deposits at 3Q23, reaching $4,207 million (+3% QoQ and +23% YoY), coupled with ample and constant access to interbank and debt capital markets, denotes the Bank´s sound and diversified funding structure.
Solid liquidity position at $1,545 million, or 15% of total assets as of September 30, 2023, consisting of cash and due from banks mostly placed with the Federal Reserve Bank of New York (91%).
The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at 15.4% and 13.6%, respectively, as the Bank remained committed to a sound capitalization.
Financial Snapshot | |||||
(US$ million, except percentages and per share amounts) | 3Q23 | 2Q23 | 3Q22 | 9M23 | 9M22 |
Key Income Statement Highlights | |||||
Net Interest Income ("NII") | $60.5 | $54.5 | $40.2 | $167.6 | $98.6 |
Fees and commissions, net | $11.1 | $6.5 | $6.3 | $22.4 | $14.5 |
(Loss) gain on financial instruments, net | $0.0 | ($3.6) | ($0.3) | ($1.9) | $0.2 |
Total revenues | $71.8 | $57.4 | $46.3 | $188.3 | $113.5 |
Provision for credit losses | ($6.5) | ($4.7) | ($4.8) | ($17.5) | ($13.8) |
Operating expenses | ($19.5) | ($15.6) | ($14.6) | ($51.0) | ($38.7) |
Profit for the period | $45.8 | $37.1 | $26.9 | $119.8 | $61.0 |
Profitability Ratios | |||||
Earnings per Share ("EPS") (1) | $1.25 | $1.02 | $0.74 | $3.28 | $1.68 |
Return on Average Equity ("ROE") (2) | 15.9 % | 13.4 % | 10.3 % | 14.4 % | 8.0 % |
Return on Average Assets ("ROA") (3) | 1.8 % | 1.6 % | 1.2 % | 1.7 % | 0.9 % |
Net Interest Margin ("NIM") (4) | 2.48 % | 2.42 % | 1.77 % | 2.44 % | 1.56 % |
Net Interest Spread ("NIS") (5) | 1.83 % | 1.79 % | 1.43 % | 1.81 % | 1.31 % |
Efficiency Ratio (6) | 27.2 % | 27.2 % | 31.6 % | 27.1 % | 34.1 % |
Assets, Capital, Liquidity & Credit Quality | |||||
Credit Portfolio (7) | $9,244 | $9,114 | $8,862 | $9,244 | $8,862 |
Commercial Portfolio (8) | $8,244 | $8,114 | $7,821 | $8,244 | $7,821 |
Investment Portfolio | $1,000 | $1,000 | $1,041 | $1,000 | $1,041 |
Total Assets | $10,095 | $10,134 | $9,320 | $10,095 | $9,320 |
Total Equity | $1,161 | $1,128 | $1,049 | $1,161 | $1,049 |
Market Capitalization (9) | $775 | $804 | $474 | $775 | $474 |
Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (10) | 15.4 % | 15.7 % | 14.4 % | 15.4 % | 14.4 % |
Capital Adequacy Ratio (Regulatory) (11) | 13.6 % | 13.6 % | 12.2 % | 13.6 % | 12.2 % |
Total Assets / Total Equity (times) | 8.7 | 9.0 | 8.9 | 8.7 | 8.9 |
Liquid Assets / Total Assets (12) | 15.3 % | 17.3 % | 11.1 % | 15.3 % | 11.1 % |
Credit-impaired Loans to Loan Portfolio (13) | 0.1 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % |
Impaired Credits (14) to Credit Portfolio | 0.1 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % |
Total Allowance for Losses to Credit Portfolio (15) | 0.6 % | 0.6 % | 0.7 % | 0.6 % | 0.7 % |
Total Allowance for Losses to Impaired credits (times) (15) | 5.6 | 5.0 | 5.8 | 5.6 | 5.8 |
CEO's Comments
This was an outstanding quarter for Bladex. All relevant financial metrics show, once again, a very positive trend. This time with record-breaking figures.
Net income for the quarter was $45.8 million dollars. Biggest bottom-line result ever for Bladex. The resulting quarterly return on equity was nearly 16%.
Clearly, we are being able to capitalize on the bank´s structural competitive position in Latin America. We are consistently taking advantage of the different avenues for profitable growth identified in our plan."
Mr. Jorge Salas
Bladex's Chief Executive Officer
Recent Events
Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.25 per share corresponding to 3Q23. The cash dividend will be paid on November 16, 2023, to shareholders registered as of October 30, 2023.
Rating Update: On August 17, 2023, Fitch Ratings affirmed Bladex's Long- and Short-Term Foreign Currency Issuer Default Rating (IDR) 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, as well as the ratings of its local debt issuances in Panama and Mexico.
Notes
Footnotes
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 Friday, October 20, 2023 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. There will also be a live audio webcast of the conference at http://www.bladex.com. 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:
Mr. Carlos Daniel Raad
Chief Investor Relations Officer
Tel: +507 366-4925 ext. 7925
E-mail: craad@bladex.com / ir@bladex.com
Logo - https://mma.prnewswire.com/media/2048038/Bladex_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/3q23-quarterly-financial-report-301962701.html
SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)
Copyright 2023 PR Newswire
1 Year Banco Latinoamericano de... Chart |
1 Month Banco Latinoamericano de... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions