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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.31 | 0 | 09:04:00 |
PANAMA CITY, Feb. 22, 2024 /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 Fourth Quarter ("4Q23") and Full-year ("FY23") ended December 31, 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").
4Q23 & FY23 Financial & Business Highlights
Financial Snapshot | |||||
(US$ million, except percentages and per share amounts) | 4Q23 | 3Q23 | 4Q22 | 2023 | 2022 |
Key Income Statement Highlights | |||||
Net Interest Income ("NII") | $65.6 | $60.5 | $49.4 | $233.2 | $148.0 |
Fees and commissions, net | $10.1 | $11.1 | $5.3 | $32.5 | $19.8 |
Gain (loss) on financial instruments, net | $1.9 | $0.0 | ($1.6) | ($0.0) | ($1.4) |
Total revenues | $77.8 | $71.8 | $53.2 | $266.1 | $166.7 |
Provision for credit losses | ($10.0) | ($6.5) | ($5.8) | ($27.5) | ($19.5) |
Operating expenses | ($21.4) | ($19.5) | ($16.4) | ($72.5) | ($55.1) |
Profit for the period | $46.4 | $45.8 | $31.0 | $166.2 | $92.0 |
Profitability Ratios | |||||
Earnings per Share ("EPS") (1) | $1.27 | $1.25 | $0.85 | $4.55 | $2.54 |
Return on Average Equity ("ROE") (2) | 15.5 % | 15.9 % | 11.6 % | 14.7 % | 8.9 % |
Return on Average Assets ("ROA") (3) | 1.8 % | 1.8 % | 1.3 % | 1.7 % | 1.0 % |
Net Interest Margin ("NIM") (4) | 2.62 % | 2.48 % | 2.11 % | 2.49 % | 1.71 % |
Net Interest Spread ("NIS") (5) | 1.92 % | 1.83 % | 1.63 % | 1.84 % | 1.39 % |
Efficiency Ratio (6) | 27.6 % | 27.2 % | 30.8 % | 27.2 % | 33.1 % |
Assets, Capital, Liquidity & Credit Quality | |||||
Credit Portfolio (7) | $9,532 | $9,244 | $8,726 | $9,532 | $8,726 |
Commercial Portfolio (8) | $8,521 | $8,244 | $7,706 | $8,521 | $7,706 |
Investment Portfolio | $1,011 | $1,000 | $1,020 | $1,011 | $1,020 |
Total Assets | $10,744 | $10,095 | $9,284 | $10,744 | $9,284 |
Total Equity | $1,204 | $1,161 | $1,069 | $1,204 | $1,069 |
Market Capitalization (9) | $904 | $775 | $588 | $904 | $588 |
Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (10) | 15.4 % | 15.4 % | 15.3 % | 15.4 % | 15.3 % |
Capital Adequacy Ratio (Regulatory) (11) | 13.6 % | 13.6 % | 13.2 % | 13.6 % | 13.2 % |
Total Assets / Total Equity (times) | 8.9 | 8.7 | 8.7 | 8.9 | 8.7 |
Liquid Assets / Total Assets (12) | 18.6 % | 15.3 % | 13.7 % | 18.6 % | 13.7 % |
Credit-impaired Loans to Loan Portfolio (13) | 0.1 % | 0.1 % | 0.4 % | 0.1 % | 0.4 % |
Impaired Credits (14) to Credit Portfolio | 0.1 % | 0.1 % | 0.4 % | 0.1 % | 0.4 % |
Total Allowance for Losses to Credit Portfolio (15) | 0.7 % | 0.6 % | 0.8 % | 0.7 % | 0.8 % |
Total Allowance for Losses to Impaired credits (times) (15) | 6.5 | 5.6 | 1.9 | 6.5 | 1.9 |
"2023 was an extraordinary year for Bladex. Simply put, no matter which KPI you look at, last year was, without any doubt, the best in our Bank's history.
Our credit book grew 9% year-on-year. Today, our $9.5-billion-dollar Credit Portfolio is not only a record high but, more importantly, it is as diversified and healthy and well provisioned as it has ever been, with NPLs close to zero. Deposits rose 38% year-on-year to over $4 billion for the first time ever.
On the profitability front, I am pleased to report that Net Interest Income amounted to $233 million, which represents a 58% increase year-on- year. Also, our focus on fee income yielded remarkable results, with an increase of 64% from 2022, reaching the record level of $32.5 million.
Net income for the year soared 81% to a historic record high of $166 million for the year. All this is the result of the implementation and well-crafted strategy designed to capture the full potential of the Bank. We are definitely poised for continued success in 2024."
Mr. Jorge Salas
Bladex's Chief Executive Officer
Recent Events
Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of $0.50 per share corresponding to 4Q23. The cash dividend will be paid on March 19, 2024, to shareholders registered as of March 4, 2024.
$50 million Common Stock Repurchase Plan: The Bank's Board of Directors (the "Board") has authorized a repurchase program of up to $50 million of the Bank's common stock over time. The repurchase plan is intended to comply with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.
Ratings updates: On November 28, 2023, Moody's Investors Service affirmed all Bladex's ratings, including the "Baa2" long-term foreign currency deposit rating and "Prime-2" short-term foreign currency deposit rating, and changed the outlook on Bladex's long-term foreign currency ratings to stable from negative.
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, February 23, 2023 at 10:00 a.m. New York City time (Eastern Time). For those interested in participating, please click here to pre-register to our conference call or visit our website at http://www.bladex.com. Participants should register five minutes before the call is set to begin. The webcast presentation will be available for viewing and downloads on http://www.bladex.com. The conference call will become available for review one hour after its conclusion.
For more information, please access http://www.bladex.com or contact:
Mr. Carlos Daniel Raad
Chief Investor Relations Officer
Tel: +507 366-4925 ext. 7925
E-mail: craad@bladex.com / ir@bladex.com
IR@bladex.com
www.bladex.com/en/investors
Carlos Raad
Chief investor Relations Officer
craad@bladex.com
Panama
Diego Cano
AVP investor Relations
dcano@bladex.com
+5076282-5856
View original content:https://www.prnewswire.com/news-releases/bladex-announces-4q23-net-profit-of-46-4-million-or-1-27-per-share-reaching-an-annual-net-profit-of-166-2-million-or-4-55-per-share-302069339.html
SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)
Copyright 2024 PR Newswire
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