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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 | |
---|---|---|---|---|---|---|---|---|
0.33 | 0.93% | 35.79 | 35.82 | 35.415 | 35.47 | 63,271 | 22:00:00 |
FOREIGN TRADE BANK OF LATIN AMERICA, INC. | ||||||||
(Registrant) | ||||||||
Date: November 7, 2024 | By: | /s/ Ana Graciela de Méndez | ||||||
Name: | Ana Graciela de Méndez | |||||||
Title: | Chief Financial Officer |
Unaudited condensed consolidated interim statement of financial position | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of profit or loss | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of comprehensive income | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of changes in equity | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of cash flows | ||||||||||||||||||||
Notes to the unaudited condensed consolidated interim financial statements |
September 30, | December 31, | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
Notes | (Unaudited) | (Audit) | |||||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | 3,4,5 | 1,709,503 | 2,047,452 | ||||||||||||||
Investment securities, net | 3,4,6 | 1,213,329 | 1,022,131 | ||||||||||||||
Loans, net | 3,4,7 | 8,090,061 | 7,220,520 | ||||||||||||||
Customers' liabilities under acceptances | 3,4 | 292,542 | 261,428 | ||||||||||||||
Derivative financial instruments - assets | 3,4,10 | 71,487 | 157,267 | ||||||||||||||
Equipment and leasehold improvements, net | 15,985 | 16,794 | |||||||||||||||
Intangible assets, net | 3,086 | 2,605 | |||||||||||||||
Other assets | 11 | 16,150 | 15,595 | ||||||||||||||
Total assets | 11,412,143 | 10,743,792 | |||||||||||||||
Liabilities and Equity | |||||||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 622,932 | 510,195 | |||||||||||||||
Time deposits | 5,015,987 | 3,897,954 | |||||||||||||||
3,4,12 | 5,638,919 | 4,408,149 | |||||||||||||||
Interest payable | 52,973 | 42,876 | |||||||||||||||
Total deposits | 5,691,892 | 4,451,025 | |||||||||||||||
Securities sold under repurchase agreements | 3,4,13 | 346,299 | 310,197 | ||||||||||||||
Borrowings and debt, net | 3,4,14 | 3,571,404 | 4,351,988 | ||||||||||||||
Interest payable | 40,040 | 49,217 | |||||||||||||||
Lease liabilities | 3,15 | 15,867 | 16,707 | ||||||||||||||
Acceptances outstanding | 3,4 | 292,542 | 261,428 | ||||||||||||||
Derivative financial instruments - liabilities | 3,4,10 | 90,837 | 40,613 | ||||||||||||||
Allowance for losses on loan commitments and financial guarantee contract | 3,4 | 7,403 | 5,059 | ||||||||||||||
Other liabilities | 16 | 46,039 | 53,734 | ||||||||||||||
Total liabilities | 10,102,323 | 9,539,968 | |||||||||||||||
Equity: | |||||||||||||||||
Common stock | 279,980 | 279,980 | |||||||||||||||
Treasury stock | (105,672) | (110,174) | |||||||||||||||
Additional paid-in capital in excess of value assigned to common stock | 122,472 | 122,046 | |||||||||||||||
Capital reserves | 22 | 95,210 | 95,210 | ||||||||||||||
Regulatory reserves | 22 | 145,117 | 136,019 | ||||||||||||||
Retained earnings | 763,460 | 673,281 | |||||||||||||||
Other comprehensive income | 9,253 | 7,462 | |||||||||||||||
Total equity | 1,309,820 | 1,203,824 | |||||||||||||||
Total liabilities and equity | 11,412,143 | 10,743,792 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
Notes | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||
Deposits | 22,271 | 23,173 | 72,939 | 56,574 | |||||||||||||||||||||||||
Investment securities | 13,082 | 9,391 | 36,340 | 22,353 | |||||||||||||||||||||||||
Loans | 163,329 | 149,869 | 478,348 | 406,387 | |||||||||||||||||||||||||
Total interest income | 19 | 198,682 | 182,433 | 587,627 | 485,314 | ||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||
Deposits | (79,370) | (60,740) | (225,912) | (151,340) | |||||||||||||||||||||||||
Securities sold under repurchase agreements | 13 | (3,119) | (2,847) | (9,275) | (7,412) | ||||||||||||||||||||||||
Borrowings and debt | 14 | (49,421) | (58,160) | (159,730) | (158,510) | ||||||||||||||||||||||||
Lease liabilities | 15 | (142) | (146) | (436) | (434) | ||||||||||||||||||||||||
Total interest expense | 19 | (132,052) | (121,893) | (395,353) | (317,696) | ||||||||||||||||||||||||
Net interest income | 66,630 | 60,540 | 192,274 | 167,618 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Fees and commissions, net | 18 | 10,490 | 11,109 | 32,495 | 22,428 | ||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 9 | 328 | 22 | 137 | (1,911) | ||||||||||||||||||||||||
Other income, net | 135 | 106 | 305 | 197 | |||||||||||||||||||||||||
Total other income, net | 19 | 10,953 | 11,237 | 32,937 | 20,714 | ||||||||||||||||||||||||
Total revenues | 77,583 | 71,777 | 225,211 | 188,332 | |||||||||||||||||||||||||
Provision for credit losses | 3,19 | (3,548) | (6,488) | (13,261) | (17,510) | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Salaries and other employee expenses | (14,177) | (14,183) | (37,608) | (33,782) | |||||||||||||||||||||||||
Depreciation of equipment and leasehold improvements | (614) | (578) | (1,799) | (1,678) | |||||||||||||||||||||||||
Amortization of intangible assets | (279) | (217) | (753) | (594) | |||||||||||||||||||||||||
Other expenses | (5,972) | (4,558) | (17,407) | (14,995) | |||||||||||||||||||||||||
Total operating expenses | 19 | (21,042) | (19,536) | (57,567) | (51,049) | ||||||||||||||||||||||||
Profit for the period | 52,993 | 45,753 | 154,383 | 119,773 | |||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||
Basic earnings per share (in US dollars) | 17 | 1.44 | 1.25 | 4.20 | 3.28 | ||||||||||||||||||||||||
Weighted average basic shares (in thousands of shares) | 17 | 36,787 | 36,531 | 36,724 | 36,462 | ||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Profit for the period | 52,993 | 45,753 | 154,383 | 119,773 | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Items that are or may be reclassified subsequently to the consolidated statement of profit or loss: | |||||||||||||||||||||||
Change in fair value on financial instruments, net of hedging | 9,102 | (4,806) | 656 | (4,698) | |||||||||||||||||||
Reclassification of gains (losses) on financial instruments to profit or loss | 786 | 119 | 1,135 | (458) | |||||||||||||||||||
Other comprehensive income (loss) | 9,888 | (4,687) | 1,791 | (5,156) | |||||||||||||||||||
Total comprehensive income for the period | 62,881 | 41,066 | 156,174 | 114,617 |
Common stock | Treasury stock | Additional paid-in capital in excess of value assigned to common stock | Capital reserves | Regulatory reserves | Retained earnings | Other comprehensive income | Total equity | ||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2023 | 279,980 | (114,097) | 120,498 | 95,210 | 136,019 | 543,612 | 8,125 | 1,069,347 | |||||||||||||||||||||||||||||||||||||||
Profit for the period | — | — | — | — | — | 119,773 | — | 119,773 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | (5,156) | (5,156) | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 1,148 | (1,148) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 4,367 | — | — | — | — | 4,367 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 2,775 | (2,775) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (27,354) | — | (27,354) | |||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2023 | 279,980 | (110,174) | 120,942 | 95,210 | 136,019 | 636,031 | 2,969 | 1,160,977 | |||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2024 | 279,980 | (110,174) | 122,046 | 95,210 | 136,019 | 673,281 | 7,462 | — | 1,203,824 | ||||||||||||||||||||||||||||||||||||||
Profit for the period | — | — | — | — | — | 154,383 | — | 154,383 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 1,791 | 1,791 | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 1,038 | (1,038) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 4,928 | — | — | — | — | 4,928 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 3,464 | (3,464) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dynamic provision | — | — | — | — | 9,098 | (9,098) | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (55,107) | — | (55,107) | |||||||||||||||||||||||||||||||||||||||
Balances at September 30, 2024 | 279,980 | (105,672) | 120,735 | 95,210 | 136,019 | 737,958 | (635) | 1,263,595 |
Notes | 2024 | 2023 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Profit for the period | 154,383 | 119,773 | ||||||||||||
Adjustments to reconcile profit for the period to net cash provided by operating activities: | ||||||||||||||
Depreciation of equipment and leasehold improvements | 1,799 | 1,678 | ||||||||||||
Amortization of intangible assets | 753 | 594 | ||||||||||||
Provision for credit losses | 3 | 13,261 | 17,510 | |||||||||||
Net gain on sale of financial assets at FVOCI | 9 | (68) | — | |||||||||||
Loss on sale of financial instruments at amortized cost | 9 | — | 3,745 | |||||||||||
Compensation cost - share-based payment | 4,928 | 4,366 | ||||||||||||
Net changes in hedging position and foreign currency | (27,604) | 41,588 | ||||||||||||
Loss on disposal of equipment and leasehold improvements | 51 | 1 | ||||||||||||
Loss on derecognition of intangible assets | — | 20 | ||||||||||||
Realized gain on financial instruments at FVTPL | 9 | (51) | — | |||||||||||
Interest income | 19 | (587,627) | (485,314) | |||||||||||
Interest expense | 19 | 395,353 | 317,696 | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Pledged deposits | (40,700) | (49,846) | ||||||||||||
Loans | (899,374) | (122,691) | ||||||||||||
Other assets | (235) | (6,698) | ||||||||||||
Due to depositors | 1,230,768 | 1,016,201 | ||||||||||||
Other liabilities | (7,890) | 6,190 | ||||||||||||
Cash flows provided by operating activities | 237,748 | 864,813 | ||||||||||||
Interest received | 567,660 | 465,433 | ||||||||||||
Interest paid | (396,798) | (293,129) | ||||||||||||
Net cash provided by operating activities | 408,610 | 1,037,117 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisition of equipment and leasehold improvements | (1,025) | (687) | ||||||||||||
Acquisition of intangible assets | (1,234) | (975) | ||||||||||||
Proceeds from the sale of securities at amortized cost | — | 54,815 | ||||||||||||
Proceeds from the redemption of securities at amortized cost | 225,893 | 238,824 | ||||||||||||
Proceeds from the redemption of securities at FVOCI | — | 78,600 | ||||||||||||
Purchases of securities at FVOCI | (86,449) | — | ||||||||||||
Purchases of securities at amortized cost | (327,841) | (370,129) | ||||||||||||
Net cash (used in) provided by investing activities | (190,656) | 448 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Increase (decrease) in securities sold under repurchase agreements | 36,102 | (104,878) | ||||||||||||
Net decrease in short-term borrowings and debt | 14 | (942,935) | (609,090) | |||||||||||
Proceeds from long-term borrowings and debt | 14 | 891,930 | 355,432 | |||||||||||
Payments of long-term borrowings and debt | 14 | (526,278) | (194,524) | |||||||||||
Advance of funds for debt repayment | 11 | — | (102,892) | |||||||||||
Payments of lease liabilities | 15 | (854) | (782) | |||||||||||
Dividends paid | (54,568) | (27,267) | ||||||||||||
Net cash used in financing activities | (596,603) | (684,001) | ||||||||||||
(Decrease) increase net in cash and cash equivalents | (378,649) | 353,564 | ||||||||||||
Cash and cash equivalents at beginning of the period | 1,987,068 | 1,190,936 | ||||||||||||
Cash and cash equivalents at end of the period | 5 | 1,608,419 | 1,544,500 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.05-0.41 | 3,117,400 | — | — | 3,117,400 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.42-3.81 | 4,152,075 | 339,709 | — | 4,491,784 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.82-34.52 | 368,005 | 75,999 | 6,933 | 450,937 | ||||||||||||||||||||||||
Grades 9 - 10 | 34.53-100 | — | — | 10,107 | 10,107 | ||||||||||||||||||||||||
7,637,480 | 415,708 | 17,040 | 8,070,228 | ||||||||||||||||||||||||||
Loss allowance | (41,915) | (17,515) | (12,450) | (71,880) | |||||||||||||||||||||||||
Total | 7,595,565 | 398,193 | 4,590 | 7,998,348 |
December 31, 2023 | |||||||||||||||||||||||||||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 2,893,562 | — | — | 2,893,562 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 3,680,969 | 237,878 | — | 3,918,847 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 303,445 | 69,606 | — | 373,051 | ||||||||||||||||||||||||
Grades 9 - 10 | 34.52 - 100 | — | — | 10,107 | 10,107 | ||||||||||||||||||||||||
6,877,976 | 307,484 | 10,107 | 7,195,567 | ||||||||||||||||||||||||||
Loss allowance | (34,778) | (17,734) | (6,898) | (59,410) | |||||||||||||||||||||||||
Total | 6,843,198 | 289,750 | 3,209 | 7,136,157 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.05-0.41 | 376,755 | — | — | 376,755 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.42-3.81 | 679,576 | 1,405 | — | 680,981 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.82-34.52 | 243,622 | 8,850 | — | 252,472 | ||||||||||||||||||||||||
1,299,953 | 10,255 | — | 1,310,208 | ||||||||||||||||||||||||||
Customers' liabilities under acceptances | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.05-0.41 | 211,493 | — | — | 211,493 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.42-3.81 | 3,405 | — | — | 3,405 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.82-34.52 | 77,644 | — | — | 77,644 | ||||||||||||||||||||||||
292,542 | — | — | 292,542 | ||||||||||||||||||||||||||
1,592,495 | 10,255 | — | 1,602,750 | ||||||||||||||||||||||||||
Loss allowance | (7,139) | (264) | — | (7,403) | |||||||||||||||||||||||||
Total | 1,585,356 | 9,991 | — | 1,595,347 |
December 31, 2023 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 457,901 | — | — | 457,901 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 416,786 | 24,996 | — | 441,782 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 160,473 | 3,550 | — | 164,023 | ||||||||||||||||||||||||
1,035,160 | 28,546 | — | 1,063,706 | ||||||||||||||||||||||||||
Customers' liabilities under acceptances | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 163,438 | — | — | 163,438 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 2,009 | — | — | 2,009 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 95,981 | — | — | 95,981 | ||||||||||||||||||||||||
261,428 | — | — | 261,428 | ||||||||||||||||||||||||||
1,296,588 | 28,546 | — | 1,325,134 | ||||||||||||||||||||||||||
Loss allowance | (3,905) | (1,154) | — | — | (5,059) | ||||||||||||||||||||||||
Total | 1,292,683 | 27,392 | — | 1,320,075 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||
12-month DP Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.05-0.41 | 1,010,981 | — | — | 1,010,981 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.42-3.81 | 71,658 | 19,253 | — | 90,911 | ||||||||||||||||||||||||
1,082,639 | 19,253 | — | 1,101,892 | ||||||||||||||||||||||||||
Loss allowance | (1,159) | (364) | — | (1,523) | |||||||||||||||||||||||||
Total | 1,081,480 | 18,889 | — | 1,100,369 |
December 31, 2023 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 913,524 | — | — | 913,524 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 57,674 | 28,346 | — | 86,020 | ||||||||||||||||||||||||
971,198 | 28,346 | — | 999,544 | ||||||||||||||||||||||||||
Loss allowance | (1,230) | (402) | — | (1,632) | |||||||||||||||||||||||||
Total | 969,968 | 27,944 | — | 997,912 |
September 30, 2024 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.05-0.41 | 99,727 | — | — | 99,727 | ||||||||||||||||||||||||
99,727 | — | — | 99,727 | ||||||||||||||||||||||||||
Loss allowance | (23) | — | — | (23) | |||||||||||||||||||||||||
Total | 99,704 | — | — | 99,704 |
December 31, 2023 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 11,824 | — | — | 11,824 | ||||||||||||||||||||||||
11,824 | — | — | 11,824 | ||||||||||||||||||||||||||
Loss allowance | (1) | — | — | (1) | |||||||||||||||||||||||||
Total | 11,823 | — | — | 11,823 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | |||||||||||||
Current | 8,053,188 | 7,185,460 | ||||||||||||
Overdue (1) | 17,040 | 10,107 | ||||||||||||
Total | 8,070,228 | 7,195,567 |
September 30, 2024 | |||||||||||||||||
Notional value USD | Derivative financial instruments - fair value asset | Derivative financial instruments - fair value liabilities | |||||||||||||||
Interest rate swaps | 1,204,495 | 31,428 | (1,207) | ||||||||||||||
Cross-currency swaps | 1,274,821 | 40,059 | (89,630) | ||||||||||||||
Total | 2,479,316 | 71,487 | (90,837) |
December 31, 2023 | |||||||||||||||||
Notional value USD | Derivative financial instruments - fair value asset | Derivative financial instruments - fair value liabilities | |||||||||||||||
Interest rate swaps | 987,394 | 11,358 | (790) | ||||||||||||||
Cross-currency swaps | 1,678,042 | 145,909 | (39,823) | ||||||||||||||
Total | 2,665,436 | 157,267 | (40,613) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 34,778 | 17,734 | 6,898 | 59,410 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (235) | (1,238) | 1,473 | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (580) | 2,856 | 2,944 | 5,220 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (20,844) | (2,114) | — | (22,958) | |||||||||||||||||||
New financial assets originated or purchased | 28,796 | 277 | — | 29,073 | |||||||||||||||||||
Recoveries | — | — | 1,135 | 1,135 | |||||||||||||||||||
Allowance for expected credit losses as of September 30, 2024 | 41,915 | 17,515 | 12,450 | 71,880 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 28,589 | 5,050 | 21,561 | 55,200 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (752) | 752 | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (2,363) | 11,195 | 6,481 | 15,313 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (17,950) | (879) | — | (18,829) | |||||||||||||||||||
New financial assets originated or purchased | 27,254 | 1,616 | — | 28,870 | |||||||||||||||||||
Write-offs | — | — | (21,144) | (21,144) | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 34,778 | 17,734 | 6,898 | 59,410 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 3,905 | 1,154 | — | 5,059 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (98) | 98 | — | — | |||||||||||||||||||
Net effect of changes in reserve for expected credit losses | (46) | 102 | — | 56 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (2,528) | (1,090) | — | (3,618) | |||||||||||||||||||
New instruments originated or purchased | 5,906 | — | — | 5,906 | |||||||||||||||||||
Allowance for expected credit losses as of September 30, 2024 | 7,139 | 264 | — | 7,403 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 3,605 | 23 | — | 3,628 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (24) | 24 | — | — | |||||||||||||||||||
Transfer to 12-month expected credit losses | 22 | (22) | — | — | |||||||||||||||||||
Net effect of changes in reserve for expected credit losses | (58) | 21 | — | (37) | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (2,824) | — | — | (2,824) | |||||||||||||||||||
New instruments originated or purchased | 3,184 | 1,108 | — | 4,292 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 3,905 | 1,154 | — | 5,059 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 1,230 | 402 | — | 1,632 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (21) | 21 | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (77) | 179 | (331) | (229) | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (317) | (238) | — | (555) | |||||||||||||||||||
New financial assets originated or purchased | 344 | — | — | 344 | |||||||||||||||||||
Recoveries | — | — | 331 | 331 | |||||||||||||||||||
Allowance for expected credit losses as of September 30, 2024 | 1,159 | 364 | — | 1,523 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 2,170 | 1,779 | 4,002 | 7,951 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (46) | 46 | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (58) | 547 | 1,252 | 1,741 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (1,074) | (218) | — | (1,292) | |||||||||||||||||||
New financial assets originated or purchased | 238 | — | — | 238 | |||||||||||||||||||
Write-offs | — | (1,752) | (5,254) | (7,006) | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 1,230 | 402 | — | 1,632 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 1 | — | — | 1 | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | 1 | 1 | |||||||||||||||||||||
New financial assets originated or purchased | 21 | — | — | 21 | |||||||||||||||||||
Allowance for expected credit losses as of September 30, 2024 | 23 | — | — | 23 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 10 | — | — | 10 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (11) | — | — | (11) | |||||||||||||||||||
New financial assets originated or purchased | 2 | — | — | 2 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2023 | 1 | — | — | 1 |
September 30, 2024 | Loans | Loan commitments and financial guarantee contracts | Securities | Total | |||||||||||||||||||||||||
At amortized cost | At amortized cost | FVOCI | |||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | 5,220 | 56 | (229) | 1 | 5,048 | ||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (22,958) | (3,618) | (555) | — | (27,131) | ||||||||||||||||||||||||
New financial assets originated or purchased | 29,073 | 5,906 | 344 | 21 | 35,344 | ||||||||||||||||||||||||
Total | 11,335 | 2,344 | (440) | 22 | 13,261 |
September 30, 2023 | Loans | Loan commitments and financial guarantee contracts | Securities | Total | |||||||||||||||||||||||||
At amortized cost | At amortized cost | FVOCI | |||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | 8,594 | 46 | 1,596 | — | 10,236 | ||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (15,353) | (2,752) | (1,044) | (10) | (19,159) | ||||||||||||||||||||||||
New financial assets originated or purchased | 22,604 | 3,620 | 209 | — | 26,433 | ||||||||||||||||||||||||
Total | 15,845 | 914 | 761 | (10) | 17,510 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost: | September 30, 2024 | December 31, 2023 | |||||||||
Credit-impaired loans at beginning of period | 6,898 | 21,561 | |||||||||
Classified as credit-impaired during the period | 1,473 | — | |||||||||
Change in allowance for expected credit losses | 2,832 | 6,181 | |||||||||
Interest income | 112 | 300 | |||||||||
Write-offs | — | (21,144) | |||||||||
Recoveries | 1,135 | — | |||||||||
Credit-impaired loans at end of period | 12,450 | 6,898 |
Securities at amortized cost: | September 30, 2024 | December 31, 2023 | |||||||||
Investments at amortized cost with credit impairment at beginning of period | — | 4,002 | |||||||||
Change in allowance for expected credit losses | (331) | 1,249 | |||||||||
Interest income | — | 3 | |||||||||
Write-offs | — | (5,254) | |||||||||
Recoveries | 331 | — | |||||||||
Credit-impaired for investments at amortized cost at end of period | — | — | |||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost | Loan commitments, financial guarantee contracts and acceptances outstanding | Securities at amortized cost | |||||||||||||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||
Carrying amount - principal | 8,070,228 | 7,195,567 | 292,542 | 261,428 | 1,101,892 | 999,544 | |||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 1,310,208 | 1,063,706 | — | — | |||||||||||||||||||||||||||||
Concentration by sector | |||||||||||||||||||||||||||||||||||
Corporations: | |||||||||||||||||||||||||||||||||||
Private | 3,961,584 | 3,192,357 | 817,840 | 727,379 | 640,522 | 582,877 | |||||||||||||||||||||||||||||
State-owned | 1,242,747 | 1,204,471 | 113,916 | 115,542 | 11,862 | 20,619 | |||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 2,368,348 | 2,248,150 | 126,504 | 97,381 | 340,636 | 311,870 | |||||||||||||||||||||||||||||
State-owned | 428,287 | 464,917 | 544,490 | 384,832 | 28,265 | 35,149 | |||||||||||||||||||||||||||||
Sovereign | 69,262 | 85,672 | — | — | 80,607 | 49,029 | |||||||||||||||||||||||||||||
Total | 8,070,228 | 7,195,567 | 1,602,750 | 1,325,134 | 1,101,892 | 999,544 | |||||||||||||||||||||||||||||
Concentration by industry | |||||||||||||||||||||||||||||||||||
Financial institutions | 2,796,635 | 2,713,067 | 670,995 | 482,213 | 385,050 | 351,463 | |||||||||||||||||||||||||||||
Manufacturing | 2,121,372 | 1,702,514 | 492,356 | 464,433 | 381,356 | 346,140 | |||||||||||||||||||||||||||||
Oil and petroleum derived products | 1,336,128 | 1,330,526 | 115,095 | 106,518 | 87,874 | 95,144 | |||||||||||||||||||||||||||||
Agricultural | 351,425 | 239,498 | 35,467 | 22,546 | — | — | |||||||||||||||||||||||||||||
Services | 553,421 | 465,113 | 160,514 | 108,632 | 118,805 | 84,840 | |||||||||||||||||||||||||||||
Mining | 290,552 | 328,415 | 42,056 | 26,329 | 19,498 | 9,690 | |||||||||||||||||||||||||||||
Sovereign | 69,262 | 85,672 | — | — | 44,329 | 49,029 | |||||||||||||||||||||||||||||
Other | 551,433 | 330,762 | 86,267 | 114,463 | 64,980 | 63,238 | |||||||||||||||||||||||||||||
Total | 8,070,228 | 7,195,567 | 1,602,750 | 1,325,134 | 1,101,892 | 999,544 |
Securities FVOCI | ||||||||||||||
September 30, 2024 | December 31, 2023 | |||||||||||||
Carrying amount - principal | 99,727 | 11,824 | ||||||||||||
Concentration by sector | ||||||||||||||
Financial institutions: | ||||||||||||||
State-owned | 99,727 | 11,824 | ||||||||||||
Total | 99,727 | 11,824 | ||||||||||||
Concentration by industry | ||||||||||||||
Financial institutions | 99,727 | 11,824 | ||||||||||||
Total | 99,727 | 11,824 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost | Commitments, financial guarantee contracts and acceptances outstanding | Securities at amortized cost | |||||||||||||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||
Carrying amount - principal | 8,070,228 | 7,195,567 | 292,542 | 261,428 | 1,101,892 | 999,544 | |||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 1,310,208 | 1,063,706 | — | — | |||||||||||||||||||||||||||||
Concentration by country | |||||||||||||||||||||||||||||||||||
Argentina | 89,649 | 52,264 | 49,794 | — | — | — | |||||||||||||||||||||||||||||
Australia | — | — | — | — | 9,777 | 4,803 | |||||||||||||||||||||||||||||
Belgium | 17,631 | 14,223 | — | — | 14,858 | — | |||||||||||||||||||||||||||||
Bolivia | — | — | 3,550 | 4,270 | — | — | |||||||||||||||||||||||||||||
Brazil | 1,153,640 | 1,008,633 | 212,135 | 83,932 | 23,930 | 31,009 | |||||||||||||||||||||||||||||
Canada | 17,256 | 22,599 | 25,723 | 24,996 | 35,310 | 38,508 | |||||||||||||||||||||||||||||
Chile | 438,947 | 454,885 | 40,783 | 16,423 | 27,594 | 79,495 | |||||||||||||||||||||||||||||
China | 15,000 | 15,000 | — | — | — | — | |||||||||||||||||||||||||||||
Colombia | 1,028,887 | 938,897 | 75,630 | 67,545 | 14,923 | 23,837 | |||||||||||||||||||||||||||||
Costa Rica | 356,112 | 284,709 | 48,431 | 51,895 | 7,998 | 7,988 | |||||||||||||||||||||||||||||
Denmark | 1,149 | — | — | — | — | — | |||||||||||||||||||||||||||||
Dominican Republic | 822,134 | 637,199 | 158,727 | 157,986 | — | 4,705 | |||||||||||||||||||||||||||||
Ecuador | 198,266 | 190,628 | 276,323 | 259,597 | — | — | |||||||||||||||||||||||||||||
El Salvador | 65,163 | 82,500 | — | — | — | — | |||||||||||||||||||||||||||||
France | 78,036 | 27,454 | 49,980 | 96,249 | 9,935 | — | |||||||||||||||||||||||||||||
Germany | — | — | 15,000 | 15,000 | 29,595 | 14,750 | |||||||||||||||||||||||||||||
Guatemala | 869,204 | 704,012 | 108,141 | 100,227 | — | — | |||||||||||||||||||||||||||||
Honduras | 220,362 | 221,672 | 1,425 | 975 | — | — | |||||||||||||||||||||||||||||
Ireland | — | — | — | — | 14,280 | 14,976 | |||||||||||||||||||||||||||||
Israel | — | — | — | — | — | 4,788 | |||||||||||||||||||||||||||||
Italy | — | — | — | — | 14,542 | 14,660 | |||||||||||||||||||||||||||||
Jamaica | 68,756 | 101,858 | — | — | — | — | |||||||||||||||||||||||||||||
Japan | 10,031 | 12,037 | — | — | 53,690 | 38,548 | |||||||||||||||||||||||||||||
Korea | — | — | — | — | 14,266 | 1,839 | |||||||||||||||||||||||||||||
Luxembourg | — | 89,833 | — | — | — | — | |||||||||||||||||||||||||||||
Mexico | 913,231 | 838,495 | 116,716 | 83,561 | 45,631 | 62,229 | |||||||||||||||||||||||||||||
Netherlands | — | — | 19,601 | 800 | — | — | |||||||||||||||||||||||||||||
Norway | — | — | — | — | 9,781 | 9,838 | |||||||||||||||||||||||||||||
Panama | 364,259 | 374,364 | 34,660 | 29,301 | 70,486 | 33,977 | |||||||||||||||||||||||||||||
Paraguay | 182,362 | 186,426 | 250 | 230 | — | — | |||||||||||||||||||||||||||||
Peru | 570,525 | 536,236 | 269,916 | 223,460 | 30,501 | 30,635 | |||||||||||||||||||||||||||||
Puerto Rico | 26,861 | — | 10,000 | — | — | — | |||||||||||||||||||||||||||||
Singapore | 262,807 | 145,807 | 25,302 | 7,057 | — | — | |||||||||||||||||||||||||||||
Trinidad and Tobago | 120,496 | 132,783 | 18,000 | — | — | — | |||||||||||||||||||||||||||||
Sweden | — | — | — | — | 13,550 | — | |||||||||||||||||||||||||||||
United States of America | 103,379 | 74,139 | 1,320 | — | 622,788 | 539,727 | |||||||||||||||||||||||||||||
United Kingdom | 36,404 | 37,314 | — | — | 38,457 | 43,232 | |||||||||||||||||||||||||||||
Uruguay | 39,681 | 11,600 | 41,343 | 101,630 | — | — | |||||||||||||||||||||||||||||
Multilateral | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Total | 8,070,228 | 7,195,567 | 1,602,750 | 1,325,134 | 1,101,892 | 999,544 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Securities at FVOCI | |||||||||||
September 30, 2024 | December 31, 2023 | ||||||||||
Carrying amount - principal | 99,727 | 11,824 | |||||||||
Concentration by country | |||||||||||
Multilateral | 99,727 | 11,824 | |||||||||
Total | 99,727 | 11,824 | |||||||||
September 30, 2024 | |||||||||||||||||||||||||||||||||||
Gross amounts of assets | Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | Net amount | |||||||||||||||||||||||||||||||
Financial instruments | Cash collateral received | ||||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | 71,487 | — | 71,487 | — | (33,250) | 38,237 | |||||||||||||||||||||||||||||
Total | 71,487 | — | 71,487 | — | (33,250) | 38,237 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Gross amounts of assets | Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | Net amount | |||||||||||||||||||||||||||||||
Financial instruments | Cash collateral received | ||||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | 157,267 | — | 157,267 | — | (152,111) | 5,156 | |||||||||||||||||||||||||||||
Total | 157,267 | — | 157,267 | — | (152,111) | 5,156 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of liabilities | Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | Net amount | ||||||||||||||||||||||||||||||||||
Financial instruments | Cash collateral received | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements at amortized cost | (346,299) | — | (346,299) | 371,088 | 1,851 | 26,640 | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging at FVTPL | (90,837) | — | (90,837) | — | 72,633 | (18,204) | ||||||||||||||||||||||||||||||||
Total | (437,136) | — | (437,136) | 371,088 | 74,484 | 8,436 |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of liabilities | Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | Net amount | ||||||||||||||||||||||||||||||||||
Financial instruments | Cash collateral received | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements at amortized cost | (310,197) | — | (310,197) | 342,271 | 8,087 | 40,161 | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging at FVTPL | (40,613) | — | (40,613) | — | 34,297 | (6,316) | ||||||||||||||||||||||||||||||||
Total | (350,810) | — | (350,810) | 342,271 | 42,384 | 33,845 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
At the end of the period | 196.57 | % | 205.80 | % | |||||||
Period average | 192.12 | % | 177.20 | % | |||||||
Maximum of the period | 335.28 | % | 357.00 | % | |||||||
Minimun of the period | 107.20 | % | 111.50 | % |
September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
(in millions of USD dollars) | Cash and due from banks | Securities FVOCI | Total | Cash and due from banks | Securities FVOCI | Total | |||||||||||||||||||||||||||||
United State of America | 1,487 | — | 1,487 | 1,904 | — | 1,904 | |||||||||||||||||||||||||||||
Other O.E.C.D countries | 41 | — | 41 | — | — | — | |||||||||||||||||||||||||||||
Latin America | 5 | — | 5 | 7 | — | 7 | |||||||||||||||||||||||||||||
Other countries | — | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||
Multilateral | 75 | 100 | 175 | 75 | 12 | 87 | |||||||||||||||||||||||||||||
Total | 1,608 | 100 | 1,708 | 1,987 | 12 | 1,999 |
September 30, 2024 | December 31, 2023 | ||||||||||
(in millions of USD dollars) | |||||||||||
Demand and "overnight" deposits | 1,026 | 748 | |||||||||
Demand and "overnight" deposits to total deposits | 18.19 | % | 17.00 | % |
September 30, 2024 | December 31, 2023 | ||||||||||
(in millions of USD dollars) | |||||||||||
Total liquid assets | 1,708 | 1,999 | |||||||||
Total assets to total liabilities | 30.29 | % | 45.40 | % | |||||||
Total liquid assets in the Federal Reserve of the United States of America | 74.76 | % | 94.30 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
(in millions of USD dollars) | |||||||||||
Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 5,088 | 4,087 | |||||||||
Average term (days) | 197 | 197 |
September 30, 2024 | December 31, 2023 | ||||||||||
(in millions of USD dollars) | |||||||||||
Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 4,184 | 4,119 | |||||||||
Average term (days) | 1402 | 1381 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Gross inflows (outflows) | Carrying amount | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,705,477 | — | 5,286 | — | — | 1,710,763 | 1,709,503 | |||||||||||||||||||||||||||||||||||||
Securities, net | 44,793 | 84,980 | 132,328 | 1,050,635 | 50,901 | 1,363,637 | 1,213,329 | |||||||||||||||||||||||||||||||||||||
Loans, net | 2,699,688 | 1,639,245 | 1,906,064 | 2,324,366 | 213,908 | 8,783,271 | 8,090,061 | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | 21,404 | 892 | 23,681 | 18,767 | 6,743 | 71,487 | 71,487 | |||||||||||||||||||||||||||||||||||||
Total | 4,471,362 | 1,725,117 | 2,067,359 | 3,393,768 | 271,552 | 11,929,158 | 11,084,380 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | (4,307,905) | (1,090,880) | (305,424) | (37,306) | — | (5,741,515) | (5,691,892) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (279,002) | — | — | (68,958) | — | (347,960) | (346,299) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt | (672,344) | (263,550) | (843,129) | (1,699,943) | (100,544) | (3,579,510) | (3,571,404) | |||||||||||||||||||||||||||||||||||||
Interest payable - Borrowings and debt | (43,544) | (40,205) | (81,675) | (213,129) | (8,800) | (387,353) | (40,040) | |||||||||||||||||||||||||||||||||||||
Lease liabilities | (284) | (292) | (594) | (4,740) | (9,957) | (15,867) | (15,867) | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | (4,427) | (1,664) | (329) | (70,600) | (13,817) | (90,837) | (90,837) | |||||||||||||||||||||||||||||||||||||
Total | (5,307,506) | (1,396,591) | (1,231,151) | (2,094,676) | (133,118) | (10,163,042) | (9,756,339) | |||||||||||||||||||||||||||||||||||||
Subtotal net position | (836,144) | 328,526 | 836,208 | 1,299,092 | 138,434 | 1,766,116 | 1,328,041 | |||||||||||||||||||||||||||||||||||||
Off-balance sheet contingencies | ||||||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 248,452 | 134,737 | 26,453 | — | — | 409,642 | ||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 94,550 | 186,147 | 198,820 | 42,610 | — | 522,127 | ||||||||||||||||||||||||||||||||||||||
Loans and letter of credit commitments | 121,109 | 40,339 | 10,333 | 196,288 | 10,370 | 378,439 | ||||||||||||||||||||||||||||||||||||||
Total | 464,111 | 361,223 | 235,606 | 238,898 | 10,370 | 1,310,208 | ||||||||||||||||||||||||||||||||||||||
Total net position | (1,300,255) | (32,697) | 600,602 | 1,060,194 | 128,064 | 455,908 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Gross inflows (outflows) | Carrying amount | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 2,048,021 | — | — | — | — | 2,048,021 | 2,047,452 | |||||||||||||||||||||||||||||||||||||
Securities, net | 10,992 | 89,836 | 110,816 | 886,944 | 32,117 | 1,130,705 | 1,022,131 | |||||||||||||||||||||||||||||||||||||
Loans, net | 1,935,474 | 1,775,280 | 1,524,298 | 2,580,310 | 243,491 | 8,058,853 | 7,220,520 | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | 2,510 | 5,783 | 54,983 | 90,516 | 3,473 | 157,265 | 157,267 | |||||||||||||||||||||||||||||||||||||
Total | 3,996,997 | 1,870,899 | 1,690,097 | 3,557,770 | 279,081 | 11,394,844 | 10,447,370 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | (3,270,253) | (536,751) | (606,002) | (90,194) | — | (4,503,200) | (4,451,025) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (317,951) | — | — | — | — | (317,951) | (310,197) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt | (775,691) | (675,928) | (896,342) | (1,963,189) | (54,126) | (4,365,276) | (4,351,988) | |||||||||||||||||||||||||||||||||||||
Interest payable - Borrowings and debt | (80,775) | (70,386) | (93,338) | (204,431) | (5,636) | (454,566) | (49,217) | |||||||||||||||||||||||||||||||||||||
Lease liabilities | (284) | (286) | (572) | (4,728) | (10,837) | (16,707) | (16,707) | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | (17,188) | (1,994) | (7,849) | (11,661) | (2,034) | (40,726) | (40,613) | |||||||||||||||||||||||||||||||||||||
Total | (4,462,142) | (1,285,345) | (1,604,103) | (2,274,203) | (72,633) | (9,698,426) | (9,219,747) | |||||||||||||||||||||||||||||||||||||
Subtotal net position | (465,145) | 585,554 | 85,994 | 1,283,567 | 206,448 | 1,696,418 | 1,227,623 | |||||||||||||||||||||||||||||||||||||
Off-balance sheet contingencies | ||||||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 264,603 | 64,100 | 345 | 16,560 | — | 345,608 | ||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 196,775 | 79,659 | 199,192 | 15,000 | — | 490,626 | ||||||||||||||||||||||||||||||||||||||
Loans and letter of credit commitments | 20,000 | 39,497 | 37,546 | 130,430 | — | 227,472 | ||||||||||||||||||||||||||||||||||||||
Total | 481,378 | 183,256 | 237,082 | 161,990 | — | 1,063,706 | ||||||||||||||||||||||||||||||||||||||
Total net position | (946,523) | 402,298 | (151,088) | 1,121,577 | 206,448 | 632,712 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Type of financial instrument | Basis on which amounts are compiled | |||||||
Financial assets and liabilities | Undiscounted cash flows, which include estimated interest payments. | |||||||
Issued financial guarantee contracts, and loan commitments | Earliest possible contractual maturity. For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. | |||||||
Derivative financial assets and financial liabilities | Contractual undiscounted cash flows. The amounts shown are the gross nominal inflows and outflows for derivatives that simultaneously settle gross or net amounts. |
September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amount | Fair value | Amount | Fair value | ||||||||||||||||||||
Balances with Federal Reserve of the United States of America | 1,276,957 | 1,276,957 | 1,884,204 | 1,884,204 | |||||||||||||||||||
Cash and balances with other bank (1) | 331,462 | 331,462 | 102,864 | 102,864 | |||||||||||||||||||
Total Liquidity reserves | 1,608,419 | 1,608,419 | 1,987,068 | 1,987,068 |
September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Guaranteed | Available as collateral | Guaranteed | Available as collateral | ||||||||||||||||||||
Cash and due from banks | 101,084 | 1,608,419 | 60,384 | 1,987,068 | |||||||||||||||||||
Notional of investment securities | 563,058 | 672,689 | 400,825 | 619,533 | |||||||||||||||||||
Loans at amortized cost | — | 8,070,228 | — | 7,195,567 | |||||||||||||||||||
Total assets | 664,142 | 10,351,336 | 461,209 | 9,802,168 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Without interest rate risk | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,696,309 | — | 5,000 | — | — | 8,194 | 1,709,503 | ||||||||||||||||||||||||||||||||||
Securities | 43,871 | 83,440 | 126,988 | 914,326 | 32,994 | — | 1,201,619 | ||||||||||||||||||||||||||||||||||
Loans | 4,601,420 | 1,885,905 | 1,187,664 | 334,758 | 60,481 | — | 8,070,228 | ||||||||||||||||||||||||||||||||||
Total | 6,341,600 | — | 1,969,345 | — | 1,319,652 | — | 1,249,084 | — | 93,475 | — | 8,194 | 10,981,350 | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Demand deposits and time deposits | (4,369,115) | (954,284) | (287,556) | (27,825) | — | (139) | (5,638,919) | ||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (310,742) | — | (35,557) | — | — | — | (346,299) | ||||||||||||||||||||||||||||||||||
Borrowings and debt | (2,316,319) | (360,792) | (720,825) | (173,468) | — | — | (3,571,404) | ||||||||||||||||||||||||||||||||||
Total | (6,996,176) | — | (1,315,076) | — | (1,043,938) | — | (201,293) | — | — | — | (139) | (9,556,622) | |||||||||||||||||||||||||||||
Net effect of derivative financial instruments held for interest risk management | (32,988) | (1,635) | 22,974 | (7,701) | — | — | (19,350) | ||||||||||||||||||||||||||||||||||
Total interest rate sensitivity | (687,564) | — | 652,634 | — | 298,688 | — | 1,040,090 | — | 93,475 | — | 8,055 | 1,405,378 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Without interest rate risk | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 2,044,103 | — | — | — | — | 3,349 | 2,047,452 | ||||||||||||||||||||||||||||||||||
Securities | 14,169 | 60,256 | 82,951 | 824,836 | 29,156 | — | 1,011,368 | ||||||||||||||||||||||||||||||||||
Loans | 4,292,324 | 1,699,301 | 915,143 | 280,005 | 8,794 | — | 7,195,567 | ||||||||||||||||||||||||||||||||||
Total | 6,350,596 | 1,759,557 | 998,094 | 1,104,841 | 37,950 | 3,349 | 10,254,387 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Demand deposits and time deposits | (3,553,774) | (442,338) | (342,686) | (59,029) | — | (10,322) | (4,408,149) | ||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (310,197) | — | — | — | — | — | (310,197) | ||||||||||||||||||||||||||||||||||
Borrowings and debt | (2,653,379) | (381,795) | (483,731) | (818,947) | (14,136) | — | (4,351,988) | ||||||||||||||||||||||||||||||||||
Total | (6,517,350) | (824,133) | (826,417) | (877,976) | (14,136) | (10,322) | (9,070,334) | ||||||||||||||||||||||||||||||||||
Net effect of derivative financial instruments held for interest risk management | (3,485) | 3,790 | 47,134 | 78,855 | 1,439 | — | 127,733 | ||||||||||||||||||||||||||||||||||
Total interest rate sensitivity | (170,239) | 939,214 | 218,811 | 305,720 | 25,253 | (6,973) | 1,311,786 |
Change in interest rate | Effect on profit or loss | Effect on equity | Effect on equity value (EVE) | ||||||||||||||||||||
September 30, 2024 | +50 bps | (866) | 3,182 | (17,874) | |||||||||||||||||||
-50 bps | 648 | (3,257) | 18,173 | ||||||||||||||||||||
December 31, 2023 | +50 bps | 1,669 | 3,881 | (9,047) | |||||||||||||||||||
-50 bps | (1,786) | (2,861) | 9,199 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
Brazilian Real | European Euro | Japanese Yen | Colombian Peso | Mexican Peso | Other Currencies (1) | Total | |||||||||||||||||||||||||||||||||||
Exchance rate | 5.59 | 1.07 | 160.82 | 4,149.38 | 18.31 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 27 | 266 | 2 | 35 | 2,285 | 11 | 2,626 | ||||||||||||||||||||||||||||||||||
Loans | — | 29,688 | — | — | 267,938 | — | 297,626 | ||||||||||||||||||||||||||||||||||
Total Assets | 27 | 29,954 | 2 | 35 | 270,223 | 11 | 300,252 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | (29,614) | — | — | (269,799) | — | (299,413) | ||||||||||||||||||||||||||||||||||
Total liabilities | — | (29,614) | — | — | (269,799) | — | (299,413) | ||||||||||||||||||||||||||||||||||
Net currency position | 27 | 340 | 2 | 35 | 424 | 11 | 839 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Brazilian Real | European Euro | Japanese Yen | Colombian Peso | Mexican Peso | Other Currencies (1) | Total | |||||||||||||||||||||||||||||||||||
Exchance rate | 4.85 | 1.10 | 141.00 | 3,875.97 | 16.98 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 10 | 387 | 45 | 35 | 1,314 | 14 | 1,805 | ||||||||||||||||||||||||||||||||||
Loans | — | 30,360 | — | — | 304,529 | — | 334,889 | ||||||||||||||||||||||||||||||||||
Total Assets | 10 | 30,747 | 45 | 35 | 305,843 | 14 | 336,694 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | (30,360) | — | — | (305,631) | — | (335,991) | ||||||||||||||||||||||||||||||||||
Total liabilities | — | (30,360) | — | — | (305,631) | — | (335,991) | ||||||||||||||||||||||||||||||||||
Net currency position | 10 | 387 | 45 | 35 | 212 | 14 | 703 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities and other financial assets: | |||||||||||||||||||||||
Securities at FVOCI - Corporate debt | — | 101,219 | — | 101,219 | |||||||||||||||||||
Loans at FVOCI | — | — | — | — | |||||||||||||||||||
Total securities and other financial assets | — | 101,219 | — | 101,219 | |||||||||||||||||||
Derivative financial instruments - assets: | |||||||||||||||||||||||
Interest rate swaps | — | 31,428 | — | 31,428 | |||||||||||||||||||
Cross-currency swaps | — | 40,059 | — | 40,059 | |||||||||||||||||||
Total derivative financial instrument assets | — | 71,487 | — | 71,487 | |||||||||||||||||||
Total assets at fair value | — | 172,706 | — | 172,706 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments - liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 1,207 | — | 1,207 | |||||||||||||||||||
Cross-currency swaps | — | 89,630 | — | 89,630 | |||||||||||||||||||
Total derivative financial instruments - liabilities | — | 90,837 | — | 90,837 | |||||||||||||||||||
Total liabilities at fair value | — | 90,837 | — | 90,837 |
December 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities and other financial assets: | |||||||||||||||||||||||
Securities at FVOCI - Corporate debt | — | 11,865 | — | 11,865 | |||||||||||||||||||
Total securities and other financial assets | — | 11,865 | — | 11,865 | |||||||||||||||||||
Derivative financial instruments - assets: | |||||||||||||||||||||||
Interest rate swaps | — | 11,358 | — | 11,358 | |||||||||||||||||||
Cross-currency swaps | — | 145,909 | — | 145,909 | |||||||||||||||||||
Total derivative financial instrument assets | — | 157,267 | — | 157,267 | |||||||||||||||||||
Total assets at fair value | — | 169,132 | — | 169,132 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments - liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 790 | — | 790 | |||||||||||||||||||
Cross-currency swaps | — | 39,823 | — | 39,823 | |||||||||||||||||||
Total derivative financial instruments - liabilities | — | 40,613 | — | 40,613 | |||||||||||||||||||
Total liabilities at fair value | — | 40,613 | — | 40,613 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits in banks | 1,709,503 | 1,709,503 | — | 1,709,503 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) | 1,112,110 | 1,121,773 | — | 1,121,773 | — | ||||||||||||||||||||||||
Loans at amortized cost (2) | 8,090,061 | 8,301,428 | — | 8,301,428 | — | ||||||||||||||||||||||||
Customers' liabilities under acceptances | 292,542 | 292,542 | — | 292,542 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | 5,691,892 | 5,691,892 | — | 5,691,892 | — | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 346,299 | 346,299 | — | 346,299 | — | ||||||||||||||||||||||||
Borrowings and debt, net | 3,571,404 | 3,626,857 | — | 3,626,857 | — | ||||||||||||||||||||||||
Acceptances outstanding | 292,542 | 292,542 | — | 292,542 | — |
December 31, 2023 | |||||||||||||||||||||||||||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits in banks | 2,047,452 | 2,047,452 | — | 2,047,452 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) | 1,010,266 | 997,341 | — | 997,341 | — | ||||||||||||||||||||||||
Loans at amortized cost, net (2) | 7,220,520 | 7,267,429 | — | 7,267,429 | — | ||||||||||||||||||||||||
Customers' liabilities under acceptances | 261,428 | 261,428 | — | 261,428 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | 4,451,025 | 4,451,025 | — | 4,451,025 | — | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 310,197 | 310,197 | — | 310,197 | — | ||||||||||||||||||||||||
Borrowings and debt, net | 4,351,988 | 4,357,271 | — | 4,357,271 | — | ||||||||||||||||||||||||
Acceptances outstanding | 261,428 | 261,428 | — | 261,428 | — |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
Demand Deposits (1) | 1,612,903 | 1,969,102 | |||||||||
Time deposits | 96,600 | 78,350 | |||||||||
Total cash and due from banks | 1,709,503 | 2,047,452 | |||||||||
Less time deposits with original maturity over 90 days and other restricted deposits (2) | 101,084 | 60,384 | |||||||||
Total cash and cash equivalents | 1,608,419 | 1,987,068 |
September 30, 2024 | December 31, 2023 | ||||||||||
Canada | — | 5,342 | |||||||||
Chile | 20,000 | — | |||||||||
Germany | 21,913 | 5,775 | |||||||||
Japan | 10,410 | 14,820 | |||||||||
Panama | 1,600 | — | |||||||||
Switzerland | — | 13,747 | |||||||||
United States of America(2) | 47,161 | 20,700 | |||||||||
Total | 101,084 | 60,384 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | Amortized cost | FVOCI(1) | Total | ||||||||||||||
Principal | 1,101,892 | 99,727 | 1,201,619 | ||||||||||||||
Interest receivable | 11,741 | 1,492 | 13,233 | ||||||||||||||
Loss allowance (1) | (1,523) | — | (1,523) | ||||||||||||||
1,112,110 | 101,219 | 1,213,329 |
December 31, 2023 | Amortized cost | FVOCI(1) | Total | ||||||||||||||
Principal | 999,544 | 11,824 | 1,011,368 | ||||||||||||||
Interest receivable | 12,354 | 41 | 12,395 | ||||||||||||||
Loss allowance (1) | (1,632) | — | (1,632) | ||||||||||||||
1,010,266 | 11,865 | 1,022,131 |
September 30, 2024 | Amortized cost | FVOCI | Total | |||||||||||||||||
Due within 1 year | 224,225 | 30,075 | 254,300 | |||||||||||||||||
After 1 year but within 5 years | 844,673 | 69,652 | 914,325 | |||||||||||||||||
After 5 years but within 10 years | 32,994 | — | 32,994 | |||||||||||||||||
Balance - principal | 1,101,892 | 99,727 | 1,201,619 |
December 31, 2023 | Amortized cost | FVOCI | Total | |||||||||||||||||
Due within 1 year | 157,376 | — | 157,376 | |||||||||||||||||
After 1 year but within 5 years | 813,012 | 11,824 | 824,836 | |||||||||||||||||
After 5 years but within 10 years | 29,156 | — | 29,156 | |||||||||||||||||
Balance - principal | 999,544 | 11,824 | 1,011,368 |
September 30, 2024 | December 31, 2023 | ||||||||||
Securities pledged to secure repurchase transactions | 371,088 | 342,271 | |||||||||
Securities sold under repurchase agreements | (346,299) | (310,197) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | Amortized cost | FVOCI | FVTPL | Total | |||||||||||||||||||
Loans, outstanding balance | 8,070,228 | — | — | 8,070,228 | |||||||||||||||||||
Interest receivable | 118,488 | — | — | 118,488 | |||||||||||||||||||
Loss allowance | (71,880) | — | — | (71,880) | |||||||||||||||||||
Unearned interest and deferred fees | (26,775) | — | — | (26,775) | |||||||||||||||||||
Loans, net | 8,090,061 | — | — | 8,090,061 |
December 31, 2023 | Amortized cost | FVOCI | FVTPL | Total | |||||||||||||||||||
Loans, outstanding balance | 7,195,567 | — | — | 7,195,567 | |||||||||||||||||||
Interest receivable | 109,082 | — | — | 109,082 | |||||||||||||||||||
Loss allowance | (59,410) | — | — | (59,410) | |||||||||||||||||||
Unearned interest and deferred fees | (24,719) | — | — | (24,719) | |||||||||||||||||||
Loans, net | 7,220,520 | — | — | 7,220,520 | |||||||||||||||||||
September 30, 2024 | December 31, 2023 | ||||||||||
Fixed interest rate | 4,878,583 | 3,828,485 | |||||||||
Floating interest rates | 3,191,645 | 3,367,082 | |||||||||
Total | 8,070,228 | 7,195,567 |
September 30, 2024 | December 31, 2023 | ||||||||||
Loans to class A and B shareholders | 574,500 | 397,300 | |||||||||
% Loans to class A and B shareholders over total loan portfolio | 7 | % | 6 | % | |||||||
% Class A and B stockholders with loans over number of class A and B stockholders | 13 | % | 10 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
Documentary letters of credit | 409,642 | 345,608 | |||||||||
Stand-by letters of credit and guarantees - commercial risk | 522,127 | 490,626 | |||||||||
Commitments loans | 364,561 | 227,472 | |||||||||
Commitments letters of credit | 13,878 | — | |||||||||
Total | 1,310,208 | 1,063,706 |
September 30, 2024 | December 31, 2023 | ||||||||||
Up to 1 year | 1,060,940 | 901,716 | |||||||||
From 1 to 2 years | 135,991 | 84,581 | |||||||||
Over 2 to 5 years | 102,907 | 77,409 | |||||||||
More than 5 years | 10,370 | — | |||||||||
Total | 1,310,208 | 1,063,706 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Gain (loss) on derivative financial instruments and foreign currency exchange, net | 198 | (120) | 7 | (87) | |||||||||||||||||||
Realized gain on financial instruments at FVTPL | 51 | 720 | 51 | 1,921 | |||||||||||||||||||
Loss on sale of financial instruments at amortized cost | — | (578) | — | (3,745) | |||||||||||||||||||
Realized gain on financial instruments at FVOCI | 68 | — | 68 | — | |||||||||||||||||||
Others | 11 | — | 11 | — | |||||||||||||||||||
Total | 328 | 22 | 137 | (1,911) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||
Notional amount(2) | Carrying amount of hedging instruments | ||||||||||||||||
Asset (1) | Liability (1) | ||||||||||||||||
Interest rate risk | |||||||||||||||||
Fair value hedges | 1,204,495 | 31,428 | (1,207) | ||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||
Fair value hedges | 236,831 | 6,434 | (823) | ||||||||||||||
Cash flow hedges | 1,037,990 | 33,625 | (88,807) | ||||||||||||||
2,479,316 | 71,487 | (90,837) |
December 31, 2023 | |||||||||||||||||
Notional amount(2) | Carrying amount of hedging instruments | ||||||||||||||||
Asset (1) | Liability (1) | ||||||||||||||||
Interest rate risk | |||||||||||||||||
Fair value hedges | 987,394 | 11,358 | (790) | ||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||
Fair value hedges | 374,654 | 38,088 | (14,290) | ||||||||||||||
Cash flow hedges | 1,303,388 | 107,821 | (25,533) | ||||||||||||||
2,665,436 | 157,267 | (40,613) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||
Notional amount | Carrying amount of hedging instruments | Changes in fair value used to calculate hedge ineffectiveness (2) | Ineffectiveness recognized in profit or loss (2) | ||||||||||||||||||||||||||
Asset (1) | Liability (1) | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Deposits | 265,000 | 9,962 | (24) | (411) | (40) | ||||||||||||||||||||||||
Repurchase agreements | 68,985 | 1,038 | — | 665 | (91) | ||||||||||||||||||||||||
Borrowings and debt | 870,510 | 20,428 | (1,183) | 10,202 | (344) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | 236,831 | 6,434 | (823) | (26,796) | 630 | ||||||||||||||||||||||||
Total | 1,441,326 | 37,862 | (2,030) | (16,340) | 155 |
December 31, 2023 | |||||||||||||||||||||||||||||
Notional amount | Carrying amount of hedging instruments | Changes in fair value used to calculate hedge ineffectiveness (2) | Ineffectiveness recognized in profit or loss (2) | ||||||||||||||||||||||||||
Asset (1) | Liability (1) | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 10,000 | — | (519) | (113) | 7 | ||||||||||||||||||||||||
Securities at amortized cost | 10,000 | 101 | — | (109) | 144 | ||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Borrowings and debt | 660,394 | 7,693 | (271) | 5,152 | 176 | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | 374,654 | 38,088 | (14,290) | 36,710 | 2,908 | ||||||||||||||||||||||||
Total | 1,362,048 | 49,446 | (15,080) | 42,240 | 3,247 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | Changes in fair value of the hedged items used to calculate hedge ineffectiveness(1) | ||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Deposits | — | (275,800) | Demand Deposits | (101) | 371 | ||||||||||||||||||||||||
Repurchase agreements | — | (70,559) | (712) | (756) | |||||||||||||||||||||||||
Borrowings and debt | — | (356,265) | Borrowings and debt, net | (1,186) | (10,546) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (243,670) | Borrowings and debt, net | (17,670) | 27,426 | ||||||||||||||||||||||||
Total | — | (946,294) | (19,669) | 16,495 |
December 31, 2023 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | Changes in fair value of the hedged items used to calculate hedge ineffectiveness(1) | ||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 10,664 | — | Loans, net | (136) | 120 | ||||||||||||||||||||||||
Securities at amortized cost | 10,055 | — | Securities, net | 26 | 253 | ||||||||||||||||||||||||
Borrowings and debt | — | (344,605) | Borrowings and debt, net | (1,626) | (4,976) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (402,377) | Borrowings and debt, net | (21,737) | (33,801) | ||||||||||||||||||||||||
Total | 20,719 | (983,924) | (24,061) | (38,992) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||
Interest rate swaps | Cross currency swaps | Total | |||||||||||||||
Less than 1 year | 336,263 | 84,647 | 420,910 | ||||||||||||||
Over 1 to 2 years | 328,268 | — | 328,268 | ||||||||||||||
Over 2 to 5 years | 437,309 | 142,059 | 579,368 | ||||||||||||||
More than 5 years | 102,655 | 10,125 | 112,780 | ||||||||||||||
Total | 1,204,495 | 236,831 | 1,441,326 |
December 31, 2023 | |||||||||||||||||
Interest rate swaps | Cross currency swaps | Total | |||||||||||||||
Less than 1 year | 434,420 | 235,973 | 670,393 | ||||||||||||||
Over 1 to 2 years | 50,263 | — | 50,263 | ||||||||||||||
Over 2 to 5 years | 476,311 | 128,556 | 604,867 | ||||||||||||||
More than 5 years | 26,400 | 10,125 | 36,525 | ||||||||||||||
Total | 987,394 | 374,654 | 1,362,048 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, 2024 | Nine months ended September 30, 2024 | ||||||||||||||||||||||||||||||||||
Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||
Loans | (3) | (26) | (29) | — | (26) | (26) | |||||||||||||||||||||||||||||
Securities at amortized cost | — | — | — | — | (82) | (82) | |||||||||||||||||||||||||||||
Deposits | (40) | — | (40) | (40) | (1) | (41) | |||||||||||||||||||||||||||||
Repurchase agreements | (86) | — | (86) | (91) | — | (91) | |||||||||||||||||||||||||||||
Borrowings and debt | (771) | — | (771) | (344) | 4 | (340) | |||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
Loans | (1) | 29 | 28 | — | 29 | 29 | |||||||||||||||||||||||||||||
Borrowings and debt | 721 | 1 | 722 | 630 | 72 | 702 | |||||||||||||||||||||||||||||
Total | (180) | 4 | (176) | 155 | (4) | 151 |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||
Loans | 2 | 7 | 9 | 5 | 7 | 12 | |||||||||||||||||||||||||||||
Securities at amortized cost | 38 | — | 38 | 107 | — | 107 | |||||||||||||||||||||||||||||
Deposits | (9) | — | (9) | (7) | — | (7) | |||||||||||||||||||||||||||||
Borrowings and debt | (59) | — | (59) | 2 | — | 2 | |||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
Loans | — | — | — | — | (26) | (26) | |||||||||||||||||||||||||||||
Borrowings and debt | 591 | — | 591 | 1,296 | — | 1,296 | |||||||||||||||||||||||||||||
Total | 563 | 7 | 570 | 1,403 | (19) | 1,384 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount of hedging instruments | Change in fair value used for calculating hedge ineffectiveness | Changes in the fair value of the hedging instruments recognized in OCI (2) | Ineffectiveness recognized in profit or loss (3) | Amount reclassified from the hedge reserve to profit or loss (3) | |||||||||||||||||||||||||||||||||||||
Notional amount | Asset (1) | Liability (1) | |||||||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Loans | 10,738 | — | (329) | (379) | (356) | 23 | 2 | ||||||||||||||||||||||||||||||||||
Borrowings and debt | 1,027,252 | 33,625 | (88,478) | (139,566) | (139,504) | 62 | 107 | ||||||||||||||||||||||||||||||||||
Total | 1,037,990 | 33,625 | (88,807) | (139,945) | (139,860) | 85 | 109 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount of hedging instruments | Change in fair value used for calculating hedge ineffectiveness | Changes in the fair value of the hedging instruments recognized in OCI (2) | Ineffectiveness recognized in profit or loss (3) | Amount reclassified from the hedge reserve to profit or loss (3) | |||||||||||||||||||||||||||||||||||||
Notional amount | Asset (1) | Liability (1) | |||||||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 1,303,388 | 107,821 | (25,533) | 65,005 | 65,286 | 281 | (682) | ||||||||||||||||||||||||||||||||||
Foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Deposits | — | — | — | — | — | — | 57 | ||||||||||||||||||||||||||||||||||
Borrowings and debt | — | — | — | — | — | — | 142 | ||||||||||||||||||||||||||||||||||
Total | 1,303,388 | 107,821 | (25,533) | 65,005 | 65,286 | 281 | (483) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Changes in the fair value of the hedged items used to calculate the hedge ineffectiveness | Cash flow hedge reserve | ||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | 11,298 | — | 379 | 27 | |||||||||||||||||||||||||
Borrowings and debt | — | (991,770) | Borrowings and debt, net | 139,566 | (8,076) | ||||||||||||||||||||||||
Total | 11,298 | (991,770) | 139,945 | (8,049) |
December 31, 2023 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Changes in the fair value of the hedged items used to calculate the hedge ineffectiveness | Cash flow hedge reserve | ||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (1,398,323) | Borrowings and debt, net | (65,005) | (7,458) | ||||||||||||||||||||||||
Total | — | (1,398,323) | (65,005) | (7,458) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | ||||||||||||||||||||||||||
Foreign exchange forward contracts | Interest rate swaps | Cross currency swaps | Total | |||||||||||||||||||||||
Less than 1 year | — | — | 372,148 | 372,148 | ||||||||||||||||||||||
Over 1 to 2 years | — | — | 315,069 | 315,069 | ||||||||||||||||||||||
Over 2 to 5 years | — | — | 248,118 | 248,118 | ||||||||||||||||||||||
More than 5 years | — | — | 102,655 | 102,655 | ||||||||||||||||||||||
Total | — | — | 1,037,990 | 1,037,990 |
December 31, 2023 | ||||||||||||||||||||||||||
Foreign exchange forward contracts | Interest rate swaps | Cross currency swaps | Total | |||||||||||||||||||||||
Less than 1 year | — | — | 643,464 | 643,464 | ||||||||||||||||||||||
Over 1 to 2 years | — | — | 206,496 | 206,496 | ||||||||||||||||||||||
Over 2 to 5 years | — | — | 409,742 | 409,742 | ||||||||||||||||||||||
More than 5 years | — | — | 43,686 | 43,686 | ||||||||||||||||||||||
Total | — | — | 1,303,388 | 1,303,388 |
Three months ended September 30, 2024 | Nine months ended September 30, 2024 | ||||||||||||||||||||||||||||||||||
Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
Loans | 36 | 2 | 38 | 23 | 2 | 25 | |||||||||||||||||||||||||||||
Borrowings and debt | 53 | 94 | 147 | 62 | 107 | 169 | |||||||||||||||||||||||||||||
Total | 89 | 96 | 185 | 85 | 109 | 194 |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
Borrowings and debt | (77) | 10 | (67) | 249 | (682) | (433) | |||||||||||||||||||||||||||||
Total | (57) | 22 | (35) | 303 | (535) | (232) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
Accounts receivable financial instruments | 3,329 | 4,844 | |||||||||
Prepaid expenses | 2,027 | 2,174 | |||||||||
Prepaid fees and commissions | 534 | 451 | |||||||||
Interest receivable - deposits | 1,922 | 1,603 | |||||||||
IT projects under development | 2,916 | 1,802 | |||||||||
Improvement project under development | 1,030 | 396 | |||||||||
Severance fund | 2,398 | 2,169 | |||||||||
Other | 1,994 | 2,156 | |||||||||
Total | 16,150 | 15,595 |
Remaining term | Original contractual | ||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||||
Demand | 622,932 | 510,195 | 622,932 | 510,195 | |||||||||||||||||||
Up to 1 month | 2,440,506 | 2,026,454 | 1,790,457 | 1,336,379 | |||||||||||||||||||
From 1 month to 3 months | 1,197,629 | 704,765 | 767,861 | 758,728 | |||||||||||||||||||
From 3 month to 6 months | 1,056,614 | 517,359 | 1,336,953 | 675,106 | |||||||||||||||||||
From 6 month to 1 year | 288,382 | 570,033 | 952,261 | 892,221 | |||||||||||||||||||
From 1 year to 2 years | 26,916 | 77,843 | 146,408 | 216,430 | |||||||||||||||||||
From 2 years to 5 years | 5,940 | 1,500 | 22,047 | 19,090 | |||||||||||||||||||
Total | 5,638,919 | 4,408,149 | 5,638,919 | 4,408,149 |
September 30, 2024 | December 31, 2023 | ||||||||||
Aggregate amount of $100,000 or more | 5,638,276 | 4,407,608 | |||||||||
Aggregate amount of deposits in the New York Agency | 1,668,262 | 1,250,524 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Interest expense on deposits made in the New York Agency | 23,034 | 15,192 | 66,395 | 34,840 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | |||||||||||||
Financing transactions under repurchase agreements | 346,299 | 310,197 | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Interest expense on financing contracts under repurchase agreement | 3,119 | 2,847 | 9,275 | 7,412 |
September 30, 2024 | |||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||
Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
Principal | 775,199 | 835 | 824,035 | 1,980,948 | 3,581,017 | ||||||||||||||||||||||||
Transaction costs | (16) | (1) | (4,217) | (5,379) | (9,613) | ||||||||||||||||||||||||
775,183 | 834 | 819,818 | 1,975,569 | 3,571,404 |
December 31, 2023 | |||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||
Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
Principal | 1,638,306 | 86,601 | 537,775 | 2,097,820 | 4,360,502 | ||||||||||||||||||||||||
Transaction costs | (262) | (40) | (1,904) | (6,308) | (8,514) | ||||||||||||||||||||||||
1,638,044 | 86,561 | 535,871 | 2,091,512 | 4,351,988 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
Short-term borrowings: | |||||||||||
At fixed interest rates | 607,033 | 732,336 | |||||||||
At floating interest rates | 168,166 | 905,970 | |||||||||
Principal | 775,199 | 1,638,306 | |||||||||
Less: Transaction costs | (16) | (262) | |||||||||
Total short-term borrowings, net | 775,183 | 1,638,044 | |||||||||
Short-term debt: | |||||||||||
At fixed interest rates | 835 | 1,536 | |||||||||
At floating interest rates | — | 85,065 | |||||||||
Principal | 835 | 86,601 | |||||||||
Less: Transaction costs | (1) | (40) | |||||||||
Total short-term debt, net | 834 | 86,561 | |||||||||
Total short-term borrowings and debt | 776,017 | 1,724,605 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 4.64% a 5.95% | 5.44% to 6.50% | |||||||||
Range of floating interest rates on borrowings in U.S. dollars | 5.15% a 5.47% | 6.08% to 6.33% | |||||||||
Range of fixed interest rates on borrowings in Mexican pesos | 11.22 | % | 0.00 | % | |||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.28% a 11.34% | 11.77% to 12.65% | |||||||||
Range of fixed interest rates on borrowings in Euro | 4.3 | % | — | % | |||||||
Range of floating interest rates on borrowings in Euro | 4.2 | % | 4.51% to 4.69% | ||||||||
September 30, 2024 | December 31, 2023 | ||||||||||
US dollar | 699,633 | 1,084,872 | |||||||||
Mexican peso | 46,787 | 576,527 | |||||||||
Euros | 29,614 | 63,508 | |||||||||
Carrying amount - principal | 776,034 | 1,724,907 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
Long-term borrowings: | |||||||||||
At fixed interest rates with due dates August 2027 | 50,743 | — | |||||||||
At floating interest rates with due dates from March 2026 to June 2027 | 773,292 | 537,775 | |||||||||
Principal | 824,035 | 537,775 | |||||||||
Less: Transaction costs | (4,217) | (1,904) | |||||||||
Total long-term borrowings, net | 819,818 | 535,871 | |||||||||
Long-term debt: | |||||||||||
At fixed interest rates with due dates from October 2024 to November 2034 | 1,340,164 | 1,456,290 | |||||||||
At floating interest rates with due dates from November 2024 to August 2028 | 640,784 | 641,530 | |||||||||
Principal | 1,980,948 | 2,097,820 | |||||||||
Less: Transaction costs | (5,379) | (6,308) | |||||||||
Total long-term debt, net | 1,975,569 | 2,091,512 | |||||||||
Total long-term borrowings and debt, net | 2,795,387 | 2,627,383 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 2.38% a 6.15% | 1.35% a 6.15% | |||||||||
Range of floating interest rates on borrowings and debt in U.S. dollars | 5.44% a 6.83% | 6.32% a 7.31% | |||||||||
Range of fixed interest rates on borrowings and debt in Mexican pesos | 6.5% a 10.78% | 6.5% a 10.78% | |||||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.14% a 11.49% | 11.70% a 11.95% | |||||||||
Range of fixed interest rates on debt in Japanese yens | 0.73% a 1.35% | 0.4% a 1.35% | |||||||||
Range of fixed interest rates on debt in Euros | 0.9 | % | 0.90% a 3.75% | ||||||||
Range of fixed interest rates on debt in Australian dollars | 6.81 | % | 1.41% a 6.81% | ||||||||
Range of fixed interest rates on debt in Sterling pounds | 1.50 | % | 1.50 | % | |||||||
Range of fixed interest rates on debt in Swiss francs | 0.35 | % | 0.35 | % | |||||||
Range of fixed interest rates on debt in Peruvian sol | 7.00 | % | 0.00 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
US dollar | 1,365,270 | 1,149,021 | |||||||||
Mexican peso | 1,256,243 | 1,241,023 | |||||||||
Japanese yen | 97,399 | 113,642 | |||||||||
Euro | 33,399 | 88,018 | |||||||||
Peruvian sol | 25,388 | — | |||||||||
Swiss franc | 11,818 | 11,889 | |||||||||
Australian dollar | 10,519 | 27,286 | |||||||||
Sterling pound | 4,947 | 4,716 | |||||||||
Carrying amount - principal | 2,804,983 | 2,635,595 |
Outstanding | |||||
2024 | 336,712 | ||||
2025 | 672,342 | ||||
2026 | 631,332 | ||||
2027 | 890,379 | ||||
2028 | 100,299 | ||||
2029 | 163,400 | ||||
2034 | 10,519 | ||||
Carrying amount - principal | 2,804,983 |
2024 | 2023 | ||||||||||
Balance as of January 1, | 4,351,988 | 4,416,511 | |||||||||
Net decrease in short-term borrowings and debt | (942,934) | (609,090) | |||||||||
Proceeds from long-term borrowings and debt | 891,930 | 355,432 | |||||||||
Payments of long-term borrowings and debt | (526,278) | (194,524) | |||||||||
Change in foreign currency rates | (208,484) | 89,752 | |||||||||
Fair value adjustment due to hedge accounting relationship | 4,656 | (8,025) | |||||||||
Other adjustments | 526 | 1,360 | |||||||||
Balance as of September 30, | 3,571,404 | 4,051,416 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
Due within 1 year | 1,711 | 1,717 | |||||||||
After 1 year but within 5 years | 6,653 | 6,540 | |||||||||
After 5 years but within 10 years | 10,989 | 12,368 | |||||||||
Total undiscounted lease liabilities | 19,353 | 20,625 | |||||||||
Short-term | 1,171 | 1,143 | |||||||||
Long-term | 14,696 | 15,564 | |||||||||
Lease liabilities included in the condensed consolidated interim statement of financial position | 15,867 | 16,707 |
September 30, | |||||||||||
2024 | 2023 | ||||||||||
Payments of lease liabilities | 854 | 782 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Interest on lease liabilities | (142) | (146) | (436) | (434) |
September 30, 2024 | December 31, 2023 | ||||||||||
Accruals and other accumulated expenses | 27,763 | 24,120 | |||||||||
Funds received for debt repayment | — | 14,735 | |||||||||
Accounts payable | 4,796 | 5,143 | |||||||||
Unearned commissions | 8,773 | 9,652 | |||||||||
Other | 4,707 | 84 | |||||||||
Total | 46,039 | 53,734 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Thousands of U.S. dollars) | |||||||||||||||||||||||
Profit for the period | 52,993 | 45,753 | 154,383 | 119,773 | |||||||||||||||||||
(U.S. dollars) | |||||||||||||||||||||||
Basic earnings per share | 1.44 | 1.25 | 4.20 | 3.28 | |||||||||||||||||||
(Thousands of shares) | |||||||||||||||||||||||
Weighted average of common shares outstanding applicable to basic EPS | 36,787 | 36,531 | 36,724 | 36,462 | |||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Structuring services | 1,473 | 2,740 | 6,494 | 3,924 | |||||||||||||||||||
Letters of credit and guarantees | 7,072 | 6,333 | 19,602 | 15,593 | |||||||||||||||||||
Commitments of credit | 2,145 | 2,268 | 6,126 | 3,512 | |||||||||||||||||||
Fees and commission income | 86 | — | 956 | — | |||||||||||||||||||
Total fee and commission income | 10,776 | 11,341 | 33,178 | 23,029 | |||||||||||||||||||
Fess and commission expense | (286) | (232) | (683) | (601) | |||||||||||||||||||
Total | 10,490 | 11,109 | 32,495 | 22,428 |
September 30, 2024 | |||||
Up to 1 year | 4,473 | ||||
From 1 to 2 years | 2,164 | ||||
More than 2 years | 232 | ||||
Total | 6,869 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, 2024 | Nine months ended September 30, 2024 | ||||||||||||||||||||||||||||||||||
Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
Interest income | 163,329 | 35,353 | 198,682 | 478,348 | 109,279 | 587,627 | |||||||||||||||||||||||||||||
Interest expense | (114) | (131,938) | (132,052) | (349) | (395,004) | (395,353) | |||||||||||||||||||||||||||||
Inter-segment net interest income | (103,974) | 103,974 | — | (306,454) | 306,454 | — | |||||||||||||||||||||||||||||
Net interest income | 59,241 | 7,389 | 66,630 | 171,545 | 20,729 | 192,274 | |||||||||||||||||||||||||||||
Other income (expense), net | 10,817 | 136 | 10,953 | 33,268 | (331) | 32,937 | |||||||||||||||||||||||||||||
Total revenues | 70,058 | 7,525 | 77,583 | 204,813 | 20,398 | 225,211 | |||||||||||||||||||||||||||||
Provision for credit losses | (3,365) | (183) | (3,548) | (13,679) | 418 | (13,261) | |||||||||||||||||||||||||||||
Operating expenses | (16,934) | (4,108) | (21,042) | (46,173) | (11,394) | (57,567) | |||||||||||||||||||||||||||||
Segment profit | 49,759 | 3,234 | 52,993 | 144,961 | 9,422 | 154,383 | |||||||||||||||||||||||||||||
Segment assets | 8,399,113 | 2,998,801 | 11,397,914 | ||||||||||||||||||||||||||||||||
Segment liabilities | 312,640 | 9,743,644 | 10,056,284 |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
Interest income | 149,869 | 32,564 | 182,433 | 406,387 | 78,927 | 485,314 | |||||||||||||||||||||||||||||
Interest expense | (117) | (121,776) | (121,893) | (347) | (317,349) | (317,696) | |||||||||||||||||||||||||||||
Inter-segment net interest income | (97,351) | 97,351 | — | (260,592) | 260,592 | — | |||||||||||||||||||||||||||||
Net interest income | 52,401 | 8,139 | 60,540 | 145,448 | 22,170 | 167,618 | |||||||||||||||||||||||||||||
Other income (expense), net | 11,399 | (162) | 11,237 | 23,120 | (2,406) | 20,714 | |||||||||||||||||||||||||||||
Total income | 63,800 | 7,977 | 71,777 | 168,568 | 19,764 | 188,332 | |||||||||||||||||||||||||||||
Provision for credit losses | (6,506) | 18 | (6,488) | (16,760) | (750) | (17,510) | |||||||||||||||||||||||||||||
Operating expenses | (16,081) | (3,455) | (19,536) | (40,213) | (10,836) | (51,049) | |||||||||||||||||||||||||||||
Segment profit | 41,213 | 4,540 | 45,753 | 111,595 | 8,178 | 119,773 | |||||||||||||||||||||||||||||
Segment assets | 7,210,518 | 2,767,831 | 9,978,349 | ||||||||||||||||||||||||||||||||
Segment liabilities | 283,714 | 8,616,813 | 8,900,527 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Profit for the period | 52,993 | 45,753 | 154,383 | 119,773 | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Assets from reportable segments | 11,397,914 | 9,978,349 | |||||||||||||||||||||
Other assets - unallocated | 14,229 | 116,241 | |||||||||||||||||||||
Total | 11,412,143 | 10,094,590 | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Liabilities from reportable segments | 10,056,284 | 8,900,527 | |||||||||||||||||||||
Other liabilities - unallocated | 46,039 | 33,086 | |||||||||||||||||||||
Total | 10,102,323 | 8,933,613 |
September 30, 2024 | December 31, 2023 | ||||||||||
Assets: | |||||||||||
Demand deposits | 2,182 | 2,263 | |||||||||
Loans, net | 157,526 | 61,440 | |||||||||
Securities at amortized cost | 20,900 | 14,373 | |||||||||
Total | 180,608 | 78,076 | |||||||||
Liabilities: | |||||||||||
Time deposits | 594,091 | 319,344 | |||||||||
Contingencies: | |||||||||||
Stand-by letters of credit | 150 | 150 | |||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans | 2,438 | 1,133 | 7,592 | 3,143 | |||||||||||||||||||
Securities at amortized cost | 195 | 109 | 582 | 220 | |||||||||||||||||||
Total | 2,633 | 1,242 | 8,174 | 3,363 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | (9,184) | (3,682) | (27,138) | (8,409) | |||||||||||||||||||
Net interest income (expenses) | (6,551) | (2,440) | (18,964) | (5,046) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Fees and commissions, net | — | 279 | 1 | 536 | |||||||||||||||||||
Net income from related parties | (6,551) | (2,161) | (18,963) | (4,510) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Compensation costs to directors | 579 | 461 | 1,440 | 1,240 | |||||||||||||||||||
Compensation costs to executives | 1,737 | 1,471 | 9,343 | 6,795 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | December 31, 2023 | ||||||||||
Capital funds | 1,311,670 | 1,206,753 | |||||||||
Risk-weighted assets | 9,572,371 | 8,898,408 | |||||||||
Capital adequacy index | 13.7% | 13.6% |
September 30, 2024 | December 31, 2023 | ||||||||||
Ordinary capital | 1,166,553 | 1,070,734 | |||||||||
Non-risk-weighted assets | 11,712,976 | 10,994,085 | |||||||||
Leverage ratio | 10.0% | 9.7% |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Corporations | 5,138,165 | 49,126 | 6,933 | — | 10,107 | 5,204,331 | |||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 2,368,348 | — | — | — | — | 2,368,348 | |||||||||||||||||||||||||||||
State-owned | 428,287 | — | — | — | — | 428,287 | |||||||||||||||||||||||||||||
2,796,635 | — | — | — | — | 2,796,635 | ||||||||||||||||||||||||||||||
Sovereign | 69,262 | — | — | — | — | 69,262 | |||||||||||||||||||||||||||||
Total | 8,004,062 | 49,126 | 6,933 | — | 10,107 | 8,070,228 | |||||||||||||||||||||||||||||
Specific provision | — | 9,825 | 3,466 | — | 5,592 | 18,883 | |||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||
losses under IFRS (1): | 47,853 | 11,577 | 5,444 | — | 7,006 | 71,880 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Corporations | 4,354,378 | 32,342 | — | — | 10,107 | 4,396,827 | |||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 2,248,150 | — | — | — | — | 2,248,150 | |||||||||||||||||||||||||||||
State-owned | 464,918 | — | — | — | — | 464,918 | |||||||||||||||||||||||||||||
2,713,068 | — | — | — | — | 2,713,068 | ||||||||||||||||||||||||||||||
Sovereign | 85,672 | — | — | — | — | 85,672 | |||||||||||||||||||||||||||||
Total loans | 7,153,118 | 32,342 | — | — | 10,107 | 7,195,567 | |||||||||||||||||||||||||||||
Specific provision | — | 6,470 | — | — | 5,652 | 12,122 | |||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||
losses under IFRS (1): | 45,958 | 6,554 | — | — | 6,898 | 59,410 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2024 | ||||||||||||||||||||||||||
Loans at amortized cost | Current | Past due | Delinquent | Total | ||||||||||||||||||||||
Corporations | 5,187,291 | — | 17,040 | 5,204,331 | ||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||
Private | 2,368,348 | — | — | 2,368,348 | ||||||||||||||||||||||
State-owned | 428,287 | — | — | 428,287 | ||||||||||||||||||||||
2,796,635 | — | — | 2,796,635 | |||||||||||||||||||||||
Sovereign | 69,262 | — | — | 69,262 | ||||||||||||||||||||||
Total | 8,053,188 | — | 17,040 | 8,070,228 | ||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Loans at amortized cost | Current | Past due | Delinquent | Total | ||||||||||||||||||||||
Corporations | 4,386,720 | — | 10,107 | 4,396,827 | ||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||
Private | 2,248,150 | — | — | 2,248,150 | ||||||||||||||||||||||
State-owned | 464,918 | — | — | 464,918 | ||||||||||||||||||||||
2,713,068 | — | — | 2,713,068 | |||||||||||||||||||||||
Sovereign | 85,672 | — | — | 85,672 | ||||||||||||||||||||||
Total | 7,185,460 | — | 10,107 | 7,195,567 | ||||||||||||||||||||||
September 30, 2024 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Impaired loans | — | — | 6,933 | — | 10,107 | 17,040 | |||||||||||||||||||||||||||||
Total | — | — | 6,933 | — | 10,107 | 17,040 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Impaired loans | — | — | — | — | 10,107 | 10,107 | |||||||||||||||||||||||||||||
Total | — | — | — | — | 10,107 | 10,107 |
September 30, 2024 | December 31, 2023 | ||||||||||
Non-accruing loans: | |||||||||||
Private corporations | 17,040 | 10,107 | |||||||||
Interest that would be reversed if the loans had been classified as non-accruing loans | 441 | 328 | |||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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