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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Banco Latinoamericano de Comercio Exterior SA | NYSE:BLX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.31 | 0 | 01:00:00 |
FOREIGN TRADE BANK OF LATIN AMERICA, INC. | ||||||||
(Registrant) | ||||||||
Date: May 11, 2023 | 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 |
March 31, | December 31, | ||||||||||||||||
Notes | 2023 | 2022 | |||||||||||||||
(Unaudited) | (Audit) | ||||||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | 3,4,5 | 1,313,883 | 1,241,586 | ||||||||||||||
Securities, net | 3,4,6 | 939,875 | 1,023,632 | ||||||||||||||
Loans, net | 3,4,7 | 6,700,566 | 6,760,434 | ||||||||||||||
Customers' liabilities under acceptances | 3,4 | 137,586 | 163,345 | ||||||||||||||
Derivative financial instruments - assets | 3,4,10 | 125,707 | 68,159 | ||||||||||||||
Equipment and leasehold improvements, net | 16,882 | 17,282 | |||||||||||||||
Intangibles, net | 2,368 | 2,104 | |||||||||||||||
Other assets | 11 | 11,774 | 7,368 | ||||||||||||||
Total assets | 9,248,641 | 9,283,910 | |||||||||||||||
Liabilities and Equity | |||||||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 503,341 | 233,757 | |||||||||||||||
Time deposits | 3,065,398 | 2,956,959 | |||||||||||||||
3,4,12 | 3,568,739 | 3,190,716 | |||||||||||||||
Interest payable | 17,438 | 14,670 | |||||||||||||||
Total deposits | 3,586,177 | 3,205,386 | |||||||||||||||
Securities sold under repurchase agreements | 3,4,13 | 347,594 | 300,498 | ||||||||||||||
Borrowings and debt, net | 3,4,14 | 3,955,042 | 4,416,511 | ||||||||||||||
Interest payable | 44,037 | 47,878 | |||||||||||||||
Lease liabilities | 315 | 16,491 | 16,745 | ||||||||||||||
Acceptances outstanding | 3,4 | 137,586 | 163,345 | ||||||||||||||
Derivative financial instruments - liabilities | 3,4,10 | 34,068 | 33,761 | ||||||||||||||
Allowance for losses on loan commitments and financial guarantee contract | 3,4 | 3,461 | 3,628 | ||||||||||||||
Other liabilities | 16 | 28,652 | 26,811 | ||||||||||||||
Total liabilities | 8,153,108 | 8,214,563 | |||||||||||||||
Equity: | |||||||||||||||||
Common stock | 279,980 | 279,980 | |||||||||||||||
Treasury stock | (111,863) | (114,097) | |||||||||||||||
Additional paid-in capital in excess of value assigned to common stock | 119,782 | 120,498 | |||||||||||||||
Capital reserves | 22 | 95,210 | 95,210 | ||||||||||||||
Regulatory reserves | 22 | 136,019 | 136,019 | ||||||||||||||
Retained earnings | 571,474 | 543,612 | |||||||||||||||
Other comprehensive income (loss) | 4,931 | 8,125 | |||||||||||||||
Total equity | 1,095,533 | 1,069,347 | |||||||||||||||
Total liabilities and equity | 9,248,641 | 9,283,910 |
Notes | 2023 | 2022 | |||||||||||||||
Interest income: | |||||||||||||||||
Deposits | 14,399 | 503 | |||||||||||||||
Securities | 6,384 | 4,293 | |||||||||||||||
Loans | 122,596 | 40,208 | |||||||||||||||
Total interest income | 19 | 143,379 | 45,004 | ||||||||||||||
Interest expense: | |||||||||||||||||
Deposits | (40,058) | (3,540) | |||||||||||||||
Borrowings and debt | (50,557) | (15,595) | |||||||||||||||
Lease liabilities | 15 | (144) | (148) | ||||||||||||||
Total interest expense | 19 | (90,759) | (19,283) | ||||||||||||||
Net interest income | 52,620 | 25,721 | |||||||||||||||
Other income (expense): | |||||||||||||||||
Fees and commissions, net | 19 | 4,812 | 3,949 | ||||||||||||||
Loss on financial instruments, net | 9 | 1,704 | 566 | ||||||||||||||
Other income, net | 39 | 16 | |||||||||||||||
Total other income, net | 19 | 6,555 | 4,531 | ||||||||||||||
Total revenues | 59,175 | 30,252 | |||||||||||||||
Provision for credit losses | 3,19 | (6,331) | (8,111) | ||||||||||||||
Operating expenses: | |||||||||||||||||
Salaries and other employee expenses | (9,736) | (7,445) | |||||||||||||||
Depreciation of equipment and leasehold improvements | (548) | (533) | |||||||||||||||
Amortization of intangible assets | (187) | (124) | |||||||||||||||
Other expenses | (5,419) | (2,920) | |||||||||||||||
Total operating expenses | 19 | (15,890) | (11,022) | ||||||||||||||
Profit for the period | 36,954 | 11,119 | |||||||||||||||
Per share data: | |||||||||||||||||
Basic earnings per share (in US dollars) | 17 | 1.02 | 0.31 | ||||||||||||||
Diluted earnings per share (in US dollars) | 17 | 1.02 | 0.31 | ||||||||||||||
Weighted average basic shares (in thousands of shares) | 17 | 36,360 | 36,249 | ||||||||||||||
Weighted average diluted shares (in thousands of shares) | 17 | 36,360 | 36,249 |
2023 | 2022 | |||||||||||||
Profit for the period | 36,954 | 11,119 | ||||||||||||
Other comprehensive income: | ||||||||||||||
Items that are or may be reclassified subsequently to profit or loss: | ||||||||||||||
Change in fair value on financial instruments, net of hedging | (3,390) | 9,985 | ||||||||||||
Reclassification of gains on financial instruments to profit or loss | 196 | 312 | ||||||||||||
Other comprehensive income | (3,194) | 10,297 | ||||||||||||
Total comprehensive income for the period | 33,760 | 21,416 |
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 | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | 279,980 | (115,799) | 120,043 | 95,210 | 136,019 | 487,885 | (11,548) | 991,790 | |||||||||||||||||||||||||||||||||||||||
Profit for the period | — | — | — | — | — | 11,119 | — | 11,119 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 10,297 | 10,297 | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 418 | — | — | — | — | 418 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 664 | (664) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (9,068) | — | (9,068) | |||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | 279,980 | (115,135) | 119,797 | 95,210 | 136,019 | 489,936 | (1,251) | 1,004,556 | |||||||||||||||||||||||||||||||||||||||
Balance 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 | — | — | — | — | — | 36,954 | — | 36,954 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | (3,194) | (3,194) | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 1,518 | — | — | — | — | 1,518 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 2,234 | (2,234) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (9,092) | — | (9,092) | |||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | 279,980 | (111,863) | 119,782 | 95,210 | 136,019 | 571,474 | 4,931 | 1,095,533 |
Notes | 2023 | 2022 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Profit for the period | 36,954 | 11,119 | ||||||||||||
Adjustments to reconcile profit for the period to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation of equipment and leasehold improvements | 548 | 533 | ||||||||||||
Amortization of intangible assets | 187 | 124 | ||||||||||||
Provision for credit losses | 3 | 6,331 | 8,111 | |||||||||||
Loss on financial instruments at FVTPL | 9 | — | 219 | |||||||||||
Loss on sale of financial instruments at amortized cost | 1,367 | — | ||||||||||||
Compensation cost - share-based payment | 1,518 | 418 | ||||||||||||
Net changes in hedging position and foreign currency | 6,137 | (305) | ||||||||||||
Interest income | (143,379) | (45,004) | ||||||||||||
Interest expense | 90,759 | 19,283 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Pledged deposits | 1,291 | (1,325) | ||||||||||||
Loans | 101,905 | (730,293) | ||||||||||||
Other assets | (3,675) | (704) | ||||||||||||
Due to depositors | 378,024 | 219,640 | ||||||||||||
Other liabilities | 1,829 | 13,531 | ||||||||||||
Cash flows provided by (used in) operating activities | 479,796 | (504,653) | ||||||||||||
Interest received | 127,085 | 37,555 | ||||||||||||
Interest paid | (88,670) | (14,115) | ||||||||||||
Net cash provided by (used in) operating activities | 518,211 | (481,213) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisition of equipment and leasehold improvements | (145) | (77) | ||||||||||||
Acquisition of intangible assets | (450) | (219) | ||||||||||||
Proceeds from the sale of securities at amortized cost | 7,611 | — | ||||||||||||
Proceeds from the redemption of securities at amortized cost | 93,112 | 21,783 | ||||||||||||
Proceeds from the redemption of securities at FVOCI | 39,600 | 20,000 | ||||||||||||
Purchase of securities at amortized cost | (63,212) | (314,126) | ||||||||||||
Net cash provided by (used in) investing activities | 76,516 | (272,639) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Increase (decrease) in securities sold under repurchase agreements | 47,096 | (81,650) | ||||||||||||
Net decrease in short-term borrowings and debt | 14 | (503,227) | (195,107) | |||||||||||
Proceeds from long-term borrowings and debt | 14 | — | 515,488 | |||||||||||
Payments of long-term borrowings and debt | 14 | (55,668) | (76,228) | |||||||||||
Payments of lease liabilities | 15 | (255) | (246) | |||||||||||
Dividends paid | (9,085) | (8,994) | ||||||||||||
Net cash (used in) provided by financing activities | (521,139) | 153,263 | ||||||||||||
Increase (decrease) net in cash and cash equivalents | 73,588 | (600,589) | ||||||||||||
Cash and cash equivalents at beginning of the period | 1,190,936 | 1,211,001 | ||||||||||||
Cash and cash equivalents at end of the period | 5 | 1,264,524 | 610,412 |
March 31, 2023 | |||||||||||||||||||||||||||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 2,980,657 | — | — | 2,980,657 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 3,480,582 | 34,273 | — | 3,514,855 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 116,866 | 42,890 | — | 159,756 | ||||||||||||||||||||||||
Grades 9 - 10 | 34.52 - 100 | — | — | 30,107 | 30,107 | ||||||||||||||||||||||||
6,578,105 | 77,163 | 30,107 | 6,685,375 | ||||||||||||||||||||||||||
Loss allowance | (29,298) | (4,108) | (25,865) | (59,271) | |||||||||||||||||||||||||
Total | 6,548,807 | 73,055 | 4,242 | 6,626,104 |
December 31, 2022 | |||||||||||||||||||||||||||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 2,864,686 | — | — | 2,864,686 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 3,645,901 | 50,625 | — | 3,696,526 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 123,603 | 48,098 | 20,000 | 191,701 | ||||||||||||||||||||||||
Grades 9 - 10 | 34.52 - 100 | — | — | 10,107 | 10,107 | ||||||||||||||||||||||||
6,634,190 | 98,723 | 30,107 | 6,763,020 | ||||||||||||||||||||||||||
Loss allowance | (28,589) | (5,050) | (21,561) | (55,200) | |||||||||||||||||||||||||
Total | 6,605,601 | 93,673 | 8,546 | 6,707,820 |
March 31, 2023 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and financial guarantees issued | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 454,310 | — | — | 454,310 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 340,707 | 1,700 | — | 342,407 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 158,498 | — | — | 158,498 | ||||||||||||||||||||||||
953,515 | 1,700 | — | 955,215 | ||||||||||||||||||||||||||
Customers' liabilities under acceptances | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 39,509 | — | — | 39,509 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 14,890 | — | — | 14,890 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 83,187 | — | — | 83,187 | ||||||||||||||||||||||||
137,586 | — | — | 137,586 | ||||||||||||||||||||||||||
1,091,101 | 1,700 | — | 1,092,801 | ||||||||||||||||||||||||||
Loss allowance | (3,438) | (23) | — | (3,461) | |||||||||||||||||||||||||
Total | 1,087,663 | 1,677 | — | 1,089,340 |
December 31, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and financial guarantees issued | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 302,260 | — | — | 302,260 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 279,550 | 1,700 | — | 281,250 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 195,864 | — | — | 195,864 | ||||||||||||||||||||||||
777,674 | 1,700 | — | 779,374 | ||||||||||||||||||||||||||
Customers' liabilities under acceptances | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 34,258 | — | — | 34,258 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 19,782 | — | — | 19,782 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 109,305 | — | — | 109,305 | ||||||||||||||||||||||||
163,345 | — | — | 163,345 | ||||||||||||||||||||||||||
941,019 | 1,700 | — | 942,719 | ||||||||||||||||||||||||||
Loss allowance | (3,605) | (23) | — | (3,628) | |||||||||||||||||||||||||
Total | 937,414 | 1,677 | — | 939,091 |
March 31, 2023 | |||||||||||||||||||||||||||||
12-month DP Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 743,430 | — | — | 743,430 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 95,910 | 54,363 | — | 150,273 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | — | — | — | — | ||||||||||||||||||||||||
Grades 9 - 10 | 34.52 - 100.00 | — | — | 4,996 | 4,996 | ||||||||||||||||||||||||
839,340 | 54,363 | 4,996 | 898,699 | ||||||||||||||||||||||||||
Loss allowance | (1,699) | (2,919) | (5,055) | (9,673) | |||||||||||||||||||||||||
Total | 837,641 | 51,444 | (59) | 889,026 |
December 31, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 736,139 | — | — | 736,139 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 154,248 | 46,589 | — | 200,837 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | — | — | 4,995 | 4,995 | ||||||||||||||||||||||||
890,387 | 46,589 | 4,995 | 941,971 | ||||||||||||||||||||||||||
Loss allowance | (2,170) | (1,779) | (4,002) | (7,951) | |||||||||||||||||||||||||
Total | 888,217 | 44,810 | 993 | 934,020 |
March 31, 2023 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 38,823 | — | — | 38,823 | ||||||||||||||||||||||||
38,823 | — | — | 38,823 | ||||||||||||||||||||||||||
Loss allowance | (5) | — | — | (5) | |||||||||||||||||||||||||
Total | 38,818 | — | — | 38,818 |
December 31, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 77,972 | — | — | 77,972 | ||||||||||||||||||||||||
77,972 | — | — | 77,972 | ||||||||||||||||||||||||||
Loss allowance | (10) | — | — | (10) | |||||||||||||||||||||||||
Total | 77,962 | — | — | 77,962 |
March 31, 2023 | |||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Current | 6,578,105 | 77,163 | — | 6,655,268 | |||||||||||||||||||
Defaulters | — | — | 20,000 | 20,000 | |||||||||||||||||||
Past due | — | — | 10,107 | 10,107 | |||||||||||||||||||
Total | 6,578,105 | 77,163 | 30,107 | 6,685,375 |
December 31, 2022 | |||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Current | 6,634,190 | 98,723 | — | 6,732,913 | |||||||||||||||||||
Defaulters | — | — | 20,000 | 20,000 | |||||||||||||||||||
Past due | — | — | 10,107 | 10,107 | |||||||||||||||||||
Total | 6,634,190 | 98,723 | 30,107 | 6,763,020 |
March 31, 2023 | |||||||||||||||||
Notional value USD | Derivative financial instruments - fair value assets | Derivative financial instruments - fair value liabilities | |||||||||||||||
Interest rate swaps | 364,238 | 117 | (3,801) | ||||||||||||||
Cross-currency swaps | 1,000,647 | 108,566 | (30,267) | ||||||||||||||
Foreign exchange forwards | 180,639 | 17,024 | — | ||||||||||||||
Total | 1,545,524 | 125,707 | (34,068) |
December 31, 2022 | |||||||||||||||||
Notional value USD | Derivative financial instruments - fair value assets | Derivative financial instruments - fair value liabilities | |||||||||||||||
Interest rate swaps | 368,711 | 483 | (544) | ||||||||||||||
Cross-currency swaps | 1,175,570 | 45,806 | (33,217) | ||||||||||||||
Foreign exchange forwards | 189,173 | 21,870 | — | ||||||||||||||
Total | 1,733,454 | 68,159 | (33,761) |
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 | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (391) | (458) | 4,304 | 3,455 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (8,079) | (484) | — | (8,563) | |||||||||||||||||||
New instruments originated or purchased | 9,179 | — | — | 9,179 | |||||||||||||||||||
Allowance for expected credit losses as of March 31, 2023 | 29,298 | 4,108 | 25,865 | 59,271 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 20,115 | 16,175 | 5,186 | 41,476 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (29) | 29 | — | — | |||||||||||||||||||
Transfer to 12-month expected credit losses | 176 | (176) | — | — | |||||||||||||||||||
Transfer to credit-impaired financial instruments | (130) | — | 130 | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,718) | (10,146) | 16,072 | 4,208 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (12,385) | (832) | — | (13,217) | |||||||||||||||||||
New instruments originated or purchased | 22,560 | — | — | 22,560 | |||||||||||||||||||
Write-offs | — | — | (893) | (893) | |||||||||||||||||||
Recoveries | — | — | 1,066 | 1,066 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 28,589 | 5,050 | 21,561 | 55,200 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 3,605 | 23 | — | 3,628 | |||||||||||||||||||
Net effect of changes in reserve for expected credit losses | (428) | — | — | (428) | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (1,909) | — | — | (1,909) | |||||||||||||||||||
New instruments originated or purchased | 2,170 | — | — | 2,170 | |||||||||||||||||||
Allowance for expected credit losses as of March 31, 2023 | 3,438 | 23 | — | 3,461 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 3,472 | 331 | — | 3,803 | |||||||||||||||||||
Transfer to 12-month expected credit losses | 133 | (133) | — | — | |||||||||||||||||||
Net effect of changes in reserve for expected credit losses | (160) | (39) | — | (199) | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (2,981) | (136) | — | (3,117) | |||||||||||||||||||
New instruments originated or purchased | 3,141 | — | — | 3,141 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 3,605 | 23 | — | 3,628 |
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 | (72) | 72 | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (76) | 1,778 | 1,053 | 2,755 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (364) | — | — | (364) | |||||||||||||||||||
New instruments originated or purchased | 41 | — | — | 41 | |||||||||||||||||||
Write-offs | — | (710) | — | (710) | |||||||||||||||||||
Allowance for expected credit losses as of March 31, 2023 | 1,699 | 2,919 | 5,055 | 9,673 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 1,790 | — | — | 1,790 | |||||||||||||||||||
Transfer to lifetime expected credit losses | (46) | 46 | — | — | |||||||||||||||||||
Transfer to credit-impaired financial instruments | (33) | — | 33 | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (13) | 941 | 3,969 | 4,897 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (420) | — | — | (420) | |||||||||||||||||||
New instruments originated or purchased | 892 | 792 | — | 1,684 | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 2,170 | 1,779 | 4,002 | 7,951 |
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 period | (5) | — | — | (5) | |||||||||||||||||||
Allowance for expected credit losses as of March 31, 2023 | 5 | — | — | 5 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 26 | — | — | 26 | |||||||||||||||||||
Financial instruments that have been derecognized during the year | (16) | — | — | (16) | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2022 | 10 | — | — | 10 |
Loans at amortized cost | Loan commitments and financial guarantee contracts | Securities | ||||||||||||||||||||||||||||||
March 31, 2023 | At amortized cost | FVOCI | Total | |||||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | 3,455 | (428) | 2,755 | — | 5,782 | |||||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (8,563) | (1,909) | (364) | (5) | (10,841) | |||||||||||||||||||||||||||
New financial assets originated or purchased | 9,179 | 2,170 | 41 | — | 11,390 | |||||||||||||||||||||||||||
Total | 4,071 | (167) | 2,432 | (5) | 6,331 |
Loans at amortized cost | Loan commitments and financial guarantee contracts | Securities | ||||||||||||||||||||||||||||||
March 31, 2022 | At amortized cost | FVOCI | Total | |||||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,175) | (96) | 280 | — | (991) | |||||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (5,403) | (2,313) | (67) | (3) | (7,786) | |||||||||||||||||||||||||||
New financial assets originated or purchased | 14,287 | 2,061 | 540 | — | 16,888 | |||||||||||||||||||||||||||
Total | 7,709 | (348) | 753 | (3) | 8,111 |
March 31, 2023 | December 31, 2022 | ||||||||||
Credit-impaired loans at beginning of period | 21,561 | 5,186 | |||||||||
Classified as credit-impaired during the period | — | 130 | |||||||||
Change in allowance for expected credit losses | 4,200 | 14,606 | |||||||||
Write-offs | — | (893) | |||||||||
Recoveries of amounts previously written off | — | 1,066 | |||||||||
Interest income | 104 | 1,466 | |||||||||
Credit-impaired loans at end of period | 25,865 | 21,561 |
March 31, 2023 | December 31, 2022 | ||||||||||
Investments at amortized cost with credit impairment at beginning of period | 4,002 | — | |||||||||
Classified as credit-impaired during the period | — | 33 | |||||||||
Change in allowance for expected credit losses | 1,760 | 3,717 | |||||||||
Interest income | 3 | 252 | |||||||||
Write-offs | (710) | — | |||||||||
Investments at amortized cost with credit impairment at end of period | 5,055 | 4,002 | |||||||||
Loans at amortized cost | Loan commitments and financial guarantee contracts | Securities | |||||||||||||||||||||||||||||||||||||||||||||
At amortized cost | FVOCI | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Carrying amount - principal | 6,685,375 | 6,763,020 | 137,586 | 163,345 | 898,699 | 941,971 | 38,823 | 77,972 | |||||||||||||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 955,215 | 779,374 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Concentration by sector | |||||||||||||||||||||||||||||||||||||||||||||||
Corporations: | |||||||||||||||||||||||||||||||||||||||||||||||
Private | 2,565,161 | 2,553,193 | 595,273 | 409,139 | 549,246 | 543,381 | 19,938 | 24,773 | |||||||||||||||||||||||||||||||||||||||
State-owned | 1,075,563 | 1,115,932 | 143,103 | 110,468 | 45,112 | 51,388 | — | — | |||||||||||||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||||||||||||||
Private | 2,214,630 | 2,245,385 | 112,350 | 120,614 | 217,698 | 250,975 | — | — | |||||||||||||||||||||||||||||||||||||||
State-owned | 702,226 | 719,882 | 242,075 | 302,498 | 31,754 | 31,902 | 18,885 | 53,199 | |||||||||||||||||||||||||||||||||||||||
Sovereign | 127,795 | 128,628 | — | — | 54,889 | 64,325 | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,685,375 | 6,763,020 | 1,092,801 | 942,719 | 898,699 | 941,971 | 38,823 | 77,972 | |||||||||||||||||||||||||||||||||||||||
Concentration by industry | |||||||||||||||||||||||||||||||||||||||||||||||
Financial institutions | 2,932,356 | 2,965,266 | 354,425 | 423,112 | 249,452 | 282,878 | 18,885 | 53,199 | |||||||||||||||||||||||||||||||||||||||
Manufacturing | 1,327,882 | 1,341,453 | 373,226 | 293,659 | 365,908 | 339,914 | 9,981 | 14,898 | |||||||||||||||||||||||||||||||||||||||
Oil and petroleum derived products | 1,179,030 | 1,244,491 | 130,287 | 104,426 | 90,650 | 77,553 | 9,957 | 9,875 | |||||||||||||||||||||||||||||||||||||||
Agricultural | 340,132 | 317,037 | — | 3,854 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Services | 276,329 | 267,868 | 78,182 | 55,430 | 59,267 | 64,412 | — | — | |||||||||||||||||||||||||||||||||||||||
Mining | 219,681 | 150,707 | 25,000 | — | 14,618 | 24,381 | — | — | |||||||||||||||||||||||||||||||||||||||
Sovereign | 127,795 | 128,628 | — | — | 54,889 | 64,325 | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 282,170 | 347,570 | 131,681 | 62,238 | 63,915 | 88,508 | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,685,375 | 6,763,020 | 1,092,801 | 942,719 | 898,699 | 941,971 | 38,823 | 77,972 |
Loans at amortized cost | Loan commitments and financial guarantee contracts | Securities | |||||||||||||||||||||||||||||||||||||||||||||
At amortized cost | FVOCI | ||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Carrying amount - principal | 6,685,375 | 6,763,020 | 137,586 | 163,345 | 898,699 | 941,971 | 38,823 | 77,972 | |||||||||||||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 955,215 | 779,374 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1-4 | 2,980,657 | 2,864,685 | 493,819 | 336,519 | 743,430 | 736,139 | 38,823 | 77,972 | |||||||||||||||||||||||||||||||||||||||
5-6 | 3,514,855 | 3,696,527 | 357,297 | 301,031 | 150,273 | 200,837 | — | — | |||||||||||||||||||||||||||||||||||||||
7-8 | 159,756 | 191,701 | 241,685 | 305,169 | — | 4,995 | — | — | |||||||||||||||||||||||||||||||||||||||
10 | 30,107 | 10,107 | — | — | 4,996 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,685,375 | 6,763,020 | 1,092,801 | 942,719 | 898,699 | 941,971 | 38,823 | 77,972 | |||||||||||||||||||||||||||||||||||||||
Concentration by country | |||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 50,390 | 55,598 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Australia | — | — | — | — | 9,558 | 9,628 | — | — | |||||||||||||||||||||||||||||||||||||||
Belgium | 14,474 | 25,362 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Bolivia | 6,636 | — | 5,086 | 3,759 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Brazil | 832,018 | 980,205 | 127,213 | 54,907 | 54,337 | 69,501 | — | — | |||||||||||||||||||||||||||||||||||||||
Canada | — | — | — | — | 13,431 | 13,503 | — | — | |||||||||||||||||||||||||||||||||||||||
Chile | 529,241 | 416,714 | 78,354 | 44,846 | 114,688 | 112,586 | — | — | |||||||||||||||||||||||||||||||||||||||
Colombia | 859,893 | 702,409 | 77,500 | 54,333 | 44,236 | 54,484 | — | — | |||||||||||||||||||||||||||||||||||||||
Costa Rica | 187,935 | 260,625 | 50,011 | 56,718 | 7,979 | 9,926 | — | — | |||||||||||||||||||||||||||||||||||||||
Denmark | — | — | 10,340 | 11,880 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dominican Republic | 535,037 | 579,918 | 890 | 27,534 | 4,797 | 4,828 | — | — | |||||||||||||||||||||||||||||||||||||||
Ecuador | 118,699 | 110,466 | 241,685 | 305,168 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
El Salvador | 37,895 | 30,032 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
France | 82,524 | 126,929 | 69,906 | 66,906 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Germany | — | — | 10,000 | 10,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Guatemala | 734,659 | 745,837 | 64,010 | 67,456 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Honduras | 165,989 | 176,270 | 3,367 | 3,615 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Hong Kong | — | 2,800 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Ireland | — | — | — | — | 9,688 | 9,579 | — | — | |||||||||||||||||||||||||||||||||||||||
Israel | — | — | — | — | 4,857 | 4,880 | — | — | |||||||||||||||||||||||||||||||||||||||
Italy | — | — | — | — | 14,774 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Jamaica | 97,898 | 14,083 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Japan | 14,043 | 14,712 | — | — | 4,394 | 4,353 | — | — | |||||||||||||||||||||||||||||||||||||||
Luxembourg | 114,625 | 114,557 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Mexico | 926,746 | 823,028 | 52,478 | 69,080 | 100,411 | 100,870 | — | — | |||||||||||||||||||||||||||||||||||||||
Norway | — | — | — | — | 9,889 | — | — | — | |||||||||||||||||||||||||||||||||||||||
Panama | 434,552 | 533,452 | 22,604 | 19,240 | 24,619 | 29,065 | — | — | |||||||||||||||||||||||||||||||||||||||
Paraguay | 135,710 | 151,287 | 230 | 3,430 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Peru | 418,775 | 478,998 | 173,352 | 114,941 | 31,088 | 60,575 | — | — | |||||||||||||||||||||||||||||||||||||||
Singapore | 143,880 | 152,208 | 15,420 | 24,333 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trinidad and Tobago | 132,462 | 128,846 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
United States of America | 45,891 | 53,463 | 4,089 | 3,349 | 449,953 | 458,193 | 38,823 | 43,464 | |||||||||||||||||||||||||||||||||||||||
United Kingdom | 9,791 | 51,221 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Uruguay | 55,612 | 34,000 | 86,266 | 1,224 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Multilateral | — | — | — | — | — | — | — | 34,508 | |||||||||||||||||||||||||||||||||||||||
Total | 6,685,375 | 6,763,020 | 1,092,801 | 942,719 | 898,699 | 941,971 | 38,823 | 77,972 |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Gross amounts of liabilities | Gross amounts offset in the condensed consolidated interim statement of financial position | Net amount of assets presented in the condensed consolidated interim statement of financial position | Gross amounts not offset in the condensed consolidated interim statement of financial position | Net Amount | ||||||||||||||||||||||||||||||||||
Financial instruments | Cash collateral received | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (347,594) | — | (347,594) | 401,827 | 21,394 | 75,627 | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | (34,068) | — | (34,068) | — | 17,966 | (16,102) | ||||||||||||||||||||||||||||||||
Total | (381,662) | — | (381,662) | 401,827 | 39,360 | 59,525 |
March 31, 2023 | December 31, 2022 | ||||||||||
At the end of the period | 195.85 | % | 167.46 | % | |||||||
Period average | 221.76 | % | 132.63 | % | |||||||
Maximum of the period | 356.99 | % | 276.86 | % | |||||||
Minimun of the period | 135.06 | % | 81.18 | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
(in millions of USD dollars) | Cash and due from banks | Securities FVOCI | Total | Cash and due from banks | Securities FVOCI | Total | |||||||||||||||||||||||||||||
United States of America | 1,224 | 39 | 1,263 | 1,151 | 43 | 1,194 | |||||||||||||||||||||||||||||
Latin America | 15 | — | 15 | 15 | — | 15 | |||||||||||||||||||||||||||||
Multilateral | 25 | — | 25 | 25 | 35 | 60 | |||||||||||||||||||||||||||||
Total | 1,264 | 39 | 1,303 | 1,191 | 78 | 1,269 |
March 31, 2023 | December 31, 2022 | ||||||||||
(in millions of USD dollars) | |||||||||||
Demand and "overnight" deposits | 768 | 583 | |||||||||
Demand and "overnight" deposits to total deposits | 21.52 | % | 18.27 | % |
(in millions of USD dollars) | March 31, 2023 | December 31, 2022 | |||||||||
Total liquid assets | 1,303 | 1,269 | |||||||||
Total assets to total liabilities | 36.52 | % | 39.77 | % | |||||||
Total liquid assets in the Federal Reserve of the United States of America | 84.54 | % | 90.23 | % |
(in millions of USD dollars) | March 31, 2023 | December 31, 2022 | |||||||||
Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 3,728 | 4,008 | |||||||||
Average term (days) | 185 | 200 |
(in millions of USD dollars) | March 31, 2023 | December 31, 2022 | |||||||||
Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 3,895 | 3,775 | |||||||||
Average term (days) | 1364 | 1367 |
March 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 | 1,313,991 | — | — | — | — | 1,313,991 | 1,313,883 | |||||||||||||||||||||||||||||||||||||
Securities | 116,379 | 42,066 | 86,565 | 760,036 | 10,293 | 1,015,339 | 939,875 | |||||||||||||||||||||||||||||||||||||
Loans | 2,484,749 | 1,237,971 | 1,067,054 | 2,387,272 | 137,825 | 7,314,871 | 6,700,566 | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | 19,438 | 12,206 | 4,900 | 88,796 | 367 | 125,707 | 125,707 | |||||||||||||||||||||||||||||||||||||
Total | 3,934,557 | 1,292,243 | 1,158,519 | 3,236,104 | 148,485 | 9,769,908 | 9,080,031 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | (2,915,712) | (350,110) | (231,412) | (125,360) | — | (3,622,594) | (3,586,177) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (164,084) | (55,144) | (134,031) | — | — | (353,259) | (347,594) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt, net | (877,916) | (598,427) | (642,844) | (2,211,697) | (30,139) | (4,361,023) | (3,999,079) | |||||||||||||||||||||||||||||||||||||
Lease liabilities | (399) | (399) | (739) | (6,000) | (13,454) | (20,991) | (16,491) | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | (1,895) | (672) | (16,267) | (14,420) | (814) | (34,068) | (34,068) | |||||||||||||||||||||||||||||||||||||
Total | (3,960,006) | (1,004,752) | (1,025,293) | (2,357,477) | (44,407) | (8,391,935) | (7,983,409) | |||||||||||||||||||||||||||||||||||||
Subtotal net position | (25,449) | 287,491 | 133,226 | 878,627 | 104,078 | 1,377,973 | 1,096,622 | |||||||||||||||||||||||||||||||||||||
Off-balance sheet contingencies | ||||||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 223,649 | 122,957 | 16,673 | — | — | 363,279 | ||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 72,332 | 154,469 | 83,642 | 33,105 | — | 343,548 | ||||||||||||||||||||||||||||||||||||||
Credit commitments | 69,331 | 15,718 | — | 163,339 | — | 248,388 | ||||||||||||||||||||||||||||||||||||||
Total | 365,312 | 293,144 | 100,315 | 196,444 | — | 955,215 | ||||||||||||||||||||||||||||||||||||||
Total net position | (390,761) | (5,653) | 32,911 | 682,183 | 104,078 | 422,758 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 1,241,779 | — | — | — | — | 1,241,779 | 1,241,586 | |||||||||||||||||||||||||||||||||||||
Securities | 129,983 | 105,789 | 98,345 | 744,996 | 10,293 | 1,089,406 | 1,023,632 | |||||||||||||||||||||||||||||||||||||
Loans | 2,294,259 | 1,478,494 | 1,223,661 | 2,244,454 | 158,967 | 7,399,835 | 6,760,434 | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | 4,216 | 10,831 | 14,015 | 39,097 | — | 68,159 | 68,159 | |||||||||||||||||||||||||||||||||||||
Total | 3,670,237 | 1,595,114 | 1,336,021 | 3,028,547 | 169,260 | 9,799,179 | 9,093,811 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | (2,770,754) | (256,989) | (161,889) | (39,805) | — | (3,229,437) | (3,205,386) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (53,418) | (64,513) | (55,144) | (138,286) | — | (311,361) | (300,498) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt, net | (776,584) | (895,531) | (934,288) | (2,212,704) | (41,523) | (4,860,630) | (4,464,389) | |||||||||||||||||||||||||||||||||||||
Lease liabilities | (384) | (384) | (738) | (5,769) | (13,771) | (21,046) | (16,745) | |||||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | (3,702) | (764) | (63) | (26,882) | (2,350) | (33,761) | (33,761) | |||||||||||||||||||||||||||||||||||||
Total | (3,604,842) | (1,218,181) | (1,152,122) | (2,423,446) | (57,644) | (8,456,235) | (8,020,779) | |||||||||||||||||||||||||||||||||||||
Subtotal net position | 65,395 | 376,933 | 183,899 | 605,101 | 111,616 | 1,342,944 | 1,073,032 | |||||||||||||||||||||||||||||||||||||
Off-balance sheet contingencies | ||||||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 166,367 | 117,398 | 21,024 | — | — | 304,789 | ||||||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 132,353 | 117,750 | 92,750 | 8,772 | — | 351,625 | ||||||||||||||||||||||||||||||||||||||
Credit commitments | — | 13,102 | 32,906 | 76,952 | — | 122,960 | ||||||||||||||||||||||||||||||||||||||
Total | 298,720 | 248,250 | 146,680 | 85,724 | — | 779,374 | ||||||||||||||||||||||||||||||||||||||
Total net position | (233,325) | 128,683 | 37,219 | 519,377 | 111,616 | 563,570 |
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. |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Amount | Fair value | Amount | Fair value | ||||||||||||||||||||
Balances with Federal Reserve of the United States of America | 1,101,784 | 1,101,784 | 1,144,896 | 1,144,896 | |||||||||||||||||||
Cash and balances with other banks (1) | 162,740 | 162,740 | 46,040 | 46,040 | |||||||||||||||||||
Total | 1,264,524 | 1,264,524 | 1,190,936 | 1,190,936 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Pledged as collateral | Available as collateral | Pledged as collateral | Available as collateral | ||||||||||||||||||||
Cash and due from banks | 49,360 | 1,264,524 | 50,649 | 1,190,936 | |||||||||||||||||||
Notional of investment securities | 385,512 | 539,048 | 331,571 | 672,042 | |||||||||||||||||||
Loans at amortized cost | — | 6,685,375 | — | 6,763,020 | |||||||||||||||||||
Total | 434,872 | 8,488,947 | 382,220 | 8,625,998 |
March 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 | 1,291,361 | — | — | — | — | 22,522 | 1,313,883 | |||||||||||||||||||||||||||||||||||||
Securities, net | 114,955 | 34,847 | 70,255 | 709,486 | 7,979 | — | 937,522 | |||||||||||||||||||||||||||||||||||||
Loans | 3,085,828 | 2,113,004 | 1,197,049 | 266,260 | 23,234 | — | 6,685,375 | |||||||||||||||||||||||||||||||||||||
Total | 4,492,144 | 2,147,851 | 1,267,304 | 975,746 | 31,213 | 22,522 | 8,936,780 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Demand deposits and time deposits | (2,885,767) | (339,565) | (219,243) | (113,832) | — | (10,332) | (3,568,739) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (162,228) | (53,740) | (131,626) | — | — | — | (347,594) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt, net | (1,389,477) | (1,054,038) | (449,994) | (1,046,467) | (15,066) | — | (3,955,042) | |||||||||||||||||||||||||||||||||||||
Total | (4,437,472) | (1,447,343) | (800,863) | (1,160,299) | (15,066) | (10,332) | (7,871,375) | |||||||||||||||||||||||||||||||||||||
Net effect of derivative financial instruments held for interest risk management | 9,752 | 7,185 | (16,251) | 74,376 | (447) | — | 74,615 | |||||||||||||||||||||||||||||||||||||
Total interest rate sensitivity | 64,424 | 707,693 | 450,190 | (110,177) | 15,700 | 12,190 | 1,140,020 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
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 | 1,233,700 | — | — | — | — | 7,886 | 1,241,586 | |||||||||||||||||||||||||||||||||||||
Securities, net | 112,736 | 114,815 | 82,666 | 701,749 | 7,977 | — | 1,019,943 | |||||||||||||||||||||||||||||||||||||
Loans | 2,956,268 | 2,531,067 | 1,007,343 | 240,949 | 27,393 | — | 6,763,020 | |||||||||||||||||||||||||||||||||||||
Total | 4,302,704 | 2,645,882 | 1,090,009 | 942,698 | 35,370 | 7,886 | 9,024,549 | |||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Demand deposits and time deposits | (2,746,776) | (250,299) | (153,862) | (35,082) | — | (4,697) | (3,190,716) | |||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (52,164) | (62,968) | (53,740) | (131,626) | — | — | (300,498) | |||||||||||||||||||||||||||||||||||||
Borrowings and debt | (1,354,457) | (953,503) | (1,083,543) | (999,151) | (25,857) | — | (4,416,511) | |||||||||||||||||||||||||||||||||||||
Total | (4,153,397) | (1,266,770) | (1,291,145) | (1,165,859) | (25,857) | (4,697) | (7,907,725) | |||||||||||||||||||||||||||||||||||||
Net effect of derivative financial instruments held for interest risk management | 476 | 41 | 2,145 | 12,215 | (2,350) | — | 12,527 | |||||||||||||||||||||||||||||||||||||
Total interest rate sensitivity | 149,783 | 1,379,153 | (198,991) | (210,946) | 7,163 | 3,189 | 1,129,351 |
Change in interest rate | Effect on profit or loss | Effect on equity | |||||||||||||||
March 31, 2023 | +50 bps | 2,675 | (1,906) | ||||||||||||||
-50 bps | (2,487) | 1,949 | |||||||||||||||
December 31, 2022 | +50 bps | 4,559 | 676 | ||||||||||||||
-50 bps | (4,629) | (206) |
March 31, 2023 | June 30, 2023 | |||||||||||||
(Notional in US$ thousands) | ||||||||||||||
Financial assets | ||||||||||||||
Loans | 1,263,252 | 1,158,306 | ||||||||||||
Financial liabilities | ||||||||||||||
Borrowings | 35,000 | 12,500 | ||||||||||||
Loan commitments | 130,157 | 130,157 |
March 31, 2023 | June 30, 2023 | |||||||||||||
(Notional US$ thousands) | ||||||||||||||
Derivatives held for risk management | ||||||||||||||
Derivative financial instruments - liabilities | 73,768 | 68,768 |
March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Brazilian real | European euro | Japanese yen | Colombian peso | Mexican peso | Other currencies (1) | Total | |||||||||||||||||||||||||||||||||||
Exchance rate | 5.07 | 1.08 | 132.75 | 4,672.90 | 18.02 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | — | 111 | 3 | 44 | 1,644 | 136 | 1,938 | ||||||||||||||||||||||||||||||||||
Loans | — | 13,556 | — | — | 326,160 | — | 339,716 | ||||||||||||||||||||||||||||||||||
Total | — | 13,667 | 3 | 44 | 327,804 | 136 | 341,654 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | (13,556) | — | — | (327,446) | — | (341,002) | ||||||||||||||||||||||||||||||||||
Total | — | (13,556) | — | — | (327,446) | — | (341,002) | ||||||||||||||||||||||||||||||||||
Net currency position | — | 111 | 3 | 44 | 358 | 136 | 652 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Brazilian real | European euro | Japanese yen | Colombian peso | Mexican peso | Other currencies (1) | Total | |||||||||||||||||||||||||||||||||||
Exchance rate | 5.29 | 1.07 | 130.96 | 4,854.37 | 19.50 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 26 | 53 | 4 | 9 | 5,439 | 38 | 5,569 | ||||||||||||||||||||||||||||||||||
Loans | — | — | — | — | 301,765 | — | 301,765 | ||||||||||||||||||||||||||||||||||
Total | 26 | 53 | 4 | 9 | 307,204 | 38 | 307,334 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | — | — | — | (306,603) | — | (306,603) | ||||||||||||||||||||||||||||||||||
Total | — | — | — | — | (306,603) | — | (306,603) | ||||||||||||||||||||||||||||||||||
Net currency position | 26 | 53 | 4 | 9 | 601 | 38 | 731 |
March 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities at FVOCI - Corporate debt | — | 38,999 | — | 38,999 | |||||||||||||||||||
Derivative financial instruments - assets: | |||||||||||||||||||||||
Interest rate swaps | — | 117 | — | 117 | |||||||||||||||||||
Cross-currency swaps | — | 108,566 | — | 108,566 | |||||||||||||||||||
Foreign exchange forwards | — | 17,024 | — | 17,024 | |||||||||||||||||||
Total derivative financial instrument assets | — | 125,707 | — | 125,707 | |||||||||||||||||||
Total assets at fair value | — | 164,706 | — | 164,706 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments - liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 3,801 | — | 3,801 | |||||||||||||||||||
Cross-currency swaps | — | 30,267 | — | 30,267 | |||||||||||||||||||
Total derivative financial instruments - liabilities | — | 34,068 | — | 34,068 | |||||||||||||||||||
Total liabilities at fair value | — | 34,068 | — | 34,068 |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities at FVOCI - Corporate debt | — | 78,372 | — | 78,372 | |||||||||||||||||||
Derivative financial instruments - assets: | |||||||||||||||||||||||
Interest rate swaps | — | 483 | — | 483 | |||||||||||||||||||
Cross-currency swaps | — | 45,806 | — | 45,806 | |||||||||||||||||||
Foreign exchange forwards | — | 21,870 | — | 21,870 | |||||||||||||||||||
Total derivative financial instrument assets | — | 68,159 | — | 68,159 | |||||||||||||||||||
Total assets at fair value | — | 146,531 | — | 146,531 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments - liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 544 | — | 544 | |||||||||||||||||||
Cross-currency swaps | — | 33,217 | — | 33,217 | |||||||||||||||||||
Total derivative financial instruments - liabilities | — | 33,761 | — | 33,761 | |||||||||||||||||||
Total liabilities at fair value | — | 33,761 | — | 33,761 |
March 31, 2023 | |||||||||||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits in banks | 1,313,883 | 1,313,883 | — | 1,313,883 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) | 900,876 | 864,477 | — | 864,477 | — | ||||||||||||||||||||||||
Loans at amortized cost (2) | 6,700,566 | 6,725,579 | — | 6,725,579 | — | ||||||||||||||||||||||||
Customers' liabilities under acceptances | 137,586 | 137,586 | — | 137,586 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | 3,586,177 | 3,586,177 | — | 3,586,177 | — | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 347,594 | 347,594 | — | 347,594 | — | ||||||||||||||||||||||||
Borrowings and debt, net | 3,945,042 | 3,938,602 | — | 3,938,602 | — | ||||||||||||||||||||||||
Acceptances outstanding | 137,586 | 137,586 | — | 137,586 | — |
December 31, 2022 | |||||||||||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits in banks | 1,241,586 | 1,241,586 | — | 1,241,586 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) | 945,260 | 895,154 | — | 894,034 | 1,120 | ||||||||||||||||||||||||
Loans at amortized cost, net (2) | 6,760,434 | 6,785,652 | — | 6,785,652 | — | ||||||||||||||||||||||||
Customers' liabilities under acceptances | 163,345 | 163,345 | — | 163,345 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | 3,205,386 | 3,205,386 | — | 3,205,386 | — | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 300,498 | 300,498 | — | 300,498 | — | ||||||||||||||||||||||||
Borrowings and debt, net | 4,416,511 | 4,389,902 | — | 4,389,902 | — | ||||||||||||||||||||||||
Acceptances outstanding | 163,345 | 163,345 | — | 163,345 | — |
March 31, 2023 | December 31, 2022 | ||||||||||
Unrestricted deposits with the Federal Reserve of the United States of America | 1,101,784 | 1,144,896 | |||||||||
Cash and non-interest-bearing deposits in other banks | 22,522 | 7,886 | |||||||||
Cash and interest-bearing deposits in other banks(1) | 189,577 | 88,804 | |||||||||
Total cash and due from banks | 1,313,883 | 1,241,586 | |||||||||
Less: | |||||||||||
Time deposits with original maturity over 90 days and other restricted deposits (1) | 49,359 | 50,650 | |||||||||
Total cash and due from banks in the condensed consolidated interim statement of cash flows | 1,264,524 | 1,190,936 | |||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Switzerland | 15,947 | 16,797 | |||||||||
Spain | 13,794 | 12,814 | |||||||||
United States of America(1) | 11,300 | 11,387 | |||||||||
Germany | 5,308 | 5,380 | |||||||||
United Kingdom | 2,330 | 4,272 | |||||||||
Canada | 680 | — | |||||||||
Total | 49,359 | 50,650 |
March 31, 2023 | Amortized cost | FVOCI | Total | |||||||||||||||||
Principal | 898,699 | 38,823 | 937,522 | |||||||||||||||||
Interest receivable | 11,850 | 176 | 12,026 | |||||||||||||||||
Allowance | (9,673) | — | (9,673) | |||||||||||||||||
900,876 | 38,999 | 939,875 |
December 31, 2022 | Amortized cost | FVOCI | Total | |||||||||||||||||
Principal | 941,971 | 77,972 | 1,019,943 | |||||||||||||||||
Interest receivable | 11,240 | 400 | 11,640 | |||||||||||||||||
Allowance | (7,951) | — | (7,951) | |||||||||||||||||
945,260 | 78,372 | 1,023,632 |
March 31, 2023 | Amortized cost | FVOCI | Total | |||||||||||||||||
Due within 1 year | 171,546 | 38,823 | 210,369 | |||||||||||||||||
After 1 year but within 5 years | 719,174 | — | 719,174 | |||||||||||||||||
After 5 years but within 10 years | 7,979 | — | 7,979 | |||||||||||||||||
Balance - principal | 898,699 | 38,823 | 937,522 |
December 31, 2022 | Amortized cost | FVOCI | Total | |||||||||||||||||
Due within 1 year | 222,666 | 77,972 | 300,638 | |||||||||||||||||
After 1 year but within 5 years | 711,328 | — | 711,328 | |||||||||||||||||
After 5 years but within 10 years | 7,977 | — | 7,977 | |||||||||||||||||
Balance - principal | 941,971 | 77,972 | 1,019,943 |
March 31, 2023 | December 31, 2022 | ||||||||||
Securities pledged to secure repurchase transactions | 401,827 | 345,187 | |||||||||
Securities sold under repurchase agreements | (347,594) | (300,498) |
March 31, 2023 | December 31, 2022 | ||||||||||
Loans, outstanding balance | 6,685,375 | 6,763,020 | |||||||||
Interest receivable | 91,395 | 69,965 | |||||||||
Loss allowance | (59,271) | (55,200) | |||||||||
Unearned interest and deferred fees | (16,933) | (17,351) | |||||||||
Loans, net | 6,700,566 | 6,760,434 |
March 31, 2023 | December 31, 2022 | ||||||||||
Fixed interest rate | 3,684,391 | 3,827,083 | |||||||||
Floating interest rates | 3,000,984 | 2,935,937 | |||||||||
Total | 6,685,375 | 6,763,020 |
March 31, 2023 | December 31, 2022 | ||||||||||
Loans to class A and B shareholders | 654,361 | 834,768 | |||||||||
% Loans to class A and B shareholders over total loan portfolio | 10 | % | 12 | % | |||||||
% Class A and B stockholders with loans over number of class A and B stockholders | 11 | % | 11 | % |
March 31, 2023 | December 31, 2022 | ||||||||||
Documentary letters of credit | 363,279 | 304,789 | |||||||||
Stand-by letters of credit and guarantees - commercial risk | 343,548 | 351,625 | |||||||||
Credit commitments | 248,388 | 122,960 | |||||||||
Total | 955,215 | 779,374 |
March 31, 2023 | December 31, 2022 | |||||||||||||
Up to 1 year | 758,771 | 693,650 | ||||||||||||
From 1 to 2 years | 36,102 | 15,956 | ||||||||||||
Over 2 to 5 years | 160,342 | 69,768 | ||||||||||||
Total | 955,215 | 779,374 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Gain on derivative financial instruments and foreign currency exchange, net | 3,071 | 785 | |||||||||
Unrealized Loss on financial instruments at FVTPL | — | (219) | |||||||||
Loss on sale of financial instruments at amortized cost | (1,367) | — | |||||||||
1,704 | 566 |
March 31, 2023 | |||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | ||||||||||||||||
Asset (1) | Liability (2) | ||||||||||||||||
Interest rate risk | |||||||||||||||||
Fair value hedges | 304,238 | 68 | (3,801) | ||||||||||||||
Cash flow hedges | 60,000 | 49 | — | ||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||
Fair value hedges | 250,855 | 20,305 | (15,814) | ||||||||||||||
Cash flow hedges | 749,792 | 88,261 | (14,453) | ||||||||||||||
Foreign exchange risk | |||||||||||||||||
Cash flow hedges | 180,639 | 17,024 | — | ||||||||||||||
1,545,524 | 125,707 | (34,068) |
December 31, 2022 | |||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | ||||||||||||||||
Asset (1) | Liability (2) | ||||||||||||||||
Interest rate risk | |||||||||||||||||
Fair value hedges | 293,711 | 340 | (543) | ||||||||||||||
Cash flow hedges | 75,000 | 143 | (1) | ||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||
Fair value hedges | 252,793 | 4,129 | (16,237) | ||||||||||||||
Cash flow hedges | 922,777 | 41,677 | (16,980) | ||||||||||||||
Foreign exchange risk | |||||||||||||||||
Cash flow hedges | 189,173 | 21,870 | — | ||||||||||||||
1,733,454 | 68,159 | (33,761) |
March 31, 2023 | |||||||||||||||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | Changes in fair value used to calculate hedge ineffectiveness (3) | Ineffectiveness recognized in profit or loss (3) | ||||||||||||||||||||||||||
Asset (1) | Liability (2) | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 155,513 | — | (2,612) | (834) | 34 | ||||||||||||||||||||||||
Securities at amortized cost | 10,000 | 68 | — | (35) | 38 | ||||||||||||||||||||||||
Borrowings and debt | 138,725 | — | (1,189) | 814 | 127 | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | — | — | — | (113) | (27) | ||||||||||||||||||||||||
Borrowings and debt | 250,855 | 20,305 | (15,814) | 19,031 | 2,610 | ||||||||||||||||||||||||
Total | 555,093 | 20,373 | (19,615) | 18,863 | 2,782 |
December 31, 2022 | |||||||||||||||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | Changes in fair value used to calculate hedge ineffectiveness (3) | Ineffectiveness recognized in profit or loss (3) | ||||||||||||||||||||||||||
Asset (1) | Liability (2) | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 155,511 | 134 | (543) | 1,607 | (18) | ||||||||||||||||||||||||
Securities at FVOCI | 10,000 | 178 | — | 167 | (62) | ||||||||||||||||||||||||
Borrowings and debt | 128,200 | 28 | — | (3,457) | (111) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | 1,938 | 108 | — | (227) | (129) | ||||||||||||||||||||||||
Borrowings and debt | 250,855 | 4,021 | (16,237) | 8,072 | (1,548) | ||||||||||||||||||||||||
Total | 546,504 | 4,469 | (16,780) | 6,162 | (1,868) |
March 31, 2023 | ||||||||||||||||||||
Interest rate swaps | Cross currency swaps | Total | ||||||||||||||||||
Less than 1 year | 145,512 | 68,768 | 214,280 | |||||||||||||||||
Over 1 to 2 years | 20,001 | 84,646 | 104,647 | |||||||||||||||||
Over 2 to 5 years | 138,725 | 87,316 | 226,041 | |||||||||||||||||
More than 5 years | — | 10,125 | 10,125 | |||||||||||||||||
Total | 304,238 | 250,855 | 555,093 |
December 31, 2022 | ||||||||||||||||||||
Interest rate swaps | Cross currency swaps | Total | ||||||||||||||||||
Less than 1 year | 145,511 | 1,937 | 147,448 | |||||||||||||||||
Over 1 to 2 years | 20,000 | 153,415 | 173,415 | |||||||||||||||||
Over 2 to 5 years | 128,200 | 87,316 | 215,516 | |||||||||||||||||
More than 5 years | — | 10,125 | 10,125 | |||||||||||||||||
Total | 293,711 | 252,793 | 546,504 |
March 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 (3) | Ineffectiveness recognized in profit or loss (4) | Amount reclassified from the hedge reserve to profit or loss (4) | |||||||||||||||||||||||||||||||||||||
Nominal amount | Asset (1) | Liability (2) | |||||||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 60,000 | 49 | — | (37) | (37) | — | 19 | ||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 749,792 | 88,261 | (14,453) | 45,767 | 46,085 | 318 | 687 | ||||||||||||||||||||||||||||||||||
Foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Deposits | — | — | — | (37) | (37) | — | 37 | ||||||||||||||||||||||||||||||||||
Borrowings and debt | 180,639 | 17,024 | — | (4,809) | (4,809) | — | — | ||||||||||||||||||||||||||||||||||
Total | 990,431 | 105,334 | (14,453) | 40,884 | 41,202 | 318 | 743 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
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 (3) | Ineffectiveness recognized in profit or loss (4) | Amount reclassified from the hedge reserve to profit or loss (4) | |||||||||||||||||||||||||||||||||||||
Nominal amount | Asset (1) | Liability (2) | |||||||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 75,000 | 143 | (1) | 550 | 551 | 1 | — | ||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 922,777 | 41,677 | (16,980) | 28,211 | 27,061 | (1,150) | 4,914 | ||||||||||||||||||||||||||||||||||
Foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Deposits | 8,534 | 37 | — | 37 | 37 | — | — | ||||||||||||||||||||||||||||||||||
Borrowing and Debt | 180,639 | 21,833 | — | 21,833 | 21,833 | — | — | ||||||||||||||||||||||||||||||||||
Total | 1,186,950 | 63,690 | (16,981) | 50,631 | 49,482 | (1,149) | 4,914 |
March 31, 2023 | ||||||||||||||||||||||||||
Foreign exchange forward contracts | Interest rate swaps | Cross currency swaps | Total | |||||||||||||||||||||||
Less than 1 year | 180,639 | 60,000 | 215,049 | 455,688 | ||||||||||||||||||||||
Over 1 to 2 years | — | — | 203,282 | 203,282 | ||||||||||||||||||||||
Over 2 to 5 years | — | — | 314,175 | 314,175 | ||||||||||||||||||||||
More than 5 years | — | — | 17,286 | 17,286 | ||||||||||||||||||||||
Total | 180,639 | 60,000 | 749,792 | 990,431 |
December 31, 2022 | ||||||||||||||||||||||||||
Foreign exchange forward contracts | Interest rate swaps | Cross currency swaps | Total | |||||||||||||||||||||||
Less than 1 year | 189,173 | 75,000 | 388,035 | 652,208 | ||||||||||||||||||||||
Over 1 to 2 years | — | — | 194,639 | 194,639 | ||||||||||||||||||||||
Over 2 to 5 years | — | — | 322,817 | 322,817 | ||||||||||||||||||||||
More than 5 years | — | — | 17,286 | 17,286 | ||||||||||||||||||||||
Total | 189,173 | 75,000 | 922,777 | 1,186,950 |
March 31, 2023 | December 31, 2022 | ||||||||||
Accounts receivable | 2,520 | 2,240 | |||||||||
Prepaid expenses | 4,560 | 1,120 | |||||||||
Prepaid fees and commissions | 281 | 325 | |||||||||
Interest receivable - deposits | 1,499 | 751 | |||||||||
IT projects under development | 298 | 425 | |||||||||
Severance fund | 2,036 | 2,026 | |||||||||
Other | 580 | 481 | |||||||||
Total | 11,774 | 7,368 |
March 31, 2023 | December 31, 2022 | ||||||||||
Demand | 503,341 | 233,757 | |||||||||
Up to 1 month | 939,056 | 999,043 | |||||||||
From 1 month to 3 months | 1,016,024 | 969,960 | |||||||||
From 3 month to 6 months | 507,928 | 385,972 | |||||||||
From 6 month to 1 year | 478,097 | 554,402 | |||||||||
From 1 year to 2 years | 106,487 | 31,287 | |||||||||
From 2 years to 5 years | 17,806 | 16,295 | |||||||||
Total | 3,568,739 | 3,190,716 |
March 31, 2023 | December 31, 2022 | ||||||||||
Aggregate amount of $100,000 or more | 3,568,349 | 3,190,376 | |||||||||
Aggregate amount of deposits in the New York Agency | 725,117 | 526,474 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Interest expense on deposits made in the New York Agency | 8,455 | 1,086 |
March 31, 2023 | |||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||
Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
Principal | 1,662,727 | 52,715 | 637,775 | 1,610,458 | 3,963,675 | ||||||||||||||||||||||||
Transaction costs | (762) | (22) | (2,709) | (5,140) | (8,633) | ||||||||||||||||||||||||
1,661,965 | 52,693 | 635,066 | 1,605,318 | 3,955,042 |
December 31, 2022 | |||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||
Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
Principal | 2,153,351 | 42,255 | 650,275 | 1,580,727 | 4,426,608 | ||||||||||||||||||||||||
Transaction costs | (1,376) | (5) | (2,952) | (5,764) | (10,097) | ||||||||||||||||||||||||
2,151,975 | 42,250 | 647,323 | 1,574,963 | 4,416,511 |
March 31, 2023 | December 31, 2022 | ||||||||||
Short-term borrowings: | |||||||||||
At fixed interest rates | 1,272,601 | 1,584,776 | |||||||||
At floating interest rates | 390,126 | 568,575 | |||||||||
Principal | 1,662,727 | 2,153,351 | |||||||||
Less: Transaction costs | (762) | (1,376) | |||||||||
Total short-term borrowings, net | 1,661,965 | 2,151,975 | |||||||||
Short-term debt: | |||||||||||
At floating interest rates | 52,715 | 42,255 | |||||||||
Principal | 52,715 | 42,255 | |||||||||
Less: Transaction costs | (22) | (5) | |||||||||
Total short-term debt, net | 52,693 | 42,250 | |||||||||
Total short-term borrowings and debt | 1,714,658 | 2,194,225 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 2.42% to 6.15% | 1.53% to 6.52% | |||||||||
Range of floating interest rates on borrowings in U.S. dollars | 5.31% to 6.06% | 4.90% to 5.72% | |||||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.60% to 12.65% | 10.97% to 12.00% | |||||||||
Range of floating interest rates on borrowings in Euro | 3.04 | % | — | % | |||||||
Range of fixed interest rates on borrowings and debt in Japanese yen | 0.84% to 1.23% | 0.84% a 1.23% |
March 31, 2023 | December 31, 2022 | ||||||||||
US dollar | 1,233,003 | 1,593,531 | |||||||||
Euro | 13,556 | — | |||||||||
Mexican peso | 275,285 | 405,830 | |||||||||
Japanese yen | 193,598 | 196,245 | |||||||||
Carrying amount - principal | 1,715,442 | 2,195,606 |
March 31, 2023 | December 31, 2022 | ||||||||||
Long-term borrowings: | |||||||||||
At fixed interest rates with due dates from May 2023 to September 2023 | 75,000 | 75,000 | |||||||||
At floating interest rates with due dates from August 2023 to May 2026 | 562,775 | 575,275 | |||||||||
Principal | 637,775 | 650,275 | |||||||||
Less: Transaction costs | (2,709) | (2,952) | |||||||||
Total long-term borrowings, net | 635,066 | 647,323 | |||||||||
Long-term debt: | |||||||||||
At fixed interest rates with due dates from March 2024 to November 2034 | 1,147,065 | 1,136,743 | |||||||||
At floating interest rates with due dates from May 2023 to February 2026 | 463,393 | 443,984 | |||||||||
Principal | 1,610,458 | 1,580,727 | |||||||||
Less: Transaction costs | (5,140) | (5,764) | |||||||||
Total long-term debt, net | 1,605,318 | 1,574,963 | |||||||||
Total long-term borrowings and debt, net | 2,240,384 | 2,222,286 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 0.80% to 5.81% | 0.80% to 5.81% | |||||||||
Range of floating interest rates on borrowings and debt in U.S. dollars | 5.59% to 6.27% | 4.96% to 6.04% | |||||||||
Range of fixed interest rates on borrowings and debt in Mexican pesos | 6.50% to 9.20% | 6.50% to 9.20% | |||||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.49% to 11.88% | 10.55% to 10.93% | |||||||||
Range of fixed interest rates on debt in Japanese yens | 0.40% to 1.27% | 0.40% to 1.27% | |||||||||
Range of fixed interest rates on debt in Euros | 0.90% to 3.75% | 0.23% to 3.75% | |||||||||
Range of fixed interest rates on debt in Australian dollars | 1.41% to 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 | % |
March 31, 2023 | December 31, 2022 | ||||||||||
US dollar | 1,127,775 | 1,155,275 | |||||||||
Mexican peso | 916,861 | 845,867 | |||||||||
Euro | 85,603 | 111,095 | |||||||||
Japanese yen | 75,481 | 76,513 | |||||||||
Australian dollar | 27,017 | 26,968 | |||||||||
Swiss franc | 10,931 | 10,820 | |||||||||
Sterling pound | 4,565 | 4,464 | |||||||||
Carrying amount - principal | 2,248,233 | 2,231,002 |
Year | Outstanding | ||||
2023 | 160,773 | ||||
2024 | 576,292 | ||||
2025 | 945,428 | ||||
2026 | 264,370 | ||||
2027 | 276,002 | ||||
2029 | 15,066 | ||||
2034 | 10,302 | ||||
Carrying amount - principal | 2,248,233 |
2023 | 2022 | ||||||||||
Balance as of January 1, | 4,416,511 | 3,304,178 | |||||||||
Net decrease in short-term borrowings and debt | (503,227) | (195,107) | |||||||||
Proceeds from long-term borrowings and debt | — | 515,488 | |||||||||
Payments of long-term borrowings and debt | (55,668) | (76,228) | |||||||||
Change in foreign currency rates | 94,179 | 19,054 | |||||||||
Fair value adjustment due to hedge accounting relationship | 1,787 | (1,203) | |||||||||
Other adjustments | 1,460 | (2,980) | |||||||||
Balance as of March 31, | 3,955,042 | 3,563,202 |
March 31, 2023 | December 31, 2022 | ||||||||||
Due within 1 year | 1,537 | 1,506 | |||||||||
After 1 year but within 5 years | 7,490 | 7,210 | |||||||||
After 5 years but within 10 years | 11,964 | 12,330 | |||||||||
Total undiscounted lease liabilities | 20,991 | 21,046 | |||||||||
Short-term | 989 | 965 | |||||||||
Long-term | 15,502 | 15,780 | |||||||||
Lease liabilities included in the condensed consolidated interim statement of financial position | 16,491 | 16,745 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Payments of lease liabilities | 255 | 246 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Interest on lease liabilities | (144) | (148) | |||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Accruals and other accumulated expenses | 11,079 | 16,812 | |||||||||
Accounts payable | 14,378 | 7,269 | |||||||||
Other | 3,195 | 2,730 | |||||||||
Total | 28,652 | 26,811 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
(Thousands of US$ dollars) | |||||||||||
Profit for the period | 36,954 | 11,119 | |||||||||
(U.S. dollars) | |||||||||||
Basic earnings per share | 1.02 | 0.31 | |||||||||
Diluted earnings per share | 1.02 | 0.31 | |||||||||
(Thousands of shares) | |||||||||||
Weighted average of common shares outstanding applicable to basic EPS | 36,360 | 36,249 | |||||||||
Adjusted weighted average of common shares outstanding applicable to diluted EPS | 36,360 | 36,249 |
March 31, 2023 | |||||||||||||||||||||||
Syndications | Documentary and stand-by letters of credit | Other commissions, net | Total | ||||||||||||||||||||
Opening and confirmation | 177 | 3,243 | 494 | 3,914 | |||||||||||||||||||
Negotiation and acceptance | — | 34 | — | 34 | |||||||||||||||||||
Amendment | — | 556 | (8) | 548 | |||||||||||||||||||
Structuring | 54 | — | 176 | 230 | |||||||||||||||||||
Other | 166 | 91 | (171) | 86 | |||||||||||||||||||
397 | 3,924 | 491 | 4,812 |
March 31, 2022 | |||||||||||||||||||||||
Syndications | Documentary and stand-by letters of credit | Other commissions, net | Total | ||||||||||||||||||||
Opening and confirmation | — | 2,562 | 385 | 2,947 | |||||||||||||||||||
Negotiation and acceptance | — | 93 | — | 93 | |||||||||||||||||||
Amendment | — | 617 | — | 617 | |||||||||||||||||||
Structuring | 430 | — | — | 430 | |||||||||||||||||||
Other | — | 57 | (195) | (138) | |||||||||||||||||||
430 | 3,329 | 190 | 3,949 |
March 31, 2023 | |||||
Up to 1 year | 2,772 | ||||
From 1 to 2 years | 111 | ||||
More than 2 years | 228 | ||||
Total | 3,111 |
March 31, 2023 | |||||||||||||||||
Commercial | Treasury | Total | |||||||||||||||
Interest income | 122,595 | 20,784 | 143,379 | ||||||||||||||
Interest expense | (115) | (90,644) | (90,759) | ||||||||||||||
Inter-segment net interest income | (77,651) | 77,651 | — | ||||||||||||||
Net interest income | 44,829 | 7,791 | 52,620 | ||||||||||||||
Other income (expense), net | 4,992 | 1,563 | 6,555 | ||||||||||||||
Total income | 49,821 | 9,354 | 59,175 | ||||||||||||||
Provision for credit losses | (3,904) | (2,427) | (6,331) | ||||||||||||||
Operating expenses | (11,844) | (4,046) | (15,890) | ||||||||||||||
Segment profit (loss) | 34,073 | 2,881 | 36,954 | ||||||||||||||
Segment assets | 6,854,382 | 2,383,965 | 9,238,347 | ||||||||||||||
Segment liabilities | 154,240 | 7,970,216 | 8,124,456 |
March 31, 2022 | |||||||||||||||||
Commercial | Treasury | Total | |||||||||||||||
Interest income | 40,208 | 4,796 | 45,004 | ||||||||||||||
Interest expense | (118) | (19,165) | (19,283) | ||||||||||||||
Inter-segment net interest income | (14,836) | 14,836 | — | ||||||||||||||
Net interest income | 25,254 | 467 | 25,721 | ||||||||||||||
Other income (expense), net | 4,132 | 399 | 4,531 | ||||||||||||||
Total income | 29,386 | 866 | 30,252 | ||||||||||||||
Provision for credit losses | (7,361) | (750) | (8,111) | ||||||||||||||
Operating expenses | (8,800) | (2,222) | (11,022) | ||||||||||||||
Segment profit (loss) | 13,225 | (2,106) | 11,119 | ||||||||||||||
Segment assets | 6,658,539 | 1,790,642 | 8,449,181 | ||||||||||||||
Segment liabilities | 210,565 | 7,215,270 | 7,425,835 |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Profit for the period | 36,954 | 11,119 | |||||||||
Assets: | |||||||||||
Assets from reportable segments | 9,238,347 | 8,449,181 | |||||||||
Other assets - unallocated | 10,294 | 9,202 | |||||||||
Total | 9,248,641 | 8,458,383 | |||||||||
Liabilities: | |||||||||||
Liabilities from reportable segments | 8,124,456 | 7,425,835 | |||||||||
Other liabilities - unallocated | 28,652 | 27,992 | |||||||||
Total | 8,153,108 | 7,453,827 |
March 31, 2023 | December 31, 2022 | ||||||||||
Assets: | |||||||||||
Demand deposits | 11,434 | 5,986 | |||||||||
Loans, net | 207,182 | 242,024 | |||||||||
Securities at amortized cost | 19,396 | 19,593 | |||||||||
Total | 238,012 | 267,603 | |||||||||
Liabilities: | |||||||||||
Time deposits | 399,469 | 567,451 | |||||||||
Total | 399,469 | 567,451 | |||||||||
Contingencies: | |||||||||||
Stand-by letters of credit | 150 | 3,350 | |||||||||
Loss allowance | — | (16) | |||||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Interest income: | |||||||||||
Loans | 2,022 | 127 | |||||||||
Securities at amortized cost | 149 | — | |||||||||
Total | 2,171 | 127 | |||||||||
Interest expense: | |||||||||||
Deposits | (5,447) | (365) | |||||||||
Net interest income (expenses) | (3,276) | (238) | |||||||||
Other income (expense): | |||||||||||
Fees and commissions, net | 7 | 38 | |||||||||
Net income (loss) from related parties | (3,269) | (200) |
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Expenses: | |||||||||||
Compensation costs to directors | 127 | 223 | |||||||||
Compensation costs to executives | 4,146 | 1,701 |
March 31, 2023 | December 31, 2022 | ||||||||||
Capital funds | 1,105,324 | 1,072,110 | |||||||||
Risk-weighted assets | 8,198,062 | 8,117,913 | |||||||||
Capital adequacy index | 13.48 | % | 13.21 | % |
March 31, 2023 | December 31, 2022 | ||||||||||
Ordinary capital | 969,306 | 936,092 | |||||||||
Non-risk-weighted assets | 9,639,072 | 9,606,970 | |||||||||
Leverage ratio | 10.06 | % | 9.74 | % |
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |||||||||||||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||||||||||||||
Corporations | 3,630,617 | — | — | — | 10,107 | 3,640,724 | ||||||||||||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||||||||||||||
Private | 2,194,630 | — | — | 20,000 | — | 2,214,630 | ||||||||||||||||||||||||||||||||
State-owned | 702,226 | — | — | — | — | 702,226 | ||||||||||||||||||||||||||||||||
2,896,856 | — | — | 20,000 | — | 2,916,856 | |||||||||||||||||||||||||||||||||
Sovereign | 127,795 | — | — | — | — | 127,795 | ||||||||||||||||||||||||||||||||
Total | 6,655,268 | — | — | 20,000 | 10,107 | 6,685,375 | ||||||||||||||||||||||||||||||||
Allowance for loan | ||||||||||||||||||||||||||||||||||||||
losses under IFRS (1): | 33,406 | — | — | 20,344 | 5,521 | 59,271 | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |||||||||||||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||||||||||||||
Corporations | 3,659,018 | — | — | — | 10,107 | 3,669,125 | ||||||||||||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||||||||||||||
Private | 2,225,385 | — | 20,000 | — | — | 2,245,385 | ||||||||||||||||||||||||||||||||
State-owned | 719,882 | — | — | — | — | 719,882 | ||||||||||||||||||||||||||||||||
2,945,267 | — | 20,000 | — | — | 2,965,267 | |||||||||||||||||||||||||||||||||
Sovereign | 128,628 | — | — | — | — | 128,628 | ||||||||||||||||||||||||||||||||
Total | 6,732,913 | — | 20,000 | — | 10,107 | 6,763,020 | ||||||||||||||||||||||||||||||||
Allowance for loan | ||||||||||||||||||||||||||||||||||||||
losses IFRS (1): | 33,639 | — | 16,141 | — | 5,420 | 55,200 | ||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Current | Past due | Delinquent | Total | |||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||
Corporations | 3,630,617 | — | 10,107 | 3,640,724 | ||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||
Private | 2,194,630 | — | 20,000 | 2,214,630 | ||||||||||||||||||||||
State-owned | 702,226 | — | — | 702,226 | ||||||||||||||||||||||
2,896,856 | — | 20,000 | 2,916,856 | |||||||||||||||||||||||
Sovereign | 127,795 | — | — | 127,795 | ||||||||||||||||||||||
Total | 6,655,268 | — | 30,107 | 6,685,375 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Current | Past due | Delinquent | Total | |||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||
Corporations | 3,659,018 | — | 10,107 | 3,669,125 | ||||||||||||||||||||||
Financial institutions: | ||||||||||||||||||||||||||
Private | 2,225,385 | 20,000 | — | 2,245,385 | ||||||||||||||||||||||
State-owned | 719,882 | — | — | 719,882 | ||||||||||||||||||||||
2,945,267 | 20,000 | — | 2,965,267 | |||||||||||||||||||||||
Sovereign | 128,628 | — | — | 128,628 | ||||||||||||||||||||||
6,732,913 | 20,000 | 10,107 | 6,763,020 | |||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |||||||||||||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||||||||||||||
Impaired loans | — | — | — | 20,000 | 10,107 | 30,107 | ||||||||||||||||||||||||||||||||
Total | — | — | — | 20,000 | 10,107 | 30,107 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |||||||||||||||||||||||||||||||||
Loans at amortized cost | ||||||||||||||||||||||||||||||||||||||
Impaired loans | — | — | 20,000 | — | 10,107 | 30,107 | ||||||||||||||||||||||||||||||||
Total | — | — | 20,000 | — | 10,107 | 30,107 |
March 31, 2023 | December 31, 2022 | ||||||||||
Non-accruing loans: | |||||||||||
Private corporations | 30,107 | 30,107 | |||||||||
Interest that would be reversed if the loans had been classified as non-accruing loans | 1,277 | 1,173 | |||||||||
1 Year Banco Latinoamericano de... Chart |
1 Month Banco Latinoamericano de... Chart |
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