Banco Latinoamericano de Comercio Exterior, S.A. (“Bladex” or “the Bank”) announced that net income for the period was US$46.4 million, resulting in a record US$166.2 million in FY2023, up 81% from the previous year. Annualized return on equity stood at 15.5% in the fourth quarter and 14.7% in FY2023 due to consistent growth during the period and Bladex’s increased presence in the region.
Net interest income totaled $233 million, representing a 58% increase year over year. The focus on fee income yielded remarkable results, with a 64% increase from 2022, reaching US$32.5 million.
In light of this new level of profitability, Bladex’s Board of Directors decided to double the quarterly dividend from 25 cents to 50 cents per share, reaffirming the bank’s commitment to generating shareholder value.
Jorge Salas, Bladex’s president, noted that “2023 was an unprecedented year for us. Regardless of which financial indicator we review, last year was the best in Bladex’s history.”
In addition to having a record annualized return for the bank, Bladex’s commercial portfolio has grown by 30% since we began executing our strategic plan a couple of years ago. Our loan portfolio grew 9% year over year. Today, our $9.5 billion loan portfolio is not only at an all-time high, but more importantly, it is as diversified, healthy and well provisioned as it has ever been, with delinquency levels close to zero.
Deposits in 2023 stood at US$4,408 million for the first time in Bladex’s history, up 38% from the previous year. “This not only strengthens our funding structure, but also reflects the confidence and backing of a wide range of international investors,” Salas noted.
The commercial portfolio grew by 10% to a record US$8,521 million at the end of the fourth quarter of 2023 thanks to sustained cross-selling and the addition of new clients. The investment portfolio remains stable at US$1.011 billion, which consists mainly of investment-grade debt securities held at amortized cost, further improving the diversification of credit risk exposure.
For Jorge Salas, the outlook is positive. “We are very optimistic about the bank’s growth potential for the coming years. Today Bladex is sailing steadily towards achieving sustainable double-digit returns. I would like to express my sincere thanks to our highly qualified team, clients and investors. Together we continue to build a success story. Your support and trust commit us more than ever to continue promoting foreign trade and sustainable development in Latin America“.
About Bladex
Bladex, one of the leaders in the foreign trade banking industry in Latin America and the Caribbean. Headquartered in Panama, Bladex is a multinational bank with presence in several countries in Latin America and the Caribbean. The bank was founded in 1979 to promote trade finance and economic integration in the region.
Bladex has been listed and traded on the New York Stock Exchange (NYSE:BLX) for more than three decades, as well as on the Mexican Stock Exchange for more than 10 years. Its presence in these organizations has enabled Bladex to engage shareholders from central banks and state-owned entities from 23 Latin American countries, as well as commercial banks, financial institutions, institutional investors and individuals.
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