FOREIGN TRADE BANK OF LATIN AMERICA, INC. | ||
(Registrant) | ||
Date: November 13, 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 |
September 30, | December 31, | ||
2023 | 2022 | ||
Notes | (Unaudited) | (Audit) | |
Assets | |||
Cash and due from banks | 3,4,5 | 1,644,996 | 1,241,586 |
Securities, net | 3,4,6 | 1,009,858 | 1,023,632 |
Loans, net | 3,4,7 | 6,928,262 | 6,760,434 |
Customers' liabilities under acceptances | 3,4 | 265,981 | 163,345 |
Derivative financial instruments - assets | 3,4,10 | 107,818 | 68,159 |
Equipment and leasehold improvements, net | 16,810 | 17,282 | |
Intangibles, net | 2,465 | 2,104 | |
Other assets | 11 | 118,400 | 7,368 |
Total assets | 10,094,590 | 9,283,910 | |
Liabilities and Equity | |||
Liabilities: | |||
Demand deposits | 528,659 | 233,757 | |
Time deposits | 3,678,258 | 2,956,959 | |
3,4,12 | 4,206,917 | 3,190,716 | |
Interest payable | 34,278 | 14,670 | |
Total deposits | 4,241,195 | 3,205,386 | |
Securities sold under repurchase agreements | 3,4,13 | 195,620 | 300,498 |
Borrowings and debt, net | 3,4,14 | 4,051,416 | 4,416,511 |
Interest payable | 54,259 | 47,878 | |
Lease liabilities | 3,15 | 16,489 | 16,745 |
Acceptances outstanding | 3,4 | 265,981 | 163,345 |
Derivative financial instruments - liabilities | 3,4,10 | 71,025 | 33,761 |
Allowance for losses on loan commitments and financial guarantee contract | 3,4 | 4,542 | 3,628 |
Other liabilities | 16 | 33,086 | 26,811 |
Total liabilities | 8,933,613 | 8,214,563 | |
Equity: | |||
Common stock | 279,980 | 279,980 | |
Treasury stock | (110,174) | (114,097) | |
Additional paid-in capital in excess of value assigned to common stock | 120,942 | 120,498 | |
Capital reserves | 22 | 95,210 | 95,210 |
Regulatory reserves | 22 | 136,019 | 136,019 |
Retained earnings | 636,031 | 543,612 | |
Other comprehensive income (loss) | 2,969 | 8,125 | |
Total equity | 1,160,977 | 1,069,347 | |
Total liabilities and equity | 10,094,590 | 9,283,910 |
Three months ended September 30, | Nine months ended September 30, | ||||
Notes | 2023 | 2022 | 2023 | 2022 | |
Interest income: | |||||
Deposits | 23,173 | 5,414 | 56,574 | 7,674 | |
Securities | 9,391 | 6,715 | 22,353 | 17,346 | |
Loans | 149,869 | 80,537 | 406,387 | 176,703 | |
Total interest income | 19 | 182,433 | 92,666 | 485,314 | 201,723 |
Interest expense: | |||||
Deposits | (60,740) | (20,174) | (151,340) | (32,488) | |
Borrowings and debt | (61,007) | (32,190) | (165,922) | (70,220) | |
Lease liabilities | 15 | (146) | (144) | (434) | (437) |
Total interest expense | 19 | (121,893) | (52,508) | (317,696) | (103,145) |
Net interest income | 60,540 | 40,158 | 167,618 | 98,578 | |
Other income (expense): | |||||
Fees and commissions, net | 18 | 11,109 | 6,279 | 22,428 | 14,497 |
(Loss) gain on financial instruments, net | 9 | 22 | (329) | (1,911) | 163 |
Other income, net | 106 | 209 | 197 | 249 | |
Total other income, net | 19 | 11,237 | 6,159 | 20,714 | 14,909 |
Total revenues | 71,777 | 46,317 | 188,332 | 113,487 | |
Provision for credit losses | 3,19 | (6,488) | (4,824) | (17,510) | (13,768) |
Operating expenses: | |||||
Salaries and other employee expenses | (14,183) | (8,726) | (33,782) | (24,417) | |
Depreciation of equipment and leasehold improvements | (578) | (578) | (1,678) | (1,626) | |
Amortization of intangible assets | (217) | (144) | (594) | (393) | |
Other expenses | (4,558) | (5,171) | (14,995) | (12,268) | |
Total operating expenses | 19 | (19,536) | (14,619) | (51,049) | (38,704) |
Profit for the period | 45,753 | 26,874 | 119,773 | 61,015 | |
Per share data: | |||||
Basic earnings per share (in US dollars) | 17 | 1.25 | 0.74 | 3.28 | 1.68 |
Diluted earnings per share (in US dollars) | 17 | 1.25 | 0.74 | 3.28 | 1.68 |
Weighted average basic shares (in thousands of shares) | 17 | 36,531 | 36,329 | 36,462 | 36,297 |
Weighted average diluted shares (in thousands of shares) | 17 | 36,531 | 36,329 | 36,462 | 36,297 |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Profit for the period | 45,753 | 26,874 | 119,773 | 61,015 |
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 | (4,806) | 11,913 | (4,698) | 21,266 |
Reclassification of gains (losses) on financial instruments to profit or loss | 119 | (20) | (458) | 169 |
Other comprehensive income (loss) | (4,687) | 11,893 | (5,156) | 21,435 |
Total comprehensive income for the period | 41,066 | 38,767 | 114,617 | 82,450 |
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, 2022 | 279,980 | (115,799) | 120,043 | 95,210 | 136,019 | 487,885 | (11,548) | 991,790 |
Profit for the period | - | - | - | - | - | 61,015 | - | 61,015 |
Other comprehensive income (loss) | - | - | - | - | - | - | 21,435 | 21,435 |
Issuance of restricted stock | - | 1,039 | (1,039) | - | - | - | - | - |
Compensation cost - stock options and stock units plans | - | - | 1,915 | - | - | - | - | 1,915 |
Exercised options and stock units vested | - | 663 | (663) | - | - | - | - | - |
Dividends declared | - | - | - | - | - | (27,231) | - | (27,231) |
Balances at September 30, 2022 | 279,980 | (114,097) | 120,256 | 95,210 | 136,019 | 521,669 | 9,887 | 1,048,924 |
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 (loss) | - | - | - | - | - | - | (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 |
Notes | 2023 | 2022 | |
Cash flows from operating activities | |||
Profit for the period | 119,773 | 61,015 | |
Adjustments to reconcile profit for the period to net cash provided by (used in) operating activities: | |||
Depreciation of equipment and leasehold improvements | 1,678 | 1,626 | |
Amortization of intangible assets | 594 | 393 | |
Provision for credit losses | 3 | 17,510 | 13,768 |
Loss on sale of financial instruments at amortized cost | 9 | 3,745 | - |
Compensation cost - share-based payment | 4,366 | 1,915 | |
Net changes in hedging position and foreign currency | 41,588 | (12,018) | |
Loss on disposal of equipment and leasehold improvements | 1 | 4 | |
Loss on derecognition of intangible assets | 20 | - | |
Interest income | (485,314) | (201,723) | |
Interest expense | 317,696 | 103,145 | |
Changes in operating assets and liabilities: | |||
Pledged deposits | (49,846) | (52,925) | |
Loans | (122,691) | (1,345,897) | |
Other assets | (6,698) | (1,522) | |
Due to depositors | 1,016,201 | 377,142 | |
Other liabilities | 6,190 | 25,049 | |
Cash flows provided by (used in) operating activities | 864,813 | (1,030,028) | |
Interest received | 465,433 | 177,949 | |
Interest paid | (293,129) | (78,157) | |
Net cash provided by (used in) operating activities | 1,037,117 | (930,236) | |
Cash flows from investing activities: | |||
Acquisition of equipment and leasehold improvements | (687) | (1,047) | |
Acquisition of intangible assets | (975) | (886) | |
Proceeds from the sale of securities at amortized cost | 54,815 | 80,816 | |
Proceeds from the sale of securities at FVOCI | - | 110,840 | |
Proceeds from the redemption of securities at amortized cost | 238,824 | - | |
Proceeds from the redemption of securities at FVOCI | 78,600 | - | |
Purchases of securities at amortized cost | (370,129) | (423,280) | |
Net cash provided by (used in) investing activities | 448 | (233,557) | |
Cash flows from financing activities: | |||
(Decrease) increase in securities sold under repurchase agreements | (104,878) | 97,561 | |
Net (decrease) increase in short-term borrowings and debt | 14 | (609,090) | 560,447 |
Proceeds from long-term borrowings and debt | 14 | 355,432 | 779,927 |
Payments of long-term borrowings and debt | 14 | (194,524) | (503,515) |
Advance of funds for debt repayment | 11 | (102,892) | - |
Payments of lease liabilities | 15 | (782) | (744) |
Dividends paid | (27,267) | (27,164) | |
Net cash (used in) provided by financing activities | (684,001) | 906,512 | |
Increase (decrease) net in cash and cash equivalents | 353,564 | (257,281) | |
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 | 1,544,500 | 953,720 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 2,956,102 | - | - | 2,956,102 |
Grades 5 - 6 |
0.75 - 3.80
| 3,467,969 | 193,833 | - | 3,661,802 |
Grades 7 - 8 |
3.81 - 34.51
| 226,755 | 44,822 | - | 271,577 |
Grades 9 - 10 |
34.52 - 100
| - | - | 10,107 | 10,107 |
6,650,826 | 238,655 | 10,107 | 6,899,588 | ||
Loss allowance | (32,760) | (10,278) | (6,863) | (49,901) | |
Total | 6,618,066 | 228,377 | 3,244 | 6,849,687 |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Commitments and financial guarantees issued | |||||
Grades 1 - 4 |
0.03 - 0.74
| 448,693 | - | - | 448,693 |
Grades 5 - 6 |
0.75 - 3.80
| 480,209 | 1,700 | - | 481,909 |
Grades 7 - 8 |
3.81 - 34.51
| 144,398 | 3,890 | - | 148,288 |
1,073,300 | 5,590 | - | 1,078,890 | ||
Customers' liabilities under acceptances | |||||
Grades 1 - 4 |
0.03 - 0.74
| 138,237 | - | - | 138,237 |
Grades 5 - 6 |
0.75 - 3.80
| 3,460 | - | - | 3,460 |
Grades 7 - 8 |
3.81 - 34.51
| 124,284 | - | - | 124,284 |
265,981 | - | - | 265,981 | ||
1,339,281 | 5,590 | - | 1,344,871 | ||
Loss allowance | (4,450) | (92) | - | (4,542) | |
Total | 1,334,831 | 5,498 | - | 1,340,329 |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||||
12-month DP Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 903,031 | - | - | 903,031 |
Grades 5 - 6 |
0.75 - 3.80
| 67,368 | 29,168 | - | 96,536 |
970,399 | 29,168 | - | 999,567 | ||
Loss allowance | (1,426) | (307) | - | (1,733) | |
Total | 968,973 | 28,861 | - | 997,834 |
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 |
September 30, 2023 | |||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| - | - | - | - |
- | - | - | - | ||
Loss allowance | - | - | - | - | |
Total | - | - | - | - |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | ||||
Stage 1 | Stage 2 | Stage 3 | Total | |
Current | 6,650,826 | 238,655 | - | 6,889,481 |
Past due | - | - | 10,107 | 10,107 |
Total | 6,650,826 | 238,655 | 10,107 | 6,899,588 |
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 |
September 30, 2023 | |||
Notional value USD |
Derivative financial instruments - fair value asset |
Derivative financial instruments - fair value liabilities | |
Interest rate swaps | 602,638 | 282 | (12,376) |
Cross-currency swaps | 1,383,397 | 107,536 | (55,965) |
Foreign exchange forwards | 52,276 | - | (2,684) |
Total | 2,038,311 | 107,818 | (71,025) |
December 31, 2022 | |||
Notional value USD |
Derivative financial instruments - fair value asset |
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) |
(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 | 28,589 | 5,050 | 21,561 | 55,200 |
Transfer to lifetime expected credit losses | (431) | 431 | - | - |
Net effect of changes in allowance for expected credit losses | (1,302) | 3,450 | 6,446 | 8,594 |
Financial instruments that have been derecognized during the period | (14,827) | (526) | - | (15,353) |
New instruments originated or purchased | 20,731 | 1,873 | - | 22,604 |
Write-offs | - | - | (21,144) | (21,144) |
Allowance for expected credit losses as of September 30, 2023 | 32,760 | 10,278 | 6,863 | 49,901 |
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 |
(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 | 3,605 | 23 | - | 3,628 |
Net effect of changes in reserve for expected credit losses | 19 | 27 | - | 46 |
Financial instruments that have been derecognized during the period | (2,752) | - | - | (2,752) |
New instruments originated or purchased | 3,602 | 18 | - | 3,620 |
Allowance for expected credit losses as of September 30, 2023 | 4,450 | 92 | - | 4,542 |
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 |
(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 | 2,170 | 1,779 | 4,002 | 7,951 |
Transfer to lifetime expected credit losses | (40) | 40 | - | - |
Net effect of changes in allowance for expected credit losses | (54) | 397 | 1,253 | 1,596 |
Financial instruments that have been derecognized during the period | (859) | (185) | - | (1,044) |
New instruments originated or purchased | 209 | - | - | 209 |
Write-offs | - | (1,724) | (5,255) | (6,979) |
Allowance for expected credit losses as of September 30, 2023 | 1,426 | 307 | - | 1,733 |
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 financial assets 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 |
(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 period | (10) | - | - | (10) |
Allowance for expected credit losses as of September 30, 2023 | - | - | - | - |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
Loans at amortized cost |
Loan commitments and financial guarantee contracts | Securities | Total | |
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 |
September 30, 2022 |
Loans at amortized cost |
Loan commitments and financial guarantee contracts | Securities | Total | |
At amortized cost | FVOCI | ||||
Net effect of changes in allowance for expected credit losses | 358 | (258) | 1,834 | - | 1,934 |
Financial instruments that have been derecognized during the period | (9,542) | (2,882) | (261) | (15) | (12,700) |
New financial assets originated or purchased | 21,823 | 1,717 | 994 | - | 24,534 |
Total | 12,639 | (1,423) | 2,567 | (15) | 13,768 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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 | 6,182 | 14,606 |
Interest income | 264 | 1,466 |
Write-offs | (21,144) | (893) |
Recoveries of amounts previously written off | - | 1,066 |
Credit-impaired loans at end of period | 6,863 | 21,561 |
September 30, 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 | 1,250 | 3,717 |
Interest income | 3 | 252 |
Write-offs | (5,255) | - |
Investments at amortized cost with credit impairment at end of period | - | 4,002 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost |
Loan commitments and financial guarantee contracts | Securities | ||||||
At amortized cost | FVOCI | |||||||
September 30, 2023 |
December 31, 2022 |
September 30, 2023 |
December 31, 2022 |
September 30, 2023 |
December 31, 2022 |
September 30, 2023 |
December 31, 2022 | |
Carrying amount - principal | 6,899,588 | 6,763,020 | 265,981 | 163,345 | 999,567 | 941,971 | - | 77,972 |
Amount committed/guaranteed | - | - | 1,078,890 | 779,374 | - | - | - | - |
Concentration by sector | ||||||||
Corporations: | ||||||||
Private | 3,120,497 | 2,553,193 | 644,063 | 409,139 | 593,717 | 543,381 | - | 24,773 |
State-owned | 1,173,374 | 1,115,932 | 180,153 | 110,468 | 20,637 | 51,388 | - | - |
Financial institutions: | ||||||||
Private | 2,062,404 | 2,245,385 | 139,646 | 120,614 | 290,746 | 250,975 | - | - |
State-owned | 436,997 | 719,882 | 381,009 | 302,498 | 35,202 | 31,902 | - | 53,199 |
Sovereign | 106,316 | 128,628 | - | - | 59,265 | 64,325 | - | - |
Total | 6,899,588 | 6,763,020 | 1,344,871 | 942,719 | 999,567 | 941,971 | - | 77,972 |
Concentration by industry | ||||||||
Financial institutions | 2,499,401 | 2,965,266 | 520,655 | 423,112 | 350,359 | 282,878 | - | 53,199 |
Manufacturing | 1,633,768 | 1,341,453 | 374,709 | 293,659 | 350,708 | 339,914 | - | 14,898 |
Oil and petroleum derived products | 1,283,792 | 1,244,491 | 182,211 | 104,426 | 90,465 | 77,553 | - | 9,875 |
Agricultural | 305,013 | 317,037 | 5,104 | 3,854 | - | - | - | - |
Services | 356,649 | 267,868 | 124,666 | 55,430 | 60,898 | 64,412 | - | - |
Mining | 281,134 | 150,707 | 36,662 | - | 14,438 | 24,381 | - | - |
Sovereign | 106,316 | 128,628 | - | - | 59,265 | 64,325 | - | - |
Other | 433,515 | 347,570 | 100,864 | 62,238 | 73,434 | 88,508 | - | - |
Total | 6,899,588 | 6,763,020 | 1,344,871 | 942,719 | 999,567 | 941,971 | - | 77,972 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost |
Loan commitments and financial guarantee contracts | Securities | ||||||
At amortized cost | FVOCI | |||||||
September 30, 2023 |
December 31, 2022 |
September 30, 2023 |
December 31, 2022 |
September 30, 2023 |
December 31, 2022 |
September 30, 2023 |
December 31, 2022 | |
Carrying amount - principal | 6,899,588 | 6,763,020 | 265,981 | 163,345 | 999,567 | 941,971 | - | 77,972 |
Amount committed/guaranteed | - | - | 1,078,890 | 779,375 | - | - | - | - |
Rating | ||||||||
1-4 | 2,956,102 | 2,864,685 | 586,930 | 336,519 | 903,031 | 736,139 | - | 77,972 |
5-6 | 3,661,802 | 3,696,527 | 485,369 | 301,031 | 96,536 | 200,837 | - | - |
7-8 | 271,577 | 191,701 | 272,572 | 305,169 | - | 4,995 | - | - |
9-10 | 10,107 | 10,107 | - | - | - | - | - | - |
Total | 6,899,588 | 6,763,020 | 1,344,871 | 942,719 | 999,567 | 941,971 | - | 77,972 |
Concentration by country | ||||||||
Argentina | 52,473 | 55,598 | - | - | - | - | - | - |
Australia | - | - | - | - | - | 9,628 | - | - |
Belgium | 13,977 | 25,362 | - | - | - | - | - | - |
Bolivia | - | - | 4,973 | 3,759 | - | - | - | - |
Brazil | 955,732 | 980,205 | 76,842 | 54,907 | 35,888 | 69,501 | - | - |
Canada | - | - | - | - | 43,213 | 13,503 | - | - |
Chile | 445,855 | 416,714 | 45,633 | 44,846 | 91,171 | 112,586 | - | - |
China | 16,700 | 2,800 | - | - | - | - | - | - |
Colombia | 966,364 | 702,409 | 101,045 | 54,333 | 33,994 | 54,484 | - | - |
Costa Rica | 259,558 | 260,625 | 51,653 | 56,718 | 7,985 | 9,926 | - | - |
Denmark | - | - | 19,825 | 11,880 | - | - | - | - |
Dominican Republic | 606,551 | 579,918 | 150,634 | 27,534 | 4,736 | 4,828 | - | - |
Ecuador | 214,255 | 110,466 | 274,202 | 305,168 | - | - | - | - |
El Salvador | 57,000 | 30,032 | - | - | - | - | - | - |
France | 44,668 | 126,929 | 103,748 | 66,906 | - | - | - | - |
Germany | - | - | 15,000 | 10,000 | 14,731 | - | - | - |
Guatemala | 653,516 | 745,837 | 102,311 | 67,456 | - | - | - | - |
Honduras | 155,076 | 176,270 | 975 | 3,615 | - | - | - | - |
Ireland | - | - | - | - | 14,850 | 9,579 | - | - |
Israel | - | - | - | - | 4,811 | 4,880 | - | - |
Jamaica | 75,622 | 14,083 | - | - | - | - | - | - |
Japan | 12,705 | 14,712 | - | - | 38,320 | 4,353 | - | - |
Korea | - | - | - | - | 1,825 | - | - | - |
Luxembourg | 89,763 | 114,557 | - | - | - | - | - | - |
Mexico | 864,818 | 823,028 | 85,986 | 69,080 | 71,982 | 100,870 | - | - |
Norway | - | - | - | - | 9,854 | - | - | - |
Panama | 312,521 | 533,452 | 55,092 | 19,240 | 34,020 | 29,065 | - | - |
Paraguay | 137,501 | 151,287 | 230 | 3,430 | - | - | - | - |
Peru | 572,679 | 478,998 | 206,343 | 114,941 | 30,677 | 60,575 | - | - |
Singapore | 113,569 | 152,208 | 9,053 | 24,333 | - | - | - | - |
Trinidad and Tobago | 144,003 | 128,846 | - | - | - | - | - | - |
United States of America | 61,509 | 53,463 | 27,535 | 3,349 | 512,974 | 458,193 | - | 43,464 |
United Kingdom | 60,373 | 51,221 | - | - | 33,837 | - | - | - |
Uruguay | 12,800 | 34,000 | 13,791 | 1,224 | - | - | - | - |
Multilateral | - | - | - | - | - | - | - | 34,508 |
Total | 6,899,588 | 6,763,020 | 1,344,871 | 942,719 | 999,567 | 941,971 | - | 77,972 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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 | 107,818 | - | 107,818 | - | (76,421) | 31,397 |
Total | 107,818 | - | 107,818 | - | (76,421) | 31,397 |
December 31, 2022 | ||||||
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 | 68,159 | - | 68,159 | - | (50,615) | 17,544 |
Total | 68,159 | - | 68,159 | - | (50,615) | 17,544 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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 | (195,620) | - | (195,620) | 217,095 | 11,496 | 32,971 |
Derivative financial instruments used for hedging | (71,025) | - | (71,025) | - | 74,090 | 3,065 |
Total | (266,645) | - | (266,645) | 217,095 | 85,586 | 36,036 |
December 31, 2022 | ||||||
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 | (300,498) | - | (300,498) | 791,956 | 22,947 | 514,405 |
Derivative financial instruments used for hedging | (33,761) | - | (33,761) | - | 17,702 | (16,059) |
Total | (334,259) | - | (334,259) | 791,956 | 40,649 | 498,346 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |||
At the end of the period | 161.22 | % | 167.46 | % |
Period average | 176.75 | % | 132.63 | % |
Maximum of the period | 356.99 | % | 276.86 | % |
Minimun of the period | 111.49 | % | 81.18 | % |
September 30, 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 State of America | 1,424 | - | 1,424 | 1,151 | 43 | 1,194 |
Latin America | 20 | - | 20 | 15 | - | 15 |
Multilateral | 75 | - | 75 | 25 | 35 | 60 |
Total | 1,545 | - | 1,545 | 1,191 | 78 | 1,269 |
September 30, 2023 |
December 31, 2022 | |||
(in millions of USD dollars) | ||||
Demand and "overnight" deposits | 883 | 583 | ||
Demand and "overnight" deposits to total deposits | 20.99 | % | 18.27 | % |
September 30, 2023 |
December 31, 2022 | |||
(in millions of USD dollars) | ||||
Total liquid assets | 1,545 | 1,269 | ||
Total assets to total liabilities | 36.71 | % | 39.77 | % |
Total liquid assets in the Federal Reserve of the United States of America | 91.29 | % | 90.23 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |
(in millions of USD dollars) | ||
Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 3,684 | 4,008 |
Average term (days) | 191 | 200 |
September 30, 2023 |
December 31, 2022 | |
(in millions of USD dollars) | ||
Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 4,215 | 3,775 |
Average term (days) | 1,368 | 1,367 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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 | 1,645,585 | - | - | - | - | 1,645,585 | 1,644,996 |
Securities | 65,875 | 14,651 | 138,439 | 863,372 | 35,576 | 1,117,913 | 1,009,858 |
Loans | 2,141,932 | 1,163,722 | 1,579,627 | 2,573,991 | 192,885 | 7,652,157 | 6,928,262 |
Derivative financial instruments - assets | 139 | - | 777 | 106,890 | 12 | 107,818 | 107,818 |
Total | 3,853,531 | 1,178,373 | 1,718,843 | 3,544,253 | 228,473 | 10,523,473 | 9,690,934 |
Liabilities | |||||||
Deposits | (3,177,772) | (481,428) | (483,101) | (153,113) | - | (4,295,414) | (4,241,195) |
Securities sold under repurchase agreements | (65,064) | (137,643) | - | - | - | (202,707) | (195,620) |
Borrowings and debt | (890,806) | (606,849) | (524,829) | (2,485,367) | (36,117) | (4,543,968) | (4,105,675) |
Lease liabilities | (238) | (245) | (498) | (4,380) | (11,128) | (16,489) | (16,489) |
Derivative financial instruments - liabilities | (2,684) | (20,895) | (10,508) | (33,994) | (2,944) | (71,025) | (71,025) |
Total | (4,136,564) | (1,247,060) | (1,018,936) | (2,676,854) | (50,189) | (9,129,603) | (8,630,004) |
Subtotal net position | (283,033) | (68,687) | 699,907 | 867,399 | 178,284 | 1,393,870 | 1,060,930 |
Off-balance sheet contingencies | |||||||
Confirmed letters of credit | 116,628 | 97,083 | 4,637 | - | - | 218,348 | |
Stand-by letters of credit and guarantees | 103,330 | 228,054 | 203,722 | 31,468 | - | 566,574 | |
Credit commitments | 68,000 | - | 61,058 | 164,910 | - | 293,968 | |
Total | 287,958 | 325,137 | 269,417 | 196,378 | - | 1,078,890 | |
Total net position | (570,991) | (393,824) | 430,490 | 671,021 | 178,284 | 314,980 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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 | (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. |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | December 31, 2022 | |||
Amount | Fair value | Amount | Fair value | |
Balances with Federal Reserve of the United States of America | 1,409,929 | 1,409,929 | 1,144,896 | 1,144,896 |
Cash and due from banks (1)
| 134,571 | 134,571 | 46,040 | 46,040 |
Total | 1,544,500 | 1,544,500 | 1,190,936 | 1,190,936 |
September 30, 2023 | December 31, 2022 | |||
Pledged as collateral | Available as collateral | Pledged as collateral | Available as collateral | |
Cash and due from banks | 100,496 | 1,544,500 | 50,649 | 1,190,936 |
Notional of investment securities | 214,965 | 788,970 | 331,571 | 672,042 |
Loans at amortized cost | - | 6,899,588 | - | 6,763,020 |
Total | 315,461 | 9,233,058 | 382,220 | 8,625,998 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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 | 1,626,478 | - | - | - | - | 18,518 | 1,644,996 |
Securities | 40,778 | 14,300 | 123,527 | 790,449 | 30,513 | - | 999,567 |
Loans | 4,162,168 | 1,520,695 | 890,749 | 312,042 | 13,934 | - | 6,899,588 |
Total | 5,829,424 | 1,534,995 | 1,014,276 | 1,102,491 | 44,447 | 18,518 | 9,544,151 |
Liabilities | |||||||
Demand deposits and time deposits | (3,226,837) | (470,279) | (385,042) | (116,174) | - | (8,585) | (4,206,917) |
Securities sold under repurchase agreements | (63,994) | (131,626) | - | - | - | - | (195,620) |
Borrowings and debt | (2,382,316) | (416,186) | (258,012) | (981,516) | (13,386) | - | (4,051,416) |
Total | (5,673,147) | (1,018,091) | (643,054) | (1,097,690) | (13,386) | (8,585) | (8,453,953) |
Net effect of derivative financial instruments held for interest risk management | 140 | (20,895) | (9,732) | 72,895 | (2,931) | - | 39,477 |
Total interest rate sensitivity | 156,417 | 496,009 | 361,490 | 77,696 | 28,130 | 9,933 | 1,129,675 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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 | 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 | |
September 30, 2023 | +50 bps | 2,412 | (6,682) |
-50 bps | (2,591) | 6,903 | |
December 31, 2022 | +50 bps | 4,559 | 676 |
-50 bps | (4,629) | (206) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||||||
Brazilian real |
European euro |
Japanese yen |
Colombian peso |
Mexican peso |
Other
currencies
(1)
| Total | |
Exchange rate | 5.03 | 1.06 | 149.41 | 4,081.63 | 17.43 | ||
Assets | |||||||
Cash and due from banks | 42 | 300 | 3 | 33 | 933 | 11 | 1,322 |
Loans | - | 13,216 | - | - | 406,980 | - | 420,196 |
Total | 42 | 13,516 | 3 | 33 | 407,913 | 11 | 421,518 |
Liabilities | |||||||
Borrowings and debt | - | (13,216) | - | - | (408,258) | - | (421,474) |
Total | - | (13,216) | - | - | (408,258) | - | (421,474) |
Net currency position | 42 | 300 | 3 | 33 | (345) | 11 | 44 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2022 | |||||||
Brazilian real |
European euro |
Japanese yen |
Colombian peso |
Mexican peso |
Other
currencies
(1)
| Total | |
Exchange 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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Derivative financial instruments - assets: | ||||
Interest rate swaps | - | 281 | - | 281 |
Cross-currency swaps | - | 107,537 | - | 107,537 |
Total assets at fair value | - | 107,818 | - | 107,818 |
Liabilities | ||||
Derivative financial instruments - liabilities: | ||||
Interest rate swaps | - | 12,376 | - | 12,376 |
Cross-currency swaps | - | 55,965 | - | 55,965 |
Foreign exchange forwards | - | 2,684 | - | 2,684 |
Total liabilities at fair value | - | 71,025 | - | 71,025 |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||||
Carrying amount |
Fair value | Level 1 | Level 2 | Level 3 | |
Assets | |||||
Cash and deposits on banks | 1,644,996 | 1,644,996 | - | 1,644,996 | - |
Securities at amortized cost (1)
| 1,009,858 | 971,367 | - | 962,269 | 9,098 |
Loans at amortized cost (2)
| 6,928,262 | 6,954,970 | - | 6,954,970 | - |
Customers' liabilities under acceptances | 265,981 | 265,981 | - | 265,981 | - |
Liabilities | |||||
Deposits | 4,241,195 | 4,241,195 | - | 4,241,195 | - |
Securities sold under repurchase agreements | 195,620 | 195,620 | - | 195,620 | - |
Borrowings and debt, net | 4,051,416 | 4,240,474 | - | 4,240,474 | - |
Acceptances outstanding | 265,981 | 265,981 | - | 265,981 | - |
December 31, 2022 | |||||
Carrying amount |
Fair value | Level 1 | Level 2 | Level 3 | |
Assets | |||||
Cash and deposits on 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 | - |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |
Unrestricted deposits with the Federal Reserve of the United States of America | 1,409,929 | 1,144,896 |
Cash and non-interest-bearing deposits in other banks | 18,518 | 7,886 |
Cash and interest-bearing deposits in other banks(1)
| 216,549 | 88,804 |
Total cash and due from banks | 1,644,996 | 1,241,586 |
Less: | ||
Time deposits with original maturity over 90 days and other restricted deposits (1)
| 100,496 | 50,650 |
Total cash and due from banks in the consolidated statement of cash flows | 1,544,500 | 1,190,936 |
September 30, 2023 |
December 31, 2022 | |
Switzerland | 16,118 | 16,797 |
Japan | 25,710 | - |
United States of America(1)
| 36,774 | 11,387 |
Spain | 7,816 | 12,814 |
Germany | 14,078 | 5,380 |
United Kingdom | - | 4,272 |
Total | 100,496 | 50,650 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | Amortized cost | FVOCI | Total |
Principal | 999,567 | - | 999,567 |
Interest receivable | 12,024 | - | 12,024 |
Allowance | (1,733) | - | (1,733) |
1,009,858 | - | 1,009,858 |
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 |
September 30, 2023 | Amortized cost | FVOCI | Total |
Due within 1 year | 178,578 | - | 178,578 |
After 1 year but within 5 years | 803,217 | - | 803,217 |
After 5 years but within 10 years | 17,772 | - | 17,772 |
Balance - principal | 999,567 | - | 999,567 |
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 |
September 30, 2023 | December 31, 2022 | |
Securities pledged to secure repurchase transactions | 216,894 | 345,187 |
Securities sold under repurchase agreements | 195,620 | (300,498) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | December 31, 2022 | |
Loans, outstanding balance | 6,899,588 | 6,763,020 |
Interest receivable | 99,128 | 69,965 |
Loss allowance | (49,901) | (55,200) |
Unearned interest and deferred fees | (20,553) | (17,351) |
Loans, net | 6,928,262 | 6,760,434 |
September 30, 2023 |
December 31, 2022 | |
Fixed interest rate | 3,454,476 | 3,827,083 |
Floating interest rates | 3,445,112 | 2,935,937 |
Total | 6,899,588 | 6,763,020 |
September 30, 2023 |
December 31, 2022 | |||
Loans to class A and B shareholders | 423,698 | 834,768 | ||
% Loans to class A and B shareholders over total loan portfolio | 6 | % | 12 | % |
% Class A and B stockholders with loans over number of class A and B stockholders | 12 | % | 11 | % |
September 30, 2023 |
December 31, 2022 | |
Documentary letters of credit | 218,348 | 304,789 |
Stand-by letters of credit and guarantees - commercial risk | 566,574 | 351,625 |
Credit commitments | 293,968 | 122,960 |
Total | 1,078,890 | 779,374 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |
Up to 1 year | 882,512 | 693,650 |
From 1 to 2 years | 94,987 | 15,956 |
Over 2 to 5 years | 101,391 | 69,768 |
Total | 1,078,890 | 779,374 |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Gain (loss) on derivative financial instruments and foreign currency exchange, net | 601 | (942) | 1,834 | (349) |
Unrealized gain on financial instruments at FVTPL | - | 101 | - | - |
Realized gain on financial instruments at FVTPL | - | 512 | - | 512 |
Loss on sale of financial instruments at amortized cost | (579) | - | (3,745) | - |
Total | 22 | (329) | (1,911) | 163 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||
Nominal amount |
Carrying amount of hedging instruments | ||
Asset (1)
|
Liability (1)
| ||
Interest rate risk | |||
Fair value hedges | 562,638 | 213 | (12,376) |
Cash flow hedges | 40,000 | 68 | - |
Interest rate and foreign exchange risk | |||
Fair value hedges | 272,214 | 21,332 | (18,141) |
Cash flow hedges | 1,111,183 | 86,205 | (37,824) |
Foreign exchange risk | |||
Cash flow hedges | 52,276 | - | (2,684) |
2,038,311 | 107,818 | (71,025) |
December 31, 2022 | |||
Nominal amount |
Carrying amount of hedging instruments | ||
Asset (1)
|
Liability (1)
| ||
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) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||||
Nominal 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 | - | (300) | (35) | 5 |
Securities at amortized cost | 10,000 | 62 | - | (57) | 107 |
Deposits | 77,000 | 118 | (56) | (121) | (7) |
Borrowings and debt | 465,638 | 33 | (12,020) | (9,167) | 2 |
Interest rate and foreign exchange risk | |||||
Borrowings and debt | 272,214 | 21,332 | (18,141) | 17,528 | 1,296 |
Total | 834,852 | 21,545 | (30,517) | 8,148 | 1,403 |
December 31, 2022 | |||||
Nominal 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 | 155,511 | 134 | (543) | 1,607 | (18) |
Securities at amortized cost | 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) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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 | 10,441 | - | Loans, net | (215) | 40 |
Securities at amortized cost | 10,084 | - | Securities, net | (64) | 164 |
Deposits | (77,770) | Demand Deposits | 113 | 113 | |
Borrowings and debt | - | (222,277) | Borrowings and debt, net | 12,519 | 9,169 |
Interest rate and foreign exchange risk | |||||
Borrowings and debt | - | (278,883) | Borrowings and debt, net | (4,807) | (16,758) |
Total | 20,525 | (578,930) | 7,546 | (7,272) |
December 31, 2022 | |||||
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 | 157,136 | - | Loans, net | (1,625) | (1,625) |
Securities at amortized cost | 9,654 | - | Securities, net | (229) | (229) |
Borrowings and debt | - | (129,306) | Borrowings and debt, net | 3,350 | 3,346 |
Interest rate and foreign exchange risk | |||||
Loans | 1,839 | - | Loans, net | (580) | 98 |
Borrowings and debt | - | (243,851) | Borrowings and debt, net | 11,612 | (9,620) |
Total | 168,629 | (373,157) | 12,528 | (8,030) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||
Interest rate swaps | Cross currency swaps | Total | |
Less than 1 year | 94,420 | 68,768 | 163,188 |
Over 1 to 2 years | 51,263 | 84,647 | 135,910 |
Over 2 to 5 years | 416,955 | 108,674 | 525,629 |
More than 5 years | - | 10,125 | 10,125 |
Total | 562,638 | 272,214 | 834,852 |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||
Current | Overdue | Total | Current | Overdue | Total | |
Ineffectiveness recognized in profit or loss for the period attributable to Interest rate hedges | ||||||
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 |
Ineffectiveness recognized in profit or loss for the period attributable to Cross-currency interest rate hedges | ||||||
Loans | - | - | - | - | (26) | (26) |
Borrowings and debt | 591 | - | 591 | 1,296 | - | 1,296 |
Total | 563 | 7 | 570 | 1,403 | (19) | 1,384 |
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||
Current | Overdue | Total | Current | Overdue | Total | |
Ineffectiveness recognized in profit or loss for the period attributable to Interest rate hedges | ||||||
Loans | 126 | 3 | 129 | 130 | 15 | 145 |
Securities at amortized cost | 115 | - | 115 | 115 | - | 115 |
Borrowings and debt | 10 | - | 10 | 10 | (6) | 4 |
Ineffectiveness recognized in profit or loss for the period attributable to Cross-currency interest rate hedges | ||||||
Loans | 48 | - | 48 | 143 | - | 143 |
Borrowings and debt | 654 | (197) | 457 | 733 | (1,227) | (494) |
Total | 953 | (194) | 759 | 1,131 | (1,218) | (87) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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)
| |||
Nominal amount |
Asset (1)
|
Liability (1)
| |||||
Interest rate risk | |||||||
Borrowings and debt | 40,000 | 68 | - | (35) | (35) | - | - |
Interest rate and foreign exchange risk | |||||||
Borrowings and debt | 1,111,183 | 86,205 | (37,824) | 24,557 | 24,806 | 249 | (682) |
Foreign exchange risk | |||||||
Deposits | - | - | - | - | - | - | 57 |
Borrowings and debt | 52,276 | - | (2,684) | (8,937) | (8,883) | 54 | 90 |
Total | 1,203,459 | 86,273 | (40,508) | 15,585 | 15,888 | 303 | (535) |
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 (2)
|
Ineffectiveness recognized in profit or loss (3) |
Amount reclassified from the hedge reserve to profit
or loss (3)
| |||
Nominal amount |
Asset (1)
|
Liability (1)
| |||||
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 | - | - |
Borrowings 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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 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 risk | |||||
Borrowings and debt | - | (41,027) | Borrowings and debt, net | 35 | (1) |
Interest rate and foreign exchange risk | |||||
Borrowings and debt | - | (1,161,236) | Borrowings and debt, net | (24,557) | (2,975) |
Foreign exchange risk | |||||
Deposits | - | - | Demand deposits | - | - |
Borrowings and debt | - | (49,425) | Borrowings and debt, net | 8,937 | 2,543 |
Total | - | (1,251,688) | (15,585) | (433) |
December 31, 2022 | |||||
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 risk | |||||
Borrowings and debt | - | (75,695) | Borrowings and debt, net | (551) | (97) |
Interest rate and foreign exchange risk | |||||
Borrowings and debt | - | (943,942) | Borrowings and debt, net | (27,061) | (8,836) |
Foreign exchange risk | |||||
Deposits | - | (8,566) | Demand deposits | (37) | (44) |
Borrowings and debt | - | (196,646) | Borrowings and debt, net | (21,833) | 1,836 |
Total | - | (1,224,849) | (49,482) | (7,141) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | ||||
Foreign exchange forward contracts |
Interest rate swaps | Cross currency swaps | Total | |
Less than 1 year | 52,276 | 40,000 | 392,279 | 484,555 |
Over 1 to 2 years | - | - | 335,804 | 335,804 |
Over 2 to 5 years | - | - | 365,814 | 365,814 |
More than 5 years | - | - | 17,286 | 17,286 |
Total | 52,276 | 40,000 | 1,111,183 | 1,203,459 |
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 |
Three months ended September 30, 2023 | Nine months ended September 30, 2023 | |||||
Current | Overdue | Total | Current | Overdue | Total | |
Ineffectiveness recognized in profit or loss for the period attributable to Cross-currency interest rate hedges | ||||||
Borrowings and debt | (77) | 10 | (67) | 249 | (682) | (433) |
Ineffectiveness recognized in profit or loss for the period attributable to exchange rate hedges | ||||||
Deposits | - | - | - | - | 57 | 57 |
Borrowings and debt | 20 | 12 | 32 | 54 | 90 | 144 |
Total | (57) | 22 | (35) | 303 | (535) | (232) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||
Current | Overdue | Total | Current | Overdue | Total | |
Ineffectiveness recognized in profit or loss for the period attributable to Interest rate hedges | ||||||
Borrowings and debt | - | - | - | (1) | - | (1) |
Ineffectiveness recognized in profit or loss for the period attributable to Cross-currency interest rate hedges | ||||||
Borrowings and debt | 367 | (1) | 366 | 1,065 | (3) | 1,062 |
Total | 367 | (1) | 366 | 1,064 | (3) | 1,061 |
September 30, 2023 |
December 31, 2022 | |
Advance of funds for debt repayment | 102,892 | - |
Accounts receivable | 6,196 | 2,240 |
Prepaid expenses | 3,443 | 1,120 |
Prepaid fees and commissions | 580 | 325 |
Interest receivable - deposits | 2,186 | 751 |
IT projects under development | 503 | 425 |
Severance fund | 2,127 | 2,026 |
Other | 473 | 481 |
Total | 118,400 | 7,368 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |
Demand | 528,659 | 233,757 |
Up to 1 month | 1,160,514 | 999,043 |
From 1 month to 3 months | 780,817 | 969,960 |
From 3 month to 6 months | 701,037 | 385,972 |
From 6 month to 1 year | 833,264 | 554,402 |
From 1 year to 2 years | 184,795 | 31,287 |
From 2 years to 5 years | 17,831 | 16,295 |
Total | 4,206,917 | 3,190,716 |
September 30, 2023 |
December 31, 2022 | |
Aggregate amount of $100,000 or more | 4,206,585 | 3,190,376 |
Aggregate amount of deposits in the New York Agency | 1,185,795 | 526,474 |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Interest expense on deposits made in the New York Agency | 15,192 | 3,647 | 34,840 | 6,868 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | |||||
Short-Term | Long-term | ||||
Borrowings | Debt | Borrowings | Debt | Total | |
Principal | 1,423,411 | 173,964 | 537,775 | 1,924,988 | 4,060,138 |
Transaction costs | (281) | (40) | (2,176) | (6,225) | (8,722) |
1,423,130 | 173,924 | 535,599 | 1,918,763 | 4,051,416 |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |||
Short-term borrowings: | ||||
At fixed interest rates | 720,862 | 1,584,776 | ||
At floating interest rates | 702,549 | 568,575 | ||
Principal | 1,423,411 | 2,153,351 | ||
Less: Transaction costs | (281) | (1,376) | ||
Total short-term borrowings, net | 1,423,130 | 2,151,975 | ||
Short-term debt: | ||||
At fixed interest rates | 101,536 | - | ||
At floating interest rates | 72,428 | 42,255 | ||
Principal | 173,964 | 42,255 | ||
Less: Transaction costs | (40) | (5) | ||
Total short-term debt, net | 173,924 | 42,250 | ||
Total short-term borrowings and debt | 1,597,054 | 2,194,225 | ||
Range of fixed interest rates on borrowings and debt in U.S. dollars |
5.27% to 6.47%
|
1.53% to 6.52%
| ||
Range of floating interest rates on borrowings in U.S. dollars |
5.92% to 6.35%
|
4.90% to 5.72%
| ||
Range of floating interest rates on borrowings and debt in Mexican pesos |
11.77% to 12.66%
|
10.97% to 12.00%
| ||
Range of fixed interest rates on borrowings in Euro | 4.39 | % | - | % |
Range of fixed interest rates on borrowings and debt in Japanese yen |
1.23% to 1.23%
|
0.84% to 1.23%
|
September 30, 2023 |
December 31, 2022 | |
US dollar | 1,036,539 | 1,593,531 |
Japanese yen | 48,859 | 196,245 |
Euros | 13,216 | - |
Mexican peso | 498,761 | 405,830 |
Carrying amount - principal | 1,597,375 | 2,195,606 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |||
Long-term borrowings: | ||||
At fixed interest rates | - | 75,000 | ||
At floating interest rates with due dates from May 2024 to May 2026 | 537,775 | 575,275 | ||
Principal | 537,775 | 650,275 | ||
Less: Transaction costs | (2,176) | (2,952) | ||
Total long-term borrowings, net | 535,599 | 647,323 | ||
Long-term debt: | ||||
At fixed interest rates with due dates from March 2024 to November 2034 | 1,357,191 | 1,136,743 | ||
At floating interest rates with due dates from November 2024 to August 2028 | 567,797 | 443,984 | ||
Principal | 1,924,988 | 1,580,727 | ||
Less: Transaction costs | (6,225) | (5,764) | ||
Total long-term debt, net | 1,918,763 | 1,574,963 | ||
Total long-term borrowings and debt, net | 2,454,362 | 2,222,286 | ||
Range of fixed interest rates on borrowings and debt in U.S. dollars |
1.35% to 6.15%
|
0.80% to 5.81%
| ||
Range of floating interest rates on borrowings and debt in U.S. dollars |
6.30% to 7.30%
|
4.96% to 6.04%
| ||
Range of fixed interest rates on borrowings and debt in Mexican pesos |
6.50% to 9.75%
|
6.50% to 9.20%
| ||
Range of floating interest rates on borrowings and debt in Mexican pesos |
11.69% to 11.95%
|
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% to 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 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |
US dollar | 1,134,535 | 1,155,275 |
Mexican peso | 1,116,621 | 845,867 |
Euro | 83,850 | 111,095 |
Japanese yen | 86,997 | 76,513 |
Australian dollar | 25,322 | 26,968 |
Swiss franc | 10,924 | 10,820 |
Sterling pound | 4,514 | 4,464 |
Carrying amount - principal | 2,462,763 | 2,231,002 |
Outstanding | |
2024 | 609,044 |
2025 | 998,030 |
2026 | 428,412 |
2027 | 295,099 |
2028 | 109,543 |
2029 | 13,386 |
2034 | 9,249 |
Carrying amount - principal | 2,462,763 |
2023 | 2022 | |
Principal as of January 1, | 4,416,511 | 3,304,178 |
Net increase in short-term borrowings and debt | (609,090) | 579,065 |
Proceeds from long-term borrowings and debt | 355,432 | 1,038,110 |
Payments of long-term borrowings and debt | (194,524) | (536,792) |
Change in foreign currency rates | 89,752 | 45,460 |
Fair value adjustment due to hedge accounting relationship | (8,025) | (9,334) |
Other adjustments | 1,360 | (4,176) |
Principal as of September 30, | 4,051,416 | 4,416,511 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 |
December 31, 2022 | |
Due within 1 year | 1,536 | 1,506 |
After 1 year but within 5 years | 6,183 | 7,210 |
After 5 years but within 10 years | 12,753 | 12,330 |
Total undiscounted lease liabilities | 20,472 | 21,046 |
Short-term | 982 | 965 |
Long-term | 15,507 | 15,780 |
Lease liabilities included in the consolidated statement of financial position | 16,489 | 16,745 |
September 30, | ||
2023 | 2022 | |
Payments of lease liabilities | 782 | 744 |
September 30, 2023 |
December 31, 2022 | |
Accruals and other accumulated expenses | 18,515 | 16,812 |
Accounts payable | 5,213 | 7,269 |
Other | 9,358 | 2,730 |
Total | 33,086 | 26,811 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
(Thousands of U.S. dollars) | ||||
Profit for the period | 45,753 | 26,874 | 119,773 | 61,015 |
(U.S. dollars) | ||||
Basic earnings per share | 1.25 | 0.74 | 3.28 | 1.68 |
Diluted earnings per share | 1.25 | 0.74 | 3.28 | 1.68 |
(Thousands of shares) | ||||
Weighted average of common shares outstanding applicable to basic EPS | 36,531 | 36,329 | 36,462 | 36,297 |
Adjusted weighted average of common shares outstanding applicable to diluted EPS | 36,531 | 36,329 | 36,462 | 36,297 |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Structured loans | 2,740 | 2,558 | 3,924 | 3,584 |
Documentary and stand-by letters of credit | 6,170 | 3,515 | 15,120 | 10,335 |
Other commissions, net | 2,199 | 206 | 3,384 | 578 |
Total | 11,109 | 6,279 | 22,428 | 14,497 |
September 30, 2023 | |
Up to 1 year | 5,116 |
From 1 to 2 years | 1,534 |
Total | 9,275 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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 (loss) | 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 |
Three months ended September 30, 2022 | Nine months ended September 30, 2022 | |||||
Commercial | Treasury | Total | Commercial | Treasury | Total | |
Interest income | 80,537 | 12,129 | 92,666 | 176,703 | 25,020 | 201,723 |
Interest expense | (115) | (52,393) | (52,508) | (350) | (102,795) | (103,145) |
Inter-segment net interest income | (44,489) | 44,489 | - | (86,476) | 86,476 | - |
Net interest income | 35,933 | 4,225 | 40,158 | 89,877 | 8,701 | 98,578 |
Other income (expense), net | 6,678 | (519) | 6,159 | 15,315 | (406) | 14,909 |
Total income | 42,611 | 3,706 | 46,317 | 105,192 | 8,295 | 113,487 |
Provision for credit losses | (3,382) | (1,442) | (4,824) | (11,216) | (2,552) | (13,768) |
Operating expenses | (11,180) | (3,439) | (14,619) | (30,263) | (8,441) | (38,704) |
Segment profit (loss) | 28,049 | (1,175) | 26,874 | 63,713 | (2,698) | 61,015 |
Segment assets | 7,182,199 | 2,127,747 | 9,309,946 | |||
Segment liabilities | 97,990 | 8,133,427 | 8,231,417 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Profit for the period | 45,753 | 26,874 | 119,773 | 61,015 |
Assets: | ||||
Assets from reportable segments | 9,978,349 | 9,309,946 | ||
Other assets - unallocated | 116,241 | 9,864 | ||
Total | 10,094,590 | 9,319,810 | ||
Liabilities: | ||||
Liabilities from reportable segments | 8,900,527 | 8,231,417 | ||
Other liabilities - unallocated | 33,086 | 39,469 | ||
Total | 8,933,613 | 8,270,886 |
September 30, 2023 |
December 31, 2022 | |
Assets: | ||
Demand deposits | 2,620 | 5,986 |
Loans, net | 40,397 | 242,024 |
Securities at amortized cost | 14,263 | 19,593 |
Total | 57,280 | 267,603 |
Liabilities: | ||
Time deposits | 232,306 | 567,451 |
Total | 232,306 | 567,451 |
Contingencies: | ||
Stand-by letters of credit | 150 | 3,350 |
Loss allowance | - | (16) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Interest income: | ||||
Loans | 1,133 | 1,468 | 3,143 | 2,661 |
Securities at amortized cost | 109 | 136 | 220 | 357 |
Total | 1,242 | 1,604 | 3,363 | 3,018 |
Interest expense: | ||||
Deposits | (3,682) | (3,525) | (8,409) | (6,805) |
Net interest income (expenses) | (2,440) | (1,921) | (5,046) | (3,787) |
Other income (expense): | ||||
Fees and commissions, net | 279 | 27 | 536 | 108 |
Loss on financial instruments, net | - | - | - | 54 |
Total other income, net | 279 | 27 | 536 | 162 |
Net income from related parties | (2,161) | (1,894) | (4,510) | (3,625) |
Three months ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Expenses: | ||||
Compensation costs to directors | 461 | 693 | 1,240 | 1,416 |
Compensation costs to executives | 1,471 | 846 | 6,795 | 3,273 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | December 31, 2022 | |
Capital funds | 1,171,107 | 1,072,110 |
Risk-weighted assets | 8,603,486 | 8,117,913 |
Capital adequacy index | 13.61% | 13.21% |
September 30, 2023 | December 31, 2022 | |
Ordinary capital | 1,035,088 | 936,092 |
Non-risk-weighted assets | 10,248,882 | 9,606,970 |
Leverage ratio | 10.10% | 9.74% |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | ||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | |
Loans at amortized cost | ||||||
Corporations | 4,276,414 | 7,350 | - | - | 10,107 | 4,293,871 |
Financial institutions: | ||||||
Private | 2,062,404 | - | - | - | - | 2,062,404 |
State-owned | 436,997 | - | - | - | - | 436,997 |
2,499,401 | - | - | - | - | 2,499,401 | |
Sovereign | 106,316 | - | - | - | - | 106,316 |
Total | 6,882,131 | 7,350 | - | - | 10,107 | 6,899,588 |
Allowance for loan | ||||||
losses under IFRS (1):
| 41,566 | 1,472 | - | - | 6,863 | 49,901 |
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 under IFRS (1):
| 33,639 | - | 16,141 | - | 5,420 | 55,200 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
September 30, 2023 | ||||
Current | Past due | Delinquent | Total | |
Loans at amortized cost | ||||
Corporations | 4,283,764 | - | 10,107 | 4,293,871 |
Financial institutions: | ||||
Private | 2,062,404 | - | - | 2,062,404 |
State-owned | 436,997 | - | - | 436,997 |
2,499,401 | - | - | 2,499,401 | |
Sovereign | 106,316 | - | - | 106,316 |
Total | 6,889,481 | - | 10,107 | 6,899,588 |
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 |
Total | 6,732,913 | 20,000 | 10,107 | 6,763,020 |
September 30, 2023 | ||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | |
Loans at amortized cost | ||||||
Impaired loans | - | - | - | - | 10,107 | 10,107 |
Total | - | - | - | - | 10,107 | 10,107 |
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 |
September 30, 2023 |
December 31, 2022 | |
Non-accruing loans: | ||
Private corporations | 10,107 | 30,107 |
Interest that would be reversed if the loans had been classified as non-accruing loans | 292 | 1,173 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
BLADEX - Foreign Trade Bank of Latin America Inc. published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 11:05:02 UTC.