FOREIGN TRADE BANK OF LATIN AMERICA, INC. | ||
(Registrant) | ||
Date: May 13, 2024 | By: | /s/ Ana Graciela de Méndez |
Name: | Ana Graciela de Méndez | |
Title: | Chief Financial Officer |
Unaudited condensed consolidated interim statement of financial position |
Unaudited condensed consolidated interim statement of profit or loss |
Unaudited condensed consolidated interim statement of comprehensive income |
Unaudited condensed consolidated interim statement of changes in equity |
Unaudited condensed consolidated interim statement of cash flows |
Notes to the unaudited condensed consolidated interim financial statements |
March 31, | December 31, | ||
2024 | 2023 | ||
Notes | (Unaudited) | (Audit) | |
Assets | |||
Cash and due from banks | 3,4,5 | 1,726,295 | 2,047,452 |
Securities, net | 3,4,6 | 1,110,369 | 1,022,131 |
Loans, net | 3,4,7 | 7,383,521 | 7,220,520 |
Customers' liabilities under acceptances | 3,4 | 235,344 | 261,428 |
Derivative financial instruments - assets | 3,4,10 | 183,177 | 157,267 |
Equipment and leasehold improvements, net | 16,287 | 16,794 | |
Intangibles, net | 2,616 | 2,605 | |
Other assets | 11 | 30,214 | 15,595 |
Total assets | 10,687,823 | 10,743,792 | |
Liabilities and Equity | |||
Liabilities: | |||
Demand deposits | 533,709 | 510,195 | |
Time deposits | 4,190,570 | 3,897,954 | |
3,4,12 | 4,724,279 | 4,408,149 | |
Interest payable | 52,966 | 42,876 | |
Total deposits | 4,777,245 | 4,451,025 | |
Securities sold under repurchase agreements | 3,4,13 | 363,804 | 310,197 |
Borrowings and debt, net | 3,4,14 | 3,933,303 | 4,351,988 |
Interest payable | 41,596 | 49,217 | |
Lease liabilities | 3,15 | 16,434 | 16,707 |
Acceptances outstanding | 3,4 | 235,344 | 261,428 |
Derivative financial instruments - liabilities | 3,4,10 | 36,301 | 40,613 |
Allowance for losses on loan commitments and financial guarantee contract | 3,4 | 8,620 | 5,059 |
Other liabilities | 16 | 37,265 | 53,734 |
Total liabilities | 9,449,912 | 9,539,968 | |
Equity: | |||
Common stock | 279,980 | 279,980 | |
Treasury stock | (106,759) | (110,174) | |
Additional paid-in capital in excess of value assigned to common stock | 120,064 | 122,046 | |
Capital reserves | 22 | 95,210 | 95,210 |
Regulatory reserves | 22 | 136,019 | 136,019 |
Retained earnings | 706,228 | 673,281 | |
Other comprehensive income (loss) | 7,169 | 7,462 | |
Total equity | 1,237,911 | 1,203,824 | |
Total liabilities and equity | 10,687,823 | 10,743,792 |
Notes | 2024 | 2023 | |
Interest income: | |||
Deposits | 25,026 | 14,399 | |
Securities | 10,628 | 6,384 | |
Loans | 157,918 | 122,596 | |
Total interest income | 19 | 193,572 | 143,379 |
Interest expense: | |||
Deposits | (69,734) | (40,058) | |
Securities sold under repurchase agreements | 13 | (2,564) | (1,867) |
Borrowings and debt | 14 | (58,240) | (48,690) |
Lease liabilities | 15 | (149) | (144) |
Total interest expense | 19 | (130,687) | (90,759) |
Net interest income | 62,885 | 52,620 | |
Other income (expense): | |||
Fees and commissions, net | 18 | 9,472 | 4,812 |
Loss on financial instruments, net | 9 | 160 | 1,704 |
Other income, net | 71 | 39 | |
Total other income, net | 19 | 9,703 | 6,555 |
Total revenues | 72,588 | 59,175 | |
Provision for credit losses | 3,19 | (3,029) | (6,331) |
Operating expenses: | |||
Salaries and other employee expenses | (11,670) | (9,736) | |
Depreciation of equipment, improvements to leased property | (594) | (548) | |
Amortization of intangible assets | (224) | (187) | |
Other expenses | (5,803) | (5,419) | |
Total operating expenses | 19 | (18,291) | (15,890) |
Profit for the period | 51,268 | 36,954 | |
Per share data: | |||
Basic earnings per share (in US dollars) | 17 | 1.40 | 1.02 |
Weighted average basic shares (in thousands of shares) | 17 | 36,609 | 36,360 |
2024 | 2023 | |
Profit for the period | 51,268 | 36,954 |
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 | (528) | (3,390) |
Reclassification of gains on financial instruments to profit or loss | 235 | 196 |
Other comprehensive income (loss) | (293) | (3,194) |
Total comprehensive income for the period | 50,975 | 33,760 |
Common stock | Treasury stock |
Additional paid-in capital in excess of value assigned to common stock | Capital reserves |
Regulatory reserves | Retained earnings |
Other comprehensive income | Total equity | |
Balances at January 1, 2023 | 279,980 | (114,097) | 120,498 | 95,210 | 136,019 | 543,612 | 8,125 | 1,069,347 |
Profit for the period | - | - | - | - | - | 36,954 | - | 36,954 |
Other comprehensive income (loss) | - | - | - | - | - | - | (3,194) | (3,194) |
Compensation cost - 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 |
Balances at January 1, 2024 | 279,980 | (110,174) | 122,046 | 95,210 | 136,019 | 673,281 | 7,462 | 1,203,824 |
Profit for the period | - | - | - | - | - | 51,268 | - | 51,268 |
Other comprehensive income (loss) | - | - | - | - | - | - | (293) | (293) |
Compensation cost - stock units plans | - | - | 1,433 | - | - | - | - | 1,433 |
Exercised options and stock units vested | - | 3,415 | (3,415) | - | - | - | - | - |
Dividends declared | - | - | - | - | - | (18,321) | - | (18,321) |
Balances at March 31, 2024 | 279,980 | (106,759) | 120,064 | 95,210 | 136,019 | 706,228 | 7,169 | 1,237,911 |
Notes | 2024 | 2023 | |
Cash flows from operating activities | |||
Profit for the period | 51,268 | 36,954 | |
Adjustments to reconcile profit for the period to net cash provided by (used in) operating activities: | |||
Depreciation of equipment and leasehold improvements | 594 | 548 | |
Amortization of intangible assets | 224 | 187 | |
Provision for credit losses | 3 | 3,029 | 6,331 |
Loss on sale of financial instruments at amortized cost | - | 1,367 | |
Compensation cost - share-based payment | 1,433 | 1,518 | |
Net changes in hedging position and foreign currency | (9,092) | 6,137 | |
Interest income | (193,572) | (143,379) | |
Interest expense | 130,687 | 90,759 | |
Changes in operating assets and liabilities: | |||
Pledged deposits | 259 | 1,291 | |
Loans | (152,439) | 101,905 | |
Other assets | (13,552) | (3,675) | |
Due to depositors | 316,129 | 378,024 | |
Other liabilities | (16,325) | 1,829 | |
Cash flows provided by operating activities | 118,643 | 479,796 | |
Interest received | 186,049 | 127,085 | |
Interest paid | (129,153) | (88,670) | |
Net cash provided by operating activities | 175,539 | 518,211 | |
Cash flows from investing activities: | |||
Acquisition of equipment and leasehold improvements | (79) | (145) | |
Acquisition of intangible assets | (235) | (450) | |
Proceeds from the sale of securities at amortized cost | - | 7,611 | |
Proceeds from the redemption of securities at amortized cost | 31,294 | 93,112 | |
Proceeds from the redemption of securities at FVOCI | - | 39,600 | |
Purchases of securities at amortized cost | (33,752) | (63,212) | |
Purchases of securities at FVOCI | (86,449) | - | |
Net cash (used in) provided by investing activities | (89,221) | 76,516 | |
Cash flows from financing activities: | |||
Increase in securities sold under repurchase agreements | 53,607 | 47,096 | |
Net decrease in short-term borrowings and debt | 14 | (583,341) | (503,227) |
Proceeds from long-term borrowings and debt | 14 | 201,482 | - |
Payments of long-term borrowings and debt | 14 | (60,561) | (55,668) |
Payments of lease liabilities | 15 | (283) | (255) |
Dividends paid | (18,120) | (9,085) | |
Net cash used in financing activities | (407,216) | (521,139) | |
(Decrease) increase net in cash and cash equivalents | (320,898) | 73,588 | |
Cash and cash equivalents at beginning of the period | 1,987,068 | 1,190,936 | |
Cash and cash equivalents at end of the period | 5 | 1,666,170 | 1,264,524 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 2,954,393 | - | - | 2,954,393 |
Grades 5 - 6 |
0.75 - 3.80
| 3,769,122 | 224,613 | - | 3,993,735 |
Grades 7 - 8 |
3.81 - 34.51
| 321,485 | 70,012 | - | 391,497 |
Grades 9 - 10 |
34.52 - 100
| - | - | 10,107 | 10,107 |
7,045,000 | 294,625 | 10,107 | 7,349,732 | ||
Loss allowance | (34,822) | (17,802) | (6,934) | (59,558) | |
Total | 7,010,178 | 276,823 | 3,173 | 7,290,174 |
December 31, 2023 | |||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 2,893,562 | - | - | 2,893,562 |
Grades 5 - 6 |
0.75 - 3.80
| 3,680,969 | 237,878 | - | 3,918,847 |
Grades 7 - 8 |
3.81 - 34.51
| 303,445 | 69,606 | - | 373,051 |
Grades 9 - 10 |
34.52 - 100
| - | - | 10,107 | 10,107 |
6,877,976 | 307,484 | 10,107 | 7,195,567 | ||
Loss allowance | (34,778) | (17,734) | (6,898) | (59,410) | |
Total | 6,843,198 | 289,750 | 3,209 | 7,136,157 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Commitments and financial guarantees issued | |||||
Grades 1 - 4 |
0.03 - 0.74
| 384,167 | - | - | 384,167 |
Grades 5 - 6 |
0.75 - 3.80
| 438,666 | 10,338 | - | 449,004 |
Grades 7 - 8 |
3.81 - 34.51
| 268,204 | 3,550 | - | 271,754 |
1,091,037 | 13,888 | - | 1,104,925 | ||
Customers' liabilities under acceptances | |||||
Grades 1 - 4 |
0.03 - 0.74
| 64,957 | - | - | 64,957 |
Grades 5 - 6 |
0.75 - 3.80
| 396 | - | - | 396 |
Grades 7 - 8 |
3.81 - 34.51
| 169,991 | - | - | 169,991 |
235,344 | - | - | 235,344 | ||
1,326,381 | 13,888 | - | 1,340,269 | ||
Loss allowance | (7,997) | (623) | - | - | (8,620) |
Total | 1,318,384 | 13,265 | - | 1,331,649 |
December 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
| 457,901 | - | - | 457,901 |
Grades 5 - 6 |
0.75 - 3.80
| 416,786 | 24,996 | - | 441,782 |
Grades 7 - 8 |
3.81 - 34.51
| 160,473 | 3,550 | - | 164,023 |
1,035,160 | 28,546 | - | 1,063,706 | ||
Customers' liabilities under acceptances | |||||
Grades 1 - 4 |
0.03 - 0.74
| 163,438 | - | - | 163,438 |
Grades 5 - 6 |
0.75 - 3.80
| 2,009 | - | - | 2,009 |
Grades 7 - 8 |
3.81 - 34.51
| 95,981 | - | - | 95,981 |
261,428 | - | - | 261,428 | ||
1,296,588 | 28,546 | - | 1,325,134 | ||
Loss allowance | (3,905) | (1,154) | - | (5,059) | |
Total | 1,292,683 | 27,392 | - | 1,320,075 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
12-month DP Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 924,963 | - | - | 924,963 |
Grades 5 - 6 |
0.75 - 3.80
| 57,525 | 18,427 | - | 75,952 |
982,488 | 18,427 | - | 1,000,915 | ||
Loss allowance | (1,144) | (116) | - | (1,260) | |
Total | 981,344 | 18,311 | - | 999,655 |
December 31, 2023 | |||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 913,524 | - | - | 913,524 |
Grades 5 - 6 |
0.75 - 3.80
| 57,674 | 28,346 | - | 86,020 |
971,198 | 28,346 | - | 999,544 | ||
Loss allowance | (1,230) | (402) | - | (1,632) | |
Total | 969,968 | 27,944 | - | 997,912 |
March 31, 2024 | |||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 97,608 | - | - | 97,608 |
97,608 | - | - | 97,608 | ||
Loss allowance | (23) | - | - | (23) | |
Total | 97,585 | - | - | 97,585 |
December 31, 2023 | |||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |
Grades 1 - 4 |
0.03 - 0.74
| 11,824 | - | - | 11,824 |
11,824 | - | - | 11,824 | ||
Loss allowance | (1) | - | - | (1) | |
Total | 11,823 | - | - | 11,823 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | ||||
Stage 1 | Stage 2 | Stage 3 | Total | |
Current | 7,040,746 | 298,879 | - | 7,339,625 |
Defaulters | - | - | 10,107 | 10,107 |
Total | 7,040,746 | 298,879 | 10,107 | 7,349,732 |
December 31, 2023 | ||||
Stage 1 | Stage 2 | Stage 3 | Total | |
Current | 6,873,737 | 311,723 | - | 7,185,460 |
Delinquent | - | - | 10,107 | 10,107 |
Total | 6,873,737 | 311,723 | 10,107 | 7,195,567 |
March 31, 2024 | |||
Notional value USD |
Derivative financial instruments - fair value assets |
Derivative financial instruments - fair value liabilities | |
Interest rate swaps | 1,182,467 | 11,578 | (7,690) |
Cross-currency swaps | 1,493,008 | 171,599 | (28,611) |
Total | 2,675,475 | 183,177 | (36,301) |
December 31, 2023 | |||
Notional value USD |
Derivative financial instruments - fair value assets |
Derivative financial instruments - fair value liabilities | |
Interest rate swaps | 987,394 | 11,358 | (790) |
Cross-currency swaps | 1,678,042 | 145,909 | (39,823) |
Total | 2,665,436 | 157,267 | (40,613) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | |
Allowance for expected credit losses as of December 31, 2023 | 34,778 | 17,734 | 6,898 | 59,410 |
Transfer to lifetime expected credit losses
| (37) | 37 | - | - |
Net effect of changes in allowance for expected credit losses | (123) | 698 | 36 | 611 |
Financial instruments that have been derecognized during the period | (9,631) | (667) | - | (10,298) |
New instruments originated or purchased | 9,835 | - | - | 9,835 |
Allowance for expected credit losses as of March 31, 2024 | 34,822 | 17,802 | 6,934 | 59,558 |
Stage 1 | Stage 2 | Stage 3 | Total | |
Allowance for expected credit losses as of December 31, 2022 | 28,589 | 5,050 | 21,561 | 55,200 |
Transfer to lifetime expected credit losses
| (752) | 752 | - | - |
Net effect of changes in allowance for expected credit losses | (2,363) | 11,195 | 6,481 | 15,313 |
Financial instruments that have been derecognized during the period | (17,950) | (879) | - | (18,829) |
New instruments originated or purchased | 27,254 | 1,616 | - | 28,870 |
Write-offs
| - | - | (21,144) | (21,144) |
Allowance for expected credit losses as of December 31, 2023 | 34,778 | 17,734 | 6,898 | 59,410 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | |
Allowance for expected credit losses as of December 31, 2023 | 3,905 | 1,154 | - | 5,059 |
Net effect of changes in reserve for expected credit losses | (448) | 1 | - | (447) |
Financial instruments that have been derecognized during the period | (1,691) | (532) | - | (2,223) |
New instruments originated or purchased | 6,231 | - | - | 6,231 |
Allowance for expected credit losses as of March 31, 2024 | 7,997 | 623 | - | 8,620 |
Stage 1 | Stage 2 | Stage 3 | Total | |
Allowance for expected credit losses as of December 31, 2022 | 3,605 | 23 | - | 3,628 |
Transfer to lifetime expected credit losses
| (24) | 24 | - | - |
Transfer to 12-month expected credit losses | 22 | (22) | - | - |
Net effect of changes in reserve for expected credit losses | (58) | 21 | - | (37) |
Financial instruments that have been derecognized during the period | (2,824) | - | - | (2,824) |
New instruments originated or purchased | 3,184 | 1,108 | - | 4,292 |
Allowance for expected credit losses as of December 31, 2023 | 3,905 | 1,154 | - | 5,059 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Stage 1 | Stage 2 | Stage 3 | Total | |
Allowance for expected credit losses as of December 31, 2023 | 1,230 | 402 | - | 1,632 |
Net effect of changes in allowance for expected credit losses | 2 | (286) | (330) | (614) |
Financial instruments that have been derecognized during the period | (102) | - | - | (102) |
New financial assets originated or purchased | 14 | - | - | 14 |
Recoveries | - | - | 330 | 330 |
Allowance for expected credit losses as of March 31, 2024 | 1,144 | 116 | - | 1,260 |
Stage 1 | Stage 2 | Stage 3 | Total | |
Allowance for expected credit losses as of December 31, 2022 | 2,170 | 1,779 | 4,002 | 7,951 |
Transfer to lifetime expected credit losses | (46) | 46 | - | - |
Net effect of changes in allowance for expected credit losses | (58) | 547 | 1,252 | 1,741 |
Financial instruments that have been derecognized during the period | (1,074) | (218) | - | (1,292) |
New financial assets originated or purchased | 238 | - | - | 238 |
Write-offs | - | (1,752) | (5,254) | (7,006) |
Allowance for expected credit losses as of December 31, 2023 | 1,230 | 402 | - | 1,632 |
Stage 1 | Stage 2 | Stage 3 | Total | |
Allowance for expected credit losses as of December 31, 2023 | 1 | - | - | 1 |
Net effect of changes in allowance for expected credit losses | 1 | - | - | 1 |
New financial assets originated or purchased | 21 | - | - | 21 |
Allowance for expected credit losses as of March 31, 2024 | 23 | - | - | 23 |
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 | (11) | - | - | (11) |
New financial assets originated or purchased | 2 | - | - | 2 |
Allowance for expected credit losses as of December 31, 2023 | 1 | - | - | 1 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at amortized cost |
Loan commitments and financial guarantee contracts | Securities | |||
March 31, 2024 | At amortized cost | FVOCI | Total | ||
Net effect of changes in allowance for expected credit losses | 611 | (447) | (614) | 1 | (449) |
Financial instruments that have been derecognized during the period | (10,298) | (2,223) | (102) | - | (12,623) |
New financial assets originated or purchased | 9,835 | 6,231 | 14 | 21 | 16,101 |
Total | 148 | 3,561 | (702) | 22 | 3,029 |
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) | 3,464 | - | 6,491 |
Financial instruments that have been derecognized during the period | (8,563) | (1,909) | (1,073) | (5) | (11,550) |
New financial assets originated or purchased | 9,179 | 2,170 | 41 | - | 11,390 |
Total | 4,071 | (167) | 2,432 | (5) | 6,331 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | December 31, 2023 | |
Credit-impaired loans at beginning of period | 6,898 | 21,561 |
Change in allowance for expected credit losses | - | 6,181 |
Write-offs | - | (21,144) |
Interest income | 36 | 300 |
Credit-impaired loans at end of period | 6,934 | 6,898 |
March 31, 2024 | December 31, 2023 | |
Investments at amortized cost with credit impairment at beginning of period | - | 4,002 |
Change in allowance for expected credit losses | (330) | 1,249 |
Recoveries of amounts previously written off | 330 | - |
Interest income | - | 3 |
Write-offs | - | (5,254) |
Investments at amortized cost with credit impairment at end of period | - | - |
(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 | |||||||
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 | |
Carrying amount - principal | 7,349,732 | 7,195,567 | 235,344 | 261,428 | 1,000,915 | 999,544 | 97,608 | 11,824 |
Amount committed/guaranteed | - | - | 1,104,925 | 1,063,706 | - | - | - | - |
Concentration by sector | ||||||||
Corporations: | ||||||||
Private | 3,329,188 | 3,192,357 | 680,938 | 727,379 | 592,383 | 582,877 | - | - |
State-owned | 1,320,883 | 1,204,471 | 141,173 | 115,542 | 11,877 | 20,619 | - | - |
Financial institutions: | ||||||||
Private | 2,137,937 | 2,248,150 | 105,008 | 97,381 | 312,682 | 311,870 | - | - |
State-owned | 476,886 | 464,917 | 413,150 | 384,832 | 35,094 | 35,149 | 97,608 | 11,824 |
Sovereign | 84,838 | 85,672 | - | - | 48,879 | 49,029 | - | - |
Total | 7,349,732 | 7,195,567 | 1,340,269 | 1,325,134 | 1,000,915 | 999,544 | 97,608 | 11,824 |
Concentration by industry | ||||||||
Financial institutions | 2,614,823 | 2,713,067 | 518,158 | 482,213 | 352,206 | 351,463 | 97,608 | 11,824 |
Manufacturing | 1,765,385 | 1,702,514 | 439,955 | 464,433 | 341,115 | 346,140 | - | - |
Oil and petroleum derived products | 1,390,413 | 1,330,526 | 129,146 | 106,518 | 86,369 | 95,144 | - | - |
Agricultural | 389,924 | 239,498 | 22,800 | 22,546 | - | - | - | - |
Services | - | 465,113 | 104,421 | 108,632 | 99,647 | 84,840 | - | - |
Mining | 310,741 | 328,415 | 11,671 | 26,329 | 9,688 | 9,690 | - | - |
Sovereign | 84,838 | 85,672 | - | - | 48,879 | 49,029 | - | - |
Other | 337,577 | 330,762 | 114,118 | 114,463 | 63,011 | 63,238 | - | - |
Total | 7,349,732 | 7,195,567 | 1,340,269 | 1,325,134 | 1,000,915 | 999,544 | 97,608 | 11,824 |
(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 | |||||||
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 | |
Carrying amount - principal | 7,349,732 | 7,195,567 | 235,344 | 261,428 | 1,000,915 | 999,544 | 97,608 | 11,824 |
Amount committed/guaranteed | - | - | 1,104,925 | 1,063,706 | - | - | - | - |
Rating | ||||||||
1-4 | 2,954,393 | 2,893,562 | 449,124 | 621,339 | 924,963 | 913,524 | 97,608 | 11,824 |
5-6 | 3,993,735 | 3,918,848 | 449,400 | 443,791 | 75,952 | 86,020 | - | - |
7-8 | 391,497 | 373,050 | 441,745 | 260,004 | - | - | - | - |
10 | 10,107 | 10,107 | - | - | - | - | - | - |
Total | 7,349,732 | 7,195,567 | 1,340,269 | 1,325,134 | 1,000,915 | 999,544 | 97,608 | 11,824 |
Concentration by country | ||||||||
Argentina | 54,956 | 52,264 | 115,000 | - | - | - | - | - |
Australia | - | - | - | - | 4,817 | 4,803 | - | - |
Belgium | 11,013 | 14,223 | - | - | - | - | - | - |
Bolivia | - | - | 3,930 | 4,270 | - | - | - | - |
Brazil | 968,822 | 1,008,633 | 92,460 | 83,932 | 30,889 | 31,009 | - | - |
Canada | 22,684 | 22,599 | 10,338 | 24,996 | 38,583 | 38,508 | - | - |
Chile | 428,512 | 454,885 | 23,902 | 16,423 | 65,154 | 79,495 | - | - |
China | 15,000 | - | ||||||
Colombia | 919,132 | 938,897 | 32,225 | 67,545 | 15,042 | 23,837 | - | - |
Korea | - | - | - | - | 1,852 | 1,839 | - | - |
Costa Rica | 311,915 | 284,709 | 54,823 | 51,895 | 7,991 | 7,988 | - | - |
Dominican Republic | 577,254 | 637,199 | 160,157 | 157,986 | 4,674 | 4,705 | - | - |
Ecuador | 190,890 | 190,628 | 323,919 | 259,597 | - | - | - | - |
El Salvador | 74,500 | 82,500 | - | - | - | - | - | - |
France | 68,225 | 27,454 | 46,250 | 96,249 | - | - | - | - |
Germany | - | - | 15,000 | 15,000 | 14,766 | 14,750 | - | - |
Guatemala | 746,636 | 704,012 | 98,731 | 100,227 | - | - | - | - |
Honduras | 243,288 | 221,672 | 975 | 975 | - | - | - | - |
Hong Kong | - | 15,000 | - | - | - | - | - | - |
Ireland | - | - | - | - | 14,977 | 14,976 | - | - |
Israel | - | - | - | - | 4,765 | 4,788 | - | - |
Italy | - | - | - | - | 14,622 | 14,660 | - | - |
Jamaica | 98,433 | 101,858 | - | - | - | - | - | - |
Japan | 11,368 | 12,037 | - | - | 38,775 | 38,548 | - | - |
Luxembourg | 74,902 | 89,833 | - | - | - | - | - | - |
Mexico | 859,176 | 838,495 | 97,837 | 83,561 | 62,006 | 62,229 | - | - |
Netherlands | - | - | - | 800 | - | - | - | - |
Norway | - | - | - | - | - | 9,838 | - | - |
Panama | 433,263 | 374,364 | 35,212 | 29,301 | 33,933 | 33,977 | - | - |
Paraguay | 181,567 | 186,426 | 230 | 230 | - | - | - | - |
Peru | 521,446 | 536,236 | 136,215 | 223,460 | 30,589 | 30,635 | - | - |
Singapore | 182,365 | 145,807 | 8,172 | 7,057 | - | - | - | - |
Trinidad and Tobago | 156,391 | 132,783 | 30,500 | - | - | - | - | - |
United States of America | 107,893 | 74,139 | 1,240 | - | 559,448 | 539,727 | - | - |
United Kingdom | 48,501 | 37,314 | - | - | 48,214 | 43,232 | - | - |
Uruguay | 41,600 | 11,600 | 39,393 | 101,630 | - | - | - | - |
Multilateral | - | - | - | - | - | - | 97,608 | 11,824 |
Total | 7,349,732 | 7,195,567 | 1,340,269 | 1,325,134 | 1,000,915 | 999,544 | 97,608 | 11,824 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | ||||||
Gross amounts of assets |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount | ||
Financial instruments |
Cash collateral received | |||||
Derivative financial instruments used for hedging | 183,177 | - | 183,177 | - | (173,361) | 9,816 |
Total | 183,177 | - | 183,177 | - | (173,361) | 9,816 |
December 31, 2023 | ||||||
Gross amounts of assets |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount | ||
Financial instruments |
Cash collateral received | |||||
Derivative financial instruments used for hedging | 157,267 | - | 157,267 | - | (152,111) | 5,156 |
Total | 157,267 | - | 157,267 | - | (152,111) | 5,156 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | ||||||
Gross amounts of liabilities |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount | ||
Financial instruments |
Cash collateral received | |||||
Securities sold under repurchase agreements at amortized cost
| (363,804) | - | (363,804) | 384,840 | - | 21,036 |
Derivative financial instruments used for hedging at FVTPL
| (36,301) | - | (36,301) | - | 30,025 | (6,276) |
Total | (400,105) | - | (400,105) | 384,840 | 30,025 | 14,760 |
December 31, 2023 | ||||||
Gross amounts of liabilities |
Gross amounts offset in the consolidated statement of financial position |
Net amount of assets presented in the consolidated statement of financial position |
Gross amounts not offset in the consolidated statement of financial position |
Net amount | ||
Financial instruments |
Cash collateral received | |||||
Securities sold under repurchase agreements at amortized cost
| (310,197) | - | (310,197) | 342,271 | 8,087 | 40,161 |
Derivative financial instruments used for hedging at FVTPL
| (40,613) | - | (40,613) | - | 34,297 | (6,316) |
Total | (350,810) | - | (350,810) | 342,271 | 42,384 | 33,845 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 |
December 31, 2023 | |||
At the end of the period | 210.4 | % | 205.8 | % |
Period average | 207.8 | % | 177.2 | % |
Maximum of the period | 270.6 | % | 357.0 | % |
Minimun of the period | 117.5 | % | 111.5 | % |
March 31, 2024 | December 31, 2023 | |||||
(in millions of USD dollars) |
Cash and due from banks | Securities FVOCI | Total |
Cash and due from banks | Securities FVOCI | Total |
United States of America | 1,557 | - | 1,557 | 1,904 | - | 1,904 |
Latin America | 9 | - | 9 | 7 | - | 7 |
Other countries | - | - | - | 1 | - | 1 |
Multilateral | 100 | 98 | 198 | 75 | 12 | 87 |
Total | 1,666 | 98 | 1,764 | 1,987 | 12 | 1,999 |
(in millions of USD dollars) |
March 31, 2024 |
December 31, 2023 | ||
Demand and "overnight" deposits | 357 | 748 | ||
Demand and "overnight" deposits to total deposits | 7.6 | % | 17.0 | % |
(in millions of USD dollars) |
March 31, 2024 |
December 31, 2023 | ||
Total liquid assets | 1,764 | 1,999 | ||
Total assets to total liabilities | 37.3 | % | 45.4 | % |
Total liquid assets in the Federal Reserve of the United States of America | 87.2 | % | 94.3 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
(in millions of USD dollars) |
March 31, 2024 |
December 31, 2023 |
Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 4,511 | 4,087 |
Average term (days) | 188 | 197 |
(in millions of USD dollars) |
March 31, 2024 |
December 31, 2023 |
Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 3,937 | 4,119 |
Average term (days) | 1,438 | 1381 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||||
Up to 3 months | 3 to 6 months |
6 months to 1 year | 1 to 5 years |
More than 5 years |
Gross inflows (outflows) |
Carrying amount | |
Assets | |||||||
Cash and due from banks | 1,712,363 | - | 15,641 | - | - | 1,728,004 | 1,726,295 |
Securities | 70,512 | 43,952 | 134,363 | 940,151 | 30,829 | 1,219,807 | 1,110,369 |
Loans | 2,914,713 | 1,332,673 | 1,332,962 | 2,346,098 | 230,267 | 8,156,713 | 7,383,521 |
Derivative financial instruments - assets | 10,216 | 3,284 | 58,748 | 104,306 | 6,623 | 183,177 | 183,177 |
Total | 4,707,804 | 1,379,909 | 1,541,714 | 3,390,555 | 267,719 | 11,287,701 | 10,403,362 |
Liabilities | |||||||
Deposits | (3,388,484) | (911,361) | (494,831) | (35,481) | - | (4,830,157) | (4,777,245) |
Securities sold under repurchase agreements | (363,804) | - | - | - | - | (363,804) | (363,804) |
Borrowings and debt | (771,118) | (531,978) | (932,527) | (2,008,258) | (132,385) | (4,376,266) | (3,974,899) |
Lease liabilities | (290) | (290) | (576) | (4,739) | (10,539) | (16,434) | (16,434) |
Derivative financial instruments - liabilities | (2,848) | (8,598) | (3,862) | (20,553) | (439) | (36,300) | (36,301) |
Total | (4,526,544) | (1,452,227) | (1,431,796) | (2,069,031) | (143,363) | (9,622,961) | (9,168,683) |
Subtotal net position | 181,260 | (72,318) | 109,918 | 1,321,524 | 124,356 | 1,664,740 | 1,234,679 |
Off-balance sheet contingencies | |||||||
Confirmed letters of credit | 157,420 | 80,210 | 1,667 | 22,528 | - | 261,825 | |
Stand-by letters of credit and guarantees | 92,347 | 163,059 | 184,303 | 15,618 | - | 455,327 | |
Credit commitments | 98,792 | 4,837 | 38,139 | 131,183 | 14,822 | 287,773 | |
Total | 348,559 | 248,106 | 224,109 | 169,329 | 14,822 | 1,004,925 | |
Total net position | (167,299) | (320,424) | (114,191) | 1,152,195 | 109,534 | 659,815 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2023 | |||||||
Up to 3 months |
3 to 6 months |
6 months to 1 year | 1 to 5 years |
More than 5 years |
Gross inflows (outflows) |
Carrying amount | |
Assets | |||||||
Cash and due from banks | 2,048,021 | - | - | - | - | 2,048,021 | 2,047,452 |
Securities | 10,992 | 89,836 | 110,816 | 886,944 | 32,117 | 1,130,705 | 1,022,131 |
Loans | 1,935,474 | 1,775,280 | 1,524,298 | 2,580,310 | 243,491 | 8,058,853 | 7,220,520 |
Derivative financial instruments - assets | 2,510 | 5,783 | 54,983 | 90,516 | 3,473 | 157,265 | 157,267 |
Total | 3,996,997 | 1,870,899 | 1,690,097 | 3,557,770 | 279,081 | 11,394,844 | 10,447,370 |
Liabilities | |||||||
Deposits | (3,270,253) | (536,751) | (606,002) | (90,194) | - | (4,503,200) | (4,451,025) |
Securities sold under repurchase agreements | (317,951) | - | - | - | - | (317,951) | (310,197) |
Borrowings and debt | (856,466) | (746,314) | (989,680) | (2,167,620) | (59,762) | (4,819,842) | (4,401,205) |
Lease liabilities | (284) | (286) | (572) | (4,728) | (10,837) | (16,707) | (16,707) |
Derivative financial instruments - liabilities | (17,188) | (1,994) | (7,849) | (11,661) | (2,034) | (40,726) | (40,613) |
Total | (4,462,142) | (1,285,345) | (1,604,103) | (2,274,203) | (72,633) | (9,698,426) | (9,219,747) |
Subtotal net position | (465,145) | 585,554 | 85,994 | 1,283,567 | 206,448 | 1,696,418 | 1,227,623 |
Off-balance sheet contingencies
| |||||||
Confirmed letters of credit | 264,603 | 64,100 | 345 | 16,560 | - | 345,608 | |
Stand-by letters of credit and guarantees | 196,775 | 79,659 | 199,192 | 15,000 | - | 490,626 | |
Credit commitments | 20,000 | 39,497 | 37,545 | 130,430 | - | 227,472 | |
Total | 481,378 | 183,256 | 237,082 | 161,990 | - | 1,063,706 | |
Total net position | (946,523) | 402,298 | (151,088) | 1,121,577 | 206,448 | 632,712 |
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 notional inflows and outflows for derivatives that simultaneously settle gross or net amounts. |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | December 31, 2023 | |||
Amount | Fair value | Amount | Fair value | |
Balances with Federal Reserve of the United States of America | 1,537,393 | 1,537,393 | 1,884,204 | 1,884,204 |
Cash and due from banks (1)
| 128,777 | 128,777 | 102,864 | 102,864 |
Total | 1,666,170 | 1,666,170 | 1,987,068 | 1,987,068 |
March 31, 2024 | December 31, 2023 | |||
Pledged as collateral | Available as collateral | Pledged as collateral | Available as collateral | |
Cash and due from banks | 60,125 | 1,666,170 | 60,384 | 1,987,066 |
Notional of investment securities | 448,908 | 660,306 | 400,825 | 619,533 |
Loans at amortized cost | - | 7,349,732 | - | 7,195,567 |
Total | 509,033 | 9,676,208 | 461,209 | 9,802,166 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||||
Up to 3 months |
3 to 6 months |
6 months to 1 year | 1 to 5 years |
More than 5 years |
Without interest rate risk | Total | |
Assets | |||||||
Cash and due from banks | 1,702,458 | - | 15,000 | - | - | 8,837 | 1,726,295 |
Securities | 70,119 | 43,520 | 131,648 | 830,658 | 22,578 | - | 1,098,523 |
Loans | 4,724,981 | 1,535,565 | 780,437 | 298,642 | 10,107 | - | 7,349,732 |
Total | 6,497,558 | 1,579,085 | 927,085 | 1,129,300 | 32,685 | 8,837 | 10,174,550 |
Liabilities | |||||||
Demand deposits and time deposits | (3,588,844) | (819,109) | (283,885) | (25,325) | - | (7,116) | (4,724,279) |
Securities sold under repurchase agreements | (363,804) | - | - | - | - | - | (363,804) |
Borrowings and debt | (2,517,889) | (305,618) | (285,587) | (824,209) | - | - | (3,933,303) |
Total | (6,470,537) | (1,124,727) | (569,472) | (849,534) | - | (7,116) | (9,021,386) |
Net effect of derivative financial instruments held for interest risk management | 7,377 | (5,305) | 54,914 | 83,795 | 6,184 | - | 146,965 |
Total interest rate sensitivity | 34,398 | 449,053 | 412,527 | 363,561 | 38,869 | 1,721 | 1,300,129 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2023 | |||||||
Up to 3 months |
3 to 6 months |
6 months to 1 year | 1 to 5 years |
More than 5 years |
Without interest rate risk | Total | |
Assets | |||||||
Cash and due from banks | 2,044,103 | - | - | - | - | 3,349 | 2,047,452 |
Securities | 14,169 | 60,256 | 82,951 | 824,836 | 29,156 | - | 1,011,368 |
Loans | 4,292,324 | 1,699,301 | 915,143 | 280,005 | 8,794 | - | 7,195,567 |
Total | 6,350,596 | 1,759,557 | 998,094 | 1,104,841 | 37,950 | 3,349 | 10,254,387 |
Liabilities | |||||||
Demand deposits and time deposits | (3,553,774) | (442,338) | (342,686) | (59,029) | - | (10,322) | (4,408,149) |
Securities sold under repurchase agreements | (310,197) | - | - | - | - | - | (310,197) |
Borrowings and debt | (2,653,379) | (381,795) | (483,731) | (818,947) | (14,136) | - | (4,351,988) |
Total | (6,517,350) | (824,133) | (826,417) | (877,976) | (14,136) | (10,322) | (9,070,334) |
Net effect of derivative financial instruments held for interest risk management | (3,485) | 3,790 | 47,134 | 78,855 | 1,439 | - | 127,733 |
Total interest rate sensitivity | (170,239) | 939,214 | 218,811 | 305,720 | 25,253 | (6,973) | 1,311,786 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Change in interest rate |
Effect on profit or loss | Effect on equity | Effect on equity value (EVE) | |
March 31, 2024 | +50 bps | (4,817) | 4,541 | (11,671) |
-50 bps | 4,611 | (4,269) | 11,871 | |
December 31, 2023 | +50 bps | 1,669 | 3,881 | (9,047) |
-50 bps | (1,786) | (2,861) | 9,199 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||||
Brazilian real |
European euro |
Japanese yen |
Colombian peso |
Mexican peso |
Other
currencies(1)
| Total | |
Exchange rate | 5.01 | 1.08 | 151.38 | 3,861.00 | 16.63 | ||
Assets | |||||||
Cash and due from banks | 23 | 146 | 2 | 54 | 575 | 18 | 818 |
Loans | - | 29,667 | - | - | 322,933 | - | 352,600 |
Total | 23 | 29,813 | 2 | 54 | 323,508 | 18 | 353,418 |
Liabilities | |||||||
Borrowings and debt | - | (29,667) | - | - | (323,547) | - | (353,214) |
Total | - | (29,667) | - | - | (323,547) | - | (353,214) |
Net currency position | 23 | 146 | 2 | 54 | (39) | 18 | 204 |
December 31, 2023 | |||||||
Brazilian real | European euro |
Japanese yen |
Colombian peso |
Mexican peso |
Other
currencies(1)
| Total | |
Exchange rate | 4.85 | 1.10 | 141.00 | 3,875.97 | 16.98 | ||
Assets | |||||||
Cash and due from banks | 10 | 387 | 45 | 35 | 1,314 | 14 | 1,805 |
Loans | - | 30,360 | - | - | 304,529 | - | 334,889 |
Total | 10 | 30,747 | 45 | 35 | 305,843 | 14 | 336,694 |
Liabilities | |||||||
Borrowings and debt | - | (30,360) | - | - | (305,631) | - | (335,991) |
Total | - | (30,360) | - | - | (305,631) | - | (335,991) |
Net currency position | 10 | 387 | 45 | 35 | 212 | 14 | 703 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Securities at FVOCI - Corporate debt | - | 99,099 | - | 99,099 |
Derivative financial instruments - assets: | ||||
Interest rate swaps
| - | 11,578 | - | 11,578 |
Cross-currency swaps
| - | 171,599 | - | 171,599 |
Total derivative financial instrument assets | - | 183,177 | - | 183,177 |
Total assets at fair value | - | 282,276 | - | 282,276 |
Liabilities | ||||
Derivative financial instruments - liabilities: | ||||
Interest rate swaps
| - | (7,690) | - | (7,690) |
Cross-currency swaps
| - | (28,611) | - | (28,611) |
Total derivative financial instruments - liabilities | - | (36,301) | - | (36,301) |
Total liabilities at fair value | - | (36,301) | - | (36,301) |
December 31, 2023 | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Securities at FVOCI - Corporate debt | - | 11,865 | - | 11,865 |
Derivative financial instruments - assets: | ||||
Interest rate swaps
| - | 11,358 | - | 11,358 |
Cross-currency swaps
| - | 145,909 | - | 145,909 |
Total derivative financial instrument assets | - | 157,267 | - | 157,267 |
Total assets at fair value | - | 169,132 | - | 169,132 |
Liabilities | ||||
Derivative financial instruments - liabilities: | ||||
Interest rate swaps
| - | 790 | - | 790 |
Cross-currency swaps
| - | 39,823 | - | 39,823 |
Total derivative financial instruments - liabilities | - | 40,613 | - | 40,613 |
Total liabilities at fair value | - | 40,613 | - | 40,613 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
Carrying value |
Fair value | Level 1 | Level 2 | Level 3 | |
Assets | |||||
Cash and deposits in banks | 1,726,295 | 1,726,295 | - | 1,726,295 | - |
Securities at amortized cost (1)
| 1,011,270 | 999,324 | - | 999,324 | - |
Loans at amortized cost (2)
| 7,383,521 | 7,634,122 | - | 7,634,122 | - |
Customers' liabilities under acceptances | 235,344 | 235,344 | - | 235,344 | - |
Liabilities | |||||
Deposits | 4,777,245 | 4,777,245 | - | 4,777,245 | - |
Securities sold under repurchase agreements | 363,804 | 363,804 | - | 363,804 | - |
Borrowings and debt, net | 3,933,303 | 3,953,184 | - | 3,953,184 | - |
Acceptances outstanding | 235,344 | 235,344 | - | 235,344 | - |
December 31, 2023 | |||||
Carrying value |
Fair value | Level 1 | Level 2 | Level 3 | |
Assets | |||||
Cash and deposits in banks | 2,047,452 | 2,047,452 | - | 2,047,452 | - |
Securities at amortized cost (1)
| 1,010,266 | 997,341 | - | 997,341 | - |
Loans at amortized cost, net (2)
| 7,220,520 | 7,267,429 | - | 7,267,429 | - |
Customers' liabilities under acceptances | 261,428 | 261,428 | - | 261,428 | - |
Liabilities | |||||
Deposits | 4,451,025 | 4,451,025 | - | 4,451,025 | - |
Securities sold under repurchase agreements | 310,197 | 310,197 | - | 310,197 | - |
Borrowings and debt, net | 4,351,988 | 4,357,271 | - | 4,357,271 | - |
Acceptances outstanding | 261,428 | 261,428 | - | 261,428 | - |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | December 31, 2023 | |
Unrestricted deposits with the Federal Reserve of the United States of America | 1,537,393 | 1,884,204 |
Cash and non-interest-bearing deposits in other banks | 8,837 | 3,349 |
Cash and interest-bearing deposits in other banks(1)
| 180,065 | 159,899 |
Total cash and due from banks | 1,726,295 | 2,047,452 |
Less: | ||
Time deposits with original maturity over 90 days and other restricted deposits (1)
| 60,125 | 60,384 |
Total cash and due from banks in the condensed consolidated interim statement of cash flows | 1,666,170 | 1,987,068 |
March 31, 2024 | December 31, 2023 | |
Japan | 23,640 | 14,820 |
United States of America(1)
| 15,250 | 20,700 |
Chile | 15,000 | - |
Switzerland | - | 13,747 |
Panama | 5,100 | - |
Germany | 1,135 | 5,775 |
Canada | - | 5,342 |
Total | 60,125 | 60,384 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | Amortized cost | FVOCI | Total |
Principal | 1,000,915 | 97,608 | 1,098,523 |
Interest receivable | 11,615 | 1,491 | 13,106 |
Allowance (1)
| (1,260) | - | (1,260) |
1,011,270 | 99,099 | 1,110,369 |
December 31, 2023 | Amortized cost | FVOCI | Total |
Principal | 999,544 | 11,824 | 1,011,368 |
Interest receivable | 12,354 | 41 | 12,395 |
Allowance (1)
| (1,632) | - | (1,632) |
1,010,266 | 11,865 | 1,022,131 |
March 31, 2024 | Amortized cost | FVOCI | Total |
Due within 1 year | 245,287 | - | 245,287 |
After 1 year but within 5 years | 733,050 | 97,608 | 830,658 |
After 5 years but within 10 years | 22,578 | - | 22,578 |
Balance - principal | 1,000,915 | 97,608 | 1,098,523 |
December 31, 2023 | Amortized cost | FVOCI | Total |
Due within 1 year | 157,376 | - | 157,376 |
After 1 year but within 5 years | 813,012 | 11,824 | 824,836 |
After 5 years but within 10 years | 29,156 | - | 29,156 |
Balance - principal | 999,544 | 11,824 | 1,011,368 |
March 31, 2024 | December 31, 2023 | |
Securities pledged to secure repurchase transactions | 384,840 | 342,271 |
Securities sold under repurchase agreements | (363,804) | (310,197) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | December 31, 2023 | |
Loans, outstanding balance | 7,349,732 | 7,195,567 |
Interest receivable | 113,998 | 109,082 |
Loss allowance | (59,558) | (59,410) |
Unearned interest and deferred fees | (20,651) | (24,719) |
Loans, net | 7,383,521 | 7,220,520 |
March 31, 2024 |
December 31, 2023 | |
Fixed interest rate | 4,216,164 | 3,828,485 |
Floating interest rates | 3,133,568 | 3,367,082 |
Total | 7,349,732 | 7,195,567 |
March 31, 2024 |
December 31, 2023 | |||
Loans to class A and B shareholders | 440,439 | 397,300 | ||
% Loans to class A and B shareholders over total loan portfolio | 6 | % | 6 | % |
% Class A and B stockholders with loans over number of class A and B stockholders | 10 | % | 10 | % |
March 31, 2024 |
December 31, 2023 | |
Documentary letters of credit | 261,825 | 345,608 |
Stand-by letters of credit and guarantees - commercial risk | 455,327 | 490,626 |
Commitments loans | 287,773 | 227,472 |
Commitments letters of credit | 100,000 | - |
Total | 1,104,925 | 1,063,706 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 |
December 31, 2023 | |
Up to 1 year | 920,775 | 901,716 |
From 1 to 2 years | 154,041 | 84,581 |
Over 2 to 5 years | 15,287 | 77,409 |
More than 5 years | 14,822 | - |
Total | 1,104,925 | 1,063,706 |
March 31 | ||
2024 | 2023 | |
Gain on derivative financial instruments and foreign currency exchange, net | 160 | 3,071 |
Loss on sale of financial instruments at amortized cost | - | (1,367) |
160 | 1,704 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||
Notional
amount
|
Carrying amount of hedging instruments | ||
Asset (1)
|
Liability (1)
| ||
Interest rate risk | |||
Fair value hedges | 1,182,467 | 11,578 | (7,690) |
Interest rate and foreign exchange risk | |||
Fair value hedges | 319,389 | 39,206 | (3,095) |
Cash flow hedges | 1,173,619 | 132,393 | (25,516) |
2,675,475 | 183,177 | (36,301) |
December 31, 2023 | |||
Notional
amount
|
Carrying amount of hedging instruments | ||
Asset (1)
|
Liability (1)
| ||
Interest rate risk | |||
Fair value hedges | 987,394 | 11,358 | (790) |
Interest rate and foreign exchange risk | |||
Fair value hedges | 374,654 | 38,088 | (14,290) |
Cash flow hedges | 1,303,388 | 107,821 | (25,533) |
2,665,436 | 157,267 | (40,613) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
Notional amount
|
Carrying amount of hedging instruments |
Changes in fair
value used to
calculate hedge
ineffectiveness (2)
|
Ineffectiveness
recognized in
profit or loss (2)
| ||
Asset (1)
|
Liability (1)
| ||||
Interest rate risk | |||||
Loans
| 10,000 | - | (712) | (47) | 2 |
Securities at amortized cost | 10,000 | - | (33) | (42) | (79) |
Deposits | 317,000 | 7,834 | (45) | (674) | 2 |
Borrowings and debt
| 845,467 | 3,744 | (6,901) | (7,313) | (62) |
Interest rate and foreign exchange risk | |||||
Borrowings and debt
| 319,389 | 39,206 | (3,094) | 598 | 249 |
Total | 1,501,856 | 50,784 | (10,785) | (7,478) | 112 |
December 31, 2023 | |||||
Notional amount
|
Carrying amount of hedging instruments |
Changes in fair
value used to
calculate hedge
ineffectiveness (2)
|
Ineffectiveness
recognized in
profit or loss (2)
| ||
Asset (1)
|
Liability (1)
| ||||
Interest rate risk | |||||
Loans
| 10,000 | - | (519) | (113) | 7 |
Securities at amortized cost | 10,000 | 101 | - | (109) | 144 |
Deposits | 307,000 | 3,564 | - | 600 | 12 |
Borrowings and debt
| 660,394 | 7,693 | (271) | 5,152 | 176 |
Interest rate and foreign exchange risk | |||||
Borrowings and debt
| 374,654 | 38,088 | (14,290) | 36,710 | 2,908 |
Total | 1,362,048 | 49,446 | (15,080) | 42,240 | 3,247 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items |
Changes in fair value of
the hedged items used
to calculate hedge
ineffectiveness(1)
| ||
Asset | Liability | ||||
Interest rate risk | |||||
Loans
| 10,854 | - | Loans, net | (87) | 49 |
Securities at amortized cost | 10,145 | - | Securities, net | (12) | (37) |
Deposits | - | (326,533) | Deposits | 88 | 676 |
Borrowings and debt
| - | (350,376) | Borrowings and debt, net | 5,625 | 7,251 |
Interest rate and foreign exchange risk | |||||
Borrowings and debt
| - | (357,690) | Borrowings and debt, net | (36,404) | (349) |
Total | 20,999 | (1,034,599) | (30,790) | 7,590 |
December 31, 2023 | |||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items |
Changes in fair value of
the hedged items used
to calculate hedge
ineffectiveness(1)
| ||
Asset | Liability | ||||
Interest rate risk | |||||
Loans
| 10,664 | - | Loans, net | (136) | 120 |
Securities at amortized cost | 10,055 | - | Securities, net | 26 | 253 |
Deposits | - | (236,942) | Deposits | (588) | (588) |
Borrowings and debt
| - | (344,605) | Borrowings and debt, net | (1,626) | (4,976) |
Interest rate and foreign exchange risk | |||||
Borrowings and debt
| - | (402,377) | Borrowings and debt, net | (21,737) | (33,802) |
Total | 20,719 | (983,924) | (24,061) | (38,993) | |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||
Interest rate swaps | Cross currency swaps | Total | |
Less than 1 year | 444,420 | 167,204 | 611,624 |
Over 1 to 2 years | 55,263 | - | 55,263 |
Over 2 to 5 years | 580,128 | 142,060 | 722,188 |
More than 5 years | 102,656 | 10,125 | 112,781 |
Total | 1,182,467 | 319,389 | 1,501,856 |
December 31, 2023 | |||
Interest rate swaps | Cross currency swaps | Total | |
Less than 1 year | 434,420 | 235,973 | 670,393 |
Over 1 to 2 years | 50,263 | - | 50,263 |
Over 2 to 5 years | 476,311 | 128,556 | 604,867 |
More than 5 years | 26,400 | 10,125 | 36,525 |
Total | 987,394 | 374,654 | 1,362,048 |
March 31, 2024 | |||
Current | Overdue | Total | |
Ineffectiveness recognized in profit or loss | |||
Interest rate risk | |||
Loans | 2 | - | 2 |
Securities at amortized cost | (79) | - | (79) |
Deposits | (1) | - | (1) |
Borrowings and debt | (59) | - | (59) |
Interest rate and foreign exchange risk | |||
Borrowings and debt | 249 | 88 | 337 |
Total | 112 | 88 | 200 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2023 | |||
Current | Overdue | Total | |
Ineffectiveness recognized in profit or loss | |||
Interest rate risk | |||
Loans | 34 | - | 34 |
Securities at amortized cost | 38 | - | 38 |
Borrowings and debt | 127 | - | 127 |
Interest rate and foreign exchange risk | |||
Loans | 86 | (113) | (27) |
Borrowings and debt | 2,610 | - | 2,610 |
Total | 2,895 | (113) | 2,782 |
March 31, 2024 | |||||||
Carrying amount of hedging instruments |
Change in fair value used for calculating hedge ineffectiveness |
Changes in the fair value of the hedging instruments recognized in
OCI (2)
|
Ineffectiveness recognized in profit or loss (3) |
Amount reclassified from the hedge reserve to profit
or loss (4)
| |||
Notional
amount
|
Asset (1)
|
Liability (1)
| |||||
Interest rate and foreign exchange risk | |||||||
Borrowings and debt
| 1,173,619 | 132,393 | (25,516) | 22,926 | 23,003 | 77 | 1 |
Total | 1,173,619 | 132,393 | (25,516) | 22,926 | 23,003 | 77 | 1 |
December 31, 2023 | |||||||
Carrying amount of hedging instruments |
Change in fair value used for calculating hedge ineffectiveness |
Changes in the fair value of the hedging instruments recognized in
OCI (2)
|
Ineffectiveness recognized in profit or loss (3) |
Amount reclassified from the hedge reserve to profit
or loss (4)
| |||
Notional
amount
|
Asset (1)
|
Liability (1)
| |||||
Interest rate and foreign exchange risk | |||||||
Borrowings and debt
| 1,303,388 | 107,821 | (25,533) | 65,005 | 65,286 | 281 | (682) |
Foreign exchange risk | |||||||
Deposits | - | - | - | - | - | - | 57 |
Borrowing and debt | - | - | - | - | - | - | 142 |
Total | 1,303,388 | 107,821 | (25,533) | 65,005 | 65,286 | 281 | (483) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Changes in the fair value of the hedged items used to calculate the hedge
ineffectiveness
|
Cash flow hedge reserve | ||
Asset | Liability | ||||
Interest rate and foreign exchange risk | |||||
Borrowings and debt | - | (1,286,917) | Borrowings and debt, net | (22,926) | (7,895) |
Total | - | (1,286,917) | (22,926) | (7,895) |
December 31, 2023 | |||||
Carrying amount of hedged items |
Line in the consolidated statement of financial position that includes the carrying amount of the hedged items |
Changes in the fair value of the hedged items used to calculate the hedge
ineffectiveness
|
Cash flow hedge reserve | ||
Asset | Liability | ||||
Interest rate and foreign exchange risk | |||||
Borrowings and debt | - | (1,398,323) | Borrowings and debt, net | (65,005) | (7,458) |
Total | - | (1,398,323) | (65,005) | (7,458) |
March 31, 2024 | ||||
Foreign exchange forward contracts |
Interest rate swaps | Cross currency swaps | Total | |
Less than 1 year | - | - | 346,389 | 346,389 |
Over 1 to 2 years | - | - | 285,471 | 285,471 |
Over 2 to 5 years | - | - | 439,104 | 439,104 |
More than 5 years | - | - | 102,655 | 102,655 |
Total | - | - | 1,173,619 | 1,173,619 |
December 31, 2023 | ||||
Foreign exchange forward contracts |
Interest rate swaps | Cross currency swaps | Total | |
Less than 1 year | - | - | 643,464 | 643,464 |
Over 1 to 2 years | - | - | 206,496 | 206,496 |
Over 2 to 5 years | - | - | 409,742 | 409,742 |
More than 5 years | - | - | 43,686 | 43,686 |
Total | - | - | 1,303,388 | 1,303,388 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||
Current | Overdue | Total | |
Interest rate and foreign exchange risk | |||
Borrowings and debt | 77 | 1 | 78 |
Total | 77 | 1 | 78 |
March 31, 2023 | |||
Current | Overdue | Total | |
Ineffectiveness recognized in profit or loss | |||
Interest rate hedges | |||
Borrowings and debt | 318 | - | 318 |
Total | 318 | - | 318 |
March 31, 2024 | December 31, 2023 | |
Accounts receivable financial instruments | 2,115 | 4,844 |
Prepaid expenses | 3,054 | 2,174 |
Prepaid fees and commissions | 307 | 451 |
Interest receivable - deposits | 2,572 | 1,603 |
IT projects under development | 2,130 | 1,802 |
Improvement project under development | 696 | 396 |
Accounts receivable - others | 14,702 | - |
Severance fund | 2,246 | 2,169 |
Other | 2,392 | 2,156 |
Total | 30,214 | 15,595 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Remaining Term
|
Original Term
| |||
March 31, 2024 |
December 31, 2023 |
March 31, 2024 |
December 31, 2023 | |
Demand | 533,709 | 510,195 | 533,709 | 510,195 |
Up to 1 month | 1,951,006 | 2,026,454 | 1,248,249 | 1,336,379 |
From 1 month to 3 months | 869,177 | 704,765 | 733,725 | 758,728 |
From 3 month to 6 months | 874,134 | 517,359 | 840,905 | 675,106 |
From 6 month to 1 year | 464,959 | 570,033 | 1,128,291 | 892,221 |
From 1 year to 2 years | 28,699 | 77,843 | 218,207 | 216,430 |
From 2 years to 5 years | 2,595 | 1,500 | 21,193 | 19,090 |
Total | 4,724,279 | 4,408,149 | 4,724,279 | 4,408,149 |
March 31, 2024 |
December 31, 2023 | |
Aggregate amount of $100,000 or more | 4,723,688 | 4,407,608 |
Aggregate amount of deposits in the New York Agency | 1,457,506 | 1,250,524 |
March 31, | ||
2024 | 2023 | |
Interest expense on deposits made in the New York Agency | 19,696 | 8,455 |
March 31, 2024 | December 31, 2023 | |
Financing transactions under repurchase agreements
| 363,804 | 310,197 |
March 31, | ||
2024 | 2023 | |
Interest expense on financing contracts under repurchase agreement | 2,564 | 1,867 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||||
Short-Term | Long-term | ||||
Borrowings | Debt | Borrowings | Debt | Total | |
Principal | 973,452 | 173,356 | 537,775 | 2,257,410 | 3,941,993 |
Transaction costs | (161) | (16) | (1,633) | (6,880) | (8,690) |
973,291 | 173,340 | 536,142 | 2,250,530 | 3,933,303 |
December 31, 2023 | |||||
Short-Term | Long-term | ||||
Borrowings | Debt | Borrowings | Debt | Total | |
Principal | 1,638,306 | 86,601 | 537,775 | 2,097,820 | 4,360,502 |
Transaction costs | (262) | (40) | (1,904) | (6,308) | (8,514) |
1,638,044 | 86,561 | 535,871 | 2,091,512 | 4,351,988 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 |
December 31, 2023 | |
Short-term borrowings: | ||
At fixed interest rates | 509,188 | 732,336 |
At floating interest rates | 464,264 | 905,970 |
Principal | 973,452 | 1,638,306 |
Less: Transaction costs | (161) | (262) |
Total short-term borrowings, net | 973,291 | 1,638,044 |
Short-term debt: | ||
At fixed interest rates | 101,536 | 1,536 |
At floating interest rates | 71,820 | 85,065 |
Principal | 173,356 | 86,601 |
Less: Transaction costs | (16) | (40) |
Total short-term debt, net | 173,340 | 86,561 |
Total short-term borrowings and debt, net | 1,146,631 | 1,724,605 |
Range of fixed interest rates on borrowings and debt in U.S. dollars | 5.44% to 6.50% | 5.44% to 6.50% |
Range of floating interest rates on borrowings in U.S. dollars | 6.04% to 6.28% | 6.08% to 6.33% |
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.52% to 12.44% | 11.77% to 12.65% |
Range of floating interest rates on borrowings and debt in Euros | 4.44% to 4.51% | 4.51% to 4.69% |
March 31, 2024 |
December 31, 2023 | |
US dollar | 811,499 | 1,084,872 |
Mexican peso | 273,262 | 576,527 |
Euro | 62,047 | 63,508 |
Carrying amount - principal | 1,146,808 | 1,724,907 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 |
December 31, 2023 | |||
Long-term borrowings: | ||||
At floating interest rates with due dates from May 2024 to May 2026 | 537,775 | 537,775 | ||
Principal | 537,775 | 537,775 | ||
Less: Transaction costs | (1,633) | (1,904) | ||
Total long-term borrowings, net | 536,142 | 535,871 | ||
Long-term debt: | ||||
At fixed interest rates with due dates from March 2024 to November 2034 | 1,500,172 | 1,456,290 | ||
At floating interest rates with due dates from November 2024 to August 2028 | 757,238 | 641,530 | ||
Principal | 2,257,410 | 2,097,820 | ||
Less: Transaction costs | (6,880) | (6,308) | ||
Total long-term debt, net | 2,250,530 | 2,091,512 | ||
Total long-term borrowings and debt, net | 2,786,672 | 2,627,383 | ||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 1.35% to 6.15%% | 1.35% to 6.15%% | ||
Range of floating interest rates on borrowings and debt in U.S. dollars | 6.28% to 7.31% | 6.32% to 7.31% | ||
Range of fixed interest rates on borrowings and debt in Mexican pesos
| 6.50% to 10.78% | 6.50% to 10.78% | ||
Range of floating interest rates on borrowings and debt in Mexican pesos | 11.68% to 11.88% | 11.70% to 11.95% | ||
Range of fixed interest rates on debt in Japanese yens | 0.40% to 1.35% | 0.40% to 1.35% | ||
Range of fixed interest rates on debt in Euros | 0.90 | % | 0.90% 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) |
March 31, 2024 |
December 31, 2023 | |
US dollar | 1,154,242 | 1,149,021 |
Mexican peso | 1,447,731 | 1,241,023 |
Euro | 32,364 | 88,018 |
Japanese yen | 119,019 | 113,642 |
Australian dollar | 26,070 | 27,286 |
Swiss franc | 11,089 | 11,889 |
Sterling pound | 4,670 | 4,716 |
Carrying amount - principal | 2,795,185 | 2,635,595 |
Year | Outstanding |
2024 | 586,604 |
2025 | 1,009,620 |
2026 | 524,297 |
2027 | 428,186 |
2028 | 113,908 |
2034 | 9,777 |
Carrying amount - principal | 2,795,185 |
2024 | 2023 | |
Balance as of January 1, | 4,351,988 | 4,416,511 |
Net decrease in short-term borrowings and debt | (583,341) | (503,227) |
Proceeds from long-term borrowings and debt | 201,482 | - |
Payments of long-term borrowings and debt | (60,561) | (55,668) |
Change in foreign currency rates | 24,798 | 94,179 |
Fair value adjustment due to hedge accounting relationship | (2,790) | 1,787 |
Other adjustments | 1,727 | 1,460 |
Balance as of March 31, | 3,933,303 | 3,955,042 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 |
December 31, 2023 | |
Due within 1 year | 1,720 | 1,717 |
After 1 year but within 5 years | 6,760 | 6,540 |
After 5 years but within 10 years | 11,727 | 12,368 |
Total undiscounted lease liabilities | 20,207 | 20,625 |
Short-term | 1,156 | 1,143 |
Long-term | 15,278 | 15,564 |
Lease liabilities included in the condensed consolidated interim statement of financial position | 16,434 | 16,707 |
March 31, | ||
2024 | 2023 | |
Payments of lease liabilities | 283 | 255 |
March 31, | ||
2024 | 2023 | |
Interest on lease liabilities | 149 | 144 |
March 31, 2024 |
December 31, 2023 | |
Accruals and other accumulated expenses | 19,076 | 24,120 |
Funds received for debt repayment | - | 14,735 |
Accounts payable | 8,077 | 5,143 |
Unearned commissions | 10,028 | 9,652 |
Other | 84 | 84 |
Total | 37,265 | 53,734 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, | ||
2024 | 2023 | |
(Thousands of US$ dollars) | ||
Profit for the period | 51,268 | 36,954 |
(U.S. dollars)
| ||
Basic earnings per share
| 1.40 | 1.02 |
(Thousands of shares)
| ||
Weighted average of common shares outstanding applicable to basic EPS
| 36,609 | 36,360 |
March 31, | ||
2024 | 2023 | |
Structured loans | 1,334 | 397 |
Documentary and stand-by letters of credit | 5,831 | 3,924 |
Fees and commission income | 2,504 | 662 |
Total fee and commission income | 9,669 | 4,983 |
Fess and commission expense | (197) | (171) |
Total | 9,472 | 4,812 |
March 31, 2024 | |
Up to 1 year | 4,547 |
From 1 to 2 years | 2,860 |
More than 2 years | 697 |
Total | 8,104 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | |||
Commercial | Treasury | Total | |
Interest income
| 157,918 | 35,654 | 193,572 |
Interest expense
| (119) | (130,568) | (130,687) |
Inter-segment net interest income
| (101,433) | 101,433 | - |
Net interest income | 56,366 | 6,519 | 62,885 |
Other income (expense), net | 9,710 | (7) | 9,703 |
Total revenues | 66,076 | 6,512 | 72,588 |
Provision for credit losses | (3,710) | 681 | (3,029) |
Operating expenses | (14,658) | (3,633) | (18,291) |
Segment profit | 47,708 | 3,560 | 51,268 |
Segment assets | 7,635,198 | 3,024,983 | 10,660,181 |
Segment liabilities | 257,111 | 9,155,536 | 9,412,647 |
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 revenues | 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 | 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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, | ||
2024 | 2023 | |
Profit for the period | 51,268 | 36,954 |
Assets: | ||
Assets from reportable segments
| 10,660,181 | 9,238,347 |
Other assets - unallocated
| 27,642 | 10,294 |
Total | 10,687,823 | 9,248,641 |
Liabilities: | ||
Liabilities from reportable segments
| 9,412,647 | 8,124,456 |
Other liabilities - unallocated
| 37,265 | 28,652 |
Total | 9,449,912 | 8,153,108 |
March 31, 2024 |
December 31, 2023 | |
Assets: | ||
Demand deposits | 6,675 | 2,263 |
Loans, net | 61,836 | 61,440 |
Securities at amortized cost, net | 14,161 | 14,373 |
Total | 82,672 | 78,076 |
Liabilities: | ||
Time deposits | 257,611 | 319,344 |
Contingencies: | ||
Stand-by letters of credit | 150 | 150 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, | ||
2024 | 2023 | |
Interest income: | ||
Loans | 1,137 | 2,022 |
Securities at amortized cost | 121 | 149 |
Total | 1,258 | 2,171 |
Interest expense: | ||
Deposits | (4,301) | (5,447) |
Net interest income (expenses) | (3,043) | (3,276) |
Other income (expense): | ||
Fees and commissions, net | - | 7 |
Net loss from related parties | (3,043) | (3,269) |
March 31, | ||
2024 | 2023 | |
Expenses: | ||
Compensation costs to directors | 511 | 127 |
Compensation costs to executives | 5,931 | 4,146 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | December 31, 2023 | |||
Capital funds | 1,240,458 | 1,206,753 | ||
Risk-weighted assets | 9,052,942 | 8,898,408 | ||
Capital adequacy index | 13.7 | % | 13.6 | % |
March 31, 2024 | December 31, 2023 | |||
Ordinary capital | 1,104,439 | 1,070,734 | ||
Non-risk-weighted assets | 10,985,758 | 10,994,085 | ||
Leverage ratio | 10.1 | % | 9.7 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | ||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |
Loans at amortized cost | ||||||
Corporations | 4,599,909 | 40,056 | - | - | 10,107 | 4,650,072 |
Financial institutions: | ||||||
Private | 2,137,936 | - | - | - | - | 2,137,936 |
State-owned | 476,886 | - | - | - | - | 476,886 |
2,614,822 | - | - | - | - | 2,614,822 | |
Sovereign | 84,838 | - | - | - | - | 84,838 |
Total | 7,299,569 | 40,056 | - | - | 10,107 | 7,349,732 |
Specific provision | - | 8,013 | - | - | 5,606 | 13,619 |
Allowance for loan | ||||||
losses under IFRS (1):
| 44,517 | 8,107 | - | - | 6,934 | 59,558 |
December 31, 2023 | ||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |
Loans at amortized cost | ||||||
Corporations | 4,354,378 | 32,342 | - | - | 10,107 | 4,396,827 |
Financial institutions: | ||||||
Private | 2,248,150 | - | - | - | - | 2,248,150 |
State-owned | 464,918 | - | - | - | - | 464,918 |
2,713,068 | - | - | - | - | 2,713,068 | |
Sovereign | 85,672 | - | - | - | - | 85,672 |
Total | 7,153,118 | 32,342 | - | - | 10,107 | 7,195,567 |
Specific provision | - | 6,470 | - | - | 5,652 | 12,122 |
Allowance for loan | ||||||
losses IFRS (1):
| 45,958 | 6,554 | - | - | 6,898 | 59,410 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
March 31, 2024 | ||||
Current | Past due | Delinquent | Total | |
Loans at amortized cost | ||||
Corporations | 4,599,909 | 40,056 | 10,107 | 4,650,072 |
Financial institutions: | ||||
Private | 2,137,936 | - | - | 2,137,936 |
State-owned | 476,886 | - | - | 476,886 |
2,614,822 | - | - | 2,614,822 | |
Sovereign | 84,838 | - | - | 84,838 |
Total | 7,299,569 | 40,056 | 10,107 | 7,349,732 |
December 31, 2023 | ||||
Current | Past due | Delinquent | Total | |
Loans at amortized cost | ||||
Corporations | 4,386,720 | - | 10,107 | 4,396,827 |
Financial institutions: | ||||
Private | 2,248,150 | - | - | 2,248,150 |
State-owned | 464,918 | - | - | 464,918 |
2,713,068 | - | - | 2,713,068 | |
Sovereign | 85,672 | - | - | 85,672 |
Total | 7,185,460 | - | 10,107 | 7,195,567 |
March 31, 2024 | ||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |
Loans at amortized cost | ||||||
Impaired loans | - | - | - | - | 10,107 | 10,107 |
Total | - | - | - | - | 10,107 | 10,107 |
December 31, 2023 | ||||||
Normal | Special Mention | Substandard | Doubtful | Unrecoverable | Total | |
Loans at amortized cost | ||||||
Impaired loans | - | - | - | - | 10,107 | 10,107 |
Total | - | - | - | - | 10,107 | 10,107 |
March 31, 2024 |
December 31, 2023 | |
Non-accruing loans: | ||
Private corporations
| 10,107 | 10,107 |
Interest that would be reversed if the loans had been classified as non-accruing loans | 364 | 328 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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BLADEX - Foreign Trade Bank of Latin America Inc. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 10:06:22 UTC.