Bladex announces 3Q24 Net Profit of $53.0 Million, or $1.44 per share; annualized return on equity of 16.4% in 3Q24
Bladex (NYSE: BLX) reported strong financial results for Q3 2024, with a net profit of $53.0 million (+16% YoY) and earnings per share of $1.44. The bank achieved an annualized return on equity of 16.4%. Key highlights include:
- Net Interest Income increased to $66.6 million (+10% YoY)
- Record-high Credit Portfolio of $10,875 million (+18% YoY)
- Commercial Portfolio reached $9,673 million (+17% YoY)
- Strong asset quality with 96% of credit portfolio in low-risk category
- Deposit base grew to $5,639 million (+34% YoY)
The Board approved a quarterly dividend of $0.50 per share, payable on November 26, 2024.
Bladex (NYSE: BLX) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di 53,0 milioni di dollari (+16% su base annua) e un utile per azione di 1,44 dollari. La banca ha raggiunto un rendimenti annualizzato sul capitale proprio del 16,4%. I punti salienti includono:
- Il Reddito Netto da Interessi è aumentato a 66,6 milioni di dollari (+10% su base annua)
- Portafoglio Crediti a livelli record di 10.875 milioni di dollari (+18% su base annua)
- Il Portafoglio Commerciale ha raggiunto 9.673 milioni di dollari (+17% su base annua)
- Qualità degli attivi forte con il 96% del portafoglio crediti in categoria a basso rischio
- La base dei depositi è cresciuta fino a 5.639 milioni di dollari (+34% su base annua)
Il Consiglio ha approvato un dividendo trimestrale di 0,50 dollari per azione, pagabile il 26 novembre 2024.
Bladex (NYSE: BLX) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un beneficio neto de 53,0 millones de dólares (+16% interanual) y ganancias por acción de 1,44 dólares. El banco logró un rendimiento anualizado sobre el patrimonio del 16,4%. Los puntos destacados incluyen:
- Los Ingresos Netos por Intereses aumentaron a 66,6 millones de dólares (+10% interanual)
- Cartera de Crédito en niveles récord de 10.875 millones de dólares (+18% interanual)
- La Cartera Comercial alcanzó los 9.673 millones de dólares (+17% interanual)
- Fuerte calidad de activos con el 96% de la cartera de créditos en categoría de bajo riesgo
- La base de depósitos creció a 5.639 millones de dólares (+34% interanual)
La Junta aprobó un dividendo trimestral de 0,50 dólares por acción, pagadero el 26 de noviembre de 2024.
Bladex (NYSE: BLX)는 2024년 3분기에 강력한 재무 실적을 보고했으며 순이익은 5천300만 달러 (+16% 전년 대비)과 주당 수익이 1.44달러로 증가했습니다. 이 은행은 자기자본 수익률 16.4%를 달성했습니다. 주요 하이라이트는 다음과 같습니다:
- 순이자 수익이 6천660만 달러로 증가 (+10% 전년 대비)
- 기록적인 신용 포트폴리오 1조 8천750억 원 (+18% 전년 대비)
- 상업용 포트폴리오 9천670만 달러에 도달 (+17% 전년 대비)
- 자산 품질이 강력하며 신용 포트폴리오의 96%가 저위험 범주에 속함
- 예금 기초는 56억 달러로 증가 (+34% 전년 대비)
이사회는 주당 0.50달러의 분기 배당금을 승인했으며, 2024년 11월 26일에 지급됩니다.
Bladex (NYSE: BLX) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un bénéfice net de 53,0 millions de dollars (+16 % en glissement annuel) et un bénéfice par action de 1,44 dollar. La banque a atteint un rendement annualisé sur fonds propres de 16,4 %. Les points forts comprennent :
- Les produits nets d'intérêts ont augmenté à 66,6 millions de dollars (+10 % en glissement annuel)
- Un portefeuille de crédits record de 10.875 millions de dollars (+18 % en glissement annuel)
- Le portefeuille commercial a atteint 9.673 millions de dollars (+17 % en glissement annuel)
- Qualité d'actif forte avec 96 % du portefeuille de crédits dans la catégorie faible risque
- La base des dépôts a augmenté pour atteindre 5.639 millions de dollars (+34 % en glissement annuel)
Le Conseil a approuvé un dividende trimestriel de 0,50 dollar par action, payable le 26 novembre 2024.
Bladex (NYSE: BLX) hat starke Finanzergebnisse für das 3. Quartal 2024 berichtet, mit einem Nettoergebnis von 53,0 Millionen Dollar (+16 % im Jahresvergleich) und einem Gewinn pro Aktie von 1,44 Dollar. Die Bank erreichte eine annualisierte Eigenkapitalrendite von 16,4%. Die wichtigsten Höhepunkte umfassen:
- Nettozinseinnahmen stiegen auf 66,6 Millionen Dollar (+10 % im Jahresvergleich)
- Rekordhohe Kreditportfolio von 10.875 Millionen Dollar (+18 % im Jahresvergleich)
- Das kommerzielle Portfolio erreichte 9.673 Millionen Dollar (+17 % im Jahresvergleich)
- Hohe Vermögensqualität mit 96% des Kreditportfolios in der Kategorie geringes Risiko
- Die Einlagenbasis wuchs auf 5.639 Millionen Dollar (+34 % im Jahresvergleich)
Der Vorstand genehmigte eine quartalsweise Dividende von 0,50 Dollar pro Aktie, zahlbar am 26. November 2024.
- Net profit increased 16% YoY to $53.0 million in Q3 2024
- Net Interest Income grew 10% YoY to $66.6 million
- Credit Portfolio reached all-time high of $10,875 million (+18% YoY)
- Strong asset quality with 96% of portfolio in low-risk category
- Deposit base increased 34% YoY to $5,639 million
- ROE improved to 16.4% (+46 bps YoY)
- Fee income declined 6% YoY in Q3 2024
- Loan syndication activity decreased 46% YoY in Q3 2024
- Operating expenses increased 13% YoY in 9M24
Insights
Bladex delivered strong Q3 2024 results with net profit reaching
- Record-high credit portfolio of
$10.9 billion (+18% YoY) - Net Interest Income grew to
$66.6 million (+10% YoY) - Strong asset quality with
96% of portfolio in low-risk category - Healthy capital ratios well above requirements
The bank's strategic focus on client expansion and cross-selling is paying off through improved spreads and fee income. The robust deposit growth of
The Latin American trade finance market shows resilience through Bladex's performance metrics. The
The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
3Q24 & 9M24 Financial & Business Highlights
- Strengthened Profitability, with Net Profit of
$53.0 million 16% YoY) and$154.4 million 29% YoY), fostered by higher total revenues (+8% YoY in 3Q24 and +20% YoY in 9M24). - Annualized Return on Equity ("ROE") improved to
16.4% for both the 3Q24 (+46 bps YoY) and 9M24 (+206 bps YoY), on the back of strong recurrent operating results. - Net Interest Income ("NII") increased to
$66.6 million 10% YoY) and$192.3 million 15% YoY), driven by 8 bp YoY increase in Net Interest Margin ("NIM") to2.55% in 3Q24 and a 5 bps YoY increase to2.49% in 9M24, resulting from higher lending volumes and spreads, new client on-boarding, cross selling efforts and efficient cost of funds management. - Fee income reached
$10.5 million 6% YoY), amounting$32.5 million 45% YoY), mostly driven by the continued positive trend in letter of credits fees. The uneven transaction-based nature of the Bank's loan syndication desk activity remained up for 9M24 (+65% YoY) despite lesser activity for 3Q24 (-46% YoY). - Efficiency Ratio stood at
27.1% for 3Q24, similarly to a year ago, and25.6% for 9M24, a 1.5 p.p. YoY improvement on the back of higher total revenues, compensating the13% YoY increase in 9M24 operating expenses. - New all-time high Credit Portfolio at
$10,875 million 18% YoY).- Commercial Portfolio EoP balances also reached a new record level of
$9,673 million 17% YoY), denoting a continued demand and business growth from new client onboarding and product cross-selling. - Investment Portfolio, mostly consisting of investment-grade securities held at amortized cost, further enhancing country and credit-risk exposure diversification and providing contingent liquidity funding, increased to
$1,202 million 20% YoY).
- Commercial Portfolio EoP balances also reached a new record level of
- Healthy asset quality. Most of the credit portfolio (
96% ) continues to be low risk or Stage 1. At the end of 3Q24, impaired credits (Stage 3) reached$17 million 0.2% of total Credit Portfolio, with a reserve coverage of 4.7x. - Heightened deposit base, reaching a new record level of
$5,639 million 34% YoY), representing59% of the Bank's total funding sources. The Bank also counts on ample and constant access to interbank and debt capital markets. - Liquidity position at
$1,708 million 15% of total assets as of September 30, 2024, mostly consisting of deposits placed with the Federal Reserve Bank ofNew York (75% ). - The Bank's Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at
16.0% and13.7% , respectively, well above the minimum requirements and within the Bank's risk appetite.
Financial Snapshot | ||||||
(US$ million, except percentages and per share amounts) | 3Q24 | 2Q24 | 3Q23 | 9M24 | 9M23 | |
Key Income Statement Highlights | ||||||
Net Interest Income ("NII") | ||||||
Fees and commissions, net | ||||||
Gain (loss) on financial instruments, net | ( | ( | ||||
Total revenues | ||||||
Provision for credit losses | ( | ( | ( | ( | ( | |
Operating expenses | ( | ( | ( | ( | ( | |
Profit for the period | ||||||
Profitability Ratios | ||||||
Earnings per Share ("EPS") (1) | ||||||
Return on Average Equity ("ROE") (2) | 16.4 % | 16.2 % | 15.9 % | 16.4 % | 14.4 % | |
Return on Average Assets ("ROA") (3) | 1.9 % | 1.9 % | 1.8 % | 1.9 % | 1.7 % | |
Net Interest Margin ("NIM") (4) | 2.55 % | 2.43 % | 2.48 % | 2.49 % | 2.44 % | |
Net Interest Spread ("NIS") (5) | 1.78 % | 1.74 % | 1.83 % | 1.77 % | 1.81 % | |
Efficiency Ratio (6) | 27.1 % | 24.3 % | 27.2 % | 25.6 % | 27.1 % | |
Assets, Capital, Liquidity & Credit Quality | ||||||
Credit Portfolio (7) | ||||||
Commercial Portfolio (8) | ||||||
Investment Portfolio | ||||||
Total Assets | ||||||
Total Equity | ||||||
Market Capitalization (9) | ||||||
Tier 1 Capital to Risk-Weighted Assets (Basel III – IRB) (10) | 16.0 % | 16.2 % | 15.4 % | 16.0 % | 15.4 % | |
Capital Adequacy Ratio (Regulatory) (11) | 13.7 % | 14.0 % | 13.6 % | 13.7 % | 13.6 % | |
Total Assets / Total Equity (times) | 8.7 | 8.6 | 8.7 | 8.7 | 8.7 | |
Liquid Assets / Total Assets (12) | 15.0 % | 17.4 % | 15.3 % | 15.0 % | 15.3 % | |
Credit-impaired Loans to Loan Portfolio (13) | 0.2 % | 0.1 % | 0.1 % | 0.2 % | 0.1 % | |
Impaired Credits (14) to Credit Portfolio | 0.2 % | 0.1 % | 0.1 % | 0.2 % | 0.1 % | |
Total Allowance for Losses to Credit Portfolio (15) | 0.7 % | 0.7 % | 0.6 % | 0.7 % | 0.6 % | |
Total Allowance for Losses to Impaired credits (times) (15) | 4.7 | 7.5 | 5.6 | 4.7 | 5.6 | |
Recent Events
Quarterly dividend payment: The Board of Directors approved a quarterly common dividend of
Appointment of Director: On September 19, 2024, in compliance with applicable laws and regulations, and as provided for in the Articles of Incorporation, the Board of Directors of the Bank announced that its Class "A" shareholders elected Mr. Daniel Tillard as Director representing the holders of Class "A" shares of the Bank's common stock, effective on September 17, 2024. Mr. Tillard is currently the President of Banco de la Nación
Notes
- Numbers and percentages set forth in this earnings release have been rounded and accordingly may not total exactly.
- QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively.
Footnotes
1. Earnings per Share ("EPS") calculation is based on the average number of shares outstanding during each period.
2. ROE refers to return on average stockholders' equity which is calculated based on unaudited daily average balances.
3. ROA refers to return on average assets which is calculated based on unaudited daily average balances.
4. NIM refers to net interest margin which constitutes to Net Interest Income ("NII") divided by the average balance of interest-earning assets.
5. NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, less the average yield paid on interest-bearing liabilities.
6. Efficiency Ratio refers to consolidated operating expenses as a percentage of total revenues.
7. The Bank's "Credit Portfolio" includes gross loans at amortized cost and loans at FVOCI (or the "Loan Portfolio"), securities at FVOCI and at amortized cost, gross of interest receivable and the allowance for expected credit losses, loan commitments and financial guarantee contracts, such as confirmed and stand-by letters of credit and guarantees covering commercial risk; and other assets consisting of customers' liabilities under acceptances.
8. The Bank's "Commercial Portfolio" includes gross loans at amortized cost and loans at FVOCI (or the "Loan Portfolio"), loan commitments and financial guarantee contracts, such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk and other assets consisting of customers' liabilities under acceptances.
9. Market capitalization corresponds to total outstanding common shares multiplied by market close price at the end of each corresponding period.
10. Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percentage of risk-weighted assets. Risk-weighted assets are estimated based on Basel III capital adequacy guidelines, utilizing internal-ratings based approach or "IRB" for credit risk and standardized approach for operational risk.
11. As defined by the Superintendency of Banks of
12. Liquid assets consist of total cash and due from banks, excluding time deposits with original maturity over 90 days and other restricted deposits, as well as corporate debt securities rated A- or above. Liquidity ratio refers to liquid assets as a percentage of total assets.
13. Loan Portfolio refers to gross loans at amortized cost and gross loans at FVOCI, which excludes interest receivable, the allowance for loan losses, and unearned interest and deferred fees. Credit-impaired loans are also commonly referred to as Non-Performing Loans or NPLs.
14. Impaired Credits refers to Non-Performing Loans or NPLs and non-performing securities at FVOCI and at amortized cost.
15. Total allowance for losses refers to allowance for loan losses plus allowance for loan commitments and financial guarantee contract losses and allowance for investment securities losses.
Safe Harbor Statement
This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will" and similar references to future periods. The forward-looking statements in this press release include the Bank's financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank's management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank's expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and geopolitical events; the anticipated changes in the Bank's credit portfolio; the continuation of the Bank's preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank's financial condition; the execution of the Bank's strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank's allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank's ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank's ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank's lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank's sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About Bladex
Bladex, a multinational bank originally established by the central banks of Latin-American and
Bladex is listed on the NYSE in
Conference Call Information
There will be a conference call to discuss the Bank's quarterly results on Wednesday, October 30, 2024 at 11:00 a.m.
For more information, please access http://www.bladex.com or contact:
Mr. Carlos Daniel Raad
Chief Investor Relations Officer
Tel: +507 366-4925 ext. 7925
E-mail: craad@bladex.com / ir@bladex.com
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A. (Bladex)
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