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Buy Day today: Good (62) Broad market participation · no major macro event
BLX

Foreign Trade Bank of Latin America, Inc.

Financial Services · Banks - Regional · listed since 1992

54.50$ +1.6% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed Deadlines repeatedly slipped

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

Green stands here for documented company quality, not for a moment to buy. The evidence supports it: $226.9 million of profit in 2025 after $205.9 million and $166.2 million in the two preceding years, $56.4 million in the first quarter of 2026, a return on equity of 13.5 to 16.2 percent, a Tier 1 ratio of 17.9 percent, impaired loans at 0.3 percent of the portfolio with 2.9 times coverage, an efficiency ratio of 26.5 percent, an unqualified audit opinion on both the accounts and internal controls, and the upgrade by S&P Global Ratings to "BBB+" on June 22, 2026. No finding touches the substance: the Altman Z" score of 1.07 and the interest coverage of 0.47 are not ratios for a bank but formulas from a different business model. Two points stay open that we deliberately do not count as an open operating question, because they belong to the model and are fully disclosed: the concentration of funding on five depositors with 35 percent of deposits at 48 days of maturity and without deposit insurance, and the country risk of Latin America. Expressly not part of this verdict is the valuation: the hook, a price-to-free-cash-flow ratio of 1.9, does not hold — computed cleanly it sits in the order of 5.9.

What the thesis turns on

Assessment: Opportunities & Risks

Bladex is the test case for the label trap: the ratio that led to the stock measures something other than its name says — at a trade finance bank under IFRS the movement of the loan book sits in the middle of operating cash flow, and in 2025 that swung between plus $874.8 million and minus $599.7 million against quarterly profit between $51.7 and $64.2 million. The company behind it is sound: 47 years of trade finance, three years of rising profit, 17.9 percent Tier 1 capital, 0.3 percent problem loans, rated "BBB+" since June 22, 2026. The real risk sits on the funding side: five depositors, 35 percent of deposits, 48 days of maturity, no deposit insurance. Not investment advice.

Business model & position

A specialist trade finance bank founded in 1979 by Latin America's central banks, whose class A shareholders are to this day those same central and state-owned banks — the basis for the de facto preferred creditor status the bank claims and which has carried it through several regional crises. As of December 31, 2025 the loan book spread over more than 20 countries, the largest of them carrying 16.7 percent.

Earning power

Profit rose from $166.2 million through $205.9 million to $226.9 million between 2023 and 2025, and by a further 9 percent to $56.4 million in the first quarter of 2026. Return on equity was 15.43 percent in 2025 and the efficiency ratio 26.5 percent in the first quarter of 2026 — a level barely any bank with a branch network reaches.

Balance sheet & capital

A Basel III Tier 1 ratio of 17.9 percent, an equity ratio of 12.4 percent, impaired loans at 0.3 percent of the portfolio with 2.9 times coverage (all as of March 31, 2026). The 2025 accounts received an unqualified opinion from KPMG Cárdenas Dosal, as did internal controls; S&P Global Ratings upgraded the bank to "BBB+" on June 22, 2026.

Funding

As of December 31, 2025 five depositors together supplied 35 percent of all deposits, the deposits of the region's central and state-owned banks had an average remaining maturity of 48 days, and every deposit is uninsured. Panama has neither a central bank nor a lender of last resort — the bank buffers that with $1,988 million of liquidity, 80 percent of it at the Federal Reserve Bank of New York.

Margin & country risk

The net interest margin has been falling for three years: 2.49 percent (2023), 2.47 (2024), 2.36 (2025), 2.34 in the first quarter of 2026; the average lending rate fell 0.82 points within a year to 6.71 percent. At the same time the entire book hangs on Latin America, with only 34 percent of the commercial portfolio in investment-grade countries. Volume growth of 13 percent has more than offset the margin pressure so far.

The hook ratio

The price-to-free-cash-flow ratio of 1.9 (rank 35, measured July 28, 2026) captures the turnover of the loan book at this bank, not cash actually earned: in 2025, $1,057.6 million flowed out into new loans and $1,191.2 million came in as deposits. Adjusted for those balance sheet movements, $388.8 million was left — which becomes an order of magnitude of 5.9. Altman Z" (1.07) and interest coverage (0.47) likewise carry no meaning at a bank.

Worth Noting

Hook: the price/FCF ranking of the U.S. selection, rank 35 of 100 displayed hits out of 837 stocks screened, displayed ratio 1.9 — hit list measured July 28, 2026, underlying scanner run of July 27, 2026. The lists are recomputed daily.

Data status: the annual report 20-F for 2025 (filed April 20, 2026) is fully evaluated; every filing after it was reviewed — 6-K on the annual meeting (April 24, 2026), on the dividend (April 28, 2026), on first-quarter 2026 figures (April 30 and May 5, 2026), on the name change (June 8, 2026) and on the S&P upgrade (June 23, 2026), plus one insider Form 4 of June 9, 2026. No Form 15, no Form 25, no SC 13D. Prices through July 24, 2026, ratios as of July 27, 2026.

A definitional break in the revenue series of the data sheet: through the third quarter of 2025 gross revenues were reported ($202.1 / $216.7 / $209.0 million), from the fourth quarter of 2025 total revenues after interest expense ($88.8 million and $83.1 million). The displayed revenue decline of 53 and 59 percent respectively is a change of definition, not a collapse in business. Price-to-sales ratios on that series are therefore not dependable and are not used here.

Do not confuse: Banco Latinoamericano de Comercio Exterior, S.A. ("Bladex", NYSE: BLX) is neither the Brazilian Banco do Brasil nor the Inter-American Development Bank. The former name in the SEC register was "Latin American Export Bank" (until June 22, 2009); the English translation "Foreign Trade Bank of Latin America, Inc." still appears in many databases, although the bank has been called "Bladex, Inc." since June 4, 2026.

AI rating: uses AI. The 20-F for 2025 states that the bank's use of generative AI is limited to authorized support activities and does not extend to decisions in financial reporting, credit, commercial or strategic processes, and that an AI governance framework has been established for it. The 2026 investor day presentation (6-K of March 24, 2026) makes "AI acceleration" one of four strategic efficiency levers through 2030. There is no AI revenue source, and no concrete AI risk to the business model itself.

The quality light of this analysis judges the company, not the moment of entry.

Read the Full Deep Dive Bladex: Rank 35 in the Bargain List — and the Ratio Only Measures How a Loan Book Breathes Bladex has financed Latin America's foreign trade since 1979, and a sixth of it belongs to the region's central banks. Our price-to-free-cash-flow ranking carries the stock at 1.9, in 35th place — which sounds like two years of profit for the whole company. Except that in 2025 its operating cash flow swung between plus $874.8 million and minus $599.7 million, while quarterly profit sat quietly between $51.7 and $64.2 million. We do the arithmetic on what that ratio can really tell you about a trade finance bank — and on what it simply cannot. Read the analysis →

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BLX since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 42.30 $ to 62.80 $ · Last price: 54.50 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 2.0$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 30m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 0.1%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 0.8

Performance

Perf. 1M ?Price performance over the last month. 8.20%
Perf. 3M ?Price performance over the last 3 months. 25.70%
Perf. 6M ?Price performance over the last 6 months. 42.90%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 42.50%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -1.9%
Perf. 1Y ?Price performance over the last 12 months. 21.41%
Perf. 3Y ?Price performance over the last 3 years. 179.11%
Perf. 5Y ?Price performance over the last 5 years. 344.52%
Perf. 10Y ?Price performance over the last 10 years. 262.32%
Perf. Since Inception ?Price performance since the first available trading day (09/24/1992) — with a complete history, that is since the IPO. 1,533.61%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 55.80$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 56.50$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 52.60$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 44.4
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 18.4%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 23.4%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 9.0
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 8.4
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 1.8
P/B ?Price-to-book ratio: market value relative to book equity. 1.2
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 3.4
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 0.0
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 1.7

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 97.8%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 72.8%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 71.2%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 15.0%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 1.7%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 12.4%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 2.6
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 1.07
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 5 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 7.70%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). -6.70%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. -58.11%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 8.55%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. -0.20%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 5.08%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 3.31$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 44.4%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 4Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 2Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 79
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 28
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. C (53 out of 100)

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Banks - Regional

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Foreign Trade Bank of Latin America, Inc. BLX 2.0 9.0 0.0 97.8 72.8 -58.1 21.4
Mizuho Financial Group Inc. MFG 135.7 17.4 0.0 100.0 46.7 10.4 70.5
HDFC Bank Limited HDB 116.5 15.8 0.0 100.0 33.3 24.3 -33.2
ICICI Bank Limited IBN 101.0 17.5 0.0 100.0 38.5 6.0 -12.0
U.S. Bancorp USB 92.6 12.8 0.0 100.0 37.8 0.4 26.3
PNC Financial Services Group Inc PNC 92.4 13.6 0.0 100.0 36.7 -7.0 17.6
Itau Unibanco Banco Holding SA ITUB 91.5 10.0 0.0 100.0 39.1 18.0 29.3
Deutsche Bank AG DB 73.5 10.3 0.0 100.0 33.4 -8.3 11.7
Nu Holdings Ltd NU 67.3 21.7 0.0 100.0 48.2 43.0 -13.1
Median of companies shown 92.4 13.6 0.0 100.0 38.5 6.0 17.6

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 224 $M 2016 · Operating income: 87 $M 2016 · Net income: 87 $M 2017 · Revenue: 235 $M 2017 · Operating income: 82 $M 2017 · Net income: 82 $M 2018 · Revenue: 218 $M 2018 · Operating income: 11 $M 2018 · Net income: 11 $M 2019 · Revenue: 289 $M 2019 · Operating income: 86 $M 2019 · Net income: 86 $M 2020 · Revenue: 188 $M 2020 · Operating income: 64 $M 2020 · Net income: 64 $M 2021 · Revenue: 156 $M 2021 · Operating income: 63 $M 2021 · Net income: 63 $M 2022 · Revenue: 331 $M 2022 · Operating income: 92 $M 2022 · Net income: 92 $M 2023 · Revenue: 683 $M 2023 · Operating income: 166 $M 2023 · Net income: 166 $M 2024 · Revenue: 811 $M 2024 · Operating income: 206 $M 2024 · Net income: 206 $M 2025 · Revenue: 340 $M 2025 · Operating income: 227 $M 2025 · Net income: 227 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 224 87 87 2.22 784 1,011 7,181
2017 235 82 82 2.09 716 1,043 6,268
2018 218 11 11 0.28 -174 994 7,609
2019 289 86 86 2.17 -92 1,016 7,250
2020 188 64 64 1.60 1,247 1,038 6,289
2021 156 63 63 1.62 -872 992 8,038
2022 331 92 92 2.54 -770 1,069 9,284
2023 683 166 166 4.55 1,062 1,204 10,744
2024 811 206 206 5.60 -1,127 1,337 11,859
2025 340 227 227 6.11 374 1,679 12,786

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 190.0 $M Q4 2025: Q1 · 202.1 $M Q1 2025: Q2 · 216.7 $M Q2 2025: Q3 · 209.0 $M Q3 2025: Q4 · 88.8 $M Q4 2026: Q1 · 83.1 $M Q1

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 1.40 10.30 190 -7.80 27.10 -305 -306
2025: Q1 1.40 0.00 202 -0.60 25.60 197 196
2025: Q2 1.74 27.50 217 4.40 29.60 875 874
2025: Q3 1.48 2.50 209 -0.30 26.30 68 69
2025: Q4 1.50 7.20 89 -53.30 63.10 58 55
2026: Q1 1.31 -6.50 83 -58.90 67.90 214 214

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 15 of our scanner strategies — each hit links to the scanner.

Best Hits

Aktien.Guide

Breakout & Setup

Dividends

Momentum & Trend

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 2
Price Target (average) 65.88$
Distance to price 20.9% The price target sits 20.9% above the current price.

Distribution of Recommendations

Strong Buy 1
Buy 1
Hold 0
Sell 0
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 6.86 6.86 – 6.86 380 12.3% 1
12/31/2027 7.06 6.60 – 7.51 413 2.8% 2

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly -11.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $391.4M
Market cap $2.03B
Free cash flow in year ten $114.5M
Terminal value as a share of market value 29.8%

For comparison: over the past five years free cash flow shrank by 21.5% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Uses AI

Bladex ist eine Handelsfinanzierungsbank ohne KI-Umsätze, setzt generative KI laut 20-F aber ausdrücklich intern in genehmigten Unterstützungstätigkeiten unter einem eigenen KI-Governance-Rahmen ein und macht „KI-Beschleunigung“ in der Investorentag-Präsentation 2026 zu einem von vier strategischen Effizienz-Hebeln bis 2030.

View the full file — quotes, sources, reviewed filings
„As of the date of this Annual Report, the Bank's use of generative AI is limited to authorized support activities and does not extend to decision-making in financial reporting, credit, commercial, or strategic processes."

Zum Datum dieses Jahresberichts beschränkt sich der Einsatz generativer KI durch die Bank auf genehmigte Unterstützungstätigkeiten und erstreckt sich nicht auf Entscheidungen in der Finanzberichterstattung, im Kreditgeschäft, im kommerziellen Bereich oder in strategischen Prozessen.

20-F · 2026-04-20 · View SEC filing

„To manage the associated risks, the Bank has established an AI governance framework comprised of policies, standards, procedures, and control requirements designed to govern the use of AI-enabled tools and to protect sensitive and non-public information."

Zur Steuerung der damit verbundenen Risiken hat die Bank einen KI-Governance-Rahmen aus Richtlinien, Standards, Verfahren und Kontrollanforderungen eingeführt, der den Einsatz KI-gestützter Werkzeuge regeln und sensible sowie nicht öffentliche Informationen schützen soll.

20-F · 2026-04-20 · View SEC filing

„Deploy AI applications that unlock efficiency for the business, with targeted use cases"

KI-Anwendungen einsetzen, die mit gezielten Anwendungsfällen Effizienz für das Geschäft erschließen

6-K · 2026-03-24 · View SEC filing

„We will progressively embed AI agents across monitoring, early warning, anomaly detection, scenario analysis and decision support to increase frequency, granularity and response speed in the Risk function."

Wir werden KI-Agenten schrittweise in Überwachung, Frühwarnung, Anomalie-Erkennung, Szenarioanalyse und Entscheidungsunterstützung einbetten, um Frequenz, Granularität und Reaktionsgeschwindigkeit der Risikofunktion zu erhöhen.

6-K · 2026-03-24 · View SEC filing

Filings Reviewed: 20-F 2026-04-20 · 20-F 2025-04-15 · 6-K 2026-06-23 · 6-K 2026-06-08 · 6-K 2026-05-05 · 6-K 2026-04-30 · 6-K 2026-04-28 · 6-K 2026-03-24

Rated on July 28, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Between fiscal 2024-Q1 and 2026-Q2, Bladex delivered nearly every number management had announced in advance: four consecutive record years, 2024 guidance raised mid-year and then beaten, 2025 guidance met on every earnings metric. What stands out is something else. Whenever it comes to dates and individual commitments, the language turns soft: the treasury platform slipped in two steps and the related press release came a year late, the margin outlook given in 2025-Q1 did not materialise, and the collection expectation on a single petrochemical client ended in Stage 3 three quarters later. The trade finance platform, by contrast, arrived on time. We rate this as notable in terms of promise discipline, not as a weak business.

Red flags Deadlines repeatedly slipped 10 calls reviewed, 2024-Q1 through 2026-Q2 · As of August 3, 2026

Treasury platform: date pushed back twice

The trade finance platform survives the check. In 2024-Q2 a 10-to-12-month timeline was announced, pilot operation started in July 2025 and by 2025-Q2 the platform was fully running - the date was kept. The further 18 months cited in the same call refer not to the rollout but to legacy transactions running their course in the old system. The CFO ('fully optimized by year-end') and the CEO ('full operating capacity will take until next year') in 2025-Q3 do not contradict each other either: they describe two different milestones, and the CEO explicitly referred back to the prior quarter's announcement. The treasury platform is a different matter. In 2024-Q3 a joint press release naming the selected partner was promised 'in the upcoming weeks'; the release naming Nasdaq appeared only on 28 October 2025, roughly twelve months later and one day before the 2025-Q3 call. The date for phase one moved in two steps from mid-2026 (2024-Q4) via the third quarter of 2026 (2025-Q3) to end-2026, with the second part pushed to the first half of 2027 (2026-Q2). None of these shifts was labelled a delay; in 2026-Q2 the CEO called the project 'right on track' measured against the March 2026 investor day.

Margin outlook from 2025-Q1 did not hold

In 2025-Q1 the CEO said explicitly, when asked, that he did not see lending spreads tightening, 'quite the opposite', and expected margin expansion in the coming quarters on the back of uncertainty and a medium-term deal pipeline. As early as 2025-Q2 an analyst pressed on exactly that point; the Chief Commercial Officer replied that the market remained liquid and competitive, that this was 'business as usual', and that he saw more stabilisation. Expansion was no longer mentioned. By 2025-Q4 the message was that spreads had probably reached their lowest level in 20 years. Net interest margin fell from 2.47 percent (2024) to 2.36 percent (2025) and to 2.24 percent in the second quarter of 2026. The roughly 2.30 percent target applies to the full year; first-half 2026 margin averages about 2.29 percent, and management explicitly reaffirmed the full-year target. In 2026-Q2 the CEO conceded that margin pressure had been stronger than originally expected.

Petrochemical loan: collection expectation missed

In 2025-Q3 a single petrochemical client in Brazil migrated from Stage 1 to Stage 2. Management reassured on three counts: the client was current, collection was expected ('we expect to collect'), and even under stress scenarios the case would have no effect on the year's ROE. In 2025-Q4 a scheduled payment was cited as confirmation of that assessment and the case was called isolated. In 2026-Q2 this exposure moved to Stage 3, the bilateral loan portion was sold, the remaining letter-of-credit portion stayed reserved, and cost of risk rose from 14 to 26 basis points. The ROE commitment held; the collection expectation did not. Two points need context, though: the jump in the Stage 2 ratio to 2.2 percent in 2026-Q1 was, according to the CEO, not driven by this client but by other exposures downgraded as a precaution, mostly in Brazil. And the fall in coverage of impaired credits from about five times (2024-Q4) via 2.9 times (2026-Q1) to 1.25 times (2026-Q2) rests largely on 8.6 million US dollars of write-offs on two other, fully reserved loans; management expects coverage back at 1.5 to 1.6 times by year-end.

Capital range counted as a target met

The 2025 guidance given in 2024-Q4 named six measures, explicitly including a Basel III Tier 1 ratio in a 15 to 16 percent range. In fact, after the AT1 issue of September 2025 the ratio stood at 18.1 percent (2025-Q3) and at 17.4 percent at year-end, above the company's own band; it also stayed above in 2026-Q1 (17.9 percent) and 2026-Q2 (16.6 percent). Yet the 2025-Q4 call stated that every key metric guided for in 2025 had been delivered and that every target of the 2022 five-year plan had been achieved a year early, capital expressly included. In mitigation, nothing was concealed: the deviation is to the upside, it is self-chosen, and the same calls state the ratio, the reason and the path back into the range. Only the wording remains open to criticism: a missed target figure is counted as a target met.

Two return measures, two fee ratios

With the AT1 issue, management introduced an 'adjusted ROE' in 2025-Q3 that removes the new capital from the denominator. The measure itself was introduced and explained in the prepared remarks of that same call, so the charge of poor disclosure does not stand. What stayed open was which basis guidance uses: in 2025-Q4, 15.4 percent (reported) and 15.8 percent (adjusted) sit side by side, and that the 2026 target of 14 to 15 percent means the adjusted figure only became clear after an analyst asked explicitly in the Q&A. The share of fee income in total revenue remains inconsistent: in the 2025-Q4 call the CEO cites 20 percent for 2025, while the CFO in the same call says just under 19 percent. The claim that 14 and 15 percent stand side by side for the base year 2024 does not hold, however - the 14 percent from 2025-Q3 is a nine-month figure, the 15 percent from 2025-Q4 a full-year figure. In addition, from 2026-Q1 the headline commercial portfolio includes a bond position of 234 million US dollars for the first time; it was explicitly flagged as new in the prepared remarks.

On the credit side: numbers consistently delivered

The numbers do not support a bearish reading. In 2024-Q3 management raised its full-year outlook (portfolio about 14 percent, average deposits 30 percent, efficiency about 26 percent, ROE 15 to 16 percent) and beat every item in 2024-Q4 (18 percent, 33 percent, 26.5 percent, 16.2 percent). For 2025 it hit portfolio growth (11.5 versus 10 to 12 percent), margin (2.36 versus 2.30 percent), efficiency (26.7 versus about 27 percent) and ROE; fee income rose 54 percent to 68.4 million US dollars after 2024-Q4 had signalled only 'at least 10 percent more'. In the first half of 2026 adjusted ROE stands at 15.3 percent, above the 14 to 15 percent band, and the portfolio is growing 20 percent against a 13 to 15 percent target. Notably sober: asked why guidance was not raised, the CEO said in 2026-Q2 that he was waiting for better visibility and would 'not chase volume just simply to raise the number'.

Management promises

  • 2024-Q2 — The new trade finance platform will be implemented together with the IT partner within 10 to 12 months. Pilot operation started in July 2025, inside the stated window; by 2025-Q2 the bank was operating entirely on the new system. The additional 18 months cited in 2025-Q2 refer to legacy transactions running their course in the old system, not to the rollout. kept
  • 2024-Q2 — Incremental letter-of-credit revenue alone will pay back the cost of the entire platform in about 18 months. Repeated in 2025-Q2 as 18 months from go-live, hence due around early 2027. Letter-of-credit and guarantee fees rose from 6.5 million US dollars (2024-Q2) to 9.5 million (2026-Q2); management provides no reconciliation against platform cost. open
  • 2024-Q3 — A joint press release with the selected partner for the treasury platform will follow in the coming weeks. The release naming Nasdaq appeared only on 28 October 2025, roughly twelve months after the commitment and one day before the 2025-Q3 call. In 2024-Q4 management spoke of 'our provider' without naming it; no analyst followed up in the intervening calls. broken
  • 2024-Q3 — Raised 2024 outlook: portfolio about 14 percent, average deposits 30 percent, efficiency about 26 percent, ROE 15 to 16 percent. Met or beaten on every item in 2024-Q4: portfolio 18 percent, average deposits 33 percent, efficiency 26.5 percent, ROE 16.2 percent. kept
  • 2024-Q4 — The first deployment phase of the treasury platform will be complete by mid-2026. The date moved in two steps via the third quarter of 2026 (2025-Q3) to end-2026, with the second part pushed to the first half of 2027 (2026-Q2). Both shifts were mentioned in passing, never labelled a delay; in 2026-Q2 the project counts as on track measured against the investor day. broken
  • 2024-Q4 — The Basel III Tier 1 ratio will stay within a 15 to 16 percent range in 2025. After the AT1 issue the ratio stood at 18.1 percent (2025-Q3) and 17.4 percent at year-end. The deviation is to the upside, was intended and was disclosed in every call; the only problem is the 2025-Q4 claim that all key guided metrics had been delivered. broken
  • 2025-Q1 — Lending spreads will not tighten further; on the contrary, margin expansion is to be expected in the coming quarters. As early as 2025-Q2 the follow-up question was met with 'business as usual'. In 2025-Q4 spreads were said to be at their lowest level in 20 years; in 2026-Q2 quarterly margin fell to 2.24 percent, alongside an admission of stronger pressure than expected. broken
  • 2025-Q3 — For the petrochemical client newly classified in Stage 2, the bank expects to collect; even under stress the case will have no effect on full-year ROE. The ROE commitment held; the collection expectation did not. In 2026-Q2 the exposure was moved to Stage 3, the bilateral loan portion was sold and cost of risk rose from 14 to 26 basis points. The remaining letter-of-credit portion stays reserved; it has not been written off. broken
  • 2025-Q3 — The investor day presenting the 2030 strategy will take place in the first quarter of 2026, ideally before the end of March. Scheduled for 24 March 2026 in the 2025-Q4 call; the 2026-Q1 call refers back to the 'Investor Day last month'. Date kept. kept
  • 2025-Q3 — The capital raised via the AT1 issue will be deployed within 12 to 18 months, returning the Tier 1 ratio to the 15 to 16 percent range. Due between September 2026 and March 2027. The ratio fell from 18.1 percent (2025-Q3) via 17.4 and 17.9 percent to 16.6 percent in 2026-Q2, while the portfolio grew 20 percent. The path is right, the target not yet reached. open

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q1 through 2026-Q2.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

5 of 10 Solid growth
  • Revenue grows by more than 15% a year over three years 0.9%
  • More than 10% revenue growth is expected for the coming year 8.6%
  • Share count grows by less than 3% a year 0.8%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 51.1%
  • Gross margin at 40% or higher and without meaningful erosion 93.5%
  • Goodwill from acquisitions does not grow faster than revenue 0.0%
  • Net debt below twice EBITDA 9.9 x EBITDA
  • Operating cash flow covers the profits of the last three years -290 m
  • Return on capital at 15% or higher, or up versus two years ago 1.8%
  • Insiders hold at least 10% or are net buyers 3.9%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

5/10

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 4.8%
  • Exp. sales growth 3Y > 5% 10.3%
  • EBIT growth 10Y > 5% 11.2%
  • Exp. EBIT growth 3Y > 5% 7.5%
  • Net debt < 4x EBIT 9.9x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 87.2%
  • Return on equity > 15% 13.6%
  • ROCE > 15% 1.8%
  • Expected return > 10% 27.1%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Aug 28, 2026 Van Hoorde Annette Marie Chief Financial Officer Buy 1,454 55.00 79,970
Aug 21, 2026 Tizzoni Alejandro Horacio Chief Risk Officer Buy 1,850 53.00 98,050

View all insider transactions →

The company

About the Company

Banco Latinoamericano de Comercio Exterior, S. A.

Headquarters
Panama City, Panama
Address
Torre V, Business Park, Panama City, Panama
Phone
507 210 8500
Website
bladex.com
IPO Date
09/24/1992
ISIN
USP169941320

Management

Management
Name Title Birth Year
Jorge L. Salas Chief Executive Officer 1970
Annette van Hoorde de Solis Executive VP & CFO 1972
Geraldine Francis Abreu Cumarin Executive VP of Technology & Operations and CTO 1966
Carlos Daniel Raad Baene Executive Vice President of Investor Relations, Chief Investor Relations Officer & Head of ESG 1980
Tatiana Calzada Executive VP & Chief Compliance Officer 1970
Jorge Luis Real Executive Vice President of Legal & Corporate Secretary 1973
Jessica Janson Vice President of Corporate Communications & Social Investment 1974
Alejandro Tizzoni Executive Vice President of Comprehensive Risk Management & Chief Risk Officer 1976
Eduardo Vivone CPA Executive Vice President of Treasury & Capital Markets 1965
Monica Cosulich Senior VP of Finance & Investor Relations –

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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