Banco Latinoamericano de Comercio Exterior, S. A. (BLX) 10-Year Financial Performance & Capital Metrics

BLX • • Banking & Credit

Financial ServicesRegional BanksInternational & Latin American BankingInternational Trade Banking

AboutBanco Latinoamericano de Comercio Exterior, S. A., a multinational bank, primarily engages in the financing of foreign trade in Latin America and the Caribbean. The company operates through two segments, Commercial and Treasury. It offers short and medium-term bilateral loans, structured and syndicated credits, and loan commitments; financial guarantee contracts, such as issued and confirmed letters of credit, and stand-by letters of credit; and guarantees covering commercial risk and other assets, as well as co-financing arrangements, underwriting of syndicated credit facilities, structured trade financing in the form of factoring and vendor financing, and financial leasing. The company also provides treasury solutions, including term deposits and private placements. It primarily serves financial institutions, corporations, and sovereigns and state-owned entities. The company was formerly known as Banco Latinoamericano de Exportaciones, S.A. and changed its name to Banco Latinoamericano de Comercio Exterior, S. A. in June 2009. Banco Latinoamericano de Comercio Exterior, S. A. was founded in 1977 and is headquartered in Panama City, the Republic of Panama.Show more

Net Interest Income $259M +11.2%
Total Revenue $811M +18.6%
Net Income $206M +23.9%
Return on Equity 16.2% +10.8%
Net Interest Margin 2.19% +0.7%
Efficiency Ratio 9.73% +52.2%
ROA 1.82% +9.8%
Equity / Assets 11.28% +0.6%
Book Value per Share 36.40 +10.3%
Tangible BV/Share 36.30 +10.2%
Debt/Equity 3.43 -11.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 19.1%
✓Efficient operations: 9.7% efficiency ratio
✓Well capitalized: 11.3% equity/assets
✓Healthy dividend yield of 4.4%
✓Trading at only 1.2x book value

✗Weaknesses

✗High debt to equity ratio of 3.4x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.03%

5Y22.87%

3Y73.3%

TTM-

Profit (Net Income) CAGR

10Y7.24%

5Y19.06%

3Y48.63%

TTM13.89%

EPS CAGR

10Y7.37%

5Y20.88%

3Y51.2%

TTM13.07%

ROCE

10Y Avg2.83%

5Y Avg3.13%

3Y Avg3.98%

Latest4.78%

Peer Comparison

International Trade Banking

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CATYCathay General Bancorp	3.46B	50.81	12.86	6.11%	20.56%	10.5%	9.42%	0.08
IBOCInternational Bancshares Corporation	4.39B	70.69	10.76	7.5%	39.23%	13.44%	10.46%	0.23
BLXBanco Latinoamericano de Comercio Exterior, S. A.	1.29B	44.99	8.03	18.61%	25.4%	15.57%		3.43
HDBHDFC Bank Limited	166.72B	32.51	0.23	19.15%	16.06%	12.21%	100%	0.86
IBNICICI Bank Limited	110.22B	30.82	0.22	25.19%	17.32%	15.31%		0.62
MFGMizuho Financial Group, Inc.	104.86B	8.49	0.12	9.47%	10.3%	9.11%		5.79
KBKB Financial Group Inc.	31.94B	89.08	0.01	3.73%	13.45%	9.46%	100%	2.35
SHGShinhan Financial Group Co., Ltd.	26.05B	54.10	0.01	4.66%	12.58%	8.03%	100%	2.55

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	145.48M	155.21M	119.81M	109.74M	109.52M	92.45M	86.78M	148.01M	233.18M	259.21M
NII Growth %	0.03%	0.07%	-0.23%	-0.08%	-0%	-0.16%	-0.06%	0.71%	0.58%	0.11%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	220.31M	245.9M	226.08M	258.49M	273.68M	180.97M	140.88M	332.62M	679.26M	785.03M
Interest Expense	74.83M	90.69M	106.26M	148.75M	164.17M	88.52M	54.1M	184.61M	446.08M	525.82M
Loan Loss Provision	12.8M	35.11M	9.93M	0	0	0	0	19.52M	27.46M	0
Non-Interest Income+	23.09M	-22.35M	9.06M	-40.91M	15.72M	7.21M	14.86M	-1.88M	4.15M	25.57M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	243.4M	223.55M	235.14M	217.57M	289.4M	188.18M	155.74M	330.75M	683.41M	810.6M
Revenue Growth %	0.02%	-0.08%	0.05%	-0.07%	0.33%	-0.35%	-0.17%	1.12%	1.07%	0.19%
Non-Interest Expense	51.78M	10.7M	36.95M	57.69M	39.18M	36.06M	38.95M	34.58M	43.71M	78.91M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	103.98M	87.05M	82M	11.14M	86.05M	63.59M	62.7M	92.04M	166.16M	205.87M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.02%	-0.16%	-0.06%	-0.86%	6.73%	-0.26%	-0.01%	0.47%	0.81%	0.24%
Pretax Income+	103.98M	87.05M	82M	11.14M	86.05M	63.59M	62.7M	92.04M	166.16M	205.87M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	103.98M	87.05M	82M	11.14M	86.05M	63.59M	62.7M	92.04M	166.16M	205.87M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.02%	-0.16%	-0.06%	-0.86%	6.73%	-0.26%	-0.01%	0.47%	0.81%	0.24%
Net Income (Continuing)	103.98M	87.05M	82M	11.14M	86.05M	63.59M	62.7M	92.04M	166.16M	205.87M
EPS (Diluted)+	2.66	2.22	2.08	0.28	2.17	1.60	1.62	2.54	4.55	5.60
EPS Growth %	-0.03%	-0.17%	-0.06%	-0.87%	6.75%	-0.26%	0.01%	0.57%	0.79%	0.23%
EPS (Basic)	2.67	2.23	2.09	0.28	2.17	1.60	1.62	2.54	4.55	5.60
Diluted Shares Outstanding	39.11M	39.21M	39.33M	39.54M	39.58M	39.66M	38.8M	36.3M	36.48M	36.74M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	1.3B	1.07B	672.05M	1.75B	1.18B	863.81M	1.25B	1.24B	2.05B	1.96B
Short Term Investments	0	0	0	0	0	0	0	0	1000K	1000K
Total Investments+	6.9B	6.02B	5.53B	5.79B	88.79M	5.3B	6.53B	7.78B	8.29B	1.3B
Investments Growth %	-0.02%	-0.13%	-0.08%	0.05%	-0.98%	58.63%	0.23%	0.19%	0.07%	-0.84%
Long-Term Investments	6.9B	6.02B	5.53B	5.79B	88.79M	5.3B	6.53B	7.78B	8.28B	1.2B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	427K	2.91M	5.42M	1.63M	1.43M	1.98M	1.59M	2.1M	2.6M	3.66M
PP&E (Net)	11.13M	12.75M	8.82M	7.04M	18.75M	16.43M	18.29M	17.71M	18.99M	19.68M
Other Assets	18.98M	21.32M	17M	12.7M	-108.97M	80.2M	204.2M	167.13M	265.75M	8.44B
Total Current Assets	1.35B	1.12B	708.3M	1.8B	1.22B	895.13M	1.28B	1.31B	2.18B	2.19B
Total Non-Current Assets	6.93B	6.06B	5.56B	5.81B	108.97M	5.39B	6.76B	7.97B	8.57B	9.67B
Total Assets+	8.29B	7.18B	6.27B	7.61B	7.25B	6.29B	8.04B	9.28B	10.74B	11.86B
Asset Growth %	0.03%	-0.13%	-0.13%	0.21%	-0.05%	-0.13%	0.28%	0.15%	0.16%	0.1%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%
Accounts Payable	28.81M	27.78M	25.12M	26.37M	18.3M	17.46M	14.86M	69.82M	97.24M	92.92M
Total Debt+	4.43B	3.25B	2.21B	3.56B	3.14B	2B	3.75B	4.73B	4.68B	4.58B
Net Debt	3.13B	2.18B	1.54B	1.81B	1.96B	1.13B	2.5B	3.49B	2.63B	2.62B
Long-Term Debt	1.88B	1.78B	1.14B	1.5B	1.52B	1.59B	1.72B	2.22B	2.63B	2.7B
Short-Term Debt	2.54B	1.47B	1.07B	2.06B	1.6B	391.6M	2.01B	2.49B	2.03B	1.87B
Other Liabilities	53.98M	87.83M	51.38M	51.59M	-1.54B	89.67M	236.56M	198.17M	312.27M	392.23M
Total Current Liabilities	5.38B	4.3B	4.03B	5.07B	1.61B	3.56B	5.07B	5.78B	6.58B	7.4B
Total Non-Current Liabilities	1.94B	1.86B	1.19B	1.55B	3.14B	1.69B	1.98B	2.44B	2.96B	3.12B
Total Liabilities	7.31B	6.17B	5.22B	6.62B	6.23B	5.25B	7.05B	8.21B	9.54B	10.52B
Total Equity+	971.93M	1.01B	1.04B	993.59M	1.02B	1.04B	991.79M	1.07B	1.2B	1.34B
Equity Growth %	0.07%	0.04%	0.03%	-0.05%	0.02%	0.02%	-0.04%	0.08%	0.13%	0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.09%	0.08%	0.01%	0.09%	0.06%	0.06%	0.09%	0.15%	0.16%
Book Value per Share	24.85	25.79	26.52	25.13	25.68	26.17	25.56	29.46	33.00	36.40
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	279.98M	279.98M	279.98M	279.98M	279.98M	279.98M	279.98M	279.98M	279.98M	279.98M
Additional Paid-in Capital	120.18M	120.59M	119.94M	119.99M	120.36M	120.41M	120.04M	120.5M	122.05M	124.97M
Retained Earnings	560.64M	587.51M	479.71M	423.05M	446.08M	464.09M	487.88M	543.61M	673.28M	792M
Accumulated OCI	84.53M	92.41M	226.43M	231.65M	229.41M	231.44M	219.68M	239.35M	238.69M	245.85M
Treasury Stock	-73.4M	-69.18M	-63.25M	-61.08M	-59.67M	-58M	-115.8M	-114.1M	-110.17M	-105.6M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	419.43M	784.08M	716.35M	-173.59M	-92.43M	1.25B	-871.71M	-769.65M	1.06B	-1.13B
Operating CF Growth %	1.46%	0.87%	-0.09%	-1.24%	0.47%	14.5%	-1.7%	0.12%	2.38%	-2.06%
Net Income	103.98M	87.05M	82M	11.14M	86.05M	63.59M	62.7M	92.04M	166.16M	205.87M
Depreciation & Amortization	1.97M	2.09M	2.42M	2.46M	3.56M	4.34M	3.49M	2.71M	3.09M	3.56M
Deferred Taxes	166.51M	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-145.48M	11.9M	22.84M	74.35M	-25.01M	11.72M	15.02M	27.44M	66.44M	-34.23M
Working Capital Changes	289.15M	679.99M	608.8M	-262.59M	-158.82M	1.17B	-954.83M	-894.01M	820.95M	-1.31B
Cash from Investing+	130.13M	148.18M	10.16M	-21.52M	31.07M	-319.9M	-446.08M	-166.66M	-12.77M	-180.02M
Purchase of Investments	-183.55M	-108.75M	-18.38M	-36.58M	-18.32M	-372.05M	-628.44M	-458.98M	-447.13M	-474.74M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	32K	0	0	0	0	0	0	0	0	0
Other Investing	33K	-3.11M	-3.37M	1.21M	4K	-1.31M	-353K	48.61M	-1.33M	-2.12M
Cash from Financing+	-23.57M	-1.19B	-1.12B	1.28B	-485.11M	-1.24B	1.68B	916.25M	-253.22M	1.14B
Dividends Paid	-59.94M	-60.13M	-60.6M	-61.54M	-58.88M	-44.67M	-38.57M	-36.14M	-36.27M	-72.78M
Share Repurchases	0	0	-27K	-2.44M	0	0	-60.08M	0	0	0
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K
Other Financing	1.47M	-112.51M	4.98M	43.38M	764K	-29.87M	416.83M	-127M	9.7M	907.31M
Net Change in Cash+	526M	-259.58M	-388.92M	1.09B	-546.47M	-313.71M	364.99M	-20.07M	796.13M	-167.14M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	741.3M	1.27B	1.01B	618.81M	1.71B	1.16B	846.01M	1.21B	1.19B	1.99B
Cash at End	1.27B	1.01B	618.81M	1.71B	1.16B	846.01M	1.21B	1.19B	1.99B	1.82B
Interest Paid	0	0	0	0	0	0	0	0	0	532.65M
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	418.81M	776.99M	710.33M	-174.25M	-93.96M	1.25B	-872.52M	-772.37M	1.06B	-1.13B
FCF Growth %	1.46%	0.86%	-0.09%	-1.25%	0.46%	14.25%	-1.7%	0.11%	2.37%	-2.07%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.04%	8.78%	7.98%	1.09%	8.56%	6.19%	6.18%	8.93%	14.62%	16.2%
Return on Assets (ROA)	1.28%	1.13%	1.22%	0.16%	1.16%	0.94%	0.88%	1.06%	1.66%	1.82%
Net Interest Margin	1.76%	2.16%	1.91%	1.44%	1.51%	1.47%	1.08%	1.59%	2.17%	2.19%
Efficiency Ratio	21.28%	4.79%	15.71%	26.51%	13.54%	19.16%	25.01%	10.45%	6.4%	9.73%
Equity / Assets	11.73%	14.08%	16.64%	13.06%	14.02%	16.5%	12.34%	11.52%	11.2%	11.28%
Book Value / Share	24.85	25.79	26.52	25.13	25.68	26.17	25.56	29.46	33	36.4
NII Growth	2.93%	6.69%	-22.8%	-8.41%	-0.21%	-15.58%	-6.13%	70.56%	57.54%	11.16%
Dividend Payout	57.65%	69.08%	73.91%	552.51%	68.42%	70.24%	61.52%	39.27%	21.83%	35.35%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
MEXICO	14.58M	-	-	17.32M	24.77M	35.44M	44.57M
MEXICO Growth	-	-	-	-	43.01%	43.10%	25.75%
COLOMBIA	15.44M	-	-	12.12M	16.19M	32.58M	35.49M
COLOMBIA Growth	-	-	-	-	33.64%	101.24%	8.91%
Other	-	36.55M	32.03M	33.79M	70.34M	36.87M	35.06M
Other Growth	-	-	-12.36%	5.49%	108.16%	-47.59%	-4.90%
BRAZIL	17.89M	-	-	9.8M	15.1M	25.63M	30.09M
BRAZIL Growth	-	-	-	-	54.05%	69.74%	17.41%
GUATEMALA	-	-	-	-	16.96M	24.06M	28.77M
GUATEMALA Growth	-	-	-	-	-	41.86%	19.59%
PERU	-	-	-	-	-	20.5M	25.32M
PERU Growth	-	-	-	-	-	-	23.49%
DOMINICAN REPUBLIC	-	-	-	-	-	20.16M	22.77M
DOMINICAN REPUBLIC Growth	-	-	-	-	-	-	12.94%
ECUADOR	10.41M	-	-	8.99M	12.58M	15.11M	17.4M
ECUADOR Growth	-	-	-	-	39.89%	20.13%	15.19%
CHILE	-	-	-	-	-	11.27M	11.56M
CHILE Growth	-	-	-	-	-	-	2.57%
ARGENTINA	9.96M	-	-	-	4.72M	4.75M	7.59M
ARGENTINA Growth	-	-	-	-	-	0.57%	59.96%
HONDURAS	-	-	-	-	-	6.31M	7.37M
HONDURAS Growth	-	-	-	-	-	-	16.76%
PANAMA	13.91M	-	-	5.87M	6.01M	6.75M	6.45M
PANAMA Growth	-	-	-	-	2.44%	12.27%	-4.50%
JAMAICA	-	-	-	-	-	3.34M	4.07M
JAMAICA Growth	-	-	-	-	-	-	22.06%
EL SALVADOR	-	-	-	-	-	2.21M	2.84M
EL SALVADOR Growth	-	-	-	-	-	-	28.43%
PARAGUAY	-	-	-	-	-	2.73M	2.72M
PARAGUAY Growth	-	-	-	-	-	-	-0.37%
URUGUAY	-	-	-	-	-	1.21M	1.88M
URUGUAY Growth	-	-	-	-	-	-	55.38%
Argentina, Pesos	-	-	-	5.45M	-	-	-
Argentina, Pesos Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) has a price-to-earnings (P/E) ratio of 8.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) grew revenue by 18.6% over the past year. This is strong growth.

Yes, Banco Latinoamericano de Comercio Exterior, S. A. (BLX) is profitable, generating $220.4M in net income for fiscal year 2024 (25.4% net margin).

Dividend & Returns

Yes, Banco Latinoamericano de Comercio Exterior, S. A. (BLX) pays a dividend with a yield of 4.40%. This makes it attractive for income-focused investors.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) has a return on equity (ROE) of 16.2%. This is reasonable for most industries.

Industry Metrics

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) has a net interest margin (NIM) of 2.2%. NIM has been under pressure due to interest rate environment.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) has an efficiency ratio of 9.7%. This is excellent, indicating strong cost control.

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