BLX 6-K
Bladex, Inc. (BLX)
6-K
2026-08-03
For: 2026-06-30
View Original
Added on
August 03, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2026
Commission File Number 1-11414
BLADEX, INC.
(Translation of Registrant’s name into English)
Business Park Torre V, Ave. La Rotonda, Costa del Este
P.O. Box 0819-08730
Panama City, Republic of Panama
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BLADEX, INC. | ||||||||
| (Registrant) | ||||||||
| Date: August 3, 2026 | By: | /s/ Annette van Hoorde de Solís | ||||||
| Name: | Annette van Hoorde de Solís | |||||||
| Title: | Chief Financial Officer | |||||||
1
Bladex, Inc.
and Subsidiaries
Unaudited condensed consolidated interim financial statements as of June 30, 2026, and for the three and six months ended June 30, 2026
Bladex, Inc. and Subsidiaries
Contents
Condensed consolidated statement of financial position | ||||||||||||||||||||
Condensed consolidated statement of profit or loss | ||||||||||||||||||||
Condensed consolidated statement of comprehensive income | ||||||||||||||||||||
Condensed consolidated statement of changes in equity | ||||||||||||||||||||
Condensed consolidated statement of cash flows | ||||||||||||||||||||
| Notes to the condensed consolidated interim financial statements (Unaudited) | ||||||||||||||||||||
2
Bladex, Inc. and Subsidiaries
Condensed consolidated statements of financial position
June 30, 2026 and December 31, 2025
(In thousands of US dollars)
| June 30, 2026 | December 31, 2025 | ||||||||||||||||
| Notes | (Unaudited) | (Audited) | |||||||||||||||
| Assets | |||||||||||||||||
| Cash and due from banks | 3,4,5 | 1,888,971 | 1,923,731 | ||||||||||||||
| Investment securities | 3,4,6 | 1,683,153 | 1,428,990 | ||||||||||||||
| Loans | 3,4,7 | 10,465,018 | 9,141,668 | ||||||||||||||
| Customers' liabilities under acceptances | 3,4 | 198,040 | 161,597 | ||||||||||||||
| Trading derivative assets | 3,4,10 | 6,317 | 1,569 | ||||||||||||||
| Hedging derivative financial instruments - assets | 3,4,10 | 96,886 | 69,837 | ||||||||||||||
| Equipment, right-of-use assets and leasehold improvements, net | 21,749 | 19,673 | |||||||||||||||
| Intangible assets | 9,906 | 10,744 | |||||||||||||||
| Other assets | 11 | 66,805 | 28,584 | ||||||||||||||
| Total assets | 14,436,845 | 12,786,393 | |||||||||||||||
| Liabilities and Equity | |||||||||||||||||
| Liabilities: | |||||||||||||||||
| Customer deposits | 3,4,12 | 7,934,541 | 6,640,290 | ||||||||||||||
| Securities sold under repurchase agreements | 3,4,13 | 275,310 | 130,509 | ||||||||||||||
| Borrowings and debt | 3,4,14 | 4,148,884 | 4,030,389 | ||||||||||||||
| Lease liabilities | 3,15 | 19,329 | 18,429 | ||||||||||||||
| Acceptances outstanding | 3,4 | 198,040 | 161,597 | ||||||||||||||
| Trading derivative liabilities | 3,4,10 | 3,601 | 433 | ||||||||||||||
| Hedging derivative financial instruments - liabilities | 3,4,10 | 46,463 | 62,506 | ||||||||||||||
| Provision for losses on loan commitments and financial guarantee contracts | 3,4 | 11,967 | 12,130 | ||||||||||||||
| Other liabilities | 16 | 41,391 | 51,363 | ||||||||||||||
| Total liabilities | 12,679,526 | 11,107,646 | |||||||||||||||
| Equity: | |||||||||||||||||
| Common stock | 279,980 | 279,980 | |||||||||||||||
| Treasury stock | (90,879) | (97,597) | |||||||||||||||
| Other equity instruments | 197,976 | 197,976 | |||||||||||||||
| Additional paid-in capital in excess of value assigned to common stock | 123,157 | 125,151 | |||||||||||||||
| Capital reserves | 23 | 95,210 | 95,210 | ||||||||||||||
| Regulatory reserves | 23 | 189,969 | 159,093 | ||||||||||||||
| Retained earnings | 949,206 | 916,429 | |||||||||||||||
| Other comprehensive income | 12,700 | 2,505 | |||||||||||||||
| Total equity | 1,757,319 | 1,678,747 | |||||||||||||||
| Total liabilities and equity | 14,436,845 | 12,786,393 | |||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements (Unaudited).
3
Bladex, Inc. and Subsidiaries
Condensed consolidated statement of profit or loss
For the three and six months ended June 30, 2026 and 2025
(In thousands of US dollars, except earnings per share data)
| (Unaudited) | |||||||||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
| Notes | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Interest income: | |||||||||||||||||||||||||||||
| Deposits | 14,075 | 18,845 | 27,267 | 35,693 | |||||||||||||||||||||||||
| Investment securities | 20,394 | 16,171 | 38,790 | 30,481 | |||||||||||||||||||||||||
| Loans | 164,748 | 159,415 | 319,108 | 317,677 | |||||||||||||||||||||||||
| Total interest income | 20 | 199,217 | 194,431 | 385,165 | 383,851 | ||||||||||||||||||||||||
| Interest expense: | |||||||||||||||||||||||||||||
| Deposits | (74,203) | (74,507) | (142,842) | (142,385) | |||||||||||||||||||||||||
| Securities sold under repurchase agreements | 13 | (2,200) | (2,860) | (3,840) | (5,261) | ||||||||||||||||||||||||
| Borrowings and debt | 14 | (49,358) | (49,146) | (94,649) | (102,849) | ||||||||||||||||||||||||
| Lease liabilities | 15 | (177) | (179) | (349) | (361) | ||||||||||||||||||||||||
| Total interest expense | 20 | (125,938) | (126,692) | (241,680) | (250,856) | ||||||||||||||||||||||||
| Net interest income | 73,279 | 67,739 | 143,485 | 132,995 | |||||||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||||||||
| Fees and commissions, net | 19 | 23,335 | 19,912 | 36,465 | 30,495 | ||||||||||||||||||||||||
| Gain on financial instruments, net | 9 | 2,191 | 2,161 | 1,861 | 4,145 | ||||||||||||||||||||||||
| Other income, net | 97 | 230 | 191 | 356 | |||||||||||||||||||||||||
| Total other income, net | 20 | 25,623 | 22,303 | 38,517 | 34,996 | ||||||||||||||||||||||||
| Total revenues | 98,902 | 90,042 | 182,002 | 167,991 | |||||||||||||||||||||||||
| Impairment losses on financial instruments | 3,20 | (8,599) | (5,019) | (13,333) | (10,235) | ||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||
| Salaries and other employee expenses | (13,953) | (12,384) | (27,302) | (26,322) | |||||||||||||||||||||||||
| Depreciation and amortization of equipment, right-of-use and leasehold improvements | (928) | (721) | (1,828) | (1,414) | |||||||||||||||||||||||||
| Amortization of intangible assets | (726) | (348) | (1,427) | (674) | |||||||||||||||||||||||||
| Other expenses | (8,242) | (7,386) | (15,303) | (13,430) | |||||||||||||||||||||||||
| Total operating expenses | 20 | (23,849) | (20,839) | (45,860) | (41,840) | ||||||||||||||||||||||||
| Profit for the period | 66,454 | 64,184 | 122,809 | 115,916 | |||||||||||||||||||||||||
| Per share data: | |||||||||||||||||||||||||||||
| Basic earnings per share (in US dollars) | 18 | 1.77 | 1.73 | 3.08 | 3.13 | ||||||||||||||||||||||||
| Weighted average basic shares (in thousands of shares) | 18 | 37,579 | 37,203 | 37,483 | 37,072 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements (Unaudited).
4
Bladex, Inc. and Subsidiaries
Condensed consolidated statement of comprehensive income
For the three and six months ended June 30, 2026 and 2025
(In thousands of US dollars)
| (Unaudited) | ||||||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Profit for the period | 66,454 | 64,184 | 122,809 | 115,916 | ||||||||||||||||||||||
| Other comprehensive income | ||||||||||||||||||||||||||
| Items that can be subsequently reclassified as gains or losses | ||||||||||||||||||||||||||
| Financial instruments measured at fair value through other comprehensive income (FVOCI) | ||||||||||||||||||||||||||
| Changes in the fair value of debt instruments measured at FVOCI: | ||||||||||||||||||||||||||
| Net fair value changes – Loans measured at FVOCI | 4,150 | (551) | 977 | (551) | ||||||||||||||||||||||
| Net changes in fair value – Investment securities measured at FVOCI | 1,920 | 24 | 3,910 | 288 | ||||||||||||||||||||||
| Reclassifications to profit or loss – Loans measured at FVOCI | (75) | — | (75) | — | ||||||||||||||||||||||
| Reclassifications to profit or loss – Investment securities measured at FVOCI | (124) | — | (124) | (168) | ||||||||||||||||||||||
| Effects attributable to risk management | ||||||||||||||||||||||||||
| Cash flow hedge reserve: | ||||||||||||||||||||||||||
| Net changes in the effective portion of cash flow hedges | 1,645 | 3,691 | 6,489 | 6,559 | ||||||||||||||||||||||
| Reclassifications from the cash flow hedge reserve to profit or loss | — | (1,310) | 111 | (1,188) | ||||||||||||||||||||||
| Deferred amounts for excluded components of hedging relationships | (1,116) | — | (1,093) | — | ||||||||||||||||||||||
| Other comprehensive income | 6,400 | 1,854 | 10,195 | 4,940 | ||||||||||||||||||||||
| Total comprehensive income for the period | 72,854 | 66,038 | 133,004 | 120,856 | ||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements (Unaudited).
5
Bladex, Inc. and Subsidiaries
Condensed consolidated statement of changes in equity
For the six months ended June 30, 2026 and 2025
(In thousands of US dollars)
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Note | Common stock | Treasury stock | Other equity instruments | 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, 2025 | 279,980 | (105,601) | 124,970 | 95,210 | 149,666 | 792,005 | 979 | 1,337,209 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Profit for the period | — | — | — | — | — | — | 115,916 | — | 115,916 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | — | 4,940 | 4,940 | |||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of restricted stock (RSA) | — | 4,540 | — | (4,540) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Compensation cost - stock units plans | — | — | — | 3,907 | — | — | — | — | 3,907 | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock units vested (RSU) | — | 3,483 | — | (3,483) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory credit reserve | — | — | — | — | — | (1) | 1 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Dividends declared | — | — | — | — | — | — | (46,492) | — | (46,492) | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances at June 30, 2025 | 279,980 | (97,578) | — | 120,854 | 95,210 | 149,665 | 861,430 | 5,919 | 1,415,480 | |||||||||||||||||||||||||||||||||||||||||||||||
| Balances at January 1, 2026 | 279,980 | (97,597) | 197,976 | 125,151 | 95,210 | 159,093 | 916,429 | 2,505 | 1,678,747 | |||||||||||||||||||||||||||||||||||||||||||||||
| Profit for the period | — | — | — | — | — | — | 122,809 | — | 122,809 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | — | 10,195 | 10,195 | |||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of restricted stock (RSA) | — | 3,910 | — | (3,910) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Compensation cost - stock units plans | — | — | — | 4,724 | — | — | — | — | 4,724 | |||||||||||||||||||||||||||||||||||||||||||||||
| Stock units vested (RSU) | — | 2,808 | — | (2,808) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory credit reserve | — | — | — | — | — | 9,323 | (9,323) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Dynamic provision | — | — | — | — | — | 21,553 | (21,553) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Dividends and coupons declared | 17 | — | — | — | — | — | — | (59,156) | — | (59,156) | ||||||||||||||||||||||||||||||||||||||||||||||
| Balances at June 30, 2026 | 279,980 | (90,879) | 197,976 | 123,157 | 95,210 | 189,969 | 949,206 | 12,700 | 1,757,319 | |||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements (Unaudited).
6
Bladex, Inc. and Subsidiaries
Condensed consolidated statement of cash flows
For the six months ended June 30, 2026 and 2025
(In thousands of US dollars)
| (Unaudited) | ||||||||||||||
| Notes | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities | ||||||||||||||
| Profit for the period | 122,809 | 115,916 | ||||||||||||
| Adjustments to reconcile profit for the period to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization of equipment, right-of-use and leasehold improvements | 1,828 | 1,414 | ||||||||||||
| Amortization of intangible assets | 1,427 | 674 | ||||||||||||
| Impairment losses on financial instruments | 3 | 13,333 | 10,235 | |||||||||||
| Realized gain on financial instruments | 9 | (312) | (900) | |||||||||||
| Compensation cost - share-based payment | 4,724 | 3,907 | ||||||||||||
| Net changes in hedging position and foreign currency | 10,931 | 112,998 | ||||||||||||
| Loss on disposal of fixed assets and intangible assets | 1 | 1 | ||||||||||||
| Interest income | 20 | (385,165) | (383,851) | |||||||||||
| Interest expense | 20 | 241,680 | 250,856 | |||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Restricted and pledged deposits | 17,334 | 58,438 | ||||||||||||
| Loans | (1,323,308) | (374,847) | ||||||||||||
| Proceeds from the sale of loans | 10,075 | 106,354 | ||||||||||||
| Other assets | (40,953) | (6,851) | ||||||||||||
| Due to depositors | 1,286,211 | 1,033,523 | ||||||||||||
| Other liabilities | (10,782) | (894) | ||||||||||||
| Cash flows (used in) provided by operating activities | (50,167) | 926,973 | ||||||||||||
| Interest received | 338,385 | 384,032 | ||||||||||||
| Interest paid | (223,388) | (239,609) | ||||||||||||
| Net cash provided by operating activities | 64,830 | 1,071,396 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Acquisition of fixed assets and intangible assets | (106) | (1,148) | ||||||||||||
| Acquisition of intangible assets | — | (465) | ||||||||||||
| Proceeds from the sale of securities | 40,600 | 50,546 | ||||||||||||
| Proceeds from the redemption of securities | 339,322 | 204,989 | ||||||||||||
| Purchases of securities | (624,799) | (421,125) | ||||||||||||
| Net cash used in investing activities | (244,983) | (167,203) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Increase (decrease) in securities sold under repurchase agreements | 144,480 | (16,313) | ||||||||||||
| Net decrease in short-term borrowings and debt | 14 | (98,606) | (432,939) | |||||||||||
| Proceeds from long-term borrowings and debt | 14 | 358,967 | 65,776 | |||||||||||
| Payments of long-term borrowings and debt | 14 | (182,977) | (383,235) | |||||||||||
| Payments of lease liabilities | 15 | (743) | (493) | |||||||||||
| Dividends paid | (58,347) | (45,988) | ||||||||||||
| Net cash provided by (used in) financing activities | 162,774 | (813,192) | ||||||||||||
| Net (decrease) increase in cash and cash equivalents | (17,379) | 91,001 | ||||||||||||
| Cash and cash equivalents at beginning of the period | 1,842,208 | 1,819,931 | ||||||||||||
| Cash and cash equivalents at end of the period | 5 | 1,824,829 | 1,910,932 | |||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements (Unaudited).
7
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
1.Corporate information
Bladex, Inc. (the "Parent Company" and, together with its subsidiaries, "Bladex" or the "Bank"), domiciled in Panama City, Republic of Panama, is a multinational bank established to support foreign trade financing and economic integration throughout Latin America and the Caribbean (the "Region").
The Bank was established in May 1975, pursuant to a proposal submitted to the Assembly of Governors of Central Banks of the Region, which recommended the creation of a multinational organization to enhance the Region's foreign trade financing capacity. The Bank was organized in 1977, incorporated in 1978 under the laws of the Republic of Panama, and commenced business operations on January 2, 1979. Pursuant to a law contract entered into between the Republic of Panama and the Bank in 1978, the Bank was granted certain privileges, including an exemption from income taxes in Panama.
On April 21, 2026, the Bank's shareholders approved an amendment to Article 1 of the Bank's Articles of Incorporation to change the Bank's corporate name. The amendment became effective on June 4, 2026, changing the Bank's legal name from "Banco Latinoamericano de Comercio Exterior, S.A." in Spanish and "Foreign Trade Bank of Latin America, Inc." in English to "Bladex, Inc.", with no change to the Bank's legal existence or corporate structure. Accordingly, this change in corporate name did not affect the Bank's operations, ownership structure, financial position, or reporting entity. These consolidated financial statements are therefore presented under the Bank's new legal name, "Bladex, Inc. and Subsidiaries."
The Bank operates under a general banking license issued by the National Banking Commission of Panama, predecessor of the Superintendence of Banks of Panama (the “SBP”).
In the Republic of Panama, banks are regulated by the SBP through Executive Decree No. 52 of April 30, 2008, which adopts the unique text of Law Decree No. 9 of February 26, 1998, modified by Law Decree No. 2 of February 22, 2008. Banks are also regulated by resolutions and agreements issued by this entity. The main aspects of this law and its regulations include: the authorization of banking licenses, minimum capital and liquidity requirements, consolidated supervision, procedures for management of credit, liquidity and market risks, measures to prevent money laundering, the financing of terrorism and related illicit activities, and procedures for banking intervention and liquidation, among others.
Bladex Head Office’s subsidiaries are the following:
- Bladex Holdings Inc. is a wholly owned subsidiary, incorporated under the laws of the State of Delaware, United States of America (USA), on May 30, 2000. Bladex Holdings Inc. has ownership in Bladex Representaçao Ltda.
- Bladex Representaçao Ltda, incorporated under the laws of Brazil on January 7, 2000, acts as the Bank’s representative office in Brazil. Bladex Representaçao Ltda. is 99.999% owned by Bladex Head Office and the remaining 0.001% is owned by Bladex Holdings Inc.
- Bladex Development Corp. was incorporated under the laws of the Republic of Panama on June 5, 2014. Bladex Development Corp. is 100.00% owned by Bladex Head Office.
Bladex Head Office has an agency in New York City, USA (the “New York Agency”), which began operations on March 27, 1989. The New York Agency is principally engaged in financing transactions related to international trade, mostly the confirmation and financing of letters of credit for customers in the Region. The New York Agency also has authorization to book transactions through an International Banking Facility (“IBF”).
The Bank has representative offices in Buenos Aires, Argentina; in Mexico City, Mexico; and in Bogota, Colombia, and has a representative license in Lima, Peru.
8
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
2. Basis of preparation and changes to the Bank’s accounting policies
2.1 Basis of preparation
These interim condensed consolidated financial statements for the six-month period ended June 30, 2026 have been prepared in accordance with International Accounting Standards IAS 34 “Interim Financial Reporting”. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accouting Standards") and should be read in conjunction with the Bank’s annual consolidated financial statements as at and for the year ended December 31, 2025.
These interim financial statements were authorized for issue by the Bank’s board of directors on July 21, 2026.
2.2. Accounting Standards Issued but Not Yet in Effect
IFRS 18 – Presentation and Disclosure in Financial Statements will replace IAS 1: Presentation of Financial Statements and will be applicable for annual periods beginning on or after January 1, 2027. The Bank has not adopted this standard early in the preparation of these interim financial statements.
IFRS 18 introduces changes to the structure of the income statement, greater disaggregation of financial information, and new disclosures related to performance measures defined by management. The Bank is in the process of evaluating the impact of its adoption, which may vary as the implementation of changes to accounting processes, controls, and policies is finalized.
In general terms, the following impacts are expected:
•Structure of the income statement: Income and expenses will be classified into categories such as operating, investing, and financing activities, among others. Since the Bank qualifies as an entity whose primary activity is providing financing, interest income and expenses will be presented within the operating category, eliminating their current presentation as a separate subtotal. New defined subtotals will also be introduced, such as operating profit and profit before financing and taxes.
•Classification of income and expenses: Certain items, including exchange differences, hedging instruments, and other income, will be reclassified according to the nature of the items that generate them. Additionally, the share of the results of investments accounted for using the equity method will be presented within the investment category.
•Performance measures defined by management: The Bank is in the process of developing the framework for identifying and disclosing these measures, which will be based on public communications and aligned with the financial statement reporting period.
•Aggregation and disaggregation: Greater disaggregation of items in the financial statements and notes is expected, including a review of items currently presented as “other.”
•Cash flows: Operating profit will be used as the starting point for presenting operating cash flows under the indirect method. The classification of cash flows related to interest and dividends will also be adjusted in accordance with IFRS 18 requirements.
9
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review
This note presents information about the Bank’s exposure to financial risks:
A.Credit risk
i.Credit quality analysis
The following tables set out information about the credit quality of financial assets measured at amortized cost, and debt instruments at FVOCI. For loan commitments and financial guarantee contracts, the amounts in the table represent the amounts committed or guaranteed, respectively.
Deposits
| June 30, 2026 | |||||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.28 | 1,887,960 | — | — | 1,887,960 | ||||||||||||||||||||||||
| Grades 5 - 6 | 0.29 - 3.60 | 1,174 | — | — | 1,174 | ||||||||||||||||||||||||
| Grades 7 - 8 | 3.61 - 36.40 | 3 | — | — | 3 | ||||||||||||||||||||||||
| 1,889,137 | — | — | 1,889,137 | ||||||||||||||||||||||||||
| Allowance for credit losses | (166) | — | — | (166) | |||||||||||||||||||||||||
| Total | 1,888,971 | — | — | 1,888,971 | |||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.38 | 1,923,151 | — | — | 1,923,151 | ||||||||||||||||||||||||
| Grades 5 - 6 | 0.39 - 3.81 | 660 | — | — | 660 | ||||||||||||||||||||||||
| Grades 7 - 8 | 3.82 - 34.52 | 75 | — | — | 75 | ||||||||||||||||||||||||
| 1,923,886 | — | — | 1,923,886 | ||||||||||||||||||||||||||
| Allowance for credit losses | (155) | — | — | (155) | |||||||||||||||||||||||||
| Total | 1,923,731 | — | — | 1,923,731 | |||||||||||||||||||||||||
Loans, at amortized cost (1)
| June 30, 2026 | |||||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.28 | 6,077,081 | — | — | 6,077,081 | ||||||||||||||||||||||||
| Grades 5 - 6 | 0.29 - 3.60 | 3,931,201 | 104,222 | — | 4,035,423 | ||||||||||||||||||||||||
| Grades 7 - 8 | 3.61 - 36.40 | 46,822 | 42,421 | 45,009 | 134,252 | ||||||||||||||||||||||||
| Grades 9 - 10 | 36.41 - 100 | — | — | 31,659 | 31,659 | ||||||||||||||||||||||||
| 10,055,104 | 146,643 | 76,668 | 10,278,415 | ||||||||||||||||||||||||||
| Allowance for credit losses | (30,046) | (13,123) | (35,733) | (78,902) | |||||||||||||||||||||||||
| Total | 10,025,058 | 133,520 | 40,935 | 10,199,513 | |||||||||||||||||||||||||
10
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A.Credit risk (continued)
| December 31, 2025 | |||||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.38 | 5,399,585 | — | — | 5,399,585 | ||||||||||||||||||||||||
| Grades 5 - 6 | 0.39 - 3.81 | 3,412,140 | 78,892 | — | 3,491,032 | ||||||||||||||||||||||||
| Grades 7 - 8 | 3.82 - 34.52 | 125,507 | 102,127 | — | 227,634 | ||||||||||||||||||||||||
| Grades 9 - 10 | 34.53 - 100 | — | — | 39,985 | 39,985 | ||||||||||||||||||||||||
| 8,937,232 | 181,019 | 39,985 | 9,158,236 | ||||||||||||||||||||||||||
| Allowance for credit losses | (31,660) | (33,169) | (28,979) | (93,808) | |||||||||||||||||||||||||
| Total | 8,905,572 | 147,850 | 11,006 | 9,064,428 | |||||||||||||||||||||||||
Loans at FVOCI (1)
| June 30, 2026 | |||||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.28 | 144,589 | — | — | 144,589 | ||||||||||||||||||||||||
| Grades 5 - 6 | 0.29 - 3.60 | 120,916 | — | — | 120,916 | ||||||||||||||||||||||||
| 265,505 | — | — | 265,505 | ||||||||||||||||||||||||||
| Allowance for credit losses | (1,578) | — | — | (1,578) | |||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.38 | 15,627 | — | — | 15,627 | ||||||||||||||||||||||||
| Grades 5 - 6 | 0.39 - 3.81 | 61,613 | — | — | 61,613 | ||||||||||||||||||||||||
| 77,240 | — | — | 77,240 | ||||||||||||||||||||||||||
| Allowance for credit losses | (468) | — | — | (468) | |||||||||||||||||||||||||
(1) Loans at amortized cost and FVOCI includes interest and commission receivable.
11
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A.Credit risk (continued)
Loan commitments, financial guarantees issued and customers’ liabilities under acceptances
| June 30, 2026 | |||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Total | ||||||||||||||||||||
| Commitments and contingencies | |||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.28 | 878,496 | — | 878,496 | |||||||||||||||||||
| Grades 5 - 6 | 0.29 - 3.60 | 996,495 | 2,434 | 998,929 | |||||||||||||||||||
| Grades 7 - 8 | 3.61 - 36.40 | 262,252 | 2,692 | 264,944 | |||||||||||||||||||
| 2,137,243 | 5,126 | 2,142,369 | |||||||||||||||||||||
| Customers' liabilities under acceptances | |||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.28 | 78,689 | — | 78,689 | |||||||||||||||||||
| Grades 5 - 6 | 0.29 - 3.60 | 81,788 | — | 81,788 | |||||||||||||||||||
| Grades 7 - 8 | 3.61 - 36.40 | 37,563 | — | 37,563 | |||||||||||||||||||
| 198,040 | — | 198,040 | |||||||||||||||||||||
| 2,335,283 | 5,126 | 2,340,409 | |||||||||||||||||||||
| Provision | (11,417) | (550) | (11,967) | ||||||||||||||||||||
| Total | 2,323,866 | 4,576 | 2,328,442 | ||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Total | ||||||||||||||||||||
| Commitments and contingencies | |||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.38 | 876,482 | — | 876,482 | |||||||||||||||||||
| Grades 5 - 6 | 0.39 - 3.81 | 676,044 | 365 | 676,409 | |||||||||||||||||||
| Grades 7 - 8 | 3.82 - 34.52 | 287,766 | — | 287,766 | |||||||||||||||||||
| 1,840,292 | 365 | 1,840,657 | |||||||||||||||||||||
| Customers' liabilities under acceptances | |||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.38 | 64,761 | — | 64,761 | |||||||||||||||||||
| Grades 5 - 6 | 0.39 - 3.81 | 31,284 | — | 31,284 | |||||||||||||||||||
| Grades 7 - 8 | 3.82 - 34.52 | 65,552 | — | 65,552 | |||||||||||||||||||
| 161,597 | — | 161,597 | |||||||||||||||||||||
| 2,001,889 | 365 | 2,002,254 | |||||||||||||||||||||
| Provision | (12,128) | (2) | (12,130) | ||||||||||||||||||||
| Total | 1,989,761 | 363 | 1,990,124 | ||||||||||||||||||||
12
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A.Credit risk (continued)
Securities at amortized cost(1)
| June 30, 2026 | |||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Total | ||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.28 | 1,355,489 | — | 1,355,489 | |||||||||||||||||||
| 1,355,489 | — | 1,355,489 | |||||||||||||||||||||
| Allowance for credit losses | (413) | — | (413) | ||||||||||||||||||||
| Total | 1,355,076 | — | 1,355,076 | ||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Total | ||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.38 | 1,294,293 | — | 1,294,293 | |||||||||||||||||||
| Grades 5 - 6 | 0.39 - 3.81 | 55,550 | 10,654 | 66,204 | |||||||||||||||||||
| 1,349,843 | 10,654 | 1,360,497 | |||||||||||||||||||||
| Allowance for credit losses | (918) | (65) | (983) | ||||||||||||||||||||
| Total | 1,348,925 | 10,589 | 1,359,514 | ||||||||||||||||||||
Securities at FVOCI(1)
| June 30, 2026 | ||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Total | |||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.28 | 204,856 | — | 204,856 | ||||||||||||||||||||||
| Grades 5 - 6 | 0.29 - 3.60 | 123,221 | — | 123,221 | ||||||||||||||||||||||
| 328,077 | — | 328,077 | ||||||||||||||||||||||||
| Allowance for credit losses - FVOCI | (795) | — | (795) | |||||||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||
| PD Ranges | Stage 1 | Stage 2 | Total | |||||||||||||||||||||||
| Grades 1 - 4 | 0.05 - 0.38 | 69,476 | — | 69,476 | ||||||||||||||||||||||
| Allowance for credit losses - FVOCI | (16) | — | (16) | |||||||||||||||||||||||
(1) Securities at amortized cost includes interest receivable.
The allowance for credit losses for loans and investment securities at FVOCI do not affect the carrying value of the assets. These allowances are included in the equity in the consolidated statement of financial position in the line Other comprehensive income.
The following table presents information of the current and past due balances of loans:
| June 30, 2026 | December 31, 2025 | |||||||||||||
| Current | 10,467,252 | 9,195,491 | ||||||||||||
Past due (1) | 76,668 | 39,985 | ||||||||||||
| Total | 10,543,920 | 9,235,476 | ||||||||||||
(1) Past due loans are classified in Stage 3.
13
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
The following table presents an analysis of counterparty credit exposures arising from derivative transactions. The Bank's derivative are generally collateralized by cash.
| June 30, 2026 | |||||||||||||||||
| Notional value USD | Derivative financial instruments - fair value asset | Derivative financial instruments - fair value liabilities | |||||||||||||||
| Interest rate swaps | 2,500,874 | 27,754 | (10,069) | ||||||||||||||
| Cross-currency swaps | 1,916,461 | 75,436 | (39,561) | ||||||||||||||
| Foreign exchange forwards | 45,986 | 13 | (434) | ||||||||||||||
| Total | 4,463,321 | 103,203 | (50,064) | ||||||||||||||
| December 31, 2025 | |||||||||||||||||
| Notional value USD | Derivative financial instruments - fair value asset | Derivative financial instruments - fair value liabilities | |||||||||||||||
| Interest rate swaps | 1,754,481 | 27,644 | (5,868) | ||||||||||||||
| Cross-currency swaps | 1,317,295 | 43,762 | (57,027) | ||||||||||||||
| Foreign exchange forwards | 7,039 | — | (44) | ||||||||||||||
| Total | 3,078,815 | 71,406 | (62,939) | ||||||||||||||
ii.Allowance for credit losses
The following tables show reconciliations from the opening to the closing balance of the Allowance for credit losses by class of financial instrument.
Bank deposits
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 155 | — | — | 155 | |||||||||||||||||||
| Net effect of changes in allowance for expected credit losses | 91 | — | — | 91 | |||||||||||||||||||
| Financial instruments that have been derecognized during the period | (123) | — | — | (123) | |||||||||||||||||||
| New financial assets originated or purchased | 43 | — | — | 43 | |||||||||||||||||||
| Impairment losses on financial instruments | 11 | — | — | 11 | |||||||||||||||||||
| Allowance for expected credit losses as of June 30, 2026 | 166 | — | — | 166 | |||||||||||||||||||
14
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2024 | — | — | — | — | |||||||||||||||||||
| Net effect of changes in allowance for expected credit losses | 155 | — | — | 155 | |||||||||||||||||||
| Impairment losses on financial instruments | 155 | — | — | 155 | |||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 155 | — | — | 155 | |||||||||||||||||||
Loans at amortized cost
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 31,660 | 33,169 | 28,979 | 93,808 | |||||||||||||||||||
| Transfer to lifetime expected credit losses | (306) | 306 | — | — | |||||||||||||||||||
| Transfer to credit-impaired financial instruments | — | (14,147) | 13,597 | (550) | |||||||||||||||||||
| Net effect of changes in allowance for expected credit losses | (6,151) | 13,486 | 658 | 7,993 | |||||||||||||||||||
| Financial instruments that have been derecognized during the period | (12,220) | (336) | — | (12,556) | |||||||||||||||||||
| New financial assets originated or purchased | 17,063 | 216 | — | 17,279 | |||||||||||||||||||
| Impairment losses on financial instruments | (1,614) | (475) | 14,255 | 12,166 | |||||||||||||||||||
| Write-offs | — | (19,571) | (8,601) | (28,172) | |||||||||||||||||||
| Recoveries | — | — | 1,100 | 1,100 | |||||||||||||||||||
| Allowance for expected credit losses as of June 30, 2026 | 30,046 | 13,123 | 35,733 | 78,902 | |||||||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2024 | 45,635 | 20,040 | 12,483 | 78,158 | |||||||||||||||||||
| Transfer to lifetime expected credit losses | (176) | (10,151) | 10,327 | — | |||||||||||||||||||
| Net effect of changes in allowance for expected credit losses | (2,762) | 14,536 | 5,548 | 17,322 | |||||||||||||||||||
| Financial instruments that have been derecognized during the year | (35,330) | (6,640) | — | (41,970) | |||||||||||||||||||
| New financial assets originated or purchased | 24,293 | 15,384 | — | 39,677 | |||||||||||||||||||
| Impairment losses on financial instruments | (13,975) | 13,129 | 15,875 | 15,029 | |||||||||||||||||||
| Recoveries | — | — | 621 | 621 | |||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 31,660 | 33,169 | 28,979 | 93,808 | |||||||||||||||||||
15
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
Loans at FVOCI
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 468 | — | — | 468 | |||||||||||||||||||
| Net effect of changes in allowance for expected credit losses | (80) | — | — | (80) | |||||||||||||||||||
| Financial instruments that have been derecognized during the period | (94) | — | — | (94) | |||||||||||||||||||
| New financial assets originated or purchased | 1,284 | — | — | 1,284 | |||||||||||||||||||
| Impairment losses on financial instruments | 1,110 | — | — | 1,110 | |||||||||||||||||||
| Allowance for expected credit losses as of June 30, 2026 | 1,578 | — | — | 1,578 | |||||||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2024 | — | — | — | — | |||||||||||||||||||
| New financial assets originated or purchased | 468 | — | — | 468 | |||||||||||||||||||
| Impairment losses on financial instruments | 468 | — | — | 468 | |||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 468 | — | — | 468 | |||||||||||||||||||
Loan commitments, financial guarantee contracts and customers’ liabilities under acceptances
The allowance for expected credit losses on loan commitments and financial guarantee contracts reflects the Bank’s management estimate of expected credit losses of customers’ liabilities under acceptances and contingent liabilities such as: confirmed letters of credit, stand-by letters of credit, guarantees, and credit commitments.
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 12,128 | 2 | — | 12,130 | |||||||||||||||||||
| Transfer to lifetime expected credit losses | (18) | 18 | — | — | |||||||||||||||||||
| Net effect of changes in reserve for expected credit losses | (2,130) | 532 | — | (1,598) | |||||||||||||||||||
| Financial instruments that have been derecognized during the period | (3,360) | (2) | — | (3,362) | |||||||||||||||||||
| New instruments originated or purchased | 4,797 | — | — | 4,797 | |||||||||||||||||||
| Impairment losses on financial instruments | (711) | 548 | — | (163) | |||||||||||||||||||
| Allowance for expected credit losses as of June 30, 2026 | 11,417 | 550 | — | 11,967 | |||||||||||||||||||
16
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2024 | 4,815 | 560 | — | 5,375 | |||||||||||||||||||
| Net effect of changes in reserve for expected credit losses | (284) | (5) | — | (289) | |||||||||||||||||||
| Financial instruments that have been derecognized during the year | (3,369) | (553) | — | (3,922) | |||||||||||||||||||
| New instruments originated or purchased | 10,966 | — | — | 10,966 | |||||||||||||||||||
| Impairment losses on financial instruments | 7,313 | (558) | — | 6,755 | |||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 12,128 | 2 | — | 12,130 | |||||||||||||||||||
Securities at amortized cost
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 918 | 65 | — | 983 | |||||||||||||||||||
| Net effect of changes in allowance for expected credit losses | (89) | — | — | (89) | |||||||||||||||||||
| Financial instruments that have been derecognized during the period | (514) | (65) | — | (579) | |||||||||||||||||||
| New financial assets originated or purchased | 98 | — | — | 98 | |||||||||||||||||||
| Impairment losses on financial instruments | (505) | (65) | — | (570) | |||||||||||||||||||
| Allowance for expected credit losses as of June 30, 2026 | 413 | — | — | 413 | |||||||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2024 | 1,133 | 178 | — | 1,311 | |||||||||||||||||||
| Transfer to lifetime expected credit losses | (19) | 19 | — | — | |||||||||||||||||||
| Net effect of changes in allowance for expected credit losses | (2) | (85) | — | (87) | |||||||||||||||||||
| Financial instruments that have been derecognized during the year | (387) | — | — | (387) | |||||||||||||||||||
| New financial assets originated or purchased | 193 | — | — | 193 | |||||||||||||||||||
| Impairment losses on financial instruments | (215) | (66) | — | (281) | |||||||||||||||||||
| Write-offs | — | (47) | — | (47) | |||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 918 | 65 | — | 983 | |||||||||||||||||||
17
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
Securities at FVOCI
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 16 | — | — | 16 | |||||||||||||||||||
| Financial instruments that have been derecognized during the year | (13) | — | — | (13) | |||||||||||||||||||
| New financial assets originated or purchased | 792 | — | — | 792 | |||||||||||||||||||
| Impairment losses on financial instruments | 779 | — | — | 779 | |||||||||||||||||||
| Allowance for expected credit losses as of June 30, 2026 | 795 | — | — | 795 | |||||||||||||||||||
| Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2024 | 23 | — | — | 23 | |||||||||||||||||||
| Financial instruments that have been derecognized during the year | (14) | — | — | (14) | |||||||||||||||||||
| New financial assets originated or purchased | 7 | — | — | 7 | |||||||||||||||||||
| Impairment losses on financial instruments | (7) | — | — | (7) | |||||||||||||||||||
| Allowance for expected credit losses as of December 31, 2025 | 16 | — | — | 16 | |||||||||||||||||||
The following table provides a summary of impairment losses on financial instruments presented in the consolidated statement of profit or loss:
| June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
Cash and due from banks | 11 | 49 | |||||||||
Loans at amortized cost | 12,166 | 3,524 | |||||||||
Loans at FVOCI | 1,110 | 231 | |||||||||
Loan commitments, financial guarantee contracts and customers’ liabilities under acceptances | (163) | 6,502 | |||||||||
Securities at amortized cost | (570) | (152) | |||||||||
Securities at FVOCI | 779 | 81 | |||||||||
| Total | 13,333 | 10,235 | |||||||||
18
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
iii.Credit-impaired financial assets
Credit-impaired loans and advances are graded 8 to 10 in the Bank’s internal credit risk grading system.
The following table sets out a reconciliation of changes in the carrying amount of the allowance for credit losses for credit-impaired financial assets classified in stage 3:
| Loans at amortized cost: | June 30, 2026 | December 31, 2025 | |||||||||
| Credit-impaired loans at beginning of period | 28,979 | 12,483 | |||||||||
| Classified as credit-impaired during the period | 13,597 | 10,327 | |||||||||
| Change in allowance for expected credit losses | 393 | 4,720 | |||||||||
| Interest income | 265 | 828 | |||||||||
| Write-offs | (8,601) | — | |||||||||
| Recoveries | 1,100 | 621 | |||||||||
| Credit-impaired loans at end of period | 35,733 | 28,979 | |||||||||
19
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
iv.Concentrations of credit risk
The Bank monitors concentrations of credit risk by sector, industry and country. An analysis of concentrations of credit risk from loans at amortized cost, loan commitments, financial guarantees and securities at amortized is as follows.
Concentration by sector and industry of instruments at amortized cost
| Loans at amortized cost | Loan commitments, financial guarantee contracts and acceptances outstanding | Securities at amortized cost | |||||||||||||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||
| Gross amount | 10,278,415 | 9,158,236 | 198,040 | 161,597 | 1,355,489 | 1,360,497 | |||||||||||||||||||||||||||||
| Amount committed/guaranteed | — | — | 2,142,369 | 1,840,657 | — | — | |||||||||||||||||||||||||||||
| Concentration by sector | |||||||||||||||||||||||||||||||||||
| Corporations: | |||||||||||||||||||||||||||||||||||
| Private | 5,766,974 | 5,158,895 | 1,535,826 | 1,357,884 | 851,522 | 723,976 | |||||||||||||||||||||||||||||
| State-owned | 1,319,848 | 1,194,949 | 116,212 | 254,122 | 40,451 | 45,516 | |||||||||||||||||||||||||||||
| Financial institutions: | |||||||||||||||||||||||||||||||||||
| Private | 2,510,933 | 2,427,179 | 197,021 | 126,824 | 308,553 | 335,039 | |||||||||||||||||||||||||||||
| State-owned | 273,748 | 257,479 | 491,350 | 263,424 | 49,967 | 65,038 | |||||||||||||||||||||||||||||
| Sovereign | 406,912 | 119,734 | — | — | 104,996 | 190,928 | |||||||||||||||||||||||||||||
| Total | 10,278,415 | 9,158,236 | 2,340,409 | 2,002,254 | 1,355,489 | 1,360,497 | |||||||||||||||||||||||||||||
| Concentration by industry | |||||||||||||||||||||||||||||||||||
| Financial institutions | 2,784,681 | 2,684,658 | 688,371 | 390,248 | 358,520 | 400,077 | |||||||||||||||||||||||||||||
| Manufacturing | 2,878,334 | 2,864,918 | 475,546 | 418,860 | 498,605 | 403,603 | |||||||||||||||||||||||||||||
| Oil and petroleum derived products | 1,531,007 | 1,264,187 | 657,300 | 737,990 | 102,735 | 98,876 | |||||||||||||||||||||||||||||
| Agricultural | 427,526 | 330,621 | 24,093 | 28,950 | — | — | |||||||||||||||||||||||||||||
| Services | 709,400 | 686,726 | 242,637 | 251,670 | 138,894 | 152,037 | |||||||||||||||||||||||||||||
| Mining | 405,695 | 387,599 | 76,517 | 60,914 | 32,580 | 20,014 | |||||||||||||||||||||||||||||
| Sovereign | 406,912 | 119,734 | — | — | 104,996 | 190,928 | |||||||||||||||||||||||||||||
| Other | 1,134,860 | 819,793 | 175,945 | 113,622 | 119,159 | 94,962 | |||||||||||||||||||||||||||||
| Total | 10,278,415 | 9,158,236 | 2,340,409 | 2,002,254 | 1,355,489 | 1,360,497 | |||||||||||||||||||||||||||||
20
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
Concentration by sector and industry at FVOCI
| Loans at FVOCI | Securities FVOCI | ||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||
Gross amount | 265,505 | 77,240 | 328,077 | 69,476 | |||||||||||||||||||
| Concentration by sector | |||||||||||||||||||||||
| Corporations: | |||||||||||||||||||||||
| Private | 77,786 | 52,691 | 32,874 | 32,874 | — | ||||||||||||||||||
| State-owned | 118,802 | — | 43,315 | — | |||||||||||||||||||
| Financial institutions: | |||||||||||||||||||||||
| Private | 68,917 | 19,424 | 2,013 | — | |||||||||||||||||||
| State-owned | — | 5,125 | 56,227 | 69,476 | |||||||||||||||||||
| Sovereign | — | — | 193,648 | — | |||||||||||||||||||
| Total | 265,505 | 77,240 | 328,077 | 69,476 | |||||||||||||||||||
| Concentration by industry | |||||||||||||||||||||||
| Financial institutions | 68,917 | 24,549 | 58,240 | 69,476 | |||||||||||||||||||
| Manufacturing | 103,922 | — | 41,477 | — | |||||||||||||||||||
| Oil and petroleum derived products | 40,438 | — | 34,712 | — | |||||||||||||||||||
| Agricultural | 15,708 | 15,627 | — | — | |||||||||||||||||||
| Mining | 36,520 | 37,064 | — | — | |||||||||||||||||||
| Sovereign | — | — | 193,648 | — | |||||||||||||||||||
| Total | 265,505 | 77,240 | 328,077 | 69,476 | |||||||||||||||||||
21
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
Concentration by country risk financial instruments at amortized cost
| Loans at amortized cost | Commitments, financial guarantee contracts and acceptances outstanding | Securities at amortized cost | |||||||||||||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||
| Gross amount | 10,278,415 | 9,158,236 | 198,040 | 161,597 | 1,355,489 | 1,360,497 | |||||||||||||||||||||||||||||
| Amount committed/guaranteed | — | — | 2,142,369 | 1,840,657 | — | — | |||||||||||||||||||||||||||||
| Concentration by country | |||||||||||||||||||||||||||||||||||
| Argentina | 321,060 | 198,905 | 316,821 | 169,695 | — | — | |||||||||||||||||||||||||||||
| Australia | — | — | — | — | 22,488 | 9,936 | |||||||||||||||||||||||||||||
| Belgium | — | — | — | — | 15,421 | 15,696 | |||||||||||||||||||||||||||||
| Brazil | 1,400,437 | 1,130,060 | 135,529 | 135,428 | — | 7,009 | |||||||||||||||||||||||||||||
| Canada | — | — | 41,795 | 26,591 | 55,819 | 47,743 | |||||||||||||||||||||||||||||
| Chile | 516,735 | 501,107 | 108,242 | 67,887 | 50,140 | 29,986 | |||||||||||||||||||||||||||||
| China | 14,952 | 14,917 | — | — | — | — | |||||||||||||||||||||||||||||
| Colombia | 1,095,041 | 1,080,071 | 85,638 | 84,837 | — | 14,898 | |||||||||||||||||||||||||||||
| Costa Rica | 416,027 | 461,965 | 59,103 | 61,212 | — | 8,141 | |||||||||||||||||||||||||||||
| Dominican Republic | 846,038 | 919,673 | 224,728 | 135,214 | — | — | |||||||||||||||||||||||||||||
| Ecuador | 282,891 | 183,502 | 336,887 | 206,845 | — | — | |||||||||||||||||||||||||||||
| El Salvador | 203,031 | 100,756 | 8,440 | 29,084 | — | — | |||||||||||||||||||||||||||||
| Finland | — | — | — | — | 20,042 | 13,365 | |||||||||||||||||||||||||||||
| France | 152,319 | 68,555 | 3,896 | 72,443 | 14,693 | 15,011 | |||||||||||||||||||||||||||||
| Germany | — | — | 15,000 | 15,000 | 29,909 | 29,998 | |||||||||||||||||||||||||||||
| Guatemala | 1,657,676 | 1,537,176 | 114,847 | 117,786 | — | — | |||||||||||||||||||||||||||||
| Honduras | 147,861 | 108,137 | 22,705 | 22,862 | — | — | |||||||||||||||||||||||||||||
| Ireland | — | — | — | — | 24,505 | 14,408 | |||||||||||||||||||||||||||||
| Italy | 13,657 | 23,375 | 13,615 | 1,442 | — | — | |||||||||||||||||||||||||||||
| Jamaica | 39,276 | 57,969 | 433 | — | — | — | |||||||||||||||||||||||||||||
| Japan | — | — | — | — | 61,081 | 60,402 | |||||||||||||||||||||||||||||
| Korea | — | — | — | — | 50,052 | 34,704 | |||||||||||||||||||||||||||||
| Kuwait | — | — | — | — | 20,160 | 20,159 | |||||||||||||||||||||||||||||
| Mexico | 1,108,751 | 1,116,825 | 213,625 | 205,726 | — | 1,269 | |||||||||||||||||||||||||||||
| Netherlands | — | — | 13,200 | 4,500 | 9,913 | 9,933 | |||||||||||||||||||||||||||||
| Norway | — | — | — | — | 23,621 | 24,577 | |||||||||||||||||||||||||||||
| Panama | 1,107,702 | 571,207 | 66,702 | 35,989 | 5,002 | 75,494 | |||||||||||||||||||||||||||||
| Paraguay | 146,031 | 210,047 | 250 | 250 | — | — | |||||||||||||||||||||||||||||
| Peru | 333,323 | 173,441 | 194,478 | 212,219 | 2,210 | 9,971 | |||||||||||||||||||||||||||||
| Puerto Rico | 2,326 | 6,632 | — | 15,000 | — | — | |||||||||||||||||||||||||||||
| Qatar | — | — | — | — | 30,049 | 30,103 | |||||||||||||||||||||||||||||
| Arabia Saudi | — | — | — | — | 49,015 | 49,919 | |||||||||||||||||||||||||||||
| Singapore | 112,300 | 131,154 | 24,741 | 5,507 | — | — | |||||||||||||||||||||||||||||
| Trinidad and Tobago | 150,027 | 171,001 | — | 43,000 | — | — | |||||||||||||||||||||||||||||
| Sweden | — | — | — | — | 3,756 | 14,932 | |||||||||||||||||||||||||||||
| Suriname | 6,279 | 3,627 | 143,823 | 146,401 | — | — | |||||||||||||||||||||||||||||
| United States of America | 72,451 | 219,563 | 29,420 | 39,198 | 791,915 | 740,864 | |||||||||||||||||||||||||||||
| United Kingdom | 105,085 | 103,665 | 135,747 | 141,696 | 40,338 | 50,315 | |||||||||||||||||||||||||||||
| United Arab Emirates | — | — | — | — | 7,541 | 3,521 | |||||||||||||||||||||||||||||
| Uruguay | 27,139 | 64,906 | 30,744 | 6,442 | — | — | |||||||||||||||||||||||||||||
| Multilateral | — | — | — | — | 27,819 | 28,143 | |||||||||||||||||||||||||||||
| Total | 10,278,415 | 9,158,236 | 2,340,409 | 2,002,254 | 1,355,489 | 1,360,497 | |||||||||||||||||||||||||||||
22
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
Risk rating and concentration by country financial instruments at FVOCI
| Loans at FVOCI | Securities at FVOCI | ||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||
Gross amount | 265,505 | 77,240 | 328,077 | 69,476 | |||||||||||||||||||
| Concentration by country | |||||||||||||||||||||||
| Argentina | 25,558 | — | — | — | |||||||||||||||||||
| Brazil | — | — | 7,029 | — | |||||||||||||||||||
| Chile | — | — | 14,646 | ||||||||||||||||||||
| Colombia | 118,801 | — | 53,880 | — | |||||||||||||||||||
| Costa Rica | — | — | 8,603 | — | |||||||||||||||||||
| Ecuador | 38,977 | — | — | — | |||||||||||||||||||
| El Salvador | 19,861 | 24,549 | — | — | |||||||||||||||||||
| Guatemala | 25,788 | 15,627 | 2,013 | — | |||||||||||||||||||
| Norway | — | — | 34,712 | — | |||||||||||||||||||
| Panama | — | — | 47,223 | — | |||||||||||||||||||
| Dominican Republic | 36,520 | 37,064 | 60,366 | — | |||||||||||||||||||
| Trinidad and Tobago | — | — | 50,406 | — | |||||||||||||||||||
| Multilateral | — | — | 49,199 | 69,476 | |||||||||||||||||||
| Total | 265,505 | 77,240 | 328,077 | 69,476 | |||||||||||||||||||
v.Offsetting financial assets and liabilities
The following tables include financial assets and liabilities that are offset in the consolidated financial statement or subject to an enforceable master netting arrangement:
Derivative financial instruments – assets
| June 30, 2026 | |||||||||||||||||||||||||||||||||||
| 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 | 96,886 | — | 96,886 | — | (93,893) | 2,993 | |||||||||||||||||||||||||||||
| Total | 96,886 | — | 96,886 | — | (93,893) | 2,993 | |||||||||||||||||||||||||||||
23
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
A. Credit risk (continued)
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| 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 | 69,837 | — | 69,837 | — | (49,266) | 20,571 | |||||||||||||||||||||||||||||
| Total | 69,837 | — | 69,837 | — | (49,266) | 20,571 | |||||||||||||||||||||||||||||
Securities sold under repurchase agreements and derivative financial instruments – liabilities
| June 30, 2026 | ||||||||||||||||||||||||||||||||||||||
| Gross amounts of liabilities | Gross amounts offset in the consolidated statement of financial position | Net amount of liabilities 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 | (275,310) | — | (275,310) | 303,823 | 476 | 28,989 | ||||||||||||||||||||||||||||||||
| Derivative financial instruments used for hedging at FVTPL | (46,463) | — | (46,463) | — | 34,020 | (12,443) | ||||||||||||||||||||||||||||||||
| Total | (321,773) | — | (321,773) | 303,823 | 34,496 | 16,546 | ||||||||||||||||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| Gross amounts of liabilities | Gross amounts offset in the consolidated statement of financial position | Net amount of liabilities 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 | (130,509) | — | (130,509) | 147,480 | — | 16,971 | ||||||||||||||||||||||||||||||||
| Derivative financial instruments used for hedging at FVTPL | (62,506) | — | (62,506) | — | 51,353 | (11,153) | ||||||||||||||||||||||||||||||||
| Total | (193,015) | — | (193,015) | 147,480 | 51,353 | 5,818 | ||||||||||||||||||||||||||||||||
24
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
B.Liquidity risk
i.Exposure to liquidity risk
The key measure used by the Bank for managing liquidity risk is the ratio of net liquid assets to deposits from customers and funding with a a remaining tenor of 30 days. For this purpose, ‘net liquid assets’ include cash and cash equivalents which consist of deposits from banks and customers, as well as corporate debt securities with investment grade.
The following table details the Bank's liquidity ratios:
| June 30, 2026 | December 31, 2025 | ||||||||||
| At the end of the period | 140.18 | % | 159.26 | % | |||||||
| Period/year average | 114.80 | % | 129.49 | % | |||||||
| Maximum of the period | 143.78 | % | 212.53 | % | |||||||
| Minimun of the period | 101.56 | % | 103.63 | % | |||||||
The following table includes the Bank’s liquid assets by country risk:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| (in millions of USD dollars) | Cash and due from banks | Securities FVOCI | Total | Cash and due from banks | Securities FVOCI | Total | |||||||||||||||||||||||||||||
| United State of America | 1,371 | — | 1,371 | — | 1,784 | — | 1,784 | ||||||||||||||||||||||||||||
| Other O.E.C.D countries | 399 | 34 | 433 | 3 | — | 3 | |||||||||||||||||||||||||||||
| Latin America | 5 | 14 | 19 | 5 | — | 5 | |||||||||||||||||||||||||||||
| Multilateral | 50 | 49 | 99 | 50 | 69 | 119 | |||||||||||||||||||||||||||||
| Total | 1,825 | 97 | 1,922 | 1,842 | 69 | 1,911 | |||||||||||||||||||||||||||||
The following table includes the Bank’s demand deposits from customers and its ratio to total deposits from customers:
| June 30, 2026 | December 31, 2025 | ||||||||||
| (in millions of USD dollars) | |||||||||||
| Demand and "overnight" deposits | 1,451 | 879 | |||||||||
| Demand and "overnight" deposits to total deposits | 18.39 | % | 13.31 | % | |||||||
The following table presents the total liquid assets available to meet the liquidity needs arising from customer deposits, their ratio to total customer deposits, and the amount of such assets maintained at the Federal Reserve Bank of the United States:
| June 30, 2026 | December 31, 2025 | ||||||||||
| (in millions of USD dollars) | |||||||||||
| Total liquid assets | 1,922 | 1,911 | |||||||||
| Total assets to total liabilities | 24.36 | % | 28.94 | % | |||||||
| Total liquid assets in the Federal Reserve of the United States of America | 67.42 | % | 90.74 | % | |||||||
25
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
B.Liquidity risk (continued)
Even though the average term of the Bank’s assets exceeds the average term of its liabilities, the associated liquidity risk is diminished by the short-term nature of a significant portion of the loan portfolio, since the Bank is primarily engaged in financing foreign trade.
The following table includes the carrying amount for the Bank’s loans and securities short-term portfolio with maturity within one year based on their original contractual term along with its average remaining term:
| (in millions of USD dollars) | June 30, 2026 | December 31, 2025 | |||||||||
| Loan and investment portfolio with original maturities of less than or equal 1 year | 5,791 | 5,247 | |||||||||
| Average term (days) | 182 | 180 | |||||||||
The following table includes the carrying amount for the Bank’s loans and securities medium term portfolio with maturity over one year based on their original contractual terms along with their average remaining term:
| (in millions of USD dollars) | June 30, 2026 | December 31, 2025 | |||||||||
| Loan and investment portfolio with original maturities of greater than 1 year | 6,333 | 5,349 | |||||||||
| Average term (days) | 1,443 | 1,409 | |||||||||
26
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
B.Liquidity risk (continued)
ii.Maturity analysis for financial liabilities and financial assets
The following table details the future undiscounted cash flows of financial assets and liabilities grouped by their remaining maturity with respect to the contractual maturity:
| June 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| 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 | 1,866,309 | 23,490 | — | — | — | 1,889,799 | 1,888,971 | |||||||||||||||||||||||||||||||||||||
| Securities | 59,841 | 119,151 | 318,579 | 1,321,602 | 22,214 | 1,841,387 | 1,683,153 | |||||||||||||||||||||||||||||||||||||
| Loans | 3,521,543 | 1,991,351 | 1,379,186 | 4,266,638 | 370,251 | 11,528,969 | 10,465,018 | |||||||||||||||||||||||||||||||||||||
| Customers' liabilities under acceptances | 146,848 | 24,640 | 26,552 | — | — | 198,040 | 198,040 | |||||||||||||||||||||||||||||||||||||
| Trading derivative financial instruments - assets | — | — | — | — | 6,317 | 6,317 | 6,317 | |||||||||||||||||||||||||||||||||||||
| Hedging derivative financial instruments - assets | 4,763 | 69 | 1,887 | 85,625 | 4,542 | 96,886 | 96,886 | |||||||||||||||||||||||||||||||||||||
| Total | 5,599,304 | 2,158,701 | 1,726,204 | 5,673,865 | 403,324 | 15,561,398 | 14,338,385 | |||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits | (6,172,900) | (1,135,789) | (504,906) | (146,516) | — | (7,960,111) | (7,934,541) | |||||||||||||||||||||||||||||||||||||
| Securities sold under repurchase agreements | (257,891) | (16,872) | — | — | — | (274,763) | (275,310) | |||||||||||||||||||||||||||||||||||||
| Borrowings and debt | (1,147,152) | (596,414) | (652,669) | (2,041,710) | (54,276) | (4,492,221) | (4,148,884) | |||||||||||||||||||||||||||||||||||||
| Lease liabilities | (388) | (394) | (797) | (6,585) | (11,165) | (19,329) | (19,329) | |||||||||||||||||||||||||||||||||||||
| Acceptances outstanding | (146,848) | (24,640) | (26,552) | — | — | (198,040) | (198,040) | |||||||||||||||||||||||||||||||||||||
| Trading derivative financial instruments - liabilities | — | — | — | — | (3,601) | (3,601) | (3,601) | |||||||||||||||||||||||||||||||||||||
| Hedging derivative financial instruments - liabilities | (11,332) | (2,310) | (5,791) | (27,030) | — | (46,463) | (46,463) | |||||||||||||||||||||||||||||||||||||
| Total | (7,736,511) | (1,776,419) | (1,190,715) | (2,221,841) | (69,042) | (12,994,528) | (12,626,168) | |||||||||||||||||||||||||||||||||||||
| Subtotal net position | (2,137,207) | 382,282 | 535,489 | 3,452,024 | 334,282 | 2,566,870 | 1,712,217 | |||||||||||||||||||||||||||||||||||||
| Off-balance sheet contingencies | ||||||||||||||||||||||||||||||||||||||||||||
| Confirmed letters of credit | 454,985 | 91,557 | 5,002 | — | — | 551,544 | ||||||||||||||||||||||||||||||||||||||
| Stand-by letters of credit and guarantees | 168,888 | 156,801 | 382,786 | 108,346 | — | 816,821 | ||||||||||||||||||||||||||||||||||||||
| Loans and letter of credit commitments | 46,843 | 74,811 | 159,300 | 459,479 | 33,571 | 774,004 | ||||||||||||||||||||||||||||||||||||||
| Total | 670,716 | 323,169 | 547,088 | 567,825 | 33,571 | 2,142,369 | ||||||||||||||||||||||||||||||||||||||
| Total net position | (2,807,923) | 59,113 | (11,599) | 2,884,199 | 300,711 | 424,501 | ||||||||||||||||||||||||||||||||||||||
27
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
B.Liquidity risk (continued)
| December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| 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 | 1,906,085 | 18,379 | — | — | — | 1,924,464 | 1,923,731 | |||||||||||||||||||||||||||||||||||||
| Securities | 103,225 | 134,775 | 203,340 | 1,079,046 | 31,792 | 1,552,178 | 1,428,990 | |||||||||||||||||||||||||||||||||||||
| Loans | 2,711,751 | 1,651,349 | 2,003,457 | 3,417,682 | 331,015 | 10,115,254 | 9,141,668 | |||||||||||||||||||||||||||||||||||||
| Customers' liabilities under acceptances | 102,576 | 36,206 | 22,815 | — | — | 161,597 | 161,597 | |||||||||||||||||||||||||||||||||||||
| Trading derivative financial instruments - assets | — | — | — | — | 1,569 | 1,569 | 1,569 | |||||||||||||||||||||||||||||||||||||
| Hedging derivative financial instruments - assets | 7,989 | 189 | 3,685 | 54,654 | 3,320 | 69,837 | 69,837 | |||||||||||||||||||||||||||||||||||||
| Total | 4,831,626 | 1,840,898 | 2,233,297 | 4,551,382 | 367,696 | 13,824,899 | 12,727,392 | |||||||||||||||||||||||||||||||||||||
| Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
| Customer deposits | (5,153,930) | (745,511) | (503,687) | (263,845) | — | (6,666,973) | (6,640,290) | |||||||||||||||||||||||||||||||||||||
| Securities sold under repurchase agreements | (7,800) | (68,015) | (58,631) | — | — | (134,446) | (130,509) | |||||||||||||||||||||||||||||||||||||
| Borrowings and debt | (1,093,223) | (550,119) | (447,676) | (2,246,182) | (49,796) | (4,386,996) | (4,030,389) | |||||||||||||||||||||||||||||||||||||
| Lease liabilities | (361) | (363) | (737) | (6,096) | (10,872) | (18,429) | (18,429) | |||||||||||||||||||||||||||||||||||||
| Acceptances outstanding | (102,576) | (36,206) | (22,815) | — | — | (161,597) | (161,597) | |||||||||||||||||||||||||||||||||||||
| Trading derivative financial instruments - liabilities | — | — | — | — | (433) | (433) | (433) | |||||||||||||||||||||||||||||||||||||
| Hedging derivative financial instruments - liabilities | (7,888) | — | (16,755) | (37,459) | (404) | (62,506) | (62,506) | |||||||||||||||||||||||||||||||||||||
| Total | (6,365,778) | (1,400,214) | (1,050,301) | (2,553,582) | (61,505) | (11,431,380) | (11,044,153) | |||||||||||||||||||||||||||||||||||||
| Subtotal net position | (1,534,152) | 440,684 | 1,182,996 | 1,997,800 | 306,191 | 2,393,519 | 1,683,239 | |||||||||||||||||||||||||||||||||||||
| Off-balance sheet contingencies | ||||||||||||||||||||||||||||||||||||||||||||
| Confirmed letters of credit | 141,926 | 74,009 | 24,185 | — | — | 240,120 | ||||||||||||||||||||||||||||||||||||||
| Stand-by letters of credit and guarantees | 301,972 | 169,182 | 255,763 | 109,517 | — | 836,434 | ||||||||||||||||||||||||||||||||||||||
| Loans and letter of credit commitments | 59,206 | 139,204 | 134,631 | 397,491 | 33,571 | 764,103 | ||||||||||||||||||||||||||||||||||||||
| Total | 503,104 | 382,395 | 414,579 | 507,008 | 33,571 | 1,840,657 | ||||||||||||||||||||||||||||||||||||||
| Total net position | (2,037,256) | 58,289 | 768,417 | 1,490,792 | 272,620 | 552,862 | ||||||||||||||||||||||||||||||||||||||
28
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
B.Liquidity risk (continued)
Future undiscounted cash flows presented in the table above on some financial assets and financial liabilities vary materially from contractual cash flows. The principal difference is that the undiscounted future cash flows of floating rate assets and liabilities are calculated using projected market rates.
The amounts in the tables above have been compiled as follows:
| Type of financial instrument | Basis on which amounts are compiled | |||||||
| Financial assets and liabilities | Undiscounted cash flows, which include estimated interest payments. | |||||||
| Issued financial guarantee contracts, and loan commitments | Earliest possible contractual maturity. For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. | |||||||
Derivative financial assets and financial liabilities | Contractual undiscounted cash flows. The amounts shown are the gross nominal inflows and outflows for derivatives that simultaneously settle gross or net amounts. | |||||||
iii.Liquidity reserves
As part of the management of liquidity risk arising from financial liabilities, the Bank holds liquid assets comprising cash and cash equivalents.
The following table sets out the components of the Banks’s liquidity reserves:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Amount | Fair value | Amount | Fair value | ||||||||||||||||||||
| Balances with Federal Reserve of the United States of America | 1,296,154 | 1,296,154 | 1,734,177 | 1,734,177 | |||||||||||||||||||
Cash and balances with other bank (1) | 528,675 | 528,675 | 108,031 | 108,031 | |||||||||||||||||||
| Total Liquidity reserves | 1,824,829 | 1,824,829 | 1,842,208 | 1,842,208 | |||||||||||||||||||
(1)Excludes pledged deposits.
iv.Financial assets available to support future funding
The following table sets out the Bank’s financial assets available to support future funding:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Guaranteed | Available as collateral | Guaranteed | Available as collateral | ||||||||||||||||||||
| Cash and due from banks | 63,620 | 1,824,829 | 80,954 | 1,842,208 | |||||||||||||||||||
| Notional of investment securities | 654,292 | 1,024,938 | 510,029 | 929,898 | |||||||||||||||||||
| Loans at amortized cost - outstanding principal balance | — | 10,196,982 | — | 9,104,725 | |||||||||||||||||||
| Total | 717,912 | 13,046,749 | 590,983 | 11,876,831 | |||||||||||||||||||
The total financial assets recognized in the consolidated statement of financial position that had been pledged as collateral for liabilities as of June 30, 2026 and December 31, 2025 are show in the table above.
The Bank manages market risk by considering the consolidated financial situation of the Bank.
29
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
C.Market risk
i.Interest rate risk
The table below details the Bank's exposure based on interest rate repricing/maturity date for the notional amount of the interest bearing financial assets and liabilities on interest-bearing financial assets and liabilities:
| June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Non interest rate risk | Total | |||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 1,861,081 | 23,000 | — | — | — | 4,368 | 1,888,449 | ||||||||||||||||||||||||||||||||||
| Securities - principal | 347,472 | 116,730 | 304,954 | 877,277 | 16,290 | — | 1,662,723 | ||||||||||||||||||||||||||||||||||
| Loans - principal balance | 6,707,183 | 2,662,372 | 853,812 | 233,357 | 5,005 | — | 10,461,729 | ||||||||||||||||||||||||||||||||||
| Total | 8,915,736 | 2,802,102 | 1,158,766 | 1,110,634 | 21,295 | 4,368 | 14,012,901 | ||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
| Customer deposits | (6,152,405) | (1,115,828) | (488,775) | (128,886) | — | (4,283) | (7,890,177) | ||||||||||||||||||||||||||||||||||
| Securities sold under repurchase agreements | (257,361) | (16,650) | — | — | — | — | (274,011) | ||||||||||||||||||||||||||||||||||
| Borrowings and debt | (3,115,768) | (546,018) | (5,836) | (439,067) | — | — | (4,106,689) | ||||||||||||||||||||||||||||||||||
| Total | (9,525,534) | (1,678,496) | (494,611) | (567,953) | — | (4,283) | (12,270,877) | ||||||||||||||||||||||||||||||||||
| Net effect of derivative financial instruments held | |||||||||||||||||||||||||||||||||||||||||
| for interest risk management | 32,998 | 101 | (171) | 20,211 | — | — | 53,139 | ||||||||||||||||||||||||||||||||||
| Total interest rate sensitivity | (576,800) | 1,123,707 | 663,984 | 562,892 | 21,295 | 85 | 1,795,163 | ||||||||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Non interest rate risk | Total | |||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 1,890,450 | 18,000 | — | — | — | 14,712 | 1,923,162 | ||||||||||||||||||||||||||||||||||
| Securities - principal | 268,495 | 132,025 | 195,048 | 797,495 | 21,571 | — | 1,414,634 | ||||||||||||||||||||||||||||||||||
| Loans - principal balance | 5,441,055 | 2,170,978 | 1,263,048 | 301,109 | 5,111 | — | 9,181,301 | ||||||||||||||||||||||||||||||||||
| Total | 7,600,000 | 2,321,003 | 1,458,096 | 1,098,604 | 26,682 | 14,712 | 12,519,097 | ||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
| Customer deposits | (5,136,030) | (792,898) | (426,691) | (244,735) | — | (3,862) | (6,604,216) | ||||||||||||||||||||||||||||||||||
| Securities sold under repurchase agreements | (129,698) | — | — | — | — | — | (129,698) | ||||||||||||||||||||||||||||||||||
| Borrowings and debt | (2,794,546) | (674,844) | (106,834) | (416,874) | — | — | (3,993,098) | ||||||||||||||||||||||||||||||||||
| Total | (8,060,274) | (1,467,742) | (533,525) | (661,609) | — | (3,862) | (10,727,012) | ||||||||||||||||||||||||||||||||||
| Net effect of derivative financial instruments held | |||||||||||||||||||||||||||||||||||||||||
| for interest risk management | 5,138 | 371 | (1,041) | 4,043 | — | — | 8,511 | ||||||||||||||||||||||||||||||||||
| Total interest rate sensitivity | (455,136) | 853,632 | 923,530 | 441,038 | 26,682 | 10,850 | 1,800,596 | ||||||||||||||||||||||||||||||||||
30
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
C.Market risk (continued)
Interest rate risk management is complemented by monitoring the sensitivity of the Bank´s financial assets and liabilities, considering several standard interest rate scenarios. The standard scenarios considered monthly include a parallel decline or increase of 50bps, 100bps, and 200 bps across all yield curves, which are evaluated based on market behavior.
The Bank performs a sensitivity analysis of the most likely increase or decrease in market interest rates at the reporting date, assuming non-asymmetric movements in the yield curves and a constant financial situation to assess the effect on profit or loss.
Interest rate sensitivity analysis affect reported equity in the following ways:
- Retained earnings: increases or decreases in net interest income and in fair values of derivatives reported in profit or loss;
- Fair value reserve: increases or decreases in fair values of financial assets at FVOCI reported directly in equity; and
- Hedging reserve: increases or decreases in fair values of hedging instruments designated in qualifying cash flow hedge relationships.
This sensitivity provides an analysis of changes in interest rates, considering the previous year´s interest rate volatility.
Additionally, the Bank measures the sensitivity of the equity value (EVE) following the methodology described by the Basel Committee on Banking Supervision, which measures the interest rate risk embedded in the equity value, which for interest rate risk purposes is defined as the difference between the net present value of assets less the net present value of liabilities due, based on the impact of a change in interest rates on such present values.
The following table presents the sensitivity analysis performed for the Bank:
| Change in interest rate | Effect on profit or loss | Effect on equity | Effect on equity value (EVE) | ||||||||||||||||||||
| June 30, 2026 | +50 bps | 1,107 | 7,851 | (11,561) | |||||||||||||||||||
| -50 bps | (350) | (7,999) | 11,690 | ||||||||||||||||||||
| December 31, 2025 | +50 bps | 1,592 | 5,215 | (9,823) | |||||||||||||||||||
| -50 bps | (1,773) | (5,320) | 9,911 | ||||||||||||||||||||
31
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
3.Financial risk review (continued)
C.Market risk (continued)
ii. Foreign exchange risk
The following table presents the maximum exposure amount in foreign currency of the Bank’s carrying amount of total assets and liabilities, except for hedging relationships.
| June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| Brazilian Real | European Euro | Japanese Yen | Colombian Peso | Mexican Peso | Other Currencies(1) | Total | |||||||||||||||||||||||||||||||||||
Exchange rate | 5.17 | 1.14 | 162.60 | 3,424.66 | 17.49 | ||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 395 | 227 | 9 | 56 | 1,409 | 29 | 2,125 | ||||||||||||||||||||||||||||||||||
| Loans | — | 26,778 | — | — | 472,990 | 27,555 | 527,323 | ||||||||||||||||||||||||||||||||||
| Total | 395 | 27,005 | 9 | 56 | 474,399 | 27,584 | 529,448 | ||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
| Borrowings and debt | — | (26,794) | — | — | (474,044) | (27,555) | (528,393) | ||||||||||||||||||||||||||||||||||
| Total | — | (26,794) | — | — | (474,044) | (27,555) | (528,393) | ||||||||||||||||||||||||||||||||||
| Net currency position | 395 | 211 | 9 | 56 | 355 | 29 | 1,055 | ||||||||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Brazilian Real | European Euro | Japanese Yen | Colombian Peso | Mexican Peso | Other Currencies(1) | Total | |||||||||||||||||||||||||||||||||||
Exchange rate | 5.49 | 1.17 | 156.74 | 3,773.58 | 18.01 | ||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 60 | 1,847 | 8 | 50 | 2,309 | 80 | 4,354 | ||||||||||||||||||||||||||||||||||
| Loans | — | 27,472 | — | — | 415,704 | 25,175 | 468,351 | ||||||||||||||||||||||||||||||||||
| Total | 60 | 29,319 | 8 | 50 | 418,013 | 25,255 | 472,705 | ||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||
| Borrowings and debt | — | (28,910) | — | — | (417,953) | (25,175) | (472,038) | ||||||||||||||||||||||||||||||||||
| Total | — | (28,910) | — | — | (417,953) | (25,175) | (472,038) | ||||||||||||||||||||||||||||||||||
| Net currency position | 60 | 409 | 8 | 50 | 60 | 80 | 667 | ||||||||||||||||||||||||||||||||||
(1)It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound, Costa Rican colones and Peruvian soles.
.
32
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
4.Fair value of financial instruments
A.Recurring fair value measurements
Financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial position using the fair value hierarchy are described below:
| June 30, 2026 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Loans at FVOCI | — | 265,505 | — | 265,505 | |||||||||||||||||||
| Securities and other financial assets: | |||||||||||||||||||||||
| Securities at FVOCI - Corporate debt | — | 184,830 | — | 184,830 | |||||||||||||||||||
| Securities at FVOCI - Sovereign debt | — | 143,247 | — | 143,247 | |||||||||||||||||||
| Total securities and other financial assets | — | 593,582 | — | 593,582 | |||||||||||||||||||
| Derivative financial instruments - assets: | |||||||||||||||||||||||
| For trading: | |||||||||||||||||||||||
| Interest rate swaps | — | 6,304 | — | 6,304 | |||||||||||||||||||
| Foreign exchange forwards | — | 13 | — | 13 | |||||||||||||||||||
| For hedging: | |||||||||||||||||||||||
| Interest rate swaps | — | 21,450 | — | 21,450 | |||||||||||||||||||
| Cross-currency swaps | — | 75,436 | — | 75,436 | |||||||||||||||||||
| Total derivative financial instrument assets | — | 103,203 | — | 103,203 | |||||||||||||||||||
| Total assets at fair value | — | 696,785 | — | 696,785 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Derivative financial instruments - liabilities: | |||||||||||||||||||||||
| For trading: | |||||||||||||||||||||||
| Interest rate swaps | — | (3,596) | — | (3,596) | |||||||||||||||||||
| Foreign exchange forwards | — | (5) | — | (5) | |||||||||||||||||||
| For hedging: | |||||||||||||||||||||||
| Interest rate swaps | — | (6,473) | — | (6,473) | |||||||||||||||||||
| Cross-currency swaps | — | (39,561) | — | (39,561) | |||||||||||||||||||
| Foreign exchange forwards | — | (429) | — | (429) | |||||||||||||||||||
| Total derivative financial instruments - liabilities | — | (50,064) | — | (50,064) | |||||||||||||||||||
| Total liabilities at fair value | — | (50,064) | — | (50,064) | |||||||||||||||||||
33
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
4.Fair value of financial instruments (continued)
A.Recurring fair value measurements (continued)
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Loans at FVOCI | — | 77,240 | — | 77,240 | |||||||||||||||||||
| Securities at FVOCI - Corporate debt | — | 69,476 | — | 69,476 | |||||||||||||||||||
| Total securities and other financial assets | — | 146,716 | — | 146,716 | |||||||||||||||||||
| Derivative financial instruments - assets: | |||||||||||||||||||||||
| For trading: | |||||||||||||||||||||||
| Interest rate swaps | — | 1,569 | — | 1,569 | |||||||||||||||||||
| For hedging: | |||||||||||||||||||||||
| Interest rate swaps | — | 26,075 | — | 26,075 | |||||||||||||||||||
| Cross-currency swaps | — | 43,762 | — | 43,762 | |||||||||||||||||||
| Total derivative financial instrument assets | — | 71,406 | — | 71,406 | |||||||||||||||||||
| Total assets at fair value | — | 218,122 | — | 218,122 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Derivative financial instruments - liabilities: | |||||||||||||||||||||||
| For trading: | |||||||||||||||||||||||
| Interest rate swaps | — | (433) | — | (433) | |||||||||||||||||||
| For hedging: | |||||||||||||||||||||||
| Interest rate swaps | — | (5,435) | — | (5,435) | |||||||||||||||||||
| Cross-currency swaps | — | (57,027) | — | (57,027) | |||||||||||||||||||
| Foreign exchange forwards | — | (44) | — | (44) | |||||||||||||||||||
| Total derivative financial instruments - liabilities | — | (62,939) | — | (62,939) | |||||||||||||||||||
| Total liabilities at fair value | — | (62,939) | — | (62,939) | |||||||||||||||||||
34
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
4.Fair value of financial instruments (continued)
B.Non-recurring fair value measurements
The following table provides information on the carrying value and the estimated fair value of the Bank’s financial instruments that are not measured at fair value:
| June 30, 2026 | |||||||||||||||||||||||||||||
| Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and deposits in banks | 1,888,971 | 1,888,971 | — | 1,888,971 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) | 1,355,076 | 1,359,401 | — | 1,359,401 | — | ||||||||||||||||||||||||
Loans at amortized cost (2) | 10,199,513 | 10,460,661 | — | 10,460,661 | — | ||||||||||||||||||||||||
| Customers' liabilities under acceptances | 198,040 | 198,040 | — | 198,040 | — | ||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Customer deposits | 7,934,541 | 7,934,541 | — | 7,934,541 | — | ||||||||||||||||||||||||
| Securities sold under repurchase agreements | 275,310 | 275,310 | — | 275,310 | — | ||||||||||||||||||||||||
| Borrowings and debt, net | 4,148,884 | 4,176,353 | — | 4,176,353 | — | ||||||||||||||||||||||||
| Acceptances outstanding | 198,040 | 198,040 | — | 198,040 | — | ||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Cash and deposits in banks | 1,923,731 | 1,923,731 | — | 1,923,731 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) | 1,359,514 | 1,375,788 | — | 1,375,788 | — | ||||||||||||||||||||||||
Loans at amortized cost (2) | 9,064,428 | 9,319,038 | — | 9,319,038 | — | ||||||||||||||||||||||||
| Customers' liabilities under acceptances | 161,597 | 161,597 | — | 161,597 | — | ||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Customer deposits | 6,640,290 | 6,640,290 | — | 6,640,290 | — | ||||||||||||||||||||||||
| Securities sold under repurchase agreements | 130,509 | 130,509 | — | 130,509 | — | ||||||||||||||||||||||||
| Borrowings and debt, net | 4,030,389 | 4,071,789 | — | 4,071,789 | — | ||||||||||||||||||||||||
| Acceptances outstanding | 161,597 | 161,597 | — | 161,597 | — | ||||||||||||||||||||||||
(1)The carrying value of securities at amortized cost is net of accrued interest receivable of $16.4 million and the allowance for expected credit losses of $0.4 millions as of June 30, 2026 (accrued interest receivable of $14.8 millions and the allowance for expected credit losses of $1.0 millions as of December 31, 2025).
(2)The carrying value of loans at amortized cost is net of accrued interest receivable of $114.8 million , the allowance for expected credit losses of $78.9 millions and unearned interest and deferred fees of $33.4 millions as of June 30, 2026 (accrued interest receivable of $87.8 millions, the allowance for expected credit losses of $93.8 millions and unearned interest and deferred fees of $34.3 millions as of December 31, 2025).
35
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
5.Cash and due from banks
The following table presents the details of interest-bearing deposits in banks and restricted deposits:
| June 30, 2026 | December 31, 2025 | ||||||||||
Demand deposits (1) | 1,749,829 | 1,767,208 | |||||||||
| Time deposits | 75,000 | 75,000 | |||||||||
| Total cash and cash equivalent | 1,824,829 | 1,842,208 | |||||||||
Time deposits with original maturity over 90 days and other restricted and pledged deposits (2) | 63,620 | 80,954 | |||||||||
| Total cash and due from bank | 1,888,449 | 1,923,162 | |||||||||
| Interest receivable deposits | 688 | 724 | |||||||||
| Total cash and due from banks and interest | 1,889,137 | 1,923,886 | |||||||||
| Less: Allowance for credit losses | (166) | (155) | |||||||||
| Total cash and due from banks, net | 1,888,971 | 1,923,731 | |||||||||
The following table presents the pledged and restricted deposits classified by country risk:
| June 30, | |||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Country: | |||||||||||
Chile(2) | 28,000 | 28,000 | |||||||||
| France | 1,151 | — | |||||||||
| Germany | 8,663 | 12,114 | |||||||||
| Japan | 9,030 | 15,860 | |||||||||
| Panama | 1,600 | 1,600 | |||||||||
| Spain | 476 | — | |||||||||
United States of America(2) | 14,700 | 23,380 | |||||||||
| Total | 63,620 | 80,954 | |||||||||
(1) Demand deposits includes $1,296 million (December 31, 2025: $1,734 million) at Federal Reserve of United States of America.
(2) As a June 30, 2026 restricted deposit of $28 million are included (December 31, 2025: $28 million), with the New York State Department of Financial Services under March 1994 legislation.
The following table shows cash and deposits in local and foreign banks, based on the ratings assigned by the rating agencies:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Credit rating: | |||||||||||
| Aaa-Aa3 | 1,736,567 | 1,739,387 | |||||||||
| A1-A3 | 71,819 | 94,735 | |||||||||
| Baa1-Baa3 | 78,692 | 77,952 | |||||||||
| Ba1-Ba3 | 523 | 200 | |||||||||
| Caa1-Caa3 | 3 | 75 | |||||||||
No rating | 845 | 10,813 | |||||||||
| 1,888,449 | 1,923,162 | ||||||||||
36
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
6.Investment securities
Securities are presented as follows:
| June 30, 2026 | Amortized cost | FVOCI (1) | Total | |||||||||||||||||
| Principal | 1,339,109 | 323,614 | 1,662,723 | |||||||||||||||||
| Interest receivable | 16,380 | 4,463 | 20,843 | |||||||||||||||||
| Gross amount | 1,355,489 | 328,077 | 1,683,566 | |||||||||||||||||
Allowance (1) | (413) | — | (413) | |||||||||||||||||
| Total | 1,355,076 | 328,077 | 1,683,153 | |||||||||||||||||
| December 31, 2025 | Amortized cost | FVOCI (1) | Total | |||||||||||||||||
| Principal | 1,345,742 | 68,892 | 1,414,634 | |||||||||||||||||
| Interest receivable | 14,755 | 584 | 15,339 | |||||||||||||||||
| Gross amount | 1,360,497 | 69,476 | 1,429,973 | |||||||||||||||||
Allowance (1) | (983) | — | (983) | |||||||||||||||||
| Total | 1,359,514 | 69,476 | 1,428,990 | |||||||||||||||||
(1)As of June 30, 2026 and December 31, 2025, the allowance for credit losses on securities at FVOCI for $795 thousand and $16 thousand, respectively, is included in the equity within Other comprehensive income in the consolidated statement of financial position.
Securities by contractual maturity are shown in the following table:
| June 30, 2026 | Amortized cost | FVOCI | Total | |||||||||||||||||
| Due within 1 year | 417,926 | 62,706 | 480,632 | |||||||||||||||||
| After 1 to 5 years | 921,183 | 244,618 | 1,165,801 | |||||||||||||||||
| After 5 to 10 years | — | 16,290 | 16,290 | |||||||||||||||||
| Balance - principal | 1,339,109 | 323,614 | 1,662,723 | |||||||||||||||||
| December 31, 2025 | Amortized cost | FVOCI | Total | |||||||||||||||||
| Due within 1 year | 372,910 | 55,540 | 428,450 | |||||||||||||||||
| After 1 to 5 years | 951,261 | 13,352 | 964,613 | |||||||||||||||||
| After 5 to 10 years | 21,571 | — | 21,571 | |||||||||||||||||
| Balance - principal | 1,345,742 | 68,892 | 1,414,634 | |||||||||||||||||
The following table includes the securities pledged to secure repurchase transactions (see note 13):
| June 30, 2026 | December 31, 2025 | ||||||||||
| Securities pledged to secure repurchase transactions | 303,823 | 147,480 | |||||||||
| Securities sold under repurchase agreements | (275,310) | (130,509) | |||||||||
As of June 30, 2026, investments measured at amortized cost totaling $30 million that had experienced a significant increase in credit risk were sold.
37
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
7.Loans
The following table presents the loan portfolio according to its classification and subsequent measurement:
| June 30, 2026 | Amortized cost | FVOCI (1) | Total | ||||||||||||||
| Loans - principal balance | 10,196,982 | 264,747 | 10,461,729 | ||||||||||||||
| Interest receivable | 114,813 | 1,585 | 116,398 | ||||||||||||||
| Unearned interest and deferred fees | (33,380) | (827) | (34,207) | ||||||||||||||
| Gross balance | 10,278,415 | 265,505 | 10,543,920 | ||||||||||||||
| Allowance for credit losses | (78,902) | — | (78,902) | ||||||||||||||
| Loans, net | 10,199,513 | 265,505 | 10,465,018 | ||||||||||||||
| December 31, 2025 | Amortized cost | FVOCI (1) | Total | ||||||||||||||
| Loans - principal balance | 9,104,725 | 76,576 | 9,181,301 | ||||||||||||||
| Interest receivable | 87,837 | 982 | 88,819 | ||||||||||||||
| Unearned interest and deferred fees | (34,326) | (318) | (34,644) | ||||||||||||||
| Gross balance | 9,158,236 | 77,240 | 9,235,476 | ||||||||||||||
| Allowance for credit losses | (93,808) | — | (93,808) | ||||||||||||||
| Loans, net | 9,064,428 | 77,240 | 9,141,668 | ||||||||||||||
(1)As of June 30, 2026, the allowance for credit losses of loans at FVOCI for $1,578 thousand (December 31,2025: $468 thousand) are included in the equity in the consolidated statement of financial position in the line Other comprehensive income.
As of June 30, 2026, the Bank sold loans measured at FVOCI for $10 million, realizing a gain of $75 thousand, and loans measured at amortized cost with credit risk exposure of $50 million and no gains recognized.
The fixed and floating interest rate distribution of the loan portfolio is as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Fixed interest rate | 5,816,157 | 5,065,160 | |||||||||
| Floating interest rates | 4,727,763 | 4,170,316 | |||||||||
| Total | 10,543,920 | 9,235,476 | |||||||||
As of June 30, 2026, 79% (December 31, 2025: 70%) of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. Interest rates on loans ranges from 2.39% to 16.28% (December 31, 2025: 3.70% to 16.28%).
38
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
8.Loan commitments and financial guarantee contracts
The Bank’s outstanding loan commitments and financial guarantee contracts are as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Documentary letters of credit | 551,544 | 240,120 | |||||||||
| Stand-by letters of credit and guarantees - commercial risk | 816,821 | 836,434 | |||||||||
| Loans Commitments | 656,889 | 720,435 | |||||||||
| Letters of credit Commitments | 117,115 | 43,668 | |||||||||
| Total | 2,142,369 | 1,840,657 | |||||||||
The remaining maturity profile of the Bank’s outstanding loan commitments and financial guarantee contracts is as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Up to 1 year | 1,589,857 | 1,331,002 | |||||||||
| From 1 to 2 years | 181,950 | 213,223 | |||||||||
| Over 2 to 5 years | 336,991 | 262,861 | |||||||||
| More than 5 years | 33,571 | 33,571 | |||||||||
| Total | 2,142,369 | 1,840,657 | |||||||||
9.Gain on financial instruments, net
The amounts that were recognized in the consolidated statement of profit or loss related to the results of financial instruments are detailed below:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Realized (loss) gain on sale of financial instruments | |||||||||||||||||||||||
| Loans | |||||||||||||||||||||||
| At amortized cost | — | 273 | — | 273 | |||||||||||||||||||
| At fair value through profit and loss | — | 958 | — | 957 | |||||||||||||||||||
| At fair value through other comprehensive income | 75 | 124 | 75 | 124 | |||||||||||||||||||
| Investment Securities | |||||||||||||||||||||||
| At amortized cost | 112 | (89) | 112 | (541) | |||||||||||||||||||
| At fair value through other comprehensive income | 124 | — | 124 | 87 | |||||||||||||||||||
| Customer derivatives | |||||||||||||||||||||||
| Realized gain on intermediary derivatives | 39 | — | 60 | — | |||||||||||||||||||
| Other financial instruments | |||||||||||||||||||||||
| (Loss) gain on derivative financial instruments and foreign currency exchange, net | 176 | (1,079) | 534 | 824 | |||||||||||||||||||
| Total realized gain on financial instruments | 526 | 187 | 905 | 1,724 | |||||||||||||||||||
| Unrealized gain on financial instruments | |||||||||||||||||||||||
| Intermediary derivatives | 1,300 | 4 | 1,558 | 28 | |||||||||||||||||||
| Other trading financial instruments | 365 | 1,970 | (602) | 2,393 | |||||||||||||||||||
| Total unrealized gain on financial instruments | 1,665 | 1,974 | 956 | 2,421 | |||||||||||||||||||
| Total gain on financial instruments, net | 2,191 | 2,161 | 1,861 | 4,145 | |||||||||||||||||||
39
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
10. Derivative financial instruments
A.Trading derivative financial instruments
The following table details quantitative information on the notional amount and carrying amount of trading derivative instruments:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
Notional amount | Carrying amount of trading derivative | Notional amount | Carrying amount of trading derivative | ||||||||||||||||||||||||||||||||
| Asset | Liability | Asset | Liability | ||||||||||||||||||||||||||||||||
| Interest Rate Swap | 948,940 | 6,304 | (3,596) | 536,716 | 1,569 | (433) | |||||||||||||||||||||||||||||
| Forward contract | 4,972 | 13 | (5) | — | — | — | |||||||||||||||||||||||||||||
| 953,912 | 6,317 | (3,601) | 536,716 | 1,569 | (433) | ||||||||||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Forward contract | Interest rate swap | Total | Forward contract | Interest rate swap | Total | ||||||||||||||||||||||||||||||
Up to 1 year | 4,972 | — | 4,972 | — | — | — | |||||||||||||||||||||||||||||
| Over 2 to 5 years | — | 622,717 | 622,717 | — | 286,716 | 286,716 | |||||||||||||||||||||||||||||
| More than 5 years | — | 326,223 | 326,223 | — | 250,000 | 250,000 | |||||||||||||||||||||||||||||
| Total | 4,972 | 948,940 | 953,912 | — | 536,716 | 536,716 | |||||||||||||||||||||||||||||
The following table details quantitative information on the notional amounts and carrying amounts of the derivative instruments used for hedging by type of risk hedged and type of hedge:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
Notional amount (2) | Carrying amount of hedging instruments | Notional amount (2) | Carrying amount of hedging instruments | ||||||||||||||||||||||||||||||||
Asset (1) | Liability (1) | Asset (1) | Liability (1) | ||||||||||||||||||||||||||||||||
| Interest rate risk | |||||||||||||||||||||||||||||||||||
| Fair value hedges | 1,551,934 | 21,450 | (6,473) | 1,217,765 | 26,075 | (5,435) | |||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Fair value hedges | 495,891 | 28,947 | (12,589) | 204,032 | 13,012 | (9,730) | |||||||||||||||||||||||||||||
| Cash flow hedges | 1,420,570 | 46,489 | (26,972) | 1,113,263 | 30,750 | (47,297) | |||||||||||||||||||||||||||||
| Foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Cash flow hedges | 41,014 | — | (429) | 7,039 | — | (44) | |||||||||||||||||||||||||||||
| 3,509,409 | 96,886 | (46,463) | 2,542,099 | 69,837 | (62,506) | ||||||||||||||||||||||||||||||
(1)Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.
(2)At June 30, 2026 the notional amounts of derivative financial instruments include $1,730.4 million (December 31, 2025: $1,234.5 million) of interest rate swaps and cross currency interest rate swaps, which were designated in aggregate exposure hedges hedging underlying assets totaling $1,733.8 million (December 31, 2025: $1,217.4 million at).
40
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
10.Derivative financial instruments (continued)
B. Hedging derivative financial instruments (continued)
Fair value hedges
The following table details the notional amounts and carrying amounts of derivative instruments used in fair value hedges by type of risk and hedged item, along with the changes during the years used to determine and recognize the ineffectiveness of the hedge:
| June 30, 2026 | |||||||||||||||||||||||||||||
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 | 85,056 | 2,225 | (135) | 493 | 1 | ||||||||||||||||||||||||
| Securities at amortized cost | 771,277 | 9,716 | (1,835) | 4,085 | (1,321) | ||||||||||||||||||||||||
| Customer deposits | 5,000 | — | (82) | (205) | 45 | ||||||||||||||||||||||||
| Repurchase agreements | 41,763 | 683 | (62) | 17 | 47 | ||||||||||||||||||||||||
| Borrowings and debt | 648,838 | 8,827 | (4,359) | (11,123) | 497 | ||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 303,797 | 12,559 | (999) | 9,749 | 371 | ||||||||||||||||||||||||
| Borrowings and debt | 192,094 | 16,387 | (11,590) | 552 | 449 | ||||||||||||||||||||||||
| Total | 2,047,825 | 50,397 | (19,062) | 3,568 | 89 | ||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
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 | 25,000 | — | (644) | (636) | (29) | ||||||||||||||||||||||||
| Securities at amortized cost | 164,600 | — | (4,383) | (2,932) | 655 | ||||||||||||||||||||||||
| Customer deposits | 60,000 | 270 | — | 384 | (7) | ||||||||||||||||||||||||
| Repurchase agreements | 60,485 | 147 | (395) | 9 | (65) | ||||||||||||||||||||||||
| Borrowings and debt | 907,680 | 25,658 | (13) | 14,279 | 263 | ||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 11,938 | — | (742) | (648) | 74 | ||||||||||||||||||||||||
| Borrowings and debt | 192,094 | 13,012 | (8,988) | 16,553 | (431) | ||||||||||||||||||||||||
| Total | 1,421,797 | 39,087 | (15,165) | 27,009 | 460 | ||||||||||||||||||||||||
(1)Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.
(2)Included in the consolidated statement of profit or loss under the line Gain on financial instruments, net.
41
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
10.Derivative financial instruments (continued)
B. Hedging derivative financial instruments (continued)
The following table details the notional amounts and carrying amounts of the fair value hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:
| June 30, 2026 | |||||||||||||||||||||||||||||
| 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 | Change in fair value of the hedged items used to calculate hedge ineffectiveness (1) | ||||||||||||||||||||||||||
| Asset | Liability | ||||||||||||||||||||||||||||
| Interest rate risk | |||||||||||||||||||||||||||||
| Loans | 25,440 | — | Loans, net | 114 | (493) | ||||||||||||||||||||||||
| Securities at amortized cost | 293,377 | — | Securities, net | (2,321) | (5,405) | ||||||||||||||||||||||||
| Customer deposits | — | (60,252) | Demand deposits | (23) | 250 | ||||||||||||||||||||||||
| Repurchase agreements | — | (27,134) | Securities sold under repurchase agreements | (1) | 30 | ||||||||||||||||||||||||
| Borrowings and debt | — | (299,492) | Borrowings and debt, net | 1,459 | 11,622 | ||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 304,895 | — | Loans, net | (8,657) | (9,378) | ||||||||||||||||||||||||
| Borrowings and debt | — | (197,064) | Borrowings and debt, net | (2,771) | (103) | ||||||||||||||||||||||||
| Total | 623,712 | (583,942) | (12,200) | (3,477) | |||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| 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 | Change in fair value of the hedged items used to calculate hedge ineffectiveness (1) | ||||||||||||||||||||||||||
| Asset | Liability | ||||||||||||||||||||||||||||
| Interest rate risk | |||||||||||||||||||||||||||||
| Loans | 25,938 | — | Loans, net | 607 | 607 | ||||||||||||||||||||||||
| Securities at amortized cost | 169,643 | — | Securities, net | 3,587 | 3,587 | ||||||||||||||||||||||||
| Customer deposits | — | (60,477) | Demand deposits | (273) | (391) | ||||||||||||||||||||||||
| Repurchase agreements | — | (61,027) | Securities sold under repurchase agreements | (168) | (74) | ||||||||||||||||||||||||
| Borrowings and debt | — | (301,065) | Borrowings and debt, net | (10,171) | (14,016) | ||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 12,117 | — | Loans, net | 722 | 722 | ||||||||||||||||||||||||
| Borrowings and debt | — | (196,801) | Borrowings and debt, net | (2,669) | (16,984) | ||||||||||||||||||||||||
| Total | 207,698 | (619,370) | (8,365) | (26,549) | |||||||||||||||||||||||||
(1)Included in the consolidated statement of profit or loss under the line Gain on financial instruments, net.
42
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
10.Derivative financial instruments (continued)
B. Hedging derivative financial instruments (continued)
The following table details the maturity of the notional amount for the derivative instruments used in fair value hedges:
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Interest rate swaps | Cross currency swaps | Total | Interest rate swaps | Cross currency swaps | Total | ||||||||||||||||||||||||||||||
Up to 1 year | 435,845 | 54,743 | 490,588 | 374,769 | 19,882 | 394,651 | |||||||||||||||||||||||||||||
From 1 to 2 years | 429,839 | 380,596 | 810,435 | 298,293 | 122,176 | 420,469 | |||||||||||||||||||||||||||||
| Over 2 to 5 years | 656,983 | 50,427 | 707,410 | 515,435 | 51,849 | 567,284 | |||||||||||||||||||||||||||||
| More than 5 years | 29,267 | 10,125 | 39,392 | 29,268 | 10,125 | 39,393 | |||||||||||||||||||||||||||||
| Total | 1,551,934 | 495,891 | 2,047,825 | 1,217,765 | 204,032 | 1,421,797 | |||||||||||||||||||||||||||||
The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in fair value hedges:
| Three months ended June 30, 2026 | Six months ended June 30, 2026 | ||||||||||||||||||||||||||||||||||
| Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
| Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
| Interest rate risk | |||||||||||||||||||||||||||||||||||
| Loans | (27) | — | (27) | 1 | — | 1 | |||||||||||||||||||||||||||||
| Securities at amortized cost | (438) | (334) | (772) | (1,321) | (334) | (1,655) | |||||||||||||||||||||||||||||
| Customer deposits | 34 | — | 34 | 45 | — | 45 | |||||||||||||||||||||||||||||
| Repurchase agreements | 6 | 5 | 11 | 47 | 5 | 52 | |||||||||||||||||||||||||||||
| Borrowings and debt | 821 | — | 821 | 497 | 2 | 499 | |||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Loans | 414 | — | 414 | 371 | — | 371 | |||||||||||||||||||||||||||||
| Borrowings and debt | 7 | — | 7 | 449 | — | 449 | |||||||||||||||||||||||||||||
| Total | 817 | (329) | 488 | 89 | (327) | (238) | |||||||||||||||||||||||||||||
| Three months ended June 30, 2025 | Six months ended June 30, 2025 | ||||||||||||||||||||||||||||||||||
| Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
| Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
| Interest rate risk | |||||||||||||||||||||||||||||||||||
| Loans | (18) | — | (18) | (49) | — | (49) | |||||||||||||||||||||||||||||
| Securities at amortized cost | (66) | — | (66) | 427 | — | 427 | |||||||||||||||||||||||||||||
| Customer deposits | 1 | — | 1 | 3 | 134 | 137 | |||||||||||||||||||||||||||||
| Repurchase agreements | 1 | — | 1 | (5) | (28) | (33) | |||||||||||||||||||||||||||||
| Borrowings and debt | 570 | 8 | 578 | 396 | 8 | 404 | |||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Loans | 244 | — | 244 | 244 | — | 244 | |||||||||||||||||||||||||||||
| Borrowings and debt | 272 | — | 272 | 79 | — | 79 | |||||||||||||||||||||||||||||
| Total | 1,004 | 8 | 1,012 | 1,095 | 114 | 1,209 | |||||||||||||||||||||||||||||
43
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
10.Derivative financial instruments (continued)
B. Hedging derivative financial instruments (continued)
Cash flow hedges
The following table details the notional amounts and carrying amounts of derivative instruments used in cash flow hedges by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:
| June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| 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) | |||||||||||||||||||||||||||||||||||||
| Nominal amount | Asset (1) | Liability (1) | |||||||||||||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
| Loans | 9,864 | — | (409) | 269 | 269 | — | — | ||||||||||||||||||||||||||||||||||
| Borrowings and debt | 1,410,706 | 46,489 | (26,563) | 36,393 | 36,565 | 172 | 1 | ||||||||||||||||||||||||||||||||||
| Foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
| Loans | 6,032 | — | (3) | (3) | (3) | — | 2 | ||||||||||||||||||||||||||||||||||
| Borrowings and debt | 34,982 | — | (426) | (426) | (422) | 4 | — | ||||||||||||||||||||||||||||||||||
| Total | 1,461,584 | 46,489 | (27,401) | 36,233 | 36,409 | 176 | 3 | ||||||||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| 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) | |||||||||||||||||||||||||||||||||||||
| Nominal amount | Asset (1) | Liability (1) | |||||||||||||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
| Loans | 20,658 | — | (1,697) | (1,810) | (1,810) | — | (44) | ||||||||||||||||||||||||||||||||||
| Borrowings and debt | 1,092,605 | 30,750 | (45,600) | 100,248 | 100,802 | 554 | (466) | ||||||||||||||||||||||||||||||||||
| Foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
| Loans | 7,039 | — | (44) | (44) | (44) | — | (278) | ||||||||||||||||||||||||||||||||||
| Deposits | — | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||||||
| Borrowings and debt | — | — | — | — | — | — | 22 | ||||||||||||||||||||||||||||||||||
| Total | 1,120,302 | 30,750 | (47,341) | 98,394 | 98,948 | 554 | (763) | ||||||||||||||||||||||||||||||||||
(1) Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.
(2) Included in equity in the consolidated statement of financial position under the line Other comprehensive income (loss).
(3) Hedge ineffectiveness attributable to matured hedges included in the consolidated statement of profit or loss in the line Gain on financial instruments, net.
(4) Hedging reserve attributable to expired hedges reclassified to the consolidated statement of profit or loss in the line Gain on financial instruments, net.
44
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
10.Derivative financial instruments (continued)
B. Hedging derivative financial instruments (continued)
The following table details the carrying amounts of the cash flow hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:
| June 30, 2026 | |||||||||||||||||||||||||||||
| Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Change in the fair value of the hedged items used to calculate the hedge ineffectiveness (1) | Cash flow hedge reserve | ||||||||||||||||||||||||||
| Asset | Liability | ||||||||||||||||||||||||||||
| Interest rate risk | |||||||||||||||||||||||||||||
| Borrowings and debt | — | — | Borrowings and debt, net | — | 3,445 | ||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 10,373 | — | Loans, net | (269) | 23 | ||||||||||||||||||||||||
| Borrowings and debt | — | (1,441,304) | Borrowings and debt, net | (36,393) | (11,518) | ||||||||||||||||||||||||
| Foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 5,711 | — | Loans, net | 3 | 5 | ||||||||||||||||||||||||
| Borrowings and debt | — | (34,493) | Borrowings and debt, net | 426 | 147 | ||||||||||||||||||||||||
| Total | 16,084 | (1,475,797) | (36,233) | (7,898) | |||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Change in the fair value of the hedged items used to calculate the hedge ineffectiveness (1) | Cash flow hedge reserve | ||||||||||||||||||||||||||
| Asset | Liability | ||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 21,191 | — | Loans, net | 1,810 | 61 | ||||||||||||||||||||||||
| Borrowings and debt | — | (1,101,787) | Borrowings and debt, net | (100,248) | (1,332) | ||||||||||||||||||||||||
| Foreign exchange risk | |||||||||||||||||||||||||||||
| Loans | 7,077 | — | Loans, net | 44 | (29) | ||||||||||||||||||||||||
| Total | 28,268 | (1,101,787) | (98,394) | (1,300) | |||||||||||||||||||||||||
The following table details the maturity of the derivative instruments used in cash flow hedges:
| June 30, 2026 | June 30, 2026 | ||||||||||||||||||||||||||||||||||
| Foreign exchange forward contract | Cross currency swaps | Total | Foreign exchange forward contract | Cross currency swaps | Total | ||||||||||||||||||||||||||||||
Up to 1 year | 41,014 | 468,708 | 509,722 | 7,039 | 324,098 | 331,137 | |||||||||||||||||||||||||||||
From 1 to 2 years | — | 79,382 | 79,382 | — | 116,762 | 116,762 | |||||||||||||||||||||||||||||
| Over 2 to 5 years | — | 843,213 | 843,213 | — | 643,135 | 643,135 | |||||||||||||||||||||||||||||
| More than 5 years | — | 29,267 | 29,267 | — | 29,268 | 29,268 | |||||||||||||||||||||||||||||
| Total | 41,014 | 1,420,570 | 1,461,584 | 7,039 | 1,113,263 | 1,120,302 | |||||||||||||||||||||||||||||
45
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
10.Derivative financial instruments (continued)
B. Hedging derivative financial instruments (continued)
The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in cash flow hedges:
| Three months ended June 30, 2026 | Six months ended June 30, 2026 | ||||||||||||||||||||||||||||||||||
| Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
| Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Borrowings and debt | 9 | (1) | 8 | 172 | 1 | 173 | |||||||||||||||||||||||||||||
| Foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Loans | — | 2 | 2 | — | 2 | 2 | |||||||||||||||||||||||||||||
| Borrowings and debt | 4 | — | 4 | 4 | — | 4 | |||||||||||||||||||||||||||||
| Total | 13 | 1 | 14 | 176 | 3 | 179 | |||||||||||||||||||||||||||||
| Three months ended June 30, 2025 | Six months ended June 30, 2025 | ||||||||||||||||||||||||||||||||||
| Current | Overdue | Total | Current | Overdue | Total | ||||||||||||||||||||||||||||||
| Ineffectiveness recognized in profit or loss | |||||||||||||||||||||||||||||||||||
| Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Loans | 1 | (45) | (44) | (1) | (45) | (46) | |||||||||||||||||||||||||||||
| Borrowings and debt | 348 | — | 348 | 885 | 162 | 1,047 | |||||||||||||||||||||||||||||
| Foreign exchange risk | |||||||||||||||||||||||||||||||||||
| Deposits | (41) | — | (41) | (41) | — | (41) | |||||||||||||||||||||||||||||
| Total | 308 | (45) | 263 | 843 | 117 | 960 | |||||||||||||||||||||||||||||
11.Other assets
Following is a summary of other assets:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Other accounts receivable | 41,809 | 5,480 | |||||||||
| Prepaid expenses | 5,199 | 1,173 | |||||||||
| Prepaid fees and commissions | 462 | 567 | |||||||||
| Technology projects under development | 11,338 | 9,755 | |||||||||
| Improvement project under development | 850 | 1,710 | |||||||||
| Severance fund | 3,175 | 2,934 | |||||||||
| Other | 3,972 | 6,965 | |||||||||
| Total | 66,805 | 28,584 | |||||||||
The increase in other accounts receivable mainly corresponds to an outstanding receivable balance for $31 million arising from the sale of a loan portfolio as of June 30, 2026.
46
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
12. Customer deposits
Following is a summary of customer deposits:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Demand deposits | 862,317 | 698,570 | |||||||||
| Time deposits | 7,027,860 | 5,905,646 | |||||||||
| 7,890,177 | 6,604,216 | ||||||||||
| Interest payable | 44,364 | 36,074 | |||||||||
| Total | 7,934,541 | 6,640,290 | |||||||||
The remaining and contractual maturity profile of the Bank's deposits, excluding interest payable, is as follows:
| Remaining term | Original contractual | ||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 2026 | December 31, 2025 | ||||||||||||||||||||
| Demand | 862,317 | 698,570 | 862,317 | 698,570 | |||||||||||||||||||
| Up to 1 month | 3,702,305 | 3,110,156 | 2,828,024 | 2,033,327 | |||||||||||||||||||
From 1 to 3 months | 1,592,067 | 1,331,165 | 1,144,928 | 1,291,076 | |||||||||||||||||||
From 3 to 6 months | 1,115,828 | 732,639 | 1,604,278 | 1,420,130 | |||||||||||||||||||
| From 6 month to 1 year | 488,775 | 487,901 | 1,005,827 | 824,770 | |||||||||||||||||||
From 1 to 2 years | 51,321 | 217,045 | 360,050 | 303,104 | |||||||||||||||||||
From 2 to 5 years | 77,564 | 26,740 | 84,753 | 33,239 | |||||||||||||||||||
| Total | 7,890,177 | 6,604,216 | 7,890,177 | 6,604,216 | |||||||||||||||||||
The following table presents additional information regarding the Bank’s deposits:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Aggregate amount of $100,000 or more | 7,889,559 | 6,603,585 | |||||||||
| Aggregate amount of deposits in the New York Agency | 2,362,711 | 1,891,001 | |||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Interest expense on deposits made in the New York Agency | 22,604 | 19,073 | 42,523 | 36,721 | |||||||||||||||||||
47
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
13.Securities sold under repurchase agreements
The following table details the financing under repurchase agreement:
| June 30, 2026 | December 31, 2025 | |||||||||||||
| Financing transactions under repurchase agreements | 274,011 | 129,698 | ||||||||||||
Interest payable | 1,299 | 811 | ||||||||||||
| Total financing under repurchase agreement | 275,310 | 130,509 | ||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Interest expense on financing contracts under repurchase agreement | 2,200 | 2,860 | 3,840 | 5,261 | |||||||||||||||||||
Financing contracts under repurchase agreements bear interest at rates ranging from 4.05% to 5.06% (December 31, 2025: 4.20% to 5.36% ) with several maturities up to October 16, 2026.
As indicated in Note 6, as of June 30, 2026, the repurchase agreements were secured by investments classified as amortized cost by the amount of $304 millions (December 31, 2025: $147 millions).
14. Borrowings and debt
Some borrowing agreements include various events of default and covenants relating to minimum capital adequacy ratios, incurrence of additional liens, and asset sales, as well as other customary covenants, representations and warranties. As of June 30, 2026, the Bank was in compliance with all those covenants.
Carrying amount of borrowings and debt is detailed as follows:
| June 30, 2026 | |||||||||||||||||||||||||||||
| Short-Term | Long-term | ||||||||||||||||||||||||||||
| Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
| Principal | 1,409,729 | 750 | 773,451 | 1,929,891 | 4,113,821 | ||||||||||||||||||||||||
| Transaction costs | (85) | (2) | (2,509) | (4,536) | (7,132) | ||||||||||||||||||||||||
| Interest payable | 8,894 | 4 | 9,198 | 24,099 | 42,195 | ||||||||||||||||||||||||
| 1,418,538 | 752 | 780,140 | 1,949,454 | 4,148,884 | |||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||
| Short-Term | Long-term | ||||||||||||||||||||||||||||
| Borrowings | Debt | Borrowings | Debt | Total | |||||||||||||||||||||||||
| Principal | 1,508,959 | 1,750 | 757,775 | 1,732,286 | 4,000,770 | ||||||||||||||||||||||||
| Transaction costs | (48) | (2) | (2,952) | (4,670) | (7,672) | ||||||||||||||||||||||||
| Interest payable | 9,095 | 5 | 7,787 | 20,404 | 37,291 | ||||||||||||||||||||||||
| 1,518,006 | 1,753 | 762,610 | 1,748,020 | 4,030,389 | |||||||||||||||||||||||||
48
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
14.Borrowings and debt (continued)
Short-term borrowings and debt
The breakdown of short-term (original maturity of less than one year) borrowings and debt, along with contractual interest rates, is as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Short-term borrowings: | |||||||||||
| At fixed interest rates | 1,320,052 | 1,508,959 | |||||||||
| At floating interest rates | 89,677 | — | |||||||||
| Principal | 1,409,729 | 1,508,959 | |||||||||
| Less: Transaction costs | (85) | (48) | |||||||||
| Interest payable | 8,894 | 9,095 | |||||||||
| Total short-term borrowings, net | 1,418,538 | 1,518,006 | |||||||||
| Short-term debt: | |||||||||||
| At fixed interest rates | 750 | 1,750 | |||||||||
| Principal | 750 | 1,750 | |||||||||
| Less: Transaction costs | (2) | (2) | |||||||||
| Interest payable | 4 | 5 | |||||||||
| Total short-term debt, net | 752 | 1,753 | |||||||||
| Total short-term borrowings and debt | 1,419,290 | 1,519,759 | |||||||||
| Range of fixed interest rates on borrowings and debt in U.S. dollars | 3.75% to 4.46% | 3.75% to 4.77% | |||||||||
| Range of floating interest rates on borrowings in U.S. dollars | 4.06 | % | — | ||||||||
| Range of fixed interest rates on borrowings in Mexican pesos | 6.85% to 7.06% | 7.68% to 7.72% | |||||||||
| Range of floating interest rates on borrowings and debt in Mexican pesos | 7.09% to 7.17% | — | |||||||||
| Range of fixed interest rates on borrowings and debt in Euros | 2.60% to 3.40% | 2.52% to 2.63% | |||||||||
The outstanding balances of short-term borrowings and debt by currency, excluding prepaid commissions, are as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| US dollar | 1,117,752 | 1,455,149 | |||||||||
| Mexican peso | 231,670 | 26,650 | |||||||||
| Euros | 61,057 | 28,910 | |||||||||
| Total | 1,410,479 | 1,510,709 | |||||||||
49
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
14.Borrowings and debt (continued)
Long-term borrowings and debt
The breakdown of long-term borrowings and debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions are as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Long-term borrowings: | |||||||||||
| At fixed interest rates | 55,681 | 64,244 | |||||||||
| At floating interest rates | 717,770 | 693,531 | |||||||||
| Principal | 773,451 | 757,775 | |||||||||
| Less: Transaction costs | (2,509) | (2,952) | |||||||||
| Interest payable | 9,198 | 7,787 | |||||||||
| Total long-term borrowings, net | 780,140 | 762,610 | |||||||||
| Long-term debt: | |||||||||||
| At fixed interest rates | 726,820 | 737,148 | |||||||||
| At floating interest rates | 1,203,071 | 995,138 | |||||||||
| Principal | 1,929,891 | 1,732,286 | |||||||||
| Less: Prepaid commissions | (4,536) | (4,670) | |||||||||
| Interest payable | 24,099 | 20,404 | |||||||||
| Total long-term debt, net | 1,949,454 | 1,748,020 | |||||||||
| Total long-term borrowings and debt, net | 2,729,594 | 2,510,630 | |||||||||
| Range of fixed interest rates on borrowings and debt in U.S. dollars | 4.75% to 6.15% | 4.75% to 6.15% | |||||||||
| Range of floating interest rates on borrowings and debt in U.S. dollars | 4.77% to 5.62% | 4.80% to 5.66% | |||||||||
| Range of fixed interest rates on borrowings and debt in Mexican pesos | 9.20% to 10.78% | 6.50% to 10.78% | |||||||||
| Range of floating interest rates on borrowings and debt in Mexican pesos | 7.01% to 7.80% | 7.66% to 8.61% | |||||||||
| Range of floating interest rates on borrowings and debt in Costa Rican colones | 6.15% | 6.28 | % | ||||||||
| Range of fixed interest rates on debt in Japanese yens | 1.10% to 2.28% | 0.95% to 1.90% | |||||||||
| Range of fixed interest rates on debt in Euros | 0.90% to 3.16% | 0.90% to 3.16% | |||||||||
| Range of fixed interest rates on debt in Australian dollars | 6.81% | 6.81 | % | ||||||||
| Range of fixed interest rates on debt in Sterling pounds | 1.50% | 1.50 | % | ||||||||
| Range of fixed interest rates on debt in Peruvian sol | 7.00% | 7.00 | % | ||||||||
50
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
14.Borrowings and debt (continued)
Long-term borrowings and debt (continued)
The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| US dollar | 810,320 | 786,949 | |||||||||
| Mexican peso | 1,679,417 | 1,480,905 | |||||||||
| Japanese yen | 126,583 | 125,167 | |||||||||
| Euro | 17,071 | 29,326 | |||||||||
| Peruvian soles | 27,574 | 27,961 | |||||||||
| Australian dollar | 9,917 | 9,599 | |||||||||
| Sterling pound | 4,905 | 4,979 | |||||||||
| Costa Rican colones | 27,555 | 25,175 | |||||||||
| Carrying amount - principal | 2,703,342 | 2,490,061 | |||||||||
Future payments of long-term borrowings and debt outstanding as of June 30, 2026, are as follows:
| Year | Outstanding | ||||
| 2026 | 267,887 | ||||
| 2027 | 886,258 | ||||
| 2028 | 895,418 | ||||
| 2029 | 585,548 | ||||
| 2030 | 19,000 | ||||
| 2031 | 39,314 | ||||
| 2034 | 9,917 | ||||
| Carrying amount - principal | 2,703,342 | ||||
The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the consolidated statement of cash flows:
| 2026 | 2025 | ||||||||||
| Balance as of January 1, | 4,030,389 | 4,388,720 | |||||||||
| Monetary transactions: | |||||||||||
| Net decrease in short-term borrowings and debt | (98,606) | (432,939) | |||||||||
| Proceeds from long-term borrowings and debt | 358,967 | 65,776 | |||||||||
| Payments of long-term borrowings and debt | (182,977) | (383,235) | |||||||||
| Non-monetary transactions: | |||||||||||
| Change in foreign currency rates | 38,059 | 167,895 | |||||||||
| Fair value adjustment due to hedge accounting relationship | (1,541) | 9,553 | |||||||||
| Other adjustments | 376 | 1,925 | |||||||||
Liability-related | |||||||||||
Interest expense | 115,541 | 120,729 | |||||||||
| Interest payable | (111,324) | (116,431) | |||||||||
| Balance as of June 30, | 4,148,884 | 3,821,993 | |||||||||
51
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
15. Lease liabilities
Maturity analysis of contractual undiscounted cash flows of the lease liabilities is detailed below:
| June 30, 2026 | December 31, 2025 | ||||||||||
Up to 1 year | 2,309 | 2,126 | |||||||||
From 1 to 5 years | 8,822 | 8,134 | |||||||||
After 5 to 10 years | 12,473 | 12,179 | |||||||||
| Total undiscounted lease liabilities | 23,604 | 22,439 | |||||||||
| Short-term | 1,581 | 1,461 | |||||||||
| Long-term | 17,748 | 16,968 | |||||||||
| Total lease liabilities included in the consolidated statement of financial position | 19,329 | 18,429 | |||||||||
Amounts recognized in the consolidated statement of cash flows:
| June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Payments of lease liabilities | 743 | 493 | |||||||||
Amounts recognized in consolidated statement of profit or loss:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Interest on lease liabilities | (177) | (179) | (349) | (361) | |||||||||||||||||||
16. Other liabilities
Following is a summary of other liabilities:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Accruals and other accumulated expenses | 22,642 | 26,901 | |||||||||
| Accounts payable | 8,459 | 8,751 | |||||||||
| Unearned commissions | 10,207 | 15,628 | |||||||||
| Others | 83 | 83 | |||||||||
| Total | 41,391 | 51,363 | |||||||||
17. Dividends and coupons
The following amounts were recognized as dividends to equity holders:
| June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Dividends per ordinary share | 51,656 | 46,492 | |||||||||
| Coupons payable on other equity instruments | 7,500 | — | |||||||||
| Total | 59,156 | 46,492 | |||||||||
At the Board of Directors’ meeting held on February 10, 2026, the payment of the first coupon on the Bank’s Additional Tier 1 (AT1) capital instruments was approved, which was paid on March 18, 2026.
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Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
18. Earnings per share
The following table presents a reconciliation of profit and share data used in the basic earnings per share (“EPS”) computations for the dates indicated:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (Thousands of U.S. dollars) | |||||||||||||||||||||||
| Profit for the period | 66,454 | 64,184 | 122,809 | 115,916 | |||||||||||||||||||
| Coupons payable on other equity instruments | — | — | (7,500) | — | |||||||||||||||||||
| Profit for the period attributable to holders oof ordinary shares | 66,454 | 64,184 | 115,309 | 115,916 | |||||||||||||||||||
| (U.S. dollars) | |||||||||||||||||||||||
| Basic earnings per share | 1.77 | 1.73 | 3.08 | 3.13 | |||||||||||||||||||
| (Thousands of shares) | |||||||||||||||||||||||
| Weighted average of common shares outstanding applicable to basic EPS | 37,579 | 37,203 | 37,483 | 37,072 | |||||||||||||||||||
19.Fee and commission income
Fee and commission income from contracts with customers broken down by main types of services, are detailed as follows:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Structured services | 7,864 | 9,989 | 10,988 | 12,378 | |||||||||||||||||||
| Letters of credit and guarantees | 9,538 | 7,831 | 16,832 | 14,542 | |||||||||||||||||||
| Credit commitments | 5,201 | 2,802 | 8,796 | 4,198 | |||||||||||||||||||
| Other commissions | 1,941 | 95 | 2,346 | 529 | |||||||||||||||||||
| Total fee and commission income | 24,544 | 20,717 | 38,962 | 31,647 | |||||||||||||||||||
| Fees and commission expense | (1,209) | (805) | (2,497) | (1,152) | |||||||||||||||||||
| Total | 23,335 | 19,912 | 36,465 | 30,495 | |||||||||||||||||||
The following table present information the unearned commission that is expected to be recognized on the existing contracts:
| June 30, 2026 | |||||
| Up to 1 year | 11,274 | ||||
| From 1 to 2 years | 1,077 | ||||
| More than 2 years | 2,289 | ||||
| Total | 14,640 | ||||
53
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
20.Business segment information
The following table provides certain information regarding the Bank’s operations by segment:
| Three months ended June 30, 2026 | Six months ended June 30, 2026 | ||||||||||||||||||||||||||||||||||
| Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
| Interest income | 168,269 | 30,948 | 199,217 | 324,050 | 61,115 | 385,165 | |||||||||||||||||||||||||||||
| Interest expense | (142) | (125,796) | (125,938) | (279) | (241,401) | (241,680) | |||||||||||||||||||||||||||||
| Inter-segment net interest income | (102,142) | 102,142 | — | (195,509) | 195,509 | — | |||||||||||||||||||||||||||||
| Net interest income | 65,985 | 7,294 | 73,279 | 128,262 | 15,223 | 143,485 | |||||||||||||||||||||||||||||
| Other income (expense), net | 23,657 | 1,966 | 25,623 | 37,064 | 1,453 | 38,517 | |||||||||||||||||||||||||||||
| Total income | 89,642 | 9,260 | 98,902 | 165,326 | 16,676 | 182,002 | |||||||||||||||||||||||||||||
| Provision for credit losses | (8,656) | 57 | (8,599) | (13,895) | 562 | (13,333) | |||||||||||||||||||||||||||||
| Operating expenses | (18,764) | (5,085) | (23,849) | (36,143) | (9,717) | (45,860) | |||||||||||||||||||||||||||||
| Segment profit | 62,222 | 4,232 | 66,454 | 115,288 | 7,521 | 122,809 | |||||||||||||||||||||||||||||
| Segment assets | 10,916,767 | 3,453,273 | 14,370,040 | ||||||||||||||||||||||||||||||||
| Segment liabilities | 225,471 | 12,412,664 | 12,638,135 | ||||||||||||||||||||||||||||||||
| Three months ended June 30, 2025 | Six months ended June 30, 2025 | ||||||||||||||||||||||||||||||||||
| Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
| Interest income | 159,415 | 35,016 | 194,431 | 194431000 | 317,677 | 66,174 | 383,851 | ||||||||||||||||||||||||||||
| Interest expense | (143) | (126,549) | (126,692) | (290) | (250,566) | (250,856) | |||||||||||||||||||||||||||||
| Inter-segment net interest income | (99,615) | 99,615 | — | (198,702) | 198,702 | — | |||||||||||||||||||||||||||||
| Net interest income | 59,657 | 8,082 | 67,739 | 118,685 | 14,310 | 132,995 | |||||||||||||||||||||||||||||
| Other income (expense), net | 21,519 | 784 | 22,303 | 32,400 | 2,596 | 34,996 | |||||||||||||||||||||||||||||
| Total income | 81,176 | 8,866 | 90,042 | 151,085 | 16,906 | 167,991 | |||||||||||||||||||||||||||||
| Provision for credit losses | (5,182) | 163 | (5,019) | (10,257) | 22 | (10,235) | |||||||||||||||||||||||||||||
| Operating expenses | (16,271) | (4,568) | (20,839) | (33,192) | (8,648) | (41,840) | |||||||||||||||||||||||||||||
| Segment profit | 59,723 | 4,461 | 64,184 | 107,636 | 8,280 | 115,916 | |||||||||||||||||||||||||||||
| Segment assets | 9,327,239 | 3,430,570 | 12,757,809 | ||||||||||||||||||||||||||||||||
| Segment liabilities | 188,470 | 10,867,813 | 11,056,283 | ||||||||||||||||||||||||||||||||
54
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
20.Business segment information (continued)
The following table shows the reconciliation of information by business segments:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Profit for the period | 66,454 | 64,184 | 122,809 | 115,916 | |||||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Assets from reportable segments | 14,370,040 | 12,757,809 | |||||||||||||||||||||
| Other assets - unallocated | 66,805 | 28,584 | |||||||||||||||||||||
| Total | 14,436,845 | 12,786,393 | |||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Liabilities from reportable segments | 12,638,135 | 11,056,283 | |||||||||||||||||||||
| Other liabilities - unallocated | 41,391 | 51,363 | |||||||||||||||||||||
| Total | 12,679,526 | 11,107,646 | |||||||||||||||||||||
21.Related party transactions
The total compensation paid to directors and the executives as representatives of the Bank amounted to:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Compensation costs to directors | 938 | 414 | 1,718 | 1,012 | |||||||||||||||||||
| Compensation costs to executives | 1,477 | 2,429 | 7,646 | 5,989 | |||||||||||||||||||
Compensation costs of Bank´s directors and executives include annual cash retainers and the cost of granted restricted stock and restricted stock units, as detailed in the Stock Incentive Plan.
22.Litigation
As of June 30, 2026, the Bank is involved in a legal proceeding in which a payment of approximately $3.5 million is being claimed. Such proceeding is ongoing and had not been resolved as of the date of these consolidated financial statements. Based on management’s assessment and the opinion of external legal counsel, it is not considered probable that the resolution of this proceeding will result in an outflow of economic resources for the Bank. Accordingly, no provision has been recognized in the consolidated financial statements in respect of this matter.
55
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
23. Applicable laws and regulations
Liquidity index
Rule No. 2-2018 issued by the Superintendence of Banks of Panama (SBP) establishes that every general license or international license bank must guarantee, with a higher level of confidence, that it is in the position to face its intraday liquidity obligations in a period when liquidity pressure may affect the lending market. For that purpose, the SBP has established a short-term liquidity coverage ratio known as “Liquidity Coverage Ratio or LCR”. This ratio is measured through the quotient of two amounts, the first one corresponds to the high-quality liquid assets and the second one corresponds to the net cash outflows in 30 days.
As of June 30, 2026, and December 31, 2025, the minimum LCR to be reported to the SBP was 100%. The Bank´s LCR as of June 30, 2026 was 140.2% (December 31, 2025: 159.3%).
Rule No. 4-2008 issued by the SBP, establishes that every general license or international license bank must always maintain, a minimum balance of liquid assets equivalent to 30% of the gross total of its deposits in the Republic of Panama or overseas up to 186 days, counted from the reporting date. The formula is based on the following parameters:
Liquid assets | x 100 = X% (Liquidity index) | ||||
| Liabilities (Deposits received) | |||||
The liquidity index reported by the Bank to the regulator as of June 30, 2026 was 51.3% (December 31, 2025: 60.7%).
Capital adequacy
The Banking Law in the Republic of Panama and Rules No. 01-2015, 03-2016 and 05-2023 require that the general license banks maintain a total capital adequacy index. The Bank's capital, in accordance with current banking regulations, is separated into Ordinary Primary Capital: which consists of paid-in capital in shares, excess paid-in capital, declared reserves, retained earnings, minority interest shares and other accumulated comprehensive income items, less regulatory adjustments; and Additional Primary Capital: which consists of instruments issued by the Bank or consolidated subsidiaries that meet the requirements for inclusion, issue premiums, less regulatory adjustments applicable to additional primary capital.
As of June 30, 2026, the capital adequacy index may not be less, at any time, than 9.25% (including the capital conservation buffer of 1.25% required for 2025, according to Agreement No. 05-2023) of total assets and off-balance sheet irrevocable contingency transactions, weighted according to their risks; and ordinary primary capital plus conservation buffer that shall not be less than 5.75% of its assets and off-balance sheet transactions that represent an irrevocable contingency, weighted based on their risks; and a total primary capital plus conservation buffer that shall not be less than 7.25% of its assets and off-balance sheet transactions that represent an irrevocable contingency, weighted based on their risks.
Capital Conservation Calculation
As of July 2024, Agreement No. 05-2023, issued by the Superintendency of Banks of Panama, came into force, which establishes rules on the creation of a capital conservation buffer, whose objectives are:
(i) ensure that banks accumulate reserves that can be used in case of incurring losses,
(ii) that banks do not fail to comply with the established minimum requirements, without considering the conservation buffer, in episodes of deterioration in solvency.
As established in the Agreement, banking entities must establish a capital conservation buffer of 2.5%, (established in a phased manner starting with 0.50% as of July 1, 2024, 0.75% for July 1, 2025 and 1.25% for July 1, 2026) of risk-weighted assets (credit, market and operating), made up of capital ordinary primary and in addition to all the minimum regulatory capital requirements that are established, for which the total minimum regulatory capital will be 8.5% for 2024, 9.25% for 2025 and 10.5% for 2026, (before the modification of the Rule 8%).
The primary objectives of the Bank’s capital management policy are to ensure that the Bank complies with capital requirements imposed by local regulators and maintains strong credit ratings and healthy capital ratios to support its business and to maximize shareholder value.
56
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
23.Applicable laws and regulations (continued)
The Bank manages its capital structure and adjusts it according to changes in economic conditions and the risk characteristics of its activities. To maintain or adjust the capital structure, the Bank may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities.
No changes have been made to the objectives, policies and processes from previous periods. However, they are under constant review by the Board.
The information corresponding to the total capital adequacy index is as follows:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Ordinary primary capital, net of adjustments | 1,365,726 | 1,322,970 | |||||||||
| Capital funds | 1,739,793 | 1,675,484 | |||||||||
| Risk-weighted assets | 12,132,408 | 10,822,730 | |||||||||
| Ordinary capital index | 11.3% | 12.2% | |||||||||
Ordinary capital total | 12.9% | 14.1% | |||||||||
| Capital adequacy index | 14.3% | 15.5% | |||||||||
Leverage ratio
Article No. 17 of the Rule No. 1-2015 establishes the leverage ratio of a regulated entity by means of the quotient between the ordinary primary capital and the total exposure for non-risk-weighted assets inside and outside the consolidated statement of financial position as established by the SBP. For the determination of the exposure of off-balance-sheet transactions, the criteria established for credit and counterparty credit risk positions will be used. The exposure of the derivatives will be the fair value at which they are recorded in the Bank’s assets.
The leverage ratio cannot be lower, at any time, than 3%. The Bank will inform to SBP as often as the compliance with the leverage ratio is determined.
The table below presents the Bank´s leverage ratio in compliance with Article No.17 of Rule No. 1-2015:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Ordinary capital | 1,365,726 | 1,322,970 | |||||||||
| Non-risk-weighted assets | 15,149,008 | 13,402,426 | |||||||||
| Leverage ratio | 9.0% | 9.9% | |||||||||
Regulatory reserves
Below is a list of the regulatory reserves that the Bank maintains in accordance with the prudential standards of the SBP:
| June 30, 2026 | December 31, 2025 | ||||||||||
| Dynamic asset reserve | 176,091 | 154,538 | |||||||||
| Regulatory reserve for individual credits | 13,878 | 4,555 | |||||||||
| Total regulatory reserves | 189,969 | 159,093 | |||||||||
Credit risk coverage - dynamic provision
The SBP by means of Rule No. 4-2013, establishes the compulsory constitution of a dynamic provision in addition to the specific credit provision as part of the total provisions for the credit risk coverage.
57
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
23. Applicable laws and regulations (continued)
The dynamic provision is an equity item associated to the regulatory capital but does not replace or offset the capital adequacy requirements established by the SBP. This allocation is restricted for dividend distribution purposes.
Methodology for the constitution of the regulatory credit reserve
The SBP by means of the General Resolution of Board of Directors SBP-GJD-0003-2013 of July 9, 2013, establishes the accounting methodology for differences that arise between the application of IFRS and the application of prudential regulations issued by the SBP; as well as the additional disclosures required to be included in the notes to the consolidated financial statements.
The parameters established in this methodology are the following:
–The calculations of accounting balances in accordance with IFRS and the prudential standards issued by the SBP will be carried out and the respective figures will be compared.
–When the calculation made in accordance with IFRS results in a higher reserve or provision for the bank compared to the one resulting from the use of the prudential standards issued by the SBP, the Bank will account the IFRS figures.
–When the impact of the use of prudential standards results in a higher reserve or provision for the Bank, the effect of the application of IFRS will be recognized in profit or loss, and the difference between IFRS calculation compared to the prudential standards calculation will be appropriated from retained earnings as a regulatory credit reserve. If the Bank does not have sufficient retained earnings, the difference will be presented as an accumulated deficit account.
–The regulatory credit reserve mentioned in paragraph 3 of this Rule may not be reversed against retained earnings as long as there are differences between IFRS and the prudential standards.
Considering that the Bank presents its consolidated financial statements under IFRS, specifically for its expected credit reserves under IFRS 9, the line "Regulatory credit reserve" established by the SBP has been used to present the difference between the application of the accounting standard used and the prudential regulations of the SBP to comply with the requirements of Rule No. 4-2013.
Capital reserve
In addition to capital reserves required by regulations, the Bank maintains a capital reserve of $95.2 million, which was voluntarily established. Pursuant to Article No. 69 of the Banking Law, reduction of capital reserves requires prior approval of SBP.
Regulatory reserve for individual credits
Rule No. 11-2019, amended by Rule No. 4-2013, indicates that all loans classified as unrecoverable must be written off within a period of no more than one year. For corporate loans with real estate collateral, the bank will write off all loans classified as unrecoverable within a period of no more than two years, from the date on which it was classified in that category. After two years, if the Bank has not made the write-off, it must create a reserve in the equity account, through the appropriation of retained earnings, which will be charged to the value of the loan net of the provisions already established, according to the percentages established in the following table:
Percentage applicable | |||||
Period | |||||
At the beginning of the third year | 50% | ||||
At the beginning of the fourth year | 50% | ||||
In accordance with the provisions of Rule No. 11-2019 and 4-2013, the bank recognized regulatory provisions for individual loans for $13,878 million as of June 30, 2026 (December 31, 2025: $4,555 million).
58
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
23.Applicable laws and regulations (continued)
Specific provisions
SBP Rule No. 4-2013, modified by Rule No. 8-2014, states that the specific credit provisions are originated from the objective and concrete evidence of impairment. These provisions must be established for credit facilities classified according to the risk categories denominated as: special mention, substandard, doubtful, or unrecoverable, both for individual credit facilities as for a group of such facilities. In the case of a group, it corresponds to circumstances that indicate the existence of deterioration in credit quality, although individual identification is still not possible.
Banks must calculate and maintain at all times the amount of the specific credit provisions determined by the methodology specified in this Rule, which takes into account the balance owed of each credit facility classified in any of the categories subject to provision, mentioned in the paragraph above; the present value of each guarantee available in order to mitigate risk, as established by type of collateral; and a weighting table that applies to the net exposure balance subject to loss of such credit facilities.
Article No. 34 of this Rule establishes that all credits must be classified in the following five (5) categories, according to their default risk and loan conditions, and establishes a minimum reserve for each classification: normal 0%, special mention 20%, substandard 50%, doubtful 80%, and unrecoverable 100%.
If there is an excess in the specific credit provision, calculated in accordance with this Rule, compared to the provision calculated in accordance with IFRS, this excess will be accounted for as a regulatory credit reserve in equity and will increase or decrease with appropriations from/to retained earnings. The balance of the regulatory credit reserve will not be considered as capital funds for calculating certain ratios or prudential indicators mentioned in the Rule.
Based on the classification of risks, collateral and in compliance with SBP Rule No. 4-2013, the Bank classified the loan portfolio as follows:
| June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
| Loans at amortized cost | |||||||||||||||||||||||||||||||||||
| Corporations | 6,936,501 | 40,106 | 45,009 | 20,000 | 10,107 | 7,051,723 | |||||||||||||||||||||||||||||
| Financial institutions: | |||||||||||||||||||||||||||||||||||
| Private | 2,475,303 | — | — | — | — | 2,475,303 | |||||||||||||||||||||||||||||
| State-owned | 268,595 | — | — | — | — | 268,595 | |||||||||||||||||||||||||||||
| 2,743,898 | — | — | — | — | 2,743,898 | ||||||||||||||||||||||||||||||
| Sovereign | 401,361 | — | — | — | — | 401,361 | |||||||||||||||||||||||||||||
| Total | 10,081,760 | 40,106 | 45,009 | 20,000 | 10,107 | 10,196,982 | |||||||||||||||||||||||||||||
| Loans at FVOCI | |||||||||||||||||||||||||||||||||||
| Corporations | 196,125 | — | — | — | — | 196,125 | |||||||||||||||||||||||||||||
| Financial institutions: | |||||||||||||||||||||||||||||||||||
| Private | 68,622 | — | — | — | — | 68,622 | |||||||||||||||||||||||||||||
| Total | 264,747 | — | — | — | — | 264,747 | |||||||||||||||||||||||||||||
| Total loans | 10,346,507 | 40,106 | 45,009 | 20,000 | 10,107 | 10,461,729 | |||||||||||||||||||||||||||||
| Specific Provision | — | 8,021 | 22,505 | 16,000 | 5,687 | 52,213 | |||||||||||||||||||||||||||||
| Allowance for loan | |||||||||||||||||||||||||||||||||||
| losses under IFRS (*): | 36,159 | 8,588 | 13,597 | 14,880 | 7,256 | 80,480 | |||||||||||||||||||||||||||||
59
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
23.Applicable laws and regulations (continued)
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
| Loans at amortized cost | |||||||||||||||||||||||||||||||||||
| Corporations | 6,195,013 | 101,333 | — | 26,933 | 11,775 | 6,335,054 | |||||||||||||||||||||||||||||
| Financial institutions: | |||||||||||||||||||||||||||||||||||
| Private | 2,401,466 | — | — | — | — | 2,401,466 | |||||||||||||||||||||||||||||
| State-owned | 250,036 | — | — | — | — | 250,036 | |||||||||||||||||||||||||||||
| 2,651,502 | — | — | — | — | 2,651,502 | ||||||||||||||||||||||||||||||
| Sovereign | 118,169 | — | — | — | — | 118,169 | |||||||||||||||||||||||||||||
| Total | 8,964,684 | 101,333 | — | 26,933 | 11,775 | 9,104,725 | |||||||||||||||||||||||||||||
| Loans at FVOCI | |||||||||||||||||||||||||||||||||||
| Corporations | 52,261 | — | — | — | — | 52,261 | |||||||||||||||||||||||||||||
| Financial institutions: | |||||||||||||||||||||||||||||||||||
| Private | 19,363 | — | — | — | — | 19,363 | |||||||||||||||||||||||||||||
| State-owned | 4,952 | — | — | — | — | 4,952 | |||||||||||||||||||||||||||||
| 24,315 | — | — | — | — | 24,315 | ||||||||||||||||||||||||||||||
| Total | 76,576 | — | — | — | — | 76,576 | |||||||||||||||||||||||||||||
| Total loans | 9,041,260 | 101,333 | — | 26,933 | 11,775 | 9,181,301 | |||||||||||||||||||||||||||||
| Specific Provision | — | 20,267 | — | 21,546 | 7,220 | 49,033 | |||||||||||||||||||||||||||||
| Allowance for loan | |||||||||||||||||||||||||||||||||||
| losses under IFRS (*): | 34,406 | 30,891 | — | 20,126 | 8,853 | 94,276 | |||||||||||||||||||||||||||||
As of June 30, 2026 the restructured loans are $39.2 millions, (December 31, 2025: the restructured loans are for $51.2 million).
Rule No.4-2013 defines as Past Due any credit facility for which payment of contractually agreed amounts present more than thirty (30) days in arrears, up to ninety (90) days; and as Delinquent, any credit facility for which payment of contractually agreed amounts present more than ninety (90) days in arrears, except for single-payment transactions and overdrafts, which will be considered Delinquent when payment exceeds thirty (30) days in arrears from the contractual payment date.
60
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
23.Applicable laws and regulations (continued)
Below is the classification of the loan portfolio by maturity profile based on Rule No. 4-2013 and modified by Rule No. 8-2014:
| June 30, 2026 | ||||||||||||||||||||||||||
| Current | Past due | Delinquent | Total | |||||||||||||||||||||||
| Loans at amortized cost | ||||||||||||||||||||||||||
| Corporations | 7,000,195 | 11,421 | 30,107 | 7,041,723 | ||||||||||||||||||||||
| Financial institutions: | ||||||||||||||||||||||||||
| Private | 2,485,303 | — | — | 2,485,303 | ||||||||||||||||||||||
| State-owned | 268,595 | — | — | 268,595 | ||||||||||||||||||||||
| 2,753,898 | — | — | 2,753,898 | |||||||||||||||||||||||
| Sovereign | 401,361 | — | — | 401,361 | ||||||||||||||||||||||
| Total | 10,155,454 | 11,421 | 30,107 | 10,196,982 | ||||||||||||||||||||||
| Loans at FVOCI | ||||||||||||||||||||||||||
| Corporations | 196,125 | — | — | 196,125 | ||||||||||||||||||||||
| Financial institutions: | ||||||||||||||||||||||||||
| Private | 68,622 | — | — | 68,622 | ||||||||||||||||||||||
| Total | 264,747 | — | — | 264,747 | ||||||||||||||||||||||
| Total loans | 10,420,201 | — | 30,107 | 10,461,729 | ||||||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||
| Current | Past due | Delinquent | Total | |||||||||||||||||||||||
| Loans at amortized cost | ||||||||||||||||||||||||||
| Corporations | 6,298,014 | 20,000 | 17,040 | 6,335,054 | ||||||||||||||||||||||
| Financial institutions: | ||||||||||||||||||||||||||
| Private | 2,401,466 | — | — | 2,401,466 | ||||||||||||||||||||||
| State-owned | 250,036 | — | — | 250,036 | ||||||||||||||||||||||
| 2,651,502 | — | — | 2,651,502 | |||||||||||||||||||||||
| Sovereign | 118,169 | — | — | 118,169 | ||||||||||||||||||||||
| Total | 9,067,685 | 20,000 | 17,040 | 9,104,725 | ||||||||||||||||||||||
| Loans at FVOCI | ||||||||||||||||||||||||||
| Corporations | 52,261 | — | — | 52,261 | ||||||||||||||||||||||
| Financial institutions: | ||||||||||||||||||||||||||
| Private | 19,363 | — | — | 19,363 | ||||||||||||||||||||||
| State-owned | 4,952 | — | — | 4,952 | ||||||||||||||||||||||
| Total | 76,576 | — | — | 76,576 | ||||||||||||||||||||||
| Total loans | 9,144,261 | 20,000 | 17,040 | 9,181,301 | ||||||||||||||||||||||
61
Bladex, Inc. and Subsidiaries
Notes to the unaudited interim condensed consolidated financial statements
| (Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) | ||
23.Applicable laws and regulations (continued)
In accordance with Rule No. 4-2013, as amended by Rule No. 8-2014, non-accruing loans are presented by category as follows:
| June 30, 2026 | |||||||||||||||||||||||||||||||||||
| Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
| Loans at amortized cost | |||||||||||||||||||||||||||||||||||
| Impaired loans | — | — | 45,009 | 20,000 | 10,107 | 75,116 | |||||||||||||||||||||||||||||
| Total | — | — | 45,009 | 20,000 | 10,107 | 75,116 | |||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
| Loans at amortized cost | |||||||||||||||||||||||||||||||||||
| Impaired loans | — | — | — | 26,933 | 11,775 | 38,708 | |||||||||||||||||||||||||||||
| Total | — | — | — | 26,933 | 11,775 | 38,708 | |||||||||||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | ||||||||||
| Non-accruing loans: | |||||||||||
| Private corporations | 75,116 | 38,708 | |||||||||
| Unrecognized interest on non-accrual loans | 3,658 | 1,302 | |||||||||
As of June 30, 2026, and December 31, 2025, there was no interest income collected on loans in non-accrual status.
24.Subsequent events
Dividends declared
At a meeting of the Board of Directors held on July 21, 2026, the Board approved the declaration of a quarterly cash dividend of US$0.6875 per common share, relating to the second quarter of 2026. The dividend will be paid on August 25, 2026 to holders of the Bank’s common shares of record as of August 07, 2026. At the same meeting, the payment of the second coupon on the Bank's Additional Tier 1 (AT1) capital instruments was also approved, which will be paid on September 18, 2026
62