- Historic net income of $206
million, a 24% increase year-over-year
- 25% dividend increase, reflecting confidence in the
bank's growth trajectory
- Solid growth in fee income, driven by higher activity in
syndications and letters of credit
PANAMA CITY, Feb. 28,
2025 /PRNewswire/ -- Banco Latinoamericano de
Comercio Exterior, S.A. (Bladex) (NYSE: BLX) announced today its
financial results for the fourth quarter and full year 2024,
achieving historic levels of profitability and business growth.
The commercial loan portfolio grew by 18%, surpassing
$10 billion for the first time.
Portfolio quality remained at optimal levels, with non-performing
loans near zero, reflecting disciplined risk management.
Deposits grew significantly, reaching $5.4 billion, representing 54% of total funding.
This increase 23% in year-end balances and 33% in average balances
for the year exceeded the bank's 30% growth target.
Fee income reached a record $44
million, up 37% from 2023, driven by a 24% increase in
letter of credit fees and a 38% rise in syndication fees, with
total transactions exceeding $2.5
billion. This growth in fee-based revenue reflects the
success of the initial implementation phase of Bladex's 2022-2026
Strategic Plan, which aims to broaden and diversify income sources,
ensuring a solid return on equity beyond interest rate cycles.
This performance was accompanied by 10% asset growth and
efficient cost management, reflected in a 26.5% efficiency
ratio.
As a result of this strong performance, Bladex achieved a record
net income of $206 million, a 24%
year-over-year increase, with ROE reaching 16.2%, up 153 basis
points from 2023, underscoring the efficiency and profitability of
its business model.
Recognizing these results, the Board of Directors approved a 25%
increase in the quarterly dividend, reinforcing confidence in
Bladex's growth trajectory and its commitment to delivering
shareholder value.
"2024 has been a historic year for Bladex. We have exceeded
our own expectations, achieving record profitability, and portfolio
growth," said Jorge Salas,
CEO of Bladex. "The dividend increase reflects our confidence in
the bank's financial strength and ability to sustain profitable
growth. Additionally, the expansion of our fee income is a clear
sign that our diversification strategy is delivering
results."
Looking ahead to 2025, Bladex will continue executing its
strategic plan, including the launch of its digital trade finance
platform in the second half of the year, further strengthening its
product offering and operational efficiency.
Carlos Daniel Raad – Chief
Investor Relations Officer
E-mail address: ir@bladex.com
Tel: +507 210-8563
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SOURCE Banco Latinoamericano de Comercio Exterior, S.A.
(Bladex)
