The following is a summary of the Banco Latinoamericano De Comercio Exterior, S. A. (BLX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Bladex achieved a record net income of $53 million for Q3 2024, representing a 16% year-over-year increase.

• Year-to-date net income for the first nine months reached $154 million, up 29% from the previous year.

• The bank's efficiency ratio slightly increased to 27%, in line with expectations.

• Outstanding commercial portfolio growth, reaching $9.7 billion with a year-on-year increase of 17%.

• Record deposit growth reaching $5.6 billion, a 34% increase over the last 12 months.

• Significant growth in noninterest income, with total fees for the first three quarters up 45% compared to the same period last year.

Business Progress:

• Bladex is transitioning from the optimization phase to the expansion phase of its strategic plan, focusing on product offering expansion.

• The trade finance and Treasury Business platforms are advancing, aiming to enhance non-interest income.

• A new letters of credit platform is being implemented, expected to begin yielding benefits by the end of the next year.

Opportunities:

• Further growth in the deposit base and expanded capabilities in trade finance and treasury management are anticipated.

• The upcoming trade finance platform and the treasury management system are expected to boost non-interest income and diversify revenue streams.

Risks:

• Higher competition in international debt capital markets, especially in Brazil, is putting pressure on lending spreads.

• Potential macroeconomic and political changes, such as U.S. elections, could impact trade volumes and economic conditions in regions significant to Bladex.

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