Bladex (BLX)
Market Price (9/23/2026): $55.5 | Market Cap: $2.1 BilSector: Financials | Industry: Regional Banks
Bladex (BLX)
Market Price (9/23/2026): $55.5Market Cap: $2.1 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Sustainable Finance. Themes include Digital Payments, Online Banking & Lending, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109% Key risksBLX key risks include [1] adverse impacts on its Latin American and Caribbean trade finance activities from geopolitical and economic disruptions and [2] the lingering regional effects of the COVID-19 pandemic. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, Dividend Yield is 3.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Sustainable Finance. Themes include Digital Payments, Online Banking & Lending, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109% |
| Key risksBLX key risks include [1] adverse impacts on its Latin American and Caribbean trade finance activities from geopolitical and economic disruptions and [2] the lingering regional effects of the COVID-19 pandemic. |
Qualitative Assessment
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Bladex (BLX) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results and Strong Growth in Core Business Metrics. Banco Latinoamericano de Comercio Exterior (BLX) reported record net income of $66.5 million for fiscal Q2 2026 (ended June 2026), representing an 18% increase quarter-over-quarter and 4% year-over-year. The company's actual revenue of $224.84 million significantly surpassed the expected revenue of $89.00 million. This strong performance was further underscored by a record commercial portfolio reaching $13.0 billion, marking an 8% sequential growth and 20% year-over-year expansion, along with record deposits of $7.9 billion, an 8% increase quarter-over-quarter.
2. Significant Diversification of Revenue Streams and Robust Non-Interest Income Growth. The company demonstrated success in diversifying its revenue base, with non-interest income (excluding hedging) surging to a record $25.1 million in fiscal Q2 2026, an 86% increase quarter-over-quarter. This now accounts for approximately 25.4% of total revenues, effectively offsetting pressure on net interest margins, which compressed to 2.24% in fiscal Q2 2026 from 2.34% in the prior quarter. Despite margin pressure, net interest income still reached a record $73.3 million, up 4% from fiscal Q1 2026.
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Bladex (BLX) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Results and Strong Growth in Core Business Metrics. Banco Latinoamericano de Comercio Exterior (BLX) reported record net income of $66.5 million for fiscal Q2 2026 (ended June 2026), representing an 18% increase quarter-over-quarter and 4% year-over-year. The company's actual revenue of $224.84 million significantly surpassed the expected revenue of $89.00 million. This strong performance was further underscored by a record commercial portfolio reaching $13.0 billion, marking an 8% sequential growth and 20% year-over-year expansion, along with record deposits of $7.9 billion, an 8% increase quarter-over-quarter.
2. Significant Diversification of Revenue Streams and Robust Non-Interest Income Growth. The company demonstrated success in diversifying its revenue base, with non-interest income (excluding hedging) surging to a record $25.1 million in fiscal Q2 2026, an 86% increase quarter-over-quarter. This now accounts for approximately 25.4% of total revenues, effectively offsetting pressure on net interest margins, which compressed to 2.24% in fiscal Q2 2026 from 2.34% in the prior quarter. Despite margin pressure, net interest income still reached a record $73.3 million, up 4% from fiscal Q1 2026.
3. S&P Global Ratings Upgrade to 'BBB+' and Reaffirmed Positive Outlook. In June 2026, S&P Global Ratings upgraded Bladex's credit rating to 'BBB+'. This upgrade signals improved creditworthiness and stability, contributing to enhanced investor confidence. Furthermore, management reaffirmed its full-year adjusted Return on Equity (ROE) guidance of 14% to 15%, indicating a continued positive outlook for profitability.
4. Improving Macroeconomic Environment in Latin America with Potential for Lower Interest Rates. The broader economic landscape in Latin America during the period since April 30, 2026, has shown signs of a return to a more stable and sustainable growth trajectory. Reports from March and February 2026 suggested that interest rates in the region were peaking and anticipated to decline later in 2026, which is expected to support domestic demand and foster stronger economic growth. Easing monetary policies by central banks are making borrowing cheaper and loosening credit conditions, thereby improving the environment for economic expansion.
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Stock Movement Drivers
Fundamental Drivers
The 0.7% change in BLX stock from 5/31/2026 to 9/22/2026 was primarily driven by a 2.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.18 | 55.55 | 0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 321 | 329 | 2.7% |
| Net Income Margin (%) | 72.2% | 71.0% | -1.7% |
| P/E Multiple | 8.9 | 8.9 | 0.2% |
| Shares Outstanding (Mil) | 37 | 38 | -0.5% |
| Cumulative Contribution | 0.7% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| BLX | 0.7% | |
| Market (SPY) | 2.5% | 20.0% |
| Sector (XLF) | 6.6% | 22.6% |
Fundamental Drivers
The 13.8% change in BLX stock from 2/28/2026 to 9/22/2026 was primarily driven by a 9.3% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.81 | 55.55 | 13.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 310 | 329 | 6.1% |
| Net Income Margin (%) | 71.6% | 71.0% | -0.9% |
| P/E Multiple | 8.2 | 8.9 | 9.3% |
| Shares Outstanding (Mil) | 37 | 38 | -0.9% |
| Cumulative Contribution | 13.8% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| BLX | 13.8% | |
| Market (SPY) | 13.3% | 27.7% |
| Sector (XLF) | 7.5% | 29.2% |
Fundamental Drivers
The 27.0% change in BLX stock from 8/31/2025 to 9/22/2026 was primarily driven by a 20.9% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.76 | 55.55 | 27.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 305 | 329 | 7.9% |
| Net Income Margin (%) | 72.2% | 71.0% | -1.7% |
| P/E Multiple | 7.4 | 8.9 | 20.9% |
| Shares Outstanding (Mil) | 37 | 38 | -1.0% |
| Cumulative Contribution | 27.0% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| BLX | 27.0% | |
| Market (SPY) | 21.2% | 28.2% |
| Sector (XLF) | 3.1% | 35.0% |
Fundamental Drivers
The 180.9% change in BLX stock from 8/31/2023 to 9/22/2026 was primarily driven by a 68.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.78 | 55.55 | 180.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 196 | 329 | 68.4% |
| Net Income Margin (%) | 67.5% | 71.0% | 5.2% |
| P/E Multiple | 5.5 | 8.9 | 63.2% |
| Shares Outstanding (Mil) | 36 | 38 | -2.9% |
| Cumulative Contribution | 180.9% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| BLX | 180.9% | |
| Market (SPY) | 78.3% | 44.2% |
| Sector (XLF) | 67.1% | 50.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BLX Return | 11% | 6% | 61% | 54% | 33% | 28% | 395% |
| Peers Return | 29% | 8% | 17% | 7% | 2% | 34% | 137% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| BLX Win Rate | 67% | 50% | 83% | 58% | 50% | 78% | |
| Peers Win Rate | 58% | 60% | 48% | 48% | 56% | 72% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| BLX Max Drawdown | -15% | -24% | -17% | -17% | -21% | -14% | |
| Peers Max Drawdown | -22% | -21% | -41% | -23% | -25% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, GCBC, MBBC, NARA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/22/2026 (YTD)
How Low Can It Go
| Event | BLX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.6% | -18.8% |
| % Gain to Breakeven | 17.1% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.3% | -9.5% |
| % Gain to Breakeven | 14.0% | 10.5% |
| Time to Breakeven | 29 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.5% | 32.4% |
| Time to Breakeven | 134 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.2% | -33.7% |
| % Gain to Breakeven | 139.2% | 50.9% |
| Time to Breakeven | 545 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.2% | -19.2% |
| % Gain to Breakeven | 31.9% | 23.8% |
| Time to Breakeven | 125 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -19.7% | -12.2% |
| % Gain to Breakeven | 24.5% | 13.9% |
| Time to Breakeven | 63 days | 62 days |
In The Past
Bladex's stock fell -14.6% during the 2025 US Tariff Shock. Such a loss loss requires a 17.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BLX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.6% | -24.5% |
| % Gain to Breakeven | 27.5% | 32.4% |
| Time to Breakeven | 134 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.2% | -33.7% |
| % Gain to Breakeven | 139.2% | 50.9% |
| Time to Breakeven | 545 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.2% | -19.2% |
| % Gain to Breakeven | 31.9% | 23.8% |
| Time to Breakeven | 125 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.1% | -6.8% |
| % Gain to Breakeven | 45.1% | 7.3% |
| Time to Breakeven | 201 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.4% | -15.4% |
| % Gain to Breakeven | 25.6% | 18.2% |
| Time to Breakeven | 121 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -53.9% | -53.4% |
| % Gain to Breakeven | 116.9% | 114.4% |
| Time to Breakeven | 165 days | 1085 days |
In The Past
Bladex's stock fell -14.6% during the 2025 US Tariff Shock. Such a loss loss requires a 17.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bladex (BLX)
Bladex (Banco Latinoamericano de Comercio Exterior, S. A.) is a multinational bank headquartered in Panama City, Panama. Founded in 1977, the company primarily specializes in financing foreign trade activities across Latin America and the Caribbean. Its core mission is to support the flow of international commerce within the region.
The bank offers a diverse range of financial products and services. These include various types of loans such as short and medium-term bilateral loans, structured credits, and syndicated credits. Bladex also provides financial guarantee contracts, including issued and confirmed letters of credit and stand-by letters of credit, which mitigate commercial risks. Additional services encompass structured trade financing solutions like factoring and vendor financing, as well as financial leasing. For institutional clients, it offers treasury solutions, including term deposits and private placements.
Bladex serves a broad client base primarily within its target region. Its main customers include financial institutions, large corporations, and sovereign entities or state-owned enterprises. The bank operates through two main segments: Commercial, which focuses on its lending and trade finance activities, and Treasury, which manages its liquidity and investment solutions.
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Here are 1-2 brief analogies for Bladex:
- Bladex is like the **HSBC for Latin American foreign trade**.
- Bladex is like the **Latin American trade finance arm of Citigroup**.
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- Bilateral Loans: Provides direct, short and medium-term loan facilities to clients.
- Structured and Syndicated Credits: Offers complex credit facilities often involving multiple lenders or tailored financial structures.
- Loan Commitments: Enters into agreements to provide future loans or credit lines to clients.
- Financial Guarantees: Issues letters of credit (issued, confirmed, stand-by) and other guarantees covering commercial and asset risks.
- Structured Trade Financing: Delivers specialized financing solutions for trade, including factoring and vendor financing.
- Co-financing Arrangements: Participates in collaborative funding solutions with other financial institutions.
- Underwriting of Syndicated Credit Facilities: Assumes the risk of issuing and distributing syndicated loans to investors.
- Financial Leasing: Provides capital for assets through leasing arrangements as an alternative to traditional loans.
- Treasury Solutions: Manages client liquidity and investments through offerings like term deposits and private placements.
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Major Customers of Bladex (BLX)
- Financial institutions
- Corporations
- Sovereigns and state-owned entities
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Jorge L. Salas Taurel, Chief Executive Officer
Jorge L. Salas Taurel has served as the Chief Executive Officer of Bladex since March 9, 2020. Prior to his role at Bladex, Mr. Salas was the President and Chief Executive Officer of Banesco USA in Coral Gables, Florida, United States, from 2014 to 2020. He held various positions at Banesco since 2000, including General Manager of Banesco, S.A., Panama, from 2008 to 2014, and was the Founder and General Manager of Banesco -Todo Ticket- Venezuela from 2005 to 2008. Earlier in his career, he served as the Head of Oil and Gas Corporate Banking Division at Corpbanca, Venezuela, from 1998 to 1999.
Annette van Hoorde de Solis, Executive Vice President and Chief Financial Officer
Annette van Hoorde de Solis is the Executive Vice President and Chief Financial Officer of Bladex. She participated in the Bladex Investor Day in March 2026 and presented during the company's Q2 2026 earnings call.
Geraldine Francis Abreu Cumarin, Executive Vice President, Chief Technology Officer and Chief Operating Officer
Geraldine Francis Abreu Cumarin holds the titles of Executive Vice President, Chief Technology Officer, and Chief Operating Officer at Bladex.
Jorge Luis Real, Executive Vice President - Chief Legal Officer and Corporate Secretary
Jorge Luis Real is the Executive Vice President - Chief Legal Officer and Corporate Secretary for Bladex. He joined the bank in 2014 as Vice President, Head of Legal Risk. In April 2016, he was appointed Secretary of the Board of Directors, and later that year, he was promoted to Senior Vice President, Chief Legal Officer. Before joining Bladex, Mr. Real was the Coordinator of Latin American Legal Affairs at BNP Paribas New York from 2010 to 2014 and Head of the Legal Department at BNP Paribas Panama from 2005 to 2010.
Alejandro Tizzoni, Executive Vice President – Chief Risk Officer
Alejandro Tizzoni has served as Executive Vice President – Chief Risk Officer since April 2016. Prior to this, he was the Senior Vice President of Risk Management and held various other roles within Bladex's Risk Department over a decade. Before his time at Bladex, Mr. Tizzoni spent nine years in different credit risk positions within banking and the international private sector in Argentina.
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Key Risks to Bladex (BLX)
- Credit Risk: As a multinational bank primarily engaged in trade finance in Latin America and the Caribbean, Bladex faces significant credit risk, which is the possibility that borrowers or counterparties will fail to meet their financial obligations. This includes the risk of increased credit losses, particularly during unfavorable economic conditions, and the need to closely monitor "stage 3 'impaired' credits". The exposure to "Latin American sovereign or quasi sovereign credit risk" is a key concern, with potential for sovereign rating downgrades and an increased number of bankruptcies or defaults from large corporations in the region.
- Political and Macroeconomic Instability in Latin America and the Caribbean: Bladex's operations are heavily influenced by the political and economic stability of the countries in which it operates. The region is susceptible to political developments, economic instability, government actions such as policy shifts, expropriations, capital controls, or international sanctions, all of which can negatively impact trade and the bank's business. The "story around Bladex only holds if regional trade remains supportive and Latin American sovereign or quasi sovereign credit risk does not flare up".
- Trade-Based Money Laundering (TBML) and Fraud Risk: The inherent nature of trade finance, especially in Latin America and the Caribbean, exposes Bladex to the risk of trade-based money laundering and fraud. This risk is exacerbated by widespread corruption, organized crime, and illicit financial flows in the region, alongside potential weaknesses in regulatory enforcement. The complexity of international trade transactions, involving multiple parties, jurisdictions, and documents, can make due diligence challenging and create opportunities for fraudulent activities, such as falsified shipping documents, forged letters of credit, or misrepresentation of goods.
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Bladex (BLX) operates within several addressable markets across Latin America and the Caribbean, primarily focusing on foreign trade financing for financial institutions, corporations, and sovereigns. The addressable markets for its main products and services in this region are as follows:
Trade Finance
The total value of trade (exports plus imports) in Latin America and the Caribbean, which forms the underlying activity for trade finance, reached approximately US$ 2,745.57 billion in 2023. The global trade finance market, which facilitates such trade, was estimated at USD 55.12 trillion in 2026, with Latin America holding an estimated 6.7% share, indicating a significant regional addressable market. More specifically, the revenue generated by providers in the global trade finance market was valued at USD 57.1 billion in 2026 and is projected to grow to USD 79.0 billion by 2033. Latin America is identified as the fastest-growing region in the global trade finance market.
Corporate Lending (including Bilateral and Syndicated Credits)
The syndicated loan market in Latin America experienced significant growth of 21% in 2024, reaching a total volume of US$ 36.7 billion. The corporate lending platform market in Latin America, which supports corporate lending activities, was valued at USD 165.2 million in 2024 and is projected to reach USD 692.9 million by 2029, demonstrating a compound annual growth rate (CAGR) of 27.0%.
Factoring and Reverse Factoring
The Latin America factoring services market was valued at USD 145.47 billion in 2022 and is anticipated to grow to USD 346.02 billion by 2030, at a CAGR of 11.9% from 2023 to 2030. The domestic segment accounted for the largest share of this market in 2022. For reverse factoring, which is a form of supply chain finance, the Latin America market size was valued at USD 17.76 billion in 2022 and is expected to reach USD 62.69 billion by 2030, growing at a CAGR of 18.0% from 2023 to 2030. Another estimate indicates the Latin America reverse factoring market size reached USD 54.8 billion in 2025 and is expected to reach USD 212.3 billion by 2034, with a CAGR of 16.24% during 2026-2034.
Financial Leasing
The global financial leasing services market was valued at USD 243.61 billion in 2025, increasing to USD 269.54 billion in 2026, and is projected to reach USD 401.55 billion by 2030, with a CAGR of 10.5% from 2026 to 2030. North America was the largest regional market for financial leasing services in 2025. Specific market size data for financial leasing solely within Latin America and the Caribbean was not available in the provided search results.
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Bladex (BLX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and ongoing business strengths:
- Growth in the Commercial Loan Portfolio: Bladex has consistently achieved significant year-over-year expansion in its commercial and credit portfolio. The credit portfolio reached a new high of $11.2 billion in FY24, an 18% increase year-over-year. This growth continued into Q3 2025, with the commercial portfolio reaching $10.9 billion, 12% higher than the previous year, and further to $13 billion in Q2 2026, marking a 20% year-over-year increase. This expansion in lending volumes is a fundamental driver of net interest income.
- Expansion of Fee-Based Income: The company is focused on diversifying its income sources by growing its fee income. This has been particularly strong in areas such as loan syndications, letters of credit, and credit commitments. Fee income reached a record $44.4 million in FY24, representing a 37% increase year-over-year. In Q3 2025, fee income grew by 34% year-over-year. This growth aligns with Bladex's 2022-2026 Strategic Plan to broaden and diversify income sources beyond interest rate cycles.
- Client Acquisition and Increased Corporate Client Participation: Strategic initiatives centered on onboarding new clients and fostering higher participation from corporate clients are expected to fuel revenue growth. New client onboarding and sustained cross-selling efforts have been credited with driving strong business volumes in the commercial portfolio. The bank’s ability to build long-term relationships with institutional and corporate clients across the region is a core strength.
- Strategic Development of Trade Finance Platform and Structured Credits: Bladex aims to expand its trade finance platform, factoring, and medium-term structured credits. Recent financing activities, such as a MXN 5 billion floating rate note issuance, provide additional liquidity to support this expansion. This strategic focus on specialized trade finance products and structured transactions represents a key area for potential revenue upside by offering tailored solutions to clients in Latin America and the Caribbean.
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Share Repurchases
- Bladex authorized a common stock repurchase program of up to $50 million on February 22, 2024.
- Previously, on October 10, 2022, the company announced a common stock repurchase plan of up to $60 million.
- These programs reflect the bank's commitment to returning excess capital to shareholders when it is not needed to support the bank's stability, customer value, and future growth.
Share Issuance
- Bladex successfully completed a MXN 5.0 billion (approximately USD 270 million) debt issuance in the Mexican Capital Markets on September 7, 2026, which was 1.56 times oversubscribed.
- The bank maintains a renewed Cebures Issuance Program in Mexico, authorized for MXN 35 billion, and a Euro Medium-Term Notes Program (EMTN) with a limit of up to USD 2.250 billion, used for short-, medium-, and long-term placements.
- An Additional Tier 1 (AT1) issuance was completed in September 2025, contributing to the bank's capital structure and influencing its annualized Return on Equity.
Outbound Investments
- Bladex acted as the Sole Lead Arranger for an up to USD 300 million Bridge Loan Facility in July 2026, facilitating San Benito Upstream S.A.U.'s strategic acquisition in Argentina's oil and gas sector.
- In September 2026, Bladex structured a senior loan facility of up to US$1.0 billion for the Republic of Panama to support its general budgetary needs.
- The bank established a strategic alliance with Silver Birch Finance in May 2025 to expand working capital financing access for Latin American businesses, successfully completing programs in several countries.
Capital Expenditures
- Capital expenditures for Bladex were -$1.75 million in the last 12 months as of September 4, 2026.
- Historically, capital expenditures have been relatively low for the bank, with figures such as -2.8 million for FY2025, -3.94 million for FY2024, and -2.1 million for FY2023.
- A primary focus of these expenditures includes investments in technology, modernization, and platform improvements to support business expansion and enhance operational efficiency, as highlighted in their 2030 strategic plan.
Peer Outperformance in Regional Banks
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 7 | 25.1% | 63.7% | 118.0% | SPNT 171% · RGA 146% · RNR 139% |
| Diversified Banks | 13 | 30.7% | 131.4% | 112.5% | CM 152% · RY 141% · JPM 139% |
| Investment Banking & Brokerage | 13 | -1.5% | 107.8% | 109.6% | IBKR 507% · SNEX 256% · GS 174% |
| Life & Health Insurance | 20 | 7.5% | 51.6% | 98.0% | JXN 517% · UNM 350% · FG 195% |
| Multi-Sector Holdings | 4 | 4.9% | 46.9% | 78.8% | JONE 362% · BRK-B 81% · VOYA 77% |
| Property & Casualty Insurance | 42 | 8.4% | 64.8% | 65.7% | ASIC 2701900% · HRTG 395% · UVE 312% |
| Regional Banks ← | 266 | 24.8% | 91.2% | 61.2% | ESQ 365% · BLX 356% · GCBC 312% |
| Multi-line Insurance | 9 | 7.0% | 69.5% | 58.1% | GNW 176% · L 103% · SLF 98% |
| Financial Exchanges & Data | 15 | -3.1% | 16.7% | 28.8% | VIRT 173% · CBOE 130% · CME 70% |
| Diversified Financial Services | 4 | -7.4% | 22.5% | 24.8% | FRHC 165% · EQH 103% · TMS -53% |
| Consumer Finance | 30 | -1.3% | 89.1% | 21.8% | ENVA 409% · EZPW 306% · FCFS 166% |
| Insurance Brokers | 16 | -18.3% | -10.1% | 14.3% | LIFE 190% · ARX 88% · CRD-A 63% |
| Commercial & Residential Mortgage Finance | 15 | -44.3% | 26.6% | 12.7% | FNMA 445% · FMCC 407% · ACT 174% |
| Asset Management & Custody Banks | 87 | -11.0% | 14.3% | 7.5% | WT 330% · SII 291% · VCTR 263% |
| Specialized Finance | 3 | 13.3% | 43.6% | -3.2% | EFC 27% · CACC -3% · HASI -17% |
| Mortgage REITs | 33 | -10.2% | 8.5% | -21.2% | NREF 59% · RITM 43% · DX 34% |
| Diversified Capital Markets | 25 | -32.4% | 9.5% | -47.0% | OPY 180% · LPLA 105% · CD 82% |
| Transaction & Payment Processing Services | 17 | -1.2% | -8.2% | -47.9% | V 65% · MA 62% · CPAY 49% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Banco Latinoamericano de Comercio Exterior Stock Really Go? | 10/17/2025 | |
| BLX Dip Buy Analysis | 07/10/2025 | |
| Banco Latinoamericano de Comercio Exterior (BLX) Operating Cash Flow Comparison | 02/17/2025 | |
| Banco Latinoamericano de Comercio Exterior (BLX) Net Income Comparison | 02/15/2025 |
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| Median | |
|---|---|
| Name | |
| Mkt Price | 32.05 |
| Mkt Cap | 0.3 |
| Rev LTM | 277 |
| Op Inc LTM | - |
| FCF LTM | -359 |
| FCF 3Y Avg | -178 |
| CFO LTM | -359 |
| CFO 3Y Avg | -177 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.9% |
| Rev Chg 3Y Avg | 19.6% |
| Rev Chg Q | 9.7% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | -118.5% |
| CFO/Rev 3Y Avg | -54.2% |
| FCF/Rev LTM | -119.3% |
| FCF/Rev 3Y Avg | -55.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 305 | 276 | 238 | 154 | 103 |
| Treasury | 34 | 27 | 29 | 1 | |
| Recovery (impairment loss) from expected credit losses on investment securities | 13 | ||||
| Total | 340 | 304 | 266 | 167 | 104 |
| $ Mil | 2014 |
|---|---|
| COMMERCIAL DIVISION | 92 |
| TREASURY DIVISION | 14 |
| Total | 106 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 212 | 194 | 153 | 98 | 72 |
| Treasury | 15 | 11 | 13 | -6 | -9 |
| Total | 227 | 206 | 166 | 92 | 63 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 9,327 | 8,649 | 7,498 | 6,940 | 5,931 |
| Treasury | 3,431 | 3,192 | 3,232 | 2,337 | 2,098 |
| Other assets - unallocated | 29 | 17 | 14 | 7 | 8 |
| Total | 12,786 | 11,859 | 10,744 | 9,284 | 8,038 |
Price Behavior
| Market Price | $55.55 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 09/24/1992 | |
| Distance from 52W High | -10.5% | |
| 50 Days | 200 Days | |
| DMA Price | $56.09 | $51.69 |
| DMA Trend | up | down |
| Distance from DMA | -1.0% | 7.5% |
| 3M | 1YR | |
| Volatility | 22.8% | 23.4% |
| Downside Capture | 138.61 | 36.20 |
| Upside Capture | 55.55 | 55.15 |
| Correlation (SPY) | 34.0% | 27.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.41 | 1.00 | 0.27 | 0.47 | 0.50 | 0.75 |
| Up Beta | -0.03 | 0.14 | 0.03 | 0.51 | 0.65 | 0.81 |
| Down Beta | 0.56 | 1.45 | 0.04 | 0.30 | 0.43 | 0.88 |
| Up Capture | -1% | 63% | 35% | 50% | 44% | 51% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 18 | 32 | 69 | 134 | 407 |
| Down Capture | 185% | 191% | 55% | 51% | 46% | 76% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 24 | 32 | 58 | 116 | 341 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLX | |
|---|---|---|---|---|
| BLX | 24.8% | 23.3% | 0.88 | - |
| Sector ETF (XLF) | 2.6% | 14.7% | -0.05 | 34.2% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 27.7% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 6.5% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -22.8% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 31.2% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 8.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLX | |
|---|---|---|---|---|
| BLX | 35.9% | 25.9% | 1.17 | - |
| Sector ETF (XLF) | 9.8% | 18.4% | 0.39 | 53.3% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 44.8% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 5.9% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 9.0% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 39.4% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 17.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BLX | |
|---|---|---|---|---|
| BLX | 13.9% | 32.1% | 0.48 | - |
| Sector ETF (XLF) | 12.8% | 22.1% | 0.53 | 53.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 45.0% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 0.4% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 17.0% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 41.5% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 6-K |
| 03/31/2026 | 05/05/2026 | 6-K |
| 12/31/2025 | 04/20/2026 | 20-F |
| 09/30/2025 | 10/31/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 04/15/2025 | 20-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/07/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 04/25/2024 | 20-F |
| 09/30/2023 | 11/14/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/12/2023 | 6-K |
| 12/31/2022 | 04/28/2023 | 20-F |
| 09/30/2022 | 11/14/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 6-K |
| 03/31/2026 | 05/05/2026 | 6-K |
| 12/31/2025 | 04/20/2026 | 20-F |
| 09/30/2025 | 10/31/2025 | 6-K |
| 06/30/2025 | 08/07/2025 | 6-K |
| 03/31/2025 | 05/07/2025 | 6-K |
| 12/31/2024 | 04/15/2025 | 20-F |
| 09/30/2024 | 11/07/2024 | 6-K |
| 06/30/2024 | 08/07/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 04/25/2024 | 20-F |
| 09/30/2023 | 11/14/2023 | 6-K |
| 06/30/2023 | 08/03/2023 | 6-K |
| 03/31/2023 | 05/12/2023 | 6-K |
| 12/31/2022 | 04/28/2023 | 20-F |
| 09/30/2022 | 11/14/2022 | 6-K |
| 06/30/2022 | 08/12/2022 | 6-K |
| 03/31/2022 | 06/03/2022 | 6-K |
| 12/31/2021 | 04/28/2022 | 20-F |
| 09/30/2021 | 11/02/2021 | 6-K |
| 06/30/2021 | 08/02/2021 | 6-K |
| 03/31/2021 | 05/13/2021 | 6-K |
| 12/31/2020 | 04/29/2021 | 20-F |
| 09/30/2020 | 11/13/2020 | 6-K |
| 06/30/2020 | 08/07/2020 | 6-K |
| 03/31/2020 | 05/20/2020 | 6-K |
| 12/31/2019 | 04/30/2020 | 20-F |
| 09/30/2019 | 11/08/2019 | 6-K |
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Regional Banks Resources |
| Bank Director |
| Independent Banker |
| S&P Global Market Intelligence |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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