second quarter investor presentations

1. 1
Banco Latinoamericano de Comercio Exterior, S.A.
(“Bladex”)
2Q21 Earnings Results Presentation
July 28, 2021

2. 2
This presentation contains forward-looking statements of expected future developments within the meaning of the Private
Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can
be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”,
“future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this
presentation include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements
reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and
results are subject to future events and uncertainties, which could materially impact the Bank’s expectations. Among the factors
that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and
government actions intended to limit its spread; the anticipated changes in the Bank’s credit portfolio; the continuation of the
Bank’s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the
Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification
strategy; the adequacy of the Bank’s allowance for expected credit losses; the need for additional allowance for expected credit
losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank’s ability to
maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations;
potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace deposit withdrawals.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict
all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required by law.

3. 3
Improved 2Q21 profit (+10% QoQ, stable YoY) and portfolio growth (+5% QoQ, +22%
YoY) propelled by the Region’s recovery
Starting a year ago, the Bank has sustained a sequential quarterly growth trend in its
high-quality and diversified Commercial Portfolio
Higher commodity prices and LatAm trade flows continue to enhance credit growth
Solid quarterly revenue growth (+17% QoQ, +29% YoY) from increased Net Interest
Income on higher average credits and from an uplift in Fees
Asset quality remains sound (0.2% NPLs to Total Loans). Provision for credit losses
($1.4MM in 2Q21) mostly relate to stronger credit origination (+21% QoQ)
Increased portfolio of Latin American securities (+72% QoQ) complementing loan
growth, in addition to a stable HQLA* portfolio to enhance liquidity yields
Share buyback executed as planned. Declared quarterly dividends of $0.25 per share
continue to represent an attractive yield (≈ 6.5%)
(*) HQLA refers to “High Quality Liquid Assets” in accordance with the specifications of the Basel Committee.
New Strategic Planning position aligns organizational structure seeking to enhance
Bladex’s execution capabilities and effectiveness
Q2 highlights: Improved results, consistent growth and pristine asset quality

4. 4
​
​ ​
​
5,063
(2,500) 2,663
5,227
645 (534)
670 781
31-Mar-21 Maturities * Disbursements 30-Jun-21
5,708 (3,033) +3,333 6,008
L+ 2.04% L+ 1.83%
Loan Portfolio
Average Interest Rate
Total
L+ 1.75% L+ 1.99%
100%
collected
21% 5%
5% quarterly Commercial Portfolio growth with sustained focus in defensive countries and sectors
▪ Upward trend in new disbursements (+21% quarterly increase)
▪ Collection of virtually all scheduled credit maturities highlights the high quality of borrowers and the short-term nature of the portfolio
▪ 43% in Investment Grade countries due to Colombia’s recent downgrade (12% of the Commercial Portfolio)
▪ 78% maturing in less than a year
▪ Sustained robust credit quality with $11 million NPLs
▪ Exposures in top-tier clients (FIs & Corporate industry leaders)
▪ Continued risk assessment and close contact with clients
Contingencies
Loans
(*) Includes prepayments and sales
Commercial Portfolio’s quarterly growth trend continues, reaching over $6BN at the
end of 2Q21 on higher disbursements. Tighter lending spreads at pre-Covid levels due
to sustained solid credit quality and ample market liquidity
(USD millions, except for %) - QoQ

5. 5
3% 2% 3%
2% 2% 1%
4%
2% 2%
4%
3% 3%
4%
4% 4%
3%
4% 5%
6% 6%
7%
16%
20%
20%
16%
12%
12%
0%
2%
2%
4%
3%
2%
8%
6%
4%
4%
6%
6%
7%
7%
9%
10%
11%
10%
9%
10%
10%
4,915
5,708
6,008
-
1,000
2,000
3,000
4,000
5,000
6,000
-
1,000
2,000
3,000
4,000
5,000
6,000
30-Jun-20 31-Mar-21 30-Jun-21
México
Chile
No LatAm
Perú
Panamá
T. y Tobago
Uruguay
Colombia
Brasil
Guatemala
República Dominicana
Ecuador
Costa Rica
Argentina
Paraguay
Otros LatAm ≤ 1%
Commercial Portfolio by Country
5%
$100MM quarterly increase
in Electric power
QoQ Variation
$80MM, +24%
$63MM, 13%
57%
IG
43%
Non-IG
58%
IG
42%
Non-IG
43%
IG*
57%
Non-IG
Dominican
Republic
$106MM, +51%
Quarterly increase in
Financial Institutions and
Quasi-sovereign corporations
Quarterly increase in Private
Corporations
$79MM, +14%
* Even though Colombia is still rated investment grade by one of the major credit
rating agencies, Bladex decided to classify it as non-investment grade following the
recent downgrades by the two remaining main credit rating agencies. This explains
the drop in exposure in investment grade countries QoQ and YoY.
Guatemala
Non-Latam
Mexico
Quarterly increase in Oil and
Gas (Downstream) and Metal
Manufacturing
Continued focus on preserving sound credit quality, well diversified across
countries
22%
3% 2% 3%
2% 2% 1%
4%
2% 2%
4%
3% 3%
4%
4% 4%
3%
4% 5%
6% 6%
7%
16%
20%
20%
16%
12%
12%
0%
2%
2%
4%
3%
2%
8%
6%
4%
4%
6%
6%
7%
7%
9%
10%
11%
10%
9%
10%
10%
4,915
5,708
6,008
-
1,000
2,000
3,000
4,000
5,000
6,000
-
000
000
000
000
000
000
30-Jun-20 31-Mar-21 30-Jun-21
Mexico
Chile
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Colombia
Brazil
Guatemala
Dominican Republic
Ecuador
Costa Rica
Argentina
Paraguay
Other Latam ≤ 1%

6. 6
4% 4% 4%
1% 1% 1%
1% 1% 1%
2% 2% 2%
2% 2% 2%
2% 2% 2%
3% 2% 2%
3% 2% 2%
4% 3% 3%
4% 3% 4%
5% 5%
6%
8% 5%
6%
5% 5%
7%
4%
10%
9%
52%
53%
49%
4,915
5,708
6,008
-
1,000
2,000
3,000
4,000
5,000
6,000
30-Jun-20 31-Mar-21 30-Jun-21
Financial institutions
Oil and gas (Downstream)
Food and beverage
Electric power
Metal manufacturing
Oil and gas (Integrated)
Other services
Oil and gas (upstream)
Other manufacturing industries
Grains and oilseeds
Retail trade
Mining
Coffee
Sugar
Other Industries <1%
Commercial Portfolio by Industry
Oil and Gas
(Integrated)
Electric
Power
Metal
Manufacturing
Sugar
75% of the quarterly increase in
Investment Grade countries
(Uruguay, Peru and Non-Latam)
-55% since the onset of the
Covid-19 (1Q20)
QoQ Variation
$112MM, +71%
$102MM, +40%
-$13MM, -18%
5%
Quarterly increase mainly in
Guatemala (US$ 100MM)
$71MM, +23%
Food and
Beverage
Half of the exposure in
Investment Grade countries
(Mexico, Panama, Peru, Chile
and the United States)
$96MM, +32%
Top-tier clients in the
Region (Mexico, Brazil,
Colombia and Argentina)
Quarterly growth tied to commodity-related industries driven by higher prices and trade
flows, while safekeeping exposures in defensive sectors and top-tier clients
22%

7. 7
2%
4%
20%
28%
19%
3%
24%
A
BBB+
BBB
BBB-
BB+
BB
BB-
107
95
-1
201
96
32
65
-5
134
322
96
523
0
100
200
300
400
500
600
0
100
200
300
400
500
600
30-Jun-20 3Q20 4Q20 1Q21 2Q21 30-Jun-21
Investment Portfolio Credit Rating
0.36%
Avg. Return
1.1 years
Avg. Term to
Maturity
2.76%
Avg. Return
2.7 years
Avg. Term to
Maturity
100% IG
54% IG
46%
Non-IG
Credit Investment Portfolio
HQLA Investment Portfolio (*)
(USD millions) - EoP
(*) HQLA refers to “High Quality Liquid Assets” in accordance with the specifications of the Basel Committee.
Increased portfolio of Latin American securities (+72% QoQ) complementing loan
growth, in addition to a stable HQLA* portfolio to enhance liquidity yields. Both
investment portfolios are well diversified and predominantly investment grade rated
As of Jun21

8. 8
1% 1% 2% 2% 1% 2%
78%,
5,337
68%,
4,486
72%,
4,566
78%,
4,916
80%,
5,068
78%,
5,232
1%, 79
1%, 96
4%, 234
6%, 395
6%, 389
8%, 523
20%,
1,353
30%,
2,021
22%,
1,402
14%,
864
13%,
820
12%,
823
6,823
6,627
6,311 6,289 6,375
6,723
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
1000
2000
3000
4000
5000
6000
7000
31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21
Other Loans Investment Portfolio Cash and due from banks
20%,
1,353
30%,
2,021 22%,
1,402 14%,
864
13%,
820
12%,
823
1%, 79
1%, 96
4%, 234
6%, 395 6%, 389 8%, 523
78%,
5,337
68%,
4,486
72%,
4,566 78%,
4,916
80%,
5,068
78%,
5,232
1%
1%
2% 2% 1%
2%
6,823
6,627
6,311 6,289 6,375
6,723
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21
Cash and due from banks Investment Portfolio Loans Other
26%,
1,454
25%,
1,368
32%,
1,641
31%,
1,604
27%,
1,414
27%,
1,510
30%,
1,737 23%,
1,270 8%, 437 8%, 392 12%,
612
12%,
662
44%,
2,468 52%,
2,886
60%,
3,055
61%,
3,139
61%,
3,186
61%,
3,346
5,659 5,524
5,133 5,135 5,212
5,519
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
0
00
00
00
00
00
00
00
31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21
Deposits
Repos and Short-term borrowings and debt
Long-term borrowings and debt, net
(USD millions, except for %) - EoP
Total Assets
Productive assets, including loans and investments combined, above pre-pandemic levels
for the first time, supported by higher deposits and ample availability to diversified funding
sources
Funding Structure
+339
MM
(1) Loans refers to loans at amortized cost and loans at fair value through profit or loss
(2) Other Include Interest receivable securities; Allowance for securities losses; Interest receivable
loans; Allowance for loan losses; Unearned interest and deferred fees loans; Customers' liabilities
under acceptances; Derivative financial instruments – assets; Equipment and leasehold improvements,
net; Intangibles, net; Investment properties and Other assets
2
1

9. 9
The newly incorporated Strategic Planning position aligns organizational structure to
enhance Bladex’s execution capabilities. New value-added structured products already in
place, addressing client-specific needs
▪ Strategic Planning Coordination
▪ Project Management Office (PMO)
Internal adaptation for effectiveness
and alignment
▪ Guarantee structure for the Panama Canal
transit charges
▪ Invoice management
▪ ST origination and fee generation
Ad-hoc solution for Shipping Companies
Shipping
Companies
*Supply Chain Finance
Strategic
Planning
Crece
Latinoamerica
Foundation
Commercial
Executive
Office
Integral Risk
Management
Audit
Finance and
Business
Committee
Risk Policy and
Assessment
Committee
Compliance and
Ani-Money
Laundering
Committee
▪ Invoice discounting through stablished Fintech,
leader in Supply Chain Financing solutions
▪ Bladex to leverage its Vendor Finance product
▪ Short term origination, maximizing existing
credit limits and target prospects
SCF* - Receivables Discounting Platforms

10. 10
19.9 22.0
25.6
2Q20 1Q21 2Q21
1.8
2.5
3.4
0.1
0.1
0.4
0.0
0.4
0.5
1.9
3.0
4.3
2Q20 1Q21 2Q21
Other commissions,
net
Loan syndication
fees
Letters of credit
2Q21 profits up 10% on a sequential quarter basis. Solid quarterly revenue growth from
increased Net Interest Income (NII) mainly on higher average credits and from an uplift in
Fees
▪ NII mainly driven by higher average volumes and
lower costs, offset by lower market rates
Profit for the Period
Net Interest Income
(USD
millions)
▪ Increased LC fees and credit commitment fees;
return of activity in syndications
(USD
millions)
14.1 12.8 14.1
2Q20 1Q21 2Q21
29%
17%
120%
41%
Total Revenues
Fees and Commissions
21.7
18.9 21.0
2Q20 1Q21 2Q21
Stable
10%
11%
3%

11. 11
0.49%
0.38%
0.37%
0.31%
2.60%
2.37%
1.10%
0.93%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1Q21 2Q21
Loans - Base rate Financial Liabilities - Base Rate
Loans - Total Rate Financial Liabilities - Total Rate
1.50%
1.43%
NII Variation 2Q21 vs 1Q21: Up 11% mainly on higher average lending volumes and lower
average funding costs, partly offset by the continued downward pressure of lending rates
▪ Positive volume net effect
mainly resulting from
increased loan portfolio
average balance
(+$588MM or 12%)
▪ Continued downward
repricing of Libor-based
loan rates and lending
spreads particularly to
banks, in a highly liquid
environment. Partly offset
by lower funding costs.
+$3.7MM
Volume impact
+$2.1MM
-$1.6MM
Rate impact
NII impact
VOLUMES
RATES
12%
Average Balances
Loans *
Financial
Liabilities
Investment
Portfolio
Cash and
due from
banks
* Gross of unearned interest and deferred fees. Includes NPLs effect
1,005
400
5,117
4,762
832
451
5,581
5,350
1Q21
2Q21
1Q21
2Q21
1Q21
2Q21
1Q21
2Q21
23bps
17bps
11bps

12. 12
1.43%
0.38%
0.90%
0.31%
3.54%
2.37%
1.57%
0.93%
-1.50%
-0.50%
0.50%
1.50%
2.50%
3.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2Q20 2Q21
Loans - Base rate Financial Liabilities - Base Rate
Loans - Total Rate Financial Liabilities - Total Rate
1.43%
1.97%
▪ Positive volume net effect on
higher average lending
volumes, the constitution of
an Investment Portfolio and
decreased cash position
▪ The Investment Portfolio is
partially aimed to
complement the Bank’s
Commercial Portfolio, along
with a portion invested in
corporate debt securities
classified as HQLA by Basel
III standards, enhancing the
overall return of the Bank’s
liquidity position
▪ Average loan Libor-based
rates have decreased 105bps
YoY
▪ Net Lending Spread
differential down 54bps to
143 bps, on spreads
returning to pre-Covid levels
and the net effect of asset-
liability base rate repricing
+$6.7MM
Volume impact
-$0.7MM
-$7.4MM
Rate impact
NII impact
VOLUMES
RATES
11%
NII Variation 2Q21 vs 2Q20: Positive volume net effect, driven by an improved interest-
earning assets mix and higher average lending balances, was offset by lower Libor-based
market rates
471%
57%
Average Balances
Loans *
Financial
Liabilities
Investment
Portfolio
Cash and
due from
banks
* Gross of unearned interest and deferred fees. Includes NPLs effect
1,946
79
5,728
4,809
832
451
5,581
5,350
2Q20
2Q21
2Q20
2Q21
2Q20
2Q21
2Q20
2Q21
54bps
105bps

13. 13
(USD million) 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21 30-Jun-21
Allowance for losses
Balance at beginning of the period $102.5 $47.8 $44.9 $44.6 $44.6
Provisions (reversals) (2.6) 1.5 (0.3) 0.0 1.3
Write-offs, net of recoveries (52.1) (4.4) 0.0 0.0 0.2
End of period balance $47.8 $44.9 $44.6 $44.6 $46.1
0
11 11
0
2
4
6
8
10
12
14
16
18
20
30-Jun-20 31-Mar-21 30-Jun-21
90%
95% 96%
10%
5%
4%
0%
0%
0%
5,011
6,097
6,530
-1,000,000
-800,000
-600,000
-400,000
-200,000
0
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
30-Jun-20 31-Mar-21 30-Jun-21
Asset quality remains sound (0.2% NPLs to Total Loans). Provision for credit losses
($1.4MM in 2Q21) mostly relate to stronger credit origination classified as Stage 1,
representing 96% of total credits
Allowance for Credit Losses Credit Impaired Loans
(USD millions, except for %)
(USD millions, except for %)
Total Allowance for
Losses to Credit Portfolio 0.95% 0.71%
Allowance for Losses to
Stages 1 + 2 0.95% 0.63%
0.73%
0.65%
Allowance for Losses 47.8 46.1
44.6
Credit Portfolio
(1) Includes allowance for expected credit losses on loans at amortized cost, on loan commitments and financial guarantees contracts, and on securities at amortized cost and at fair
value through other comprehensive income.
1
Total allowance for losses
to Credit impaired loans
Credit impaired loans
to Loan Portfolio
n.m. 4.4x
4.2x
n.m. 0.2%
0.2%
▪ Current NPLs related to the
retail trade business
At and for the three months ended
▪ Write-offs during 2020
relate to the sale of
troubled loans for which
individual reserves were
allocated in prior periods
Stage 3 (credit impaired)
Stage 2 (increased risk)
Stage 1 (low risk)

14. 14
1,038 1,037 1,031
20.2%
19.4%
18.2%
26.0% 26.3%
23.6%
-10 .
0 %
-5.0%
0.0%
5.0%
10 .
0 %
15 .
0 %
20 .
0 %
25 .
0 %
800
850
900
950
1,000
1,050
1,100
1,150
31-Dec-20 31-Mar-21 30-Jun-21
Equity SBP Regulatory Capital Adequacy
Tier 1 Capital Ratio (Basel III)
0.25 0.25 0.25
6.8%
6.4%
6.5%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
$0
$0
$0
$0
$0
$1
$1
4Q20 1Q21 2Q21
Declared dividends per share
Annualized return / Average price per share
Capital Ratios
(1) As defined by the Superintendence of Banks of Panama (SBP), in which risk-weighted assets are calculated under the Basel Standardized Approach for Credit Risk. The
minimum Regulatory Total Capital Adequacy Ratio should be of no less than 8.0% of total risk-weighted assets.
(2) Tier 1 Capital ratio is calculated according to Basel III capital adequacy guidelines, and as a percentage of risk-weighted assets. Risk-weighted assets are estimated
based on Basel III capital adequacy guidelines, utilizing internal-ratings based approach or “IRB” for credit risk and standardized approach for operational risk.
Average Panamanian
International Banking
Center Regulatory
Capital Adequacy
Ratio
Dividend Yield
(USD millions, except for %) - EoP
1
2
A capital management approach that positions the Bank for future growth
opportunities in a post-Covid environment, and aligns stakeholders’ interests with an
attractive dividend yield and an ongoing Stock Repurchase of up to $60MM
▪ Up-to-date, since the on-set of the Stock Repurchase Program in mid-May 2021, Bladex has
repurchased 728 thousand shares for a total of $11.2 million
16.2%

15. 15
“We believe that our 40-year experience in the Region, including several negative credit cycles,
and our good understanding of the impacts and macroeconomic dynamics in every country, play
to our advantage. We are committed to continue to support our clients, for whom we have been
long-standing allies.”
-Jorge Salas, CEO
Thank You!