11th Annual Best of Uncovered 2015, Singular Research (Los Angeles, California) Corporate Presentation

1. Bladex – Foreign Trade Bank of Latin America
Corporate Presentation
September, 2016
Christopher Schech
Chief Financial Officer

2. Disclaimer
“This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions
established by the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks
and uncertainties. The forward-looking statements in this presentation reflect the expectations of the Bank’s management
and are based on currently available data; however, actual experience with respect to these factors is subject to future
events and uncertainties, which could materially impact the Bank’s expectations. A number of factors could cause actual
performance and results to differ materially from those contained in any forward-looking statement, including but not limited
to the following: the anticipated growth of the Bank’s credit portfolio, including its trade finance portfolio; the continuation of
the Bank’s preferred creditor status; the impact of increasing interest rates and of improving 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 credit losses; the need for additional provisions for credit
losses; the volatility of the Bank’s Treasury trading revenues; the Bank’s ability to achieve future growth and increase its
number of clients, the Bank’s ability 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; existing and future governmental banking and tax regulations; the possibility of fraud; and the
adequacy of the Bank’s sources of liquidity to replace large deposit withdrawals.”
2

3. Presentation content
Bladex Foundations 4
Commercial Portfolio 10
Risk Management 16
Liquidity Management 22
Financial Performance 25
3

4. Bladex Foundations
4

5. A Leading Franchise with a Solid Track Record
The Latin America Trade Finance Bank Key Financial Highlights
Remarkable Trajectory: + 36 years of Success
Bladex is the Latin American Trade Finance Bank, providing integrated
financial solutions across Latin America‟s foreign trade value chain
 First Latin American bank to be listed on the NYSE and to be rated
Investment Grade (both in 1992)
 Currently rated Baa2 / BBB / BBB+, all with Stable outlook
 Class “A” shareholders (Central Banks or designees from 23
Latin America (“LatAm”) countries) provide substantial support
and represent a direct link between the Bank and the governments
of Latin America
 Multi-national DNA embedded in its regional presence, ownership
structure, management and organizational culture
Current Credit Ratings
FY’15 YoY
(%)
2Q’16 QoQ
(%)
Net Profit (mm): $104.0 +2% $22.3 -5%
Net Interest Income (mm): $145.5 +3% $38.2 -3%
Return on Average Equity: 11.0% 9.1%
Gross Loans (mm): $6,692 +0.1% $6,520 0%
Total Assets (mm): $8,286 +3% $7,634 0%
Total Deposits (mm): $2,795 +12% $3,206 +4%
Market Capitalization (mm): $1,010 -13% $1,036 +10%
Non-performing loans to gross loan portfolio: 0.78% 1.30%
1988
1992
2003
2005
2009
2011
Bladex initiates commercial operations and issues its first bond in the international
capital markets
Licensed to operate as an agency by the New York State Banking Authorities
First Latin American bank registered with the SEC for its IPO, establishing a full
listing on the NYSE
Common Stock Rights Offering with stand-by commitments issued by a group
of Class A shareholders and multilateral organizations
Client diversification strategy into trade-oriented corporations; expansion of
suite of products and services
Funding diversification strategy: increased central bank deposits, local &
international debt sales, syndicated loan facilities
First successful execution of a syndicated transaction launches
syndication & structured finance business franchise
1979
Moody’s Fitch S&P
Date of Rating Dec. 2007 Jul. 2012 May 2008
Date of Confirmation Nov. 2014 Jul. 2016 Jul. 2016
Date of Last Update Jul. 2016 Jul. 2016 Jul. 2016
Short-Term P-2 F2 A-2
Long-Term Baa2 BBB+ BBB
Perspective Stable Stable Stable
5

6. Strong and Unique Shareholder Structure
A unique shareholding structure
 Class A shareholders provide substantial support to Bladex, representing a direct link between the Bank and the governments
of Latin America – most of which have granted preferred creditor status to the Bank – and also constituting the main source of
deposits, a very consistent and reliable funding source
 Class A shareholders retain super-majority rights related to changes in the Bank‟s Articles of Incorporation
 Class A shareholders can only sell shares to other class A shareholders, which reinforces the stability of the shareholder
structure and ensures continued support from central banks
Shareholder Composition Board of Directors Composition
Out of 10 directors, 9 are
independent and one represents the
Bank‟s management (CEO)
Class A – Central Banks or
designees from 23 LatAm countries
Class B – LatAm & international
banks and financial institutions
Class E – Public Float (NYSE listed)
6

7. Defined Value Proposition with Strong Business
Fundamentals
Business Value Proposition Strong Underlying Business Fundamentals
Business Products & Services Multi-Pronged Business Segmentation
 Global provider of natural
resources with positive
demographics
 Sustained growth
and sound
economic
policies
Deep knowledge of
Latin America
Core competency in
trade finance
Support of
Investment &
Regional
Integration
Efficient
Measurement and
Management
 In-depth knowledge of Latin America‟s local markets
 Backed by 23 Latin American governments
 Vast correspondent banking network throughout
LatAm & other regions of the world
 Uniquely qualified staff with strong product expertise in
Trade Value Chain, Cross-border Finance, Supply-side
& Distribution, both intra-regional and inter-regional
 Efficient organizational structure
 LEAN, client focused efficient organizational structure
 Single point of contact, providing client-specific
solutions, and focused on long-term relationships
 Driver of progress,
economic growth and
development
 Supporting
specialization in
both primary and
manufacturing
sectors
 Enhancing LatAm‟s
role in global and
regional value chains
 Growth of „Multi-latinas‟ as
drivers of business expansion
 Supporting business
integration boosted by
free trade agreements
Bladex‟s products and services coverage: i) Financial Intermediation Business, ii)
Structuring and Syndications Business and iii) Treasury.
Financial Intermediation
Syndication and Structuring
Treasury
• Trade: Foreign trade products – short and medium term instruments that help drive
the cross-border activity of corporations.
• Working Capital: Support to trade finance clients throughout the entire production
cycle chain, across a wide range of primary, secondary and tertiary activity sectors.
Structured Credit and lending facilities for short and medium-term financing of supply
chain, materials & equipment, and inventories.
• Financial solutions designed to meet clients' needs.
• Provides access to structured funding for a wide base of financial institutions and
companies in Latin America.
• Debt capital market and deposit products for investment and cash flow optimization.
• Treasury services.
 World-Class Standards in Corporate Governance
 Enterprise-Wide Risk Management
Financial Institutions
 Among top 10 in their
respective markets
 With significant
corporate banking client
base
Corporations
 US Dollar generation
capacity
 Growth oriented beyond
domestic market
 Among top 10 in
respective industries
 Track Record &
Corporate Governance
Focus on Strategic Sectors for the Region
 Oil & Gas (upstream, integrated, and
downstream), Agribusiness, Food processing,
Manufacturing, well diversified in other sectors
Regional Focus
 Mexico
 Central America and The
Caribbean
 Brazil
 South America
• Southern Cone (1)
• Andean Region (2)
7(1) Includes Argentina, Chile, Paraguay and Uruguay.
(2) Includes Bolivia, Colombia, Ecuador, Peru and Venezuela
REGIONS
CLIENT BASE
INDUSTRY
SECTORS
INDUSTRY
SECTORS

8. Strategy Hones Strengths & Positions to Seize
Growth Opportunities
Develop Emerging Businesses
• Develop robust syndication
platform / structured financing
• Expand diversified market
distribution capabilities
 Risk sharing programs
 Secondary market transactions
 Securitization Platform
• Expand vendor finance and
leasing capabilities
Build New Businesses
• Explore adjacent markets &
establish pipeline of new business
activities in trade and regional
integration, such as:
 Distribution channels
 STF and Trade Services
 Credit Insurance
Strengthen Core Business
• Active credit portfolio
management
 Achieve greater risk dispersion
 Improve quality of earnings
 Achieve sustainable &
consistent return on equity
• Expand Contingency Business
 Develop Guarantee and L/C
Issuance Platform
• Improve Operating Efficiency
through LEAN Processes,
Structure & Organization
+
+
Core ROAE = 12% ROAE = 15%
8

9. Adhering to World-Class Standards of
Corporate Governance
(*) Except for the Bank‟s Chief Executive Officer (CEO), all
other members of the Board of Directors are independent.
Board of Directors*
CEO
Commercial
Division
Internal Audit
Risk Policy and
Assessment Committee
Finance & Business
Committee
Nomination
and Compensation
Committee
Audit and
Compliance Committee
• Up-to-date corporate governance
standards (e.g. COSO 2013)
• Multiple regulators: FED, SEC,
NYSDFS, Superintendency of
Banks of Panama, and other
entities throughout the Region
Commercial
Division
• Enterprise risk management &
externally certified internal audit
function
• Internal alignment of corporate
culture, measurement system
and process management to
optimize total shareholder return
.
FIRST LINE
OF DEFENSE
Operating
Management
-------------------------
Front end&
enabling functions
THIRD LINE
OF DEFENSE
Assurance
-------------------------
Audit function
Finance
Division
SECOND LINE
OF DEFENSE
Monitoring
-------------------------
Risk function
Corporate Services
Risk Management
Division
9

10. Commercial Portfolio
10

11. Expanding Origination Capacity
Leverage Proven
Origination Capacity
LatAm GDP
Growth
LatAm Trade
Flow Growth
Bladex Client
Base Growth
Valued Products
& Services
Bladex
Origination
11

12. Commercial Strategy: Focus on Diversification
• The commercial portfolio represents the core business of
Bladex and the main source of income
• Portfolio strategy aims at reducing concentrations,
increasing diversification across countries, industries and
clients
• This ensures a diversified book of business that represents
a calibrated mix of credit exposures across a vast and
diverse continent – a truly pan-regional commercial
portfolio
As of June 30, 2016
Corporate Segment definition by Annual Sales
Sustained Portfolio Growth
Commercial Portfolio Composition
12

13. Diversification – A Pan-Regional Portfolio
Commercial Portfolio Composition by Country Commercial Portfolio Composition
As of June 30, 2016
• Continuous, data-driven re-balancing of portfolio profile according to economic
backdrop, industry trends and client performance, with current emphasis on
• Short-term Trade transactions
• Exposure reduction in select countries / sectors / client concentrations
• Compensating reductions with expanded activity elsewhere
13

14. 14
Short Term + Trade = Low Risk Business
Commercial Portfolio by Type of Transaction
As of June 30, 2016,
• 74% of Commercial Portfolio had a remaining maturity
term of <1 year, with average maturity of 129 days.
• The Medium-term (<5 years) commercial portfolio had
a remaining maturity term of 2.4 years.
• Overall, the entire Commercial Portfolio had a
remaining maturity of 316 days.
Commercial Portfolio by Term
• Bladex‟s portfolio is composed primarily of trade
assets, a particularly low-risk asset class, with short-
dated exposures, and with generally superior loss
performance compared to other asset classes.
14

15. Structuring and Syndications Platform –
A Growing Franchise
Structuring &
Syndications
Platform
5 structured operations so far in 2016
Aggregate Transactions total US$ 0.4B
3 Countries | Panama / Mexico / Costa Rica
4 Financial Institutions | 1 Corp.
15

16. Risk Management
16

17. Commercial Portfolio – Brazil Exposure Update
• Selective de-risking
continues as some
commodity fundamentals
show signs of stabilization
17

18. Diversification: Portfolio Exposure by Industry
• Widely diversified exposure
profile across industrial sectors
Commercial Portfolio by Industry* Regional Exposure by Industry*
*As of June 30, 2016
18

19. Upstream Integrated Downstream
Clients primarily focused on:
• Exploration
• Production
Clients focused on:
• Full Value chain, from
Upstream to
Downstream
Clients primarily focused on:
• Refining
• Storage
• Distribution
Oil & Gas Exposure Analysis
Bladex Outlook Negative Stable Positive Negative
Rationale for Outlook • Lower margins
• Reduced cash flows
• Reduced investment
• Upstream impact
mitigated by positive
outlook in Downstream
activities
• Better refining margins
• Cost efficiency gains
• Increased collection
period
• Adjustments in utility
rates and contracts
Bladex Credit Exposure:
• Includes Commercial Portfolio
+ Treasury Portfolio
2Q16 Update:
• Total duration of 7 months
• 73% is trade-related
transactions
• 55% of the exposure
corresponds to sov. risk
• Main countries by exposure:
Peru 18%, Colombia 15%,
Uruguay 14%, Argentina 13%,
T&Tobago 12%, and Mexico
10%
• $158MM
• Duration of 16 months
• 2% of Total Credit
Portfolio
• 11% of O&G Exposure
• Restructuring efforts
taking hold as expected
• Mitigating factors:
 Diversification in
Gas
 More competitive
cost base
 53% of exposure is
contingent only
(SBLCs)
• $463MM
• Duration of 7 months
• 7% of Total Credit
Portfolio
• 33% of O&G Exposure
• Import/export
transactions
• Mitigating factors:
 Strategic relevance /
quasi-gov´t entities
 Local fuel price
regimes not tied to
crude price evolution
• $714MM
• Duration of 4 months
• 10% of Total Credit
Portfolio
• 51% of O&G Exposure
• Import transactions
• Mitigating factors:
 Strategic relevance /
quasi-gov´t entities
 Local fuel price
regimes not tied to
crude price evolution
• $65MM
• Duration of 23 months
• 1% of Total Credit
Portfolio
• 5% of O&G Exposure
• Mid-term transactions /
take or pay contracts /
equipments
• Mitigating factors:
 Diversification in
other activities
 Solid track record
with over 30 years as
specialized providers
Continued exposure bias towards short-term transactions,
quasi-sovereigns counterparties, and Integrated / Downstream market spectrum
Oil & Gas Credit Exposure
Portfolio %
Commercial 96%
Treasury 4%
Supply Chain
(Other services industry)
Clients focused on:
• Oil Production Services
• Drilling equipment/leasing
• Maintenance platforms /
pipelines, manufacturing
19

20. 20
Credit Quality
Reserve Coverage Evolution
Proven track record of strong asset quality across economic cycles, with significant risk mitigants:
• Low-risk asset class, with short-dated exposures, and superior loss performance
• US dollar based lending, no meaningful net FX exposures
• Floating-rate lending and funding model minimizes interest rate risk exposure
• Conservative loss reserve methodology (IFRS 9)
• Pro-active loss prevention, and diligent recovery processes
20

21. Credit Quality
NPL reflect difficult economic backdrop in certain countries and industries
• Three exposures added in Q2 with corresponding specific reserves as
restructuring and recovery efforts are currently in process –
Wholesalers sector (Brazil/Panama) and Grains & Oilseeds (Brazil)
• Other exposures already restructured, performing as expected as
sector fundamentals (Sugar, Crude prices) stabilize
Credit Quality – Impaired Loans
Impaired Loans Evolution
21

22. Liquidity Management
22

23. Diversified Regional and Global Funding Sources
(**) Original Currency: all
non-USD denominated
liabilities are hedged into US
Dollars with the exception of
a portion of MXN issuances
which funds assets in the
same currency.
Funding Highlights
• Proven capacity to secure funding and maintain high
liquidity levels, even during crises
• Deposits from central banks shareholders provide a
resilient funding base, representing 70% of the Bank‟s total
deposits as of June 30, 2016.
• Focus on increased diversification of global and regional
funding sources: counterparties, geography and currency
• Broad access to debt capital markets through public and
private debt issuance programs, and international
syndications, in both USD and other currencies
• Focus on medium and long-term funding balances need to
secure a stable funding base while maintaining competitive
funding costs
Deposits by Type of Client* Diversified Funding Sources*
*As of June 30, 2016
Funding Sources and Cost of Funds
Funding by Currency (**)
(US$ million)
70%
14%
7%
5%
2%
2%
Central Banks or designees
- Class A shareholders
Private Banks
State-owned corporations
State-owned banks
Private corporations
Multilateral
31%
19%16%
12%
12%
5%
3%
2% South America
EEUU / Canada
Asia
Europe
Central America
Mexico
The Caribbean
Multilateral
23

24. Conservative Liquidity Management
Liquidity Management Highlights Liquidity Placements
Liquidity Coverage RatioLiquidity Ratio
(US$ million)
 Advanced liquidity management aligned with Basel III
framework, monitoring liquidity through Liquidity Coverage
Ratio (“LCR”) and Net Stable Funding Ratio (“NSFR”)
• 1.12x NSFR*
• 1.13x LCR (Basel III)*
 Liquid balances mainly held in cash-equivalent deposits in A-1
/ P-1 rated financial institutions or A-rated negotiable money
market instruments.
 High-quality, short-term trade finance book, which serves as
an alternate source of liquidity, with approximately $1 billion in
loans maturing on a monthly basis
24
*As of June 30, 2016

25. Financial Performance
25

26. Leverage Proven
Origination Capacity
LatAm GDP
Growth
LatAm Trade
Flow Growth
Bladex Client
Base Growth
Valued Products
& Services
15%+
ROAE
Bladex
Origination
Active
Credit
Portfolio
Management
Improved Financial
Margins
NIM ~ 1.8% - 2.0%
Stable Fees from Use
of Capital
~ 15% – 20% of
Business Profit
Prudent Credit Risk
Management
Cost of Credit
~ 1.2% – 1.5%
Continued Focus on
Efficiency
Efficiency Ratio
< 30%
Sustainable Moderate
Growth
~ 3% to 8%
Core Financial Intermediation
(On-book Portfolio)
Solid Capitalization
A minimum of 13.5%
Tier 1 Basel III Ratio
Target Consistent Performance
from Use of Capital
Financial
Institutions
Syndications &
Structuring
Partners
Trade
Services
Distribution:
Asset Distribution & Services
Fee Based
Services:
Investors Other
Tap Additional Income Sources
15%+
ROAE
~12%
ROAE
3%+
ROAE
Financial Business Model targets sustainable,
superior returns
• The Financial Business Model is based on our proven origination capacity of well-diversified Latin American risk. With an adequate risk-
return profile, together with solid operational efficiency and capitalization, the Bank aims to deliver stable, consistent returns through
economic cycles, commensurate with its cost of capital in its Core Financial Intermediation activities. The Bank aims to increase its return
target well above the Bank‟s cost of capital by enhancing revenue steams from its asset distribution and trade finance services activities.
26

27. Active Portfolio Management: Core Financial Intermediation
• Business ROAE trend
positive/stable
• Target of 12% hinges on
stable risk profile, contained
cost of credit
• Going forward there will be no
impact from non-core items,
as non-core activities were
fully divested in 1H2016
Improved Financial
Margins
NIM ~ 1.8% - 2.0%
Stable Fees from Use
of Capital
~ 15% – 20% of
Business Profit
Prudent Credit Risk
Management
Cost of Credit
~ 1.2% – 1.5%
Continued Focus on
Efficiency
Efficiency Ratio
< 30%
Sustainable Moderate
Growth
~ 3% to 8%
Core Financial Intermediation
(On-book Portfolio)
Solid Capitalization
A minimum of 13.5%
Tier 1 Basel III Ratio
12%+
ROAE
Return on Average Equity “ROAE”
27
Doing well…
• NIM above 2%
• Still ample Tier 1 capacity
• Cost containment driving
efficiency improvement
More effort needed to …
• Re-charge portfolio growth
• Stimulate fee income growth
from use of capital
• Continue credit exposure
reduction

28. Active Portfolio Management: Diversification and Growth
Sustainable moderate
growth
~ 3% to 8%
Evolution of Net Profit
Evolution of Commercial Portfolio by Region
(US$ million)
Aging of Client Base
• Regional diversification with
better regional mix of country
exposures while consistently
reducing concentration in Brazil
• Well-balance portfolio among
industry sectors and client
segments
• Long-term client relationships ensure
greater customer loyalty and dependable
recurring business
• Increasing number of new clients drive
diversification and future business growth
28
• CAGR of 10.1% over 5 years
• 2015, 2016 with poor
economic backdrop and
shrinking Trade Flows
• Net Interest Income, 86% of
total in 2015 compared to
89% average of last 5 years

29. Active Portfolio Management: Financial Margins
• Net Interest
Margin (NIM)
comfortably
above 2%
• Net Interest
Spread (NIS)
also improving
Improved Financial
Margins
“NIM” ~ 1.8% - 2.0%
Evolution of Net Interest Margin
29
Margin expansion helped by
• Swift re-pricing of short-dated commercial book in response to changes
in competitive landscape - diminished risk appetite, more selective
liquidity, lesser debt capital market activity leading to higher credit
spreads in most markets
• Steady rise of underlying base rates (LIBOR)
• Well-calibrated funding mix, with judicious use of wide array of funding
sources limiting re-pricing of funding book to base rate effects

30. Active Portfolio Management: Cost of Credit
• Reserve coverage
increasing since
2013, reflecting
lesser economic
momentum in
Region
• NPL Portfolio reflecting a more complex risk
profile in parts of the Region
• Distinct drivers:
• Brazil recessionary environment
• Oil & Gas Industry sector suffering from
collapsed crude prices
• To a lesser extent, certain Agribusiness
segments suffering from diminished
terms-of-trade
Evolution of Reserve Coverage
Evolution of Non-Performing Loan Portfolio
Prudent Credit Risk
Management
Cost of Credit
~ 1.2% - 1.5%
30

31. Active Portfolio Management: Capitalization
• Aligned with Basel III guidelines
• Tier 1 Basel III of 15.6% as of June
30, 2016
• Comfortably above regulatory
requirements
• Ratings Agencies criteria continue
to be very relevant for portfolio
mix, funding strategy and liquidity
management
• Quarterly dividend payment, with pay-out
targeting approx. 50% of business profit
Key Capitalization Parameters
Solid capitalization
A minimum of 13.5%
Tier 1 Basel III Ratio
Dividends per Share
31

32. Active Portfolio Management: Operational Efficiency
• Training programs in place
for Yellow, Green & Black
Belts
• Measurable advances in the
improvement of the
origination process
• LEAN projects under way in
severall parts of the business
• Recent technology platform
updates to enhance process
automation and accelerated
implementation of BPM
Lean Culture
Continued focus on
efficiency
Efficiency Ratio
< 30%
• Effective control of operating expenses, with
reduction in overall expenses in 2015 and
2016 YTD
• Business Efficiency Ratio improving since
2012, on higher net revenues and lower
expenses
Efficiency Ratio
(US$ million, except percentages)
32

33. Active Portfolio Management: Asset Distribution & Services
Some progress made…
• Significant increase of revenues
that do not require use of capital
• Structuring and syndication
platform solidifying, with more
stable revenue generation
• Generated approx. 1 percentage
point of return overall in 2015
Much more to be done…
• Impact from Risk Sharing
Programs and secondary market
transactions still marginal
• Continue to push for breakthrough
in securitization-type transactions
• Exploring new distribution channels
to access non-bank investors
• Strengthen NPI pipeline for
additional fee based services
(US$ million)
Commission Income and Other Income
Financial
Institutions
Syndications &
Structuring
Partners
Trade
Services
Distribution:
Asset Distribution & Services
Fee Based
Services:
Investors Other
Tap Additional Income Sources
3%+
ROAE
Without use of capital 33

34. Bladex Value Proposition to Shareholders Remains
Attractive As Ever
• Bladex offers investors
access to an entire continent
with compelling long-term
growth prospects
• Business model provides
diversified exposure to
emerging markets, but with
well mitigated Credit Quality,
Market, & Operational risks
• Committed to total
shareholder return (“TSR”)
• Attractive dividend yield
(annual dividend yield over
5.0%) as a function of core
business growth (target 40%
- 50% payout ratio)
• Attractive valuation multiples
Dividends per Share
BLX Stock Price and Volume Evolution
34

35. Diversified Commercial Portfolio
with Robust Asset Quality
Defined Strategy to Achieve
Sustainable Growth
Diversified Funding &
Conservative Liquidity
Management
Experienced Management and
Conservative Risk Management
Practices
Compelling Returns sustained
by Strong and Reliable
Performance Metrics
Leading Franchise in LatAm
with Solid Track Record
 Trade Finance Bank in Latin America
with more than 35 years of
Remarkable Success
 Investment Grade Profile with
Strong and Unique Shareholding
Structure
 Deep knowledge of Latin America
with Core in Trade Finance
 Strategically positioned to capture
growth opportunities
 Sustainable Portfolio Strategy
focused on Diversification
 Strong Asset Quality Management
and a Low Risk Core Business Focus
 Increased diversification of Regional
and Global Funding Sources
 Advanced Liquidity Management
operating under Basel III Framework
 Profit for 2015 of $104.0 million
(+2% YoY), and $45.7 million for
6M16.
 Return on Average Equity of 9.4%
for 6M16.
 Solid 15.6% Tier 1 Capitalization
Ratio (Basel III) as of June 30, 2016.
 Seasoned Senior Management with
ample experience in C-Suite roles
 World-Class Standards in Corporate
Governance, focused on Enterprise-
Wide Risk Management
Investment Highlights
35

36. PANAMA
HEAD OFFICE
Torre V, Business Park
Ave. La Rotonda, Costa del Este
Apartado 0819-08730
Panamá, República de Panamá
Tel: (507) 210-8500
ARGENTINA
Av. Corrientes 222 –P.18º
(1043AAP) Capital Federal
Buenos Aires, Argentina
Tel: (54-11) 4331-2535
Contact: Federico Pérez Sartori
Email: fpsartori@bladex.com
BRAZIL
Rua Leopoldo Couto de Magalhäes
Junior 110, 1º andar
04542-000, Sao Paulo, Brazil
Tel: (55-11) 2198-9606
Contact: Roberto Kanegae
Email: rkanegae@bladex.com
MEXICO
MEXICO D.F.
Rubén Darío 281, piso 15, Oficina #1501
Colonia Bosque de Chapultepec
CP. 11580, México D.F.
Tel: (52-55) 5280-0822
Contact: Alejandro Barrientos
Email: abarrientos@bladex.com
MONTERREY
Torre Avalanz, piso 20 oficina 2035
Batallón de San Patricio #109
Col. Valle Oriente, San Pedro, Garza
García
Nuevo León, C.P. 66260, México
Tel: (52-81) 4780-2377
Contact: Alejandro Barrientos
Email: abarrientos@bladex.com
PERU
Dean Valdivia 243
Piso 7, Oficina 701
San Isidro, Lima
Tel: (511) 207-8800
Contact: Victor Mantilla
Email: vmantilla@bladex.com
COLOMBIA
Calle 113 # 7-45
Edificio Teleport Business Park
Torre B, Oficina 1008
Bogotá, Colombia
Tel: (57-1) 214-3677
Contact: Camilo Alvarado
Email: calvarado@bladex.com
UNITED STATES
NEW YORK AGENCY
10 Bank Street, Suite 1220
White Plains, NY 10606
Tel: (001) 914-328-6640
Contacto: Pierre Dulin
Email: pdulin@bladex.com
Regional Presence in Latin America
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37. www.bladex.com
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Key Financial Metrics
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB.
The financial information corresponding to the years 2011-2013 follow the previous accounting standard, US-GAAP. Bladex completed its transition process to
IFRS from US-GAAP in 2015.
(In US$ million, except percentages) 2011 2012 2013 2014 2015 6M16
Total Income $138.8 $137.4 $133.7 $167.6 $173.9 $81.4
Business Profit $66.3 $83.5 $89.4 $99.7 $99.0 $50.2
Non-Core Items 16.9 9.5 (4.6) 2.7 5.0 (4.4)
Net Profit $83.2 $93.0 $84.8 $102.4 $104.0 $45.7
EPS (US$) $2.25 $2.46 $2.21 $2.65 $2.67 $1.17
Return on Average Equity (ROAE) 11.4% 11.6% 10.0% 11.5% 11.0% 9.4%
Business Return on Average Equity ("Business ROAE") 9.1% 10.4% 10.6% 11.2% 10.4% 10.3%
Return on Average Assets (ROAA) 1.5% 1.5% 1.2% 1.4% 1.3% 1.2%
Busines Return on Assets ("Business ROAA") 1.2% 1.4% 1.3% 1.3% 1.3% 1.3%
Net Interest Margin ("NIM") 1.81% 1.70% 1.75% 1.88% 1.84% 2.06%
Net Interest Spread ("NIS") 1.62% 1.44% 1.55% 1.72% 1.68% 1.84%
Loan Portfolio 4,960 5,716 6,148 6,686 6,692 6,520
Commercial Portfolio 5,354 5,953 6,630 7,187 7,155 6,767
Allowance for expected credit losses on loans at amortized cost and off-
balance sheet credit risk to Commercial Portfolio (%) 1.82% 1.31% 1.18% 1.22% 1.33% 1.60%
Non-Performing Loans to gross Loan Portfolio (%) 0.65% 0.00% 0.05% 0.06% 0.78% 1.30%
Allowance for expected credit losses on loans at amortized cost and off-
balance sheet credit risk to Non-Performing Loans (x times) 3.0 0.0 25.0 21.7 1.8 1.3
Efficiency Ratio 36% 42% 41% 32% 30% 28%
Business Efficiency Ratio 39% 43% 37% 32% 31% 26%
Market Capitalization 596 822 1,081 1,167 1,010 1,036
Total assets 6,360 6,756 7,471 8,022 8,286 7,634
Tier 1 Capital Ratio Basel III (Basilea I for years 2012-2013) 18.6% 17.9% 15.9% 15.5% 16.1% 15.6%
Leverage 8.4 8.2 8.7 8.8 8.5 7.7
Performance
Efficiency
Scale &
Capitalization (*)
Portfolio Quality (*)
Results
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Balance Sheet
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards (IFRS) as
issued by IASB. Bladex completed its transition process to IFRS from US-GAAP in 2015.
(In US$ million) 31-Dec-2014 31-Dec-2015 30-Jun-2016
Assets
Cash and cash equivalents $781 $1,300 $945
Financial instruments:
At fair value through profit or loss 58 53 0
At fair value through OCI 339 142 75
Securities at amortized cost, net 55 108 104
Loans at amortized cost 6,686 6,692 6,520
Allowance for expected credit losses (78) (90) (102)
Unearned interest & deferred fees (9) (9) (9)
Loans at amortized cost, net 6,600 6,592 6,410
At fair value - derivative financial instruments used for hedging - receivable 12 7 22
Other assets 178 83 78
Total assets $8,022 $8,286 $7,634
Liabilities and stockholders' equity
Total deposits $2,507 $2,795 $3,206
At fair value - derivative financial instruments used for hedging - payable 40 30 36
Securities sold under repurchase agreements 301 114 93
Short-term borrowings and debt 2,693 2,430 1,217
Long-term borrowings and debt, net 1,400 1,882 2,047
Allowance for expected credit losses on off-balance sheet credit risk 10 5 6
Other liabilities 162 57 36
Total stockholders' equity 911 972 992
Total liabilities and stockholders' equity $8,022 $8,286 $7,634
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Profit and Loss
Financial Information corresponding to the year 2014-2015 were prepared in accordance with International Financial Reporting Standards
(IFRS) as issued by IASB. Bladex completed its transition process to IFRS from US-GAAP in 2015.
2014 2015 6M16
Interest income $212,898 $220,312 $121,631
Interest expense 71,562 74,833 43,927
Net Interest Income 141,336 145,479 77,704
Other income
Fees and commissions, net 17,502 19,200 6,807
Derivate financial instruments and foreign currency exchange 208 (23) (339)
Gain (loss) per financial instrument at fair value through profit or loss 2,361 5,731 (3,767)
Gain (loss) per financial instrument at fair value through OCI 1,871 363 (315)
Gain on sale of loans at amortized cost 2,546 1,505 403
Other income, net 1,786 1,603 907
Net other income 26,274 28,379 3,696
Total Income 167,610 173,858 81,400
Expenses
Impairment loss from expected credit losses on loans at amortized cost 6,782 17,248 12,109
Impairment loss from expected credit losses on investment securities 1,030 5,290 486
Impairment (gain) loss from expected credit losses on off-balance sheet financial instruments 3,819 (4,448) 666
Salaries and other employee expenses 31,566 30,435 12,778
Depreciation of equipment and leasehold improvements 1,545 1,371 663
Amortization of intangible assets 942 596 203
Professional services 5,177 4,621 1,324
Maintenance and repairs 1,544 1,635 873
Other expenses 12,839 13,126 6,588
Total Expenses 65,243 69,874 35,690
Profit for the Period $102,366 $103,984 $45,710
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