Earnings Results Presentation

1. 1
Banco Latinoamericano de Comercio Exterior, S.A.
(“Bladex”)
4Q20 Earnings Results Presentation
February 12, 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
​
​ ​
​
4,566
(1,907) 2,253
4,911
520 (252)
370 639
30-Sep-20 Maturities * Disbursements 31-Dec-20
(USD millions, except for %) - QoQ
+9% growth QoQ in Commercial Portfolio, maintaining a well-diversified
exposure in lower risk countries and defensive sectors
▪ 59% in Investment Grade countries
▪ 75% maturing in less than a year (+2pp. QoQ)
▪ Exposures in top-tier clients (FIs & Corporate industry leaders)
▪ Still robust credit quality with $11 million in NPLs
Commercial Portfolio growth of 9% quarter-on-quarter, leveraging on increased
demand towards year-end and on Bladex’s broad regional reach
(*) Includes prepayments and sales
5,087 (2,159) +2,623 5,551
L+ 2.45% L+ 2.15%
Loan Portfolio
Average Interest Rate
Total
L+ 1.82% L+ 2.27%
Contingencies
Loans
9%

4. 4
​
​ ​
​
4,566
(1,907) 2,253
4,911
520 (252)
370 639
30-Sep-20 Maturities * Disbursements 31-Dec-20
(USD millions, except for %) - QoQ
(*) Includes prepayments and sales
5,087 (2,159) +2,623 5,551
L+ 2.45% L+ 2.15%
Loan Portfolio
Average Interest Rate
Total
L+ 1.82% L+ 2.27%
Contingencies
Loans
Commercial Portfolio growth was achieved by a solid 17% increase in credit disbursements
in 4Q20, while sustaining preceding quarterly trend in collecting virtually all loan maturities
Strong level of disbursements
▪ > $8.0 billion in lending origination in 2020
▪ Continued risk assessment and close contact with
clients
Collection of virtually all scheduled maturities
▪ Denotes the high quality of borrowers and short-term
nature of the portfolio
99%
collected
17%

5. 5
3% 1%
2% 2%
3% 2%
3% 4%
3% 4%
4% 4%
6% 6%
17%
18%
1%
1%
3%
3%
7%
5%
3%
6%
9%
9%
10%
10%
12%
11%
14%
14%
5,087
5,551
-
1,000
2,000
3,000
4,000
5,000
-
1,000
2,000
3,000
4,000
5,000
30-Sep-20 31-Dec-20
Colombia
Mexico
Chile
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Brazil
Guatemala
Dominican Republic
Costa Rica
Ecuador
Argentina
Paraguay
Other Latam ≤ 1%
Commercial Portfolio by Country
As of Dec20
59%
IG
41%
Non-IG
59%
IG
41%
Non-IG
During 4Q20 origination continued mainly in lower risk jurisdictions, preserving a robust
credit quality and diversification
Peru
Colombia
Brazil
Non-LatAm
Argentina
9%
+376% in Oil & Gas ( Downstream)
+7% in Financial institutions
In transactions with risk cover
provided by OECD-based entities
+24% in Financial institutions
-33% since the onset of Covid-19
(1Q20)
3% 1%
2% 2%
3% 2%
3% 4%
3% 4%
4% 4%
6% 6%
17%
18%
1%
1%
3%
3%
7%
5%
3%
6%
9%
9%
10%
10%
12%
11%
14%
14%
5,087
5,551
-
1,000
2,000
3,000
4,000
5,000
30-Sep-20 31-Dec-20
Colombia
Mexico
Chile
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Brazil
Guatemala
Dominican Republic
Costa Rica
Ecuador
Argentina
Paraguay
Other Latam ≤ 1%
3% 1%
2% 2%
3% 2%
3% 4%
3% 4%
4% 4%
6% 6%
17%
18%
1%
1%
3%
3%
7%
5%
3%
6%
9%
9%
10%
10%
12%
11%
14%
14%
5,087
5,551
-
1,000
2,000
3,000
4,000
5,000
30-Sep-20 31-Dec-20
Colombia
Mexico
Chile
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Brazil
Guatemala
Dominican Republic
Costa Rica
Ecuador
Argentina
Paraguay
Other Latam ≤ 1%
QoQ variation
$184MM, +135%
$62MM, +9%
$35MM, +8%
$134MM, +15%
$15MM, -10%

6. 6
5% 4%
1% 1%
2% 2%
2% 2%
2% 2%
2% 2%
3% 2%
3% 3%
3% 3%
4% 3%
5% 3%
5% 6%
6% 6%
4% 7%
53%
54%
5,087
5,551
-
1,000
2,000
3,000
4,000
5,000
-
1,000
2,000
3,000
4,000
5,000
30-Sep-20 31-Dec-20
Financial institutions
Oil and gas (Downstream)
Electric power
Food and beverage
Metal manufacturing
Other services
Oil and gas (upstream)
Oil and gas (Integrated)
Other manufacturing industries
Coffee
Grains and oilseeds
Mining
Retail trade
Sugar
Other Industries <1%
Commercial Portfolio by Industry
As of Dec20
9% Financial
Institutions
Oil and Gas
(Downsteam)
Airlines
Food and
Beverage
Sugar
≈
Similarly, origination in 4Q20 was focused on defensive sectors. Our exposure to higher
risk sectors has steadily decreased since the onset of Covid-19
≈
Main financial institutions of
each country; systemic
94% of the quarterly increase
in Investment Grade countries
Top Tier clients in LatAm
countries
-67% since the onset of Covid-19
(1Q20)
-43% since the onset of Covid-19
(1Q20)
QoQ variation
$308MM, +12%
$185MM, +91%
$32MM, +12%
−
+$3MM, +4%

7. 7
1% 1% 1% 2% 2%
82%
78%
68%
72%
78%
1%
1%
1%
4%
6%
16% 20%
30%
22%
14%
7,250 6,823 6,627 6,311 6,289
-1,000,000
-800,000
-600,000
-400,000
-200,000
0
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20
Other Loans Investment Portfolio Cash and due from banks
(USD millions, except for %) - EoP
Total Assets
3Q20 was clearly an Inflection Point in terms of asset composition, ending the year with
a mix that is closer to historical levels
✓ The Bank continued loan portfolio growth as of 4Q20 (+$350 MM or
8% QoQ) after holding higher liquidity levels in previous quarters
✓ The Bank has gradually reduced its cash position, still remaining at a
robust level of $864 million; mainly placed with the Federal Reserve
Bank of New York.
✓ Higher Investment Portfolio, of which $202 million were new corporate
debt securities classified as HQLA by Basel III standards (+$162 MM or
69% QoQ), complementing the Bank’s Liquidity position

8. 8
0
107
95
202
96
32
65
193
96
395
0
50
100
150
200
250
300
350
400
450
0
50
100
150
200
250
300
350
400
450
30-Jun-20 Q3 Q4 31-Dec-20
52%
18%
7%
13%
10%
AAA
AA+
AA
A+
A
3%
32%
27%
10%
7%
21%
A
BBB
BBB-
BB+
BB
BB-
The Bank significantly increased its bond portfolio during 2H2020 to $395 million. By year-end it was
evenly split between a HQLA portfolio aimed at enhancing the return on liquid assets and a credit
portfolio of Latin American names conceived as a complement to the Bank’s Commercial Portfolio
Investment Portfolio
(USD millions) - EoP
Credit Rating
As of Dec20
Credit Investment Portfolio
HQLA Investment Portfolio (*)
0.37%
Avg. Return
1.8 years
Tenor
2.58%
Avg. Return
1.7 years
Tenor
100% IG
62% IG
38%
Non - IG
(*) HQLA refers to “High Quality Liquid Assets” in accordance with the specifications of the Basel Committee.

9. 9
25% 26% 25%
32% 31%
27%
30%
23% 8% 8%
48%
44%
52%
60% 61%
6,067 5,659 5,524 5,133 5,135
-80,000
-70,000
-60,000
-50,000
-40,000
-30,000
-20,000
-10,000
0
0%
20%
40%
60%
80%
100%
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20
Deposits
Repos and Short-term borrowings and debt
Long-term borrowings and debt, net
The combination of an increasing participation of deposits over total funding and new
debt capital markets transactions has further reinforced the resiliency of the Bank’s
funding base
Funding Structure
(USD millions, except for %) - EoP
✓ Deposits continued to grow (+9% YOY) and substantially increased
their share in the Bank’s total funding base
✓ Bladex’s new Yankee CD program has been consistently gaining
traction, reaching $ 452 million by the end of 2020
✓ Class A shareholders continued to support the Bank through their
deposit placements, which amounted to 50% of total deposits
✓ During 2020 the Bank further reinforced the stability of its funding
base through new medium term funding transactions
✓ Bond issuances, both public and private, and syndications attracted
investors from the US, Europe, Asia and Latin America
✓ The Bank reduced its reliance on funding from correspondent banks,
which by the end of 2020 amounted to less than 8% of total funding
✓ Nevertheless, Bladex maintains a fluent access to a wide network of
correspondent banks from the Americas, Europe and Asia

10. 10
Stable QoQ trend in quarterly net income and returns. Annual results impacted by Bladex’s defensive
approach to favor liquidity over loan growth during most part of the year, compensated by decreased
expenses and reversals of credit reserves from loan collections and improved asset quality
Quarterly Annual
(USD millions, except %) 4Q19 3Q20 4Q20
CHANGE
QoQ %
2019 2020
CHANGE
YoY %
Statement of Profit or Loss
Net Interest Income ("NII") $26.9 $22.6 $22.3 -1% $109.5 $92.5 -16%
Fees and commissions, and other
income, net
$6.6 $3.0 $3.0 1% $18.5 $11.5 -38%
Loss on financial instruments, net ($2.0) ($0.4) ($0.1) 89% ($1.4) ($4.8) -248%
Total revenues $31.4 $25.2 $25.3 0% $126.7 $99.2 22%
Reversal (provision) for credit
losses
$1.9 ($1.5) $0.3 120% ($0.4) $1.5 440%
Reversal (impairment) on non-
financial assets
$0.0 $0.1 $0.3 111% $0.5 $0.3 -41%
Operating expenses ($11.3) ($8.3) ($10.2) -22% ($40.7) ($37.3) 8%
Profit for the period $22.1 $15.4 $15.7 2% $86.1 $63.6 -26%
Return on Average Equity (“ROAE”) 8.7% 6.0% 6.1% 8.6% 6.2%
Return on Average Assets (“ROAA”) 1.3% 1.0% 1.0% 1.4% 1.0%
Efficiency Ratio 35.9% 33.1% 40.2% 32.1% 37.6%

11. 11
Decreased annual NII and NIM on lower average loans and increased average cash position, coupled with
the impact of lower market rates decreasing equity yield. Partly compensated by a positive trend in net
lending spreads and by a faster repricing of liabilities in a decreasing market rate environment
Rate Effect
Volume Effect
NII: -$0.3MM QoQ to $22.3MM NIM: -5bps QoQ to 1.37% NIS: -2bps QoQ to 1.17%
4Q20
NII: -$17.1MM YoY to $92.5MM NIM: -33bps YoY to 1.41% NIS: -6bps YoY to 1.13%
FY20
4.19%
3.94%
3.56%
3.31%
3.04%
2.69%
2.41%
1.57%
1.26% 1.11%
1.79%
1.22%
0.19% 0.20% 0.16%
3.40% 3.39% 3.39%
2.64%
1.51%
0.00 %
2.00 %
4.00 %
6.00 %
8.00 %
10 .
0 0%
12 .
0 0%
14 .
0 0%
-
2.
00%
-
1.
00%
0.
00
%
1.
00
%
2.
00
%
3.
00
%
4.
00
%
5.
00
%
4Q19 1Q20 2Q20 3Q20 4Q20
1.50%
1.53%
1.99%
1.93%
2.05%
Rate Change
-0.27%
-0.15%
-0.04%
NII Impact
-$3.2MM
+$1.5MM
-$0.2MM
Loans
Financial
Liabilities
Cash and
due from
banks
Interest Rate Evolution
Investment
Portfolio
-1.13% -$1.0MM
-1.11%
-1.51%
-1.90%
-$55.4MM
+$76.1MM
-$28.9MM
-1.31% -$2.1MM
Rate Change NII Impact
4Q20 vs 3Q20 FY20 vs FY19
-$2.8MM -$10.3MM
Volume Change NII Impact
+$2.5MM
+$1.2MM
+$1.4MM
-$0.1MM
+$137MM
+$202MM
-$212MM
Average Balances
Loans *
Financial
Liabilities
Investment
Portfolio
Cash and
due from
banks
+$0.1MM
+$145MM
* Gross of unearned interest and deferred fees.
1,526
337
5,441
4,619
1,737
135
5,297
4,481
3Q20
4Q20
3Q20
4Q20
3Q20
4Q20
4Q20
3Q20
Volume Change NII Impact
-$6.8MM
-$25.5MM
+$2.4MM
+$16.8MM
-$573MM
+$67MM
+$747MM
-$0.5MM
+$252MM
4Q20 vs 3Q20 FY20 vs FY19

12. 12
(USD million) 31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20
Allowance for losses
Balance at beginning of the period $104.4 $102.5 $102.5 $47.8 $44.9
Provisions (reversals) (1.9) (0.1) (2.6) 1.5 (0.3)
Write-offs, net of recoveries 0.0 0.1 (52.1) (4.4) 0.0
End of period balance $102.5 $102.5 $47.8 $44.9 $44.6
62
0
11
0
10
20
30
40
50
60
70
80
31-Dec-19 30-Sep-20 31-Dec-20
95%
94%
94%
4%
6%
6%
1%
0%
0%
6,582 5,320 5,946
-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
31-Dec-19 30-Sep-20 31-Dec-20
The level of allowances for credit losses reflect Bladex’s sound asset quality, with 94% of
credits classified as Stage 1 (low risk) under IFRS 9, and credit impaired loans representing
0.2% of total loan portfolio
Allowance for Credit Losses Credit Impaired Loans
(USD millions, except for %)
(USD millions, except for %)
Total Allowance for
Losses to Credit Portfolio 1.56% 0.75%
Allowance for Losses to
Stages 1 + 2 0.73% 0.67%
0.84%
0.84%
Allowance for Losses 102.5 44.6
44.9
Stage 1 (low risk)
Stage 2 (increased risk)
Stage 3 (credit impaired)
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
1.7x 4.2x
n.a.
1.0% 0.2%
0.0%
✓ NPLs as of 31-Dec-20
correspond to a loan in 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
previously allocated.

13. 13
“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
“I truly believe that 2020 was a very
good year for Bladex, given the
circumstances – taking advantage of
the levers of our business model to
protect the quality of our assets,
while continuing to soundly originate
business across the region, and
making the best of the liquidity and
rate environment on the liability side.
Although the pandemic continues to
pose significant challenges for the
Region, we stand well prepared to
navigate 2021.”
-Jorge Salas, CEO