Bladex's distinctive structure and business fundamentals support its long-standing franchise throughout Latin America. Its unique business model allows proactive management through economic cycles, which is a key advantage. Bladex's sustained earnings quality and pristine balance sheet position it well for the post-pandemic period. The document discusses Bladex's business model, regional presence, client base, portfolio quality, and growth trends.

1. 1
Banco Latinoamericano de Comercio Exterior, S.A.
(“Bladex”)
Corporate Presentation
As of March 31, 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
Bladex’s distinctive structure and business
fundamentals support its long-standing franchise
throughout the Latin American Region
The Bank’s unique business model enables
proactive management through economic cycles,
representing a key differentiating advantage
Bladex’s sustained earnings quality and pristine
balance sheet structure position the Bank for a post-
pandemic world
1
2
3

4. 4
Bladex’s distinctive structure and business
fundamentals support its long-standing franchise
throughout the Latin American Region
The Bank’s unique business model enables
proactive management through economic cycles,
representing a key differentiating advantage
Bladex’s sustained earnings quality and pristine
balance sheet structure position the Bank for a post-
pandemic world
1
2
3

5. 5
Bladex has developed a strong franchise with 40+ years of experience, through a broad
footprint across Latin America and deep understanding of the Region’s risks and opportunities
▪ Bladex was founded in 1978 by 23 Central Banks
from Latin American & the Caribbean, with the
participation of other financial institutions and the
IFC to promote trade and regional integration
▪ Bladex’s multinational DNA is embedded in its
regional presence, ownership structure,
management and organizational culture
▪ In 1992, Bladex became the first Latin American
bank to be listed on the NYSE (BLX), and to obtain
Investment Grade rating
▪ Bladex is rated by the three main Rating Agencies,
two of which made a change of outlook to Stable
during the Covid-19 crisis (Moody's and S&P)
▪ Bladex is subject to multi-country regulators,
including:
▪ Superintendence of Banks of Panama
▪ U.S. Federal Reserve Board (New York)
▪ New York State Department of Financial Services
▪ U.S. Securities and Exchange Commission
▪ Mexican Banking and Securities Commission

6. 6
Class E
Private Investors
▪ NYSE Public Float
Class B
LatAm & international banks and financial
institutions
▪ 1-to-1 convertibility rights into Class E shares
Class A
Central Banks and designated state institutions of
23 countries of Latin America and the Caribbean
▪ Direct link between the Bank and the governments
of Latin America
▪ Main source of Bladex’s deposits, which have
proven to be a stable funding source, even during
periods of market volatility
▪ Super-majority rights: changes in the Bank’s
Articles of Incorporation, dissolution or mergers
require 75% Class A approval
▪ Preferred Creditor Status in distressed scenarios
3 5 2
Class A Class E Classes A,B,E
Total members = 10
Board of Directors Seat Composition
Bladex’s unique shareholder structure reinforces the Bank’s Corporate Governance and fosters
a holistic view in decision making to fulfill its mission of promoting regional trade and
integration
16%
5%
79%

7. 7
Well established world-class Corporate Governance centered on Enterprise Wide Risk Management.
The recently incorporated Strategic Planning unit enhances internal effectiveness and alignment
First Line of Defense
▪ Includes the Business Units and
related departments, where
opportunities that meet the Bank’s
risk appetite are originated and
executed
Second Line of Defense
▪ Oversees that risks are managed in line with
the defined level of risk appetite and in total
compliance with all current regulations
▪ The Comprehensive Risk Management unit
reports directly to the Board’s Risk Policy &
Assessment Committee
▪ The Compliance Department reports directly
to the Board’s Compliance & Anti-Money
Laundering Committee
Third Line of Defense
▪ The Internal Audit unit reports
directly and with complete
independence to the Board’s Audit
Committee
▪ Its responsibility is focused on
regular assessments of the Bank’s
policies, methods and procedures
and their effective implementation
New
Crece
Latinoamerica
Foundation
Board of Directors
Audit Committee
Compensation
Committee
Finance and
Business
Committee
Risk Policy and
Assessment
Committee
Compliance and
Anti-Money
Laundering
Committee
Audit Compliance
Legal and
Corporate
Secretary
Integral Risk
Management
Finance
Operations
Commercial
Executive
Office
Treasury &
Capital
Markets
Strategic
Planning

8. 8
Industry
Strategic
Sectors
▪ Deep and up-to-date knowledge of
Latin American economies and
most relevant industries
▪ Main focus on Financial
Institutions, complemented by a
well diversified exposure to
corporates in various industries
Bladex has a long-standing commitment to the Region, with USD 301 billion in
cumulative credits granted since the Bank's inception
Bladex’s business model focuses on top-tier clients throughout Latin America and the
Caribbean, with participation in each country’s strategic sectors
Client Base
Top Tier
▪ Top-tier customer base spanning
most of the countries in the Region
▪ Network of industry-leading
clients, with extensive
understanding of their financial
needs and access to their key
decision makers
▪ Focus on US Dollar generation
clients with growth oriented
beyond their domestic markets
Segments /
Products
Commercial and
Treasury
▪ Bilateral loans (Foreign trade
and Working Capital)
▪ Syndication and Structuring
▪ Structured foreign trade
financing, letters of credit,
Stand-by letters of credit,
among others.
▪ Investment Portfolio
▪ Treasury services

9. 9
Bladex’s distinctive structure and business
fundamentals support its long-standing franchise
throughout the Latin American Region
The Bank’s unique business model enables
proactive management through economic cycles,
representing a key differentiating advantage
Bladex’s sustained earnings quality and pristine
balance sheet structure position the Bank for a post-
pandemic world
1
2
3

10. 10
64%
13%
23%
Short-term
Medium & Long-term (current)
Medium & Long-term
1 2 3
Short-term
Portfolio
Blue-chip
Clients
Regional
Footprint
• Main financial institutions of each country,
systemic
• USD generators
• Access to Capital Markets
• Minimum sales of USD $200 millions
• Good Corporate Governance practices
▪ 77% maturing in less than 1 year
▪ 57% of its original short-term
portfolio in trade finance
% as of 31Mar21
% as of 31Mar21
Bladex's Business Model allows to rebalance credit risk swiftly. Its portfolio quality
continues to rely upon the short-term nature of its loans, coupled with the high
quality of its client base and regional diversification
77%
Maturing in less
than 1 year
% as of 31Mar21
20%
2%
12%
11%
10%
Central America and the
Caribbean: 8 countries, 24%
Non LatAm: 7%
57%
Total Investment
Grade:
6%
4%
2%
2%
USD 5.7 Bn USD 5.7 Bn 53%
29%
18%
Financial Institutions
Corporations
Sovereigns/Quasi-sovereigns

11. 11
25%,
1,543
26%,
1,454
25%,
1,368
32%,
1,641
31%,
1,604
27%,
1,414
27%,
1,636
30%,
1,737 23%,
1,270 8%, 437 8%, 392 12%,
612
48%,
2,888 44%,
2,468 52%,
2,886
60%,
3,055
61%,
3,139
61%,
3,186
6,067
5,659 5,524
5,133 5,135 5,212
-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-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Deposits
Repos and Short-term borrowings and debt
Long-term borrowings and debt, net
1% 1% 1% 2% 2% 1%
82%,
5,893 78%,
5,337
68%,
4,486
72%,
4,566
78%,
4,916
80%,
5,068
1%, 80
1%, 79
1%, 96
4%, 234
6%, 395
6%, 389
16%,
1,178
20%,
1,353
30%,
2,021
22%,
1,402
14%,
864
13%,
820
7,250
6,823
6,627
6,311 6,289 6,375
-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-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Other Loans Investment Portfolio Cash and due from banks
(USD millions, except for %) - EoP
Total Assets
Bladex’s balance sheet structure denotes its ability to rapidly adjust to market
conditions, enabling the implementation of prudent measures at the onset of the
pandemic to then resume loan growth, supported by stable and diversified funding
Funding Structure

12. 12
5,832 (2,590) +2,747 5,708
L+ 1.94% L+ 1.87%
Loan Portfolio
Average Interest
Rate
Total
L+ 1.41% L+ 2.04%
3%
5,551
L+ 2.27%
(6,194) +5,913
L+ 2.04% L+ 2.31%
(USD millions, except for %) - QoQ
Contingencies
Loans
+3% growth QoQ in Commercial Portfolio, on 5% quarterly increase in
origination while collecting virtually all scheduled maturities
▪ 57% in Investment Grade countries
▪ 77% maturing in less than a year (+2pp. QoQ)
▪ Exposures in top-tier clients (FIs & Corporate industry leaders)
▪ Resilient credit quality with NPL ratio stable at 0.2%
▪ Continued risk assessment and close contact with clients
≈100%
collected
5%
(*) Includes prepayments and sales
The Bank’s Commercial Portfolio continues its growth trend for three consecutive quarters,
while lending spreads returned to pre-Covid levels in 1Q21, on high quality portfolio and
ample market liquidity

13. 13
3% 1% 2%
2%
2% 2%
3%
2% 2%
4%
4% 3%
7%
4% 4%
5%
4% 4%
5%
6% 6%
16%
18% 20%
0%
1%
2%
3%
3%
3%
5%
5%
6%
2%
6%
6%
7%
9%
7%
12%
11%
10%
11%
10%
11%
15%
14%
12%
6,502
5,551
5,708
-
1,000
2,000
3,000
4,000
5,000
6,000
-
1,000
2,000
3,000
4,000
5,000
6,000
31-Dec-19 31-Dec-20 31-Mar-21
Colombia
Chile
Mexico
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Brazil
Guatemala
Dominican Republic
Ecuador
Costa Rica
Argentina
Paraguay
Other Latam ≤ 1%
3% 1% 2%
2%
2% 2%
3%
2% 2%
5%
4% 3%
6%
4% 4%
2%
4% 4%
6%
6% 6%
16%
18% 20%
1%
1%
2%
3%
3%
3%
7%
5%
6%
4%
6%
6%
7%
9%
7%
9%
11%
10%
10%
10%
11%
15%
14%
12%
5,832
5,551
5,708
-
1,000
2,000
3,000
4,000
5,000
6,000
31-Mar-20 31-Dec-20 31-Mar-21
Colombia
Chile
Mexico
Non-Latam
Peru
Panama
T. & Tobago
Uruguay
Brazil
Guatemala
Dominican Republic
Ecuador
Costa Rica
Argentina
Paraguay
Other Latam ≤ 1%
Commercial Portfolio by Country
Preservation of sound credit quality and well-diversified exposure across countries, with
constant relevant participation in Investment Grade Countries. Portfolio balances still
trailing pre-Covid levels
Uruguay
Brazil
Argentina
3%
$66MM of the quarterly
increase in the Oil and Gas
(Downstream) industry
+87% of the quarterly
increase in Financial
Institutions
-45% since the onset of
Covid-19 (1Q20)
$63MM, +185%
$137MM, +13%
-$23MM, -18%
59%
IG
41%
Non-IG
55%
IG
45%
Non-IG
57%
IG
43%
Non-IG
Chile
$63MM, +12%
Quarterly increase in
Financial Institutions and
Quasi-sovereign corporations
QoQ Variation
12%
(USD millions) - EoP

14. 14
5% 4% 4%
2% 2% 1%
2%
1% 1%
2%
2% 2%
3%
2%
2%
3%
2%
2%
0%
2% 2%
0%
3% 2%
7%
3% 3%
3%
3% 3%
4%
3% 5%
5%
6% 5%
6%
6% 5%
2%
7% 10%
56%
54%
53%
6,502
5,551
5,708
-
1,000
2,000
3,000
4,000
5,000
6,000
31-Dec-19 31-Dec-20 31-Mar-21
Financial institutions
Oil and gas (Downstream)
Electric power
Food and beverage
Metal manufacturing
Other services
Oil and gas (Integrated)
Oil and gas (upstream)
Grains and oilseeds
Retail trade
Mining
Other manufacturing industries
Sugar
Coffee
Other Industries <1%
Commercial Portfolio by Industry
First quarter 2021 growth mostly tied to commodity-related industries, while exposure to
higher risk sectors continues to decrease since the onset of Covid-19
QoQ variation
Oil and Gas
(Downstream)
Metal
Manufacturing
Sugar
87% of the quarterly
increase in Investment
Grade countries (Uruguay,
Chile, Peru and Panama)
78% in Investment grade
countries (55% Latam; 23%
Non-Latam)
-46% since the onset of the
Covid-19 (1Q20)
$191MM, +49%
$69MM, +37%
-$3MM, -4%
Financial
Institutions
Main financial institutions of
each country; systemic
$31MM, +1%
(USD millions) - EoP

15. 15
202
202
-1
201
80
16
97
193
-5
188
395 389
-25
25
75
125
175
225
275
325
375
425
0
50
100
150
200
250
300
350
400
31-Dec-19 1S20 2S20 31-Dec-20 1Q21 31-Mar-21
% as of 31Mar21
0.36%
Avg. Return
2.8 years
Tenor
2.95%
Avg. Return
2.1 years
Tenor
100% IG
62% IG
38%
Non - IG
During the second half of 2020, Bladex increased its investment portfolio to enhance
liquidity yield and to complement the Bank’s Commercial Portfolio
Investment Portfolio Credit Rating
Credit Investment Portfolio
HQLA Investment Portfolio (*)
(*) HQLA refers to “High Quality Liquid Assets” in accordance with the specifications of the Basel Committee.
(USD millions) - EoP

16. 16
1,160 1,297
1,959
1,465
1,048 993
16%
19%
30%
23%
17%
16%
0%
5%
10
%
15
%
20
%
25
%
30
%
-
500
1,
000
1,
500
2,
000
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Liquid assets Liquid assets / total assets
Bladex has a proven capacity to secure funding and maintain steady liquidity levels; the
Bank’s cash position is mainly placed with the Federal Reserve Bank of New York
Liquidity Coverage Ratio2
Total Liquid Assets1
1
▪ Advanced liquidity management under Basel III
framework, to monitor short and long-term liquidity
▪ The Bank adopted Basel III methodology in 2012. The
Superintendency of Banks of Panama established LCR
as a regulatory requirement in December 2018
▪ The Bank has maintained a robust liquidity level at all
times. At the end of March 2021 it reached 16% of its
total assets
Liquid Assets Placements by Geographical Location
% as of 31Mar21
(USD millions, except %)
EoP
(1) Liquid assets refer to total cash and cash equivalents, consisting of cash and due from banks and interest-bearing deposits in banks, excluding pledged deposits and margin calls; as well as corporate debt securities rated ‘A-‘ or above.
(2) The Superintendency defines the LCR as the stock of high-quality liquid assets over total net cash outflows over the next 30 calendar days. The definition is based on the Basel III Liquidity Coverage Ratio and liquidity risk monitoring tools
published by the Basel Committee on Banking Supervision and adjusted by the Superintendency. LCR available on www.bladex.com/en/investors/quarterly-earnings.
1.31x
1.21x
1.80x
1.67x
2.49x
2.33x
31-Dec-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
69%
14%
9%
5%
2%
1%
FED
Multilaterals
United States except
FED
Other Countries
Other OECD
Latin American

17. 17
Funding Sources by Region
% as of 31Mar21
Deposits by Type of Client
% as of 31Mar21
▪ Solid deposit base denotes the steady support from the Bank’s Class A shareholders (i.e. central banks and
their designees) and its Yankee CD program to complement the Bank’s short-term funding structure
▪ The Bank maintains longstanding relationships with a wide network of more than 40 correspondent banks,
across different geographies
▪ Bladex is a recurrent issuer in the US (third bond issued in the 144A/Reg S market in Sept. 2020) and Mexican
debt capital markets (last placement in Mexico in June 2020) and completed its first transaction in the Tokyo
Pro-Bond market in 2016
▪ Additionally, the Bank reaches a large number of global investors in the Americas, Europe and Asia through its
EMTN program
▪ Bladex is also a recurrent participant in the global syndicated loan market
Bladex actively pursues a wide diversification of funding sources to further enhance its
stability and strength, which includes a relevant share of deposits from its Class A
shareholders
27%
18%
14%
13%
10%
8%
5%
5%
South America
Central America
USA / Canada
Europe
Mexico
Asia
Multilateral
The Caribbean
46%
28%
10%
7%
5% 4%
Central Banks or designees -
Class "A" shareholders
Private banks
State-owned banks
State-owned corporations
Multilateral
Private corporations

18. 18
Bladex’s distinctive structure and business
fundamentals support its long-standing franchise
throughout the Latin American Region
The Bank’s unique business model enables
proactive management through economic cycles,
representing a key differentiating advantage
Bladex’s sustained earnings quality and pristine
balance sheet structure position the Bank for a post-
pandemic world
1
2
3

19. 19
-0.4
1.5
0.1 0.3 0.0
2019 2020 1Q20 4Q20 1Q21
9.5 9.0
2.5 2.5 2.5
5.6
0.6
0.4 0.1 0.1
0.5
0.8
0.2
0.2 0.4
15.6
10.4
3.1 2.8 3.0
2019 2020 1Q20 4Q20 1Q21
Other commissions, net
Loan syndication fees
Letters of credit
86.1
63.6
18.3 15.7 12.8
2019 2020 1Q20 4Q20 1Q21
109.5
92.4
25.8 22.3 18.9
2019 2020 1Q20 4Q20 1Q21
2019 2020 1Q20 4Q20 1Q21
NIM 1.74% 1.41% 1.59% 1.37% 1.24%
NIS 1.19% 1.13% 1.16% 1.17% 1.04%
ROAE 8.6% 6.2% 7.2% 6.1% 5.0%
ROAA 1.4% 1.0% 1.1% 1.0% 0.8%
Efficiency Ratio 32.1% 37.6% 36.7% 40.2% 41.6%
Profitability has been impacted by the Bank’s prudent measures implemented in early
2020 (increased liquidity, decreased lending) and by lower market (Libor) rates. Partly
compensated by expense reduction and minimal impact from credit provisions
▪ NII impacted
mainly by lower
market rates and
lower average
volumes
Profit for the Period Performance Ratios
(USD
millions)
Net Interest Income
Operating Expenses
Fees and Commissions ▪ Stable LC fees;
low activity in
syndications
-40.7 -37.3
-10.5 -10.2 -9.1
2019 2020 1Q20 4Q20 1Q21
Quarterly
▪ Sequential
quarterly
reduction in
expenses on
seasonality
Credit Provisions ▪ Low credit
provisions even
in current
context, on
sound credit
quality
Annual
Quarterly
Annual Quarterly
Annual
(USD
millions)
Reversals
Provision
Charges

20. 20
2.64%
1.28%
0.49%
2.54%
0.91%
0.37%
4.60%
3.49%
2.60%
3.10%
1.59%
1.10%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
2019 2020 1Q21
Loans - Base rate Financial Liabilities - Base Rate
Loans - Total Rate Financial Liabilities - Total Rate
1.50%
1.90%
1.50%
Decrease in 1Q21 NII mainly on lower Libor-based market rates and average lending
volumes still below pre-Covid levels, while net lending spreads reached 2019 levels
▪ Average Libor-based rates in the loan portfolio
decreased by 215 pbs from 2019 levels to 49pbs
in 1Q21; a similar behavior was experienced for
liabilities (down 217 basis points to 37pbs)
▪ Even as the rate differential remains similar to
2019 levels at 150 basis points, NII is impacted by
lower market rates in 2020 and 1Q21 due to
overall lower loan yields on the portion of loans
financed by the Bank’s equity base.
▪ At $4.8 billion, average loans for 1Q21 are still
13% below average loans in 2019
▪ The Investment Portfolio continues to be a
relevant complement to the Bank’s Loan
Portfolio, half of which is invested in corporate
debt securities classified as HQLA by Basel III
standards, enhancing the overall return of the
Bank’s liquidity position
RATES
VOLUMES
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
1,502
157
5,476
4,890
756
90
5,224
5,463
2020
1Q21
2019
2020
1Q21
2019
2020
1Q21
2019
2020
1Q21
2019

21. 21
(USD million) 31-Dec-19 31-Dec-20 31-Mar-21
Allowance for losses
Balance at beginning of the period $104.4 $102.5 $44.6
(Reversals) provisions 0.4 (1.5) 0.0
Write-offs, net of recoveries (2.4) (56.4) 0.0
End of period balance $102.5 $44.6 $44.6
95%
94% 95%
4%
6% 5%
1%
0% 0%
6,582 5,946 6,097
-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 31-Dec-20 31-Mar-21
NPLs at 0.2% of total loans, evidencing the Bank’s robust credit quality, which
continues to improve as a result of Bladex’s proactive approach in an unprecedented
environment
Allowance for Credit Losses
Credit Impaired Loans
(USD millions, except for %)
Total Allowance for
Losses to Credit Portfolio 1.56% 0.73%
Allowance for Losses to
Stages 1 + 2 0.73% 0.65%
0.75%
0.67%
Allowance for Losses 102.5 44.6
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
For the periods ended:
▪ Write-offs during 2020
relate to the sale of
troubled loans for which
individual reserves were
previously allocated.
Stage 3 (credit impaired)
Stage 2 (increased risk)
Stage 1 (low risk)
0.2%
99.8%
$5.1BN
Credit impaired loans
to total loans
As of 31Mar21
Total Loans

22. 22
1,016 1,018 1,022 1,026 1,038 1,037
17.3%
19.2%
22.1% 21.8%
20.2% 19.4%
19.8%
21.8%
24.8%
26.5% 26.0% 26.3%
-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-19 31-Mar-20 30-Jun-20 30-Sep-20 31-Dec-20 31-Mar-21
Equity SBP Regulatory Capital Adequacy Tier1 Capital Ratio (Basel III)
0.39
0.25 0.25 0.25 0.25 0.25
7.1%
5.4%
8.7%
8.2%
6.8%
6.4%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
$0
$0
$0
$0
$0
$1
$1
4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
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.
(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 = 15.8%
Dividend Yield
A capital management approach that solidly positions the Bank for future growth
opportunities in a post-Covid scenario, and aligns stakeholders’ interests
Repurchase Program
(USD millions, except for %) - EoP
1 2
Minimum Regulatory Total
Capital Adequacy Ratio = 8.0%

23. 23
Appendix

24. 24
* Financial Information was prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB..
Selected financial information
(In US$ million, except percentages and per share
amounts)
2019 2020 1Q20 4Q20 1Q21
Selected Profit or Loss Data:
Net Interest Income 109.5 92.4 25.8 22.3 18.9
Fees and commissions, net 15.6 10.4 3.1 2.8 3.0
Gain (loss) on financial instruments, net (1.4) (4.8) (0.4) (0.0) (0.1)
Other income, net 2.9 1.1 0.2 0.2 0.1
Total revenues 126.7 99.2 28.8 25.3 22.0
Provision (reversal) for credit losses (0.4) 1.5 0.1 0.3 0.0
Loss (gain) on non-financial assets, net 0.5 0.3 - 0.3 -
Operating expenses (40.7) (37.3) (10.5) (10.2) (9.1)
Profit for the year 86.1 63.6 18.3 15.7 12.8
Selected Financial Position Data
Liquidity 1,160 1,048 1,297 1,048 992
Loan Portfolio 5,893 4,911 5,337 4,911 5,063
Total Assets 7,250 6,289 6,823 6,289 6,375
Deposits 2,888 3,139 2,468 3,139 3,186
Repos, borrowings and debt, net 3,179 1,996 3,191 1,996 2,026
Total Equity 1,016 1,038 1,018 1,038 1,037
Selected Financial Ratios
Return on Average Assets (ROAA) 1.4% 1.0% 1.1% 1.0% 0.8%
Return on Average Equity (ROAE) 8.6% 6.2% 7.2% 6.1% 5.0%
Net Interest Margin (NIM) 1.74% 1.41% 1.59% 1.37% 1.24%
Net Interest Spread ("NIS") 1.19% 1.13% 1.17% 1.17% 1.04%
Tier 1 Capital Ratio (Basel III) 19.8% 26.0% 21.8% 26.0% 26.3%
SBP Regulatory Capital Adequacy 17.3% 20.2% 19.2% 20.2% 19.4%
Efficiency Ratio 32% 38% 37% 40% 42%
Credit-impaired loans to Loan Portfolio 1.05% 0.22% 1.16% 0.22% 0.21%
Credit-impaired coverage (x times) 1.7 4.2 1.7 4.2 4.2
Total allowance for losses to Credit Portfolio (%) 1.56% 0.75% 1.73% 0.75% 0.73%
Shares and Market Capitalization
Number of shares outstanding (thousand) 39,602 39,678 39,614 39,678 39,703
Share price (as of period end) 21.38 15.83 10.31 15.83 15.13
Market capitalization 847 628 408 628 601
Earnings per share (EPS) 2.17 1.60 0.46 0.40 0.32
Book value per share (BVPS) 25.66 26.16 25.71 26.16 26.11
Annualized return / Average price per share 7.6% 7.1% 5.4% 6.8% 6.4%
Pay-Out Ratio: Paid Dividend / EPS 71% 71% 83% 63% 77%
Price to EPS (times) 9.8 9.9 4.9 9.9 10.3
Price to BVPS (times) 0.8 0.6 0.4 0.6 0.6