BLX - Earnings call transcript Q4 2024 | Banco Latinoamericano de Comercio Exterior, S. A.

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Operator

Good morning, ladies and gentlemen, and welcome to Bladex's Fourth Quarter 2024 Earnings Conference Call.

A slide presentation is accompanying today's webcast and is also available on the Investors section of the company's website, www.bladex.com.

[Operator Instructions]

call recorded. conference today's note is being Please

[Operator Instructions]

turn over Officer. to would please now Jorge call to like Executive I Mr. the Salas, ahead. go Sir, Chief

Jorge Salas

to you Good and XXXX. full for discuss for Bladex's joining year morning, results Fourth thank us everyone, and quarter today

I'm with April. this members a of including executive team, started here who CFO will position today Jorge, soon few my assume a

what has I been record-breaking will overview begin Bladex. with year of an for another

proper I strategic analysis year. Then our the will CFO, update provide that, financial both the will on Following our plan. you for the Annie, a of quarter detailed and results

Finally, before I and XXXX we environment open trade the question's. today's will macroeconomic call and for share our guidance for discuss

milestone Throughout our Brazil, XX%, new metrics. across historic push have the achieved in continue exceptional our In grew and boundaries billion. a goals Building record Dominican strong of we we reached with Surpassing robust by for ambitious a year XXXX, Republic reaching key the and year. record Guatemala, XXXX, growth to and particularly set on a diversification. profitability performance $XX the XXXX, an reflecting in heights. This was Bladex expansion, commercial portfolio

of for levels to of for guidance the XX% compared to year-end Additionally, December nonperforming significant closing quarter. practices. growth as the slightly of our management our average and highlighting end excellent our risk factors, at Due the were surpassing of loans year, remained those third XX% the balances for X end of to balances. XX% balances with of health seasonal deposit the portfolio lower close disciplined again, experienced average in once Similarly, increase a deposits

continue period. balances rise average this to However, during

total have sources. first the XXXX, Furthermore, bank's their increasing for of share in the resumed their funding deposits growth weeks

Additionally, which with range. well capital ratio XX.X%, remained a defined is of capital our strong X ratio Tier within target our

volumes an by the and resulting management, year. has interest trend, in profitability, effective terms net upward a for income increased cost of net X.XX% interest stable supported maintained In funding of margin

income to I XXXX, on share fees unprecedented presentation. reached growing levels, year. about more previous later XX% details compared In can fee in also by the the

transformation with XX% points despite guidance XX.X%, Importantly, our the previous we increase all-time in the provided. higher ratio the below in is combined a resulted an equity line stood All than of XX%, from investments million high $XXX income return on XXX net and a marking that efficiency XXXX. basis year and in of which in annual

X. Slide Moving on to

Clearly, X executing plan, are which X-year years expectations. started into strategic in We exceeded now we our XXXX. results have

During this achieved critical period, several we milestones. have

increasing As by and plan large the banks has and concentrate in product to on efficient structural corporations, the significantly comparative adjust take nature of advantages, more past, us relationships profile bank remain ensure our changing of in balance is profitable, that which very the risk-return optimal. transactions of more mentioned credit term idea remains the the enables the and widely exposures order neither and we advantage Bladex nor we and throughout our been always making to This portfolio, offering, diversified of have short the its region. swiftly our to commercial where will customers,

in efficient in region now we plan more phase overall successfully capital our the of of The much a of on deployment first terms of the capital Today, and levels. sheet focused efficiency. have use concluded balance

our times and our processes also to by of We deposit XX%, base client reduce increase XX% expand base us client by XX%. by have allowing bank, optimized the onboarding

the we our offering. of to expansion the X To scale that We initiatives. our are currently end, product that necessary technological in plan Phase deploying in of are platforms our centers

launched solutions. be is capital providing a is XX% finance This by letters scheduled trade in the units the new credit interface processing our platform state-of-the-art of these project client for our substantially That platform. will of and half transform working of second digital One to and complete capabilities year. transaction is enhancing

treasury we is to mid-XXXX. stage, are complete in new with of initial rollout deployment our first expect providers implementation adjustments platform our finalizing seamless and its phase its ensure Additionally, to by a

this during The first experienced successful that allow initiative of facilitate investment a our environment a FX expand have remarkable to strategic of we local offer lending to will results of our as year. we result and currencies extent, interest the well ability essentially and execution in lesser achieved of products. the range also, enhance rate plan, to have phase derivative are products, as our throughout the favorable XXXX of to the

additional As X, capabilities benefits see as in from we especially the these quarters. Phase into generation income we rolled to are upcoming expect out noninterest advance

Let me it ahead. Annie, go Annie, please our CFO, financial hand analysis a now over to for detailed

Ana de Mendez

you, Thank Jorge, to and morning everyone. good

the for well sustained costs. reaching now each net XX.X% was higher of revenues, components. return equity Let's Slide will income contained details XX.X%, growth, Jorge performance to a highlighted provide efficiency business and million year. year. a now of up I just from improved move by $XXX driven last record-breaking on strong with these credit results This on X. further and

to trend strong $XX supported In income performance mark, continued profitability an income will by the exceeded years. fourth consistently topline shortly. strategic I million, XXXX in related our to increase net down ongoing which year-over-year. prior net due with primarily extending $XX.X our the was Compared to positive the discuss million initiatives, of XX% higher quarter, profits quarter, X%, be to expenses reaching Quarterly previous the

on of balance with drivers closer look the key portfolio a sheet Slide growth Let's now credit starting X. profitability, and other our at take

management. to to want our I clarify First, portfolio approach

an commercial by loans bank's portfolio, in and portfolio Our Latin portfolio by loan of billion, increase billion America core the as year-end, investment portfolio or team the mainly by $XX.X commercial total such our year-over-year. activity prior commercial off-balance instruments the credit. comprises includes from close XX% both managed reflecting sheet XX% our of at business $X.X credit stood growth The year, portfolio to managed which represents letters At and the credit securities treasury. driven

and the underscores throughout of market expansion quarterly relationships client strength our year consistent the demand. The

As shown our with to and tenure chart, scheduled diversified remains remaining within approximately primarily and months. nature next well an short mature the average XX XX% right year of in commercial term the bottom in portfolio

right further our This portfolio primarily short focus tenure securities structure risk overall agile to an reflects business us on in enables optimize adjust us to exposure. our investment-grade the country composition and allowing non-LatAm of returns. model, diversifying in U.S., thereby a exposures maintain The investment swiftly the top issuers, chart, illustrated risk-adjusted

as as in booked of of York our X collateral discount these securities are buffer at average eligible portfolio most duration about Fed agency serves The Additionally, has this portfolio remaining are an window. New a and years. liquidity the

structure total representing highlights the Slide financial funding liabilities. our XX% presented $X.X Our expansion deposit at of year-end, closed of in base, X which billion at

strategic initiatives, has relationships. of deposits from our funding corporate quarters, part while recent As strengthening Bladex increased client clients over our significantly stability, enhancing

program, total base. at stood of Our representing component year-end, XX% our York a XX% accounting operates deposit Yankee of financial providing longer-tenure New at deposits to our key remains agency of our of $X.X funding and dispersion Meanwhile, out billion CD which total liabilities. for this growth,

Europe loan date, across our largest Earlier and $XXX U.S. executed with syndicated from long-standing facility million XXXX, a the participation we in to Asia, the year vendors

particularly a our the MXN Additionally, in Mexico, we issued local in billion debt as in we role further market foreign February, billion issuer. X markets, where capital remained November. MXN second we in solidified followed of by key X a the active In issuance

sheet. hedged, These fully strong is FX funding dollar risk liquidity, of investor-based our aligned non-U.S. to funding highlight all transactions profile and appetite Bladex's running not Notably, our with in access balance global our diversification. reinforcing risk

increase to strengthened light capital by of results equity robust share, from base $X.XX per X. our strong target in XX% our dividend earnings. to share at reflects to ratings. in $X.XXX Board quarter quarterly continues our confidence and and commitment financial decision while of position sustained aligned representing Turning earnings be with our a growth to levels, In our earnings current support strong payout to maintaining trajectory Slide initiatives approved investment-grade value to our a our Directors sustain performance, per financial delivering on Bladex's on shareholders, flexibility generation. strategic Bladex's and capitalization, ensuring fourth an our This

the strategic plan our structure. environment our driven starting or discuss Slide performance, balance now interest period, of by lending on this our U.S. during short-term income, interest XXXX, tripled, NII, interest repricing P&L rate net of dollar income launch with net evolution improved which asset X spreads Let's in higher Since the sheet margins. nearly and benefits growth, has and

by from increase up reached prior Full to consistently XXXX, year. closing Throughout at for balances, in the growth average and $XXX year-over-year our fourth year-over-year. This XX% interest $XX annually. line the by relatively levels, X.XX%, the quarter. X% XXXX guidance million, quarter margin Net NII at quarterly year an XXXX during driven and increased stable stable million, revenue XX% higher compared loan year NII preceding with largely was outperformed stood the which

Slide the Let's XX% quarter strong, reaching million revenue $XX impressive Fee-based growth. income on annual fourth marking the performance for X. remained fee now totaling review in nearly and year, an

key fourth a in million XX% quarter year, the credit of Letters the reaching totaling million $X up for driver, remain and fees year-over-year. $XX.X

X $X.X in and standout in acquisitions. this million client generating in a Loan fees. had continued success structuring Growth reflects cross-selling new efficiencies also process with segment fees quarter transactions

transactions, XX For billion, fees, totaling a XXXX. the up we $X.X generating $XX.X in executed from million full year, record XX%

continues in With first a This in our months. Bladex's strong syndications by other enhancements finance XXXX already commitments and business credit in to with fees, project evident and transaction-based teams. in supported couple momentum of is continued strength expand. start the

transactions and Republic, $X has loan totaling approximately team already fees. and syndications Dominican and Our Mexico, $XXX in across the Costa Brazil, million Rica X million closed generating structuring

we across in promising in as those path by including such Looking our Argentina. in economic a solid continued see strength the sponsors pipeline, multiple recovery supported region, to ahead, countries

shown amounted to X Stage our with driven credit continues all Xx. of comprised X by of just for million, asset nearly Stage the exposure, portfolio disciplined to primarily allocated $XX X.X%, accounted million, remain At XX. growth, Bladex's year-end, year as Moving for at framework which to minimal remained reserve portfolio, on X management of exposures. of loans amounting $XX.X to portion Slide outstanding while Total on deliver XX.X% robust Low-risk Stage performance. provisions select a credits nonperforming a to performing. X.X% total credit with for credit credits risk quality, coverage

write-offs year million and we recovered the from previously written-off during Importantly, $X.X credits. recorded no

an expenses higher with $XX.X due our as reflecting Slide XXXX to strategy provide for increase. was and million, me let reached Finally, expenses primarily on driven by efficiency an to XX. aligning capabilities. expense salary strengthen headcount, This Total update evolution shown annual increased XX% on execution

the to contributed and Additionally, ongoing technology outlined in business our plan in as increase. investments initiatives, strategic

business over These strategic higher the and few offerings that continues years. past outpace increases. leading investments supported client have growth growth expanded volumes, expense to revenue product to

our result, rise quarter-on-quarter. to strategy, increase in In to expenses quarter a higher XXXX. a along increase to the year-end efficiency a totaled execution compared the representing million, in XX.X% impact of X% and seasonal XXXX XX.X% of As of ratio our and year-over-year close the continued X% XXXX, improved fourth This reflects with $XX expenses.

turn like I'd to the call Jorge. to Thank much. you that, With very back

Jorge Salas

Great, you. Annie. Thank

economic context X pause. wrapping region's I to foreign that doubt remain here. America refer to macroeconomic policy America First will to crucial Trump's no dimensions the it President and are U.S. Latin of is implications trajectory. Before for briefly in up, the relevant particular, influencing want the There There the

is government's trade immigration policy. first is, the related course, the second of one And policy. The to

it $XXX floor XXXX, immigration the having countries money who exceed if number the the are an in up that region, end the home remittances negative deportations people we in extent think the in several economic to the of we have something pillar the region, impact U.S. American is medium no that said to countries Central effect for that, previous a send they mass which reduced. what administrations. permanently monitoring. continue the case, for mass Remittances, we any were are that America. for deportations term from Regarding Having particularly In been economic immigrants Latin illegal doubt the in may see is policy, on in of more of billion

to gain USMCA end how going policy depend impact agreement. of biggest the of we trade at what impact offset the this case the is the the point that potential happening. partner, believe tariffs U.S. appreciation. of the in It on from and predict and stay dollar foreign hard Trump In trade tariffs, to the they we is administration -- the up of Regarding the is Mexico, and will renegotiation end place will long potential

that opportunity is in brought long is the place economic stay, scenario, persist renegotiation review such tariffs the occur here discussion XXXX U.S. USMCA. is lower it will are extract that effect review that of This activity. and tariffs on raise use and possible negative surrounding We will turn, a to contrary, material likely in enough Canada the be will be terms anticipate have of and uncertainty, until to eventual they would Mexico as scheduled concessions. this, on will supply and to if this will reducing forward. the economic positive This in the is such for in It But chain not economy. disruptions inflation on

of our leverage, corporations the resilient comprised in presence and short credit the new the the withstand better we in reality portfolio It ability different XX% In portfolio that case, Mexico quickly our region. have given very the is is is the to of relocate and and that mentioning any in be that positioned we well as take term again the profitably and of we ability past. bulk exposures as countries are to dynamics that once much and lending those solid have the companies demonstrated short-term the stress very were predominantly confident in demonstrate advantage that the nature short-term worth sectors low will region, trade across to of of scenarios to positioned will Bladex our

in projections XXXX anticipate commercial our a XX. IT to Moving ratio capital to keeping with we maintain XX% of of continued III expected XX% XX% X.X% are a XX% net XX% while equity XX%, XX% range around In the deposits that, margin interest between XX%. the on XX% line the last average and and portfolio our growth to slide, platforms, a for increase with efficiency to Basel on area. ratio investments return aim our Despite Slide to between to and achieve in at

the course, And year. of just course during this, declared assumes the we throughout maintained that dividend that the is

and As I and they the maintain said, trade the ability profitable to reality, as new we arise to they opportunities size are confident of in will operational our adapt efficiency changes arise.

a success. express my and shareholders, foundation strong during Finally, have our for to employees I clients, to want gratitude XXXX. support trust their continued our and the Together, we built

operator for leave you and going to may please Thank Operator, the now open here to you call I'm very it the ask open call. questions. the much.

Operator

Instructions] [Operator

Our with first question comes from Ricardo Buchpiguel BTG.

Ricardo Buchpiguel

here two have I on my side.

is terms rate So in than in the more first, little your can contraction implying the XXXX reference you bit NIM for please fund just Fed rate. reduction comment that a of seems why it pricing reduction estimates it's

on have more your eventually driving NIM I to So color want could what contraction. be

taking little the how finance have also be perform it growth or syndication new see And account -- performing potentially and into Any closer helpful. well year, active business towards will should a what trade this bit And the start deceleration more towards also drivers right? secondly, expect fee the will more XX% for to comment more we of that be the in flow structure Should more And very against XX%? this to the very segment. mentioned XXXX, and of be color you in could income a you this has loan a like the been deal dynamic? platform we we XX%, could of potential more right? year, if a launch

Jorge Salas

And only syndications, rate right. let The to It's then about Ricardo, Annie that. I'm on comprising. speak Fed great on our little the to you're margin then X talk let one that interest Samuel, compression, funds and pipeline net questions. not do a strong I'll fees tackle at going we Commercial end. about Officer, one, a forward. bit I'm very Chief going have the going

net the So Annie, why don't tackle margin. you interest

Ana de Mendez

with more financing. competitive capital Jorge. in Latin to markets mentioned, dollar Sure, market wider and see spreads well as towards more end U.S. saw active environment year. we much tighter issuers the the the a you We availability lending of American Yes, some did

you the fact, remain we're estimation, those in we we In spreads see in could but some that also more last put our aspect level, keep that already reduction second for the we we away. it the towards at guidance that assuming XXX like would pressure, to end mentioned, year. lending basis be hope point set And year, this lower the the probably then of

our that sheet. a invested in we also then quickly. And Remember structure overall assets. to balance that has of course, the benefit But the in have started to of our impact also very do our and reprice equity asset yields started short-term reducing liabilities repricing those very

So say, of or a one and would I year. than tenure year a within both less assets liabilities adjust mostly

what we been have that's So seeing.

Samuel Canineu

On annual these around obviously activity that has investment that conditions see being that you at -- of syndications with changes the when the versus on important region. dependent of very said, across syndication increase seen figures years, on the side, the income an you M&A $X mark historical particularly business, are well, million that and million couple in and With the strategic made. can market In look we've last the mark. the been $X are line much historical

product bring distributing that infrastructure experience structuring businesses bringing higher created in higher we've well more which finance professionals have more with fees and fees transactions, well. complex as been as as tend to We like bring

should course. that and That sustainable is current to upwards of say things be trending the of that our growth we numbers equal, believe

that base as terms layers but continue the development, with a made or like momentum. other letters tech think which I cross-selling on good well regards credit continue new the to we to strengthen see on mentioned, was existing and of business, credit great fee course, onboarding strong on basis in as clients also already business of And focus have very we of focused to generating clients. to strides much such only Of not as before, mentioned

Jorge Salas

for Sam. That Thank in the question. leeway perfect was helpful fee you, a

than syndications Sam more depend increased continue really XX% XXXX, around that will that XX% platform. do our that time, -- mentioned. increase XX% for -- we're the for it after we XXXX XX% more can as It onboarding letters least meaning on I take year this of foresee mean, will clients credit new trend upward confident at fees do pipeline So the but that expecting and are their We we some fees will start XXXX. we as

Operator

next on plan successfully Jorge, He questions. says, this Our two to strategic up Ricardo I congratulations executing Valerio. comes Ana your from and question point have

First, do outlook? current see the you administration affecting Bladex's how Trump tariffs

Second, you part X.XX% have for this NIM. around guided see a do of How NIS you guidance? XXXX as

Jorge Salas

I'm second our Ricardo. on country-wide, portfolio. the already some previous of analyst. one it well, And on the Mexico in I by Mexico going BTG mentioned you, one to second our the was mentioned believe biggest of Thank Okay. first is -- that Mexico exposure. tackle and then question it's XX% was the exposure,

term. mentioned, exposure I of that that only exposure companies as is XX% export U.S. Now with to XX% placed of is that the And short

So companies. solid I are mean, very these

levels stress at different different talking tariffs. net EBITDA about And made mean X.Xx the have tests, scenario. ratio of about We their are resilience. EBITDA with we to in if even are people around stress debt comfortable I

demonstrated I that as uncertainty. of leverage general, in past periods have are, resilience these in said, So corporations low

we're about confident you Mexico to? Annie, want So our portfolio.

Ana de Mendez

to points And said, Like remain NIS, XXX%, should for points And are rate projection we embedded the comment to that foresee couple lower at I projecting two basis X year. basis spread the the our lending XXX. net for we pressure that Fed levels we of do That's continue XX quarter NIM our some respect the around of or each just cuts also for spreads. on half projection. that. second additional we perhaps than in the having anticipate a of with interest in that, Yes,

Operator

Our comes Patrick from next Brown. question

are on ROE Congratulations the we the already that Slide according accident XX% results, you see to X. at

for the in Why less XX% are guidance your expecting profitability XX%, XXXX. you future? However, is

Jorge Salas

XXXX Slide that Thank you you before. we projections happened, no, course, which, that XXXX this first question given in rates Fed we've saw was X, a on back of in that fund we at gotten assume know launched remember -- Good for all an question, Investor The guidance then has is that for that and Day plan when -- not time not question. level presentation, the X.X%, now. the our back normalized of truth

we information equal, and With higher today else comfortable that will the for in we that the be the end range in sure everything considering profitability have of feel XXXX.

triple mean balance we I NPLs the than straightforward. without sheet, nor years all to give income very And so doubled been has and keeping size it's done to we've double go the income. round implementing -- X. We've here, have reason going treasury -- seen the net numbers more doubled of the this of as almost platforms. with the I'm almost of even X trade far, And execution,

rate whole I to dependent purpose to So market results bank this make the remember, basically is enhance plan and to as less of scale bring the fee our tools said to earlier, income the on of trades. ability and and the ultimately

So the honestly, about bank of be franchise forward. unique hard not and going it's optimistic this quite this potential to

Operator

comes Our Mora next CrediCorp. from question Daniel with

Daniel Mora

have two questions. just I

is Latin the The first and foreign outlook in credit regarding America. context one of tariffs the

the regarding That loan would portfolio States? question. any still is case to it the total that trade exposure countries if is I more the what Just the Or exposure that to are understand my -- similar of but impacted between to first the not will to of United exposure like Mexico, you could States, exposed be there be United context. feel clients by with

the countries one you only countries. Or start that will you finance will is in a would and those each of treasury And note one. platform. all in few regarding trade I the be operate? also if which platforms to deployment second in like of the And

Jorge Salas

Thank you, Daniel. Great questions.

to I test. and most the U.S., stress where Mexico, it's of to we've exports our -- regarding that's one First mostly mean done

moment. this So countries we're not worried other tariffs about at in being imposed

China, at Now are this imports. point, for in sure likely it, in think U.S. imposed will if share these will and lose not this market about that Mexico mean it's countries tariffs you and if

the So that opens for to countries U.S. the to other in opportunity LatAm export

light we the Brazil potential good and term benefit as could the in or have the U.S. to in market to for to a oil short again, trying I'm be for believe So potentially even Bladex the exports short-term is itself in Central trade advantage U.S. nature What the redirect of to Caribbean to agriculture share the because, products increase new countries take their food the example, also to say manufacturing. this or ability that the finance and able in the America region of has market of position dynamics of the portfolio.

want So anything add end we see given that here nature, else. question. opportunities than our -- from you short-term volatility second And the to see, something? the Sam do we with more to

Samuel Canineu

CGI with levels dollars, of It's U.S. it's it's The the with we're currency. country platform hard launching initially that credit, agnostic.

start operating then do So in piloting some course, offshore, is meaningful deploying time. we we countries the relationships so platform. will start with will -- that closest believe more can do to get it the our to virtually or operate. all clients our clients. rest it's of could we is and we that with And there. do any could The we through idea What business that But the of time, in of of take we have the

Jorge Salas

that if your Daniel, know, don't I question. answers

Operator

from Marin Our next question with comes Bancolombia. Valentina

two questions. have I

focus? any expect do be focus? would countries for Do particular expect what such reason XXXX? the portfolio First, growth What you lead you to in

your expect for you XXXX. What be reducing continue do would target COR provisions? in to second, And XXXX,

Jorge Salas

let the talk one to Okay. portfolio I'm And a area. That's provisions growth. Sam first going on about I'll little then for tackle bit XXXX. his

Samuel Canineu

matter very be believe us. we continue volatile Mexico in throughout countries to what the times we opportunities to move We're bring always. of great to some investors which no wait context could this average, global on bring could more opportunities be as have. trade escalation this, obviously will low operate. survive geopolitical with side, corporations us which and monitoring should it such growth for one In of tend as potential on countries what the Overall, balanced closely work has to like

American We also We're the particularly. continued conglomerates Central to to hard of outside finance some north capture south. M&A to opportunities working see and region, those expanding

like countries in and see don't Finally, in economic those be our already but we countries. the Argentina are now in to credits as each Salvador, with of path grow those best where a from there we such countries, good today CFO of recovery plan move opportunities mentioned, promising to we could aggressively

Jorge Salas

thank Sam, Great. you.

Regarding of reserves, XXXX that I on below took reserves it million, our remember, million, Mexico loan model were had million. hit XXXX. mind base. $XX in believe non-bank in there in was $XX we $XX keep nonperforming in was reserves the and XXXX, that right both it

we So around a we projecting for be similar reserves growth mix, were are and given that that similar should for what they country XXXX believe XXXX.

So million. in the $XX million to $XX

Are there any other questions?

Operator

] . Our next [ question comes Lefkowich David from

Unknown Analyst

I questions. on have and you congratulations the great XXXX. Thank in three result very much,

what question has today's a portfolio. first said concentrated presentation implies of is some been in The

is know like So largest how I'd have you to the and you manage loan what concentration? concentration

I'd increase next commitment year. if makeup in was credit fees there And great question, changes for the that any implies like Second a to year. portfolio know in this

it portfolio country which to finally, is of held is of there investment most most and in is of held? contemplated. portfolio question, securities, your any third XX% changes And And this maturity held-to-maturity are

Jorge Salas

Thank good Very you questions. very much.

First long regarding one concentration.

all, First a mind, in wholesale keep this bank. is of

the nature because the concentrated of we're of So business. naturally

normally term as you comfortable either sectors, companies, in collateral. have and are, We in strong top of terms also are sovereign exposures diversified short we that countries or saw, very our feel very of terms very

is something at board. also risk we level So at monitoring the the are and concentration always level, that the credit committee at

sorry? Sam expect second our I'm They we're question was, Sam, growing the extent fees you Regarding and -- probably about finance of second increased, question business. the on But give talk me have to was commitment fees. good a can to about that performance color can what commitment you remind the let going project we that? more

Samuel Canineu

Sure.

contingency I active commitments a The fund it's they growing or up. We nature lines that being are when disbursed don't our book yes, banking -- We construction we typical make of for -- those. is, we're come RCF. wholesale project of clear that finance think project, they of the as project those. I from, not projects think very when or parts are to have that a look facilities, typically the a of builds from don't have important backstop much are the first needs the material not

the around terms the seeing there of term of business in some some we So tender open. loans call, finance before and still of letters -- yes, for that what our on the small opportunities the project is growth delay but operate, we Also, of growing growing. to in right -- is asked that those business, of the traders is we're is very with countries drawdown as credit book, the are, tenders the the commitment some also total

and we're of very issuance guarantees that credit that short-term So are those the commitments, we going the to also like the we for choice those. be of for look bank those. of And that letter

the say, and committed of the important think secondary And third, they be some market. good lookout of others, than those we let's years, discounts as the those, few on come also there but over And growth the So that's opportunities coming. have numbers another found are some we purchases the last to source or facilities to really from buy at well. I that's continue the opportunistic where in as

business picture a So side. I what the of commitment bit is think on the this

Jorge Salas

third in Markets, to U.S. our on was that bit it to regarding little that, Head I'm is, the some you I the going want thoughts. in a let of mostly held It's share color maturity. and to Capital question of Treasury The give Eduardo, both fact, portfolio more investment

Eduardo Vivone

Thank Jorge. Yes. you,

portfolio portfolio diversification diversification. member that source of this in predominantly of outside we only of solo the credit most region issues average duration, outside it is two mean, portfolio portfolio It's more of I most duration grade of It must have with can bylaws, region. of than is this short as a explained, Latin outside a by And very see who years. America. Jorge we exposures our provides invested is a held this remembered investment the XX% countries. of land As be the But

because say, and disruption. which are of And can before, Fed situation explained global of discount of through these in bonds grade, market we these as Annie mean, a most would window all the also most investment of I -- they're access are them also a vehicle I

minor the Japanese short, European in issuance U.S., and XX% are grade. of and So you. more exposure mostly investment exposures than in most Thank

Operator

questions Salas all for Jorge their the That's we line to for today. pass concluding back the remarks. have I'll

Jorge Salas

Thank Sofia. you,

take Bladex. very Before special today's someone we call, acknowledge moment I to to to want a conclude

down. CFO, after extraordinary decided in Bladex, As XX-year we back step announced in November, Annie, career an to our has

Annie and us While to this integrity ensuring she her been a excellence, the been an true performance financial April, strategic Bladex's until part last smooth earnings has driving commitment vision. transition, bank's remains with call. of leadership, has with our integral

will leadership, your we contributions. and Annie, years to but bank we dedication you've results, Board, and for On and have friend. Under a we of colleague the seen, of Annie behalf miss management record-breaking delivered I the will help, and to for as extend as gratitude position her success. you miss a my want as the invariable continued team entire than deepest more anything, her

of business, the foundation continue same Annette want to time, has words? build I no At want strong I wealth her she on brings that Annie Annie Annette and this a opportunity doubt into welcome take knowledge to of deep steps you our new the role. to that established. say experience a she and to have will as

Ana de Mendez

challenges, team. at thank talented, Sure. It I have Bladex. such all. of journey Jorge, am grateful has you, incredible for I am and working team support, collaboration. Thank our that our and privilege trust especially my deeply for with my their investors, with board, of. committed These and thank years you want to proud and I achievements filled a colleagues past immensely milestones been an been the

is Jorge's to excellent for excellent in the an Bladex colleague we no bank team close that -- will continue and under friend forward. all. the Annette, doubt Bladex on And have please. I this built. is that an and leadership take expertise position and future. I Thank outstanding have my position driving the you am Annette, to especially continue dear role, her confident vision will delighted see thrive

Annette van Hoorde

and Jorge, you, Thank thank Annie. everyone. Hi, you,

honored step upon continue I the leaves role to helped and to big her am shoes into established. building she Annie While has foundation strong fill,

I privilege the behalf I with long-term our months, shareholders, I value team, to for drive to you Annie, for the working all the forward and clients on best have knowledge in entire stakeholders. continuing thank Bladex. to invaluable. you have of our to and wish have chapter, you your next and Over leadership everything look the of been Annie and past closely guidance, strategy execute our and

Jorge Salas

And Thank next call. concludes think you, this you, in I'll you everyone, see the Goodbye. call. both. the and Thank I

Ana de Mendez

day. you. Thank Good

Operator

closed. Thank is you. now Bladex's conference call

a disconnect, may nice have day. and You

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) 28 Feb 252024 Q4 Earnings call transcript