Foreign Trade Bank of Latin America Inc (BLX) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Bladex's Third Quarter 2023 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) Please note, today's conference call is being recorded. (Operator Instructions) I would now like to turn the call over to Mr. Jorge Salas, CEO. Sir, please go ahead.

早安，女士們、先生們，歡迎參加 Bladex 2023 年第三季財報電話會議。今天的網路廣播附帶了幻燈片演示，也可在公司網站 www.bladex.com 的投資者部分取得。 （操作員說明）請注意，今天的電話會議正在錄音。 （操作員指示）我現在想將電話轉給執行長 Jorge Salas 先生。先生，請繼續。

Thank you, operator. Good morning to everyone joining us today to discuss our third quarter results. Q3 was a record-breaking quarter. As you will see in today's presentation, we continue to make progress on our 2026 strategic plan aimed at attaining sustainable mid-teen returns.

謝謝你，接線生。今天加入我們討論我們第三季業績的大家早安。第三季是創紀錄的季度。正如您將在今天的演示中看到的那樣，我們繼續在 2026 年策略計劃方面取得進展，旨在實現可持續的中雙位數回報。

Today, I will start with a high-level summary of the results, highlighting our key achievements. And then Annie, our CFO, will provide a detailed breakdown of the numbers. After that, given the better-than-expected performance so far, I will update our guidance for the remainder of the year, and then I'll open the call for questions.

今天，我首先對成果進行高度總結，重點介紹我們所取得的主要成就。然後我們的財務長安妮將提供詳細的數據細目。之後，鑑於迄今為止的表現好於預期，我將更新今年剩餘時間的指導，然後開始提問。

So let's proceed to the next slide. So here, we have all relevant financial metrics show clearly once again, a very positive growth, this time, with record figures. Clearly, we are being able to capitalize on the bank's structural competitive position in Latin America. We are consistently taking advantage of the different avenues for profitable growth that we identified in our strategic plan.

讓我們繼續看下一張投影片。因此，在這裡，我們再次清楚地看到所有相關的財務指標，非常積極的成長，這一次，達到了創紀錄的數字。顯然，我們能夠利用該銀行在拉丁美洲的結構性競爭地位。我們始終如一地利用我們在策略計劃中確定的不同途徑來實現獲利成長。

Starting with the asset side of the balance sheet. The growth on the portfolio was 4% year-on-year. But perhaps more important is the fact that the asset quality has remained very healthy, with NPLs below 0.1% despite the challenging environment marked by high interest rates, both in dollars and in local currencies in Latin America. Once again, an undisputable testament of the quality of our clients and our underwriting standards.

從資產負債表的資產面開始。投資組合較去年同期成長4%。但也許更重要的是，儘管拉丁美洲的美元和當地貨幣利率高，環境充滿挑戰，但資產品質仍然非常健康，不良貸款率低於0.1%。再次無可爭議地證明了我們客戶的品質和我們的承保標準。

On the liability side, client deposits, our most cost-efficient funding source, continue to grow steadily, both in nominal terms, as much as 23% year-on-year, and also as a fraction of total funding, now representing 50% of total funding compared to 42% just a year ago.

在負債方面，客戶存款是我們最具成本效益的資金來源，持續穩定成長，名義上年增率高達 23%，佔總資金的比例目前為 50%佔總資金的42%，而一年前為42 %。

On the P&L side, we have achieved a new record for net interest income in the quarter, totaling $60.5 million, an 11% increase compared to the previous quarter and an impressive 51% growth compared to the same period of last year. Our net interest margin now stands at 2.48%, reflecting 71 basis point improvement year-on-year.

在損益表方面，我們本季的淨利息收入創下了新紀錄，總計 6,050 萬美元，比上一季成長 11%，與去年同期相比成長了令人印象深刻的 51%。目前，我們的淨利差為 2.48%，年增 71 個基點。

Also, fee income was 71% quarter-on-quarter increase, 77% year-on-year. Our letters of credit -- unit, essential for us as a trade bank, continue to deliver exceptional results, setting new records both in volumes and in fees. Also, our syndication team had an outstanding performance. The team successfully executed 2 very relevant transactions last quarter, confirming our strong presence in the regional syndication market. One, we served as joint lead arranger and book runner for an $80 million committed facility for GeoPark, an oil and gas company with operations across Colombia, Peru, Chile and Brazil.

此外，手續費收入較上季成長71%，較去年同期成長77%。我們的信用證單位對於我們作為貿易銀行至關重要，繼續取得卓越的成果，在數量和費用方面都創下了新的記錄。此外，我們的聯合團隊也有出色的表現。該團隊上季度成功執行了兩筆非常相關的交易，證實了我們在區域聯合市場的強大影響力。第一，我們擔任 GeoPark 一項 8,000 萬美元承諾設施的聯席牽頭安排人和帳簿管理人。GeoPark 是一家石油和天然氣公司，業務遍及哥倫比亞、秘魯、智利和巴西。

Secondly, we acted as joint lead arranger on a $1 billion term loan facility for Ecopetrol, a landmark transaction for Bladex, supporting the largest Colombian company and one of the largest LatAm entities, again, with presses in Colombia, Mexico, Peru, Chile and Brazil. All this resulted in a historical record figure of net income for the quarter were $45.8 million, biggest bottom line result ever for Bladex. The resulting quarterly return on equity was almost 16%, also the highest in our recent bank history.

其次，我們擔任Ecopetrol 10 億美元定期貸款融資的聯合牽頭安排人，這對Bladex 來說是一項具有里程碑意義的交易，為哥倫比亞最大的公司和最大的拉丁美洲實體之一提供支持，並在哥倫比亞、墨西哥、秘魯、智利和巴西。所有這些導致該季度淨利潤創下歷史紀錄，達到 4580 萬美元，這是 Bladex 有史以來最大的利潤。由此產生的季度股本回報率接近 16%，也是我們近期銀行歷史上最高的。

Several factors are behind these outstanding results. Ongoing client onboarding effort has yielded an increase in the customer base of over 30% year-on-year. Also, higher participation of corporate clients in our portfolio mix, which now represents 63% of our loan portfolio, has resulted in the consolidation of wider lending spreads. And furthermore, our commercial team has also been actively originating new medium-term transactions, as I just mentioned, which has benefited margins, with a minimal effect on the average duration of the portfolio.

這些優異成績的背後有幾個因素。持續的客戶引導工作使客戶群年增了 30% 以上。此外，企業客戶更參與我們的投資組合（目前占我們貸款組合的 63%），導致貸款利差擴大。此外，正如我剛才提到的，我們的商業團隊也一直在積極發起新的中期交易，這有利於利潤，而對投資組合平均久期的影響卻很小。

It's essential to note that these achievements have occurred in a more competitive landscape, driven by the reopening of capital markets in a region with increased competition not only from local banks, but also from international banks.

值得注意的是，這些成就是在競爭更加激烈的環境中取得的，這是由於該地區資本市場重新開放所推動的，不僅來自當地銀行，而且來自國際銀行的競爭也日益激烈。

Now I'll hand it over to Annie for a more detailed financial analysis, and then I will resume after it. Annie, please.

現在我將把它交給安妮進行更詳細的財務分析，然後我將繼續。安妮，請。

Thank you, Jorge, and good morning to everyone. Please let's move to Slide #3. Quarterly net income has been steadily increasing over the last 1.5 years, reaching close to $46 million for the third quarter of 2023 or $1.25 per share, representing an annual increase of 70% and of 23% on a sequential quarterly basis. This record recurring operating results growth and annualized return on equity close to 16% for the quarter. The positive trend in bottom line results we have seen over the last several quarters has consistently been driven by higher top line revenues, primarily on strong business volumes and margins.

謝謝你，豪爾赫，祝大家早安。請轉到第 3 張投影片。過去 1.5 年來，季度淨利潤一直穩定成長，2023 年第三季達到近 4,600 萬美元，即每股 1.25 美元，年成長 70%，季增 23%。該季度經常性經營業績成長創歷史新高，年化股本回報率接近 16%。我們在過去幾季看到的獲利結果的正面趨勢一直是由較高的營收推動的，這主要是由於強勁的業務量和利潤率。

Let me now walk you through our balance sheet and profit and loss underlining the main items driving this solid performance.

現在讓我向您介紹我們的資產負債表和損益表，重點介紹推動這項穩健績效的主要項目。

So moving on to Slide 4. Total assets in excess of $10 billion at quarter end increased by 8% from last year on the back of robust loan portfolio balances, complemented by a stable investment securities portfolio and a sound liquidity position. The commercial portfolio, including loans and off-balance sheet letters of credit and guarantees, once again reached record levels at $8.2 billion at quarter end, up 5% from last year and 2% from the preceding quarter. This portfolio remains well diversified across countries and industries in the Latin America and Caribbean region, with tough exposures in Brazil and Colombia at 13% each and Mexico at 12%, complemented by relevant exposures in other Central and South American countries.

接下來看投影片 4。季末總資產超過 100 億美元，較去年增長 8%，這得益於強勁的貸款組合餘額，輔以穩定的投資證券組合和良好的流動性狀況。截至季末，包括貸款、表外信用證和擔保在內的商業投資組合再次達到創紀錄水平，達到 82 億美元，比去年增長 5%，比上一季增長 2%。該投資組合在拉丁美洲和加勒比地區的各個國家和行業中保持高度多元化，巴西和哥倫比亞的風險敞口各佔13%，墨西哥的風險敞口為12%，其他中美洲和南美洲國家的相關風險敞口也有所補充。

New client onboarding and product cross-selling continue to drive strong business volumes, particularly in the letter of credit business and vendor finance, both closely related to short-term commodity trade financing. This explains the short-term nature of the portfolio, 69% of which is scheduled to mature within the next 12 months. The $1 billion investment securities portfolio provides further country risk diversification. As 69% is placed with non-LatAm issuers, mostly from the U.S. This portfolio is fully comprised of securities held to maturity accounted for at amortized cost, 77% of which is placed with investment-grade issuers. The average remaining tenor of the portfolio is less than 2.5 years.

新客戶的引入和產品交叉銷售繼續推動強勁的業務量，特別是在信用證業務和供應商融資方面，這兩項業務都與短期大宗商品貿易融資密切相關。這解釋了該投資組合的短期性質，其中 69% 計劃在未來 12 個月內到期。 10 億美元的投資證券組合進一步分散了國家風險。由於 69% 存放​​在非拉丁美洲發行人（主要來自美國），因此該投資組合完全由按攤餘成本計算的持有至到期證券組成，其中 77% 存放在投資級發行人。投資組合的平均剩餘期限少於2.5年。

The bank's cash position, mostly placed in the New York Federal Reserve, led to liquidity levels at 15% of total assets and 37% of deposits at quarter end. Given the wholesale nature of our business model, we follow a prudent liquidity management approach following Basel methodologies, liquidity coverage ratio, as required by Panama's banking regulator.

該銀行的現金部位主要存放在紐約聯邦儲備銀行，季末流動性水準佔總資產的 15%，佔存款的 37%。鑑於我們業務模式的批發性質，我們按照巴拿馬銀行監管機構的要求，遵循巴塞爾方法論、流動性覆蓋率，遵循審慎的流動性管理方法。

On Slide 5, funding sources remain well diversified across products, geographies and tenors. Deposits, now representing 50% of total funding, as Jorge just mentioned, reached $4.2 billion at the end of the third quarter, also at record levels. Its growth reflects our cross-sell strategy, together with the continued relevant participation from our Class A shareholders, central banks. In addition, our Yankee CD program exceeded $1 billion after more than 2 years of having been launched, providing granularity to our funding base.

在投影片 5 中，資金來源在產品、地理和期限方面仍然十分多元化。正如豪爾赫剛才提到的，目前存款佔總資金的 50%，在第三季末達到 42 億美元，也達到了創紀錄的水平。它的成長反映了我們的交叉銷售策略，以及我們的 A 類股東、央行的持續相關參與。此外，我們的 Yankee CD 計劃在啟動兩年多後就超過了 10 億美元，為我們的資金基礎提供了粒度。

The other half of our funding constitutes short- and long-term borrowings and debt, including several issuances in the debt capital markets, mainly in the U.S., Mexico and Panama, as well as private placements under our Euro Medium-Term note program. Bladex also continues to have ample availability of bilateral credit lines from many corresponding banks worldwide, as well as constant access to the global syndicated loan market.

我們的另一半資金構成短期和長期借款和債務，包括在債務資本市場（主要在美國、墨西哥和巴拿馬）的多次發行，以及根據我們的歐元中期票據計劃進行的私募。 Bladex 也繼續從全球許多相應銀行獲得充足的雙邊信貸額度，並持續進入全球銀團貸款市場。

Turning to Slide 6. Our sound capital position continues to be enhanced by earnings generation, with capital ratios reflecting our internal risk appetite even as we continue to grow our business and incorporate new clients. The Board recently declared a dividend of $0.25 per share, an amount unchanged from preceding quarters, representing 20% of quarterly earnings.

轉向投影片 6。我們穩健的資本狀況繼續透過創造收入而增強，即使我們繼續發展業務並吸收新客戶，資本比率也反映了我們的內部風險偏好。董事會最近宣布派發每股 0.25 美元的股息，與前幾季持平，佔季度收益的 20%。

Now turning to Slide 7. We continue to grow our average asset volumes while maintaining a positive trend in financial margins, driving strong top line performance. Net interest spread, representing assets and liabilities average rate differential has shown an increase in trend over the past several quarters, reaching 1.83% in the third quarter of 2023, mainly on the account of higher lending express and efficient cost of funds, with a proactive management of the interest rate gap in an increasing rate environment.

現在轉向投影片 7。我們繼續增加平均資產規模，同時保持財務利潤率的正面趨勢，並推動強勁的營收業績。代表資產負債平均利差的淨利差在過去幾季呈現擴大趨勢，2023年第三季達到1.83%，主要是由於較高的借貸快線和高效的資金成本，積極主動地在利率不斷上升的環境中管理利率差距。

In turn, the net interest margin also denotes an improving trend, reaching 2.48% for the quarter, reflecting both the positive evolution in net interest spread and the overall positive impact of higher asset rates, improving the return of equity funding such assets. Overall, net interest income, or NII, continues to strongly benefit from higher margins and lending volumes as we have seen quarterly net interest income constantly growing since the beginning of 2021.

反過來，淨利差也呈現出改善的趨勢，本季達到2.48%，既反映了淨利差的積極演變，也反映了資產利率上升的整體積極影響，提高了此類資產的股權融資回報。總體而言，淨利息收入（NII）繼續受益於較高的利潤率和貸款量，因為我們看到自 2021 年初以來季度淨利息收入不斷增長。

With respect to the preceding quarter, the third quarter 2023 NII increased by 11% to $6.5 million. About half of this quarter increase reflects the net effect of higher average credit volumes, as average loans increased by $381 million or 6% over the quarter, and the investment portfolio grew another $100 million or 11%. The other half of NII growth from the preceding quarter was driven by higher asset rates, which continue to reprice at a faster pace than liabilities and is supported by sustained strong lending spreads, which, on average, have increased by 66 basis points in the first 9 months of 2023 compared to last year.

與上一季相比，2023 年第三季 NII 成長 11%，達到 650 萬美元。本季成長的一半左右反映了平均信貸量增加的淨效應，本季平均貸款增加了 3.81 億美元，即 6%，投資組合又成長了 1 億美元，即 11%。上一季NII成長的另一半是由資產利率上升推動的，資產利率繼續以比負債更快的速度重新定價，並受到持續強勁的貸款利差的支撐，貸款利差在第一季度平均增加了66個基點與去年相比，2023 年有 9 個月。

Moving on to Slide 8. Fee income growth also showed a solid performance during the third quarter, having increased by 77% from last year, reaching $11 million. All fee income-generating business lines had an outstanding performance. Fees from letters of credit, a pillar of our business plan, continued to increase from higher business volumes, reaching $6.2 million for the quarter, up 76% from last year and 23% from the preceding quarter.

繼續看投影片 8。第三季的費用收入成長也表現強勁，較去年成長 77%，達到 1,100 萬美元。各項手續費創收業務均表現優異。信用證費用是我們業務計劃的支柱，隨著業務量的增加，信用證費用持續增加，本季達到 620 萬美元，比去年增長 76%，比上一季增長 23%。

As Jorge mentioned, we also saw greater activity in the syndications business, having closed 2 structured transactions during the quarter, resulting in close to $3 million in fees. Other fees mostly related to committed credit facilities also benefited from opportunistic transactions.

正如 Jorge 所提到的，我們也看到銀團業務活動更加活躍，本季完成了 2 筆結構性交易，產生了近 300 萬美元的費用。主要與承諾信貸便利相關的其他費用也受益於機會主義交易。

As shown on Slide 9, asset quality remains sound, with 97% of the total credit portfolio categorized as low risk on the Stage 1 as defined by IFRS 9. Accounting for another 3% were credits classified as Stage 2, for a total of $273 million. Most of the Stage 2 exposure consists of credits in certain industries in which we foresee downturns in their operating cycles, and hence reflect increased risk in our model-based expected loss reserve allocation, but are currently all performing. Finally, Stage 3 or impaired credits only represent 0.1% of total exposure amounting to $10 million, unchanged from the preceding quarter.

如投影片 9 所示，資產品質仍然良好，總信貸投資組合的 97% 被歸類為 IFRS 9 定義的第一階段的低風險。另外 3% 的信貸被歸類為第二階段，總計 273 美元百萬。第二階段的大部分風險敞口由某些行業的信貸組成，我們預計這些行業的營運週期將出現下滑，因此反映出我們基於模型的預期損失準備金分配的風險增加，但目前全部表現良好。最後，第三階段或減損信貸僅佔總風險敞口的 0.1%，總額為 1,000 萬美元，與上一季持平。

Overall, credit provision charges for the third quarter of 2023 were $6.5 million, reaching total allowances from credit losses of $56 million at quarter end, covering NPLs by 5.6x.

整體而言，2023 年第三季的信貸撥備費用為 650 萬美元，季末信貸損失準備總額達 5,600 萬美元，不良貸款覆蓋率達 5.6 倍。

On Slide 10, strong revenue growth continues to have a positive impact on efficiency, allowing a cost-to-income level of around 27% for the third quarter of '23, similar to the last 2 previous quarters. During the third quarter, expenses increased by 25% from the preceding quarter due to employee-related costs, including onetime effects and which relate to a higher salary base over the last year on new hires as well as provisions for performance-based compensation, congruent with our focus on strengthening Bladex's execution capabilities as outlined in our strategic plan and with the bank's strong performance.

在投影片 10 上，強勁的營收成長持續對效率產生正面影響，使得 2023 年第三季的成本收入水準達到 27% 左右，與前兩季類似。第三季度，由於與員工相關的成本，費用比上一季度增加了25%，其中包括一次性影響，以及與去年新員工工資基數較高以及基於績效的薪酬、一致的規定有關的一次性影響。我們的重點是加強 Bladex 的執行能力（如我們的策略計劃所述）以及該銀行的強勁業績。

Let me now leave it here and turn the call back to Jorge. Thank you.

現在讓我把它留在這裡並將電話轉回豪爾赫。謝謝。

Thank you, Annie. Moving on to Slide 11. This slide attempts to break down the drivers behind the better-than-expected NII results. As you can see here, net interest income for the first 9 months of the year is 70% or $69 million higher than the same period of last year. 40% of this NII or more than $27 million of this increase is explained by higher market interest rates so far this year. The other 60% is a result of the combined effect of the execution of different initiatives in our plan. All of them have contributed to strong margin expansion with sustained average volume growth.

謝謝你，安妮。繼續看投影片 11。這張投影片試圖分解 NII 結果好於預期背後的驅動因素。正如您在此處看到的，今年前 9 個月的淨利息收入比去年同期增長了 70%，即 6,900 萬美元。其中 40%（即超過 2700 萬美元）的 NII 成長是由今年迄今為止較高的市場利率造成的。另外 60% 是我們計畫中不同措施執行的綜合效果的結果。所有這些都為利潤率的強勁擴張和平均銷售的持續成長做出了貢獻。

So moving on to the next slide. Given the results so far, this slide shows our new guidance for the year. We foresee net interest margin for the year similar to the current levels that is between 2.4% and 2.5%. Fee growth will end up substantially above our initial expectations, driven by all fee-generating business lines and primarily by our letters of credit units. We also anticipate closing the year with an efficiency ratio of approximately 27%, better than our initial estimate of 32%. And all of these -- for all these reasons, we are revising our 2023 ROE guidance from 11% to 13% to a new range now anticipated to be between 14% and 15% return on equity by year-end.

繼續看下一張投影片。鑑於迄今為止的結果，這張幻燈片顯示了我們今年的新指導。我們預計今年的淨利差與目前水準相似，介於 2.4% 至 2.5% 之間。在所有產生費用的業務線以及主要是我們的信用證單位的推動下，費用成長最終將大大高於我們最初的預期。我們也預計今年結束時的效率約為 27%，優於我們最初估計的 32%。所有這些 - 基於所有這些原因，我們正在將 2023 年 ROE 指引從 11% 修改為 13%，目前預計到年底股本回報率將達到 14% 至 15% 之間的新範圍。

Lastly, increased profits and the resulting rise in retained earnings continue to support our profitable growth and to preserve the bank's capital ratios as initially anticipated. So our initial guidance for core equity Tier 1 ratio remains unchanged.

最後，利潤的增加以及由此帶來的留存收益的增加繼續支持我們的獲利成長，並維持銀行的資本比率如最初預期的那樣。因此，我們對核心股權一級比率的初步指導保持不變。

I'll leave it there and open the call for questions now. Operator?

我將把它留在那裡，現在開始提問。操作員？

Thank you very much for the presentation. We will now begin the Q&A session for investors and analysts. (Operator Instructions) Our first question is from Inigo Vega from Jefferies. What are the $2.2 million in other net fees in the quarter? Are they sustainable going forward?

非常感謝您的介紹。我們現在開始投資人和分析師的問答環節。 （操作員說明）我們的第一個問題來自 Jefferies 的 Inigo Vega。本季 220 萬美元的其他淨費用是多少？他們未來能否永續發展？

Annie, you want to take that?

安妮，你想要那個嗎？

Yes, sure. Thank you for your question. As I mentioned, these fees represent opportunistic precommitted transactions that generated additional fees in this quarter. We do estimate that the run rate of fees reported in this line item is around $1 million going forward. So that will give you a sense of the managing.

是的，當然。謝謝你的問題。正如我所提到的，這些費用代表了機會主義的預先承諾交易，在本季度產生了額外的費用。我們確實估計此行項目中報告的費用運行費率未來約為 100 萬美元。這樣你就會有一種管理的感覺。

Inigo also has another question. NII up to 11% quarter-over-quarter. Can you bridge the increase in one, change in volume; two, impact from higher spreads, either loans or funding; and three, impact from rates.

伊尼戈還有另一個問題。 NII 環比增長高達 11%。你能彌補一的增加、數量的改變嗎？第二，較高利差的影響，無論是貸款或融資；三是費率的影響。

Okay. I'll take that, too. So the net effect of higher volumes represented around $3 million in the NII growth. Average earnings overall increased by $843 million during the quarter with respect to the preceding quarter, of which about $400 million relates to higher average lending. And of course, this was all offset by increased average liabilities. But the overall impact on volumes is around $3 million.

好的。我也接受這個。因此，交易量增加的淨效應相當於 NII 成長約 300 萬美元。本季平均營收較上一季整體增加 8.43 億美元，其中約 4 億美元與平均貸款增加有關。當然，這一切都被平均負債的增加所抵消。但對銷量的整體影響約為 300 萬美元。

And then on the other hand, assets continue to show a better repricing than liabilities, as overall asset rates increased by 38 basis points during the quarter, while liabilities was up by 34 basis points. So this resulted in another $34 million in NII.

另一方面，資產的重新定價繼續表現出比負債更好的表現，本季整體資產利率上升了 38 個基點，而負債則上升了 34 個基點。因此，NII 又產生了 3,400 萬美元。

With respect to lending spreads quarter-on-quarter, they remain pretty similar. We do have seen an important increase, as I mentioned, of 66 basis points of lending spreads when we compare this year with last year in terms of the 9-month period. And funding rates also and spreads also remained pretty stable during the quarter for the last couple of quarters.

就季度貸款利差而言，它們仍然非常相似。正如我所提到的，當我們將今年 9 個月期間的貸款利差與去年相比時，我們確實看到了 66 個基點的顯著增長。在過去幾個季度中，融資利率和利差也保持相當穩定。

Next question from Patrick Brown. With respect to the Israel-Hamas conflict, please comment about your view on any implication in the LatAm region and in Bladex in particular.

派崔克·布朗提出下一個問題。關於以色列與哈馬斯衝突，請評論您對拉丁美洲地區、特別是 Bladex 的影響的看法。

Let me take that one, Annie. So it's a very good question with no easy answer here because the implications are mixed, depending on which countries in Latin America we talk about and the extent of the escalation of the conflict, if it happens. On the one hand, we have the effects on commodities. I think when the conflict hit in the Middle East a couple of weeks ago, the West Texas was about $80 a barrel. Yesterday, it closed around over $90 a barrel. That's more than 10% in 2 weeks.

讓我來拿那個吧，安妮。因此，這是一個非常好的問題，但這裡沒有簡單的答案，因為其影響是複雜的，這取決於我們談論的是拉丁美洲的哪些國家以及衝突升級的程度（如果發生）。一方面，我們對大宗商品產生了影響。我認為幾週前中東衝突爆發時，西德州原油價格約為每桶 80 美元。昨天收盤價約為每桶 90 美元以上。兩週內成長超過 10%。

So this obviously benefits oil exporters in LatAm, so mostly South American countries. But the opposite will happen for Central American and Caribbean economies that are mainly importers of refined products. In Bladex, as a trade bank, we finance both imports and exports. So in general, an increase in commodity prices and particularly, oil, has been historically beneficial for Bladex. However, if the conflict continues to escalate, there will be more volatility, of course, in the financial markets. And obviously, the world's aggregate demand will be affected.

因此，這顯然有利於拉丁美洲的石油出口國，尤其是南美國家。但對於主要是成品油進口國的中美洲和加勒比海經濟體來說，情況恰恰相反。在 Bladex，作為一家貿易銀行，我們為進口和出口提供融資。因此，總的來說，大宗商品價格尤其是石油價格的上漲歷來對 Bladex 有利。然而，如果衝突持續升級，金融市場當然會出現更大的波動。顯然，世界總需求將受到影響。

So we are -- I mean, where is cautious, we're being cautious. We are closely following the turn of events, monitoring our exposures that are mostly short term. And also our liquidity sources that are ample and very diversified. So -- but the word is we're being cautious and being very attentive of the turn of events.

所以我們——我的意思是，凡是謹慎的地方，我們都是謹慎的。我們正在密切關注事態的發展，監控我們的風險敞口（大部分是短期的）。我們的流動性來源充足且非常多元化。所以——但據說我們對事態的發展持謹慎態度並且非常關注。

Patrick has a follow-up. Any plans to modify your dividend policy, given the amazing results?

派崔克有後續行動。鑑於令人驚嘆的業績，您是否計劃修改股利政策？

Yes. Thank you. Again, as I mentioned, capital management including dividends, potential buybacks, are ongoing discussions at the Board level. Obviously, always focusing on maximizing total shareholder return. The Board is well aware that on the one hand, our payout ratio has been decreasing as we have extraordinary results. On the other hand, the commercial team does have a very strong pipeline for profitable growth, which is at the end, the end goal of our plan.

是的。謝謝。正如我所提到的，資本管理（包括股息、潛在回購）正在董事會層面持續討論。顯然，始終專注於股東總回報最大化。董事會清楚地意識到，一方面，我們的派息率一直在下降，因為我們取得了非凡的表現。另一方面，商業團隊確實擁有非常強大的獲利成長管道，這就是我們計劃的最終目標。

In any case, we have provided guidance for 2026. That includes managing capital ratios, as I said, between 15% and 16% on a target portfolio over $10 billion. And we will remain strongly capitalized and not risk our investment grade by any means. So whatever decision the Board decides to make regarding capital management should, in principle, be aligned with our 2026 guidance and again focusing on maximizing shareholder return. Today, dividend is a quarterly decision at the Board level. So it's up to the Board. And I can tell you, the ongoing discussions are having on a continued basis.

無論如何，我們已經提供了 2026 年的指引。正如我所說，這包括將資本比率管理在 15% 至 16% 之間，目標投資組合超過 100 億美元。我們將保持雄厚的資本實力，不會以任何方式冒險我們的投資評級。因此，無論董事會決定就資本管理做出什麼決定，原則上都應與我們的 2026 年指導方針保持一致，並再次關注股東回報最大化。如今，股利是董事會層面的季度決定。所以這取決於董事會。我可以告訴你，正在進行的討論正在持續進行。

(Operator Instructions)

（操作員說明）

Next question is from Andrea Patricia. Congratulations for the results. Could you give us some color about the guidance expectations of the result for 2024?

下一個問題來自安德里亞·帕特里夏。祝賀結果。能為我們介紹一下 2024 年結果的指導預期嗎？

Yes. We're working -- thank you, Andrea. We're working on our 2024 budget now. And I believe in the next call, we will give some color on 2024 guidance.

是的。我們正在努力——謝謝你，安德里亞。我們現在正在製定 2024 年預算。我相信在下一次電話會議中，我們將為 2024 年指導提供一些色彩。

Okay. Thank you very much. That's all the questions we have for today. I'll pass the line back to the Bladex team for their concluding remarks.

好的。非常感謝。這就是我們今天要問的所有問題。我會將這句話轉回 Bladex 團隊，讓他們進行總結發言。

No, I just want to thank everybody for your questions and your interest, and we'll continue focusing on profitable growth going forward as indicated in our guidance for 2026. Thank you very much.

不，我只是想感謝大家的提問和興趣，我們將繼續關注未來的獲利成長，如 2026 年指導中所示。非常感謝。

This conference is now closed. Thank you very much for attending. Have a good one.

本次會議現已結束。非常感謝您的出席。祝你有個好的一天。