Foreign Trade Bank of Latin America Inc (BLX) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Bladex's Second Quarter 2025 Earnings

女士們、先生們，早安，歡迎參加 Bladex 2025 年第二季財報

Conference Call. A slide presentation is accompanying today's webcast and is also available on

電話會議。今天的網路直播附帶幻燈片演示，也可在

the Investors section of the company's website, www.bladex.com. There will be an opportunity

請造訪公司網站 www.bladex.com 的「投資者」部分。屆時將有機會

for you to ask questions at the end of today's presentation. Please note today's conference call

供大家在今天的演講結束時提問。請注意今天的電話會議

is being recorded. As a reminder, all participants will be in a listen-only mode.

正在錄製中。提醒一下，所有參與者都將處於只聽模式。

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

現在我想將電話轉給執行長 Jorge Salas 先生。先生，請走吧

ahead.

前方。

Good morning, everyone, and thank you for joining us today to discuss Bladex's results for the

大家早安，謝謝大家今天加入我們，討論 Bladex 的

second quarter of 2025. And I will begin with the highlights of our performance during the

2025年第二季。首先，我想介紹一下我們在

quarter. And then as usual, Annette, our CFO, will walk you through the financials in more

四分之一.然後像往常一樣，我們的財務長 Annette 將帶您詳細了解財務狀況

detail. After that, I will share a few thoughts on the macro environment and update you on the

細節。之後，我將分享一些關於宏觀環境的想法，並向大家通報

progress of Bladex's transformation journey before we open the call for questions.

在我們開始提問之前，我們先來看看 Bladex 轉型之旅的進展。

The second quarter stands as one of the strongest quarters in our bank's history. Not only

第二季是我們銀行史上表現最強勁的季度之一。不僅

because of the record bottom line number, but perhaps more importantly, because of the

因為創紀錄的底線數字，但也許更重要的是，因為

earnings quality. Furthermore, it reaffirms the resilience and adaptability of our business model

盈利品質。此外，它再次證明了我們商業模式的彈性和適應性

in the face of an increasingly complex macro environment in a particularly volatile trade

面對日益複雜的宏觀環境和特別動盪的貿易

environment. In the second quarter, we delivered record earnings strong revenue growth,

環境。第二季度，我們實現了創紀錄的盈利，強勁的收入成長，

propelled by fee income while maintaining pristine asset quality and robust capital levels.

在費用收入的推動下，同時維持了良好的資產品質和強勁的資本水準。

While the results include a meaningful contribution from a landmark structure transaction

雖然業績中包含了里程碑式結構交易的重大貢獻

executing during the quarter. It is important to highlight that even without this transaction, the

本季執行。值得強調的是，即使沒有這筆交易，

quarter would still have marked a record performance. Driven by well-diversified commercial

本季的表現仍將創下紀錄。受多元化商業驅動

activity and disciplined execution across all business lines. Our commercial portfolio grew to

所有業務線的活動和嚴格的執行。我們的商業投資組合成長至

$10.8 billion that is up 1% quarter-over-quarter and 18% year-over-year.

108 億美元，季增 1%，年增 18%。

Growth was broad-based with strong momentum in Central America. As I said, Credit quality

成長基礎廣泛，中美洲成長動能強勁。正如我所說，信用質量

remained exceptional with nonperforming loans close to 0 and over 97% of exposures classified

不良貸款率接近 0，且超過 97% 的貸款已歸類為

as Stage 1.

作為第 1 階段。

On the funding side, deposits increased to $6.4 billion, 10% above the prior quarter and 23%

在融資方面，存款增加至 64 億美元，比上一季成長 10%，比上一季成長 23%。

higher than a year ago. Deposits now represent 62% of our total funding. This is obviously key

高於一年前。存款現在占我們總資金的 62%。這顯然是關鍵

to keep our funding costs under control.

以控制我們的融資成本。

The growth in deposits was driven by continued strength in our long-standing institutional

存款的成長得益於我們長期機構的持續強勁

deposit base, including central banks, our Class A shareholders, and a solid performance of our

存款基礎，包括中央銀行、我們的 A 類股東，以及我們穩健的業績

Yankee CD program as well as a sustained increase in corporate client deposits, which have

洋基 CD 計劃以及企業客戶存款的持續增長，

grown more than 30% in the last 12 months.

在過去 12 個月中增長了 30% 以上。

Net interest income totaled nearly $68 million, up 4% from the previous quarter and 8% versus

淨利息收入總計近 6,800 萬美元，較上一季成長 4%，較上一季成長 8%。

last year. Our net interest margin stood at 2.36%, slightly above expectations. Fee income

去年。我們的淨利差為 2.36%，略高於預期。手續費收入

deserves a special mention. Fee income stood at $20 million for the quarter, up 88% quarterover-quarter and 59% year-over-year.

值得特別提及。本季費用收入為 2,000 萬美元，季增 88%，年增 59%。

A significant part of this increase was due to the structured syndicated deal I mentioned before.

這一增長很大一部分歸功於我之前提到的結構化銀團交易。

In such instruction, Bladex acted as global coordinator and mandated lead arranger alongside a

在這樣的指示中，Bladex 擔任全球協調員和授權牽頭安排人，同時

global bank and a multilateral institution. For a $1.6 billion senior secured syndicated facility for

全球銀行和多邊機構。為 16 億美元優先擔保銀團貸款

Staatsolie, Suriname's national oil company and top contributor to the country's GDP. Suriname

Staatsolie 是蘇利南的國家石油公司，也是該國 GDP 的最大貢獻者。蘇利南

has been a Class A shareholder of Bladex since 1997. The transaction received a strong

自 1997 年起一直是 Bladex 的 A 類股東。該交易獲得了強烈

reception from the market, attracting 18 financial institutions from all over the world. It is once

市場反應熱烈，吸引了來自全球18家金融機構參展。這是一次

again the proof of our ability to selectively execute high-impact deals that align with both our

再次證明了我們有能力選擇性地執行符合我們雙方利益的高影響力交易

risk appetite and our mission.

風險偏好和我們的使命。

Bladex has a long-standing track record of supporting state-owned enterprises in strategic

Bladex 長期以來一直支持國有企業進行策略

sectors such as oil and gas in Staatsolie with the strong fundamentals and excellent

國家石油公司等產業的基本面強勁，且表現優異

government is a company we followed closely for many, many years. While our loan book

政府是我們多年來密切關注的公司。雖然我們的貸款帳簿

remains predominantly short term, this facility with a weighted average life of approximately 5

仍然主要是短期的，該設施的加權平均壽命約為 5

years fits comfortably within our usual medium-term exposure limits and reflects our ability to

年恰好符合我們通常的中期風險限制，並反映了我們的能力

support longer-dated well-structured transactions when the restructuring profile is attractive.

當重組方案具有吸引力時，支援期限較長、結構良好的交易。

But beyond this transaction, commercial activity remains strong, and our pipeline continues to

但除了這筆交易之外，商業活動依然強勁，我們的產品線也持續

be active and as strong as ever. Particularly in the trade finance and structured lending. These

保持活躍和堅強。特別是在貿易融資和結構性貸款方面。這些

dynamics give us the confidence in our ability to continue delivering recurring and high-quality

動力讓我們有信心繼續提供持續的高品質

fee income.

手續費收入。

Operating expenses were stable quarter-over-quarter, and our efficiency ratio improved to

營運費用較上季維持穩定，效率比率提高至

23.1%, a 380 basis point gain versus the prior quarter and comfortably within our full year

23.1%，較上一季成長 380 個基點，並且輕鬆達到全年目標

guidance.

指導。

Finally, net income reached a record of $64 million, up over 24% on from the first quarter and

最後，淨收入達到創紀錄的 6,400 萬美元，較第一季成長 24% 以上，

28% from a year ago. Return on equity stood at 18.5%, the highest quarterly ROE in over 2

比一年前成長了28%。淨資產收益率達到 18.5%，為 2019 年以來的最高季度淨資產收益率。

decades, a clear reflection of the strength and scalability of our business model. Capital levels remain solid, with core equity tier one ratio at 15%.

幾十年來，這清楚地反映了我們商業模式的實力和可擴展性。資本水準維持穩健，核心一級資本適足率為 15%。

Let me now hand it over to Annette for a more detailed look on the financials.

現在，讓我將其交給安妮特，讓她更詳細地了解財務狀況。

Annette, please go ahead.

安妮特，請繼續。

Thank you, Jorge, and good morning, everyone. I would like to begin the overview of our financial performance this quarter with the evolution of our credit portfolio.

謝謝你，豪爾赫，大家早安。我想從我們的信貸組合的演變開始概述我們本季的財務表現。

Our total credit portfolio stood at $12.2 billion, up 18% year-over-year, reflecting sustained growth in commercial activity across the region. The commercial portfolio, which includes loans and contingencies, reached $10.8 billion, up 1% quarter-over-quarter and 18% year-over-year. Growth this quarter was primarily driven by our off-balance sheet business which rose 11% quarter-over-quarter and 25% year-over-year, supported by higher demand across all segments that are credits, guarantees and credit commitments. This help us to deepen client engagement while preserving capital and enhancing risk-adjusted returns. The loan portfolio closed this quarter at $8.6 billion, up 16% year-over-year. While end-of-quarter balances were slightly below March levels, the average balances were higher than the ones in the first quarter, reflecting healthy origination. In a context of continued margin compression and elevated liquidity, we remain focused on sound underwriting and high-quality opportunities. Bladex continued to grow its commercial portfolio by executing opportunities aligned with our strategic focus. High- value transactions, such as the Staats Olie financing facility and other syndicated deals demonstrated the strength of our origination and distribution capabilities, helping to offset tighter pricing and ample market liquidity. Many of these transactions were in the works for several quarters, highlighting the depth of our pipeline and consistency in execution. Our commercial exposure remains well diversified across sectors and geographies with our main exposures in Brazil, Guatemala and Mexico. This quarter, we also saw relative growth in Costa Rica, Paraguay and Suriname. We continue to find opportunities across the region to strengthen client relationships, capitalize on market dislocations and grow our presence in key markets. Looking ahead, we see strong momentum in the execution of medium-term structured transactions, which offer higher margins and better capital efficiency, complemented by short-term transactions that keep us agile and responsive to our client needs. Turning now to the investment portfolio. Balances increased 8% quarter-over-quarter and 20% year-over-year, reaching just over $1.3 billion. The portfolio is short in duration with an average duration around 2 years and remains concentrated in investment-grade non- Latam issuers, providing liquidity and credit diversification. Most of the securities are held through our New York agency and are eligible for the Fed discount window, reinforcing our already strong liquidity position by providing contingent access to a lender of last resort. Lastly, total assets reached $12.7 billion, up 2% quarter-over-quarter and 16% year-over-year, reflecting both commercial momentum and our flexible balance sheet strategy. We continue to grow with discipline, reserving capital, sustaining client activity and reinforcing our balance sheet strength. Moving on to asset quality. Credit performance remained strong in the second quarter and continues to reflect our disciplined and proactive approach to risk. As of June, nonperforming loans for Stage 3 totaled $19 million or just 0.2% of total exposure with a robust reserve coverage of 5 times while Stage 2 exposures remained stable at $240 million or 2% of total credit portfolio. In turn, nearly 98% of our portfolio is classified as Stage 1 with no signs of deterioration or weakening credit trends. Provisions for credit losses totaled $5 million this quarter. Most of it was tied to strengthening reserves for exposures in higher risk credit profiles, primarily related to Stage 2 rather than new permits or downgrades. Overall, the credit portfolio remains in solid shape backed by strong client performance and no material credit events or emerging risks. Let's now turn to funding. Deposits reached $6.4 billion at quarter end, up 10% quarter-over quarter and 23% year-over-year. Beyond the increase in absolute terms, deposits have also continued to grow in relative importance, now representing 62% of total funding compared to 57% last quarter. This tendency highlights the growing strength of our client relationships and the central role deposits play in our funding strategy. This strong performance was supported by steady growth in bank and corporate deposits. As Jorge mentioned, corporate deposits grew over 30% year-over-year, reflecting our ability to expand and diversify our funding base. In addition, Class A shareholder deposits which remain a core pillar accounted for 37% of total deposits at quarter end. Our Yankee CD program also continues to scale effectively. Balances reached $1.3 billion representing 20% of total deposits, providing both granularity and duration to our deposit base. Outside deposits, short-term funding and repo balances remain stable, continuing to play a key role in supporting portfolio growth. Meanwhile, long-term funding totaled $2.5 billion or 24% of total financial liabilities. We are pleased to share that this past July, as part of our funding diversification strategy, we issued a local bond in the Mexican market for MXN 4,000 million, the transaction was very well received and oversubscribed confirming strong demand from local investors and reinforcing our position as a recurring issuer in Mexico. The proceeds were swapped to U.S. dollars at very attractive levels, providing cost-efficient funding to support portfolio growth. In short, we continue to develop a robust and stable funding base that is cost-effective, increasingly diversified and aligned with the evolving requirements of our commercial strategy. In addition, at quarter end, liquid assets represented over 15% of total assets, providing a solid buffer and ample flexibility. We are building a funding base that give us flexibility to support growth, respond to market shift and optimize our liability structure over time.Now let's take a look at capital. Total equity reached $1.4 billion, up 3% quarter-over-quarter and 12% year-over-year, reflecting the strength of our earnings generation and retained capital. Our CET1 ratio remained solid at 15%, while the total capital adequacy ratio improved to 13.9%, both in line with internal targets and well above regulatory minimums. This reflects a balanced approach between supporting portfolio growth and preserving capital strength while reinforcing our firm commitment to maintaining an investment- grade profile.In line with this performance, the Board approved a quarterly dividend of $0.625 per share, unchanged from the prior quarter. This reflects the consistency of our financial results and our confidence in the durability of the bank's earnings. Our capital position remains robust, allowing us to grow, return capital and defend our credit ratings with confidence.Let's go now to the top line, starting with the net interest income. Net interest income totaled $67.7 million, up 4% quarter-over- quarter and 8% year-over-year. Driven by increasing average loan balances and disciplined pricing across the credit portfolio. Our net interest margin remained stable at 2.36% and our net interest spreads improved to 1.7%, up 5 basis points versus the first quarter. These results confirm that our margins have now stabilized at target levels. even in the face of falling interest rates.While origination remains pressured by tighter pricing and high liquidity across the region, we have successfully turned our funding strategy and disciplined underwriting into solid and consistent earnings. Our growing and more diversified deposit base continues to lower our cost of funds and support margin stability. As a result, we remain confident in our full year NIM guidance in the range of 2.30%, assuming no major changes in rate projections or portfolio mix. With spreads and NIM holding steady, we are proving that strong origination and proactive asset liability management can sustain earnings even in challenging rate environment.Turning now to fee income. Noninterest income reached $19.9 million this quarter, nearly doubling from the prior quarter and making a record high for Bladex. The standout performance was the closing of the transaction for Suriname National Oil Company, Staatsolie, a $1.6 billion syndicated loan in which Bladex acted as a global bookrunner. This has been the largest syndicated facility ever arranged by Bladex in 46 years of history. As a result, syndicated transactions and recurring fees from our role as admin agent contributed $10 million during the quarter, reinforcing the strength of our structuring and distribution franchise and our increased relevance in providing medium-term solutions.Credit commitment also added $2.8 million in fee income. Demonstrating the importance of contingent lending within our product offering. That said, the record fee generation in the quarter wasn't solely driven by syndicated transactions. Recurring activity across the other business lines remain strong. Fees from letter of credits rose to $7.8 million, up 17% quarterover-quarter and 20% year- over-year, reflecting healthy volumes in our core trade finance flows.As we continue to roll out our new trade finance platform, we expect this revenue stream to grow further supported by enhanced client experience and processing efficiency. While transactions like Staatsolie are not frequent our fee generation reflects the steady growth of our structure and higher value-added trade finance businesses. Record fees this quarter reflect more than one big deal. They validate the depth strength and reach of our multiline origination capabilities.Let's now turn to expenses and efficiency. Operating expenses totaled $20.8 million essentially in line with both the previous quarter and our estimate for the period. This consistency reflects our disciplined approach to cost management as we advance in key strategic initiatives. During the quarter, we continued executing on our transformation agenda with a focus on technology and digital capabilities. This includes the deployment of our new trade finance platform which is expected to be fully operational for the letter of credit products by the end of the third quarter.With the platform now live, we anticipate that the related depreciation expenses will begin to impact costs towards the end of the third quarter. That said, this will not impact our full year efficiency guidance. Importantly, we expect this investment to enhance client experience and unlock incremental fee income over time. Aside from project-related costs, the underlying expense base remains stable with no material increases in personnel or overhead costs. As a result, our efficiency ratio improved to 23.1%, well above our full year target range.While this quarter's result was supported by elevated fee income, we continue to expect efficiency to remain below 30% even as we sustained investment in growth and modernization. We continue to manage expenses with a long-term mindset, balancing strategic investment with cost discipline to enable scalable and profitable growth.Let me close with a look at earnings and returns. Net income for the second quarter reached $64.2 million, up 24% from the first quarter and 28% year-over-year, driven by strong top line performance, stable credit provisions and disciplined cost management. This marks the highest quarterly operating income in the bank's history and reflects the strength of our commercial model, the scalability of our platform and the disciplined execution of our strategy.Return on equity expanded to 18.5%, also a record high in the last 2 decades. To put this in perspective, even after normalizing for the extraordinary fee from the Staatsolie transaction ROE would have remained well within our guidance range, demonstrating the strength of our underlying profitability. This performance reflects a combination of solid revenue growth, pre diversification, a more efficient funding base and a strong cost control, all achieved without compromising our risk standards.In conclusion, even excluding the significant fee income from the Staatsolie transaction, our core earnings would still rank among the strongest in recent years. This reinforces that our profitability is not driven by one-off transactions, but by a disciplined strategy that continues to deliver attractive and sustainable returns for our shareholders.With that, I will now turn the call back to Jorge for closing remarks. Thank you all.

我們的信貸總額達到 122 億美元，年增 18%，反映了該地區商業活動的持續成長。包括貸款和緊急費用在內的商業投資組合達到 108 億美元，較上季成長 1%，較去年同期成長 18%。本季的成長主要得益於我們的表外業務，該業務環比增長 11%，同比增長 25%，這得益於信貸、擔保和信貸承諾等所有領域的需求增加。這有助於我們深化客戶參與度，同時保留資本並提高風險調整後的回報。本季貸款總額達 86 億美元，年增 16%。雖然季度末餘額略低於 3 月份水平，但平均餘額高於第一季水平，反映出資金來源狀況良好。在利潤率持續壓縮和流動性增強的背景下，我們仍然專注於穩健的承保和高品質的機會。Bladex 透過執行符合我們策略重點的機會繼續擴大其商業組合。Staats Olie 融資工具和其他銀團交易等高價值交易展示了我們強大的發起和分銷能力，有助於抵消更緊縮的定價和充足的市場流動性。許多交易已經籌備了幾個季度，凸顯了我們管道的深度和執行的一致性。我們的商業風險敞口在各個行業和地區仍然保持良好的多元化，主要集中在巴西、瓜地馬拉和墨西哥。本季度，我們也看到哥斯達黎加、巴拉圭和蘇利南的相對成長。我們繼續在該地區尋找機會，加強客戶關係，利用市場錯位並擴大我們在主要市場的影響力。展望未來，我們看到中期結構性交易的執行勢頭強勁，這些交易可提供更高的利潤率和更好的資本效率，而短期交易則可讓我們保持敏捷並響應客戶的需求。現在來談談投資組合。餘額季增 8%，年增 20%，達到 13 億美元多一點。該投資組合的期限較短，平均期限約為 2 年，並且仍然集中於投資級非拉丁美洲發行人，以提供流動性和信貸多樣化。大多數證券均透過我們的紐約代理商持有，並有資格享受聯準會貼現窗口的優惠，透過向最後貸款人提供應急貸款，增強了我們本已強大的流動性狀況。最後，總資產達到 127 億美元，季增 2%，年增 16%，反映了商業動能和我們靈活的資產負債表策略。我們繼續嚴格遵守紀律地發展，保留資本，維持客戶活動並增強我們的資產負債表實力。繼續討論資產品質。第二季信貸表現依然強勁，並持續反映出我們嚴謹、積極主動的風險因應方式。截至 6 月份，第三階段的不良貸款總額為 1,900 萬美元，僅佔總風險敞口的 0.2%，準備金覆蓋率高達 5 倍，而第二階段的風險敞口保持穩定，為 2.4 億美元，佔信貸組合總額的 2%。反過來，我們投資組合中近 98% 被歸類為第一階段，沒有出現信貸趨勢惡化或減弱的跡象。本季信貸損失準備金總額為 500 萬美元。其中大部分與加強高風險信貸狀況敞口的儲備有關，主要與第二階段有關，而不是新的許可或降級。整體而言，信貸組合保持穩健，得益於強勁的客戶業績，且沒有重大信貸事件或新興風險。現在我們來談談資金問題。季末存款達 64 億美元，季增 10%，年增 23%。除了絕對值的成長之外，存款的相對重要性也在持續成長，目前佔總資金的 62%，而上一季為 57%。這一趨勢凸顯了我們客戶關係的日益增強以及存款在我們的融資策略中發揮的核心作用。這一強勁表現得益於銀行和企業存款的穩定成長。正如 Jorge 所提到的，企業存款年增超過 30%，這反映了我們擴大和多樣化資金基礎的能力。此外，A類股東存款仍是核心支柱，季末佔總存款的37%。我們的 Yankee CD 計劃也繼續有效擴展。餘額達到 13 億美元，佔存款總額的 20%，為我們的存款基礎提供了粒度和持續時間。外部存款、短期融資和回購餘額保持穩定，並繼續在支持投資組合成長方面發揮關鍵作用。同時，長期融資總額為 25 億美元，佔金融負債總額的 24%。我們很高興地告訴大家，今年 7 月，作為我們資金多元化策略的一部分，我們在墨西哥市場發行了 40 億墨西哥比索的本地債券，此次交易受到了熱烈歡迎，超額認購，證實了本地投資者的強勁需求，並鞏固了我們作為墨西哥經常性發行人的地位。所得款項以極具吸引力的水平兌換成美元，從而提供具有成本效益的資金來支持投資組合的成長。簡而言之，我們將繼續發展強大而穩定的融資基礎，該基礎具有成本效益，日益多樣化，並符合我們商業策略不斷變化的要求。此外，截至季末，流動資產佔總資產的15%以上，提供了堅實的緩衝和充足的靈活性。我們正在建立一個資金基礎，使我們能夠靈活地支持成長、應對市場變化並隨著時間的推移優化我們的負債結構。現在讓我們來看看資本。總股本達到 14 億美元，比上一季成長 3%，比去年同期成長 12%，反映了我們獲利能力和留存資本的強勁。我們的 CET1 比率維持穩定在 15%，而總資本充足率則提高至 13.9%，既符合內部目標，也遠高於監管最低標準。這反映了我們在支持投資組合成長和維持資本實力之間的平衡，同時強化了我們維持投資等級形象的堅定承諾。根據這一業績，董事會批准了每股 0.625 美元的季度股息，與上一季持平。這反映了我們財務表現的一致性以及我們對銀行獲利持久性的信心。我們的資本狀況依然強勁，這使我們能夠自信地發展、返還資本並捍衛我們的信用評級。現在讓我們來看看營收情況，從淨利息收入開始。淨利息收入總計 6,770 萬美元，季增 4%，年增 8%。受信貸組合平均貸款餘額增加和定價規範的推動。淨利差維持穩定在2.36%，淨利差改善至1.7%，較第一季上升5個基點。這些結果證實，即使面對利率下降，我們的利潤率仍穩定在目標水準。儘管整個地區定價收緊和流動性高仍然給發行帶來壓力，但我們已成功將融資策略和嚴格的承保轉化為穩健、持續的收益。我們不斷成長且更加多樣化的存款基礎繼續降低我們的資金成本並支持保證金穩定。因此，假設利率預測或投資組合組合沒有重大變化，我們仍然對全年 NIM 指引在 2.30% 範圍內充滿信心。隨著利差和淨利差保持穩定，我們正在證明，即使在充滿挑戰的利率環境下，強大的發起和積極的資產負債管理也能維持盈利。現在談談費用收入。本季非利息收入達到 1,990 萬美元，幾乎比上一季翻了一番，創下了 Bladex 的歷史新高。最突出的表現是完成了蘇利南國家石油公司 Staatsolie 的交易，這是一筆 16 億美元的銀團貸款，Bladex 擔任該筆貸款的全球帳簿管理人。這是 Bladex 46 年歷史上安排的最大一筆銀團貸款。因此，我們作為管理代理商的銀團交易和經常性費用在本季度貢獻了 1000 萬美元，增強了我們的結構和分銷特許經營權的實力以及我們在提供中期解決方案方面的相關性。信貸承諾還增加了 280 萬美元的費用收入。展示我們產品供應中附帶貸款的重要性。也就是說，本季創紀錄的費用收入並非完全由銀團交易推動。其他業務線的經常性活動依然強勁。信用狀費用增加至 780 萬美元，較上季成長 17%，年增 20%，反映出我們核心貿易融資流量的健康成長。隨著我們繼續推出新的貿易融資平台，我們預計這一收入流將在客戶體驗和處理效率的提升的支持下進一步增長。雖然像 Staatsolie 這樣的交易並不頻繁，但我們的費用產生反映了我們的結構和更高附加價值的貿易融資業務的穩定成長。本季創紀錄的費用反映了不只一筆大交易。它們驗證了我們多線發起能力的深度、實力和範圍。現在讓我們來談談費用和效率。營運費用總計 2,080 萬美元，與上一季和我們對該期間的估計基本一致。這種一致性反映了我們在推動關鍵策略措施時對成本管理採取的嚴謹態度。本季度，我們繼續執行轉型議程，並專注於技術和數位能力。這包括部署我們的新貿易融資平台，預計該平台將在第三季末全面投入信用證產品的運作。隨著該平台的上線，我們預計相關的折舊費用將在第三季末開始影響成本。也就是說，這不會影響我們全年的效率指導。重要的是，我們預計這項投資將提升客戶體驗並隨著時間的推移釋放增量費用收入。除專案相關成本外，基本支出基礎維持穩定，人員或管理費用沒有大幅增加。因此，我們的效率比率提高到 23.1%，遠高於我們的全年目標範圍。雖然本季的業績受到費用收入增加的支持，但即使我們持續對成長和現代化進行投資，我們仍然預計效率仍將保持在 30% 以下。我們繼續以長遠的眼光管理開支，平衡策略投資和成本控制，以實現可擴展和盈利的成長。最後，讓我來看看收益和回報。第二季淨收入達到 6,420 萬美元，較第一季成長 24%，較去年同期成長 28%，這得益於強勁的營收表現、穩定的信貸準備金和嚴格的成本管理。這是該銀行歷史上最高的季度營業收入，反映了我們商業模式的實力、我們平台的可擴展性以及我們策略的嚴格執行。股本回報率擴大至 18.5%，也是過去 20 年來的最高紀錄。從這個角度來看，即使在對 Staatsolie 交易的額外費用進行正常化之後，ROE 仍然會保持在我們的指導範圍內，這證明了我們潛在的盈利能力的強勁。這一業績體現了穩健的收入成長、多元化、更有效率的融資基礎和強大的成本控制，所有這些都是在不損害我們風險標準的情況下實現的。總而言之，即使不包括來自 Staatsolie 交易的大量費用收入，我們的核心盈利仍將是近年來最強勁的。這進一步證明，我們的獲利能力並非由一次性交易驅動，而是由嚴謹的策略驅動，該策略將繼續為股東帶來有吸引力且可持續的回報。現在，我將把電話轉回 Jorge 進行結束語。謝謝大家。

Thank you very much, Annette. Very clear, great job. Turning now to the macro backdrop. The

非常感謝，安妮特。非常清楚，幹得好。現在轉向宏觀背景。這

global environment remains complex, trade tensions and shifting policy priorities continue to

全球環境依然複雜，貿易緊張局勢和政策重點轉變持續

fuel market volatility and uncertainty.

加劇市場波動和不確定性。

Geopolitical risks have also intensified with a renewed conflict between Iran and Israel

伊朗和以色列再次爆發衝突，地緣政治風險也加劇

contributing to a spike in oil prices. Governments are shifting towards more protection policies.

導致油價飆升。各國政府正轉向採取更多保護政策。

That said, the actual impact so far has been lower than initially expected.

儘管如此，迄今為止的實際影響低於最初的預期。

In Latin America, the picture remains broadly resilient. Consumption continues to drive growth

在拉丁美洲，整體情勢依然保持韌性。消費持續推動成長

while investment lags. The IMF expects regional growth to ease slightly in 2025, mainly due to

而投資則落後。國際貨幣基金組織預計，2025 年該地區經濟成長將略有放緩，主要原因是

slower activity in Brazil and Mexico. In contrast, several economies such as Colombia, Chile,

巴西和墨西哥的經濟活動放緩。相較之下，哥倫比亞、智利等幾個經濟體

Panama, Costa Rica and Guatemala are expected to accelerate their growth trajectory in the

預計巴拿馬、哥斯大黎加和瓜地馬拉將加速其成長軌跡

second half of this year. [ Global ] vulnerabilities remain a key risk in a high interest rate

今年下半年。 [全球]脆弱性仍然是高利率的關鍵風險

environment. That said, trade shifts and low regional tariff offer new opportunities for Latin

環境。儘管如此，貿易轉移和低區域關稅為拉丁美洲提供了新的機會

America, particularly in manufacturing and exports. Also, remittance flows remained stronger

美國，尤其是製造業和出口業。此外，匯款流動依然強勁

than anticipated, with many countries still seeing double-digit growth here.

高於預期，許多國家仍實現兩位數成長。

In general, Latin America's fundamentals remain solid. In this context, as a regionally focused

整體而言，拉丁美洲的基本面依然穩固。在此背景下，作為區域重點

institution, Bladex is well positioned to support clients navigating this environment through a

作為一個機構，Bladex 能夠透過以下方式為客戶提供支援：

disciplined credit execution and deep experience in cross-border flow. We remain cautious and

嚴謹的信貸執行和豐富的跨境流動經驗。我們保持謹慎，

at the same time, constantly evaluating opportunities with an attractive risk/reward balance.

同時，不斷評估具有吸引力的風險/回報平衡的機會。

Let me now quickly update you on the execution of our strategic plan. Exactly 1 year ago, we

現在讓我快速向你們通報一下我們戰略計劃的執行情況。就在一年前，我們

announced our partnership with CGI, a global leader in trade finance technology. The plan was

宣布與貿易融資技術領域的全球領導者 CGI 建立合作夥伴關係。該計劃是

to implement a new digital platform to modernize our trade operations, particularly our

實施新的數位平台，實現貿易運營現代化，特別是

management of letters of credit and working capital solutions. At the time, we share our

信用證管理和營運資金解決方案。當時，我們分享我們的

intentions to roll out this solution within a 12-month timeline.

打算在 12 個月內推出解決方案。

Today, I'm proud to report that we have delivered exactly as promised. 12 months later with

今天，我很自豪地宣布，我們完全按照承諾完成了任務。 12 個月後

flawless execution and no delays the platform is fully up and running. This was a complex and

完美執行，無延遲，平台完全啟動並運行。這是一個複雜且

very demanding IT project that was run by our project management office. The project

這是一個要求非常高的 IT 項目，由我們的專案管理辦公室負責管理。專案

involved more than 50 professionals across the organization, working in close collaboration with

涉及整個組織 50 多位專業人員，與

our vendor. Final testing was successfully completed during the second quarter of this year. We

我們的供應商。最終測試已於今年第二季成功完成。我們

rolled out the platform to a group of pilot clients in July, and today, we're operating entirely on

7 月我們向一群試點客戶推出了該平台，如今，我們完全依靠

the new system. I want to recognize the dedication and professionalism of the entire team.

新系統。我要表彰整個團隊的奉獻精神和專業精神。

But this is not just a system upgrade. It marks the beginning of a new era for Bladex in

但這不僅僅是一次系統升級。這標誌著 Bladex 新時代的開始

additional transformation of its trade finance operations. Our new trade platform significantly

進一步轉型其貿易融資業務。我們的新貿易平台顯著

enhances our efficiency, our security and the client experience and reinforces our commitment

提高我們的效率、安全性和客戶體驗，並加強我們的承諾

to offering world-class solutions to our clients across the region. We are now entering a

為整個地區的客戶提供世界一流的解決方案。我們現在進入一個

transition phase where new trade operations are already being processed through the new

過渡階段，新的貿易業務已經通過新的

platform, while existing transactions will naturally run their course in the legacy system. As this

平台，而現有交易將自然地在遺留系統中運作。就像這樣

transition occurs, we expect the platform to reach full operational capacity over the next 18

過渡完成後，我們預計該平台將在未來 18 年內達到全面營運能力

months, gradually becoming the backbone of our trade finance offering.

幾個月來，逐漸成為我們貿易融資服務的支柱。

Before we move to the Q&A, let me close by saying that we are pleased with how the year

在進入問答環節之前，我想最後說一句，我們對今年的

overall is unfolding. Our results for the first half of the year gives us confidence to reaffirm our

總體正在展開。我們上半年的業績讓我們有信心重申我們的

full year guidance, and we remain optimistic about the outlook for the second half. The

全年業績指引，我們對下半年前景依然樂觀。這

fundamentals across the region remain constructive our pipeline is stronger than ever. Bladex is

整個地區的基本面仍然良好，我們的管道比以往任何時候都更加強大。Bladex 是

well positioned to continue delivering solid, consistent results. With that, let's now open the line

能持續提供穩定、一致的成果。好了，現在我們來開線吧

for questions.

以解答疑問。

(operator instruction)

（操作員指令）

Ricardo Buchpiguel with BTG.

Ricardo Buchpiguel 與 BTG。

Hi everyone, and congrats on the solid quarter.I have two questions here on my side. This was a particularly strong quarter for syndication

大家好，恭喜本季業績穩健。我有兩個問題。本季聯合組織表現尤為強勁

fees, as you mentioned. So it would be interesting to hear exactly what drove this strong

費用，正如您所提到的。因此，想知道究竟是什麼推動了這種強勁的

performance in this line, if there is something in terms of market conditions that helped a little

在這領域的表現，如果市場條件有什麼幫助的話

bit in this quarter? And why should we expect going forward, especially because considering

本季有一點？為什麼我們應該期待未來，特別是考慮到

the second half of the year is usually a bit stronger in the syndication line.

下半年的聯合經營通常會更強勁一些。

And for my second question, back in Q1 conference call, you guys mentioned that you're

我的第二個問題是，在第一季電話會議上，你們提到

already expecting some widening of spreads following terms Liberation Day. And we did see

人們已經預計，在解放日之後，利差將會有所擴大。我們確實看到了

that in future results, right? But since then, markets have come down quite a bit, and I would

那會是未來的結果，對嗎？但自那以後，市場已經下跌了不少，我會

like to hear your take on how you're seeing the competitive environment now, especially with

想聽聽你對現在競爭環境的看法，尤其是

more active capital markets towards the second half of the year and whether we should see or

下半年資本市場是否會更加活躍，以及我們是否應該看到

expect spread tightening in the coming quarters pressing a little bit more of NIM

預計未來幾季利差將收窄，NIM 壓力將進一步加大

Thank you, Ricardo, for your question. A few things here. I'm going to answer the first question

里卡多，謝謝你的提問。這裡有幾件事。我要回答第一個問題

and then turn it over to Sam, our Chief Commercial Officer, to answer the spreads question.

然後將其交給我們的首席商務官 Sam 來回答利差問題。

But as far as the results and how sustainable -- the record results include, as we said, this oneoff transaction that had exceptional syndication and structuring fees. But as I said before, even

但就結果及其可持續性而言——正如我們所說，創紀錄的結果包括這項具有特殊銀團和結構費用的一次性交易。但正如我之前所說，即使

if you include that, exclude that transaction, we would have had a record quarter anyways. So I

如果算上那筆交易，不包括那筆交易，我們無論如何都會有一個創紀錄的季度。所以我

think the ROE would have been close to 17% even without that transaction.

我認為即使沒有那筆交易，ROE 也會接近 17%。

Now if you zoom out and look at this bank over the last 3.5 years, what you see is a systematic

現在，如果你把目光放遠，看看這家銀行過去 3.5 年的情況，你會看到一個系統性的

increase in fee income not only in nominal terms but also as a percentage of total [ earnings],

費用收入不僅在名義上增加，而且在總收入中所佔百分比也增加[ 收益 ]，

which is exactly -- which it was exactly the idea and will continue to be the idea. Remember

這正是——這正是我們的想法，並將繼續是這個想法。記住

that you have a bank Ricardo, that has essentially a match book, and we'll continue to have a

你有一家里卡多銀行，它基本上有一本火柴書，我們將繼續擁有

match. And that has floating rates on both sides of the balance sheet. So the whole idea of this

匹配。資產負債表的兩邊都實施浮動利率。所以整個想法

plan is to make our results less dependent on market rates. And so fees is basically the name

我們的計劃是讓我們的結果更少依賴市場利率。所以費用基本上就是名稱

of the game.

遊戲的。

In our case, as a Trade Bank, the letter of credit fees are essential, and that's why we have

就我們而言，作為一家貿易銀行，信用證費用是必不可少的，這就是為什麼我們有

invested in this platform that's going to start scaling soon. So in other words, I'm not ready to

投資這個即將開始擴展的平台。換句話說，我還沒準備好

give you exact guidance for 2026. I mean it will depend on market rates among other things.

為您提供 2026 年的準確指導。我的意思是這將取決於市場利率等因素。

What I can tell you is that we see we still see substantial potential in basically all of our

我可以告訴你的是，我們仍然看到我們基本上所有

business lines as we keep scaling the bank in the future. Sam, do you want to tackle the

隨著我們未來不斷擴大銀行規模，我們將持續拓展業務線。山姆，你想解決

spreads question?

傳播問題？

Yes. Well, in terms of market conditions, I think the market continues to be pretty liquid and

是的。嗯，就市場狀況而言，我認為市場仍然流動性很強，

competitive. But this has been, I would say, business as usual for us this year, and yet we

競爭的。但我想說，今年我們的業務一切如常，然而我們

continue to grow profitably. We see more margin pressure definitely on the FI lending market.

持續獲利成長。我們看到金融機構貸款市場的保證金壓力確實增加了。

And we so far have been able to compensate with higher spreads on the structured trade and

到目前為止，我們已經能夠透過結構化交易的更高利差來彌補

working capital business as we continue to roll out new solutions. I think I see more

隨著我們繼續推出新的解決方案，營運資金業務。我想我看到了更多

stabilization on the -- for short-term margins. And for the rest of the year, we don't expect

短期利潤率的穩定。在今年餘下的時間裡，我們預計

major changes. I think there could be maybe some upside in case of -- the trade wars

重大變化。我認為，如果發生貿易戰，可能會有一些好處

continue. But so far, we haven't seen such trade wars affecting so much the margins.

繼續。但到目前為止，我們還沒有看到這樣的貿易戰對利潤率產生如此大的影響。

Very, very clear. And with that you guys mentioned, would it make sense to expect you guys

非常非常清楚。你們提到了這一點，那麼期待你們這樣做是否有意義呢？

approaching closer to the top end of the guidance or even surprising a little bit at the top end

接近指導的上限，甚至略微超出指導上限

of the guidance in terms of ROE given that you already delivered a lot in the first half of the

鑑於你們在上半年已經取得了很多成果，因此在 ROE 方面的指導

year. And right now, the guidance is implying like a big deceleration in terms of bottom line.

年。而目前，該指引暗示底線將大幅減速。

Yes, for sure. We're going to be very close to the guidance. But if some, we're going to be

是的，當然。我們將非常接近指導。但如果有的話，我們將會

closer to the upper end of our guidance. Remember that the amortization of the platforms will

更接近我們指導的上限。請記住，平台的攤銷將

start in the second quarter, but it seems like they're going to be -- today, what I can say is it

從第二季開始，但看起來他們將會——今天，我能說的是

seems like we're going to be slightly above our guidance.

看起來我們的業績將略高於我們的預期。

Very clear.

非常清楚。

Thank you.

謝謝。

Santiago Martinez with CrediCorp.

CrediCorp Santiago Martinez 的。

Congratulations for these results. I have 2 questions on my side. The second one -- the first

祝賀這些成果。我有兩個問題。第二個——第一個

one, sorry, is regarding if we should observe an increase in fees and letters of credit in the

一個，抱歉，是關於我們是否應該觀察到費用和信用證的增加

upcoming quarters due to the new platform of letter of credit? And how much could this

即將到來的幾季是否會因新的信用證平台而受到影響？這能帶來多少

increase in terms of fees and profitability?

費用和獲利能力是否會增加？

And then the second question is, how do you perceive the current uncertainty in global trade as

第二個問題是，您如何看待當前全球貿易的不確定性？

it impacted loan demand in different sectors and countries?

它對不同產業和國家的貸款需求有影響嗎？

Thank you, Santiago. Good question. As far as the letters of credit and the new trade platform,

謝謝你，聖地牙哥。好問題。就信用證和新的貿易平台而言，

I mean, the point here is that there's a big upside in processing smaller transactions with better

我的意思是，用更好的方式處理小額交易有很大的好處

margins. And that will be from both existing clients and also new clients. I mean the new

邊距。這既包括現有客戶，也包括新客戶。我的意思是新的

platform will allow us to do that in a cost-efficient manner with much better service with a new

平台將使我們能夠以經濟高效的方式做到這一點，並提供更好的服務，

digital client interface, but also reducing operational risk. So over the medium term, you're

數位化客戶端介面，同時也降低了營運風險。因此從中期來看，你

going to see significant increase in transactional volume and better margins.

交易量將大幅增加，利潤率也將提高。

We do anticipate a reduction in the average ticket size. But the overall strategy is focused on

我們確實預計平均票價會減少。但總體戰略重點是

scaling the business through higher transaction throughput. The platform is now live, and we

透過更高的交易吞吐量來擴展業務。該平台現已上線，我們

anticipate, as I said, the depreciation expenses to start impacting costs now. But LCs are a very

正如我所說，預計折舊費用現在將開始影響成本。但信用證是一個非常

profitable business, especially given its low capital consumption. And this is, for sure, an

有利可圖的業務，特別是考慮到其資本消耗低。這無疑是

important strategic investment, but we expect it to pay off within 18 months. So it's going to be

這是一項重要的策略投資，但我們預計它將在 18 個月內獲得回報。所以這將是

it's a very straightforward business case. Do you want to tackle the second one, Sam?

這是一個非常簡單的商業案例。你想解決第二個問題嗎，山姆？

Yes. I think it's pretty straightforward. So far, we have not seen so much affection in volume,

是的。我認為這很簡單。到目前為止，我們還沒有看到如此大的影響，

given the volume or pricing, given the new tariffs. I think, I mean, we're speaking with our

考慮到數量或定價，考慮到新的關稅。我認為，我的意思是，我們正在與我們的

clients on a daily basis about that. I think the important thing, everybody is preparing to

每天都會向客戶通報此事。我認為重要的是，每個人都在準備

reroute their -- I mean, the region will continue to export. And if not to the U.S., to other

重新安排路線——我的意思是，該地區將繼續出口。如果不是美國，那麼

regions, most of what comes from it is commodities and commodities can be, let's say, it's easier to reroute them. And the demand, I would say, at least in the short term, the demand for financing such exports will

地區，其中大部分來自商品，而商品可以，比方說，更容易重新路由它們。我想說，至少在短期內，對此類出口的融資需求將

should be there. I think on the long term, then yes, I think it's something that we're evaluating

應該在那裡。我認為從長遠來看，是的，我認為這是我們正在評估的事情

and also preparing for. But we don't know how it's going to be.

並且還準備。但我們不知道事情將會如何發展。

And just to make, considering the record fee income and the expected pipeline in syndication

考慮到創紀錄的費用收入和預期的聯合管道

fees for the upcoming quarters, can we still consider net fees at current levels? Or how

對於即將到來的幾個季度的費用，我們還能考慮當前水準的淨費用嗎？或如何

sustainable is these quarters in terms of fees?

從費用方面來看這些宿舍是否可持續？

So in terms of so you have basically 2 fees. You have syndication fees. You have that one-off

因此，從根本上來說，您有 2 項費用。您需支付聯合費用。你有一次性

transaction that is very meaningful. We do have a very strong pipeline. As I said, in

這是一次非常有意義的交易。我們確實擁有非常強大的管道。正如我所說，

syndications, I would say, stronger than ever. Perhaps not with transactions not as big as this

我想說，辛迪加組織比以往任何時候都更強大。如果交易規模沒有這麼大，也許就不會了

$1.6 billion transaction, but steady and healthy pipeline. And as far as the letters of credit fees,

交易額為 16 億美元，但管道穩定且健康。至於信用證費用，

I mean, you've seen I mean, they're up 20% from last year. And as the platform starts

我的意思是，你已經看到了，它們比去年增長了 20%。隨著平台的啟動

rolling out and we're including new clients from different segments, then you will see sustained

推出，並納入來自不同領域的新客戶，那麼你將看到持續的

increase in letters of credit fees as well.

信用證費用也增加。

Thank you so much.

太感謝了。

Our next question comes in written form by Jeffrey Oto and it's the following. Congratulations

我們的下一個問題來自 Jeffrey Oto 的書面形式，內容如下。恭喜

on the continued execution of your growth plan. Expanding into factoring accounts receivable

繼續執行您的成長計劃。拓展應收帳款保理業務

financing has been mentioned by Bladex in the past. It will seem to be a natural niche for

Bladex 過去曾提到融資。這似乎是一個自然的利基市場

Bladex. Is the bank making an effort to expand in this space? And if so, do you expect this to

Bladex。該銀行是否正在努力擴大這一領域？如果是這樣，你認為這

become a meaningful profit center?

成為一個有意義的利潤中心？

Yes. Let me yes, very good question. And factoring is obviously an essential part of our

是的。是的，這是非常好的問題。顯然，保理是我們業務的重要組成部分

working capital solutions strategy. It is a natural fit. Sam, I don't know if you want to give some

營運資金解決策略。這是天作之合。山姆，我不知道你是否想給一些

color on because we've done some we've made some progress already there.

上色，因為我們已經做了一些，並且已經取得了一些進展。

Yes. We have been putting a lot of resources to grow the business, not only through single

是的。我們投入了大量資源來發展業務，不僅僅是透過單一

invoice discounting, but also portfolio solutions as securitization and other forms of portfolio

發票貼現，以及證券化等投資組合解決方案和其他形式的投資組合

discounts. This is a growing business for us, and we see ample room for growth in the many

折扣。這對我們來說是一個不斷成長的業務，我們看到許多方面都有充足的成長空間

countries that we operate. This is a common need from our clients, let's say, the sell side of

我們經營的國家。這是我們的客戶的共同需求，例如賣方

their accounts, short-term working capital. And yes, there is definitely focus to grow that in the

他們的帳戶，短期營運資金。是的，我們確實致力於發展

short and the medium run.

短期和中期。

Not only I would say I would add only not only international factoring, but also potentially in

我不僅會說我會添加國際保理，而且可能還會添加

local currency as long as we don't run any FX risk, and there are some ways to hedge that. But

只要我們不承擔任何外匯風險，我們就可以接受當地貨幣，並且有一些方法可以對沖這種風險。但

there are some markets where the regulation favors the synthetic factoring. So we're looking

有些市場對合成保理的監管較為有利。所以我們正在尋找

into that, yes.

是的。

Our next question comes from Ricardo Vallarino. Congratulations once again on a magnificent

我們的下一個問題來自里卡多·瓦拉里諾 (Ricardo Vallarino)。再次恭喜你取得如此輝煌的

quarter, both ROE and the efficiency ratio at record levels. How should see these 2 in the near

本季度，淨資產收益率和效益比率均創歷史新高。近期應該如何看待這兩個

and midterm outlook?

以及中期展望？

Thank you, Ricardo. I think we tackled that question before. These are record results. They are

謝謝你，里卡多。我想我們之前已經解決過這個問題了。這些都是創紀錄的成績。他們是

impacted by this one-off transaction. They would have been record results anyway even

受此一次性交易的影響。無論如何，他們都會取得創紀錄的成績，

without accounting for that transaction. As far as the guidance for the year, we expect for sure

不對該交易進行核算。就今年的指導而言，我們肯定預計

to be below I mean, better than the efficiency guidance and for sure, in the upper end of our

低於，我的意思是，比效率指導要好，當然，在我們的上限

ROE and bottom-line results. As far as going forward, will depend on market rates, but the

ROE 和底線結果。至於未來，將取決於市場利率，但

whole idea of the plan is to make, again, this bank less dependent on market rates. So very

該計劃的整體思路是再次降低該銀行對市場利率的依賴。非常

promising.

有希望。

Okay, thank you very much. That's all the questions we have for today. I'll pass the line back to the Blax 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。我將把這個主題轉回給 Blax 團隊，請他們做最後發言。

Well, thank you everybody for the questions. Again, we see substantial potential in all of our business lines, and we look forward to having you in the next call.

好的，謝謝大家的提問。我們再次看到，我們所有業務線都具有巨大的潛力，我們期待您的下次來電。

Thank you so much.

太感謝了。

This concludes Bladek's call. You may now disconnect and have a nice day.

布萊德克的通話到此結束。現在您可以斷開連接並享受美好的一天。