Bladex Inc (BLX) 2026 Q1 法說會逐字稿

Good morning ladies and gentlemen and welcome to Bladex's first-quarter 2026 earnings conference call. A slide presentation is accompanying today's webcast and it's 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)

各位女士、先生，早安，歡迎參加 Bladex 2026 年第一季財報電話會議。今天的網路直播將搭配投影片簡報，亦可於公司網站 www.bladex.com 的投資人專區取得。（接線員指示）請注意，今天的電話會議將被錄音。（接線員指示）

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

現在我想把電話交給執行長 Jorge Salas 先生。先生，請開始。

Good morning, everyone, and thank you for joining us today to discuss Bladex' results for the first quarter of 2026. I will begin with A brief overview of our quarter, then Annette, our CFO, will walk you through the financials in greater detail.

各位早安，感謝各位今天加入我們，一同討論 Bladex 2026 年第一季的業績表現。我將先簡要概述本季表現，接著我們的財務長 Annette 會帶各位更深入檢視財務數據。

After that, I will come back with an update on strategy execution, some thoughts on the macro environment, and our outlook for the rest of the year. Finally, we will open for the line for questions. We began with a very strong quarter in terms of balance sheet growth, while maintaining solid profitability in a highly competitive environment with very tight spreads and wide open capital markets for LatAm issuers. The highlight of the quarter was the continued expansion of our commercial portfolio.

之後我會再回來更新策略執行情況、分享對總體環境的一些看法，以及我們對今年其餘時間的展望。最後，我們將開放提問。本季在資產負債表成長方面表現非常強勁，同時在高度競爭的環境下維持穩健獲利；在利差非常緊縮、且拉丁美洲發行人資本市場融資管道十分暢通的情況下尤為不易。本季亮點是我們商業投資組合的持續擴張。

We reached a record of $12 billion up 8% quarter-over-quarter and 13% year-over-year. This was fully in line with the growth path we have been discussing in previous quarters and supported by the additional capital flexibility provided by the AT1 issuance completed last year. Growth was driven mainly by medium-term transactions across Colombia, Brazil and Guatemala.

我們達到 120 億美元的歷史新高，較前一季成長 8%，較去年同期成長 13%。這完全符合我們在前幾季所討論的成長軌跡，並受惠於去年完成 AT1 發行所帶來的額外資本彈性。成長主要來自哥倫比亞、巴西與瓜地馬拉的中期交易。

On the funding side, deposits once again reached record levels, closing the quarter at $7.3 billion, up 11% quarter-over-quarter and 25% year-over-year. This strong performance was broad-based across all depositer segments with Yanke CDs standing out surpassing $1.7 billion. This reflects continued client activity, the strength of our franchise and our ability to continue growing deposits at very competitive spreads, which has also helped support margins in the current rate environment.

在資金來源方面，存款再次創下新高，本季末達 73 億美元，較前一季成長 11%，較去年同期成長 25%。這項強勁表現涵蓋所有存款人客群，其中 Yankee CD 表現突出，突破 17 億美元。這反映客戶活動持續活絡、我們特許經營的韌性，以及我們能以極具競爭力的利差持續擴大存款規模；在目前利率環境下，這也有助於支撐利潤率。

Turning to revenues. Net interest income totaled $70 million, down slightly in the quarter as the balance sheet continues to absorb the full repricing of last year's rate cuts. Latin America has been one of the more resilient regions in a volatile global environment. That has translated into strong liquidity, tighter spreads and increasing competition.

接著談收入。淨利息收入合計 7,000 萬美元，本季略為下滑，因資產負債表持續吸收去年降息所帶來的全面重訂價影響。在全球環境波動之下，拉丁美洲一直是較具韌性的地區之一。這也轉化為充裕的流動性、更緊縮的利差以及日益加劇的競爭。

Even in that context, we were able to maintain our net interest margin at 2.34% supported by disciplined balance sheet management. Strong asset growth, deposit increase and active liquidity management helped offset pressure on spreads. Fee generation in the first quarter typically runs below fourth quarter levels in our 2 main fee businesses, Letters of Credit and Syndications.

即便在此背景下，我們仍在嚴謹的資產負債表管理支持下，將淨利息利差維持在 2.34%。強勁的資產成長、存款增加與積極的流動性管理，有助於抵銷利差壓力。第一季的手續費收入通常會低於第四季，這在我們兩大手續費業務（信用狀與聯貸）中皆是如此。

So this seasonal pattern is not unusual. Importantly, when compared with the first quarter of last year, the underlying trend remains clearly positive. We continue to see healthy pipeline in fees for the second quarter, which is consistent with how activity is evolving. Expenses also reflected the usual seasonality at the start of the year.

因此，這種季節性型態並不罕見。更重要的是，與去年第一季相比，基本趨勢仍明顯向上。我們持續看到第二季手續費收入的案源管線維持健康，與目前業務活動的演變一致。費用端也反映年初常見的季節性。

That said, we do expect expenses to increase slightly over the coming quarters as we continue to execute the investment plan contemplated for the rest of the year. Efficiency levels for 2026 will remain within guidance at roughly 28%. Net income for the quarter reached $56.4 million. Return on equity was 14.2%, and our Tier 1 ratio closed the quarter at 17.9%, allowing us to continue supporting growth from a position of strength. So overall, this was a quarter of strong growth and solid profitability despite a more competitive revenue environment.

不過，隨著我們持續執行今年其餘時間所規劃的投資計畫，我們預期未來幾季費用將小幅增加。2026 年的效率水準將維持在指引範圍內，約為 28%。本季淨利達 5,640 萬美元。股東權益報酬率為 14.2%，第一類資本比率（Tier 1）季末為 17.9%，使我們能在穩健的基礎上持續支持成長。總體而言，儘管收入環境更具競爭，本季仍呈現強勁成長與穩健獲利。

With that, let me now hand it over to Annette for a more detailed review of the financial results. Annette, please go ahead.

接下來，我把時間交給 Annette，請她更詳細地回顧財務結果。Annette，請開始。

Thank you, Jorge, and good morning, everyone. Let me walk you through financial highlights for the first quarter of 2026. From a financial perspective, this quarter represents a solid start of the year. We continue to grow the balance sheet with discipline while maintaining stable profitability in a lower rate environment, supported by continued strengthening of our funding mix and solid fee generation despite first quarter seasonality.

謝謝你，Jorge，各位早安。我將帶各位回顧 2026 年第一季的財務重點。從財務角度來看，本季為今年帶來穩健的開局。在較低利率環境下，我們持續以紀律推動資產負債表成長，同時維持穩定獲利；這得益於我們資金來源組合的持續改善，以及儘管第一季具季節性因素，手續費收入仍保持穩健。

Starting with earnings and returns. Bladex delivered net income of $56.4 million, up 9% year-over-year and probably stable quarter-over-quarter, reflecting the consistency of our core earnings generation. Importantly, return on average assets remained stable at 1.8% even as we continue to grow the balance sheet. This reflects the bank's ability to expand while preserving sustainable profitability. Return on adjusted equity stood at 14.2% in line with the previous quarter and within our 2026 guidance range, reflecting stable earnings generation.

先從獲利與報酬率談起。Bladex 本季淨利為 5,640 萬美元，較去年同期成長 9%，且與前一季大致持平，反映我們核心獲利能力的穩定性。重要的是，即使我們持續擴大資產負債表，平均資產報酬率仍穩定維持在 1.8%。這反映本行在擴張的同時，仍能維持可持續的獲利能力。調整後股東權益報酬率為 14.2%，與前一季一致，且落在我們 2026 年指引區間內，反映獲利動能穩定。

As usual, first quarter results should be assessed in context. The period is typically seasonally softer, particularly for fee income. And this quarter, we operated in a lower interest rate environment which naturally play some pressure in spreads and returns. As we will see through today's presentation, despite this backdrop, our first quarter performance reflected the benefits of disciplined balance sheet growth, stable net interest income continue funding optimization and higher fee generation compared to the same period last year.

如同以往，第一季的結果需要放在脈絡中評估。該期間通常季節性較弱，尤其是手續費收入。而本季我們處於較低利率環境，這自然會對利差與報酬率帶來一些壓力。如同今天簡報將呈現的，儘管有此背景，我們第一季表現仍展現出嚴謹的資產負債表成長、穩定的淨利息收入、持續的資金來源最佳化，以及相較去年同期更高的手續費收入所帶來的效益。

Let's now turn to balance sheet growth and commercial activity. The commercial portfolio reached $12 billion, increasing 13% year-over-year with growth across both Loans and Contingencies. Within this total, loan balances closed at $9.7 billion, reflecting continued execution of our commercial pipeline, while contingent exposures reached $2.1 billion. The quarter's performance was supported by the execution of a strong pipeline of medium-term transactions, including activity originated through our structuring and distribution team.

接著看資產負債表成長與商業活動。商業投資組合達 120 億美元，較去年同期成長 13%，貸款與或有項目均有成長。在此總額中，貸款餘額季末為 97 億美元，反映我們持續落實商業案源管線；或有曝險達 21 億美元。本季表現受惠於一系列強勁的中期交易案源之執行，其中包括由我們的結構設計與分銷團隊所承作的業務活動。

At the same time, our focus remains on selective origination and efficient capital rotation with 64% of our exposures maturing in less than 1 year. Supporting flexibility, disciplined risk management and repricing capacity.

同時，我們仍聚焦於選擇性承作與高效率的資本輪轉，其中 64% 的曝險在 1 年內到期。以支持彈性、嚴謹的風險管理與重訂價能力。

From a composition perspective, diversification remains a key strength. Country exposures are well distributed with no single country representing more than 15% of total exposure. Guatemala, Brazil, Colombia and Mexico remain among our main markets, while the overall mix reflects a balanced regional footprint.

就組成而言，多元分散仍是關鍵優勢。各國曝險分布良好，沒有任何單一國家占總曝險超過 15%。瓜地馬拉、巴西、哥倫比亞與墨西哥仍是我們的主要市場之一，而整體組合反映出均衡的區域布局。

Industry diversification also remains strong. Financial institutions represent 25% of total exposure, while corporate lending is well spread across sectors linked to regional economic activity and trade flows. Starting this quarter, our commercial exposure include a small bond position, focused on LatAm issuers, recorded at fair value through OCI, totaling $234 million. This represents a tactical capital deployment tool, allowing us to selectively capture opportunities within our existing credit framework while continuing to prioritize loan growth.

產業分散度也依然強勁。金融機構占總曝險 25%，而企業放款則分散於與區域經濟活動及貿易流量相關的各產業。自本季起，我們的商業曝險包含一小部分債券部位，聚焦於拉丁美洲發行人，並以透過 OCI 按公允價值衡量入帳，總額為 2.34 億美元。這是一項戰術性的資本配置工具，使我們能在既有的授信框架內選擇性掌握機會，同時仍以貸款成長為優先。

The fair value OCI classification also provides flexibility to manage these positions over time, including adjusting exposures as credit or market conditions evolve consistent with our risk-adjusted returns objectives. With that, let me now turn to liquidity and the investment portfolio. As we continue to grow the balance sheet, maintaining a strong liquidity position remains a key part of our funding and risk management discipline.

以公允價值計入其他綜合收益（OCI）的分類亦提供彈性，使我們能隨時間管理這些部位，包括在信用或市場狀況演變時調整曝險，並與我們追求風險調整後報酬的目標一致。接下來，我轉到流動性與投資組合。隨著我們持續擴大資產負債表，維持強健的流動性部位仍是我們資金籌措與風險管理紀律的關鍵一環。

At quarter end, liquid assets, $2 billion, representing 14.5% of total assets. remaining well within regulatory requirements and providing flexibility to support commercial growth while preserving prudent liquidity buffers. The composition of liquidity remains highly conservative, with around 80% placed at the Federal Reserve Bank of New York and the remainder primarily held with high-quality counter parties and multilateral institutions.

截至季度末，流動性資產為20億美元，占總資產的14.5%，仍遠在監管要求範圍內，並在保留審慎流動性緩衝的同時，提供支援商業成長的彈性。流動性組成仍高度保守，約80%存放於紐約聯邦準備銀行，其餘主要持有於高品質交易對手及多邊機構。

The treasury investment portfolio closed the quarter at $1.44 billion, increasing 14% year-over-year. The investment book remained 96% investment grade. Geographically diversified outside Latin America and short in duration with an average maturity of approximately 1.5 years. These characteristics make it a strong complement to our liquidity structure, providing earnings support and contingent funding capacity as these securities are eligible for access to the Federal Reserve Discount Window through our New York agency.

財資投資組合於本季末為14.4億美元，年增14%。投資組合仍有96%為投資等級。在拉丁美洲以外具地理分散性，且存續期間偏短，平均到期約1.5年。這些特性使其成為我們流動性架構的有力補充，提供獲利支撐與或有資金籌措能力，因為這些證券可透過我們的紐約代理行，符合使用聯準會貼現窗口（Discount Window）的資格。

Overall, liquidity and investment continue to provide flexibility, resilience and earnings support as we grow the balance sheet. Turning to asset quality. Credit quality remains strong and stable, consistent with the bank's disciplined approach to origination, underwriting and ongoing monitoring. At quarter end, total credit exposure reached $13.5 billion, with the vast majority remaining in Stage 1, representing 97.5% of total exposure. Stage 2 exposures represented 2.2% or approximately $300 million, while Stage 3 remained minimal at 0.3% or around $39 million.

整體而言，流動性與投資在我們擴大資產負債表的同時，持續提供彈性、韌性與獲利支撐。接著談資產品質。信用品質仍然強勁且穩定，符合本行在承作、授信審查與持續監控方面的紀律作法。截至季度末，總信用曝險達135億美元，其中絕大多數仍屬第1階段（Stage 1），占總曝險的97.5%。第2階段（Stage 2）曝險占2.2%或約3億美元，而第3階段（Stage 3）仍極少，占0.3%或約3,900萬美元。

This continues to reflect the high quality profile of the credit book. From a reserve perspective, total allowances reached $112 million with a coverage ratio of 0.83%, broadly stable compared to the previous quarter. In addition, coverage of impaired credit remained strong at 2.9x, reflecting a prudent reserve position. The increase in Stage 2 during the quarter primarily reflects our proactive credit assessment of selected exposures in the context of a somewhat more challenging operating environment.

這持續反映信用組合的高品質特徵。從備抵角度來看，總備抵達1.12億美元，覆蓋率為0.83%，與前一季大致持平。此外，對減損信用的覆蓋倍數仍維持強勁，達2.9倍，反映審慎的備抵水準。本季第2階段增加，主要反映在營運環境略為更具挑戰的背景下，我們對部分曝險進行主動式信用評估。

Importantly, impaired credits remained stable and no material credit events were recorded during the quarter. Asset quality, therefore, remains a core strength of the bank, supported by high quality exposures for reserve coverage and continued proactive risk management. Let's now move to the funding side of the balance sheet. We continue to see strong momentum in deposit growth, which remains the foundation of our funding strategy.

重要的是，減損信用維持穩定，本季未記錄任何重大信用事件。因此，資產品質仍是本行的核心優勢，並由高品質曝險、充足的備抵覆蓋及持續主動的風險管理所支撐。接下來我們轉到資產負債表的負債端。我們持續看到存款成長的強勁動能，而存款仍是我們資金策略的基礎。

Deposits reached a record level of $7.3 billion, representing 63% total funding, increasing both in scale and relevance within our liability structure. Growth was broad-based, driven by corporate deposit, financial institutions and multilateral clients, while Class A shareholder deposits continue to provide a stable and efficient anchor.

存款達到73億美元的歷史新高，占總資金來源的63%，在我們的負債結構中規模與重要性皆提升。成長動能廣泛，主要由企業存款、金融機構及多邊客戶帶動，同時A類股東存款持續提供穩定且高效率的支柱。

In addition, Yankee CDs reached a record level of $1.7 billion, further enhancing the diversification and duration of our deposit base. As a result, Deposits continue to support balance sheet growth through a more stable and cost-efficient funding structure, which remain an important driver of our ability to sustain margins within our guidance expectation. Beyond deposits, we continue to actively diversify our medium-term funding sources.

此外，Yankee定期存單（CD）達到17億美元的歷史新高，進一步提升我們存款基礎的多元化與存續期間。因此，存款持續以更穩定且成本效率更高的資金結構支援資產負債表成長，並仍是我們在指引預期內維持利差能力的重要驅動因素。除存款之外，我們也持續積極分散中期資金來源。

During the quarter, we executed an additional tranche under our Middle Eastern syndicated loan alongside other bilateral transactions further expanding our investor base. Recently, we completed another successful issuance in the Mexican market of roughly $250 million, which was flat into US dollars at a cost well over within our US dollar curve. This transaction reflects our continued access to diversified funding resources as well as our ability to capture attractive opportunities while optimizing cost of funds.

本季期間，我們在中東聯貸案下再執行一個額外分段（tranche），並搭配其他雙邊交易，進一步擴大投資人基礎。近期，我們亦在墨西哥市場完成另一筆成功發行，規模約2.5億美元，並以美元平盤換匯（flat into US dollars），其成本遠在我們美元利率曲線之內。此交易反映我們持續可取得多元化資金資源，以及在最佳化資金成本的同時把握具吸引力機會的能力。

This quarter results show continued progress in strengthening the liability side of the balance sheet. Improving quality, diversification and duration of our funding while reinforcing the role of deposits in supporting both margins, sustainability and balance sheet growth.

本季結果顯示，我們在強化資產負債表負債端方面持續取得進展。提升資金品質、多元化與存續期間，同時強化存款在支撐利差、永續性與資產負債表成長方面的角色。

Let me now turn to Capital. Our capital position remains strong and well above our target levels, providing ample capacity to support continued balance sheet growth. At quarter end, our Basel III Tier 1 ratio increased to 17.9% from 17.4% at year-end 2025. While our regulatory capital adequacy ratio under Panama's banking framework stood at 14.7%, well above the regulatory minimum. It is important to note that these 2 ratios are based on different methodologies and therefore, do not necessarily move in the same direction quarter-to-quarter.

接下來談資本。我們的資本水準仍然強勁，且遠高於目標水準，提供充足能力以支援資產負債表持續成長。截至季度末，我們的巴塞爾協定III第一類資本比率（Tier 1）由2025年末的17.4%上升至17.9%。同時，在巴拿馬銀行監理架構下的法定資本適足率為14.7%，亦遠高於法定最低要求。需要注意的是，這兩項比率基於不同方法計算，因此不一定會在各季度朝同一方向變動。

The Panama regulatory ratio follows a more standardized framework, while the Basel III ratio is more risk sensitive and better capture changes in the underlying risk profile of our exposures. In the first quarter, the increase in the Basel III ratio was driven mainly by lower risk-weighted asset intensity, reflecting the regular provision of our internal risk parameters, incorporating the continued strong performance of the credit book.

巴拿馬監理比率採用較標準化的架構，而巴塞爾協定III比率對風險更敏感，且能更好地反映我們曝險底層風險輪廓的變化。第一季巴塞爾協定III比率上升，主要由風險加權資產強度下降所帶動，反映我們定期更新內部風險參數，並納入信用組合持續強勁的表現。

Looking ahead, we continue to expect disciplined capital deployment through 2026, in line with our broader strategic execution. As capital is deployed, we will expect Basel III Tier 1 ratio to gradually move towards our 15% to 16% Tier 1 guidance range, which remains the appropriate operating level for the bank.

展望未來，我們仍預期在2026年前維持審慎的資本配置，並與更廣泛的策略執行一致。隨著資本逐步投入，我們預期巴塞爾協定III第一類資本比率將逐步朝我們15%至16%的Tier 1指引區間靠攏，而該區間仍是本行適當的營運水準。

Our capital position remains strong and continues to provide ample capacity to support growth while preserving balance sheet resilience. Moving now to Net Interest Margins and Spreads. During the quarter, net interest margin stood at 2.34% ehile net interest spread was 1.69% reflecting resilient performance in what remains a challenging rate environment.

我們的資本部位仍然強勁，並持續提供充足能力以支援成長，同時維持資產負債表韌性。接著談淨利息收益率（NIM）與利差（Spreads）。本季淨利息收益率為2.34%，而淨利息利差為1.69%，在仍具挑戰的利率環境下展現具韌性的表現。

Margins continue to be shaped by several dynamics, the rate cuts implemented in the fourth quarter of 2025, had some impact on NIM while ample market liquidity and strong competition or quality assets continue to pressure loan pricing particularly in short-term lending.

利差仍受多項動態影響：2025年第四季實施的降息對NIM造成一定影響；同時，市場流動性充裕以及對優質資產的激烈競爭，持續壓抑放款定價，特別是在短期放款方面。

In addition, while loan averages balances remain abruptly stable, supporting consistent net interest income, most of the incremental balance growth was concentrated towards the end of the quarter. Therefore, the earnings contribution from this growth was only partially captured in the first quarter NII with a fuller impact expected to be reflected in subsequent periods. At the same time, these pressures have been partially offset by the execution of medium-term transactions, which contribute to a more stable margin and support overall asset yields.

此外，雖然放款平均餘額仍大致穩定，支撐淨利息收入的穩定性，但新增的餘額成長多集中在季度末。因此，這部分成長對獲利的貢獻僅部分反映在第一季的淨利息收入（NII）中，預期在後續期間將更完整體現。同時，這些壓力已部分被中期交易的執行所抵銷，該等交易有助於利差更穩定並支撐整體資產收益率。

On the liability side, continued deposit growth helped support balance sheet growth more efficiently, reinforcing a more stable and cost-efficient funding structure. Taken together, these factors demonstrate the resilience of our margin performance and the benefits of actively managing both sides of the balance sheet.

在負債端，存款持續成長有助於以更有效率的方式支援資產負債表成長，強化更穩定且成本效率更高的資金結構。綜合而言，這些因素展現我們利差表現的韌性，以及主動管理資產負債表兩端所帶來的效益。

Let me now turn to fee income. In the first quarter, fees and commissions reached $13.1 million, up 24% year-over-year despite this being a seasonally softer period for fee generation. Letter of credit and guarantee remain the main source of fees, generating $7.4 million in the quarter. This activity remains closely tied to our corporate finance business. First quarter was affected by seasonality, but we see a good momentum as we move to the second quarter, supported by higher transaction volumes and the increasing but gradual benefits of our trade platform.

接下來談手續費收入。第一季手續費及佣金收入達1,310萬美元，年增24%，儘管第一季通常是手續費產生較具季節性偏弱的期間。信用狀與保函仍為主要手續費來源，本季貢獻740萬美元。此項業務仍與我們的企業金融業務密切相關。第一季受季節性影響，但隨著我們進入第二季，在交易量提升以及貿易平台效益逐步顯現的支撐下，我們看到良好的動能。

Credit commitments and other commissions were another important contributor, reaching $2.7 million, more than doubling compared to the same period last year. This reflects the growing relevance of medium-term transactions and committed facilities within our client offering. Our structuring and distribution team also continued to contribute to fee income, generating $3.1 million during the quarter, supported by two transactions closed in Costa Rica and Colombia.

信用承諾及其他佣金亦是另一項重要貢獻來源，達到270萬美元，較去年同期增加逾一倍。這反映出中期交易與承諾額度在我們客戶方案中的重要性日益提升。我們的結構設計與分銷團隊亦持續貢獻手續費收入，本季在哥斯大黎加與哥倫比亞完成兩筆交易的支持下，創造了310萬美元。

Importantly, this was achieved despite some transactions closing shifting from the first quarter into the second quarter. While fee recognition in this business can vary depending on execution timing, the syndicated loan pipeline remains solid. In addition, client derivatives are a part of our strategy to further diversify non-interest income. We are seeing growing client demand, particularly in connection with transaction execution. The pipeline remains active. And while the timing of individual transactions may shift across quarters, we expect this business to begin contributing more visibly as execution builds over the upcoming quarters.

值得注意的是，這是在部分交易結案時間由第一季延後至第二季的情況下達成的。雖然此業務的手續費認列會因執行時點而有所波動，但聯貸案源仍然穩健。此外，客戶衍生性商品亦是我們進一步分散非利息收入的策略之一。我們看到客戶需求持續增加，特別是與交易執行相關的需求。案源仍然活躍。儘管個別交易時點可能跨季移動，我們預期隨著未來幾季執行量提升，該業務將開始更明顯地貢獻收入。

Taken together, fee income continues to show solid growth and increasing diversification, supported by trade-related activity, committed facilities and structuring capabilities with gradual contribution from client derivatives as activity builds through the year. To close, let me turn to operating expenses and efficiency. Operating expenses for the quarter were $22 million, reflecting the usual first quarter seasonality, while also incorporating the impact of the strategic initiatives that have moved into production, including higher depreciation, IT-related expenses and the talent required to support execution.

綜合而言，手續費收入持續展現穩健成長與更高的多元化，受貿易相關活動、承諾額度與結構設計能力所支撐，並隨著全年活動逐步增加，客戶衍生性商品亦將逐步貢獻。最後，我轉到營運費用與效率。本季營運費用為2,200萬美元，反映第一季一貫的季節性，同時也納入已進入上線階段之策略性計畫的影響，包括較高的折舊、資訊科技相關費用，以及支援執行所需的人才投入。

In that context, the first quarter expense base reflects the operating impact of initiatives already underway. The efficiency ratio for the quarter was 26.5%, remaining well aligned with our full year guidance of approximately 28% and reflecting the bank's ability to absorb strategic investment while maintaining cost discipline. As we move through the year, we will continue investing selectively in technology capabilities, talent and execution capacity required to deliver on our strategic priorities while maintaining a strong focus on operating efficiency.

在此背景下，第一季的費用基礎反映了已在推進中的計畫所帶來的營運影響。本季效率比率為26.5%，與我們全年約28%的指引高度一致，並反映本行在維持成本紀律的同時，仍能吸收策略性投資。隨著年度推進，我們將持續有選擇地投資於技術能力、人才與執行產能，以落實策略重點，同時維持對營運效率的高度關注。

In conclusion, the first quarter reflected disciplined balance sheet growth, resilient margins, strong fee generation relative to seasonal patterns, continued funding momentum and a solid capital position.

總結而言，第一季展現了審慎的資產負債表成長、具韌性的利差、相較季節性表現強勁的手續費創造、持續的資金動能，以及穩健的資本部位。

With that, I will now turn the call back to Jorge for his closing remarks.

接下來，我把電話交回給Jorge，請他做結語。

Thank you very much, Annette. Let me briefly touch on strategy execution and make a couple of comments on the environment we're operating in. We continue to make good progress on our letters of credit platform. Processing times have consistently come down from almost 5 hours to about 1 hour per transaction. This productivity improvement has allowed us to handle smaller tickets profitably, deepen penetration with existing clients as we start to scale the letters of credit business.

非常感謝你，Annette。我簡要談一下策略執行，並就我們所處的環境補充幾點。我們在信用狀平台方面持續取得良好進展。處理時間已穩定地從接近5小時降至每筆交易約1小時。這項生產力提升使我們能夠以獲利方式承作較小額的案件，並在開始擴大信用狀業務規模之際，加深對既有客戶的滲透。

As outlined in our Investor Day last month, transactional deposits are a key component in the new phase of our strategy. In that sense, we have already onboarded our first correspondent banking client still in pilot phase, and we're currently working on the second one. We now have the governance in place to incorporate additional correspondent banking clients during the year in a disciplined way.

如同我們上月投資人日所述，交易性存款是我們策略新階段的關鍵組成。就此而言，我們已完成首家代理行（correspondent banking）客戶的導入，目前仍在試行階段，並正著手推進第二家。我們已建立相應的治理機制，以便在今年以審慎方式納入更多代理行客戶。

And we continue to see strong pipeline of interested financial institutions in the region for these services, which we see, of course, as very encouraging. Turning to the macro environment. While global geopolitical and financial conditions have clearly become more volatile, our region continues to show resilience, supported by healthy fundamentals, stable trade flows and a positive investor sentiment.

我們也持續看到區域內對這些服務有興趣的金融機構案源強勁，這當然令人非常鼓舞。接著談宏觀環境。儘管全球地緣政治與金融情勢顯然更為波動，我們所在區域仍展現韌性，受惠於健全的基本面、穩定的貿易流量與正向的投資人情緒。

The reason is clear. Latin America's direct trade exposure with the Persian Gulf is very limited and the region as a whole is a net commodity exporter. Higher commodity prices are historically beneficial for Bladex. Obviously, net commodity importers, mainly Central American and Caribbean countries, will face some headwinds.

原因很清楚。拉丁美洲與波斯灣的直接貿易曝險非常有限，且整體而言該區域是大宗商品淨出口地區。較高的大宗商品價格在歷史上對Bladex有利。當然，大宗商品淨進口國（主要為中美洲與加勒比海國家）將面臨一些逆風。

The ultimate question, of course, is how long will this last. In any case, our view is that this environment reinforces the importance of disciplined lending and highlights the value of our ability to actively adjust regional exposures given the short-term duration of our lending portfolio.

最終的問題當然是，這種情況會持續多久。無論如何，我們的看法是，這樣的環境更凸顯審慎放款的重要性，也突顯我們能夠因放款組合期限較短而主動調整區域曝險的價值。

So when we look at the year as a whole, our view remains unchanged. The first quarter was consistent with our expectations, and we continue to make progress on the strategic front that support the next phase of the bank. For that reason and based on what we have seen so far in the year, we reaffirm our full year guidance. We do so with confidence while remaining realistic about the competitive environment and the external conditions.

因此，當我們以全年角度來看，我們的觀點維持不變。第一季符合我們的預期，我們也持續在策略面取得進展，以支撐本行下一階段的發展。基於此，以及根據今年迄今所見，我們重申全年指引。我們在保持對競爭環境與外部條件的務實評估之下，仍有信心做出此重申。

With that, please open the call for questions, operator.

接下來，請接線員開放提問。

Thank you very much for the presentation. We will now begin the Q&A section for investors and analysts.

非常感謝簡報。我們現在開始投資人與分析師的問答環節。

(Operator Instructions)

(接線員指示)

Inigo Vega, Jefferies.

Inigo Vega，Jefferies。

Just a couple of comments on 2 areas. One, level of worry on the 70 bps sequential increase in Stage 2 loans in the quarter? And second, why RWAs under Basel III are down 2% quarter-on-quarter when commercial portfolio is up 80% quarter-on-quarter. Only RWAs under Panama aligned with asset growth?

我有兩個領域的簡短問題。第一，對本季第二階段（Stage 2）貸款連續季增加70個基點的擔憂程度如何？第二，為何在商業組合季增80%的情況下，巴塞爾III下的風險加權資產（RWA）卻季減2%？只有巴拿馬口徑下的RWA才與資產成長一致嗎？

Yes. Thank you, Inigo.

是的。謝謝你，Inigo。

I'll tackle the first question on asset quality, and I'm going to let Annette, our CFO, tackle the capital ratios questions. The short answer is we're not worried. Asset quality remains very strong. The Stage 2 increase reflects more of a proactive risk management approach than any deteriorations. We're just being more cautious on selected exposures, basically in Brazil. But we do expect normalization rather than deterioration going forward.

我先回答第一個關於資產品質的問題，至於資本比率的問題，我會請我們的財務長Annette來回答。簡短的答案是：我們不擔心。資產品質仍然非常強勁。第二階段的增加更多反映我們主動的風險管理作法，而非任何惡化。我們只是對部分曝險更為謹慎，基本上是在巴西。但往後我們預期會是正常化，而非惡化。

I mean the cost of risk is consistent with the disciplined underwriting of life. And that, as I always say, has not changed and will not change. Anne, do you want to talk about capital ratios?

我的意思是，風險成本與一貫審慎的授信承作一致。而且正如我常說的，這點沒有改變，也不會改變。Anne，你要談一下資本比率嗎？

Sure. Yes. As we mentioned in the call, we follow two different methodologies. One is the regulatory methodology that a bank regulated by the contingency of banks. And we also, for reference purposes, also follow Basel III Tier 1 ratio. And these are different methodologies. The Panamanian local regulator ratio is based on a more standardized approach where the exposures are assigned regulatory risk weights based on their categories.

當然。是的。如同我們在電話會議中提到的，我們採用兩種不同的方法。一種是受銀行監理機關監管之銀行所適用的監理方法。另外，作為參考，我們也追蹤巴塞爾III第一類資本（Tier 1）比率。而這兩者是不同的方法。巴拿馬當地監理比率採較標準化的方法，依曝險類別賦予監理風險權數。

While the Basel III Tier 1 ratio is more risk sensitive, it reflects more directly the underlying risk profile of the portfolio, including the borrower quality, country risk, tenor profitability of defaults and other characteristics. This is why these two ratios can move differently in a given quarter. In the first quarter, our Basel III ratio improved despite the balance sheet growth because of the Risk-Weighted Asset intensity that we had in the portfolio.

而巴塞爾III第一類資本比率對風險更敏感，能更直接反映投資組合的內在風險輪廓，包括借款人品質、國家風險、期限、違約機率的獲利性以及其他特徵。因此，這兩個比率在同一季度可能會出現不同方向的變動。在第一季，儘管資產負債表成長，我們的巴塞爾III比率仍改善，原因在於我們投資組合的風險加權資產強度（RWA intensity）。

This is reflected on the strong historical credit performance that we have that incorporated -- this was incorporated in the regular revision of our internal risk parameters. Also, the Ecuador country upgrade during the quarter also impacted the Basel III ratio. And obviously, the quality and the mix of the new exposures that we put in the balance sheet also affect the Basel III ratio.

這反映在我們一貫強勁的歷史信用表現上——而這也已納入我們內部風險參數的例行性調整之中。此外，本季厄瓜多的國家評等上調也影響了巴塞爾III比率。而且很明顯地，我們在資產負債表上新增曝險的品質與組合也會影響巴塞爾III比率。

On the other hand, the equity -- the Ecuador upgrade that was given, it is reflected in the Basel III framework, as we mentioned before, but it does not have the same impact under the Panamanian ratio. And this is one of the reasons why these two ratios behave differently from one quarter to the other. Looking ahead, however, we still expect Basel III Tier 1 ratio to gradually normalize toward our 15% to 16% target range as we continue to deploy the capital while maintaining ample capacity for disciplined expansion.

另一方面，權益——厄瓜多獲得的評等上調，如我們先前提到的，會反映在巴塞爾III架構下，但在巴拿馬比率下並不會產生相同影響。這也是為什麼這兩個比率在不同季度之間的表現會有所差異的原因之一。不過展望未來，隨著我們在維持充足且可支持紀律性擴張的能力下持續部署資本，我們仍預期巴塞爾III第一類資本比率將逐步回歸常態，朝我們15%至16%的目標區間靠攏。

I think that's it. I mean the main point is growth in assets does not necessarily imply higher capital consumption. It's more about quality and mix are critical.

我想就這些。我的意思是，重點在於資產成長不一定代表資本消耗會更高。更關鍵的是品質與組合。

Thank you.

謝謝。

Ricardo Buchpiguel, BTG.

Ricardo Buchpiguel，BTG。

Hi, everyone, and thank you for your potential of making questions. I have two here on my side. So first, as you mentioned in presentation, you saw a higher concentration of credit transactions coming out more towards the end of the quarter, which had a negative impact on NIM. So it would be helpful if you could comment on what would be the NIM like excluding this effect? Just so you can think a little bit about how is the starting point for NIM in Q2? And everyone can have their own assumption in terms of rate cut, but the baseline is also helpful.

各位好，也謝謝你們讓我有機會提問。我這邊有兩個問題。首先，如你們在簡報中提到，你們看到較高集中度的授信交易更多發生在季度末，這對淨利差（NIM）造成了負面影響。因此，如果可以的話，請評論一下若排除這個影響，NIM大概會是什麼水準？這樣我們就能更好地思考第二季（Q2）NIM的起點大概在哪裡。大家對降息幅度可以各自假設，但有一個基準也會很有幫助。

And for my second question, during the quarter, we saw a strong sequential growth in credit commitments and guarantees in the balance sheet and when we've seen the revenues, we saw a 14% quarter-over-quarter reduction, right? So it would be great if Sam could walk us through in more details how the monetization cycle of this product works and how seasonality plays out throughout the year so we can have a better color on this line. Thank you very much.

第二個問題，本季我們看到資產負債表上的授信承諾與保證出現強勁的季增，但在收入端卻看到較上季下降14%，對吧？因此，如果Sam能更詳細地帶我們了解這項產品的變現（monetization）週期如何運作，以及季節性在一年中如何呈現，將非常有幫助，讓我們對這條收入線有更清楚的脈絡。非常感謝。

Sam, do you want to talk about the commitments and then Annette will talk about NII.

Sam，你要先談承諾（commitments）嗎？然後Annette再談淨利息收入（NII）。

Sure. Thanks for the question, Ricardo. I'll start with your question on commitments, and then I can talk a little bit about the overall credit -- letters of credit and guarantees also business evolution.

好的。謝謝你的問題，Ricardo。我先回答你關於承諾的問題，接著也可以稍微談一下整體授信——信用狀與保函等業務的發展。

So our -- the commitment fees that you see there is coming from committed but unfunded exposure. that is indeed growing and is in line with the expansion of our project finance and infrastructure and syndicated loan businesses. For Project Finance and Infra, for example, it's very common that part of the facility amount will be disbursed not in one go, but rather as CapEx is being deployed.

所以，我們看到的承諾費（commitment fees）來自已承諾但尚未撥款的曝險；這確實在成長，且與我們專案融資、基礎建設以及聯貸業務的擴張一致。以專案融資與基礎建設為例，常見情況是授信額度不會一次全數撥付，而是隨著資本支出（CapEx）的投入逐步撥款。

On syndicated loans, those tends to be bigger facilities. So it's common to give the client a couple of months to fund the transaction. Also, it's -- those are commitments that will be funded in due time. There will be loans. And the commitment period in those cases is much shorter than the tenor of the actual facilities. And most importantly, of course, it generates fees and those tend to be 30% to 40% of the low margin.

至於聯貸，通常是較大的授信額度。因此，給客戶幾個月時間完成資金動用是很常見的。另外，這些——都是會在適當時間撥付的承諾。它們最終會成為放款。而在這些情況下，承諾期間通常遠短於實際授信的期限（tenor）。當然最重要的是，它會產生費用收入，而這些費用通常約為低利差（low margin）的30%到40%。

I think finally, and it's very important, the commitment fees -- the commitments that we have there, they are not to liquidity backstop facilities, which is a type of exposure that we don't like as they tend to be used when the underlying credit has deteriorated. So bottom line there is, yes, it's very much commitment fees should continue to grow as the project finance and the syndicated business grow.

最後我想說，而且非常重要的是，我們的承諾費——我們目前的這些承諾，並不是流動性備援額度（liquidity backstop facilities）；這類曝險我們不喜歡，因為通常是在底層信用惡化時才會被動用。所以結論是：是的，隨著專案融資與聯貸業務成長，承諾費收入也應該會持續成長。

In terms of letters of credit and guarantees, yes, the reduction in this quarter versus the previous quarter is -- or previous two quarters is more in line with seasonality. I think there are certain types of letters of credit that they are issued more to meet the second and third quarter. So we -- this is a business that we continue obviously to focus, as you know, on more new clients, and we do expect a pickup or return to normal levels as the year passes. So I think that's important to mention as well.

至於信用狀與保函，是的，本季相較前一季——或前兩季——的下降，更符合季節性因素。我認為有些類型的信用狀通常會在第二、第三季有較多開立需求。因此，我們——如各位所知——仍會持續聚焦這項業務，特別是拓展新客戶；而我們也預期隨著年度推進，業務量會回升或回到正常水準。我想這點也很重要。

Yeah, hi Ricardo, thank you for your question. Regarding the NIM and NII during the first quarter, as we mentioned in the call, we've been proactively managing our balance sheet, both the asset side and the liability, which allow us to maintain a resilient NIM as we execute through the year. As we mentioned, our current NIM is affected by the rate cuts that we received towards the end of 2025, and this has an impact in this quarter NIM.

是的，Ricardo你好，謝謝你的問題。關於第一季的淨利差（NIM）與淨利息收入（NII），如我們在電話會議中提到，我們一直在主動管理資產負債表，包括資產端與負債端，這讓我們能在全年執行過程中維持具韌性的NIM。如我們所說，目前的NIM受到我們在2025年底所經歷的降息影響，而這也對本季NIM造成影響。

It also -- it is affected by the ample liquidity and competition for asset quality in the region. So we are seeing that, especially in the short term of our lending exposure. And also the fact that, as we mentioned in the call, some of this growth was towards the end of the quarter. So we are hoping -- we're expecting that growth to reflect in the upcoming quarter, providing a sustainable net interest income to the bank.

此外——它也受到區域內充裕流動性以及對優質資產競爭的影響。因此我們看到，特別是在我們放款曝險的短天期部分。另外，如我們在電話會議中提到，部分成長發生在季度末。因此我們希望——也預期——這些成長會在下一季度反映出來，為銀行帶來可持續的淨利息收入。

We were able to offset some of these negative pressures by deploying steadily the execution of the medium-term transactions on the loan side, which provides a more stable balances and also margins. It was also offset by the growing participation of deposits and also the efficient liquidity management within the balance sheet. So with this NIM of around 2.3%, which remains within our guidance, we feel confident that the guidance for 2026 will remain around $230 million, as we have mentioned before.

我們能透過穩步推進中期交易在放款端的落地，來抵消部分負面壓力；這能帶來更穩定的餘額與利差。同時也透過存款占比提升，以及資產負債表內更有效率的流動性管理來加以抵消。因此，在NIM約2.3%且仍落在我們指引範圍內的情況下，我們有信心2026年的指引仍將維持在約2.30億美元，如我們先前所提。

But more importantly, it is also important to take in consideration that we are complementing our revenues with the growth of the fees, as Sam just mentioned, in order to make the bank less sensitive to rate movements and provide a more stable profitability for the bank.

但更重要的是，也必須考量到我們正如Sam剛提到的，透過手續費收入的成長來補強營收，使銀行對利率變動的敏感度降低，並為銀行提供更穩定的獲利能力。

Thank you. That's very clear. And if I may do like a quick follow-up on this last point. Assuming that if you get to a scenario where you don't have rate cuts, not only in Q2, but throughout this year, do you believe there is upside risk to the guidance, both in NIM and ROE.

謝謝。非常清楚。如果可以的話，我想就最後一點快速追問。假設出現一種情境：不僅第二季（Q2）沒有降息，而且今年全年都沒有降息，你們是否認為指引在NIM與股東權益報酬率（ROE）方面存在上行風險？

Well, as we're seeing -- as we've been mentioning for the last couple of quarters, we are seeing -- we see that as an upside, although we are seeing a lot of pressure on margins. So I think most likely, I mean, we're already seeing a benefit from the higher for longer rates. However, I mean, this has been offset a little bit by the pressure we have seen on the loan origination. So for now, I would say it has remained kind of like a neutral impact.

嗯，正如我們看到的——也如我們過去幾季一直提到的——我們確實把那視為上行因素，儘管我們也看到利差面臨很大壓力。所以我認為很可能——我的意思是——我們已經在「高利率維持更久」的環境中看到一些好處。不過——我的意思是——這又被我們在放款承作（origination）上看到的壓力部分抵消。所以目前我會說整體影響大致上偏中性。

Perfect. Thank you.

完美。謝謝。

Natalia Corfield, JP Morgan.

Natalia Corfield，摩根大通。

Hi, everybody. Thank you for taking my question. I am going to go back to capitalization. Just to be sure on the decline on your Panama ratio. And also, wouldn't be this ratio, the Panamanian one more relevant than the Basel III since you are -- like since your requirements are based on Panama? Those are my 2 questions.

嗨，各位好。謝謝讓我提問。我想回到資本適足率的問題。想確認一下你們巴拿馬比率下滑的原因。另外，既然你們的要求是以巴拿馬的規範為基礎，那麼這個比率（巴拿馬的）是否會比巴塞爾III更具相關性？以上是我的兩個問題。

Hi, Natalia, both methodologies are important to the bank. Obviously, we are a local bank in Panama regulated by Superintendency and it's our priority not only to comply with the ratios, but have ample buffers versus the minimum requirements. And that has been the way the bank manages its capitalization levels. And yes, we are -- and our AT1 transaction is based on our regulatory ratio, which we follow and monitor closely.

嗨，Natalia，兩種方法論對本行都很重要。很明顯地，我們是巴拿馬的本地銀行，受監管總局監管；我們的首要任務不僅是符合比率要求，也要相對於最低要求保有充足的緩衝。而這一直是本行管理資本水準的方式。是的，我們的AT1交易是以我們的監管比率為基礎，我們也會密切追蹤與監控。

The fact that we include our Basel III ratio in all our presentations to investors, this provides a more standardized reference point for investors to be able to compare to other peers in the region. Since as we mentioned in the call, the methodologies are not different and some characteristics of our balance sheet are not very well perceived by the local regulator ratio. But basically, those are the 2 reasons why we follow and comply with both methodologies.

我們在所有對投資人的簡報中納入巴塞爾III比率，這能為投資人提供一個更標準化的參考點，以便與區域內其他同業比較。因為如同我們在電話會議中提到的，兩種方法論並沒有不同，而且我們資產負債表的一些特性在本地監管比率下並未被很好地反映。但基本上，這就是我們同時遵循並符合兩種方法論的兩個原因。

Perfect. And then if you could go again through the reasons for the decline on the Panamanian ratio, that would be great.

很好。那如果你們可以再說明一次巴拿馬比率下滑的原因，那就太好了。

This responds directly to the growth of the balance sheet that we saw between the fourth quarter and the first quarter, which was around 8%.

這直接反映了我們在第四季到第一季之間看到的資產負債表成長，大約是8%。

But it's almost independent of the country risk. That's why we track the other one. It doesn't capture the improvement of some of our assets.

但它幾乎與國家風險無關。這也是我們為什麼會追蹤另一個比率。它無法反映我們部分資產的改善。

It is very neutral to all the exposure outside Panama, especially the corporate positions. It does not differentiate between ratings or if it's investment grade or not investment grade. So those are the characteristics that the Basel III does incorporate into the calculation, while the Panamanian ratio is more for local banks, and it's more detailed about the positions that you have locally than the positions that you have first quarter.

它對巴拿馬以外的曝險非常中性，尤其是企業部位。它不會區分評等，或是否為投資等級／非投資等級。因此，這些特性是巴塞爾III在計算中會納入的；而巴拿馬比率更偏向本地銀行使用，對你在本地持有的部位描述得更細，較不是針對你第一季所持有的那些部位。

Yes. It's almost the same for almost for local banks with a larger local exposure. And in that sense, Bladex is an outlier in Panama. I mean our Panama exposure, as you know, is less than 5% today.

是的。對於本地曝險較高的本地銀行來說，幾乎都差不多。而在這個意義上，Bladex在巴拿馬算是特例。我的意思是，如你所知，我們目前在巴拿馬的曝險不到5%。

Okay. No, understood. I was just making a point that the Basel III one is great that you do it. But looking through Latin America, I've seen that each country has its own Basel III regulations. Like I think it's -- each country adopted. And then also, I know your effort to be able to display something that's comparable. But at the end of the day, I find hard to compare Basel III ratios across Latin America. Just a comment.

好的。了解。我只是想說，你們採用巴塞爾III很棒。但放眼拉丁美洲，我看到每個國家都有自己的巴塞爾III規範。我想是——每個國家各自採用。我也理解你們努力呈現一個可比較的指標。但說到底，我覺得很難在拉丁美洲各國之間比較巴塞爾III比率。只是個評論。

Thank you, Natalia.

謝謝你，Natalia。

Andres Soto, Santander.

Andres Soto，桑坦德。

Good morning. Thank you for the presentation. My first question is regarding your top line growth. We saw a strong performance this quarter. And at the same time, you are mentioning a tougher competitive environment. At what point do you believe this competition will make a bent on your loan growth expectations? Or you believe that the risk-adjusted returns that you are getting now are attractive and you will continue to grow at the current pace? Or is your growth driven by the new products that you are introducing in your product offering?

早安。謝謝簡報。我的第一個問題是關於你們營收端的成長。我們看到本季表現強勁。同時你們也提到競爭環境更為嚴峻。你們認為競爭會在什麼時點開始影響你們對放款成長的預期？或者你們認為目前取得的風險調整後報酬仍具吸引力，會繼續以目前的速度成長？又或者你們的成長是由你們正在推出的新產品所帶動？

Thank you, Andres. I'm going to let Samuel, our Chief Commercial, talk about growth in the lending portfolio.

謝謝你，Andres。我會請我們的商務長Samuel來談談放款組合的成長。

Thanks, Andres. I think we're very confident to follow -- to meet our guidance in terms of growth for the year. As you know, our exposure is very short term. So things -- the landscape can change quarter-to-quarter. With that said, we have some ways to mitigate that, which is on one side, build a solid medium-term, more value-added pipeline, which is the case right now in project finance infrastructure, in syndicated loans.

謝謝，Andres。我想我們非常有信心遵循——並達成我們對全年成長的指引。如你所知，我們的曝險期限非常短。因此情勢——市場環境可能每季都會變化。即便如此，我們有一些方式可以緩解：一方面是建立穩健的中期、附加價值更高的案源管道，目前在專案融資基礎建設、聯貸方面就是如此。

I think so we're well, I think, prepared for -- to continue deploying the speed that we're deploying and according to the guidance. And we've also been working very hard to build the short-term pipeline, which is -- or the pipeline for short-term transactions that is more, I would say, even more affected by the competitive landscape.

我想我們已經做好準備——能夠持續以目前的速度投放資金，並符合指引。同時我們也非常努力建立短期案源管道，也就是——我會說，短期交易的案源管道更容易受到競爭環境影響。

I think the way to do that is through our product strategy that we have spoke a lot about in our Investor Day, particularly structured trade and working capital solutions that also been growing at a good speed and with, I would say, promising pipeline. I think last but not least, I think the increase in oil prices come as a good tailwind in that respect, right? Because a lot of our short term -- or part of our short-term exposure is really financing cargoes, and those cargoes are bigger in size right now. So that helps us as well.

我認為做到這點的方式，是透過我們的產品策略；我們在投資人日已談了很多，特別是結構性貿易與營運資金解決方案，這些也以不錯的速度成長，且我會說案源相當有前景。最後但同樣重要的是，我認為油價上漲在這方面帶來了有利的順風，對吧？因為我們的短期——或部分短期曝險其實是在為貨物融資，而目前這些貨物的規模更大。所以這也對我們有幫助。

I guess also, Andres, it's very important for us --

我想另外，Andres，對我們來說也非常重要的是--

The quality and the durability of earnings is what is important, not just scale, not just scale.

獲利的品質與持續性才是重要的，不只是規模，不只是規模。

That's very clear. And connecting this with my question on fees. We also saw a strong fee on a year-over-year basis. And I appreciate the explanation that Sam provided regarding these products being fee-rich and providing for those upfront and then on lending down the road. Is the current pace for fee income growth sustainable given the strategy for entering into these products such as better credit syndication, et cetera? Or are there any one-offs in the quarter that we should normalize going forward?

這很清楚。把這點和我對手續費的問題連結起來。我們也看到手續費在年對年基礎上表現強勁。我也感謝Sam對這些產品的說明：它們手續費含量高，先收取前端費用，之後再帶動放款。考量你們進入這些產品（例如更好的信貸聯貸安排等）的策略，目前手續費收入的成長速度是否可持續？或者本季是否有任何一次性因素，未來我們應該將其正常化？

No, no one-offs. I mean the first quarter is typically, as Annette mentioned a minute ago, softer than most -- in both of our fee businesses. But the point is some transactions shifted into the second quarter. So it's more a timing effect than a slowdown. Fees, as you mentioned, fees are up 24% year-on-year. So the momentum is good.

沒有，沒有一次性因素。我的意思是，第一季通常如Annette剛才提到的，相較於多數季度會偏弱——在我們兩項手續費業務都是如此。但重點是有些交易延後到第二季。所以這更像是時間點的影響，而不是動能放緩。如你所提到，手續費年對年成長24%。所以動能很好。

And I guess the bottom line is that fees are becoming a more structural revenue component over time. So no one-off up to now. And if something comes, of course, we'll mention it as a one-off. But we're confident with the guidance on fees.

我想結論是，手續費正隨時間推移成為更具結構性的收入組成。所以到目前為止沒有一次性因素。如果之後真的出現，我們當然會說明那是一次性。但我們對手續費指引很有信心。

My question was actually sort of the opposite sense given the strong performance this quarter that was looking for non-recurring factors explaining the 24% year-on-year growth on the fee income side.

我的問題其實在某種程度上是相反的：鑑於本季表現強勁，我想了解在手續費收入端，是否有任何一次性因素可以解釋手續費收入年增24%。

Okay. Yeah, that's very clear. Thank you.

好的。是的，這非常清楚。謝謝。

Danielle Mora, Credit Card Capital.

Danielle Mora，Credit Card Capital。

Hi, good morning and thank you for the presentation. I have a couple of questions. The first one is, considering that percent of the portfolio is related to oil and gas, did you see or do you see any tailwinds or headwinds derived from the conflict between United States and Iran? Or if there is any other sector or country that should be heavily impacted by the high international oil prices. I know that you mentioned a couple of points on this matter, but if we can go deeper, it will be great.

嗨，早安，謝謝你們的簡報。我有幾個問題。第一個是，考量投資組合中有一定比例與石油與天然氣相關，你們是否已經看到或正在看到因美國與伊朗之間衝突所帶來的順風或逆風？或者是否有其他產業或國家會因國際油價高漲而受到重大影響。我知道你們提到了一些重點，但如果可以更深入說明就太好了。

And my second question is what will be those elements that could take the 2026 ROE closer to the 15% upper band of the guidance, considering that loan growth has been quite strong. NIM despite the pressure on interest rate has been -- you have been able to defend the NIM and fees even though the first quarter is softer due to seasonality effects. It continued to grow by double digit, 25%. So given this strong performance, what could be even better to take the ROE to 15%? Thank you so much.

第二個問題是，考量放款成長相當強勁，哪些因素可能讓2026年的ROE更接近指引上緣15%？在利率壓力之下，NIM——你們仍然能夠守住NIM，而手續費雖然第一季因季節性因素較疲弱，仍持續以雙位數成長，達到25%。因此在這樣的強勁表現下，還有哪些面向可以做得更好，讓ROE達到15%？非常感謝。

Sam, do you want to go ahead and talk about the oil and gas-related exposure?

Sam，你要不要先談談與石油與天然氣相關的曝險？

Sure. I think it's a great question. I think on a net basis, it's more -- much more of a tailwind rather than a headwind. The reason why is, for example, on the, let's say, exposure that is more long term, that tends to be linked to E&P investments. They are -- we're financing the lowest cost producers in the region, the most competitive fields. And of course, with the current -- even though the oil prices are more on a spot basis rather than, let's say, long-term forwards, but they are very positive for them.

當然。我覺得這是個很好的問題。我認為就淨效應而言，這更——更偏向順風而不是逆風。原因是，例如在較長期的曝險上，通常與上游勘探與生產（E&P）投資連結。我們——我們融資的是該地區成本最低的生產商、最具競爭力的油田。當然，在目前的情況下——即使油價更多是現貨而非長期遠期，但對他們而言仍非常正面。

So I think it reduces the risk of the portfolio. On the other hand, as I mentioned, also for the business that the trade business that is very short term, the size of the cargoes, the typical cargo is higher. So the demand tends to be higher. So I think positive in that sense. Of course, part of our business is -- we're taking risk on the importers of petroleum products mostly in Central America, yes, you could argue that, that can be increased inflation in those countries and reduced profitability.

所以我認為這降低了投資組合的風險。另一方面，如我提到的，對於貿易業務這種非常短期的業務，單次貨運的規模、典型貨載金額會更高。因此需求往往更高。所以在這個意義上是正面的。當然，我們業務的一部分是——我們主要承擔中美洲石油產品進口商的風險，是的，你可以說這可能會推升那些國家的通膨並降低獲利能力。

But in that -- those cases, we're really dealing with the most place -- most cases, national oil companies of very solid countries, which, let's say, it's more beneficial that we're financing bigger amounts than detrimental that can impact their numbers, their credit quality. So I think on a net-net basis, definitely positive.

但在——在那些情況下，我們實際上多數——多數情況是與一些國家石油公司往來，這些公司所屬國家非常穩健；因此，與其說油價上升會對其財務數字、信用品質造成不利影響，不如說我們能融資更大的金額對我們更有利。所以我認為就淨淨效應而言，絕對是正面的。

I think the short tenor of the portfolio and the ability to reprice and reposition quickly is the key. I mean the focus for Bladex is not predicting geopolitics, but managing how shocks translate into spread trade flows and client risk, and we have the ability to do that, and we've been showing that.

我認為投資組合的短天期，以及能夠快速重新訂價與調整部位的能力，是關鍵。我的意思是，Bladex的重點不是預測地緣政治，而是管理衝擊如何轉化為利差、貿易流量與客戶風險；我們有能力做到這點，而且我們也一直在展現這種能力。

Question was about -- I think your second question was about --

問題是關於——我想你的第二個問題是關於--

Upside.

上行空間。

Upside on the ROE guidance. I guess it's a balance between higher for longer and the margin pressures. I mean you have both playing at the same time. And let's see what ends up happening. I mean it's hard to predict at this point.

ROE指引的上行空間。我想這是在「高利率維持更久」與利差壓力之間的平衡。我的意思是，兩者同時在發生。我們就看看最後會如何發展。我的意思是，現階段很難預測。

Okay. Our next question comes from Patrick Abraham with Bulwark Capital. Has the bank started looking at Venezuela as an opportunity for investment? And what is your outlook for the country?

好的。下一個問題來自Bulwark Capital的Patrick Abraham。該行是否已開始將委內瑞拉視為投資機會？你們對該國的展望為何？

Yes, it's a good question. I mean Venezuela might represent an upside scenario for Bladex. It is not included in our projections of us today. I mean we are very actively assessing the risks and the opportunities. Bladex used to be very active in Venezuela in the oil and gas sector and also with FIs and LCs. I mean Venezuela used at some point to represent between 4% and 5% of our total portfolio. Today, our exposure is 0. We know the country well, and it's more a matter of timing on when to go back in.

是的，這是個好問題。我的意思是，委內瑞拉可能代表Bladex的一種上行情境。但它並未納入我們目前的預測之中。我們正在非常積極地評估風險與機會。Bladex過去在委內瑞拉的石油與天然氣產業，以及與金融機構（FI）與信用狀（LC）方面都非常活躍。委內瑞拉曾在某個時期占我們總投資組合的4%到5%。今天，我們的曝險為0。我們很了解這個國家，更多是回去的時點何時成熟的問題。

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

謝謝。以上就是我們今天所有的問題。我會把線路交回Bladex團隊做結語。

Well, thank you all for your questions and your time today. We appreciate your continued interest in our bank. The year started in line with our expectations, and we remain focused on executing with discipline. Thank you again, and have a good day.

好的，感謝各位今天的提問與撥冗參與。我們感謝各位持續關注本行。今年的開局符合我們的預期，我們仍將專注於以紀律執行。再次感謝，祝各位有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。