Bladex Raises Profit 15% to $63.2 Million as Commercial Portfolio Hits Record

Key Facts

Bladex reported net profit of $63.2 million in the third quarter of 2026, up 15% year over year, while profit for the first nine months rose 9% to $186 million. Results included record net interest income of $79.8 million and a commercial portfolio of $14.976 billion at the end of September, which the bank described as a record. But profit fell 5% from the second quarter, when it was $66.5 million, despite rising from $55 million in the year-earlier period. The figures reflect rapid expansion in commercial activity during the quarter, supported by a sovereign transaction with the Government of Panama and growth in business with existing clients. The results also showed that management expects the portfolio to continue growing during the year, with the transaction temporarily affecting the net interest margin in the final quarter.

Net interest income rose 18% year over year and 9% from the previous quarter, while the net interest margin was 2.30%, up 6 basis points quarter over quarter. Management said, "The main driver was volume," pointing to an 8% increase in average loan balances during the quarter despite continued pressure on core lending spreads. Average commercial portfolio balances were $13.406 billion, up 8% from the previous quarter and 27% from a year earlier. Total revenue reached $99.1 million, up 20% year over year, while fees and non-interest income rose 26% to $19.3 million. The average lending rate was 6.61%, up 4 basis points quarter over quarter but 73 basis points below its level a year earlier, signaling the continued impact of competition on pricing.

The commercial portfolio stood at $14.976 billion, up 15% from the previous quarter and 38% from $10.872 billion a year earlier. The company said sovereign transactions with the Government of Panama accounted for "about half of the commercial portfolio's growth during the quarter," with the rest of the expansion coming from existing clients. The loan portfolio rose to $12.321 billion, up 18% quarter over quarter and 41% year over year, which the bank attributed mainly to growth in short-term lending, including sovereign exposures. The credit portfolio also reached $16.584 billion on September 30, up 35% from a year earlier, while treasury investments were $1.608 billion, an increase of 14%. The report said 68% of the commercial portfolio was scheduled to mature within one year, and trade finance accounted for 43% of the bank's short-term book on an original-maturity basis.

On funding and liquidity, deposits reached $7.912 billion at quarter-end, up 16% year over year, and represented 56% of total funding sources. Liquid assets were $1.960 billion, equivalent to 12% of total assets. The bank said 99.1% of the credit portfolio remained low-risk or in Stage 1, while Stage 2 exposures fell to 0.5% and the original balances of non-performing loans were $75.1 million. By contrast, impairment losses on financial instruments rose to $10.4 million from $6.5 million in the third quarter of 2025. Operating expenses also increased to $25.6 million from $21.3 million a year earlier. Regulatory capital adequacy was 14.3% and Basel Tier 1 capital was 16.2%; the bank said both ratios exceeded its internal targets and the regulatory minimum.

Management expects the commercial portfolio to grow about 35% in 2026, or 25% excluding the Government of Panama transaction, compared with previous guidance of 13% to 15%. It said average deposits could grow about 20% by year-end. By contrast, it expects the net interest margin to contract by about 5 basis points, to around 2.25% by the end of 2026; it explained that the Panama transaction will temporarily lower the reported margin in the fourth quarter while increasing absolute interest income. Management targets an efficiency ratio of about 27% and a return on equity of between 14% and 15%. The commercial business segment posted profit of $60.5 million in the quarter, up 16% year over year, and $175.8 million in the first nine months, up 10%. The bank scheduled its third-quarter results discussion call for October 27, 2026, at 11 a.m. U.S. Eastern time.