Bladex's 2 q15 conference call presentation

1. 2Q15 Earnings Results
July 16, 2015

2. “This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions
established by the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and
uncertainties. The forward-looking statements in this presentation reflect the expectations of the Bank’s management and are
based on currently available data; however, actual experience with respect to these factors is subject to future events and
uncertainties, which could materially impact the Bank’s expectations. A number of factors could cause actual performance and
results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the
anticipated growth of the Bank’s credit portfolio, including its trade finance portfolio; the continuation of the Bank’s preferred
creditor status; the impact of increasing interest rates and of the macroeconomic environment in the Region on the Bank’s
financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification strategy; the
adequacy of the Bank’s allowance for credit losses; the need for additional provisions for credit losses; the Bank’s ability to
achieve future growth, the Bank’s ability to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its
investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations; potential
trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace large deposit
withdrawals.”
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3. Financial Performance Overview
• + 7% Net Interest Income on higher average loans (+6%)
• NIM stable YoY at 1.81%
• Strong credit quality, with non-accruing loans at 0.3% of total loans
• Expenses 3% below prior year levels, with Efficiency Ratio at 33%
• Fees & Other Income -33% YoY from fewer closings in structuring
and distribution business. Pipeline of mandated and prospective
transactions looks solid
• Lending margins under pressure on flight to quality, with quarterly
NIM at 1.79% (-5bps QoQ and YoY)
• Commercial Portfolio balances rose to $7.4 billion (+4%QoQ,
+7%YoY)
• Credit provisions increased on higher end-of-period portfolio
balances; reserve coverage of total portfolio remains at 123 bps
• Participation in investment funds records $2.2 million loss for the
quarter, while remaining marginally positive YTD (+$0.3 million)
• Board declared $0.385 quarterly dividends per share, unchanged
from prior quarter
6M15
$49.1 MM Net Income
(+11% YoY)
10.6% ROAE
2Q15
$20.2 MM Net Income
(-2% YoY, -30% QoQ)
9.6% Business ROAE
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4. Key Financial Metrics
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(In US$ million, except percentages) 6M15 6M14 YoY 2Q15 1Q15 2Q14 QoQ YoY
Business Net Income $48.8 $47.0 4% $22.5 $26.4 $22.9 -15% -2%
Non-Core Income 0.3 (2.8) n.m. (2.2) 2.5 (2.2) -189% n.m.
Net Income attributable to Bladex stockholders $49.1 $44.2 11% $20.2 $28.8 $20.7 -30% -2%
EPS (US$) $1.26 $1.14 10% $0.52 $0.74 $0.54 -30% -3%
Business Return on Average Equity ("Business ROAE") 10.5% 10.7% -2% 9.6% 11.5% 10.3% -17% -7%
Busines Return on Assets ("Business ROAA") 1.25% 1.29% -3% 1.16% 1.35% 1.24% -14% -6%
Net Interest Margin ("NIM") 1.81% 1.81% 0% 1.79% 1.84% 1.84% -3% -2%
Net Interest Spread ("NIS") 1.65% 1.65% 0% 1.63% 1.68% 1.67% -3% -2%
Loan Portfolio (*) 6,920 6,459 7% 6,920 6,569 6,459 5% 7%
Commercial Portfolio (*) 7,411 6,901 7% 7,411 7,093 6,901 4% 7%
Allowance for credit losses to commercial portfolio 1.23% 1.18% 4% 1.23% 1.23% 1.18% 0% 4%
Allowance for credit losses to non-accruing loan balances (times) 4.4 20.3 -78% 4.4 4.2 20.3 4% -78%
Efficiency Ratio 33% 36% -9% 35% 31% 35% 12% 0%
Business Efficiency Ratio 33% 34% -3% 33% 33% 32% -1% 1%
Market Capitalization 1,254 1,147 9% 1,254 1,276 1,147 -2% 9%
Assets 8,308 7,679 8% 8,308 7,955 7,679 4% 8%
Tier 1 Basel I Capital Ratio 15.4% 15.2% 1% 15.4% 16.2% 15.2% -5% 1%
Leverage (times) 8.7 8.6 2% 8.7 8.4 8.6 3% 2%
"n.m.": not meaningful.
(*) End-of-period balances.
Results
Portfolio
Quality
Efficiency
Scale &
Capitalization
Performance

5. Net Income Evolution & Quality of Earnings
• Net Income growth +11% (+$4.9 million)
• Business Net Income growth +4%, excludes results from participation in investment
funds
• Higher Net Interest Income (+7%) mainly from higher average loan portfolio balances
(+6%)
• Lower fees (-33%) as mandated transactions in the structuring and syndication
business progress towards closings in the coming months. Pipeline of prospective
transactions remains solid 5

6. Net Income Evolution & Quality of Earnings
• QoQ Net Income var. -30%
• Business Net Income
-$3.9MM on higher credit
provisions due to credit
portfolio growth (4%)
• Swing in results from
participation in investment
funds
• YoY Net Income var. -2%
• Business Net Income
-$0.5MM on lower
structuring fees, partly
offset by higher NII on
higher average loan
balances
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7. Net Interest Income (NII) and Net Interest
Margin (NIM)
• 7% increased in Net Interest Income for the 6M15 from higher loan portfolio
average balances (+6%)
• Lending margins under pressure on flight-to-quality with NIM at 1.79% for the
second quarter 2015 (-5pbs QoQ and YoY)
• 6M15 NIM stable YoY, at 1.81%, as higher average loan balances and lower
cost of funds (-7pbs) offset lower lending rates (-4pbs)
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8. Commercial Portfolio
• YTD Average Commercial Portfolio growth of 5% YoY,
mainly in corporations segment (+11% year-on-year)
• 54% of total Commercial Portfolio is trade finance, with
remaining balance consisting primarily of lending to
financial institutions and corporations engaged in foreign
trade
• Continued short-term bias: 72% scheduled to mature
within one year
Incluir pie charts: Trade
indicator & Tenor
A la gráfica de la
derecha añadí 6M15 y
6M14 (la que estaba en
PR)
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9. Commercial Portfolio
• Broadly diversified across countries & industries
• Brazil exposure stable QoQ at 27.1%; Mexico expanding, now at 14.6% (+1.3 pts QoQ)
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10. Credit Quality
• Non-accruing loans represented 0.3% of total loans
• Total Reserves covered non-accruing loans 4.4 times, and
represented 1.23% of total outstanding balances
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11. Operating Expenses and
Efficiency Ratios
• Operating expenses stable, well controlled
• 6M15 Efficiency Ratio and Business Efficiency Ratio both improved to 33%,
as operating revenues increased by 6% and expenses decreased by 3%
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12. Off-balance Sheet Assets & Commission
and Intermediation Income
• 6M15 Fees and Other Income -33% YoY, as mandated transactions in the structuring
and syndication business progress towards closings in upcoming months. Solid
pipeline of prospective transactions supports positive outlook for remainder of year
• 34% QoQ increase mostly driven by higher fees from the letters of credit and
contingencies business
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13. ROAE and Capitalization
• Annualized cumulated Business ROAE
evolution relatively stable
• Total ROAE ahead YoY, incorporates results
from participation in investment funds
• Capitalization follows Basel III Guidelines,
remains robust and of high quality (consisting
entirely of issued and fully paid common
stock and retained earnings)
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14. Shareholder Returns
• Stock price appreciation and dividend
yield delivered over 13% total
shareholder return for the twelve
trailing months ending June 30, 2015
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15. Questions & Answers
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16. Appendix – Definition of Terms
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• Business Net Income = Net income attributable to Bladex stockholders, excluding net result from the participations in
investment funds, net result from discontinued operations, and net result to the redeemable non-controlling interest.
• Business Revenues = Net income attributable to Bladex stockholders, excluding net result of participation in
investment funds.
• Business Expenses = Total Operating Expenses, excluding non-core expenses
• Business Efficiency Ratio = Business Expenses / Business Revenues
6M15 6M14 2Q15 1Q15 2Q14
Reconciliation of Business Net Income
Business Net Income $48.8 $47.0 $22.5 $26.4 $22.9
Non-Core Income:
Net gain (loss) from investment funds 0.3 (2.8) (2.2) 2.6 (2.2)
Gain on sale of premises and equipment - - - - -
Expenses from the investment funds (0.1) (0.4) - - -
Other expenses related to the investment funds (0.1) - 0.0 (0.1) -
Net loss from discontinued operations - - - - -
- 0.5 - - -
Total Non-Core Income: $0.3 ($2.8) (2.2) 2.5 (2.2)
Net Income attributable to Bladex stockholders $49.1 $44.2 $20.2 $28.8 $20.7
Net income (loss) attributable to the redeemable noncontrolling interest
(In US$ million, except percentages)
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17. Thank You!
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