Presentación corporativa ibgles 2q20

1. 1
Banco Latinoamericano de Comercio Exterior, S.A.
(“Bladex”)
Corporate Presentation
As of June 30, 2020

2. 2
This presentation contains forward-looking statements of expected future developments within the meaning of the Private
Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can
be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”,
“future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this
presentation include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements
reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and
results are subject to future events and uncertainties, which could materially impact the Bank’s expectations. Among the factors
that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and
government actions intended to limit its spread; the anticipated changes in the Bank’s credit portfolio; the continuation of the
Bank’s preferred creditor status; the impact of increasing/decreasing 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 expected credit losses; the need for additional allowance for expected credit
losses; the Bank’s ability to achieve future growth, 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 deposit withdrawals.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict
all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required by law.

3. 3
Deep knowledge of the Latin American region, strong
business fundamentals, unique ownership structure
and world-class corporate governance
Resilient business model and proactive balance
sheet management represent key advantages
through economic cycles
Historical results evidence Bladex´s financial strength
and sustained operating performance
1
Bladex represents a resilient and solid investment proposition in the current context
2
3

4. 4
Deep knowledge of the Latin American region, strong
business fundamentals, unique ownership structure
and world-class corporate governance
Resilient business model and proactive balance
sheet management represent key advantages
through economic cycles
Historical results evidence Bladex´s financial strength
and sustained operating performance
Bladex represents a resilient and solid investment proposition in the current context
1
2
3

5. 5
Bladex has developed a strong franchise with 40+ years of experience, through a
broad footprint across Latin America and deep understanding of the Region’s risks
and opportunities
▪ Bladex was founded in 1978 by 23 Central Banks
from Latin American & the Caribbean, with the
participation of other financial institutions and
the IFC to promote trade and regional
integration
▪ In 1992, Bladex became the first Latin American
bank to be listed on the NYSE (BLX), and to
obtain Investment Grade rating
▪ Bladex’s multinational DNA is embedded in its
regional presence, ownership structure,
management and organizational culture
▪ Bladex is subject to multi-country regulators,
including:
▪ Superintendence of Banks of Panama
▪ U.S. Federal Reserve Board (New York)
▪ New York State Department of Financial
Services
▪ U.S. Securities and Exchange Commission
▪ Mexican Banking and Securities Commission

6. 6
Class E
Private Investors
▪ NYSE Public Float
Class B
LatAm & international banks and financial
institutions
▪ 1-to-1 convertibility rights into Class E shares
Class A
Central Banks and designated state institutions of
23 countries of Latin America and the Caribbean
▪ Direct link between the Bank and the governments
of Latin America
▪ Main source of Bladex’s deposits, which have
proven to be a stable funding source, even during
periods of market volatility
▪ Super-majority rights: changes in the Bank’s
Articles of Incorporation, dissolution or mergers
require 75% Class A approval
▪ Preferred Creditor Status in distressed scenarios
3 5 2
Class A Class E Classes A,B,E
Total members = 10
Board of Directors Seat Composition
Bladex’s unique shareholder structure reinforces the Bank’s corporate governance
and fosters a holistic view in decision making to fulfill its mission of promoting
regional trade and integration
16%
5%
79%

7. 7
World-class Corporate Governance is the backbone of Bladex’s management, centered
on Enterprise Wide Risk Management
First Line of Defense
▪ Includes the Business Units and
related departments, where
opportunities that meet the Bank’s
risk appetite are originated and
executed
Second Line of Defense
▪ Oversees that risks are managed in line with
the defined level of risk appetite and in total
compliance with all current regulations
▪ The Comprehensive Risk Management unit
reports directly to the Board’s Risk Policy &
Assessment Committee
▪ The Compliance Department reports directly
to the Board’s Compliance & Anti-Money
Laundering Committee
Third Line of Defense
▪ The Internal Audit unit reports
directly and with complete
independence to the Board’s Audit
Committee
▪ Its responsibility is focused on
regular assessments of the Bank’s
policies, methods and procedures
and their effective implementation
Board of Directors
Audit Committee
Compensation
Committee
Finance &
Business
Committee
Risk Policy &
Assessment
Committee
Compliance &
Anti-Money
Laundering
Committee
Internal Audit Compliance
Legal and
Corporate
Secretary
Comprehensive
Risk Management
FinanceOperations
Corporate
Banking
Chief Executive
Officer
Treasury &
Capital
Markets

8. 8
Region
LatAm
Focus
▪ Regional scope, supported by a
centralized operating structure
▪ Single point of contact with local
presence, providing client-
specific solutions
Industry
Strategic
Sectors
▪ Deep and up-to-date knowledge of
Latin American economies and
most relevant industries
▪ Main focus on Financial
Institutions, complemented by a
well diversified exposure to
corporates in various industries
Client Base
Top Tier
▪ Top-tier customer base spanning
most of the countries in the Region
▪ Network of industry-leading
clients, with extensive
understanding of their financial
needs and access to their key
decision makers
▪ Focus on US Dollar generation
clients with growth oriented
beyond their domestic markets
Bladex has a long-standing commitment to the Region, with USD 292 billion in
cumulative credits granted since the Bank's inception
Bladex’s business model focuses on top-tier clients throughout Latin America and
the Caribbean, with participation in each country’s strategic sectors

9. 9
Deep knowledge of the Latin American region, strong
business fundamentals, unique ownership structure
and world-class corporate governance
Resilient business model and proactive balance
sheet management represent key advantages
through economic cycles
Historical results evidence Bladex´s financial strength
and sustained operating performance
Bladex represents a resilient and solid investment proposition in the current context
2
1
3

10. 10
52%
19%
29%
Short-term
Medium & Long-term (current)
Medium & Long-term
52%
31%
17%
Financial Institutions
Corporations
Sovereigns/Quasi-sovereigns
1 2 3
16%
4%
16%
10%
9%
Central America and the
Caribbean: 8 countries, 28%
Non LatAm: 7%
58%
Total Investment
Grade:
4%
4%
2%
Short-term
Portfolio
Blue-chip
Clients
Regional
Footprint
• Main financial institutions of each country,
systemic
• USD generators
• Access to Capital Markets
• Minimum sales of USD $200 millions
• Good Corporate Governance practices
▪ 71% maturing in less than 1 year
▪ 52% of its short-term portfolio in
trade finance
% as of 30Jun20% as of 30Jun20
$4.9 BN $4.9 BN
Bladex's Business Model allows to rebalance credit risk swiftly
71%
Maturing in less
than 1 year
% as of 30Jun20

11. 11
(USD millions, except for %) – EoP Balance
(USD millions, except for %) – EoP Balance
(USD millions, except for %) – EoP Balance
Commercial Portfolio by Client
Commercial Portfolio by Original TermShort-Term Portfolio Composition
Bladex’s portfolio quality relies upon the short-term nature of its loans, coupled with
the high quality of its client base
▪ The Bank’s client base mainly consists of top-tier financial
institutions, corporations and state-owned entities
▪ As of June 30, 2020, 71% of the total Commercial Portfolio
was scheduled to mature within one year, and over 50% of
its short-term origination was related to trade finance
▪ The Bank has the flexibility to adjust its exposure depending
on market conditions
▪ Period-end balances of the Commercial Portfolio decreased
as of June 30, 2020 on stricter credit underwriting
parameters
49% 52% 55% 56%
52%
13%
14%
14% 14%
17%
38%
33% 31% 30%
31%
2017 2018 2019 2Q19 2Q20
Financial Institutions Sovereigns/Quasi-sovereigns Corporations
6,2096,5026,2905,999
4,915
74%
59% 53% 56%
52%
26%
41%
47% 44%
48%
4,057 4,006
3,795 3,976
2,567
2017 2018 2019 2Q19 2Q20
Trade Non-Trade
68% 64% 58% 64%
52%
13% 10% 15% 15%
19%
19% 26% 27% 21%
29%
2017 2018 2019 2Q19 2Q20
Short-term Medium & Long-term (current) Medium & Long-term
6,2096,5026,290
5,999
4,915
71%
less 1yr

12. 12
InvestmentGradeNon-InvestmentGrade
(1) Higher Risk Sectors: airline, oil and gas upstream and supply chain, sugar, retail and auto industry.
Commercial Portfolio by Country Commercial Portfolio by Industry
41% 58%
Total Investment Grade
4Q18 vs 2Q20
▪ Since 2018, the Bank has been actively engaged in a portfolio management strategy to substantially reduce exposure to commodity-related
risks and has increased the exposure to clients in investment grade countries
▪ Exposure to higher risk sectors1 represents 11.1% of the total portfolio as of 2Q20. However, most of these clients are relevant players in
their respective markets and/or sovereign and quasi-sovereign institutions with no default history during prior crises
▪ “Non-LatAm” exposure has increased to 7% of the Commercial Portfolio. It comprises transactions carried out in the Region, supported by
guarantors from investment grade OECD countries
1%
2%
2%
3%
4%
4%
4%
6%
16%
4%
4%
7%
8%
9%
10%
16%
Other Latam≤1%
Paraguay
Honduras
Dominican Republic
Argentina
Ecuador
Costa Rica
Guatemala
Brazil
Peru
T. & Tobago
Non-Latam
Panama
Mexico
Chile
Colombia
2Q20 2Q19 4Q18 4%
1%
1%
2%
2%
2%
3%
3%
4%
4%
4%
5%
5%
8%
52%
-5% 5% 15% 25% 35% 45% 55%
Other Industries
Coffee
Sugar
Grains and oilseeds
Mining
Retail trade
Oiland gas (upstream)
Other manufacturing industries
Other services
Oiland gas (Integrated)
Oiland gas (Downstream)
Metal manufacturing
Food and beverage
Electric power
Financial institutions
2Q20 2Q19 4Q18
The rebalancing of the portfolio during 2Q20 resulted in an increase in the exposure of investment
grade countries to 58%, also maintaining an important participation of 52% in Financial Institutions
and a well diversified portfolio in countries and sectors

13. 13
(USD millions, except for %) - QoQ
5,832 (1,974) +1,057 4,915
L+ 1.94% L+ 1.87%
Loan Portfolio
Average Interest Rate
Total
L+ 3.65% L+ 2.31%
Contingencies
Loans
Well-positioned at the
onset of the crisis
▪ Top-tier clients
▪ No retail exposure
▪ 71% maturing in less than a
year
99% collection of
scheduled credit maturities
▪ High quality and short-term
nature of the portfolio
▪ USD222 million in
prepayments
Portfolio -16% QoQ with
sound asset quality and
portfolio diversification
▪ Robust credit quality, with
USD 0 NPL’s
▪ 58% in Investment Grade
countries
Selective disbursements
for USD1 billion
▪ Tighter credit underwriting
standards in defensive
sectors, countries and clients
▪ Focus on shorter tenors, at
wider risk-adjusted credit
spreads
​
​ ​
​
5,337
(1,724)
873
4,486
495
(250)
184
429
1Q20 Maturities Disbursements 2Q20
This flexibility of its model represents an advantage for Bladex in the current context,
ensuring asset quality and incremental risk-adjusted margins.

14. 14
Credit Maturities Credit Collection
62
222
Sold
Prepaid
(USD millions)
Loans Prepaid and Sold
▪ Due to the high quality of Bladex’s client base, the Bank
collected 99% of all scheduled credit maturities, totaling USD
1.95 billion
▪ The 1% not collected during 2Q20 corresponds to USD21
million of loans modified under the guidelines provided by
the Superintendence of Banks of Panama. As of June 2020,
these loans are performing
(USD millions, except for %) – as of 30Jun20 (USD millions)
1,953
21
Collected
Modified Credit
99%
Collecting 99% of scheduled credit maturities across all countries and sectors
575
293
218
217
189
151
109
77
58
48
39
Central America & Caribbean
Ecuador
Brazil
Mexico
Chile
Colombia
Inv. Grade - Ex. Latam
Paraguay
Uruguay
Peru
Argentina
10%
29%
15%
11%
11%
8%
5%
4%
3%
2%
2%

15. 15
Commercial Portfolio by Product
Cumulative Number of Syndicated Transactions
(USD millions) – EoP Balance
Although predominantly a trade finance bank, Bladex also provides versatile
financial solutions to cater to its clients’ strategic needs
▪ Bladex has developed a strong and reliable
franchise as a provider of financial solutions for
Financial Institutions and Corporations in the
Region
▪ The Bank supports trade finance, working capital,
capex, and other needs, including the regional
expansion of its strategic clients
▪ Bladex is a trusted partner for global and regional
banks in the Latin American syndicated loan
market
▪ Since strengthening its Syndications team in
2012, the Bank has successfully originated,
structured, and distributed more than 55
transactions
▪ Bladex also has an established presence in the
international Letter of Credit business, being able
to provide risk confirmation for a large base of
banks in the Region generating additional
revenue for the Bank
5,506 5,778 5,893 5,571
4,486
493
512 609
638
429
5,999
6,290 6,502
6,209
4,915
2017 2018 2019 2Q19 2Q20
Letters of credit, acceptances, loan commitments and financial guarantee contracts
Loans
1
3
8
18
25
35
42
49
55 56
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

16. 16
619
1,706
1,160
843
1,95910%
22%
16%
13%
30%
0%
5%
10%
15%
20%
25%
30%
-
500
1,000
1,500
2,000
2017 2018 2019 2Q19 2Q20
Liquid assets Liquid assets / total assets
(USD millions, except for %) - EoP
Bladex has a proven capacity to secure funding and maintain a robust liquidity during
crises; liquid assets are mainly placed with the Federal Reserve Bank of New York
(1) Liquid assets refer to cash and due from banks, and interest-bearing deposits in banks, less pledged deposits. As of June 30, 2020, USD1,773 million or ~91% of liquid assets were deposited at the Federal Reserve Bank of New York.
(2) The Superintendency defines the LCR as the stock of high-quality liquid assets over total net cash outflows over the next 30 calendar days. The definition is based on the Basel III Liquidity Coverage Ratio and liquidity risk monitoring tools
published by the Basel Committee on Banking Supervision and adjusted by the Superintendency. LCR available on www.bladex.com/en/investors/quarterly-earnings.
Liquid Assets Placements
Liquidity Coverage Ratio2
Total Liquid Assets
2Q20 - EoP
1
▪ Advanced liquidity management under Basel III
framework, to monitor short and long-term
liquidity
▪ The Bank adopted Basel III methodology in
2012. The Superintendency of Banks of Panama
established LCR as a regulatory requirement in
December 2018
90.5%
0.8%
2.6%
0.5%
5.6%
FED
United States
except FED
Multilaterals
Latin American
Other OECD
2.38x
1.41x 1.34x
1.00x
1.31x
1.21x
1.80x
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
% as of 30Jun20

17. 17
27%
16%
14%
12%
11%
9%
7%
4% South America
Central America
Europe
Asia
USA / Canada
Mexico
Multilateral
The Caribbean
(USD millions, except for %) - EoP
Deposits by Type of Client
Funding Structure
Bladex actively pursues a wide diversification of funding sources to further enhance
the stability and strength of its funding base, which includes a relevant share of
deposits from its Class A shareholders
▪ The Bank has recently launched its Yankee CD program,
attracting investors from both the Americas and Europe,
representing 3% of total financial liabilities as of June 30, 2020
▪ The Bank maintains longstanding relationships with a wide
network of more than 40 correspondent banks, across different
geographies
▪ Bladex is a recurrent issuer in the US (third bond issued in the
144A/Reg S market in Sept. 2020) and Mexican debt capital
markets (last placement in Mexico in June 2020) and completed
its first transaction in the Tokyo Pro-Bond market in 2016
▪ Additionally, the Bank reaches a large number of global
investors in the Americas, Europe and Asia through its EMTN
program
▪ Bladex is also a recurrent participant in the global syndicated
loan market
Funding Sources by Region
57% 45% 48% 55% 52%
21%
32% 27% 21% 23%
22%
23%
25%
24% 25%
2017 2018 2019 2Q19 2Q20
Deposits Short-term borrowings, debt and repos Long-term borrowings and debt
5,448
6,067
6,529
5,140
5,524
53%
22%
10%
6%
5%
4%
Central Banks or designees -
Class "A" shareholders
Private banks
State-owned banks
State-owned corporations
Multilaterals
Private corporations
% as of 30Jun20
% as of 30Jun20

18. 18
Bladex recently placed 2 new bond issues in the capital markets with high
oversubscription
5th issuance in the Mexican capital market
Underwriting Agents
3rd issuance in the international capital market under
Rule 144A/Reg S
Underwriting Agents
▪ June 2020
▪ MXN 5,000 millions (USD $235 millions)
▪ Original issuance 1.5 times oversubscribed
▪ Maturities: 3 and 5 years
▪ Rates: TIIE 28d+58bps for 3 years and 6.97% (M-
Bond+140bps) for 5 years
▪ Investors: Afores, insurance companies,
investment funds, private banks and bank’s
Treasury departments
▪ Reference operation in the Mexican market, as it
was the first relevant transaction in the context
of the global pandemic
▪ September 2020
▪ USD $400 millions
▪ 4.0 times oversubscribed
▪ Maturity: 5 years
▪ Fixed rate of 2.475% (Treasury +220bps)
▪ Investors from the U.S., Europe, Asia and Latin
America
▪ Lowest coupon of all 144A/Reg S Bladex
issuances

19. 19
Deep knowledge of the Latin American region, strong
business fundamentals, unique ownership structure
and world-class corporate governance
Resilient business model and proactive balance
sheet management represent key advantages
through economic cycles
Historical results evidence Bladex´s financial strength
and sustained operating performance
Bladex represents a resilient and solid investment proposition in the current context
3
1
2

20. 20
▪ Loans, historically representing ~ 80% of total
assets, decreased in 2020 as Bladex successfully
collected maturities, implemented tighter credit
underwriting standards and strengthened its
liquidity position, in view of increased market
uncertainty
▪ Equity levels have remained stable at a solid
level of ~ USD1 billion
▪ Financial liabilities support asset growth and
remain widely available to Bladex in the
current environment
(USD millions, except for %) - EoP
Asset Composition Liabilities & Equity Composition
1 2
Robust balance sheet structure denotes Bladex’s conservative liquidity management
and capital position over time, and its ability to rapidly adjust to market conditions
(USD millions, except for %) - EoP
(1) Other Includes Securities and other financial assets, net; Interest receivable loans; Allowance for loan losses; Unearned
interest and deferred fees loans; Customers' liabilities under acceptances; Derivative financial instruments – assets;
Equipment and leasehold improvements, net; Intangibles, net; Investment properties and Other assets
(2) Other liabilities Includes Interest payable deposits; Interest payable borrowings and debt;
Customers' liabilities under acceptances; Derivative financial instruments – liabilities;
Allowance for loan commitments and financial guarantee contract losses and Other liabilities
88% 76% 82% 85%
68%
11%
23%
16%
13%
30%
1%
1%
2%
2% 2%6,268
7,609
7,250
6,576 6,627
2017 2018 2019 2Q 19 2Q 20
Loans Cash and due from banks Other
17% 13% 14% 15% 15%
82%
86%
84%
83% 84%
1%
1%
2%
2% 1%6,268
7,609
7,250
6,576 6,627
2017 2018 2019 2Q19 2Q20
Equity Financial Liabilities Other Liabilities

21. 21
120 110 110
56 48
1.9%
1.7% 1.7% 1.8%
1.4%
-0.3%
0.2%
0.7%
1.2%
1.7%
2.2%
0
20
40
60
80
100
120
140
2017 2018 2019 6M19 6M20
Net interest income Net interest margin (NIM)
(USD millions) - EoP (USD millions, except for %) - EoP
(USD millions, except for %) - EoP
68
(1) One-time incremental losses on financial and non-financial assets, mostly related to individually allocated credit reserves to NPLs originated in Brazil, impacted by the country’s deep negative political and credit cycle, coupled with the
fall of commodity prices, in the period of 2014-2016.
Excluding one-time sizeable impairment losses in 3Q2018, Bladex's profits remain
sound. Net interest income from lending activities represents a predominant portion
of revenues, complemented by stable fee income and decreasing expense levels
Net Profit for the Period Net Interest Income & Margins
Efficiency RatioFees & Commissions
(USD millions) - EoP
82
11
86
44
32
2017 2018 2019 6M19 6M20
1
10.4 10.8 9.5
4.7 4.3
6.6 4.9
5.6
2.4
0.5
0.5
1.5
0.5
0.4
0.3
17.5 17.2
15.6
7.5
5.1
2017 2018 2019 6M19 6M20
Letters of Credit Loan syndication fees
Other comissions, net Fees and Comissions, net
138 128 127
66 49
(47) (49) (41)
(20) (19)
33.9%
38.3%
32.1% 31.1%
38.7%
0.0%
5.0%
10. 0%
15. 0%
20. 0%
25. 0%
30. 0%
35. 0%
40. 0%
45. 0%
-60
-10
40
90
140
2017 2018 2019 6M19 6M20
Operating expenses Total revenues Efficiency ratio

22. 22
Loans
Cash and Due
from Banks
Financial
Liabilities
1.88%
1.50%
1.49%
1.76%
(1) Represents the spread over the Libor-based rate corresponding to the tenor of the transaction of the Performing Loan Portfolio.
Average Loan Portfolio Assets & Liabilities Interest Rates
1
Net interest income is driven by stable average loan portfolio balances and
increasing trend in net lending spreads, while it has been negatively impacted in
2020 by Bladex’s decision to increase liquidity since the onset of the current crisis
(USD millions, except for %)
▪ Upward trend in net lending spreads in 2020, reverting prior periods’ downward tendency, as Bladex
re-profiled its loan origination toward lower-risk exposures in recent years
▪ Favorable interest rate gap position in decreasing market rate environment during the first half of
2020, positively impacting net interest income as liabilities repriced faster than loans
▪ Increase in low-yielding liquidity levels has affected net interest income and margins
5,505 5,559 5,463 5,234
2.45
1.99 1.96 2.02
-2.00
-1.50
-1.00
-0.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
800
1,800
2,800
3,800
4,800
5,800
6,800
2017 2018 2019 6M20
Average Balance ($MM) Lending Credit Spread (%)
1.11%
1.96%
2.22%
0.49%
1.95%
2.76%
3.10%
1.98%
3.83%
4.26%
4.59%
3.74%
2017 2018 2019 6M20

23. 23
59
65
62 62
1.1% 1.1% 1.1%
1.2%
0.0%
1.5x
1.6x
1.7x
1.6x
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
45
50
55
60
65
70
75
80
2017 2018 2019 2Q19 2Q20
Credit Impaired Loans
Credit impaired loans to loan portfolio
Total allowance for losses to credit impaired loans
0.40% 0.64% 0.57% 0.53%
5.85%
4.26% 4.42% 4.63%
48%
76% 88% 0%
-350%
-250%
-150%
-50%
50%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
2017 2018 2019 2Q20
Zero NPLs in
June 30, 2020
Sound asset quality with zero non-performing loans. Total Credit Portfolio is current
and provisioned with appropriate forward-looking credit reserve levels
Total Credit
Portfolio
% Exposure:
Credit Exposure by Stages Allowance for Credit Losses
Credit Impaired Loans
(USD millions, except for %)
Stage 3
Stage 1
Stage 2
Total Allowance for
Losses to Credit Portfolio
1.46% 1.63% 1.56% 0.95%
Allowance for Credit Losses per Stage
(USD millions, except for %)
Allowance for Losses to
Stages 1 + 2
1.00% 0.87% 0.73% 0.95%
88%
93%
95%
90%
11%
6%
4%
10%
1%
1%
1%
0%
2017 2018 2019 2Q20
Stage 1 (low risk) Stage 2 (increased risk) Stage 3 (credit impaired)
6,085 6,397 6,582 5,011

24. 24
1,043 994 1,016 1,003 1,022
21.1%
18.1%
19.8%
20.4%
24.8%
18.7%
17.1% 17.3%
18.4%
22.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
(100)
100
300
500
700
900
1,100
1,300
1,500
1,700
2017 2018 2019 2Q19 2Q20
Equity Tier1 Capital Ratio (Basel III)
SBP Regulatory Capital Adequacy
Minimum
Regulatory
Capital Ratio
= 8.0%
(USD millions, except for %)
Strong solvency and stable profitability support Bladex’s solid financial position and
place the Bank favorably in the current context
ROAE & ROAA Capital Ratios
(1) Based on Basel III Internal ratings-based (IRB) approach.
(2) As defined by the Superintendence of Banks of Panama (SBP), based on Basel III Standardized Approach.
(USD millions, except for %) - EoP
1
2
8.0%
1.1%
8.6%
8.8%
6.4%
1.3%
0.2%
1.4% 1.4%
1.0%
2017 2018 2019 6M19 6M20
Return on Average Equity (ROAE) Return on Average Assets (ROAA)

25. 25
$0.385 $0.385 $0.385 $0.385
$0.250 $0.250
8.1% 7.3% 7.6% 7.1% 5.4%
8.7%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10. 0%
$0
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
Declared dividends per share Annualized return / Average price per share
$0.54 $0.56
$0.52
$0.56
$0.46
$0.36
72%
68%
75%
69%
54%
70%
0%
10%
20%
30%
40%
50%
60%
70%
80%
$0
$0
$0
$0
$0
$1
$1
$1
$1
$1
$1
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
Earnings per share (EPS) Pay-Out Ratio: Declared Dividend / EPS
Dividend YieldDividend Pay-out Ratio
Bladex dividends, declared by its Board of Directors on a quarterly basis, acknowledge
the Bank's financial strength and have historically been stable and with an attractive
pay-out ratio and dividend yield

26. 26
Appendix

27. 27
* Financial Information was prepared in accordance with International Financial Reporting Standards (IFRS) as issued by IASB..
Selected financial information
(USD millions, except % and per share amounts) 2017 2018 2019 6M19 6M20
Selected Profit or Loss Data:
Net Interest Income 119.8 109.7 109.5 56.0 47.5
Fees and commissions, net 17.5 17.2 15.6 7.5 5.0
Gain (loss) on financial instruments, net (0.7) (1.0) (1.4) 0.8 (4.3)
Other income, net 1.7 1.7 2.9 1.5 0.4
Total revenues 138.3 127.6 126.7 65.7 48.7
Reversal (provision) for credit losses (9.4) (57.5) (0.4) (1.8) 2.7
Impairment on non-financial assets - (10.0) 0.5 - (0.1)
Operating expenses (46.9) (48.9) (40.7) (20.4) (18.8)
Profit for the year 82.0 11.1 86.1 43.5 32.4
Selected Financial Position Data
Liquidity 619 1,706 1,160 843 1,959
Loan Portfolio 5,506 5,778 5,893 5,571 4,486
Total Assets 6,268 7,609 7,250 6,576 6,627
Deposits 2,929 2,971 2,888 3,014 2,886
Repos, borrowings and debt, net 2,212 3,558 3,179 2,433 2,638
Total Equity 1,043 994 1,016 1,003 1,022
Selected Financial Ratios
Return on Average Assets (ROAA) 1.3% 0.2% 1.4% 1.4% 1.0%
Return on Average Equity (ROAE) 8.0% 1.1% 8.6% 8.8% 6.4%
Net Interest Margin (NIM) 1.85% 1.71% 1.74% 1.77% 1.43%
Net Interest Spread ("NIS") 1.48% 1.21% 1.19% 1.19% 1.09%
Tier 1 Capital Ratio (Basel III) 21.1% 18.1% 19.8% 20.4% 24.8%
Efficiency Ratio 34% 38% 32% 31% 39%
Credit-impaired loans to Loan Portfolio 1.07% 1.12% 1.05% 1.16% 0.00%
Credit-impaired coverage (x times) 1.5 1.6 1.7 1.6 -
Total allowance for losses to Credit Portfolio (%) 1.45% 1.63% 1.56% 1.68% 0.95%
Shares and Market Capitalization
Number of shares outstanding (thousand) 39,429 39,539 39,602 39,602 39,672
Share price (as of period end) 26.90 17.30 21.38 20.83 11.50
Market capitalization 1,061 684 847 825 456
Earnings per share (EPS) 2.09 0.28 2.17 1.10 0.82
Book value per share (BVPS) 26.45 25.13 25.66 25.31 25.76
Annualized return / Average price per share 5.5% 6.4% 7.6% 7.7% 6.7%
Pay-Out Ratio: Paid Dividend / EPS 74% 547% 71% 70% 78%
Price to EPS (times) 12.9 61.4 9.8 35.0 6.1
Price to BVPS (times) 1.0 0.7 0.8 0.8 0.4