PANAMA CITY, Feb. 12, 2026 /PRNewswire/ — Bladex (NYSE:BLX, or “, the Bank”, )), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, announced today its results for the Fourth Quarter (“4Q25”) and Full-year (“FY25”) ended December 31, 2025.
The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
Financial & Business Highlights
Solid profitability, with Net Profits reaching $56.0 million in 4Q25 (+9% YoY) and $226.9 million in FY25 (+10% YoY), fostered by continued business growth, strengthened revenue generation and disciplined credit-risk and cost management.
Adjusted Annualized Return on Equity (“ROE”) stood at 14.2% for 4Q25 and 15.8% for FY25, reflecting the impact of interest rate cuts implemented by the FED since 2024. Including the effect of the AT1 issuance completed in late September 2025, the ROE reached 13.4% in 4Q25 and 15.4% in FY25.
Net Interest Income (“NII”) improved to $70.8 million in 4Q25 (+6% YoY) and $271.2 million in FY25 (+5% YoY), mostly driven by higher average business volumes. Net Interest Margin (“NIM”) stood at 2.39% for 4Q25 (-4bps YoY) and 2.36% for FY25 (-11bps YoY), reflecting lower base rates and increased market liquidity driving competitive pricing and margin compression, which was partially offset by improved funding costs driven by deposit growth, as well as pricing discipline.
Strong fees and non-interest income at $18.0 million for 4Q25 (+57% YoY) and $68.4 million for FY25 (+54% YoY), stemming from record level performance of the Bank’s core trade-finance and structuring activities, together with strong strategic execution and broader revenue diversification, as derivatives income and secondary-market loan activity have become an increasingly important source of revenue stream.
Well-managed Efficiency Ratio of 30.9% for 4Q25 and 26.7% in FY25, a slight increase YoY due to higher operating expenses from ongoing investments in technology, modernization and other business initiatives related to the Bank’s strategic priorities, and headcount growth to strengthen execution capabilities.
Credit Portfolio reached new all-time high at $12,599 million as of December 31, 2025 (+12% YoY), resulting from:
- Commercial Portfolio EoP balances reaching a peak of $11,184 million at the end of 4Q25 (+11% YoY), reflecting strong growth across all products lines.
- Investment Portfolio of $1,415 million (+19% YoY), mostly consisting of investment-grade securities outside of Latin America held at amortized cost, further enhancing country and credit-risk diversification and providing contingent liquidity funding.
Healthy asset quality, with most of the credit portfolio (98.2%) remaining low-risk or Stage 1 at the end of 4Q25. Stage 2 exposures decreased to 1.5% of the portfolio at the end of 4Q25, reflecting credit quality improvement on country upgrades and scheduled repayments, while a single exposure deteriorated to Stage 3. Impaired credits or Stage 3 principal balance totaled $38.7 million or 0.3% of total Credit Portfolio, with a reserve coverage of 2.8x.
Solid and diversified deposit base, reaching $6,604 million at the end of 4Q25 (+22% YoY), representing 62% of the Bank’s total funding sources (+8pp YoY). The Bank also maintained ample and constant access to interbank and debt capital markets, most recently denoted by the reopening of $2 billion MXN bond issued in December 2025 in the Mexican capital market.
Strong Liquidity position at $1,911 million, or 14.9% of total assets as of December 31, 2025, mostly consisting of deposits placed with the Federal Reserve Bank of New York (91%).
The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios resulted in 17.4% and 15.5% at the end of 4Q25, respectively, both well above internal targets and regulatory minimum, providing ample headroom for capital deployment following the successful execution of the Bank’s inaugural AT1 issuance in late September 2025.
Increased common dividend to $0.6875 per share for the 4Q25 up from $0.625 per share. The 10% dividend increase reflects the Bank’s record financial performance in 2025 and underscores its continued commitment to delivering attractive shareholder returns while maintaining financial strength and flexibility.
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Financial Snapshot |
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(US$ million, except percentages and per share amounts) |
4Q25 |
3Q25 |
4Q24 |
2025 |
2024 |
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Key Income Statement Highlights |
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|
Net Interest Income (“NII”) |
$70.8 |
$67.4 |
$66.9 |
$271.2 |
$259.2 |
|
Fees and commissions, net |
$14.5 |
$14.1 |
$11.9 |
$59.0 |
$44.4 |
|
Gain (loss) on financial instruments, net |
$3.2 |
$0.9 |
($0.6) |
$8.2 |
($0.5) |
|
Other income, net |
$0.4 |
$0.4 |