PANAMA CITY, April 18, 2024 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. (NYSE:BLX, ", Bladex", , 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 First Quarter ("1Q24") ended March 31, 2024. 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").            1Q24 Financial & Business Highlights Increased Profitability, with Net Profit of $51.3 million in 1Q24 (+39% YoY), fostered by higher total revenues and lower provisions for credit losses. Annualized Return on Equity ("ROE") reached 16.8% in 1Q24 (+303 bps YoY), on the back of strong recurrent operating results. Net Interest Income ("NII") stood at $62.9 million in 1Q24 (+20% YoY), driven by a 6 bps YoY increase in Net Interest Margin ("NIM") to 2.47% in 1Q24, benefited by solid lending spreads, efficient cost of funds and a proactive management of the short-tenor interest rate gap. Fee income increased 97% YoY to $9.5 million for 1Q24, deriving from improved results in the letter of credit business, benefitting from increased transactional volumes and cross-selling efforts in the Bank's letters of credit business, along with higher YoY fees from the transaction-based structuring and syndications business and other fees. Efficiency Ratio improved to 25.2% in 1Q24, on the back of solid total revenue levels (+23% YoY), compensating the 15% YoY increase in operating expenses. New all-time high Credit Portfolio at $9,789 million as of March 31, 2024 (+12 YoY). Commercial Portfolio EoP balances reached a new record level of $8,690 million at the end of 1Q24 (+12% YoY), denoting a continued growth trend from new client onboarding and cross-selling strategy. Investment Portfolio at $1,099 million (+17% YoY), mostly consisting of investment-grade securities held at amortized cost, further enhancing country and credit-risk exposure diversification and providing contingent liquidity funding. Healthy asset quality. Most of the credit portfolio (97%) is classified as low risk or Stage 1. At the end of 1Q24, impaired credits (Stage 3) remained unchanged at $10 million or 0.1% of total Credit Portfolio, with a reserve coverage of 6.9x. Sustained growth of deposits base, reaching $4,724 million at the end of 1Q24 (+32% YoY), representing 52% of the Bank's total funding sources. The Bank also counts with an ample and constant access to interbank and debt capital markets. Liquidity position at $1,764 million, or 17% of total assets as of March 31, 2024, mostly consisting of cash and due from banks, and placed with the Federal Reserve Bank of New York (87%). The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios increased to 16.3% and 13.7%, respectively, enhanced by the Bank's improved earnings generation.   Financial Snapshot  (US$ million, except percentages and per share amounts) 1Q24 4Q23 1Q23 Key Income Statement Highlights Net Interest Income ("NII") $62.9 $65.6 $52.6 Fees and commissions, net $9.5 $10.1 $4.8 Gain on financial instruments, net $0.2 $1.9 $1.7 Total revenues $72.6 $77.8 $59.2 Provision for credit losses ($3.0) ($10.0) ($6.3) Operating expenses ($18.3) ($21.4) ($15.9) Profit for the period $51.3 $46.4 $37.0 Profitability Ratios