Banco Latinoamericano De Comercio (BLX)
NYSE:BLX
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Banco Latinoamericano De Comercio
(NYSE:BLX)
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Rating:66Neutral
Price Target:
$58.00
â–˛(28.52% Upside)
Action:DowngradedDate:05/10/26
The score is driven by solid underlying financial performance (strong profitability/ROE but uneven revenue and volatile cash flow), supported by favorable valuation (low P/E and high yield). Technicals are modestly positive, while the latest earnings call was constructive on guidance and growth but flagged margin pressure, some credit migration to Stage 2, and near-term expense headwinds.
Positive Factors
Deposit Funding Strength
Material, durable deposit growth and a more diversified funding mix reduce BLX's reliance on wholesale markets. Record deposits and higher operating deposits lower funding cost volatility, support scalable loan growth and provide structural liquidity to sustain trade finance expansion over the next several quarters.
Negative Factors
Margin Pressure
Persistent competitive pricing and abundant liquidity in LATAM are structurally compressing spreads. Lower NIMs erode the core lending economics of a trade finance bank, limiting net interest income growth even with higher volumes, and could constrain sustainable profitability absent further fee expansion or lower funding costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Deposit Funding Strength
Material, durable deposit growth and a more diversified funding mix reduce BLX's reliance on wholesale markets. Record deposits and higher operating deposits lower funding cost volatility, support scalable loan growth and provide structural liquidity to sustain trade finance expansion over the next several quarters.
Read all positive factors
Banco Latinoamericano De Comercio (BLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.89B
Dividend Yield5.67%
Average Volume (3M)137.27K
Price to Earnings (P/E)9.7
Beta (1Y)0.55
Revenue Growth0.79%
EPS Growth10.88%
CountryUS
Employees175
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)6.02
Shares Outstanding28,736,597
10 Day Avg. Volume112,642
30 Day Avg. Volume137,266
Financial Highlights & Ratios
PEG Ratio0.80
Price to Book (P/B)0.99
Price to Sales (P/S)4.88
P/FCF Ratio4.47
Enterprise Value/Market Cap2.32
Enterprise Value/Revenue7.31
Enterprise Value/Gross Profit13.52
Enterprise Value/Ebitda18.70
Forecast
1Y Price Target
$66.60Price Target Upside47.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.2
Revenue Forecast (FY)$364.33M
Banco Latinoamericano De Comercio Business Overview & Revenue Model
Company Description
Banco Latinoamericano de Comercio Exterior, S. A., a multinational bank, primarily engages in the financing of foreign trade in Latin America and the Caribbean. The company operates through two segments, Commercial and Treasury. It offers short an...
How the Company Makes Money
Bladex makes money primarily through net interest income and fee-based income generated from trade finance and related banking activities. The core revenue engine is lending and credit intermediation: the bank extends short- and medium-term financ...
Banco Latinoamericano De Comercio Earnings Call Summary
Earnings Call Date:Apr 27, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
Overall the call conveys a positive operational and financial picture: record commercial portfolio and deposits, double-digit fee growth, solid profitability (net income +9% y/y, ROE 14.2%), strong liquidity and high-quality assets, and robust capital metrics (Basel III Tier 1 17.9%). Offsetting items include pressure on net interest income/margins from 2025 rate cuts and competitive markets, a sequential uptick in Stage 2 classifications, a decline in the Panama regulatory ratio driven by rapid balance-sheet growth, and expected near-term expense increases tied to strategic investments. Management reaffirmed full-year guidance and emphasized disciplined growth and proactive risk management.Positive Updates
Record Commercial Portfolio Growth
Commercial portfolio reached $12.0 billion, up 8% quarter-over-quarter and 13% year-over-year; loan balances were $9.7 billion with contingent exposures of $2.1 billion. Growth driven mainly by medium-term transactions across Colombia, Brazil and Guatemala and aligns with targeted growth strategy.
Negative Updates
Pressure on Net Interest Income and Margins
Net interest income totaled $70 million, down slightly quarter-over-quarter as the balance sheet absorbed the repricing impact from 2025 rate cuts. Net interest margin was 2.34% and net interest spread 1.69%—under pressure from ample liquidity and increased competition for quality assets. Management noted a quarter-over-quarter revenue reduction referenced in Q&A (~14% q/q) due to timing and repricing effects.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Commercial Portfolio Growth
Commercial portfolio reached $12.0 billion, up 8% quarter-over-quarter and 13% year-over-year; loan balances were $9.7 billion with contingent exposures of $2.1 billion. Growth driven mainly by medium-term transactions across Colombia, Brazil and Guatemala and aligns with targeted growth strategy.
Read all positive updates
Company Guidance
Management reaffirmed full-year 2026 guidance and gave metric-level color: Q1 net interest margin was 2.34% (net interest spread 1.69%) and NIM is guided to be around 2.30% for the year; efficiency is expected to be roughly 28% (Q1 efficiency 26.5%); return on adjusted equity was 14.2% and return on average assets 1.8%, both said to be within guidance; Basel III Tier 1 was 17.9% at quarter end but is expected to gradually normalize toward a 15–16% operating range as capital is deployed (Panama regulatory ratio 14.7%); management pointed to Q1 net income of $56.4M, a $12.0B commercial portfolio (up 8% q/q, 13% y/y) and record deposits of $7.3B (up 11% q/q, 25% y/y) as supporting their outlook.Banco Latinoamericano De Comercio Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 597.66M | 339.60M | 810.60M | 683.41M | 330.75M | 155.74M |
| Gross Profit | 323.12M | 317.50M | 284.78M | 209.87M | 126.61M | 101.64M |
| EBITDA | 233.67M | 226.90M | 209.44M | 169.25M | 94.75M | 66.19M |
| Net Income | 231.57M | 226.90M | 205.87M | 166.16M | 92.04M | 62.70M |
Balance Sheet | ||||||
| Total Assets | 13.74B | 12.79B | 11.86B | 10.74B | 9.28B | 8.04B |
| Cash, Cash Equivalents and Short-Term Investments | 2.27B | 1.93B | 2.06B | 2.06B | 1.24B | 1.25B |
| Total Debt | 4.35B | 4.18B | 4.58B | 4.68B | 4.73B | 3.75B |
| Total Liabilities | 12.03B | 11.11B | 10.52B | 9.54B | 8.21B | 7.05B |
| Stockholders Equity | 1.71B | 1.68B | 1.34B | 1.20B | 1.07B | 991.79M |
Cash Flow | ||||||
| Free Cash Flow | 1.21B | 370.86M | -1.13B | 1.06B | -772.37M | -872.52M |
| Operating Cash Flow | 1.21B | 373.66M | -1.13B | 1.06B | -769.65M | -871.71M |
| Investing Cash Flow | -972.12M | -995.82M | -180.02M | -12.77M | -166.66M | -446.08M |
| Financing Cash Flow | -77.75M | 644.44M | 1.14B | -253.22M | 916.25M | 1.68B |
Banco Latinoamericano De Comercio Technical Analysis
Positive
45.13
Price Trends
50.41
Positive
47.50
Positive
45.28
Positive
Market Momentum
1.81
Negative
76.67
Negative
87.57
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLX, the sentiment is Positive. The current price of 45.13 is below the 20-day moving average (MA) of 52.49, below the 50-day MA of 50.41, and below the 200-day MA of 45.28, indicating a bullish trend. The MACD of 1.81 indicates Negative momentum. The RSI at 76.67 is Negative, neither overbought nor oversold. The STOCH value of 87.57 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BLX.
Banco Latinoamericano De Comercio Risk Analysis
Banco Latinoamericano De Comercio disclosed 33 risk factors in its most recent earnings report. Banco Latinoamericano De Comercio reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
The Bank's ability to maintain its competitive position depends, in part, on the success of new products and services it offers to its customers and on its ability to offer products and services that meet the customers' needs during the whole life cycle of the products or services. The Bank's failure to manage various risks it faces as it expands its range of products and services could have a material adverse effect on the Bank. Q4, 2023
2.
Inflation and corresponding increases in market interest rates may adversely affect the value of the Bank's financial instruments. Q4, 2023
Banco Latinoamericano De Comercio Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.28B | 11.27 | 8.84% | 4.11% | 62.15% | 107.42% | |
76 Outperform | $1.98B | 8.02 | 15.62% | 2.73% | 4.29% | 15.77% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.89B | 9.75 | 14.36% | 5.67% | 0.79% | 10.88% | |
66 Neutral | $959.34M | 12.46 | 3.40% | 1.34% | 0.80% | -67.72% | |
65 Neutral | $4.96B | 18.14 | 4.69% | 2.37% | -23.62% | -22.31% | |
55 Neutral | $3.23B | 24.59 | 7.42% | 0.80% | -14.13% | -47.64% |
* Financial Sector Average
BLX
Banco Latinoamericano De Comercio
53.79
15.72
41.29%
BMA
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73.48
-14.40
-16.38%
BBAR
Banco BBVA Argentina
14.83
-6.05
-28.96%
BUSE
First Busey
26.61
5.09
23.62%
OFG
OFG Bancorp
46.00
4.86
11.82%
EQBK
Equity Bancshares
45.70
5.68
14.20%
Banco Latinoamericano De Comercio Corporate Events
Banco Latinoamericano de Comercio Exterior Files Q1 2026 Unaudited Interim Financials
May 5, 2026
Banco Latinoamericano de Comercio Exterior, S.A. and its subsidiaries filed a Form 6-K with the U.S. Securities and Exchange Commission on May 5, 2026, releasing unaudited condensed consolidated interim financial statements as of March 31, 2026 an...
Bladex Delivers Record Credit Portfolio and Higher Profits in First Quarter 2026
Apr 30, 2026
For the first quarter ended March 31, 2026, Bladex reported net profit of $56.4 million, up 9% year-on-year, with earnings per share of $1.31 and an adjusted annualized return on equity of 14.2%, reflecting disciplined balance sheet growth and str...
Bladex Board Approves First-Quarter 2026 Cash Dividend
Apr 28, 2026
Bladex said on April 27, 2026 that its board approved a quarterly cash dividend of US$0.6875 per share for the first quarter of 2026, signaling continued capital returns to shareholders. The dividend will be paid on May 27, 2026 to shareholders of...
Bladex Shareholders Approve Directors, 2025 Accounts and Name Change at April 2026 AGM
Apr 24, 2026
On April 21, 2026, Bladex held its annual meeting of shareholders virtually, with a quorum representing 68.10% of its outstanding common shares. Shareholders elected directors José Alberto Garzon, Juan Alberto Pazo, and Julianne Canavaggio wi...
Banco Latinoamericano de Comercio Exterior Files 2025 Form 20-F With U.S. SEC
Apr 21, 2026
Banco Latinoamericano de Comercio Exterior, S.A. (Bladex) is a multinational trade finance bank headquartered in Panama, created in 1979 by Latin American and Caribbean central banks to foster foreign trade and regional economic integration. It se...
Banco Latinoamericano de Comercio Exterior Reports Higher Assets in 2025 Unaudited Results
Mar 27, 2026
On March 26, 2026, Banco Latinoamericano de Comercio Exterior, S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission reporting its unaudited interim condensed consolidated financial statements as of December 31, 2025, and results ...
Bladex Unveils 2030 Vision After Beating 2026 Targets Ahead of Schedule
Mar 24, 2026
At its March 2026 Investor Day, Bladex reported that it reached or exceeded its ambitious 2026 financial and operational goals ahead of schedule, including expanding its commercial portfolio, improving lending spreads and cost-to-income, strengthe...
Bladex Calls Virtual 2026 Shareholders’ Meeting, Seeks Approval for Name Change to Bladex, Inc.
Mar 19, 2026
On March 19, 2026, Bladex announced that it will hold its 2026 Annual Meeting of Shareholders virtually on April 21, 2026, at 11:30 a.m. Panama time, accessible via an online platform. Shareholders of all classes will be asked to approve the audit...
Bladex Posts Record 2025 Profits, Expands Portfolio and Hikes Dividend
Feb 13, 2026
On February 12, 2026, Bladex reported that net profit rose 9% year-on-year to $56.0 million, or $1.50 per share, in the fourth quarter of 2025 and 10% to $226.9 million, or $6.11 per share, for full-year 2025. The bank delivered adjusted ROE of 14...
Bladex Hikes Quarterly Dividend After Record 2025 Results
Feb 12, 2026
On February 12, 2026, Bladex reported that its board approved an increase in the quarterly cash dividend to $0.6875 per share from $0.625, following record financial results in 2025 and strong fourth-quarter performance. The dividend, representing...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.