Banco Latinoamericano de Comercio Exterior, S. A. (BLX): Business Model Canvas [Dec-2025 Updated]

You're looking for the nuts and bolts of how Banco Latinoamericano de Comercio Exterior, S. A. (BLX) actually makes money and manages risk in 2025, and honestly, the numbers are compelling. After two decades analyzing institutions like this, I can tell you their model hinges on specialized trade finance, backed by a rock-solid capital base-their CET1 ratio hit 15.0% in 2Q25-and a loan book reaching \$10.8 billion. With Net Interest Income hitting a record \$67.7 million in that same quarter, they are clearly executing on their value proposition of reliable US Dollar funding for Latin America's trade. Dive into the full nine blocks below to see exactly how their partnerships, activities, and channels drive this performance.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Key Partnerships

You're looking at the network that underpins Banco Latinoamericano de Comercio Exterior, S. A. (BLX)'s ability to facilitate foreign trade across the region. These aren't just names on a list; they are the entities that provide capital, technology, and regulatory backing. Honestly, for a bank focused on regional trade, these relationships are everything.

Central banks and government entities of 23 Latin American countries

The very foundation of Banco Latinoamericano de Comercio Exterior, S. A. (BLX) rests on its founding partners. The bank was established by the central banks and other governmental entities from 23 countries in Latin America and the Caribbean. This structure gives Banco Latinoamericano de Comercio Exterior, S. A. (BLX) a unique mandate and inherent regional support for promoting foreign trade and economic integration. This relationship is core to its identity and operational stability.

Global and regional commercial banks for syndicated loans

Syndicated lending is a major channel for deploying capital, and Banco Latinoamericano de Comercio Exterior, S. A. (BLX) actively brings together financial allies. For instance, in the first half of 2025, the bank ranked 8th among Latin America's top syndicated loan arrangers by Bloomberg, securing a League Credit of USD 982 million across 6 transactions, representing a 4.16% market share in that category. This shows you the scale of their co-lending activity. One recent deal for Finanzauto involved structuring a dual-currency loan worth US$53 million and COP 60,000 million, which saw participation from eight financial institutions. It's about connecting capital to regional growth needs.

Here's a snapshot of recent syndicated activity where these partnerships were key:

Multilateral financial institutions (e.g., CAF) for co-financing

While specific co-financing figures with institutions like CAF aren't always public line-by-line, the bank's strong standing in the market implies deep relationships with multilateral and development banks. The bank maintains ample access to capital markets, evidenced by its solid liquidity position, which stood at $1,852 million as of March 31, 2025. Furthermore, the bank's ability to structure large deals, like the largest in its history (a $400 million syndicated loan in 2024), suggests ongoing collaboration with a wide array of global and regional funding sources, which often include multilateral entities.

International banks (e.g., Deutsche Bank, Scotiabank) on structured deals

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) consistently structures deals that attract commitments from international players. The $400 million global syndicated loan closed in May 2024, for example, involved thirty-three financial institutions spanning diverse countries including Spain and the United States. This demonstrates the bank's ability to bring in top-tier international banks for significant transactions. The bank also noted that it expects to keep various available credit lines with correspondent banks in diverse countries, which is how these international relationships are maintained day-to-day.

Key aspects of these international banking relationships include:

• Participation from banks in regions like Asia, the Caribbean, and the United States in various syndications.
• The bank's investment portfolio, as of March 2025, totaled about $1.3 billion, consisting mainly of investment-grade securities outside of Latin America, diversifying credit risk exposure.
• The bank's potential access to the U.S. Federal Reserve discount window is viewed as mitigating liquidity risk, a critical partnership element with the U.S. financial system.

Technology partners like Nasdaq Calypso for treasury operations

Technology integration is a clear partnership focus for future-proofing operations. Banco Latinoamericano de Comercio Exterior, S. A. (BLX) announced on October 27, 2025, that it is adopting Nasdaq Calypso for treasury management. This platform is designed to automate front-to-back-office workflows across asset classes, helping manage valuations, liquidity, and risk. The project is structured in two phases, with the final phase expected to wrap up by the end of 2027. This move supports the bank's strategic plan to expand operational capabilities and offer new financial products, like hedging solutions with interest rate derivatives.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Key Activities

You're looking at the core engine of Banco Latinoamericano de Comercio Exterior, S. A. (BLX), which is all about facilitating and financing international commerce across the region. These activities translate directly into the financial performance you see, like the annualized Return on Equity hitting 18.5% in 2Q25.

Originating and underwriting specialized trade finance solutions is central to the business. This is evident in the fee income growth; for the second quarter of 2025, fee income hit a record \$19.9 million, a 59% increase year-over-year. This growth was specifically supported by higher income from letters of credit and credit commitments. The off-balance sheet business, which includes credits, guarantees, and credit commitments, saw 25% growth year-over-year in 2Q25, showing strong demand for these underwriting activities.

Structuring and arranging complex project and syndicated finance is another key driver, often resulting in significant fee spikes. The bank's largest ever structured transaction was executed during the second quarter of 2025, contributing to that record fee income. To give you a sense of the pipeline activity, in the first quarter of 2025, the syndications team successfully arranged four transactions with a combined value of roughly \$500 million across markets like Brazil, Mexico, and Costa Rica.

Managing a commercial loan portfolio is where a lot of the balance sheet activity sits. As you noted, this portfolio hit \$10.8 billion at the end of 2Q25, specifically reported as an historic peak of \$10,819 million. This represented a 1% increase quarter-over-quarter and 18% growth year-over-year as of 2Q25. Asset quality here remains pristine, with 97.9% of exposures classified as Stage 1 (low risk) at the end of 2Q25.

Treasury and investment portfolio management is crucial for maintaining liquidity and managing the liability structure. The investment portfolio balance reached just over \$1.3 billion in 2Q25, marking an 8% increase from the prior quarter and 20% year-over-year growth. This portfolio is kept short, with an average duration around 2 years, and is concentrated in investment-grade securities outside of Latin America for diversification. Furthermore, liquid assets provided a solid buffer, representing over 15% of total assets at the end of the quarter. The bank's funding base is strong, with deposits reaching a record \$6.4 billion in 2Q25, representing 62% of total funding sources.

Deploying a new digital trade finance platform for efficiency is an ongoing strategic investment. The bank is actively executing on its path toward scalability and enhanced fee generation, with the CEO providing an update on the implementation status of 2 main IT platforms in the Q3 2025 call. The operational efficiency reflects this focus; the efficiency ratio stood at 23.1% in 2Q25, showing revenue growth outpaced ongoing investments in technology and modernization.

Here is a quick look at the key portfolio and efficiency metrics from the second quarter of 2025:

The bank is also focused on deepening client engagement, as seen by the 30% year-over-year growth in corporate deposits.

• Credit quality: Nonperforming loans (Stage 3) accounted for just 0.2% of the total portfolio.
• Reserve Coverage: Maintained a robust reserve coverage of 5.1x against impaired credits.
• Off-Balance Sheet Growth: Increased 25% year-over-year in 2Q25.

Finance: draft 13-week cash view by Friday.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Key Resources

The Key Resources for Banco Latinoamericano de Comercio Exterior, S. A. (BLX) center on its strong financial foundation, its specialized market access, and its human expertise in the trade finance niche.

The capital base is a primary strength, allowing for sustained credit expansion and absorbing regional volatility. You see this reflected in the latest regulatory figures.

Access to global funding is secured by maintaining investment-grade credit ratings. This is crucial for a bank whose business relies on international correspondent relationships and wholesale markets.

• S&P Global Ratings: BBB/Stable/A-2 as of May 2025.
• Moody's BCA: baa2 as of July 2025.
• This rating profile supports access to global funding markets.

The funding structure leans heavily on stable, sticky sources. Institutional deposits are a core component, providing a reliable base against market fluctuations.

The institutional deposit base, which includes holdings from Class A shareholders (Latin American central banks), represents 62% of total funding sources as of 2Q25, up four percentage points from the previous quarter. The total deposit figure reached a record \$6.4 billion at the end of 2Q25.

Finally, the specialized human capital is indispensable. This team possesses deep expertise in the specific, often complex, world of Latin American trade and structured finance, which is the bank's core business.

• Total Number of Employees: 322.
• Core business is providing foreign trade solutions to a select client base of American financial institutions and corporations.
• The bank provides trade finance, loans, supply-chain, and liquidity & investment solutions.

The operational efficiency also points to a well-managed resource base, with a Cost-to-income ratio forecast around 28% in the next two years, and a Return on Equity (ROE) of 18.5% annualized in 2Q25.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Banco Latinoamericano de Comercio Exterior, S. A. (BLX) over other regional banks, which is all about specialized, reliable execution in trade finance.

Reliable access to US Dollar funding and international capital markets

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) maintains a funding structure that emphasizes stability and broad market access, which is crucial for a US Dollar-centric business. The bank's liquidity position remained solid as of the end of June 2025, totaling \$1.96 billion, which was equivalent to 15% of total assets. This liquidity is largely held as deposits at the Federal Reserve Bank of New York. Furthermore, the bank actively manages its liability profile through capital markets access. For instance, in the third quarter of 2025, deposits reached a record of \$6.8 billion, growing 21% year-on-year, and now accounting for 2/3 of total funding, the highest share in the bank's history. This strong deposit base is complemented by access to longer-term funding; as of the first quarter of 2025, long-term funding stood at \$2.8 billion, representing 27% of total financial liabilities. The bank also successfully launched its inaugural US\$200 Million AT1 Notes Offering in September 2025, with a 7.50% coupon, attracting strong global investor demand.

Expertise in structuring large, complex transactions (e.g., \$1.6 billion Staatsolie financing)

The bank's capability to originate and distribute complex, high-value structured transactions is a key differentiator. This expertise was highlighted by the execution of the largest structured transaction in the Bank's history, which contributed to a record fee income in the second quarter of 2025. This capability is exemplified by landmark deals such as the \$1.6 billion Staatsolie financing facility, demonstrating the strength of Banco Latinoamericano de Comercio Exterior, S. A. (BLX)'s origination and distribution capacity. The structuring and syndications team delivered strong performance, with noninterest income related to these activities up 40% year-over-year in the third quarter of 2025. The commercial portfolio, which includes loans and contingencies, reached a record \$10.8 billion at the end of the second quarter of 2025, up 18% year-over-year, driven in part by such high-value deals.

Specialized trade finance products like letters of credit and guarantees

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) provides essential trade finance tools that support regional commerce. Demand for these off-balance sheet products remains high, as evidenced by the 25% year-over-year growth in off-balance sheet business (credits, guarantees, and credit commitments) in the second quarter of 2025. This activity directly fuels fee income, which hit a record level of \$19.9 million in the second quarter of 2025, a 59% increase compared to the same period in the previous year. The commercial portfolio, which includes these contingent items, stood at \$10.9 billion by the end of the third quarter of 2025. The bank continues to onboard new clients, with new client onboarding up 7% year-to-date as of the third quarter of 2025.

Pristine asset quality with non-performing loans near zero

The bank's underwriting discipline translates directly into exceptional asset quality, which reinforces its investment-grade profile. As of the second quarter of 2025, credit quality remained exceptional, with nonperforming loans reported as close to 0%. This is further supported by the fact that over 97% of exposures were classified as Stage 1 at that time. Looking at the first quarter of 2025, Impaired credits or Stage 3 exposures stood at \$17 million, which was only 0.1% of the total Credit Portfolio, with a robust reserve coverage of 5.3x. By the third quarter of 2025, Stage 3 exposures were stable at 0.2% of total exposures. The total credit portfolio reached a new all-time high of \$12.3 billion in the third quarter of 2025.

Enhanced digital client experience for transactional efficiency

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) is investing in its platform to improve client interaction and efficiency. The bank continues to invest in technology and modernization as part of its strategy execution, even while maintaining a very low operating cost structure, with the efficiency ratio standing at 23.1% in the second quarter of 2025. The rollout of a new digital trade finance platform is positioned to significantly increase transaction volumes and improve client retention.

• Fee Income increase: 59% year-over-year in 2Q25.
• Commercial Portfolio growth: 18% year-over-year in 2Q25.
• Off-balance sheet business growth: 25% year-over-year in 2Q25.
• Deposits share of total funding: Reached 62% in 2Q25, and 2/3 in 3Q25.
• New client onboarding growth: 7% year-to-date in 3Q25.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Customer Relationships

You're looking at how Banco Latinoamericano de Comercio Exterior, S. A. (BLX) manages its connections with its core clients. It's a mix of deep, traditional banking ties and necessary digital modernization. Honestly, for a bank whose ownership structure is so unique, those relationships are everything.

Dedicated, high-touch relationship management for complex transactions

For the big, structured deals, the service model is definitely high-touch. This is where the bank's expertise in trade finance really shines, moving beyond simple transactions to complex financing structures. For instance, in Q2 2025, fee income hit a record of $19.9 million, which was strongly powered by a landmark $1.6 billion syndicated facility. That kind of deal requires dedicated teams, not just an app.

The commercial portfolio, which represents the core of the lending relationship, stood at $10.8 billion as of Q2 2025, showing an 18% year-over-year growth. By Q3 2025, loan origination momentum continued in key markets like Mexico, Guatemala, and Argentina, keeping the commercial portfolio balances stable quarter-over-quarter.

Long-standing, deep institutional relationships with founding central banks

This is the bedrock of Banco Latinoamericano de Comercio Exterior, S. A. (BLX). Its shareholder base includes central banks and state-owned entities from 23 Latin American countries, which translates directly into a stable, low-cost funding source. As of Q2 2025, deposits from central banks and Class A shareholders accounted for 37% of the total deposit base. Overall, deposits reached $6.4 billion, making up 62% of total funding, which is key to controlling funding costs. By Q3 2025, this deposit base grew further to a record $6.8 billion, marking a 21% increase from the prior year.

These institutional ties are more than just funding; they represent trust and a shared regional vision. The bank serves clients in over 23 countries, leveraging its foundation built by these founding entities.

Cross-selling and product diversification to deepen client engagement

The strategy clearly involves moving clients from single-product usage to a broader engagement. The bank is actively developing new business lines specifically to increase non-interest income and diversify revenue. The significant jump in fee income to $19.9 million in Q2 2025 (an 88% quarter-over-quarter increase) shows success in pushing these fee-generating services alongside core lending.

Here's a quick look at the growth in client acquisition relative to the portfolio:

Digital self-service options via the new trade finance platform

The bank is actively working to modernize the client experience, though full rollout is still pending. They are implementing 2 main IT platforms aimed at enhancing scalability and fee generation. While the new trade finance platform, powered by CGI, is expected to reach full operational capacity only by next year (2026), the trend toward digital is clear in the broader market. For context, AI usage in live trade-finance transactions across the industry rose to 45% in 2025, suggesting client expectations for digital efficiency are high.

Consistent, personalized service across multiple regional offices

Service consistency is supported by a physical footprint designed to cover the region's trade corridors. Banco Latinoamericano de Comercio Exterior, S. A. (BLX) maintains offices in key financial and trade hubs including Argentina, Brazil, Colombia, Mexico, and the United States, alongside a representation license in Peru. This network is staffed by professionals representing 16 different nationalities, which helps tailor service delivery to local market nuances. The bank's operational efficiency, reflected in an improved Q3 2025 efficiency ratio of 25.8% (beating guidance of 27%), suggests that this multi-office structure is being managed with discipline.

Key service reach points include:

• Clients served in over 23 countries.
• Physical presence in 5 countries plus 1 representation license.
• Professionals from 16 nationalities on staff.
• Loan origination momentum noted in Mexico, Guatemala, and Argentina (Q3 2025).

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Channels

You're looking at how Banco Latinoamericano de Comercio Exterior, S. A. (BLX) physically and digitally connects with its clients and markets as of late 2025. The structure is built around a central hub and targeted international outposts, supported by a broad network.

Headquarters in Panama City, serving as the central hub

The core operations and strategic direction for Banco Latinoamericano de Comercio Exterior, S. A. (BLX) are managed from its Headquarters in Panama City, Republic of Panama. This location is central to the bank's mandate to promote foreign trade and economic integration in the Region.

Representative offices in key markets and the United States

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) maintains a physical presence in key Latin American markets, focusing these offices on origination and client relationship management. The bank also has a significant presence in the United States, which serves as a critical access point for capital markets.

Here are the confirmed office locations as of 2025 data:

• Headquarters: Panama City
• Key Latin American Markets: Argentina, Brazil, Colombia, Mexico
• United States Offices: Dallas, Los Angeles (Headquarters for BLX Group), New York, Phoenix
• Other Presence: A Representative License in Peru

The bank's strategy involves concentrating operations out of Panama, with these representative offices supporting client engagement.

Correspondent banking network across Latin America and the Caribbean

The reach extends beyond direct offices through a robust network. The bank's foundation is tied to its shareholder base, which includes Central Banks and governmental entities from 23 countries of the Region. As of March 2025, the commercial portfolio had exposure in more than 15 countries in Latin America, with the largest exposures being Brazil at 14%, Mexico at 12%, and Guatemala at 11% of loans and contingencies. The bank manages solid business relationships through professionals representing 16 countries.

This network is supported by a strong liquidity position, with liquid assets at the end of Q2 2025 totaling $1.96 billion, equivalent to 15% of total assets, mostly held at the Federal Reserve Bank of New York.

To give you a clearer picture of the physical and network footprint:

Direct digital channels through the new trade finance platform

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) is actively enhancing its product delivery processes and technological infrastructure to streamline processing capacity. The bank is focusing on digital channels to support its trade finance offerings.

Key digital/technology-related data points include:

• Efficiency Ratio: 23.1% (Q2 2025), achieved despite ongoing investments in technology.
• Digital Focus Areas: Vendor finance with a focus on supply chain finance through an established Fintech leader in Supply Chain.
• Platform Enhancement: Selection of Nasdaq Calypso to advance treasury management and operational capabilities.

The bank is executing on a strategy that emphasizes efficiency and innovation, which directly impacts how clients access its services digitally.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Customer Segments

You're looking at the core client base for Banco Latinoamericano de Comercio Exterior, S. A. (BLX) as of late 2025. Honestly, their focus remains laser-sharp on facilitating regional and international trade finance, which dictates who they serve.

Financial Institutions (central banks, commercial banks) in Latin America

This group is foundational; remember, BLX was initially set up by the central banks of 23 Latin-American and Caribbean countries. That history means strong ties remain. Central banks are key deposit holders, part of the Class A shareholder base, which helps keep funding costs down. For instance, in Q2 2025, the growth in deposits was driven by the continued strength in this institutional base. When BLX executes large transactions, like the $1.6 billion syndicated facility for Staatsolie in Q2 2025, they attract participation from a wide array of banks-that specific deal saw interest from 18 financial institutions from all over the market.

• Central banks are core Class A shareholders.
• Institutional deposits are a key, stable funding source.
• Commercial banks participate in syndications and trade finance.

Large corporate clients focused on foreign trade (importers/exporters)

This is where the bulk of the business volume sits. The Commercial Portfolio, which includes loans and contingencies, hit a new high of $10.9 billion by the end of Q3 2025. That's up 12% year-over-year in that portfolio. The bank is actively growing this segment; new client onboarding year-to-date Q3 2025 was up 7%. These clients are the importers and exporters driving the region's commerce. Geographically, by Q1 2025, the largest loan exposures were in Brazil at 14%, Mexico at 12%, and Guatemala at 11% of the book.

Sovereign and government-related entities requiring project financing

While the focus is trade, BLX definitely supports sovereign-related entities, often through their Class A shareholder connections or large structured finance deals. The $1.6 billion syndicated facility for Staatsolie, Suriname's national oil company, in Q2 2025 is a concrete example of this segment's scale. These deals often involve guarantees and credit commitments, which feed into the off-balance sheet business that saw growth of 25% year-over-year in Q2 2025. These transactions are significant drivers for fee income, which hit a record $19.9 million in Q2 2025.

Institutional investors in the US and Mexican capital markets

This segment is crucial for BLX's liability management and funding diversification, not just for direct lending. The bank actively taps institutional investors through its debt programs. For instance, the Euro Medium-Term Note Program (EMTN) has a limit of up to USD 2.250 billion and targets non-bank institutional investors, with placements available in the 144A/Reg S markets. The investment portfolio, which provides contingent liquidity, totaled $1.4 billion in Q3 2025 and is largely composed of non-Latin American issuers, indicating a reliance on global, high-quality fixed-income investors. The US market, specifically through the New York agency, is where much of this investment portfolio is held.

Here's a quick look at the portfolio scale supporting these segments as of late 2025:

What this estimate hides is the specific breakdown of the $10.9 billion commercial portfolio between importers and exporters, but the 7% year-to-date growth in new client onboarding shows the pipeline is active.

Finance: draft 13-week cash view by Friday.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Banco Latinoamericano de Comercio Exterior, S. A. (BLX)'s business model as of late 2025. Keeping costs tight while investing for growth is key here, and the recent numbers show they're managing that balance.

The core operating expenses, which totaled $20.8 million in 2Q25, were actually down 1% quarter-over-quarter, even as total revenues grew significantly. This disciplined approach is what drives the strong efficiency figures you see.

The bank is definitely making a significant investment in technology and digital transformation. The year-over-year increase in operating expenses was primarily related to higher personnel expenses and other costs tied to modernization and strengthening the Bank's strategy execution capabilities. This investment is aimed at scaling the platform, which is evident in the record fee income achieved through new transaction capabilities.

Personnel costs for specialized financial and commercial teams are a major component of the expense base. The growth in these expenses year-over-year reflects the bank's focus on expanding its commercial portfolio, which reached an all-time high of $10,819 million in Commercial Portfolio EoP balances at the end of 2Q25. You need the right people to originate and manage that kind of volume.

The cost of funds is being actively managed and is definitely being lowered by the growing deposit base. Deposits climbed to a new all-time high of $6,446 million at the end of 2Q25, now representing 62% of the Bank's total funding sources. Relying more on cheaper, sticky deposits helps keep the overall cost of funding competitive, especially in a highly liquid USD market environment.

This disciplined cost management is clearly reflected in the 2Q25 Efficiency Ratio of 23.1%, a significant improvement from 26.9% in 1Q25 and 24.3% in 2Q24. Here's a quick view of how key efficiency and cost drivers looked in 2Q25:

The bank's focus on operational leverage is clear when you look at the expense components relative to revenue growth. The key cost levers being managed include:

• Maintaining stable operating expenses QoQ despite growth.
• Controlling personnel expenses year-over-year.
• Investing in modernization and technology initiatives.
• Optimizing the liability structure via deposit growth.

If onboarding those specialized teams takes longer than expected, the return on that personnel investment will be delayed, which is a near-term risk to watch.

Finance: draft 13-week cash view by Friday.

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) - Canvas Business Model: Revenue Streams

Banco Latinoamericano de Comercio Exterior, S. A. (BLX) generates revenue through a mix of traditional banking interest income and growing fee-based services, reflecting a strategy to diversify earnings.

The core interest-earning revenue stream is anchored by the commercial loan portfolio. Net Interest Income (NII) from this portfolio hit a record \$67.7 million in 2Q25. This figure was primarily supported by the Commercial Business Segment, which contributed \$59.7 million to NII in that same quarter. For the first six months of 2025 (6M25), the cumulative NII reached \$133.0 million.

Fee income is an increasingly important component, driven by trade finance activities. Fee Income from letters of credit, guarantees, and credit commitments reached a record \$19.9 million in 2Q25. The 6M25 Fee Income total was \$30.5 million.

The growth in fee income was explicitly supported by specific high-value activities. Fees from arranging and syndicating structured finance transactions were highlighted by the execution of the Bank's largest ever structured transaction, specifically noted as the landmark \$1.6 billion Stasolier syndicated facility.

Income from the Treasury segment's investment portfolio also contributes to the revenue base. As of the end of 2Q25, the investment portfolio totaled \$1.4 billion, composed mainly of investment-grade securities outside of Latin America.

Overall profitability for the first half of 2025 demonstrated the strength of these combined revenue streams, as the cumulative net income for the first half of 2025 reached \$115.9 million.

You can see the key income metrics side-by-side here:

The sources of these revenues are tied directly to the Bank's core business activities:

• Record NII driven by higher average business volumes.
• Fee income boosted by letters of credit and credit commitments.
• Fees from arranging the largest structured transaction in the Bank's history.
• Income derived from the \$1.4 billion investment portfolio.