Bladex (NYSE: BLX) reported net profit of $56.0 million for the fourth quarter of 2025, up 9% from a year earlier, driven by business growth and strong fee generation. For the full year, net profit rose 10% to $226.9 million. Earnings per share were $1.50 in the quarter and $6.11 for the year.

Key Highlights

• 4Q25 net profit of $56.0 million; FY25 net profit of $226.9 million
• Net interest income rose 6% year-on-year in 4Q25 to $70.8 million
• Non-interest income jumped 57% year-on-year in 4Q25 to $18.0 million
• Credit portfolio reached a record $12.6 billion, up 12% year-on-year
• Tier 1 Basel III capital ratio stood at 17.4% at year-end
• Quarterly dividend increased 10% to $0.6875 per share

Profitability and Revenues

Total revenues in 4Q25 increased 13% year-on-year to $88.8 million. For the full year, revenues rose 12% to $339.6 million.

Net interest income (NII) grew to $70.8 million in the quarter, supported by higher average business volumes and disciplined pricing. For FY25, NII rose 5% to $271.2 million. Net interest margin narrowed to 2.39% in 4Q25 from 2.44% a year earlier, reflecting lower base rates and competitive market liquidity.

Non-interest income reached $18.0 million in 4Q25, up 57% year-on-year. The increase was driven by record trade finance and structuring activity, as well as higher gains on financial instruments. For FY25, non-interest income climbed 54% to $68.4 million.

Operating expenses totaled $27.4 million in 4Q25, up 20% year-on-year, mainly due to investments in technology and modernization initiatives. The efficiency ratio was 30.9% for the quarter and 26.7% for the year.

Business Segments

The Commercial Business Segment posted profit of $52.0 million in 4Q25, up 5% from a year earlier. Segment revenues rose 10% year-on-year to $78.9 million. The commercial portfolio reached a record $11.2 billion at quarter-end, up 11% year-on-year.

The Treasury Business Segment reported profit of $4.0 million in 4Q25, more than doubling from a year earlier. Gains were supported by improved other income and active liquidity management.

Asset Quality and Portfolio

The total credit portfolio reached $12.6 billion as of Dec. 31, 2025, up 12% year-on-year. The commercial portfolio accounted for $11.2 billion, while the investment portfolio stood at $1.4 billion.

Asset quality remained stable. Stage 1 exposures represented 98.2% of total credits at year-end. Impaired credits totaled $38.7 million, or 0.3% of the credit portfolio, with reserve coverage of 2.8 times. Total allowance for credit losses was $107.6 million.

Funding, Liquidity and Capital

Deposits increased 22% year-on-year to $6.6 billion, representing 62% of total funding sources. Total net funding rose 8% year-on-year to $10.7 billion.

Liquid assets stood at $1.9 billion, equivalent to 14.9% of total assets. The majority of liquid assets were held as deposits with the Federal Reserve Bank of New York.

At year-end, the Tier 1 Basel III capital ratio was 17.4%, while the regulatory capital adequacy ratio was 15.5%, both above minimum requirements. Total equity increased 26% year-on-year to $1.68 billion, supported by retained earnings and a $200 million Additional Tier 1 issuance completed in September 2025.

The board approved a quarterly dividend of $0.6875 per share, payable on March 12, 2026.

Performance Summary

Bladex closed 2025 with record portfolio growth and resilient earnings momentum, delivering a 9% rise in fourth-quarter profit and a 10% increase for the full year, supported by strong fee generation and disciplined balance sheet management. While net interest margins narrowed amid lower base rates and competitive liquidity conditions, higher business volumes, diversified non-interest income and effective cost control helped sustain profitability. The bank ended the year with solid asset quality, a strengthened deposit base and capital ratios well above regulatory requirements, positioning it for continued growth while maintaining financial flexibility.