Bladex (BLX) Q4 2023 earnings summary

Executive summary

• FY23 net income reached a record $166.2M, up 81% YoY; 4Q23 profit was $46.4M, up 50% YoY.

• Record NII and fee income, portfolio growth, and higher market-based rates supported profitability; Stage 3 credits were 0.1% of the portfolio.

• Credit book reached $9.5B, up 19% YoY, while deposits grew 38% to $4.408B.

Financial highlights

• FY23 total revenue was $266.1M, up 60% YoY; 4Q23 revenue was $77.8M, up 46% YoY.

• FY23 NII was $233.2M, up 58% YoY; 4Q23 NII was $65.6M, up 33% YoY.

• FY23 net fees and commissions were a record $32.5M, up 64% YoY; 4Q23 fees were $10.1M, up 91% YoY.

• FY23 EPS was $4.55 vs. $2.54 in FY22; 4Q23 EPS was $1.27 vs. $0.85 in 4Q22.

Outlook and guidance

• 2024 guidance: portfolio growth of 5%–7%, deposit growth of 12%–14%, NIM of ~2.5%, efficiency ratio of ~30%, ROE of 14%–15%, and CET1 of 15%–16%.

• 2026 ROE target is 13%–15%, following 14.7% in 2023 and 6.1% in 2021.

• Forward results remain subject to interest-rate and regional macroeconomic changes, credit quality, strategy execution, funding availability, and liquidity needs.