Bladex Inc BLX

FinancialsBanking ServicesPanama

Last close 48.94 USD on Nov 1, 2026, +14.0% year to date

Quant rating

Quant rating C Rank 178 of 304 in Financials

Growth C 151 of 304
Valuation C 191 of 304
Quality C 201 of 304
Revisions B 100 of 304
Momentum C 181 of 304

Wall Street consensus Buy (1.75)Average target 69.65 USD +42.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.5B
Enterprise value: 5.9B
52-week range: 42.13 – 63.12
3-year range: 23.02 – 63.12
Dividend yield: 5.62%
Beta (5 years): 0.82
Shares outstanding: 30.9M
Next earnings: Feb 19, 2027

About the company

Banco Latinoamericano de Comercio Exterior, S.A. (the Bank) is a specialized multinational bank. The Bank is established to support the financing of trade and economic integration in Latin America and the Caribbean. The Company operates in two segments: Commercial and Treasury. The Bank's Commercial segment incorporates all of the Bank's financial intermediation and fees generated by the commercial portfolio activities, such as origination of bilateral and syndicated credits, short- and medium-term loans, acceptances and contingent credits. The Bank's Treasury segment incorporates deposits in banks and all of the Bank's trading assets, securities available-for-sale and held-to-maturity, and the balance of the investment funds. The Bank serves a range of sectors, including oil and gas, agribusiness, food processing and manufacturing. Its products and services are categorized into three main areas: Financial Intermediation Business, Structuring and Syndications Business and Treasury.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	768	785	679	333	141	–
Revenue growth	−2.1%	15.6%	104.2%	136.1%	−22.2%	33.5%
EPS (basic, normalized)	6.11	5.60	4.55	2.54	1.62	–
EPS growth	9.0%	23.0%	79.7%	56.9%	0.8%	30.7%
Gross margin	–	–	–	–	–	–
Net margin	29.5%	26.2%	24.5%	27.7%	44.5%	30.5%
ROE	–	16.2%	14.7%	–	–	15.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	14.3%
Long-term debt (mil)	5,993
Net debt (mil)	–
Total equity (mil)	1,790
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	768	−2.1%	7.7x	45.09	+23.5%	1.1x	6.11	+9.1%	8.0x
2026	375	−51.2%	15.8x	45.15	+0.1%	1.1x	6.42	+5.0%	7.6x
2027	413	+10.1%	14.3x	47.70	+5.6%	1.0x	6.98	+8.8%	7.0x
2028	459	+11.1%	12.9x	50.71	+6.3%	1.0x	7.77	+11.3%	6.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	375	0.0%	+0.9%	+0.9%	6.42	−0.1%	+1.3%	+1.3%
2027	413	0.0%	+1.1%	+1.1%	6.98	0.0%	+0.4%	+0.4%
2028	459	0.0%	+1.2%	+1.2%	7.77	0.0%	+0.4%	+0.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	72.5	74.9	77.6	78.4	77.9	89.8	80.9	86.1	–	98.9
Sales mean (mil)	–	–	77.6	–	–	–	–	–	–	89.0
Surprise	–	–	0.0%	–	–	–	–	–	–	+11.1%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
BLX Bladex Inc	1.5B	14.3%	29.5%	0.73x	7.6x	7.0x	1.1x	1.0x
CIBEST Grupo Cibest SA	24.4B	12.6%	16.1%	1.09x	10.6x	9.8x	2.0x	1.8x
CHILE Banco de Chile	18.7B	13.9%	35.2%	0.74x	14.7x	13.6x	3.0x	2.8x
BCI Banco de Credito e Inversiones	13.6B	11.3%	21.7%	0.85x	11.5x	10.8x	1.6x	1.5x
GFNORTEO Grupo Financiero Banorte, S.A.B. de C.V.	32.0B	21.1%	15.1%	0.95x	9.3x	8.5x	2.2x	2.0x
SAN Banco Santander S.A.	164.6B	15.7%	12.3%	1.14x	9.7x	8.0x	1.3x	1.2x
Mean		14.8%	21.6%	0.92x	10.6x	9.7x	1.8x	1.7x
Median		14.1%	18.9%	0.90x	10.1x	9.2x	1.8x	1.6x

Technical analysis

1M−11.0%
3M−17.6%
1Y+14.9%
3Y+171.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bladex Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	768	785	679	333	141	181
Total interest expense	497	526	446	185	54.1	88.5
Net interest income	271	259	233	148	86.8	92.5
Loan loss provision	22.1	17.3	27.5	19.5	2.3	−1.5
Net interest income after loan loss provision	249	242	206	128	84.5	93.9
Non-interest income	68.4	44.4	32.9	18.7	17.4	6.7
Non-interest expense	−90.6	−80.5	−72.5	−55.1	−39.2	−37.0
Net income before taxes	227	206	166	92.0	62.7	63.6
Provision for taxes	–	–	–	–	–	–
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	227	206	166	92.0	62.7	63.6
Extraordinary items	–	–	–	–	–	–
Net income	227	206	166	92.0	62.7	63.6
Basic weighted average shares (mil)	37.2	36.7	36.5	36.3	38.8	39.7
Diluted weighted average shares (mil)	37.2	36.7	36.5	36.3	38.8	39.7
Basic EPS excluding extraordinary items	6.11	5.60	4.55	2.54	1.62	1.60
Basic EPS, normalized	6.11	5.60	4.55	2.54	1.62	1.60

Balance sheet in millions of USD, fiscal years

Balance sheet, Bladex Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	1,924	1,964	2,047	1,242	1,253	864
Other earning assets	1,660	1,469	1,441	1,255	1,044	500
Net loans	9,053	8,266	7,111	6,690	5,690	4,869
Property, plant & equipment	19.7	19.7	16.8	17.3	17.8	19.4
Goodwill	–	–	–	–	–	–
Intangibles	10.7	3.7	2.6	2.1	1.6	2.0
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	119	136	125	77.3	31.7	34.2
Total assets	12,786	11,859	10,744	9,284	8,038	6,289
Liabilities
Accounts payable	44.8	92.9	97.2	69.8	14.9	17.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	26.9	31.8	24.1	16.8	9.3	9.2
Total deposits	6,604	5,413	4,408	3,191	3,036	3,139
Other bearing liabilities	162	245	261	163	202	74.4
Short-term borrowings	1,662	1,872	2,040	2,498	2,013	395
Current portion of long-term debt	1.5	1.2	1.1	1.0	1.0	1.2
Long-term debt	2,528	2,717	2,643	2,238	1,739	1,603
Minority interest	–	–	–	–	–	–
Other liabilities	78.6	149	65.1	36.5	31.2	12.4
Total liabilities	11,108	10,521	9,540	8,215	7,046	5,251
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	280	280	280	280	280	280
Additional paid-in capital	125	125	122	120	120	120
Retained earnings (accumulated deficit)	1,171	1,037	905	775	719	695
Treasury stock	−97.6	−106	−110	−114	−116	−58.0
Other equity	200	1.0	7.5	8.1	−11.5	0.2
Total equity	1,679	1,337	1,204	1,069	992	1,038
Total liabilities & shareholders' equity	12,786	11,859	10,744	9,284	8,038	6,289

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bladex Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	227	206	166	92.0	62.7	63.6
Depreciation, depletion & amortization	4.8	3.6	3.1	2.7	3.5	4.3
Deferred taxes	–	–	–	–	–	–
Non-cash items	−141	−286	−190	−146	−86.0	−88.2
Changes in working capital	690	−46.4	1,083	−719	−852	1,268
Cash from operations	780	−123	1,062	−770	−872	1,247
Investing activities
Capital expenditures	−2.8	−3.9	−2.1	−2.7	−0.8	−2.3
Other investing cash flows	−208	−176	−10.7	−164	−445	−318
Cash from investing	−211	−180	−12.8	−167	−446	−320
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−91.8	−72.8	−36.3	−36.1	−38.6	−44.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−455	208	−217	952	1,721	−1,197
Cash from financing	−547	136	−253	916	1,683	−1,241
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	22.3	−167	796	−20.1	365	−314
Free cash flow	777	−127	1,060	−772	−873	1,245

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.