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Banco Latinoamericano De Comercio
(NYSE:BLX)
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Rating:70Neutral
Price Target:
$59.00
▲(7.74% Upside)
Action:Reiterated
Date:10/27/26
The score is driven primarily by solid financial performance (strong current profitability with improving leverage) and a positive earnings-call outlook (raised growth expectations and strong credit quality/capital). Valuation is also supportive with a low P/E and high dividend yield. These positives are tempered by weak technical momentum and the company’s history of revenue/cash-flow volatility and sensitivity to spread/NIM pressure.
Positive Factors
Portfolio and earnings growth
Rapid expansion in the commercial portfolio is strengthening BLX’s earnings base and regional trade-finance presence. Growth well above original guidance indicates strong client demand and supports revenue compounding, although future growth should normalize from this exceptional level.
Negative Factors
Net interest margin pressure
Expected NIM compression can restrain earnings growth even while loan balances increase, particularly because competition is pressuring spreads on high-quality Latin American assets. A sustained decline in lending economics would make future profitability more dependent on volume and fee generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Portfolio and earnings growth
Rapid expansion in the commercial portfolio is strengthening BLX’s earnings base and regional trade-finance presence. Growth well above original guidance indicates strong client demand and supports revenue compounding, although future growth should normalize from this exceptional level.
Read all positive factors
Banco Latinoamericano De Comercio (BLX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.87B
Dividend Yield5.04%
Average Volume (3M)161.13K
Price to Earnings (P/E)8.8
Beta (1Y)0.46
Revenue Growth0.47%
EPS Growth1.51%
CountryUS
Employees175
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)6.06
Shares Outstanding28,736,597
10 Day Avg. Volume117,955
30 Day Avg. Volume161,127
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 Cap3.00
Enterprise Value/Revenue9.27
Enterprise Value/Gross Profit17.10
Enterprise Value/Ebitda23.73
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)6.45
Revenue Forecast (FY)$378.05M
Banco Latinoamericano De Comercio Business Overview & Revenue Model
Company Description
Bladex, Inc. (formerly Banco Latinoamericano de Comercio Exterior, S.A.), a multinational bank, engages in financing of foreign trade and economic integration in Latin America and the Caribbean. It operates through two segments, Commercial and Tre...
How the Company Makes Money
BLX primarily makes money through banking income generated from providing trade-finance and trade-related credit products. A key revenue stream is net interest income: the spread between interest earned on loans and other interest-earning assets a...
Banco Latinoamericano De Comercio Earnings Call Summary
Earnings Call Date:Oct 26, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 24, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Bladex delivered record portfolio and net interest income, double-digit year-over-year earnings and revenue growth, strong credit quality, robust funding and capital metrics, and progress across fee-generating and transactional banking initiatives. The main negatives were quarter-over-quarter net income pressure, continued lending-spread compression, expected NIM dilution, higher provisions and expenses, transaction-fee variability, and uncertainty around Brazil and the sustainability of the exceptional growth pace. The highlights significantly outweighed the lowlights.Positive Updates
Record Commercial Portfolio
The commercial portfolio reached a record $15 billion, up 15% from the second quarter and 38% from a year ago. Excluding the $1 billion Panama sovereign loan, loans still grew 7% quarter-over-quarter and 29% year-over-year. Management expects full-year commercial portfolio growth of around 35%, or around 25% excluding the Panama transaction, significantly above the original guidance of 13%-15%.
Negative Updates
Quarterly Net Income Decline
Although net income increased 15% year-over-year to $63.2 million, it was 5% lower than the second quarter. Management attributed the decline mainly to normalization of transaction-driven fee income, higher operating expenses, and increased provisions, partially offset by higher net interest income.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Commercial Portfolio
The commercial portfolio reached a record $15 billion, up 15% from the second quarter and 38% from a year ago. Excluding the $1 billion Panama sovereign loan, loans still grew 7% quarter-over-quarter and 29% year-over-year. Management expects full-year commercial portfolio growth of around 35%, or around 25% excluding the Panama transaction, significantly above the original guidance of 13%-15%.
Read all positive updates
Company Guidance
For the year, Bladex expects commercial portfolio growth of around 35%, or around 25% excluding the government of Panama transaction, versus original guidance of 13%-15%; average deposit growth should end the year at around 20%; net interest margin compression is expected to be around 5 basis points, with NIM ending the year at roughly 2.25%; the efficiency ratio will be around 27%, slightly better than guidance, while non-interest income is expected to be closer to 18% of total revenues; adjusted return on equity guidance is 14%-15% and the Tier 1 operating range is 15%-16%; cost of risk is expected to be 20 basis points per year, which is the base case going forward and will probably be assumed for next year's projections; and for 2027, between 13% and 15% looks reasonable, with guidance to be provided during next quarter call.Banco Latinoamericano De Comercio Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 605.64M | 339.60M | 810.60M | 683.41M | 330.75M | 155.74M |
| Gross Profit | 328.27M | 317.50M | 284.78M | 209.87M | 126.61M | 101.64M |
| EBITDA | 236.52M | 226.90M | 209.44M | 169.25M | 94.75M | 66.19M |
| Net Income | 233.87M | 226.90M | 205.87M | 166.16M | 92.04M | 62.70M |
Balance Sheet | ||||||
| Total Assets | 14.44B | 12.79B | 11.86B | 10.74B | 9.28B | 8.04B |
| Cash, Cash Equivalents and Short-Term Investments | 2.19B | 1.93B | 2.06B | 2.06B | 1.24B | 1.25B |
| Total Debt | 4.44B | 4.18B | 4.58B | 4.68B | 4.73B | 3.75B |
| Total Liabilities | 12.68B | 11.11B | 10.52B | 9.54B | 8.21B | 7.05B |
| Stockholders Equity | 1.76B | 1.68B | 1.34B | 1.20B | 1.07B | 991.79M |
Cash Flow | ||||||
| Free Cash Flow | 391.39M | 370.86M | -1.13B | 1.06B | -772.37M | -872.52M |
| Operating Cash Flow | 393.14M | 373.66M | -1.13B | 1.06B | -769.65M | -871.71M |
| Investing Cash Flow | -1.65B | -995.82M | -180.02M | -12.77M | -166.66M | -446.08M |
| Financing Cash Flow | 1.17B | 644.44M | 1.14B | -253.22M | 916.25M | 1.68B |
Banco Latinoamericano De Comercio Technical Analysis
Negative
54.76
Price Trends
54.65
Negative
56.39
Negative
53.19
Negative
Market Momentum
-0.35
Positive
34.72
Neutral
12.46
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLX, the sentiment is Negative. The current price of 54.76 is above the 20-day moving average (MA) of 54.57, above the 50-day MA of 54.65, and above the 200-day MA of 53.19, indicating a bearish trend. The MACD of -0.35 indicates Positive momentum. The RSI at 34.72 is Neutral, neither overbought nor oversold. The STOCH value of 12.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.18B | 9.92 | 16.38% | 2.62% | 2.09% | 19.22% | |
76 Outperform | $2.36B | 10.34 | 20.68% | 3.34% | -1.41% | 14.61% | |
70 Neutral | $1.87B | 8.81 | 13.78% | 5.04% | 0.47% | 1.51% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $2.70B | 14.18 | 8.15% | 3.71% | 5.91% | -32.85% | |
65 Neutral | $1.18B | 17.62 | 8.03% | 1.20% | -8.09% | 6.96% | |
42 Neutral | $683.51M | -21.02 | -4.77% | 2.26% | -4.66% | -184.78% |
* Financial Sector Average
BLX
Banco Latinoamericano De Comercio
53.37
10.80
25.37%
BBAR
Banco BBVA Argentina
12.12
-2.40
-16.55%
OFG
OFG Bancorp
51.51
13.42
35.23%
SUPV
Grupo Supervielle SA
7.01
-3.56
-33.68%
NTB
Bank of NT Butterfield & Son
59.95
19.47
48.10%
AMTB
Amerant Bancorp
30.06
13.44
80.88%
Banco Latinoamericano De Comercio Corporate Events
Bladex Structures Record USD 1 Billion Sovereign Loan for Panama
Sep 16, 2026
On September 16, 2026, Bladex announced it had structured a senior loan facility of up to USD 1.0 billion for the Republic of Panama, acting through the Ministry of Economy and Finance to support the country’s general budgetary needs. The tr...
Bladex Reports Strong Mid‑2026 Balance Sheet Expansion in Latest Form 6‑K
Aug 3, 2026
On August 3, 2026, Bladex, Inc. filed an unaudited Form 6-K with the U.S. Securities and Exchange Commission, disclosing its condensed consolidated interim financial statements for June 30, 2026. The report, signed by Chief Financial Officer Annet...
Bladex Posts Record Q2 2026 Profit as Credit Portfolio and Deposits Reach New Highs
Jul 29, 2026
On July 27, 2026, Bladex reported record profitability for the second quarter of 2026, posting net profit of $66.5 million, or $1.77 per share, and $122.8 million for the first half, driven by higher average commercial balances, strong fee generat...
Bladex Declares US$0.6875 Quarterly Dividend for Second Quarter 2026
Jul 28, 2026
Bladex, Inc., a Panama-based multinational trade finance bank created by Latin American and Caribbean central banks, provides financing and related services to financial institutions and corporations across the region. Its diversified shareholder ...
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.