Banco Latinoamericano de Comercio Exterior, S.A
(NYSE:BLX)

Banco Latinoamericano de Comercio Exterior, S.A., a multinational bank, primarily engages in the financing of foreign trade in Latin America and the Caribbean. The company operates through two segments, Commercial and Treasury. It offers short and medium-term bilateral, structured and syndicated cre...

Website: http://www.bladex.com

Founded: 1975

Full Time Employees: 175

Sector: Financial Services

Industry: Banks-Regional

Regional Bank

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2022-02-24	2021-12-31	2021-11-02	2021-11-01	2021-07-30	2021-07-29	2021-05-11	2021-05-10	2021-02-15	2020-11-13	2020-10-27	2020-08-07	2020-07-28	2020-05-18	2020-04-15	2020-02-14	2010-12-31	2004-12-31

net interest income:
interest income	193,680		189,420	146,906.75	198,682	195,373	193,572	121,328.5	182,433	159,502	143,379	50,430.75	92,666	64,053	45,004	39,031	25,463	34,770			34,164		32,918	37,782		39,694		44,507		58,990	64,084
interest expense	-126,253		-124,164	-98,838.25	-132,052	-132,614	-130,687	-79,424	-121,893	-105,044	-90,759	-25,786.25	-52,508	-31,354	-19,283	-14,221	-9,970	-12,691			-13,166		-14,023	-15,464		-17,086		-22,784		-33,189	-37,178
net interest income	67,427	67,739,000	65,256	259,018,726	66,630	62,759	62,885	233,015,382	60,540	54,458	52,620	147,912,422	40,158	32,699	25,721	24,810	86,720,028	22,079	22,079,000	20,998,000	20,998	18,895,000	18,895	22,318	22,608,000	22,608	21,723,000	21,723	25,801,000	25,801	26,906
other income:
fees and commissions	14,052	19,912,000	10,583	44,368,505	10,490	12,533	9,472	32,496,572	11,109	6,507	4,812	19,776,503	6,279	4,269	3,949	6,235	18,285,937	4,752	4,752,000	4,271,000	4,271	3,040,000	3,040	2,794	2,611,000	2,611	1,940,000	1,940	3,073,000	3,073	5,354
gain on financial instruments	882	2,161,000	1,984		328	-351	160	-477.75	22	-3,637	1,704	40.75	-329	-74	566	-1,347	12.75	-112	-112,000	234,000	234				-437,000	-4,744	-3,949,000	-4,307		-358	-2,029
other income	416	230,000	126	506,695	135	99	71	461,803	106	52	39	279,751	209	24	16	127	421,705	111	111,000	87,000	87	97,000	97	245	407,000	407	191,000	191	240,000	240	1,200
total other income	15,350	22,303,000	12,693	44,392,063	10,953	12,281	9,703	32,915,286	11,237	2,922	6,555	18,646,091	6,159	4,219	4,531	5,015	17,411,591	4,751	4,751,000	4,592,000	4,592	3,066,000	3,066	2,989	2,581,000	2,581	-1,818,000	-1,818	2,955,000	2,955	4,525
total revenues	82,777	90,042,000	77,949	303,410,789	77,583	75,040	72,588	265,930,668	71,777	57,380	59,175	166,558,513	46,317	36,918	30,252	29,825	104,131,619	26,830	26,830,000	25,590,000	25,590	21,961,000	21,961	25,307	25,189,000	25,189	19,905,000	19,905	28,756,000	28,756	31,431
yoy	6.69%	119892.00%	7.39%	14.09%	8.09%	30.78%	22.67%	59.66%	54.97%	55.43%	95.61%	558352.68%	-99.96%	37.60%	-99.89%	-99.88%	406823.09%	-99.88%	122071.12%	101018.27%	-99.90%	87084.88%	-99.89%	27.14%	-12.40%	-12.40%	63229.20%
qoq	-99.91%	115413.99%	-99.97%	390978.96%	3.39%	3.38%	-99.97%	370395.66%	25.09%	-3.03%	-99.96%	359505.57%	25.46%	22.03%	1.43%	-99.97%	388016.36%	-99.90%	4.85%	99900.00%	-99.88%	99900.00%	-13.22%	-99.90%	99900.00%	-99.87%	99900.00%	-99.93%	99900.00%	-8.51%
provision for credit losses	-6,482	-5,019,000		-17,285,739	-3,548	-6,684	-3,029	-27,445,490	-6,488	-4,691	-6,331	-3,442	-4,824	-833	-8,111			-771
operating expenses:
salaries and other employee expenses	-13,196	-12,384,000	-13,938	-51,885,392	-14,177	-11,761	-11,670	-47,198,218	-14,183	-9,862	-9,736	-34,194,583	-8,726	-8,246	-7,445	-4,888	-21,635,236	-5,952	-5,952,000		-5,363	-5,448,000	-5,448	-5,657	-4,626,000	-4,626	-4,172,000	-4,172	-7,007,000	-7,007	-6,389
depreciation and amortization of equipment, leases and leasehold improvements	-697	-721,000
amortization of intangible assets	-355	-348,000	-326	-1,063,247	-279	-250	-224	-813,406	-217	-190	-187	-560,607	-144	-126	-124	-119	-741,377	-99	-99,000		-253	-271,000	-271	-191	-185,000	-185	-186,000	-186	-191,000	-191	-187
other expenses	-7,079	-7,386,000		-24,960,593	-5,972	-5,632	-5,803	-22,157,005	-4,558	-5,019	-5,419	-18,164,732	-5,171	-4,176	-2,920		-2,519	-3,655			-3,815		-2,607	-3,443		-2,415		-3,054		-2,611	-3,960
total operating expenses	-21,327	-20,839,000	-21,001	-80,406,433	-21,042	-18,234	-18,291	-72,446,951	-19,536	-15,623	-15,890	-55,072,296	-14,619	-13,063	-11,022	-10,328	-39,893,405	-10,328	-10,328,000		-10,122	-9,145,000	-9,145	-10,173	-8,342,000	-8,342	-8,266,000	-8,266	-10,543,000	-10,543	-11,270
profit for the period	54,968	64,184,000	51,732	38,595.75	52,993	50,122	51,268	29,943.25	45,753	37,066	36,954	15,253.75	26,874	23,022	11,119	20,066	10,657.75	15,731	15,731,000	14,084,000	14,084	12,816,000	12,816	15,741	15,444,000	15,444	14,106,000	14,106	18,302,000	18,302	22,096
per common share data:
basic earnings per share	1.48	1.73	1.4	1.4	1.44	1.36	1.4	1.27	1.25	1.02	1.02	0.86	0.74	0.63	0.31	0.54	0.54	0.41	0.41	0.36	0.36	0.32	0.32	0.4	0.39	0.39	0.36	0.36	0.46	0.46	0.56
diluted earnings per share	1.48		1.4	1.05	1.44	1.36	1.4	0.82	1.25	1.02	1.02	0.86	0.74	0.63	0.31	0.54	0.54	0.41	0.41	0.36	0.36	0.32	0.32	0.4	0.39	0.39	0.36	0.36	0.46	0.46	0.56
book value	38.52		36.83	8.535	35.05	33.78	33.6	7.633	31.27	30.31	30.01	7.015	28.5	27.95	27.72	27.05	6.575	26.46			26.17		26.26	26		25.85		25.94		25.8	25.45
weighted-average basic shares	37,231	37,203	36,941	36,740	36,787	36,775	36,609	36,481	36,531	36,492	36,360	36,304	36,329	36,313	36,249	37,073	38,796	38,789	38,789	39,659	39,659	39,693	39,693	39,678	39,672	39,672	39,654	39,632	39,609	39,609	39,602
weighted-average diluted shares	37,231		36,941		36,787	36,775	36,609		36,531	36,492	36,360	36,304	36,329	36,313	36,249	37,073	38,796	38,789	38,789	39,659	39,659	39,693	39,693	39,656	39,672	39,672	39,654	39,632	39,609	39,609	39,602
basic shares period end	37,231		37,154	9,196.75	36,787	36,787	36,727	9,135	36,540	36,510	36,447	9,081.25	36,325	36,331	36,268	36,231	9,504.25	38,017			39,361		39,703	39,678		39,672		39,672		39,614	39,602
performance ratios:
return on average assets	1.8		1.8	0.475	1.9	1.9	1.9	0.425	1.8	1.6	1.6	0.225	1.2	1.1	0.6	1.1	0.225	0.9			0.8		0.8	1		0.95		0.83		1.12	1.34
return on average equity	14.9		15.4	4.1	16.4	16.2	16.8	3.6	15.9	13.4	13.7	2	10.3	9.1	4.5	7.9	1.375	6.1			5.4		5	6.1		6		5.5		7.2	8.7
net interest margin	2.32		2.36	0.623	2.55	2.43	2.47	0.61	2.48	2.42	2.41	0.39	1.77	1.54	1.32	1.42	0.32	1.33			1.27		1.24	1.37		1.42		1.28		1.59	1.65
net interest spread	1.64		1.65	0.443	1.78	1.74	1.8	0.453	1.83	1.79	1.82	0.328	1.43	1.32	1.15	1.26	0.278	1.17			1.11		1.04	1.17		1.19		1.01		1.16	1.18
efficiency ratio	25.8		26.9	6.4	27.1	24.3	25.2	6.775	27.2	27.2	26.9	8.525	31.6	35.4	36.4	34.6	9.95	38.5			39.6		41.6	40.2		33.1		41.5		36.7	35.9
operating expenses to total average assets	0.7		0.73	0.178	0.77	0.68	0.68	0.178	0.76	0.66	0.7	0.15	0.63	0.6	0.55	0.58	0.15	0.61			0.6		0.59	0.62		0.52		0.48		0.65	0.69
interest income:
deposits		18,845,000					4,830,154				3,460,338				3,155,179				287,000	257,000		361,000	3,254,281		897,000		916,000		2,459,000	2,558,726
investment securities		16,171,000
loans		159,415,000																	31,916,000	31,982,000		30,921,000			37,886,000		42,914,000		55,890,000
total interest income		194,431,000																	34,770,000	34,164,000		32,918,000			39,694,000		44,507,000		58,990,000
interest expense:
securities sold under repurchase agreements		-2,860,000					222,749
borrowings and debt		-49,146,000																	-9,598,000			-10,551,000			-12,686,000		-17,093,000		-21,727,000
lease liabilities		-179,000
total interest expense		-126,692,000																	-12,691,000			-14,023,000			-17,086,000		-22,784,000		-33,189,000
per share data:
benefit from credit losses			-5,216													-173
depreciation and amortization of equipment, leasehold improvements			-693
other incomes			-6,044													-4,704			-3,655,000			-2,607,000			-2,415,000		-3,054,000		-2,611,000
(*) "n.m."means not meaningful.
depreciation of equipment, improvements to leased property and investment property				-449.75	-614	-591	-594
loss on financial instruments				-483,137	137	-191																-71,000	-71	-50		-437			-358,000		-1,379
interest earning assets
cash and due from banks							1,847,291				1,300,847				1,104,575								1,005,121
securities at fair value through oci							83,265				60,943				182,403								230,765							5,086
securities at amortized cost							1,001,347				917,190				737,931								168,756							69,661
loans, net of unearned interest							7,317,137				6,569,158				5,887,768								4,755,822							5,647,971
total interest earning assets							10,249,040				8,848,138				7,912,677								6,160,464							6,520,439
allowance for loan losses							-58,653				-54,901				-43,559								-40,254
non interest earning assets							582,969				392,594				263,036								142,182							152,148
total assets							10,773,355				9,185,831				8,132,154								6,262,393							6,572,987
interest bearing liabilities
short-term borrowings and debt							1,354,872
long-term borrowings and debt							2,705,655				2,240,506				1,863,515								1,494,923							1,498,934
total interest bearing liabilities							9,113,430				7,794,789				6,884,376								5,117,495							5,438,908
non interest bearing liabilities and other liabilities							430,002				300,023				243,072								102,420							111,987
total liabilities							9,543,431				8,094,812				7,127,448								5,219,916							5,550,895
equity							1,229,924				1,091,019				1,004,705								1,042,477							1,022,092
total liabilities and equity							10,773,355				9,185,831				8,132,154								6,262,393							6,572,987
net interest income and net interest margin
depreciation of investment properties, equipment and improvements								-419.5	-578	-552	-548	-406.5	-578	-515	-533	-617	-533	-622	-622,000			-819,000
securities sold under repurchase agreement and short-term borrowings and debt											2,093,945				1,865,683								368,291							1,381,248
gain on non-financial assets																742															500
(provision for) reversal of credit losses																	-538.75	-2,155
securities																			2,567,000	1,925,000		1,637,000			911,000		677,000		640,000
(benefit from) reversal of credit losses																			-771,000
the accompanying notes are an integral part of these condensed consolidated interim financial statements.
(provision) reversal for credit losses																					-1,384					-1,543
depreciation of investment property, equipment and improvements																					-691		-819
less:
reversal for credit losses
exhibit iii
consolidated net interest income and average balances
reversal (provision) for credit losses																								311	-1,543,000	1,153	2,607,000	2,607
reversal on non-financial assets																								296
depreciation of equipment and leasehold improvements																								-882	-1,116,000	-1,116	-854,000	-854	-735,000	-735	-734
weighted average diluted shares																								39,678				39,654
consolidated statements of profit or loss
reversal (impairment) on non-financial assets																									140,000	140
impairment on non-financial assets																											-140,000	-140
(loss) gain on financial instruments																												-3,949
weighted average basic shares																												39,654
impairment loss on financial instruments																													89,000		-430
reversal (impairment loss) on financial instruments																														89	1,935
cash and cash equivalents																														797,722
allowance for expected credit losses on loans																														-99,600

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2022-02-24	2021-12-31	2021-11-02	2021-11-01	2021-09-30	2021-07-30	2021-07-29	2021-06-30	2021-05-11	2021-05-10	2021-03-31	2021-02-15	2020-12-31	2020-10-27	2020-09-30	2020-07-28	2020-06-30	2020-05-18	2020-04-15	2020-03-31	2020-02-14	2019-12-31	2010-12-31	2009-12-31	2008-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31

assets
cash and due from banks	1,959,783	1,997,581,000	1,898,678,000	1,963,838,000	1,709,503,000	1,903,541	1,726,295,000	2,047,452,000	1,644,996	1,820,024,000	1,313,883,000	1,241,586	1,048,697	867,262	653,789	1,253,052	1,253,052	663,975	663,975,000	663,975,000	823,493,000	823,493	823,493,000	819,514,000	819,514	819,514,000	863,812	863,812	1,401,669	1,401,669	2,021,365	2,021,365	1,353,018,000	1,353,018	1,353,018			5,570	2,961		687,000	687,248
investment securities	1,426,520	1,377,813,000	1,276,167,000	1,201,930,000	1,213,329,000																																						77,793,000
loans	8,726,282	8,583,899,000	8,709,983,000	8,383,829,000	8,090,061,000	7,443,597	7,383,521,000	7,220,520,000	6,928,262	6,820,865,000	6,700,566,000	6,760,434	7,083,829	6,749,033	6,449,282	5,713,022	5,713,022	5,268,827	5,268,827,000	5,268,827,000	5,202,871,000	5,202,871	5,202,871,000	5,042,467,000	5,068,308	5,042,467,000	4,896,647	4,896,647	4,566,255	4,566,255	4,485,553	4,485,553	5,337,487,000	5,337,487	5,337,487	5,892,997	5,892,997	4,064,332	2,779,262		2,610,019,000	2,441,685,854	2,275,031,000	2,516,512,439
customers' liabilities under acceptances	260,173	602,232,000	437,094,000	245,065,000	292,542,000	284,997	235,344,000	261,428,000	265,981	310,814,000	137,586,000	163,345	82,019	149,299	193,119	201,515	201,515	239,544	239,544,000	239,544,000	129,402,000	129,402	129,402,000		78,164		74,366	74,366	89,576	89,576	3,444	3,444	66,657,000	66,657	66,657	115,682	115,682
trading derivative financial instruments - assets	1,079	2,189,000	73,000
hedging derivative financial instruments - assets	64,810	63,713,000	32,492,000
equipment, leases and leasehold improvements	18,888	19,417,000	19,233,000	19,676,000
intangible assets	11,553				3,086,000
other assets	28,714	23,901,000	17,712,000	18,357,000	16,150,000	16,917	30,214,000	15,595,000	118,400	14,021,000	11,774,000	7,368	10,600	9,058	9,260	8,430	8,430	5,651	5,651,000	5,651,000	6,555,000	6,555	6,555,000	6,742,000	6,742	6,742,000	6,816	6,816	6,739	6,739	7,712	7,712	9,574,000	9,574	9,574	8,857	8,857	10,953	12,206		11,295,000	5,490,612		13,049,807
total assets	12,497,802	12,674,207,000	12,394,857,000	11,858,673,000	11,412,143,000	10,906,614	10,687,823,000	10,743,792,000	10,094,590	10,133,692,000	9,248,641,000	9,283,910	9,319,810	8,924,505	8,458,383	8,038,111	8,038,111	6,977,080	6,977,080,000	6,977,080,000	6,723,232,000	6,723,232	6,723,232,000	6,374,846,000	6,374,846	6,374,846,000	6,288,898	6,288,898	6,311,194	6,311,194	6,627,225	6,627,225	6,822,523,000	6,822,523	6,822,523	7,249,666	7,249,666	5,100,087	3,878,771		3,159,231,000	2,736,107,490	2,560,612,000
liabilities
customer deposits	6,879,709	6,491,382,000
securities sold under repurchase agreements	139,401	196,562,000	458,492,000	212,931,000	346,299,000	302,765	363,804,000	310,197,000	195,620	407,572,000	347,594,000	300,498	525,058	687,039	345,848	427,497	427,497	330,998	330,998,000	330,998,000	112,488,000	112,488	112,488,000	156,690,000	156,690	156,690,000	10,663	10,663	10,663	10,663	10,403	10,403	53,888,000	53,888	53,888	40,530	40,530	264,927	71,332
borrowings and debt	3,397,299	3,779,353,000	4,004,159,000	4,352,316,000	3,571,404,000	3,540,487	3,933,303,000	4,351,988,000	4,051,416	4,048,071,000	3,955,042,000	4,416,511	4,108,980	3,861,960	3,580,687	3,321,911	3,321,911	1,960,699	1,960,699,000	1,960,699,000	2,060,009,000	2,060,009	2,060,009,000	1,869,304,000	1,869,304	1,869,304,000	1,985,070	1,985,070	2,066,943	2,066,943	2,627,216	2,627,216	3,137,018,000	3,137,018	3,137,018	3,138,310	3,138,310
interest payable	36,342	44,581,000	42,825,000	49,177,000	52,973,000	61,917	52,966,000	42,876,000	34,278	24,783,000	17,438,000	14,670	9,822	4,963	2,165	1,229	1,229	3,027	3,027,000	3,027,000	3,839,000	3,839	3,839,000	2,853,000	2,853	2,853,000	1,975	1,975	3,431	3,431	3,119	3,119	5,048,000	5,048	5,048	5,219	5,219
lease liabilities	18,377	18,713,000	18,993,000	19,232,000	15,867,000	16,148	16,434,000	16,707,000	16,489	16,596,000	16,491,000	16,745
acceptance outstanding	260,173					284,997			265,981			163,345	82,019	149,299	193,119	201,515	201,515	239,544	239,544,000	239,544,000	129,402,000	129,402	129,402,000	78,164,000	78,164	78,164,000
trading derivative financial instruments - liabilities	406	191,000	49,000
hedging derivative financial instruments - liabilities	57,708	69,217,000	111,317,000
allowance for losses on loan commitments and financial guarantee contract losses	13,311
other liabilities	48,603	44,619,000	40,667,000	45,431,000	46,039,000	34,104	37,265,000	53,734,000	33,086	29,648,000	28,652,000	26,811	39,469	32,015	27,993	14,361	14,361	14,033	14,033,000	14,033,000	14,153,000	14,153	14,153,000	13,780,000	13,780	13,780,000	18,714	18,714	14,627	14,627	13,683	13,683	12,245,000	12,245	12,245	17,149	17,149	20,096	14,077		18,383,000	27,509,396		36,324,747
total liabilities	10,851,329	11,258,727,000	11,024,186,000	10,521,464,000	10,102,323,000	9,643,019	9,449,912,000	9,539,968,000	8,933,613	9,006,170,000	8,153,108,000	8,214,563	8,270,886	7,905,968	7,453,827	7,046,321	7,046,321	5,964,356	5,964,356,000	5,964,356,000	5,692,530,000	5,692,530	5,692,530,000	5,338,171,000	5,338,171	5,338,171,000	5,250,978	5,250,978	5,285,487	5,285,487	5,605,366	5,605,366	5,804,035,000	5,804,035	5,804,035	6,233,499	6,233,499	4,384,087	3,168,234	3,783,665,000	2,542,449,000	2,079,977,160	1,976,283,000	2,587,867,505
equity
common stock	279,980	279,980,000	279,980,000	279,980,000	279,980,000	279,980	279,980,000	279,980,000	279,980	279,980,000	279,980,000	279,980	279,980	279,980	279,980	279,980	279,980	279,980	279,980,000	279,980,000	279,980,000	279,980	279,980,000	279,980,000	279,980	279,980,000	279,980	279,980	279,980	279,980	279,980	279,980	279,980,000	279,980	279,980	279,980	279,980	279,980	279,980
treasury stock	-97,581	-97,578,000	-98,978,000	-105,601,000	-105,672,000	-105,672	-106,759,000	-110,174,000	-110,174	-110,715,000	-111,863,000	-114,097	-114,097	-113,988	-115,135	-115,799	-115,799	-84,366	-84,366,000	-84,366,000	-62,264,000	-62,264	-62,264,000	-57,452,000	-57,452	-57,452,000	-57,999	-57,999	-57,866	-57,866	-57,866	-57,866	-59,409,000	-59,409	-59,409	-59,669	-59,669	-125,667	-129,602
additional paid-in capital in excess of value assigned to common stock	122,994	120,854,000	120,213,000	124,970,000	122,472,000		120,064,000	122,046,000		119,960,000	119,782,000								119,627,000	119,627,000	119,366,000		119,366,000	120,305,000		120,305,000							120,586,000
other equity instrument	197,976
capital reserves	95,210	95,210,000	95,210,000	95,210,000	95,210,000	95,210	95,210,000	95,210,000	95,210	95,210,000	95,210,000	95,210	95,210	95,210	95,210	95,210	95,210	95,210	95,210,000	95,210,000	95,210,000	95,210	95,210,000	95,210,000	95,210	95,210,000	95,210	95,210	95,210	95,210	95,210	95,210	95,210,000	95,210	95,210	95,210	95,210	95,210	95,210		95,210,000	95,210,154		95,210,154
regulatory reserves	151,469	149,665,000	149,639,000	149,666,000	145,117,000	136,019	136,019,000	136,019,000	136,019	136,362,000	136,019,000	136,019	136,019	136,019	136,019	136,019	136,019	136,019	136,019,000	136,019,000	136,019,000	136,019	136,019,000	136,019,000	136,019	136,019,000	136,019	136,019	136,019	136,019	136,019	136,019	136,019,000	136,019	136,019	136,019	136,019
retained earnings	891,325	861,430,000	820,542,000	792,005,000	763,460,000	737,958	706,228,000	673,281,000	636,031	599,069,000	571,474,000	543,612	521,669	503,876	489,936	487,885	487,885	477,109	477,109,000	477,109,000	471,121,000	471,121	471,121,000	466,978,000	466,978	466,978,000	464,088	464,088	458,265	458,265	452,739	452,739	448,762,000	448,762	448,762	446,083	446,083	320,153	301,389		212,916,000	233,700,536		40,739,863
other comprehensive income	5,100	5,919,000	4,065,000	979,000	9,253,000	-635	7,169,000	7,462,000	2,969	7,656,000	4,931,000	8,125	9,887	-2,006	-1,251	-11,548	-11,548		-10,855,000	-10,855,000	-8,730,000		-8,730,000	-4,365,000	-4,365	-4,365,000	208	208	-5,751	-5,751	-3,670	-3,670	-2,660,000	-2,660	-2,660	-1,818	-1,818
total equity	1,646,473	1,415,480,000	1,370,671,000	1,337,209,000	1,309,820,000	1,263,595	1,237,911,000	1,203,824,000	1,160,977	1,127,522,000	1,095,533,000	1,069,347	1,048,924	1,018,537	1,004,556	991,790	991,790	1,012,724	1,012,724,000	1,012,724,000	1,030,702,000	1,030,702	1,030,702,000	1,036,675,000	1,036,675	1,036,675,000	1,037,920	1,037,920	1,025,707	1,025,707	1,021,859	1,021,859	1,018,488,000	1,018,488	1,018,488	1,016,167	1,016,167
total liabilities and equity	12,497,802	12,674,207,000	12,394,857,000	11,858,673,000	11,412,143,000	10,906,614	10,687,823,000	10,743,792,000	10,094,590	10,133,692,000	9,248,641,000	9,283,910	9,319,810	8,924,505	8,458,383	8,038,111	8,038,111	6,977,080	6,977,080,000	6,977,080,000	6,723,232,000	6,723,232	6,723,232,000	6,374,846,000	6,374,846	6,374,846,000	6,288,898	6,288,898	6,311,194	6,311,194	6,627,225	6,627,225	6,822,523,000	6,822,523	6,822,523	7,249,666	7,249,666
(*) "n.m."means not meaningful.
notes
intangibles assets		3,462,000	3,425,000	3,663,000
liabilities and equity
liabilities:
acceptances outstanding		602,232,000	437,094,000	245,065,000	292,542,000		235,344,000	261,428,000		310,814,000	137,586,000																											27,213	1,551		110,621,000	32,529,977		34,840,132
allowance for losses on loan commitments and financial guarantee contract		11,877,000	11,334,000		7,403,000		8,620,000	5,059,000		5,269,000	3,461,000
equity:
deposits:
demand deposits			542,926,000	440,029,000	622,932,000	644,179	533,709,000	510,195,000	528,659	590,589,000	503,341,000	233,757	383,115	324,237	436,137	362,356	362,356	431,874	431,874,000	431,874,000	317,014,000	317,014	317,014,000	355,301,000	355,301	355,301,000	170,660	170,660	361,230	361,230	281,685	281,685	302,442,000	302,442	302,442	85,786	85,786
time deposits			5,316,543,000	4,972,695,000	5,015,987,000	4,615,046	4,190,570,000	3,897,954,000	3,678,258	3,483,866,000	3,065,398,000	2,956,959	3,030,255	2,785,442	2,819,731	2,673,872	2,673,872	2,946,944	2,946,944,000	2,946,944,000	3,029,175,000	3,029,175	3,029,175,000	2,830,446,000	2,830,446	2,830,446,000	2,968,240	2,968,240	2,693,965	2,693,965	2,604,530	2,604,530	2,165,154,000	2,165,154	2,165,154	2,802,550	2,802,550
3,4,12			5,859,469,000		5,638,919,000		4,724,279,000			4,074,455,000	3,568,739,000
total deposits			5,902,294,000	5,461,901,000	5,691,892,000	5,321,142	4,777,245,000	4,451,025,000	4,241,195	4,099,238,000	3,586,177,000	3,205,386	3,423,192	3,114,642	3,258,033	3,037,457	3,037,457	3,381,845	3,381,845,000	3,381,845,000	3,350,028,000	3,350,028	3,350,028,000	3,188,600,000	3,188,600	3,188,600,000	3,140,875	3,140,875	3,058,626	3,058,626	2,889,334	2,889,334	2,472,644,000	2,472,644	2,472,644	2,893,555	2,893,555				1,046,618,000	864,159,587	702,955,000	551,972,612
derivative financial instruments - assets				22,315,000	71,487,000	92,652	183,177,000	157,267,000	107,818	138,877,000	125,707,000	68,159	27,381	20,002	34,725	10,805	10,805	7,124	7,124,000	7,124,000	14,270,000	14,270	14,270,000	16,340,000	16,340	16,340,000	27,778	27,778	6,943	6,943	8,615	8,615	17,044,000	17,044	17,044	11,157	11,157
5,7,17				5,412,724,000
derivative financial instruments - liabilities				141,705,000	90,837,000	94,578	36,301,000	40,613,000	71,025	39,454,000	34,068,000	33,761	60,367	41,164	29,672	28,455	28,455	23,770	23,770,000	23,770,000	14,930,000	14,930	14,930,000	19,449,000	19,449	19,449,000	9,211	9,211	33,315	33,315	52,193	52,193	49,095,000	49,095	49,095	14,675	14,675				297,000
allowance for losses on loan commitments and financial guarantee contracts				5,375,000
equipment and leasehold improvements					15,985,000	15,821	16,287,000	16,794,000	16,810	16,979,000	16,882,000	17,282	17,201	17,176	17,329	17,779	17,779	15,294	15,294,000	15,294,000	14,841,000	14,841	14,841,000	15,361,000	15,361	15,361,000	16,213	16,213	16,620	16,620	17,109	17,109	18,110,000	18,110	18,110	18,752	18,752
securities						1,146,484	1,110,369,000	1,022,131,000	1,009,858	1,009,857,000	939,875,000	1,023,632
intangibles						2,605	2,616,000	2,605,000	2,465	2,255,000	2,368,000	2,104	2,088	1,605	1,690	1,595	1,595	1,658	1,658,000	1,658,000	1,555,000	1,555	1,555,000	1,712,000	1,712	1,712,000	1,984	1,984	864	864	1,050	1,050	1,236,000	1,236	1,236	1,427	1,427
allowance for loan commitments and financial guarantee contract losses						11,488			4,542			3,628	2,380	2,530	3,455	3,803	3,803	3,654				3,790			2,936		2,904	2,904	2,088	2,088	2,139	2,139		2,443	2,443	3,044	3,044
additional paid-in capital in excess of value assigned of common stock						120,735			120,942			120,498	120,256	119,446	119,797	120,043	120,043	119,627				119,366			120,305		120,414	120,414	119,850	119,850	119,447	119,447		120,586	120,586	120,362	120,362
5,7,18								4,408,149,000
securities and other financial assets													1,047,995	1,111,070	1,099,189	831,913	831,913	772,957	772,957,000	772,957,000	527,170,000	527,170	527,170,000	391,401,000	391,401	391,401,000	398,068	398,068	238,572	238,572	100,223	100,223	86,326,000	86,326	86,326	88,794	88,794
investment properties																		2,050	2,050,000	2,050,000	3,075,000	3,075	3,075,000	3,145,000	3,145	3,145,000	3,214	3,214	3,285	3,285	3,354	3,354	3,494,000	3,494	3,494	3,494	3,494
(*)"n.m." means not meaningful.
other comprehensive loss																		-10,855				-8,730
allowance for loan commitments and financial guarantees contracts losses																			3,654,000	3,654,000	3,790,000		3,790,000	2,936,000		2,936,000							2,443,000
the accompanying notes are an integral part of these condensed consolidated interim financial statements.
customers’ liabilities under acceptances																								78,164,000		78,164,000												27,213	1,551		110,621,000	32,529,977		34,840,132
interest receivable																									20,990				30,339	30,339	32,401	32,401	40,613,000	40,613	40,613	41,757	41,757
allowance for loan losses																									-41,096				-42,492	-42,492	-45,434	-45,434		-99,941	-99,941	-99,307	-99,307	-78,615	-73,789		39,448,000	106,352,107	224,347,000	429,720,362
unearned interest and deferred fees																									-5,735				-7,176	-7,176	-8,167	-8,167	-11,095,000	-11,095	-11,095	-12,114	-12,114
allowance for loans losses																																	-99,941,000
cash and cash equivalents																																				1,178,170	1,178,170
interest-bearing deposits in banks																																						431,144	421,595
trading assets																																						50,412	50,277
securities available-for-sale																																						353,250	456,984
securities held-to-maturity																																						33,181
investment fund																																						167,291	197,575
less:
unearned income and deferred fees																																						-4,389	-3,989
accrued interest receivable																																						31,110	25,561		30,254,000	15,448,061		15,411,853
premises and equipment																																						6,532	7,749		3,253,000	3,508,404		5,086,889
derivative financial instruments used for hedging - receivable																																						2,103	828
liabilities and stockholders’ equity
deposits																																						1,820,925	1,256,246
trading liabilities																																						3,938	3,152
short-term borrowings																																						1,095,400	327,800		760,699,000	704,718,013
accrued interest payable																																						10,084	11,291		14,736,000	6,477,399		11,871,885
borrowings and long-term debt																																						1,075,140	1,390,387	1,204,952,000
derivative financial instruments used for hedging - payable																																						53,029	65,137
reserve for losses on off-balance sheet credit risk																																						13,335	27,261		52,086,000	33,101,436
redeemable noncontrolling interest in the investment fund																																						18,950	34,900
stockholders’ equity
additional paid-in capital in excess of assigned value of common stock																																						133,815	134,820
accumulated other comprehensive loss																																						-6,441	-6,160
total stockholders’ equity																																						697,050	675,637	574,324,000	616,782,000	656,130,330	584,329,000
total liabilities and stockholders’ equity																																						5,100,087	3,878,771		3,159,231,000	2,736,107,490
securities sold under repurchase agreements and short-term borrowings																																								1,212,921,000
average number of shares outstanding																																								36,388,000			28,675,000
average number of diluted shares outstanding																																								36,440,000
per common share data:
basic earnings per share																																								1,510
diluted earnings per share																																								1,510			3,880
book value per share																																								15,770
regular cash dividends per share																																								880
special cash dividends per share
selected financial ratios:
performance ratios:
return on average assets																																								1,090			4,240
return on average stockholders’ equity																																								8,990			23,910
net interest margin 2																																								1,550
net interest spread 2																																								980
total operating expenses to total average assets																																								790			860
regular cash dividend payout ratio																																								58,090
special cash dividend payout ratio
asset quality ratios:
impaired loans to total loans 3
charged-off loans to total loans
allowance for loan losses to total loans, net of unearned income and deferred commission																																								2,090
allowance for credit losses to non-accruing credits
capital ratios:
stockholders’ equity to total assets																																								13,160
tier 1 capital to risk-weighted assets 4																																								20,400
total capital to risk-weighted assets 5																																								21,600
interest-bearing deposits with banks																																									229,200,000	154,099,108		478,436,276
securities available for sale																																									182,050,000	164,871,623		149,158,892
securities held to maturity																																									26,520,000	27,984,068		16,555,397
unearned income and deferred loan fees																																									5,577,000
derivative financial instruments-assets																																									357,000
noninterest-bearing - demand																																									28,385,000	22,619,188
interest-bearing - time																																									1,018,233,000	841,540,399
medium and long-term borrowings and placements																																									533,860,000	403,620,966	485,516,000	1,285,493,265
redeemable preferred stock																																									5,149,000	7,860,386		12,475,600
stockholders’ equity:
class “a” common stock, no par value, assigned value of us6.67																																									44,407,000	44,407,100
class “b” common stock, no par value, assigned value of us6.67																																									25,219,000	25,598,199
class “e” common stock, no par value, assigned value of us6.67																																									210,353,000	209,973,177
additional paid-in capital in excess of assigned value																																									134,340,000	133,785,441
accumulated other comprehensive income																																									619,000	6,082,474
commitments and contingent liabilities
securities purchased under agreements to resell																																												132,022,050
unearned income																																										3,845,358		9,485,461
derivative financial instruments-liabilities
income statement data:
net interest income 1																																											53,987,000
commission income, net 1																																											7,446,000
reversal of credit losses 2																																											58,905,000
total operating expenses																																											-22,561,000
income from continuing operations																																											111,496,000
cumulative effect of accounting changes
net income																																											111,496,000
balance sheet data:
short-term borrowings and placements																																											687,214,000	647,344,489
net income per share																																											3,880
book value																																											14,840
cash dividends per share
net interest margin 3																																											1,870
net interest spread 3																																											1,230
derivatives financial instruments-assets																																												6,571,056
demand
time																																												528,870,561
derivatives financial instruments-liabilities																																												20,020,375
common stockholders’ equity:
class “a”, common stock, no par value																																												34,862,304
class “b”, common stock, no par value																																												28,765,769
class “e”, common stock, no par value																																												69,606,733
capital surplus																																												145,490,027
total common stockholders’ equity																																												328,923,426

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-11-01	2021-07-30	2021-05-11	2020-05-18

cash flows from operating activities	1,169,241,000	926,973,000	144,190,000	237,748,000	522,189,000	118,643,000	864,813,000	866,212,000	479,796,000	-1,030,028,000	-983,167,000	-504,653,000	-176,833,000	-125,587,000	-129,304,000	39,320,000
profit for the period	170,884,000	115,916,000	51,732,000	154,383,000	101,390,000	51,268,000	119,773,000	74,020,000	36,954,000	61,015,000	34,141,000	11,119,000	42,631,000	26,900,000	12,816,000	18,302,000
adjustments to reconcile profit for the period to net cash from operating activities:
depreciation and amortization of equipment, leasehold improvements	2,111,000	1,414,000	693,000
amortization of intangible assets	1,029,000	674,000	326,000	753,000	474,000	224,000	594,000	377,000	187,000	393,000	250,000	124,000	623,000	524,000	271,000	191,000
provision for credit losses	16,717,000	10,235,000	5,216,000	13,261,000	9,712,000	3,029,000	17,510,000	11,022,000	6,331,000	13,768,000	8,944,000	8,111,000
realized gain on financial instruments at fvtpl	-1,500,000	-1,095,000		-51,000
realized gain on financial instruments at fvoci	-1,201,000	-241,000	-87,000
loss on sale of financial instruments at amortized cost	436,000	436,000	452,000				3,745,000	3,167,000	1,367,000
compensation cost - share-based payment	6,044,000	3,907,000	1,866,000	4,928,000	3,191,000	1,433,000	4,366,000	2,844,000	1,518,000	1,915,000	1,214,000	418,000	1,493,000	890,000	438,000	484,000
net changes in hedging position and foreign currency	128,832,000	112,998,000	6,090,000	-27,604,000	-5,266,000	-9,092,000	41,588,000	27,428,000	6,137,000	-12,018,000	-6,299,000	-305,000	-906,000	-2,446,000	79,000
disposal of equipment and leasehold improvements	6,000	1,000
interest income	-577,531,000	-383,851,000	-189,420,000	-587,627,000	-388,945,000	-193,572,000	-485,314,000	-302,881,000	-143,379,000	-201,723,000	-109,057,000	-45,004,000	-101,852,000	-67,082,000	-32,918,000	-58,990,000
interest expense	377,109,000	250,856,000	124,164,000	395,353,000	263,301,000	130,687,000	317,696,000	195,803,000	90,759,000	103,145,000	50,637,000	19,283,000	39,880,000	27,189,000	14,023,000	33,189,000
changes in operating assets and liabilities:
restricted and pledged deposits	70,916,000	58,438,000	20,960,000
loans	-622,713,000	-268,493,000	-319,050,000	-899,374,000	-251,216,000	-152,439,000	-122,691,000	-14,674,000	101,905,000	-1,345,897,000	-1,029,219,000	-730,293,000	-385,063,000	-310,398,000	-156,039,000	511,523,000
proceeds from the sale of loans	193,243,000
other assets	-20,450,000	-6,851,000	-663,000	-235,000	-1,044,000	-13,552,000	-6,698,000	-6,679,000	-3,675,000	-1,522,000	-614,000	-704,000	1,179,000	284,000	98,000	-723,000
due to depositors	1,422,566,000	1,033,523,000	446,588,000	1,230,768,000	851,075,000	316,129,000	1,016,201,000	883,739,000	378,024,000	377,142,000	73,451,000	219,640,000	239,918,000	207,289,000	46,847,000	-420,740,000
other liabilities	2,743,000	-894,000	-4,677,000	-7,890,000	-19,646,000	-16,325,000	6,190,000	2,829,000	1,829,000	25,049,000	17,636,000	13,531,000	-4,937,000	-4,662,000	-5,025,000	-4,986,000
interest received	589,843,000	384,032,000	180,596,000	567,660,000	385,042,000	186,049,000	465,433,000	298,213,000	127,085,000	177,949,000	103,561,000	37,555,000	111,545,000	78,347,000	39,588,000	60,350,000
interest paid	-379,132,000	-239,609,000	-128,217,000	-396,798,000	-255,367,000	-129,153,000	-293,129,000	-178,184,000	-88,670,000	-78,157,000	-40,689,000	-14,115,000	-38,915,000	-28,550,000	-14,222,000	-33,869,000
net cash from operating activities	1,379,952,000	1,071,396,000	196,569,000	408,610,000	651,864,000	175,539,000	1,037,117,000	986,241,000	518,211,000	-930,236,000	-920,295,000	-481,213,000	-104,203,000	-75,790,000	-103,938,000	65,801,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	1,379,952,000	1,071,396,000	196,569,000	408,610,000	651,864,000	175,539,000	1,037,117,000	986,241,000	518,211,000	-930,236,000	-920,295,000	-481,213,000	-104,203,000	-75,790,000	-103,938,000	65,801,000
cash flows from investing activities:
acquisition of equipment, leases and leasehold improvements	-168,000	-1,148,000	-223,000
acquisition of intangible assets	-1,260,000	-465,000	-88,000	-1,234,000	-475,000	-235,000	-975,000	-528,000	-450,000	-886,000	-260,000	-219,000	-297,000	-96,000
proceeds from the sale of securities at amortized cost	19,411,000	19,363,000	9,590,000				54,815,000	45,988,000	7,611,000				16,369,000
proceeds from the sale of securities at fvoci	41,426,000	31,183,000
proceeds from the redemption of securities at amortized cost	255,351,000	174,989,000	114,797,000	225,893,000	136,713,000	31,294,000	238,824,000	204,218,000	93,112,000	80,816,000	71,397,000	21,783,000
proceeds from the redemption of securities at fvoci	30,000,000	30,000,000	31,182,000				78,600,000	78,600,000	39,600,000	110,840,000	45,600,000	20,000,000
purchases of securities at amortized cost	-497,142,000	-362,005,000	-167,576,000	-327,841,000	-174,194,000	-33,752,000	-370,129,000	-324,838,000		-423,280,000	-406,161,000	-314,126,000	-512,051,000	-221,986,000	-39,007,000	-14,549,000
purchases of securities at fvoci	-60,142,000	-59,120,000	-59,120,000	-86,449,000	-86,449,000	-86,449,000
net cash from investing activities	-212,524,000	-167,203,000	-71,438,000	-190,656,000	-124,612,000	-89,221,000	448,000	3,013,000	76,516,000	-233,557,000	-289,867,000	-272,639,000	-381,677,000	-132,997,000	3,436,000	2,149,000
cash flows from financing activities:
increase in securities sold under repurchase agreements	-73,672,000		245,373,000	36,102,000	-7,432,000	53,607,000	-104,878,000	107,074,000	47,096,000	97,561,000	259,541,000	-81,650,000	320,336,000	101,825,000	146,027,000	13,357,000
net decrease in short-term borrowings and debt	-609,454,000	-432,939,000		-942,935,000	-871,960,000	-583,341,000			-503,227,000
proceeds from long-term borrowings and debt	319,580,000	65,776,000	64,394,000	891,930,000	209,189,000	201,482,000	355,432,000	71,645,000		779,927,000	511,321,000	515,488,000	167,675,000	86,498,000	95,955,000	50,000,000
decrease of long-term borrowings and debt	-866,901,000
proceeds from the issuance of other equity instruments	197,976
payments of lease liabilities	-852,000	-493,000	-244,000	-854,000	-569,000	-283,000	-782,000	-518,000	-255,000	-744,000	-494,000	-246,000
dividends paid	-68,908,000	-45,988,000	-22,885,000	-54,568,000	-36,353,000	-18,120,000	-27,267,000	-18,210,000	-9,085,000	-27,164,000	-18,125,000	-8,994,000	-29,356,000	-19,767,000	-9,835,000	-15,165,000
net cash from financing activities	-1,102,231,000	-813,192,000	-170,982,000	-596,603,000	-713,186,000	-407,216,000	-684,001,000	-422,698,000	-521,139,000	906,512,000	798,971,000	153,263,000	272,220,000	161,370,000	45,292,000	69,749,000
increase net in cash and cash equivalents	65,197,000	91,001,000		-378,649,000	-185,934,000	-320,898,000	353,564,000	566,556,000	73,588,000				-213,660,000	-47,417,000	-55,210,000	137,699,000
cash and cash equivalents at beginning of the period	1,819,931,000	1,819,931,000	1,819,931,000	1,987,068,000	1,987,068,000	1,987,068,000	1,190,936,000	1,190,936,000	1,190,936,000	1,211,001,000	1,211,001,000	1,211,001,000	846,008,000	846,008,000	846,008,000	1,159,718,000
cash and cash equivalents at end of the period	1,885,128,000	1,910,932,000	1,774,080,000	1,608,419,000	1,801,134,000	1,666,170,000	1,544,500,000	1,757,492,000	1,264,524,000	953,720,000	799,810,000	610,412,000	632,348,000	798,591,000	790,798,000	1,297,417,000
decrease in securities sold under repurchase agreements		-16,313,000
payments of long-term borrowings and debt		-383,235,000	-34,076,000	-526,278,000	-6,061,000	-60,561,000	-194,524,000	-158,416,000	-55,668,000	-503,515,000	-181,329,000	-76,228,000
net increase in short-term borrowings and debt			-423,544,000				-609,090,000	-424,273,000		560,447,000	228,057,000	-195,107,000	37,222,000	169,127,000	75,274,000	103,460,000
decrease net in cash and cash equivalents			-45,851,000							-257,281,000	-411,191,000	-600,589,000
profit for the year
adjustments to reconcile profit for the year to net cash from operating activities:
gain on remeasurement - lease liability
loss on disposal of equipment and leasehold improvements				51,000			1,000			4,000
derecognition of intangible assets
proceeds from the sale of loans to fvtpl
cash and cash equivalents at beginning of the year
cash and cash equivalents at end of the year
depreciation of equipment and leasehold improvements				1,799,000	1,185,000	594,000	1,678,000	1,099,000	548,000				2,132,000	1,510,000	819,000	735,000
net gain on sale of financial assets at fvoci				-68,000
loss on derecognition of intangible assets							20,000
pledged deposits				-40,700,000	-42,022,000	259,000	-49,846,000	-11,882,000	1,291,000			-1,325,000	-13,823,000	-7,098,000	-10,912,000	-37,149,000
acquisition of equipment and leasehold improvements				-1,025,000	-207,000	-79,000	-687,000	-427,000	-145,000	-1,047,000	-443,000	-77,000	-307,000	-252,000	-156,000	-9,000
advance of funds for debt repayment							-102,892,000
depreciation of equipment, improvements to leased property and investment property
gain on investment property - right-of-use
unrealized gain on financial instruments at fvtpl
net gain on financial instruments at fvoci
purchase of securities at amortized cost									-63,212,000
purchase of securities at fvoci
repurchase of common stock													-28,647,000	-6,203,000
loss on financial instruments at fvtpl
depreciation of investment property, equipment and leasehold improvements										1,626,000	1,048,000	533,000
gain on investment property - fair value
provision for (reversal of) credit losses													2,155,000	1,384,000
unrealized loss on financial instruments at fvtpl											101,000	219,000
realized loss on financial instruments at fvtpl
gain on sale of financial instruments at amortized cost													-333,000
purchase of investments at fvtpl
restricted deposits										-52,925,000	-25,400,000
benefit from (reversal of) credit losses
unrealized (gain) loss on financial instruments at fvtpl
realized loss on investment instrument "debenture" measured at fvtpl
net decrease (increase) in operating assets:
net increase in operating liabilities:
proceeds from the sale in investment property
purchases of investments at fvtpl
(gain) unrealized loss on financial instruments at fair value through profit or loss													-172,000	-113,000
realized gain on financial instruments at fair value through profit or loss
gain net on sale of financial assets at fair value through oci													-14,000	-14,000
loss for disposal of equipment and leasehold improvements													256,000	256,000	255,000
net decrease in operating assets:
proceeds from the redemption of securities at fair value through oci													10,000,000
proceeds from redemption of securities at amortized cost													81,116,000	65,831,000	42,599,000	14,825,000
proceeds from the sale of securities at fair value through oci													33,492,000	23,506,000		1,882,000
purchases of securities at fair value through oci													-9,999,000
repayments of long-term borrowings and debt													-194,094,000	-169,511,000	-261,832,000	-81,631,000
payments of leases liabilities													-916,000	-599,000	-297,000	-273,000
impairment on non-financial assets
the accompanying notes are an integral part of these condensed consolidated interim financial statements.
(reversal) provision for credit losses
unrealized loss on financial instruments at fair value through profit or loss															-56,000
amortization of premium and discount related to securities
loss for write-off of fixed assets
(reversal) benefit from credit losses
decrease in short-term borrowings and debt
impairment (gain), net on sale of financial assets at fair value through oci
amortization of premium and discount related to securities at amortized cost																100,000
exercised stock options
impairment loss on financial instruments																-89,000
gain, net on sale of financial assets at fair value through oci
net changes in hedging position																-2,527,000
cash flows from operating activities:
income before cumulative effect of changes in accounting principles:
cumulative effect on prior years (to december 31, 2004) of a change in the credit loss reserve methodology
cumulative effect on prior year (to december 31, 2004) of an early adoption of the fair-value based method of accounting stock-based employee compensation plan
net income
adjustments to reconcile net income to net cash from operating activities:
derivatives and hedging activities
depreciation of premises and equipment
reversal of benefit from loan losses
provision (reversal) for losses on off-balance sheet credit risk
impairment loss on securities
benefit from fair value of guarantees
gain on sale of securities available for sale
compensation cost - indexed stock options plan
issuance of restricted stock
deferred compensation awards
amortization of premiums and discounts on investments
net increase in accrued interest receivable
net increase in derivative financial instruments
net increase in other assets
net increase in accrued interest payable
net increase in other liabilities
increase in pledged certificates of deposit
net increase in loans
net acquisition of premises and equipment
proceeds from the redemption of securities available for sale
proceeds from the redemption of securities held to maturity
proceeds from the sale of securities available for sale
acquisition of securities available for sale
net increase in due to depositors
net increase in short-term borrowings and placements with original maturity of less than 90 days
proceeds from short-term borrowings and placements with original maturity greater than 90 days
repayments of short-term borrowings and placements with original maturity greater than 90 days
proceeds from medium and long-term borrowings and placements with original maturity greater than 90 days
repayments of medium and long-term borrowings and placements with original maturity greater than 90 days
proceeds from issuance of common stocks
stock offering costs
redemption of redeemable preferred stocks
repurchase of preferred stocks
repurchase of common stocks
net increase in cash and cash equivalents
supplemental disclosures of cash flow information:
cash paid during the year for interest
non-cash investing and financing activities:
loan restructured as investment
investment restructured as loan
transfer from securities available for sale to held to maturity
reversal (provision) for loan losses
(reversal) benefit from losses on off-balance sheet credit risk
net increase in derivatives financial instruments
net decrease (increase) in other assets
net increase increase in loans
net decrease in short-term borrowings and placements with original maturity of less than 90 days
proceeds from issuance of common stock
redemption of redeemable preferred stock
conversion of common stock
net decrease in cash and cash equivalents
transfer from securities held to maturity to available for sale
transfer from capital reserves to retained earnings

Banco Latinoamericano de Comercio Exterior, S.A(NYSE:BLX)

Banco Latinoamericano de Comercio Exterior, S.A
(NYSE:BLX)