PANAMA CITY, July 23, 2024 /PRNewswire/ -- Banco Latinoamericano de Comercio Exterior, S.A. (NYSE:BLX, ", Bladex", , or ", the Bank", )), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the Region, announced today its results for the Second Quarter ("2Q24") and six months ("6M24") ended June 30, 2024. The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").            2Q24 & 6M24 Financial & Business Highlights Strong Profitability, with Net Profit of $50.1 million in 2Q24 (+35% YoY) and $101.4 million in 6M24 (+37% YoY), fostered by higher total revenues (+31% YoY in 2Q24 and +27% YoY in 6M24). Annualized Return on Equity ("ROE") reached 16.2% in 2Q24 (+279 bps YoY) and 16.5% in 6M24 (+291 bps YoY), on the back of strong recurrent operating results. Net Interest Income ("NII") stood at $62.8 million in 2Q24 (+15% YoY) and $125.6 million in 6M24 (+17% YoY), driven by 1 bp YoY increase in Net Interest Margin ("NIM") to 2.43% in 2Q24 and a 3 bps YoY increase to 2.45% in 6M24, resulting from a successful strategy execution reflected by higher lending spreads and volumes, new client on-boarding, cross selling efforts and efficient cost of funds management. Fee income increased 93% YoY to $12.5 million for 2Q24 and 94% YoY to $22.0 million in 6M24, driven by stronger fees in each of the Bank's business lines, with a robust performance in our newly formed Project Finance & Infrastructure unit as well as in our syndications desk, along with increased fees from our off-balance sheet business, continuing to add new clients and capturing very profitable punctual opportunities. Efficiency Ratio improved to 24.3% in 2Q24 and 24.7% in 6M24, on the back of solid total revenue levels, compensating the YoY increase in operating expenses (+17% YoY in 2Q24 and +16% YoY in 6M24). New all-time high Credit Portfolio at $10,336 million as of June 30, 2024 (+13% YoY). Commercial Portfolio EoP balances reached a new record level of $9,201 million at the end of 2Q24 (+13% YoY), denoting a continued demand and business growth from new client onboarding and product cross-selling strategy. Investment Portfolio at $1,134 million (+13% YoY), mostly consisting of investment-grade securities held at amortized cost, further enhancing country and credit-risk exposure diversification and providing contingent liquidity funding. Healthy asset quality. Most of the credit portfolio (95%) is classified as low risk or Stage 1. At the end of 2Q24, impaired credits (Stage 3) remained unchanged at $10 million or 0.1% of total Credit Portfolio, with a reserve coverage of 7.5x. Sustained growth of deposit base, reaching a new record level of $5,259 million at the end of 2Q24 (+29% YoY), representing 58% of the Bank's total funding sources. The Bank also counts on an ample and constant access to interbank and debt capital markets. Liquidity position at $1,899 million, or 17% of total assets as of June 30, 2024, mostly consisting of cash and due from banks, and placed with the Federal Reserve Bank of New York (79%). The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios increased to 16.2% and 14.0%, respectively, enhanced by the Bank's improved earnings generation.   Financial Snapshot  (US$ million, except percentages and per share amounts) 2Q24 1Q24 2Q23 6M24 6M23 Key Income Statement Highlights Net Interest Income ("NII") $62.8 $62.9 $54.5 $125.6 $107.1 Fees and commissions, net $12.5 $9.5 $6.5 $22.0 $11.3 (Loss) gain on financial instruments, net ($0.4) $0.2 ($3.6) ($0.2) ($1.9) Total revenues $75.0 $72.6 $57.4 $147.6