Bladex 3Q20 Earnings Results Presentation

1. 1
Banco Latinoamericano de Comercio Exterior, S.A.
(“Bladex”)
3Q20 Earnings Results Presentation
October 27, 2020

2. 2
This presentation contains forward-looking statements of expected future developments within the meaning of the Private
Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can
be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”,
“future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this
presentation include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements
reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and
results are subject to future events and uncertainties, which could materially impact the Bank’s expectations. Among the factors
that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and
government actions intended to limit its spread; the anticipated changes in the Bank’s credit portfolio; the continuation of the
Bank’s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the
Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification
strategy; the adequacy of the Bank’s allowance for expected credit losses; the need for additional allowance for expected credit
losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank’s ability to
maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations;
potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace deposit withdrawals.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict
all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the
date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required by law.

3. 3
+3% growth QoQ in
Commercial Portfolio,
maintaining sound asset
quality and portfolio
diversification
▪ $0 NPLs
▪ All loans are current
▪ 59% in Investment Grade
countries
▪ 73% maturing in less than a
year
▪ Margin over Libor +14pbs QoQ
Resumed portfolio
quarterly growth with
strong level of
disbursements
▪ > $2.2 billion in new
disbursements (+111% QoQ)
▪ Continued risk assessment
and close contact with clients
▪ Margins of new
disbursements slightly higher
than those of maturities
(USD millions, except for %) - QoQ
Bladex continues to be
well-positioned
throughout the crisis
▪ Top-tier clients (FIs &
Corporate industry leaders)
▪ No retail exposure
▪ 71% maturing in less than a
year
▪ Robust credit quality with $0
NPLs
3Q20 started with a well-positioned Commercial Portfolio, focused on defensive sectors,
albeit at lower balances by design, with forthcoming opportunities to resume growth
​
​ ​
​
4,486
(1,834) 1,915
4,566
430 (227) 318 520
30-Jun-20 Maturities * Disbursements 30-Sep-20
(*) Includes prepayments and sales
4,915 (2,061) +2,233 5,087
L+ 2.31% L+ 1.95%
Loan Portfolio
Average Interest Rate
Total
L+ 2.27% L+ 2.45%
Contingencies
Loans
Collection of virtually all
scheduled credit maturities
▪ Collected over $2 billion in
quarterly maturities
▪ High quality borrowers
▪ Short-term nature of the
portfolio

4. 4
+3% growth QoQ in
Commercial Portfolio,
maintaining sound asset
quality and portfolio
diversification
▪ $0 NPLs
▪ All loans are current
▪ 59% in Investment Grade
countries
▪ 73% maturing in less than a
year
▪ Margin over Libor +14pbs QoQ
Resumed portfolio
quarterly growth with
strong level of
disbursements
▪ > $2.2 billion in new
disbursements (+111% QoQ)
▪ Continued risk assessment
and close contact with clients
▪ Margins of new
disbursements slightly higher
than those of maturities
(USD millions, except for %) - QoQ
Collection of virtually all
scheduled credit maturities
▪ Collected over $2 billion in
quarterly maturities
▪ High quality borrowers
▪ Short-term nature of the
portfolio
During 3Q20, the trend in collections remained strong at close to 100%, evidencing the
unceasingly high quality of Bladex’s borrower base and short-term nature of its business
​
​ ​
​
4,486
(1,834) 1,915
4,566
430 (227) 318 520
30-Jun-20 Maturities * Disbursements 30-Sep-20
(*) Includes prepayments and sales
4,915 (2,061) +2,233 5,087
L+ 2.31% L+ 1.95%
Loan Portfolio
Average Interest Rate
Total
L+ 2.27% L+ 2.45%
Contingencies
Loans
Bladex continues to be
well-positioned
throughout the crisis
▪ Top-tier clients (FIs &
Corporate industry leaders)
▪ No retail exposure
▪ 71% maturing in less than a
year
▪ Robust credit quality with $0
NPLs

5. 5
+3% growth QoQ in
Commercial Portfolio,
maintaining sound asset
quality and portfolio
diversification
▪ $0 NPLs
▪ All loans are current
▪ 59% in Investment Grade
countries
▪ 73% maturing in less than a
year
▪ Margin over Libor +14pbs QoQ
(USD millions, except for %) - QoQ
Resumed portfolio
quarterly growth with
strong level of
disbursements
▪ > $2.2 billion in new
disbursements (+111% QoQ)
▪ Continued risk assessment
and close contact with clients
▪ Margins of new
disbursements slightly higher
than those of maturities
Quarterly loan origination more than doubled from the previous quarter, while lending
margins continued an upward trend
​
​ ​
​
4,486
(1,834) 1,915
4,566
430 (227) 318 520
30-Jun-20 Maturities * Disbursements 30-Sep-20
(*) Includes prepayments and sales
4,915 (2,061) +2,233 5,087
L+ 2.31% L+ 1.95%
Loan Portfolio
Average Interest Rate
Total
L+ 2.27% L+ 2.45%
Contingencies
Loans
Bladex continues to be
well-positioned
throughout the crisis
▪ Top-tier clients (FIs &
Corporate industry leaders)
▪ No retail exposure
▪ 71% maturing in less than a
year
▪ Robust credit quality with $0
NPLs
Collection of virtually all
scheduled credit maturities
▪ Collected over $2 billion in
quarterly maturities
▪ High quality borrowers
▪ Short-term nature of the
portfolio

6. 6
Resumed portfolio
quarterly growth with
strong level of
disbursements
▪ > $2.2 billion in new
disbursements (+111% QoQ)
▪ Continued risk assessment
and close contact with clients
▪ Margins of new
disbursements slightly higher
than those of maturities
Collection of virtually all
scheduled credit maturities
▪ Collected over $2 billion in
quarterly maturities
▪ High quality borrowers
▪ Short-term nature of the
portfolio
(USD millions, except for %) - QoQ
+3% growth QoQ in
Commercial Portfolio,
maintaining sound asset
quality and portfolio
diversification
▪ $0 NPLs
▪ All loans are current
▪ 59% in Investment Grade
countries
▪ 73% maturing in less than a
year
▪ Margin over Libor +14pbs QoQ
Increased end-of-period Commercial Portfolio balances (+3% QoQ) and lending spreads
(+14pbs), maintaining a sound asset quality and diversification
​
​ ​
​
4,486
(1,834) 1,915
4,566
430 (227) 318 520
30-Jun-20 Maturities * Disbursements 30-Sep-20
(*) Includes prepayments and sales
4,915 (2,061) +2,233 5,087
L+ 2.31% L+ 1.95%
Loan Portfolio
Average Interest Rate
Total
L+ 2.27% L+ 2.45%
Contingencies
Loans
Bladex continues to be
well-positioned
throughout the crisis
▪ Top-tier clients (FIs &
Corporate industry leaders)
▪ No retail exposure
▪ 71% maturing in less than a
year
▪ Robust credit quality with $0
NPLs

7. 7
Q1 Q2 Q3
Variance
Q3 Vs Q1
$195 $180 $146
-25%
($49 MM)
$281 $221 $178
-37%
($103 MM)
$355 $191 $174
-51%
($181MM)
14%
12%
10%
9%
7%3%
3%
1%
17%
6%
4%
3%
3%
3% 2% 3%
Colombia
Mexico
Chile
Non-Latam
Panama
T. & Tobago
Peru
Uruguay
Brazil
Guatemala
Dominican Republic
Costa Rica
Ecuador
Argentina
Paraguay
Other Latam≤ 1%
Q1 Q2 Q3
Variance
Q3 Vs Q1
$147 $68 $48
-67%
( $99 MM)
Airlines
Less than 1% as
of Q3
Bladex maintained its focus on high quality origination and on reducing exposure to higher
risk countries and sectors
By Country Commercial Portfolio by Industry
Argentina
3% as of Q3
Costa Rica
3% as of Q3
By Country
As of Sep20
By CountryCommercial Portfolio by Country
As of Sep 20
Ecuador
3% as of Q3
(USD millions) - EoP
(USD millions) - EoP
USD 5.1 BnUSD 5.1 Bn
IG 59%
Non-IG
41%
53%
6%
5%
5%
4%
4%
3%
3%
3%
2%
2%
2%
2%1%
1%
4%
Financial institutions
Electric power
Metal manufacturing
Food and beverage
Other services
Oil and gas (Downstream)
Oil and gas (upstream)
Other manufacturing industries
Oil and gas (Integrated)
Coffee
Grains and oilseeds
Mining
Retail trade
Plastics and Packaging
Sugar
Other Industries <1%

8. 8
79%
68%
74%
20%
31%
22%
1% 1% 4%
6,770 6,603 6,202
-1,000,000
-800,000
-600,000
-400,000
-200,000
0
0%
20%
40%
60%
80%
100%
1Q20 2Q20 3Q20
Loans Cash and due from banks Investment Portfolio
(USD millions, except for %) - EoP
Interest Earning Assets
The Bank resumed portfolio growth during 3Q20, shifting from high liquidity levels in
previous quarters (by design)
+$81 MM or
2% QoQ
✓ The Bank resumed loan portfolio growth during 3Q20
after high liquidity levels from previous quarters (by
design)
-$620 MM or
-31% QoQ
✓ The Bank has gradually reduced its cash position, still
remaining at a robust level; mainly placed with the Federal
Reserve Bank of New York
+$138 MM or
144% QoQ
✓ Higher Investment Portfolio, of which $107 million were
new corporate debt securities classified as HQLA by Basel
III standards

9. 9
44%
52%
60%
30%
23% 8%
26% 25%
32%
5,659 5,524 5,133
-80,000
-70,000
-60,000
-50,000
-40,000
-30,000
-20,000
-10,000
0
0%
20%
40%
60%
80%
100%
1Q20 2Q20 3Q20
Long-term borrowings and debt, net Repos and Short-term borrowings and debt
Deposits
Bladex successfully tapped the international debt and capital markets, while deposits
continued to grow, resulting in a continuous solid and diversified funding base
Funding Structure
+$169 MM or
6% QoQ
✓ Deposit base continued to grow, with more than half provided
by the Bank's Class A shareholders (51%)
✓ Growth of the Bank’s new Yankee CD program to $329 million
(+70% QoQ)
✓ 3rd issuance in the international capital markets (144A/RegS)
for USD $400 million, 4 times oversubscribed. The 5-year term
bonds pay a fixed rate coupon of 2.375% (Treasury +220bps)
✓ New syndicated loan placed among investors from Asia,
Europe, US and Latin America
+$273 MM or
20% QoQ
(USD millions, except for %) - EoP
✓ Reduced reliance on short-term bilateral funding, while
maintaining a fluent access to a wide network of fund providers
from Asia, Europe and the Americas
-$833 MM or
-66% QoQ

10. 10
(USD millions) 3Q19 2Q20 3Q20
Statement of Profit or Loss
Net Interest Income ("NII") $26.7 $21.7 $22.6
Fees and commissions, and other
income, net
$3.0 $2.1 $3.0
(Loss) gain on financial
instruments, net
($0.2) ($3.9) ($0.4)
Reversal (provision) for credit
losses
($0.6) $2.6 ($1.5)
Reversal (impairment) on non-
financial assets
$0.5 ($0.1) $0.1
Operating expenses ($9.0) ($8.3) ($8.3)
Profit for the period $20.4 $14.1 $15.4
Sustained operating performance in 3Q20, on higher revenues and stable operating
expenses QoQ, while provisions for credit losses remained low on sound asset quality
✓ Revenue growth QoQ on higher margins and
increased letter of credit fees
✓ Combined impact from credit provisions and
changes in fair value of financial instruments
remain low
Financial Margins
✓ Decreased quarterly expense levels YoY on
lower variable compensation
ROAE & ROAA
8.0%
8.7%
7.2%
5.5%
6.0%
1.3% 1.3% 1.1%
0.8% 1.0%
3Q19 4Q19 1Q20 2Q20 3Q20
Return on Average Equity (ROAE) Return on Average Assets (ROAA)
1.77%
1.65%
1.59%
1.28%
1.42%
1.19% 1.18% 1.17%
1.01%
1.19%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
3Q19 4Q19 1Q20 2Q20 3Q20
Net Interest Margin ("NIM") Net Interest Spread ("NIS")
+$1.8 MM QoQ
-$0.6 MM QoQ
✓ Downward trend reversal in
NIM & NIS in 3Q20
✓ Lower returns in 2020 mainly
on change in asset
composition
Stable QoQ≈
✓ Increased quarterly profits by 9% QoQ+$1.3 MM QoQ

11. 11
4.54%
4.19%
3.94%
3.56%
3.31%
3.09%
2.69%
2.41%
1.57%
1.26%
2.23% 1.79%
1.22%
0.19% 0.20%
3.29% 3.30% 3.38% 3.39%
2.64%
0.00 %
2.00 %
4.00 %
6.00 %
8.00 %
10 .0 0%
12 .0 0%
14 .0 0%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
3Q19 4Q19 1Q20 2Q20 3Q20
1.45%
1.50%
1.53%
2.05%
1.99%
1,737
135
5,297
4,481
1,946
79
5,728
4,8092Q20
3Q20
2Q20
3Q20
2Q20
3Q20
3Q20
2Q20
NII: +$0.9MM QoQ to $22.6MM
Rate Effect
Volume Effect
Interest Rate
Variations
Positive quarterly trend in NII and NIM, on widening rate differential between loans and
liabilities. Still below pre-Covid levels, mostly pressured by high average cash position and
lower average loan balances
-0.25%
-0.31%
0.02%
NII Impact
-$2.5MM
+$4.0MM
+$0.1MM
+$1.3MM
Loans
Financial
Liabilities
Cash and
due from
banks
Interest Rate Evolution
Investment
Portfolio
-0.75% -$0.3MM
Volume
Variation
NII Impact
-$0.4MM
-$2.5MM
+$0.5MM
-$0.1MM
-328MM
+56MM
-209MM
Average Balances
Loans *
Financial
Liabilities
Investment
Portfolio
Cash and
due from
banks
+$1.7MM-431MM
* Gross of unearned interest and deferred fees.
NIM: +14bps QoQ to 1.42% NIS: +18bps QoQ to 1.19%
✓ +6pbs in lending
rate differential;
net positive impact
of $1.5 MM QoQ,
driving positive
total rate net
effect.
✓ Change in average
asset composition
since March 2020
still weighting on
NII volume net
effect

12. 12
(USD million) 30-Sep-19 30-Jun-20 30-Sep-20
Allowance for losses
Balance at beginning of the period $106.2 $102.5 $47.8
Provisions (reversals) 0.6 (2.6) $1.5
Write-offs, net of recoveries (2.4) (52.1) (4.4)
End of period balance $104.4 $47.8 $44.9
95% 90% 94%
4% 10% 6%
1% 0% 0%
6,302 5,011 5,320
-1,000,000
-800,000
-600,000
-400,000
-200,000
0
0%
20%
40%
60%
80%
100%
120%
3Q19 2Q20 3Q20
62
1.1%
0.0% 0.0%
1.7x
n.a. n.a. 0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
45
50
55
60
65
70
75
80
3Q19 2Q20 3Q20
Credit Impaired Loans
Credit impaired loans to loan portfolio
Total allowance for losses to credit impaired loans
Zero NPLs since
June 30, 2020
Adequate level of allowances for credit losses under IFRS 9 incorporates forward looking
expected losses and reflects sound portfolio quality, with zero non-performing loans and the
entire portfolio being current
Allowance for Credit Losses Credit Impaired Loans
(USD millions, except for %)(USD millions, except for %)
Total Allowance for
Losses to Credit Portfolio 1.66% 0.84%
Allowance for Losses to
Stages 1 + 2 0.80% 0.84%
0.95%
0.95%
Allowance for Losses 104.4 44.947.8
Stage 1 (low risk)
Stage 2 (increased risk)
Stage 3 (credit impaired)
Credit Portfolio
(1) Includes allowance for expected credit losses on loans at amortized cost, on loan commitments and financial guarantees contracts, and on securities
at amortized cost and at fair value through other comprehensive income.
1

13. 13
5.7
4.2 4.6
3.3
4.1 3.7
9.0
8.3 8.3
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
3Q19 2Q20 3Q20
Salaries and other employee expenses Non-employee related expenses
29.5 19.9 25.2
-9.0 -8.3 -8.3
30.4%
41.5%
33.1%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
-20
-10
0
10
20
30
40
50
3Q19 2Q20 3Q20
Total revenues Operating expenses Efficiency Ratio
Efficiency improved in 3Q20 due to higher revenues and stable operating expenses QoQ
EfficiencyOperating Expenses
(USD millions, except for %)(USD millions)

14. 14
“We believe that our 40-year experience in the Region, including several negative credit cycles,
and our good understanding of the impacts and macroeconomic dynamics in every country, play
to our advantage. We are committed to continue to support our clients, for whom we have been
long-standing allies.”
-Jorge Salas, CEO
“Third quarter results are, once again,
a good reflection of our conservative
approach and the flexibility of our
business model.
There is no doubt that there is still a
great deal of uncertainty in the months
to come and therefore priorities will
continue to be the quality of the loan
portfolio and keeping ample liquidity.
Opportunities will keep arising as the
economies re-open throughout the
region and Bladex will continue to
support its clients during this uncertain
time.”
-Jorge Salas, CEO