Edgar Filing: FOREIGN TRADE BANK OF LATIN AMERICA, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

Long Form of Press Release

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

(Exact name of Registrant as specified in its Charter)

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

(Translation of Registrant’s name into English)

Business Park, Torre V, Ave. La Rotonda, Costa del Este

P.O. Box 0819-08730

Panama City, Republic of Panama

(Address of Registrant’s Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F ¨

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)

Yes ¨ No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82___.)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

October 14, 2015.

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

	By: /s/ Pierre Dulin

	Name: Pierre Dulin
	Title: General Manager

BLADEX THIRD QUARTER 2015 NET INCOME TOTALED $33.6 MILLION (+66% QoQ; +26% YoY), OR $0.86 PER SHARE, REACHING YEAR-TO-DATE 2015 NET INCOME OF $82.7 MILLION (+17% YoY), OR $2.12 PER SHARE

PANAMA CITY, REPUBLIC OF PANAMA, October 14, 2015 – 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, today announced its results for the third quarter and nine months ended September 30, 2015.

Third Quarter and Nine Months 2015 Highlights

Reported results:

Bladex’s third quarter 2015 Net Income⁽¹⁾ totaled $33.6 million (+66% QoQ; +26% YoY), driven by increased Business Net Income⁽²⁾ from the Bank’s core intermediation and fee generating activities (+30% QoQ and +12% YoY), and on gains from the participation in investment funds. Year-to-date 2015 Net Income totaled $82.7 million (+$11.9 million, or +17% YoY), on Business Net Income of $78.0 million (+7% YoY).

Net interest income totaled $37.0 million in 3Q15 (+7% QoQ; unchanged YoY), on increased lending yields (+10 bps QoQ), decreased cost of funds (-1 bp), and increased average loan portfolio balances (+1%). Year-to-date 2015 net interest income totaled $107.5 million (+$5 million, or +5% YoY).

Fees and other income amounted to $8.2 million in 3Q15 (+121% QoQ; +60% YoY) from loan structuring and syndication activities which included the closing of four mandated lead-arranger transactions, along with increased fees from the letters of credit and contingencies business. Year-to-date 2015 fees and other income reached $14.6 million (-1% YoY).

Key performance metrics:

The Bank’s annualized year-to-date ROAE⁽³⁾ and Business ROAE⁽⁴⁾ reached 11.7% and 11.1%, respectively, compared to 10.7% and 11.0% a year ago.

3Q15 NIS⁽⁵⁾ and NIM⁽⁶⁾ both improved 4 bps QoQ to 1.67% and 1.83%, respectively, on higher lending rates (+10 bps) and average loan portfolio balances (+1%), while average funding costs decreased 1 bp. Year-to-date 2015 NIS and NIM both decreased 3 bps YoY to 1.66% and 1.82%, respectively, as higher average loan portfolio balances (+5%) and improved funding costs (-5 bps) were offset by lower lending rates (-3 bps) and increased average low-yielding liquidity balances.

The Bank’s 3Q15 Efficiency Ratio and Business Efficiency Ratio⁽⁷⁾ were 26% (-9 pts. QoQ; -4 pts. YoY) and 28% (-5 pts. QoQ; -2 pts. YoY), respectively, as operating revenues increased (+36% QoQ; +14% YoY) while operating expenses remained relatively flat (+1% QoQ, unchanged YoY). On a year-to-date basis Efficiency Ratio and Business Efficiency Ratio improved to 30% and 31%, respectively, versus 33% each in 9M14, as operating revenues grew 9% and operating expenses decreased 2%.

Credit Growth & Quality:

Average Commercial Portfolio balances for 3Q15 and 9M15 increased moderately to $7.1 billion (+1% QoQ; +3% YoY; and +4% YoY, respectively), while end-of-period Commercial Portfolio balances also stood at $7.1 billion (-4% QoQ; -1% YoY).

Credit quality remained stable, with non-accruing loans unchanged at $20.7 million, representing 0.31% of total loan portfolio balances as of September 30, 2015. The ratio of the allowance for credit losses to non-accruing loans was 4.5 times, and compared to the total Commercial Portfolio ending balances coverage amounted to 1.32% (+9 bps QoQ; +13 bps YoY).

FINANCIAL SNAPSHOT

(US$ million, except percentages and per share amounts)	9M15			9M14			3Q15			2Q15			3Q14
Key Income Statement Highlights
Operating revenues	$	127.7		$	116.9		$	49.2		$	36.3		$	43.2
Operating expenses	$	38.4		$	39.2		$	12.8		$	12.6		$	12.8
Business Net Income⁽²⁾	$	78.0		$	73.0		$	29.2		$	22.5		$	26.0
Non-Core Items ⁽⁸⁾	$	4.7		$	(2.2	)	$	4.4		$	(2.2	)	$	0.6
Net Income attributable to Bladex Stockholders⁽¹⁾	$	82.7		$	70.8		$	33.6		$	20.2		$	26.6
Profitability Ratios
Earnings per Share ("EPS") ⁽⁹⁾	$	2.12		$	1.83		$	0.86		$	0.52		$	0.69
Return on Average Equity (“ROAE”)⁽³⁾		11.7	%		10.7	%		13.9	%		8.6	%		11.7	%
Business ROAE⁽⁴⁾		11.1	%		11.0	%		12.1	%		9.6	%		11.4	%
Business Return on Average Assets		1.32	%		1.31	%		1.44	%		1.16	%		1.36	%
Net Interest Margin ("NIM")⁽⁶⁾		1.82	%		1.85	%		1.83	%		1.79	%		1.93	%
Net Interest Spread ("NIS")⁽⁵⁾		1.66	%		1.69	%		1.67	%		1.63	%		1.77	%
Efficiency Ratio		30	%		33	%		26	%		35	%		30	%
Business Efficiency Ratio ⁽⁷⁾		31	%		33	%		28	%		33	%		30	%
Assets, Capital, Liquidity & Credit Quality
Commercial Portfolio	$	7,124		$	7,196		$	7,124		$	7,411		$	7,196
Treasury Portfolio	$	290		$	402		$	290		$	349		$	402
Total Assets	$	7,993		$	7,796		$	7,993		$	8,308		$	7,796
Market capitalization	$	902		$	1,190		$	902		$	1,254		$	1,190
Tier 1 Basel I Capital Ratio ⁽¹⁰⁾		16.7	%		14.7	%		16.7	%		15.4	%		14.7	%
Leverage (times) ⁽¹¹⁾		8.3			8.6			8.3			8.7			8.6
Liquid Assets / Total Assets ⁽¹²⁾		10.9	%		8.1	%		10.9	%		11.6	%		8.1	%
Non-accruing loans to total loans, net of discounts		0.31	%		0.06	%		0.31	%		0.30	%		0.06	%
Allowance for credit losses to Commercial Portfolio		1.32	%		1.19	%		1.32	%		1.23	%		1.19	%
Allowance for credit losses to non-accruing loan balances (times)		4.5			21.1			4.5			4.4			21.1

CEO's Comments

Mr. Rubens V. Amaral, Jr., Bladex’s Chief Executive Officer, stated the following regarding the Bank’s Third Quarter and Year-To-Date 2015 results: “The Bank´s third quarter 2015 results demonstrate the fact that despite increased headline risks in the Region and heightened volatility in global markets the real economy is still very much at work and business continues to get done. Credit demand remains robust and while margins are still not quite at the levels we would like them to be, we are seeing enough elements in place to expect continued revenues growth in the coming months.

The Bank´s portfolio quality remains sound, as market events such as the recent Brazil downgrade by a ratings agency had already largely been anticipated in our internal risk analyses. And while we strengthened specific reserves on account of periodic re-evaluations of non-performing exposures given the status of ongoing restructuring efforts, we saw no increase in non-accruing loans this quarter. The diversified nature of our business, spread across the entire region, and its focus on short-dated transactions allow us to manage our mix of risk exposures effectively, re-allocating origination efforts to seize growth potential within our risk appetite.

As expected, our fee income performance showed a notable improvement in the third quarter as several mandated transactions that had been worked on for many months were successfully brought over the finish line. We continue to see a strong pipeline of transactions and devote all our efforts to bring them to a successful conclusion, within the timelines set by our clients.

We also continue to devote resources and focus to other areas to support revenues growth and improved operating efficiency. Fee income from our traditional sources in our contingencies business extended their growth trend, and expenses remained well under control. As a result, our efficiency ratio continues to head in the right direction.

One should be very careful to avoid making overly confident statements, but we do believe that the market conditions we are facing these days do tend to play to Bladex’s fundamental strengths - profound knowledge of our Region and business capabilities, a strong network of clients and counterparties, focus on operational excellence, and a proactive, balanced approach to managing our risk exposures.” Mr. Amaral concluded.

RESULTS BY BUSINESS SEGMENT

COMMERCIAL DIVISION

The Commercial Division incorporates the Bank’s core business of financial intermediation and fee generation activities relating to the Bank’s Commercial Portfolio. Net Income includes net interest income from loans, fees and other income, allocated operating expenses, reversals or provisions for loan and off-balance sheet credit losses, and any recoveries, net of impairment of assets.

The Commercial Portfolio includes the loan portfolio, customers’ liabilities under acceptances, and contingencies (including confirmed and stand-by letters of credit, guarantees covering commercial risk and credit commitments).

Commercial Division’s end-of-period portfolio stood at $7.1 billion, a similar level than the average balances reported for 3Q15 and 9M15. The end-of-period balance decreased 4% quarter-on-quarter and 1% year-on-year, as the Bank continues its approach to privilege lending margins over balance growth during the quarter. The 3Q15 average portfolio balances increased 1% quarter-on-quarter and 3% year-on-year, and the 9M15 average balances increased 4% year-on-year, mainly from higher business demand from the Bank’s client base of financial institutions (+8% year-on-year) and corporations (+5% year-on-year).

The Commercial Portfolio continued to be short-term and trade-related in nature: as at September 30, 2015, $5.1 billion, or 71%, of the Commercial Portfolio were scheduled to mature within one year. Trade finance operations represented 55% of the portfolio, while the remaining balance consisted primarily of lending to financial institutions and corporations engaged in foreign trade.

The following graphs illustrate the geographic distribution of the Bank’s Commercial Portfolio, highlighting the portfolio´s diversification by country of risk, and the diversification across industry segments:

Refer to Exhibit X for additional information relating to the Bank’s Commercial Portfolio distribution by country, and Exhibit XII for the Bank’s distribution of credit disbursements by country.

(US$ million)	9M15			9M14			3Q15			2Q15			3Q14
Commercial Division:
Net interest income	$	93.3		$	89.3		$	32.2		$	30.1		$	31.8
Non-interest operating income ⁽¹³⁾		14.1			14.6			7.8			3.6			5.0
Net operating revenues ⁽¹⁴⁾		107.3			103.9			40.0			33.7			36.8
Operating expenses		(30.2	)		(30.7	)		(10.0	)		(9.8	)		(10.1	)
Net operating income ⁽¹⁵⁾		77.2			73.2			30.0			23.9			26.7
Provision for loan and off-balance sheet credit losses, net		(6.6	)		(7.4	)		(2.9	)		(3.4	)		(3.8	)
Net Income Attributable to Bladex Stockholders	$	70.5		$	65.8		$	27.1		$	20.4		$	22.9

3Q15 vs. 2Q15

The Commercial Division’s third quarter 2015 Net Income totaled $27.1 million, a $6.7 million, or 34%, increase compared to $20.4 million in the second quarter 2015, mostly attributable to: (i) non-interest operating income (+$4.2 million, or +117%), mostly from loan structuring and syndication activities, and letter of credit and contingency business, (ii) a $2.1 million, or 7%, increase in net interest income mainly from higher average lending rates (+10 bps) and portfolio balances (+1%), and (iii) a $0.5 million decrease in credit loss provisions, as a result of lower reserve requirement from reduced end-of-period portfolio balances, partly offset by higher provisions to specific loan loss reserves to reflect the status of ongoing restructuring efforts pertaining to non-accruing portfolio exposures. The total balances of these non-accruing loans remained unchanged at $20.7 million. Operating expenses remained largely stable compared to the comparison periods.

3Q15 vs. 3Q14

The Division’s quarterly Net Income of $27.1 million represented a $4.2 million, or 18%, increase compared to $22.9 million in the third quarter 2014, as a result of: (i) a $3.2 million, or 9%, increase in net operating revenues, related to higher loan structuring and syndication activities which led to a $2.8 million, or 57%, increase in non-interest operating income, and higher average lending balances (+2%) resulting in a $0.3 million, or 1%, increase in net interest income, (ii) a $0.9 million decrease in credit loss provisions, mainly due to relatively stable lending volumes partially offset mainly by increased specific reserves related to the non-accruing portfolio, and (iii) a 1% decrease in operating expenses, which remained well under control.

9M15 vs. 9M14

The Division’s year-to-date 2015 Net Income totaled $70.5 million, a $4.7 million, or 7%, increase compared to $65.8 million in the same period 2014, as a result of: (i) a $3.4 million, or 3%, increase in net operating revenues mostly from higher average loan portfolio balances (+5%) which led to a $4.0 million, or 4%, increase in net interest income, partially offset by a $0.5 million, or 3%, decrease in non-interest operating income as higher fee income from loan structuring and syndication activities was offset by lower loan distribution activities in the secondary markets resulting in decreased gains on sale of loans, as well as slightly lower fees from letter of credit and contingencies, (ii) a $0.8 million decrease in provisions for credit losses, and (iii) a 2% decrease in allocated operating expenses.

TREASURY DIVISION

The Treasury Division is responsible for the Bank’s funding and liquidity management, along with the management of its activities in investment securities, which comprise securities available-for-sale, and securities held-to-maturity, as well as the management of the Bank’s interest rate, liquidity, price, and currency risks. The Treasury Division also incorporates the Bank’s net results from its remaining participation in investment funds, which are shown in the other income line item “net gain (loss) from investment funds”. Bladex’s participation in the Feeder Fund stood at 48.12% as of September 30, 2015, compared to 48.24% as of June 30, 2015 and 49.61% as of September 30, 2014.

The Division’s Net Income is presented net of allocated operating expenses, and includes net interest income from Treasury activities, as well as related net other income, which comprises the net result of coverage (net results from derivative financial instruments and hedging, net gains (losses) from trading securities, and net gains (losses) on foreign currency exchange), net gains (losses) on the sale of securities available-for-sale, and net gains (losses) from investment funds.

The Bank’s liquid assets totaled $871 million as of September 30, 2015, compared to $960 million as of June 30, 2015, and $633 million as of September 30, 2014. As of these dates, the liquid assets to total assets ratio was 10.9%, 11.6%, and 8.1%, respectively, while the liquid assets to total deposits ratio was 27.9%, 29.6%, and 20.3%, respectively.

As of September 30, 2015, the securities available-for-sale portfolio totaled $171 million, compared to $286 million as of June 30, 2015, and $358 million as of September 30, 2014, as the Bank reclassified bonds from available-for-sale to held-to-maturity. Consequently, the held-to-maturity securities portfolio increased to $119 million (+$57 million quarter-on-quarter and +$76 million year-on-year). As of September 30, 2015, the available-for-sale and held-to-maturity portfolio consisted of readily-quoted Latin American securities, 69% of which represented multilateral, sovereign, or state-owned risk (refer to Exhibit XI for a per-country risk distribution of the Treasury portfolio). The available-for-sale portfolio is marked-to-market, with the impact recorded in stockholders’ equity through the Other Comprehensive Income (Loss) Account (“OCI”).

Deposit balances stood at $3.1 billion as of September 30, 2015, representing 44% of total liabilities. Balances were 4% lower compared to the previous quarter, and nearly unchanged from a year ago. Short-term borrowings and debt, including Repos, decreased 15% quarter-on-quarter, and 9% year-on-year to reach $2.1 billion as of September 30, 2015, while long-term borrowings and debt totaled $1.8 billion as of September 30, 2015, up 13% quarter-on-quarter, and 25% year-on-year, as the Bank increased its long-term funding through capital markets issuances, loan syndications and bilateral finance transactions. Weighted average funding costs were 1.04% for both 9M15 (-5 bps year-on-year) and 3Q15 (-1 bp quarter-on-quarter and -2 bps year-on-year), as the Bank efficiently managed its overall funding mix by increasing tenors, diversifying its funding sources, and keeping costs stable; while following Basel III liquidity management guidelines.

(US$ million)	9M15			9M14			3Q15			2Q15			3Q14
Treasury Division:
Net interest income	$	14.2		$	13.5		$	4.8		$	4.6		$	5.0
Non-interest operating income (loss) ⁽¹³⁾		6.2			(0.5	)	$	4.4			(2.0	)		1.4
Net operating revenues ⁽¹⁴⁾		20.4			13.0		$	9.3			2.6			6.4
Operating expenses		(8.2	)		(8.5	)	$	(2.8	)		(2.8	)		(2.7	)
Net operating income (loss) ^{(15, 16)}		12.2			4.6		$	6.5			(0.2	)		3.7
Net loss attributable to the redeemable noncontrolling interest		0.0			(0.5	)	$	0.0			0.0			0.0
Net Income (Loss) Attributable to Bladex Stockholders	$	12.2		$	5.0		$	6.5		$	(0.2	)	$	3.7

Quarterly Variation:

The Treasury Division reported a Net Income of $6.5 million in the third quarter 2015, compared to a Net Loss of $0.2 million in the third quarter 2014 and Net Income of $3.7 million in the third quarter 2014. The $6.7 million and $2.8 million increase in Net Income quarter-on-quarter and year-on-year, respectively, was mostly driven by the Bank’s remaining participation in investment funds.

9M15 vs. 9M14

The Division’s year-to-date 2015 Net Income of $12.2 million increased $7.2 million year-on-year, as a result of: (i) a $6.7 million positive variation in non-interest operating income, mainly driven by improved performance from the Bank’s remaining participation in investment funds, (ii) a $0.7 million, or 5%, increase in net interest income primarily from lower average funding costs, and (iii) a $0.3 million, or 3%, decrease in allocated operating expenses mainly associated with the deconsolidation of expenses related to the investment funds.

NET INTEREST INCOME AND MARGINS

(US$ million, except percentages)	9M15			9M14			3Q15			2Q15			3Q14
Net Interest Income ("NII")
Commercial Division	$	93.3		$	89.3		$	32.2		$	30.1		$	31.8
Treasury Division		14.2			13.5			4.8			4.6			5.0
Consolidated NII	$	107.5		$	102.8		$	37.0		$	34.7		$	36.8

Net Interest Margin ⁽ⁱ⁾		1.82	%		1.85	%		1.83	%		1.79	%		1.93	%

⁽ⁱ⁾ Total Net interest income divided by the average balance of interest-earning assets.

3Q15 vs. 2Q15

The Bank’s third quarter 2015 net interest income reached $37.0 million, a $2.3 million, or 7% quarter-on-quarter increase, primarily attributable to higher average lending rates (+10 bps) and portfolio balances (+1%), along with lower average funding costs (-1 bp).

3Q15 vs. 3Q14

Quarterly net interest income remained relatively at the same level (+$0.2 million year-on-year), mainly reflecting higher average loan portfolio balances (+2%), which offset lower net interest margin (-10 bps) mainly related to increased average low-yielding liquidity balances required by the Bank’s Basel III based liquidity management policy.

9M15 vs. 9M14

The Bank’s year-to-date 2015 net interest income reached $107.5 million, a $4.6 million, or 5%, year-on-year increase, mainly driven by higher average interest-earning assets, mostly from average loan portfolio balances (+5%), and lower average funding costs (-5 bps), which offset the decrease in average lending rates (-3 bps) and higher average liquidity balances (+36%).

FEES AND OTHER INCOME

Fees and other income includes the fee income associated with letters of credit and other off-balance sheet assets, such as guarantees and credit commitments, as well as fee income derived from loan structuring and syndication, and loan intermediation and distribution activities.

(US$ million)	9M15		9M14		3Q15		2Q15		3Q14
Fees and Commissions, net	$	12.9	$	12.6	$	7.5	$	3.1	$	4.1
Letters of credit and contingencies *	$	8.7	$	9.0	$	3.5	$	3.0	$	3.4
Loan structuring and distribution fees		4.1		3.6		3.9		0.1		0.7
Net gain on sale of loan	$	0.7	$	1.2	$	0.2	$	0.3	$	0.6
Other income, net	$	1.0	$	1.0	$	0.5	$	0.3	$	0.4
Fees and Other Income	$	14.6	$	14.8	$	8.2	$	3.7	$	5.1

* Net of commission expenses

Quarterly Variation

Fees and other income totaled $8.2 million in the third quarter 2015, a $4.5 million, or 121%, increase compared to $3.7 million in the second quarter 2015, and a $3.1 million, or 60%, increase compared to $5.1 million in the third quarter 2014. The quarterly increases were mostly driven by higher fees from the structuring and distribution activities led by four mandated lead-arranger transactions closed during the third quarter 2015, and increased commissions from letters of credit and contingencies business.

9M15 vs. 9M14

The Banks’ year-to-date 2015 fees and other income totaled $14.6 million, relatively the same level (-1%) compared to $14.8 million in the same period 2014, as higher fee income from loan structuring and syndication activities was offset by lower loan distribution activities in the secondary markets resulting in decreased gains on sale of loans and reduced commissions from letters of credit and contingencies business.

PORTFOLIO QUALITY AND PROVISION FOR CREDIT LOSSES

(In US$ million)	30-Sep-15			30-Jun-15			31-Mar-15			31-Dec-14			30-Sep-14
Allowance for Loan Losses:
Balance at beginning of the period	$	83.4		$	77.7		$	79.7		$	77.3		$	76.2
Provisions (reversals)		8.1			5.7			(2.7	)		2.3			1.2
Recoveries		0.0			0.0			0.7			0.0			0.0
End of period balance	$	91.5		$	83.4		$	77.7		$	79.7		$	77.3

Reserve for Losses on Off-balance Sheet Credit Risk:
Balance at beginning of the period	$	7.7		$	9.9		$	6.8		$	8.1		$	5.4
Provisions (reversals)		(5.3	)		(2.2	)		3.0			(1.3	)		2.6
End of period balance	$	2.4		$	7.7		$	9.9		$	6.8		$	8.1

Total allowance for credit losses	$	93.9		$	91.0		$	87.6		$	86.5		$	85.4

Allowance for credit losses to Commercial Portfolio		1.32	%		1.23	%		1.23	%		1.20	%		1.19	%
Non-accruing loans to total loans, net of discounts		0.31	%		0.30	%		0.32	%		0.06	%		0.06	%
Allowance for credit losses to non-accruing loan balances (times)		4.5			4.4			4.2			21.4			21.1

Credit quality remained sound, with unchanged non-accruing loan balances of $20.7 million, representing 0.31% of total loan portfolio balances as of September 30, 2015, while the ratio of the allowance for credit losses to non-accruing loans was 4.5 times. The overall reserve coverage ratio of total allowances to the total Commercial Portfolio ending balances was 1.32% (+9 bps quarter-on-quarter; +13 bps year-on-year).

The allowance for loan and off-balance sheet credit losses totaled $93.9 million as of September 30, 2015, a $2.9 million quarter-on-quarter and an $8.5 million year-on-year increase, mainly as a result of higher provision to specific loan loss reserves assigned to the non-accruing loan portfolio, to reflect the status of ongoing restructuring efforts.

OPERATING EXPENSES

(US$ million)	9M15		9M14		3Q15		2Q15		3Q14
Salaries and other employee expenses	$	23.1	$	23.2	$	7.4	$	7.3	$	7.6
Depreciation and amortization of equipment and leasehold improvements		1.5		1.9		0.5		0.5		0.6
Professional services		3.2		3.0		1.2		1.2		1.1
Maintenance and repairs		1.2		1.2		0.4		0.4		0.4
Expenses from the investment funds		0.0		0.4		0.0		0.0		0.0
Other operating expenses		9.4		9.4		3.3		3.1		3.1
Total Operating Expenses	$	38.4	$	39.2	$	12.8	$	12.6	$	12.8

Quarterly Variation

Operating expenses remained mostly stable at $12.8 million in the third quarter 2015, up 1% quarter-on-quarter and nearly unchanged year-on-year.

The Bank’s Efficiency Ratio and Business Efficiency Ratio, which excludes non-core revenues and expenses, mainly from the participation in investment funds, both improved to 26% and 28%, respectively, in the third quarter 2015, compared to 35% and 33%, respectively, in the second quarter 2015 and 30% in the third quarter 2014, as operating revenues grew 36% quarter-on-quarter and 14% year-on-year while operating expenses remained steady. The ratio of operating expenses to average assets improved to 63 bps in the third quarter 2015, compared to 65 bps and 67 bps in the comparative periods.

9M15 vs. 9M14

Year-to-date 2015, operating expenses totaled $38.4 million, a 2% year-on-year decrease, mainly due to the deconsolidation of fund related expenses, and lower depreciation expense mostly in technology applications and hardware.

The Bank’s year-to-date Efficiency Ratio and Business Efficiency Ratio both improved to 30% and 31%, respectively, compared to 33% in the same period 2014, as operating revenues increased 9% and operating expenses decreased 2%. The Bank’s operating expenses to average assets ratio improved to 65 bps in the first nine months of 2015, compared to 70 bps in the same period of 2014.

CAPITAL RATIOS AND CAPITAL MANAGEMENT

The following table shows capital amounts and ratios at the dates indicated:

(US$ million, except percentages and share outstanding)	30-Sep-15			30-Jun-15			30-Sep-14
Tier 1 Basel I Capital ⁽¹⁰⁾	$	978		$	958		$	915
Total Capital ⁽¹⁷⁾	$	1,051		$	1,036		$	993
Risk-Weighted Assets	$	5,848		$	6,233		$	6,232
Tier 1 Basel I Capital Ratio ⁽¹⁰⁾		16.7	%		15.4	%		14.7	%
Tier 1 Basel III Capital Ratio		15.2	%		16.1	%		n.a.
Total Capital Ratio ⁽¹⁷⁾		18.0	%		16.6	%		15.9	%
Stockholders’ Equity	$	962		$	950		$	909
Stockholders’ Equity to Total Assets		12.0	%		11.4	%		11.7	%
Accumulated other comprehensive income (loss) ("OCI")	$	(19	)	$	(11	)	$	(8	)
Leverage (times) ⁽¹¹⁾		8.3			8.7			8.6
Shares outstanding		38.969			38.969			38.783

The Bank’s equity consists entirely of issued and fully paid ordinary common stock. As of September 30, 2015, the Bank’s Tier 1 Basel I Capital Ratio was 16.7%, compared to 15.4% as of June 30, 2015, and 14.7% as of September 30, 2014, mainly due to improved risk-weighted assets level related to the Commercial Portfolio. The Bank’s leverage as of these dates was 8.3x, 8.7x, and 8.6x, respectively. During the fourth quarter 2014, the Bank adopted the Basel III framework to calculate its Tier 1 Capital Ratio, but will, on a temporary basis, continue to report quarterly Tier 1 Basel I Ratios to allow for year-on-year comparisons. The Tier 1 Basel III Capital Ratio stood at 15.2% as of September 30, 2015, compared to 16.1% as of June 30, 2015.

The Bank’s common shares outstanding totaled 39.0 million as of September 30, 2015, the same level as of June 30, 2015, and 38.8 million as of September 30, 2014.

RECENT EVENTS

Quarterly dividend payment: At the Board of Director’s meeting held October 13, 2015, the Bank’s Board approved a quarterly common dividend of $0.385 per share corresponding to the third quarter 2015. The dividend will be paid on November 6, 2015, to stockholders registered as of October 26, 2015.

Closing of new Asian syndicated loan: On September 2, 2015, the Bank announced the closing of a US$175 million three-year syndicated loan, which consisted of two tranches: a two-year extension of Bladex’s US$103 million syndicated loan previously arranged by Mizuho Bank Ltd. in 2013 and a US$72 million three-year tranche of funding provided by new lenders. This new syndicated facility reaffirms Bladex’s strong franchise in the Asian Markets and enhances the diversification of the Bank’s funding sources.

Notes:

Numbers and percentages set forth in this press release may not add due to rounding.

QoQ and YoY refer to quarter-on-quarter and year-on-year variations, respectively.

Footnotes:

(1)

Net income or loss attributable to Bladex Stockholders (“Net Income”, or “Net Loss”).

(2)

Business Net Income refers to net income or loss attributable to Bladex Stockholders, deducting non-core items.

(3)

ROAE refers to return on average stockholders’ equity which is calculated on the basis of unaudited daily average balances.

(4)

Business ROAE refers to annualized Business Net Income divided by average stockholders’ equity.

(5)

NIS refers to net interest spread which constitutes the average yield earned on interest-earning assets, less the average yield paid on interest-bearing liabilities.

(6)

NIM refers to net interest margin which constitutes to net interest income divided by the average balance of interest-earning assets.

(7)

Business Efficiency Ratio refers to consolidated operating expenses excluding expenses from the investment funds, as a percentage of net operating revenues excluding the net interest income from the investment funds and the net income (loss) from investment funds.

(8)

Non-Core Items include: net results from the participations in the investment funds (net interest income, net gain (loss) from investment funds, and expenses from investment funds), other expenses related to investment funds, and net income (loss) attributable to the redeemable non-controlling interest.

(9)

Earnings per Share (“EPS”) calculations are based on the average number of shares outstanding during each period.

(10)

Tier 1 Capital is calculated according to Basel I capital adequacy guidelines, and is equivalent to stockholders’ equity excluding the OCI effect of the available for sale portfolio. Tier 1 Capital ratio is calculated as a percentage of risk-weighted assets. Risk-weighted assets are, in turn, also calculated based on Basel I capital adequacy guidelines.

(11)

Leverage corresponds to assets divided by stockholders’ equity.

(12)

Liquid assets consist of cash and due from banks and interest-bearing deposits in banks, excluding margin calls and pledged regulatory deposits. Liquidity ratio refers to liquid assets as a percentage of total assets.

(13)

Non-interest operating income (loss) refers to net other income (expense) excluding reversals of (provisions for) credit losses, and recoveries, net of impairment of assets. By business segment, non-interest operating income includes:

Commercial Division: Net fees and commissions, net gain on sale of loans, and net related other income (expense).

Treasury Division: net gain (loss) on sale of securities available-for-sale, impact of derivative financial instrument and hedging, net gain (loss) on foreign currency exchange, net gain (loss) from trading securities, net gain (loss) from investment funds, and net related other income (expense).

(14)

Net Operating Revenues refers to net interest income plus non-interest operating income.

(15)

Net Operating Income (Loss) refers to net interest income plus non-interest operating income, minus operating expenses.

(16)

The Treasury Division’s net operating income (loss) includes: (i) interest income from interest bearing deposits with banks and investment securities, net of allocated cost of funds; (ii) other income (expense) from derivative financial instrument and hedging; (iii) net gain (loss) from trading securities; (iv) net gain (loss) on sale of securities available for sale; (v) net gain (loss) on foreign currency exchange; (vi) net gain (loss) from investment funds, (vii) net related other income (expense) and (viii) allocated operating expenses.

(17)

Total Capital refers to Tier 1 Capital plus Tier 2 Capital, based on Basel I capital adequacy guidelines. Total Capital ratio refers to Total Capital as a percentage of risk-weighted assets.

SAFE HARBOR STATEMENT

This press release contains forward-looking statements of expected future developments. The Bank wishes to ensure that such statements are accompanied by meaningful cautionary statements pursuant to the safe harbor established by the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this press release refer to the growth of the credit portfolio, including the trade portfolio, the increase in the number of the Bank’s corporate clients, the positive trend of lending spreads, the increase in activities engaged in by the Bank that are derived from the Bank’s client base, anticipated operating income and return on equity in future periods, including income derived from the Treasury Division, the improvement in the financial and performance strength of the Bank and the progress the Bank is making. These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual experience with respect to these factors is 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 anticipated growth of 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 credit losses; the need for additional provisions for 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.

ABOUT BLADEX

Bladex is a multinational bank originally established by the central banks of Latin-American and Caribbean countries, to promote foreign trade finance and economic integration in the Region. Bladex is listed on the NYSE-Euronext in the United States (ticker symbol: BLX).

Bladex´s shareholders include central banks, state-owned banks and entities representing 23 Latin American countries, as well as commercial banks and financial institutions, institutional and retail investors through its public listing.

The Bank, headquartered in Panama, has offices in Argentina, Brazil, Colombia, Mexico, Peru, and the United States of America, to support the expansion and servicing of its client base, which includes financial institutions and corporations. Through September 30, 2015, Bladex had disbursed accumulated credits of approximately $228 billion.

CONFERENCE CALL INFORMATION

There will be a conference call to discuss the Bank’s quarterly results on Thursday, October 15, 2015 at 11:00 a.m. New York City time (Eastern Time). For those interested in participating, please dial (800) 311-9401 in the United States or, if outside the United States, (334) 323-7224. Participants should use conference ID# 8034, and dial in five minutes before the call is set to begin. There will also be a live audio webcast of the conference at http://www.bladex.com. The webcast presentation is available for viewing and downloads on http://www.bladex.com.

The conference call will become available for review on Conference Replay one hour after its conclusion, and will remain available for 60 days. Please dial (877) 919-4059 or (334) 323-0140, and follow the instructions. The replay passcode is: 39442468.

For more information, please access http://www.bladex.com or contact:

Mr. Christopher Schech

Chief Financial Officer

Bladex

Business Park Torre V, Piso 5

Avenida La Rotonda

Urbanización Costa del Este

Panama City, Panama

Tel: +507 210-8630

E-mail address: cschech@bladex.com

EXHIBIT I

CONSOLIDATED BALANCE SHEETS

	AT THE END OF,
	(A)			(B)			(C)			(A) - (B)						(A) - (C)
	September 30, 2015			June 30, 2015			September 30, 2014			CHANGE			%			CHANGE			%
	(In US$ thousand)

ASSETS:
Cash and due from banks, and interest-bearing deposits in banks	$	904,563		$	992,112		$	647,273		$	(87,549	)		(9	)%	$	257,290			40	%
Trading assets		0			331			196			(331	)		(100	)		(196	)		(100	)
Securities available-for-sale		170,787			286,228			357,792			(115,441	)		(40	)		(187,005	)		(52	)
Securities held-to-maturity		119,356			62,668			43,663			56,688			90			75,693			173
Investment funds		59,424			53,254			52,443			6,170			12			6,981			13
Loans		6,758,988			6,919,768			6,706,071			(160,780	)		(2	)		52,917			1
Less:
Allowance for loan losses		91,490			83,353			77,334			8,137			10			14,156			18
Unearned income and deferred fees		9,588			8,604			8,315			984			11			1,273			15
Loans, net		6,657,910			6,827,811			6,620,422			(169,901	)		(2	)		37,488			1

Customers' liabilities under acceptances		788			3,560			2,435			(2,772	)		(78	)		(1,647	)		(68	)
Accrued interest receivable		38,279			38,133			43,594			146			0			(5,315	)		(12	)
Equipment and leasehold improvements, net		7,083			7,360			8,674			(277	)		(4	)		(1,591	)		(18	)
Derivative financial instruments used for hedging – receivable		18,527			9,028			7,001			9,499			105			11,526			165
Other assets		16,647			27,160			12,167			(10,513	)		(39	)		4,480			37
TOTAL ASSETS	$	7,993,364		$	8,307,645		$	7,795,660		$	(314,281	)		(4	)%	$	197,704			3	%

LIABILITIES AND STOCKHOLDERS' EQUITY:
Deposits:
Demand	$	236,240		$	217,086		$	73,246		$	19,154			9	%	$	162,994			223	%
Time		2,879,268			3,019,859			3,046,693			(140,591	)		(5	)		(167,425	)		(5	)
Total deposits		3,115,508			3,236,945			3,119,939			(121,437	)		(4	)		(4,431	)		(0	)

Trading liabilities		17			59			306			(42	)		(71	)%		(289	)		(94	)%
Securities sold under repurchase agreements		176,030			223,427			286,947			(47,397	)		(21	)		(110,917	)		(39	)
Short-term borrowings and debt		1,883,242			2,186,064			1,980,835			(302,822	)		(14	)		(97,593	)		(5	)
Acceptances outstanding		788			3,560			2,435			(2,772	)		(78	)		(1,647	)		(68	)
Accrued interest payable		22,528			15,012			19,743			7,516			50			2,785			14
Long-term borrowings and debt		1,790,110			1,590,039			1,427,050			200,071			13			363,060			25
Derivative financial instruments used for hedging – payable		24,245			27,083			18,187			(2,838	)		(10	)		6,058			33
Reserve for losses on off-balance sheet credit risk		2,395			7,654			8,108			(5,259	)		(69	)		(5,713	)		(70	)
Other liabilities		16,718			67,381			23,130			(50,663	)		(75	)		(6,412	)		(28	)
TOTAL LIABILITIES	$	7,031,581		$	7,357,224		$	6,886,680		$	(325,643	)		(4	)%	$	144,901			2	%

STOCKHOLDERS' EQUITY:
Common stock, no par value, assigned value of US$6.67		279,980			279,980			279,980			0			0	%		0			0	%
Additional paid-in capital in excess of assigned value of common stock		116,751			115,898			116,795			853			1			(44	)		(0	)
Capital reserves		95,210			95,210			95,210			0			0			0			0
Retained earnings		562,721			544,128			502,412			18,593			3			60,309			12
Accumulated other comprehensive loss		(19,482	)		(11,398	)		(7,985	)		(8,084	)		71			(11,497	)		144
Treasury stock		(73,397	)		(73,397	)		(77,432	)		0			0			4,035			(5	)

TOTAL STOCKHOLDERS' EQUITY	$	961,783		$	950,421		$	908,980		$	11,362			1	%	$	52,803			6	%

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,993,364		$	8,307,645		$	7,795,660		$	(314,281	)		(4	)%	$	197,704			3	%

EXHIBIT II

CONSOLIDATED STATEMENTS OF INCOME

(In US$ thousand, except per share amounts and ratios)

	FOR THE THREE MONTHS ENDED
	(A)			(B)			(C)			(A) - (B)						(A) - (C)
	September 30, 2015			June 30, 2015			September 30, 2014			CHANGE			%			CHANGE			%

INCOME STATEMENT DATA:
Interest income	$	55,632		$	52,740		$	54,785		$	2,892			5	%	$	847			2	%
Interest expense		(18,638	)		(18,017	)		(17,939	)		(621	)		3			(699	)		4
NET INTEREST INCOME		36,994			34,723			36,846			2,271			7			148			0
Provision for loan losses		(8,137	)		(5,661	)		(1,140	)		(2,476	)		44			(6,997	)		614
NET INTEREST INCOME, AFTER PROVISION FOR LOAN LOSSES		28,857			29,062			35,706			(205	)		(1	)		(6,849	)		(19	)

OTHER INCOME (EXPENSE):
Reversal of (provision for) losses on off-balance sheet credit risk		5,260			2,215			(2,632	)		3,045			137			7,892			(300	)
Fees and commissions, net		7,461			3,109			4,116			4,352			140			3,345			81
Derivative financial instrument and hedging		(402	)		884			(179	)		(1,286	)		(145	)		(223	)		125
Net gain (loss) from investment funds		4,433			(2,229	)		580			6,662			(299	)		3,853			664
Net gain (loss) from trading securities		606			302			(245	)		304			101			851			(347	)
Net gain (loss) on sale of securities available-for-sale		(66	)		133			593			(199	)		(150	)		(659	)		(111	)
Net gain on sale of loans		208			305			557			(97	)		(32	)		(349	)		(63	)
Net gain (loss) on foreign currency exchange		(500	)		(1,222	)		469			722			(59	)		(969	)		(207	)
Other income, net		499			284			441			215			76			58			13
NET OTHER INCOME		17,499			3,781			3,700			13,718			363			13,799			373

OPERATING EXPENSES:
Salaries and other employee expenses		7,434			7,337			7,610			97			1			(176	)		(2	)
Depreciation and amortization of equipment and leasehold improvements		463			518			607			(55	)		(11	)		(144	)		(24	)
Professional services		1,206			1,223			1,118			(17	)		(1	)		88			8
Maintenance and repairs		376			440			371			(64	)		(15	)		5			1
Other operating expenses		3,279			3,084			3,096			195			6			183			6
TOTAL OPERATING EXPENSES		12,758			12,602			12,802			156			1			(44	)		(0	)

NET INCOME ATTRIBUTABLE TO BLADEX STOCKHOLDERS	$	33,598		$	20,241		$	26,604		$	13,357			66	%	$	6,994			26	%

PER COMMON SHARE DATA:
Basic earnings per share		0.86			0.52			0.69
Diluted earnings per share		0.86			0.52			0.68
Weighted average basic shares		38,969			38,954			38,723
Weighted average diluted shares		39,051			39,073			38,869
PERFORMANCE RATIOS:
Return on average assets		1.66	%		1.04	%		1.39	%
Return on average stockholders' equity		13.93	%		8.63	%		11.70	%
Net interest margin		1.83	%		1.79	%		1.93	%
Net interest spread		1.67	%		1.63	%		1.77	%
Operating expenses to total average assets		0.63	%		0.65	%		0.67	%

EXHIBIT III

SUMMARY OF CONSOLIDATED FINANCIAL DATA

(Consolidated Statements of Income, Balance Sheets, and Selected Financial Ratios)

	FOR THE NINE MONTHS ENDED
	September 30, 2015			September 30, 2014
	(In US$ thousand, except per share amounts & ratios)

INCOME STATEMENT DATA:
Net interest income	$	107,486		$	102,847
Fees and commissions, net		12,870			12,594
Provision for loan and off-balance sheet credit losses, net		(6,649	)		(7,440	)
Derivative financial instrument and hedging		1,394			(386	)
Recoveries, net of impairment of assets		0			7
Net gain (loss) from investment funds		4,766			(2,215	)
Net gain (loss) from trading securities		893			(492	)
Net gain on sale of securities available-for-sale		363			1,805
Net gain on sale of loans		720			1,170
Net gain (loss) on foreign currency exchange		(1,791	)		586
Other income, net		1,031			1,011
Operating expenses		(38,403	)		(39,159	)
Net income	$	82,680		$	70,328
Net loss attributable to the redeemable noncontrolling interest		0			(475	)
NET INCOME ATTRIBUTABLE TO BLADEX STOCKHOLDERS	$	82,680		$	70,803
BALANCE SHEET DATA (In US$ thousand):
Investment securities and trading assets		290,143			401,651
Investment funds		59,424			52,443
Loans, net		6,657,910			6,620,422
Total assets		7,993,364			7,795,660
Deposits		3,115,508			3,119,939
Securities sold under repurchase agreements		176,030			286,947
Short-term borrowings and debt		1,883,242			1,980,835
Long-term borrowings and debt		1,790,110			1,427,050
Total liabilities		7,031,581			6,886,680
Stockholders' equity		961,783			908,980

PER COMMON SHARE DATA:
Basic earnings per share		2.12			1.83
Diluted earnings per share		2.12			1.83
Book value (period average)		24.24			22.97
Book value (period end)		24.68			23.44

(In thousand):
Weighted average basic shares		38,910			38,663
Weighted average diluted shares		39,037			38,748
Basic shares period end		38,969			38,783

SELECTED FINANCIAL RATIOS:
PERFORMANCE RATIOS:
Return on average assets		1.40	%		1.27	%
Return on average stockholders' equity		11.72	%		10.66	%
Net interest margin		1.82	%		1.85	%
Net interest spread		1.66	%		1.69	%
Operating expenses to total average assets		0.65	%		0.70	%

ASSET QUALITY RATIOS:
Non-accruing loans to total loans, net of discounts ⁽¹⁾		0.31	%		0.06	%
Charge offs to total loan portfolio ⁽¹⁾		0.00	%		0.00	%
Allowance for loan losses to total loan portfolio ⁽¹⁾		1.36	%		1.15	%
Allowance for losses on off-balance sheet credit risk to total contingencies		0.66	%		1.66	%

CAPITAL RATIOS:
Stockholders' equity to total assets		12.0	%		11.7	%
Tier 1 capital to risk-weighted assets		16.7	%		14.7	%
Total capital to risk-weighted assets		18.0	%		15.9	%

⁽¹⁾

Loan portfolio is presented net of unearned income and deferred loan fees.

EXHIBIT IV

CONSOLIDATED STATEMENTS OF INCOME

	FOR THE NINE MONTHS ENDED
	(A)			(B)			(A) - (B)
	September 30, 2015			September 30, 2014			CHANGE			%
	(In US$ thousand)
INCOME STATEMENT DATA:
Interest income	$	161,970		$	156,473		$	5,497			4	%
Interest expense		(54,484	)		(53,626	)		(858	)		2
NET INTEREST INCOME		107,486			102,847			4,639			5
Provision for loan losses		(11,103	)		(4,554	)		(6,549	)		144

NET INTEREST INCOME, AFTER PROVISION FOR LOAN LOSSES		96,383			98,293			(1,910	)		(2	)

OTHER INCOME (EXPENSE):
Reversal of (provision for) losses on off-balance sheet credit risk		4,454			(2,886	)		7,340			(254	)
Fees and commissions, net		12,870			12,594			276			2
Derivative financial instrument and hedging		1,394			(386	)		1,780			(461	)
Recoveries, net of impairment of assets		0			7			(7	)		(100	)
Net gain (loss) from investment funds		4,766			(2,215	)		6,981			(315	)
Net gain (loss) from trading securities		893			(492	)		1,385			(282	)
Net gain on sale of securities available-for-sale		363			1,805			(1,442	)		(80	)
Net gain on sale of loans		720			1,170			(450	)		(38	)
Net gain (loss) on foreign currency exchange		(1,791	)		586			(2,377	)		(406	)
Other income, net		1,031			1,011			20			2
NET OTHER INCOME		24,700			11,194			13,506			121

OPERATING EXPENSES:
Salaries and other employee expenses		23,076			23,192			(116	)		(1	)
Depreciation and amortization of equipment and leasehold improvements		1,510			1,906			(396	)		(21	)
Professional services		3,182			3,047			135			4
Maintenance and repairs		1,211			1,162			49			4
Expenses from the investment funds		0			416			(416	)		(100	)
Other operating expenses		9,424			9,436			(12	)		(0	)
TOTAL OPERATING EXPENSES		38,403			39,159			(756	)		(2	)

Net income	$	82,680		$	70,328		$	12,352			18

Net loss attributable to the redeemable noncontrolling interest		0			(475	)		475			(100	)

NET INCOME ATTRIBUTABLE TO BLADEX STOCKHOLDERS	$	82,680		$	70,803		$	11,877			17	%

EXHIBIT V

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES

	FOR THE THREE MONTHS ENDED
	September 30, 2015								June 30, 2015								September 30, 2014
	AVERAGE					AVG.			AVERAGE					AVG.			AVERAGE					AVG.
	BALANCE			INTEREST		RATE			BALANCE			INTEREST		RATE			BALANCE			INTEREST		RATE
	(In US$ thousand)

INTEREST EARNING ASSETS
Interest bearing deposits with banks	$	976,382		$	564		0.23	%	$	769,087		$	489		0.25	%	$	592,103		$	340		0.22	%
Loans, net of unearned income & deferred loan fees		6,662,842			52,892		3.11			6,575,084			50,057		3.01			6,514,359			52,023		3.12
Non-accruing loans		20,735			0		0.00			20,765			0		0.00			4,036			4		0.41
Trading assets		0			0		n.m.	(*)		4			0		0.00			21			0		0.00
Investment securities		311,715			2,176		2.73			363,405			2,194		2.39			409,358			2,418		2.31
Investment funds		55,046			0		0.00			55,718			0		0.00			52,461			0		0.00

TOTAL INTEREST EARNING ASSETS	$	8,026,720		$	55,632		2.71	%	$	7,784,064		$	52,740		2.68	%	$	7,572,339		$	54,785		2.83	%

Non interest earning assets		65,517								60,840								85,750
Allowance for loan losses		(83,430	)							(77,754	)							(76,199	)
Other assets		24,486								17,447								15,399

TOTAL ASSETS	$	8,033,292							$	7,784,596							$	7,597,289

INTEREST BEARING LIABILITIES
Deposits	$	3,252,881		$	3,287		0.40	%	$	2,803,742		$	2,738		0.39	%	$	2,922,059		$	2,924		0.39	%
Trading liabilities		14			0		0.00			42			0		0.00			229			0		0.00
Investment funds		0			0		n.m.	(*)		0			0		n.m.	(*)		0			1		n.m.	(*)
Securities sold under repurchase agreement and short-term borrowings and debt		2,078,263			4,864		0.92			2,478,144			5,837		0.93			2,157,048			5,123		0.93
Long-term borrowings and debt		1,662,008			10,487		2.47			1,489,534			9,442		2.51			1,535,474			9,891		2.52

TOTAL INTEREST BEARING LIABILITIES	$	6,993,167		$	18,638		1.04	%	$	6,771,463		$	18,017		1.05	%	$	6,614,809		$	17,939		1.06	%

Non interest bearing liabilities and other liabilities	$	83,129							$	72,264							$	79,999

TOTAL LIABILITIES		7,076,295								6,843,727								6,694,808

STOCKHOLDERS' EQUITY		956,997								940,870								902,481

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	8,033,292							$	7,784,596							$	7,597,289

NET INTEREST SPREAD							1.67	%							1.63	%							1.77	%
NET INTEREST INCOME AND NET INTEREST MARGIN				$	36,995		1.83	%				$	34,723		1.79	%				$	36,846		1.93	%

(*)

"n.m." means not meaningful.

Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging.

EXHIBIT VI

CONSOLIDATED NET INTEREST INCOME AND AVERAGE BALANCES

	FOR THE NINE MONTHS ENDED
	September 30, 2015								September 30, 2014
	AVERAGE					AVG.			AVERAGE					AVG.
	BALANCE			INTEREST		RATE			BALANCE			INTEREST		RATE
	(In US$ thousand)

INTEREST EARNING ASSETS
Interest bearing deposits with banks	$	842,178		$	1,484		0.23	%	$	617,840		$	1,087		0.23	%
Loans, net of unearned income & deferred loan fees		6,629,671			153,843		3.06			6,330,371			148,529		3.09
Non-accruing loans		16,399			7		0.05			3,569			4		0.16
Trading assets		1			0		0.00			11			0		0.00
Investment securities		357,898			6,636		2.45			380,579			6,833		2.37
Investment funds		56,275			0		0.00			81,557			20		0.03

TOTAL INTEREST EARNING ASSETS	$	7,902,423		$	161,970		2.70	%	$	7,413,927		$	156,473		2.78	%

Non interest earning assets		74,164								82,176
Allowance for loan losses		(80,734	)							(73,945	)
Other assets		21,668								13,453

TOTAL ASSETS	$	7,917,520							$	7,435,611

INTEREST BEARING LIABILITIES
Deposits	$	2,827,781		$	8,478		0.40	%	$	2,667,875		$	8,281		0.41	%
Trading liabilities		34			0		0.00			96			0		0.00
Investment funds		0			0		n.m.	(*)		0			38		n.m.	(*)
Securities sold under repurchase agreement and short-term borrowings and debt		2,539,905			17,344		0.90			2,410,134			18,119		0.99
Long-term borrowings and debt		1,513,716			28,662		2.50			1,380,540			27,188		2.60

TOTAL INTEREST BEARING LIABILITIES	$	6,881,436		$	54,484		1.04	%	$	6,458,644		$	53,626		1.09	%

Non interest bearing liabilities and other liabilities	$	93,017							$	67,449

TOTAL LIABILITIES		6,974,453								6,526,094

Redeemable noncontrolling interest		0								21,336

STOCKHOLDERS' EQUITY		943,068								888,181

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	7,917,520							$	7,435,611

NET INTEREST SPREAD							1.66	%							1.69	%
NET INTEREST INCOME AND NET INTEREST MARGIN				$	107,486		1.82	%				$	102,847		1.85	%

(*)

"n.m." means not meaningful.

Note: Interest income and/or expense includes the effect of derivative financial instruments used for hedging.

EXHIBIT VII

CONSOLIDATED STATEMENT OF INCOME

(In US$ thousand, except per share amounts and ratios)

	NINE MONTHS			FOR THE THREE MONTHS ENDED															NINE MONTHS
	ENDED																		ENDED
	SEP 30/15			SEP 30/15			JUN 30/15			MAR 31/15			DEC 31/14			SEP 30/14			SEP 30/14

INCOME STATEMENT DATA:
Interest income	$	161,970		$	55,632		$	52,740		$	53,598		$	56,257		$	54,785		$	156,473
Interest expense		(54,484	)		(18,638	)		(18,017	)		(17,829	)		(17,973	)		(17,939	)		(53,626	)
NET INTEREST INCOME		107,486			36,994			34,723			35,769			38,284			36,846			102,847
Reversal of (provision for) loan losses		(11,103	)		(8,137	)		(5,661	)		2,695			(2,341	)		(1,140	)		(4,554	)

NET INTEREST INCOME AFTER REVERSAL OF (PROVISION FOR) LOAN LOSSES		96,383			28,857			29,062			38,464			35,943			35,706			98,293
OTHER INCOME (EXPENSE):
Reversal of (provision for) losses on off-balance sheet credit risk		4,454			5,260			2,215			(3,021	)		1,259			(2,632	)		(2,886	)
Fees and commissions, net		12,870			7,461			3,109			2,300			4,908			4,116			12,594
Derivative financial instrument and hedging		1,394			(402	)		884			912			492			(179	)		(386	)
Recoveries, net of impairment of assets		0			0			0			0			0			0			7
Net gain (loss) from investment funds		4,766			4,433			(2,229	)		2,562			5,624			580			(2,215	)
Net gain (loss) from trading securities		893			606			302			(15	)		99			(245	)		(492	)
Net gain (loss) on sale of securities available-for-sale		363			(66	)		133			296			66			593			1,805
Net gains on sale of loans		720			208			305			207			1,375			557			1,170
Net gain (loss) on foreign currency exchange		(1,791	)		(500	)		(1,222	)		(69	)		180			469			586
Other income, net		1,031			499			284			248			734			441			1,011

NET OTHER INCOME		24,700			17,499			3,781			3,420			14,737			3,700			11,194

TOTAL OPERATING EXPENSES:		38,403			12,758			12,602			13,043			14,543			12,802			39,159

Net income	$	82,680		$	33,598		$	20,241		$	28,841		$	36,137		$	26,604		$	70,328

Net loss attributable to the redeemable noncontrolling interest		0			0			0			0			0			0			(475	)

NET INCOME ATTRIBUTABLE TO BLADEX STOCKHOLDERS	$	82,680		$	33,598		$	20,241		$	28,841		$	36,137		$	26,604		$	70,803

SELECTED FINANCIAL DATA
PER COMMON SHARE DATA
Basic earnings per share	$	2.12		$	0.86		$	0.52		$	0.74		$	0.93		$	0.69		$	1.83
PERFORMANCE RATIOS
Return on average assets		1.40	%		1.66	%		1.04	%		1.47	%		1.80	%		1.39	%		1.27	%
Return on average stockholders' equity		11.72	%		13.93	%		8.63	%		12.56	%		15.68	%		11.70	%		10.66	%
Net interest margin		1.82	%		1.83	%		1.79	%		1.84	%		1.92	%		1.93	%		1.85	%
Net interest spread		1.66	%		1.67	%		1.63	%		1.68	%		1.76	%		1.77	%		1.69	%
Operating expenses to total average assets		0.65	%		0.63	%		0.65	%		0.67	%		0.72	%		0.67	%		0.70	%

EXHIBIT VIII

BUSINESS SEGMENT ANALYSIS

(In US$ thousand)

	FOR THE NINE MONTHS ENDED						FOR THE THREE MONTHS ENDED
	SEP 30/15			SEP 30/14			SEP 30/15			JUN 30/15			SEP 30/14

COMMERCIAL DIVISION:
Net interest income ⁽¹⁾	$	93,253		$	89,323		$	32,152		$	30,081		$	31,819
Non-interest operating income ⁽²⁾		14,080			14,556			7,812			3,598			4,972
Operating expenses ⁽³⁾		(30,154	)		(30,688	)		(9,982	)		(9,786	)		(10,120	)
Net operating income ⁽⁴⁾		77,179			73,191			29,982			23,893			26,671
Provision for loan and off-balance sheet credit losses, net		(6,649	)		(7,440	)		(2,878	)		(3,445	)		(3,772	)
Recoveries, net of impairment of assets		0			7			0			0			0
NET INCOME ATTRIBUTABLE TO BLADEX STOCKHOLDERS	$	70,530		$	65,758		$	27,104		$	20,448		$	22,899
Average interest-earning assets⁽⁵⁾		6,646,070			6,333,940			6,683,577			6,595,850			6,518,395
End-of-period interest-earning assets⁽⁵⁾		6,749,400			6,697,757			6,749,400			6,911,164			6,697,757

TREASURY DIVISION:

Net interest income ⁽¹⁾	$	14,233		$	13,524		$	4,842		$	4,643		$	5,027
Non-interest operating income (loss) ⁽²⁾		6,166			(483	)		4,428			(2,033	)		1,360
Operating expenses ⁽³⁾		(8,249	)		(8,471	)		(2,776	)		(2,817	)		(2,682	)
Net operating income (loss) ⁽⁴⁾		12,150			4,570			6,494			(207	)		3,705
Net income (loss)		12,150			4,570			6,494			(207	)		3,705
Net loss attributable to the redeemable noncontrolling interest		0			(475	)		0			0			0
NET INCOME (LOSS) ATTRIBUTABLE TO BLADEX STOCKHOLDERS	$	12,150		$	5,045		$	6,494		$	(207	)	$	3,705
Average interest-earning assets⁽⁶⁾		1,256,353			1,079,987			1,343,143			1,188,197			1,053,944
End-of-period interest-earning assets⁽⁶⁾		1,254,130			1,101,366			1,254,130			1,394,592			1,101,366

CONSOLIDATED:

Net interest income ⁽¹⁾	$	107,486		$	102,847		$	36,994		$	34,723		$	36,846
Non-interest operating income ⁽²⁾		20,246			14,073			12,240			1,566			6,332
Operating expenses ⁽³⁾		(38,403	)		(39,159	)		(12,758	)		(12,602	)		(12,802	)
Net operating income ⁽⁴⁾		89,329			77,761			36,476			23,687			30,376
Provision for loan and off-balance sheet credit losses, net		(6,649	)		(7,440	)		(2,878	)		(3,446	)		(3,772	)
Recoveries, net of impairment of assets		0			7			0			0			0
Net income - business segments		82,680			70,328			33,598			20,241			26,604
Net loss attributable to the redeemable noncontrolling interest		0			(475	)		0			0			0
NET INCOME ATTRIBUTABLE TO BLADEX STOCKHOLDERS	$	82,680		$	70,803		$	33,598		$	20,241		$	26,604
Average interest-earning assets		7,902,423			7,413,927			8,026,720			7,784,047			7,572,339
End-of-period interest-earning assets		8,003,530			7,799,123			8,003,530			8,305,756			7,799,123

The Bank’s activities are operated and managed in two segments, Commercial and Treasury. The segment results are determined based on the Bank’s managerial accounting process, which assigns consolidated balance sheets, revenue and expense items to each reportable division on a systematic basis.

(1) Interest income on interest-earning assets, net of allocated cost of funds.

(2) Non-interest operating income consists of net other income (expense), excluding reversals of (provisions for) loans and off-balance sheet credit losses, and recoveries, net of impairment of assets.

(3) Operating expenses allocation methodology allocates overhead expenses based on resource consumption by business segment.

(4) Net operating income refers to net income excluding reversals of (provisions for) loans and off-balance sheet credit losses and recoveries, net of impairment of assets.

(5) Includes selected deposits placed, and loans, net of unearned income and deferred loan fees.

(6) Includes cash and due from banks, interest-bearing deposits with banks, trading assets, securities available for sale and held to maturity, and the balance of the investment funds.

EXHIBIT IX

CREDIT PORTFOLIO

DISTRIBUTION BY COUNTRY

(In US$ million)

	AT THE END OF,
	(A)						(B)						(C)
	September 30, 2015						June 30, 2015						September 30, 2014						Change in Amount
COUNTRY ^(*)	Amount			% of Total Outstanding			Amount			% of Total Outstanding			Amount			% of Total Outstanding			(A) - (B)			(A) - (C)

ARGENTINA	$	202			3		$	251			3		$	162			2		$	(49	)	$	40
BOLIVIA		15			0			25			0			5			0			(10	)		10
BRAZIL		1,869			25			2,078			27			2,078			27			(209	)		(209	)
CHILE		149			2			216			3			261			3			(67	)		(112	)
COLOMBIA		761			10			797			10			844			11			(36	)		(83	)
COSTA RICA		327			4			341			4			327			4			(14	)		0
DOMINICAN REPUBLIC		239			3			250			3			151			2			(11	)		88
ECUADOR		347			5			369			5			307			4			(22	)		40
EL SALVADOR		71			1			85			1			121			2			(14	)		(50	)
FRANCE		6			0			6			0			6			0			0			0
GERMANY		97			1			97			1			0			0			0			97
GUATEMALA		411			6			376			5			286			4			35			125
HONDURAS		106			1			71			1			85			1			35			21
JAMAICA		15			0			0			0			42			1			15			(27	)
MEXICO		851			11			1,169			15			1,094			14			(318	)		(243	)
NETHERLANDS		1			0			4			0			23			0			(3	)		(22	)
NICARAGUA		0			0			1			0			3			0			(1	)		(3	)
PANAMA		610			8			415			5			462			6			195			148
PARAGUAY		138			2			142			2			107			1			(4	)		31
PERU		614			8			564			7			685			9			50			(71	)
SINGAPORE		43			1			0			0			0			0			43			43
SWITZERLAND		49			1			1			0			51			1			48			(2	)
TRINIDAD & TOBAGO		199			3			219			3			177			2			(20	)		22
UNITED STATES		59			1			63			1			42			1			(4	)		17
URUGUAY		209			3			194			3			222			3			15			(13	)
VENEZUELA		0			0			0			0			29			0			0			(29	)
MULTILATERAL ORGANIZATIONS		26			0			26			0			28			0			0			(2	)

TOTAL CREDIT PORTFOLIO ⁽¹⁾	$	7,414			100	%	$	7,760			100	%	$	7,598			100	%	$	(346	)	$	(184	)

UNEARNED INCOME AND COMMISSION ⁽²⁾		(10	)					(9	)					(8	)					(1	)		(2	)
TOTAL CREDIT PORTFOLIO, NET OF UNEARNED INCOME AND COMMISSION	$	7,404					$	7,751					$	7,590					$	(347	)	$	(186	)

⁽¹⁾

Includes book value of loans, fair value of investment securities, customers' liabilities under acceptances, and contingencies (including confirmed and stand-by letters of credit, guarantees covering commercial risk and credit commitments).

⁽²⁾

Represents unearned income and commission on loans.

^(*)

Exposures in countries outside the Latin American Region correspond to credits extended to their subsidiaries in Latin America with head-office guarantee.

EXHIBIT X

COMMERCIAL PORTFOLIO

DISTRIBUTION BY COUNTRY

(In US$ million)

	AT THE END OF,
	(A)						(B)						(C)
	September 30, 2015						June 30, 2015						September 30, 2014						Change in Amount
COUNTRY ^(*)	Amount			% of Total Outstanding			Amount			% of Total Outstanding			Amount			% of Total Outstanding			(A) - (B)			(A) - (C)

ARGENTINA	$	202			3		$	251			3		$	162			2		$	(49	)	$	40
BOLIVIA		15			0			25			0			5			0			(10	)		10
BRAZIL		1,806			25			2,009			27			2,014			28			(203	)		(208	)
CHILE		131			2			197			3			240			3			(66	)		(109	)
COLOMBIA		679			10			708			10			759			11			(29	)		(80	)
COSTA RICA		322			5			336			5			320			4			(14	)		2
DOMINICAN REPUBLIC		239			3			250			3			151			2			(11	)		88
ECUADOR		347			5			369			5			307			4			(22	)		40
EL SALVADOR		71			1			85			1			121			2			(14	)		(50	)
FRANCE		6			0			6			0			6			0			0			0
GERMANY		97			1			97			1			0			0			0			97
GUATEMALA		411			6			376			5			286			4			35			125
HONDURAS		106			1			71			1			85			1			35			21
JAMAICA		15			0			0			0			42			1			15			(27	)
MEXICO		804			11			1,081			15			978			14			(277	)		(174	)
NETHERLANDS		1			0			4			0			23			0			(3	)		(22	)
NICARAGUA		0			0			1			0			3			0			(1	)		(3	)
PANAMA		577			8			378			5			418			6			199			159
PARAGUAY		138			2			142			2			107			1			(4	)		31
PERU		607			9			557			8			658			9			50			(51	)
SINGAPORE		43			1			0			0			0			0			43			43
SWITZERLAND		49			1			1			0			51			1			48			(2	)
TRINIDAD & TOBAGO		190			3			210			3			167			2			(20	)		23
UNITED STATES		59			1			63			1			42			1			(4	)		17
URUGUAY		209			3			194			3			222			3			15			(13	)
VENEZUELA		0			0			0			0			29			0			0			(29	)

TOTAL COMMERCIAL PORTFOLIO ⁽¹⁾	$	7,124			100	%	$	7,411			100	%	$	7,196			100	%	$	(287	)	$	(72	)

UNEARNED INCOME AND COMMISSION ⁽²⁾		(10	)					(9	)					(8	)					(1	)		(2	)

TOTAL COMMERCIAL PORTFOLIO, NET OF UNEARNED INCOME AND COMMISSION	$	7,114					$	7,402					$	7,188					$	(288	)	$	(74	)

⁽¹⁾	Includes book value of loans, customers' liabilities under acceptances, and contingencies (including confirmed and stand-by letters of credit, guarantees covering commercial risk and credit commitments).
⁽²⁾	Represents unearned income and commission on loans.
^(*)	Exposures in countries outside the Latin American Region correspond to credits extended to their subsidiaries in Latin America with head-office guarantee.

EXHIBIT XI

TREASURY PORTFOLIO

DISTRIBUTION BY COUNTRY

(In US$ million)

	AT THE END OF,
	(A)					(B)					(C)
	September 30, 2015					June 30, 2015					September 30, 2014					Change in Amount
COUNTRY	Amount		% of Total Outstanding			Amount		% of Total Outstanding			Amount		% of Total Outstanding			(A) - (B)			(A) - (C)

BRAZIL	$	63		22		$	69		20		$	64		16		$	(6	)	$	(1	)
CHILE		18		6			19		5			21		5			(1	)		(3	)
COLOMBIA		82		28			89		26			85		21			(7	)		(3	)
COSTA RICA		5		2			5		1			7		2			0			(2	)
MEXICO		47		16			88		25			116		29			(41	)		(69	)
PANAMA		33		12			37		11			44		11			(4	)		(11	)
PERU		7		3			7		2			27		7			0			(20	)
TRINIDAD & TOBAGO		9		3			9		3			10		3			0			(1	)
MULTILATERAL ORGANIZATIONS		26		9			26		7			28		7			0			(2	)

TOTAL TREASURY PORTOFOLIO ⁽¹⁾	$	290		100	%	$	349		100	%	$	402		100	%	$	(59	)	$	(112	)

⁽¹⁾

Includes securities available for sale and held to maturity. Excludes the Bank's invesments in the investment funds.

EXHIBIT XII

CREDIT DISBURSEMENTS

DISTRIBUTION BY COUNTRY

(In US$ million)

	YEAR-TO-DATE				QUARTERLY						Change in Amount
	(A)		(B)		(C)		(D)		(E)
COUNTRY ^(*)	9M15		9M14		3QTR15		2QTR15		3QTR14		(A) - (B)			(C) - (D)			(C) - (E)

ARGENTINA	$	705	$	747	$	233	$	283	$	25	$	(42	)	$	(50	)	$	208
BELGIUM		0		123		0		0		0		(123	)		0			0
BOLIVIA		20		5		5		0		5		15			5			0
BRAZIL		1,073		1,578		280		510		408		(505	)		(230	)		(128	)
CHILE		74		283		16		58		148		(209	)		(42	)		(132	)
COLOMBIA		549		710		222		180		255		(161	)		42			(33	)
COSTA RICA		272		411		66		187		225		(139	)		(121	)		(159	)
DOMINICAN REPUBLIC		514		741		133		237		252		(227	)		(104	)		(119	)
ECUADOR		895		758		315		339		269		137			(24	)		46
EL SALVADOR		53		119		14		25		41		(66	)		(11	)		(27	)
FRANCE		6		159		0		0		0		(153	)		0			0
GUATEMALA		692		410		268		211		160		282			57			108
HONDURAS		199		187		79		48		64		12			31			15
JAMAICA		98		192		32		30		79		(94	)		2			(47	)
MEXICO		1,992		1,978		696		715		944		14			(19	)		(248	)
NETHERLANDS		0		108		0		0		60		(108	)		0			(60	)
NICARAGUA		1		4		0		1		3		(3	)		(1	)		(3	)
PANAMA		720		452		403		132		207		268			271			196
PARAGUAY		107		95		25		34		48		12			(9	)		(23	)
PERU		664		754		272		251		243		(90	)		21			29
SINGAPORE		5		0		5		0		0		5			5			5
SWITZERLAND		47		50		46		1		50		(3	)		45			(4	)
TRINIDAD & TOBAGO		343		266		143		141		70		77			2			73
UNITED STATES		25		17		7		5		3		8			2			4
URUGUAY		71		153		54		0		0		(82	)		54			54
VENEZUELA		0		31		0		0		29		(31	)		0			(29	)
MULTILATERAL ORGANIZATIONS		0		5		0		0		0		(5	)		0			0

TOTAL CREDIT DISBURSED ⁽¹⁾	$	9,125	$	10,336	$	3,314	$	3,388	$	3,588	$	(1,211	)	$	(74	)	$	(274	)

⁽¹⁾	Includes book value of loans, fair value of selected investment securities, and contingencies (including confirmed and stand-by letters of credit, guarantees covering commercial risk, and credit commitments).
^(*)	Exposures in countries outside the Latin American Region correspond to credits extended to their subsidiaries in Latin America with head-office guarantee.