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").
3Q24 & 9M24 Financial & Business Highlights
Strengthened Profitability, with Net Profit of $53.0 million in 3Q24 (+16% YoY) and $154.4 million in 9M24 (+29% YoY), fostered by higher total revenues (+8% YoY in 3Q24 and +20% YoY in 9M24).
Annualized Return on Equity ("ROE") improved to 16.4% for both the 3Q24 (+46 bps YoY) and 9M24 (+206 bps YoY), on the back of strong recurrent operating results.
Net Interest Income ("NII") increased to $66.6 million in 3Q24 (+10% YoY) and $192.3 million in 9M24 (+15% YoY), driven by 8 bp YoY increase in Net Interest Margin ("NIM") to 2.55% in 3Q24 and a 5 bps YoY increase to 2.49% in 9M24, resulting from higher lending volumes and spreads, new client on-boarding, cross selling efforts and efficient cost of funds management.
Fee income reached $10.5 million for 3Q24 (-6% YoY), amounting $32.5 million for 9M24 (+45% YoY), mostly driven by the continued positive trend in letter of credits fees. The uneven transaction-based nature of the Bank's loan syndication desk activity remained up for 9M24 (+65% YoY) despite lesser activity for 3Q24 (-46% YoY).
Efficiency Ratio stood at 27.1% for 3Q24, similarly to a year ago, and 25.6% for 9M24, a 1.5 p.p. YoY improvement on the back of higher total revenues, compensating the 13% YoY increase in 9M24 operating expenses.
New all-time high Credit Portfolio at $10,875 million as of September 30, 2024 (+18% YoY).
Commercial Portfolio EoP balances also reached a new record level of $9,673 million at the end of 3Q24 (+17% YoY), denoting a continued demand and business growth from new client onboarding and product cross-selling.
Investment Portfolio, mostly consisting of investment-grade securities held at amortized cost, further enhancing country and credit-risk exposure diversification and providing contingent liquidity funding, increased to $1,202 million (+20% YoY).
Healthy asset quality. Most of the credit portfolio (96%) continues to be low risk or Stage 1. At the end of 3Q24, impaired credits (Stage 3) reached $17 million or 0.2% of total Credit Portfolio, with a reserve coverage of 4.7x.
Heightened deposit base, reaching a new record level of $5,639 million at the end of 3Q24 (+34% YoY), representing 59% of the Bank's total funding sources. The Bank also counts on ample and constant access to interbank and debt capital markets.
Liquidity position at $1,708 million, or 15% of total assets as of September 30, 2024, mostly consisting of deposits placed with the Federal Reserve Bank of New York (75%).
The Bank's Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios stood at 16.0% and 13.7%, respectively, well above the minimum requirements and within the Bank's risk appetite.
Financial Snapshot
(US$ million, except percentages and per share amounts)
3Q24
2Q24
3Q23
9M24
9M23
Key Income Statement Highlights
Net Interest Income ("NII")
$66.6
$62.8
$60.5
$192.3
$167.6
Fees and commissions, net
$10.5
$12.5
$11.1
$32.5
$22.4
Gain (loss) on financial instruments, net
$0.3
($0.4)
$0.0
$0.1
($1.9)
Total revenues
$77.6
$75.0
$71.8
$225.2
$188.3
Provision for credit losses
($3.5)
($6.7)
($6.5)
($13.3)
($17.5)
Operating expenses
($21.0)
($18.2)
($19.5)
($57.6)
($51.0)
Profit for the period
$53.0
$50.1
$45.8
