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").
Financial & Business Highlights
Solid profitability, with Net Profits reaching $55.0 million in 3Q25 (+4% YoY) and $170.9 million in 9M25 (+11% YoY), fostered by a diversified and recurring earnings base delivering strong top-line revenues, overcompensating higher provisions for credit losses.
Annualized Return on Equity ("ROE") totaled 14.9% in 3Q25 (-143bps YoY) and 16.2% in 9M25 (-20bps YoY), as the Bank steadily improved its earnings while further strengthening its capital position, most recently on the back of the successful launch of its inaugural $200 million Additional Tier 1 ("AT1") issuance registered as other equity instruments. Excluding the overall effects of the AT1 issuance, the adjusted ROE stood at 15.1% for the 3Q25 and 16.3% for the 9M25.
Net Interest Income ("NII") totaled $67.4 million in 3Q25 (+1% YoY) and $200.4 million in 9M25 (+4% YoY), mainly driven by higher average business volumes. Net Interest Margin ("NIM") stood at 2.32% for 3Q25 (-23bps YoY) and 2.35% for 9M25 (-14bps YoY), in the face of the gradual impact of lower market-based rates and increased USD market liquidity driving competitive pricing and margin compression.
Strong Fee Income at $14.1 million for 3Q25 (+34% YoY) and $44.5 million for 9M25 (+37% YoY), driven by solid performance in all business lines, highlighted by strong growth on letters of credit and credit commitments.
Well-managed Efficiency Ratio of 25.8% for 3Q25 and 25.2% in 9M25, as revenue growth overcompensated ongoing investments in technology, modernization and other business initiatives related to the Bank's strategy execution.
Credit Portfolio reached new all-time high at $12,286 million as of September 30, 2025 (+13% YoY), resulting from:
Commercial Portfolio EoP balances reaching an historic peak of $10,872 million at the end of 3Q25 (+12% YoY), supported by steady credit demand across all business products.
Investment Portfolio amounted to $1,414 million (+18% YoY), mostly consisting of investment-grade securities outside of Latin America held at amortized cost, further enhancing country and credit-risk diversification and providing contingent liquidity funding.
Healthy asset quality, with most of the credit portfolio (97.2%) remaining low risk or Stage 1 at the end of 3Q25. Impaired credits or Stage 3 principal balance totaled $19 million or 0.2% of total Credit Portfolio, with a robust reserve coverage of 5.4x.
Steady growth and diversified deposit base, reaching $6,836 million at the end of 3Q25 (+21% YoY), representing a new all-time high, and 66% of the Bank's total funding sources (+7pp YoY). The Bank also counts on ample and constant access to interbank and debt capital markets, denoted by the $4 billion MXN bond issued in July in the Mexican capital market.
Strong Liquidity position at $1,934 million, or 15.5% of total assets as of September 30, 2025, mostly consisting of deposits placed with the Federal Reserve Bank of New York (95%).
The Bank´s Tier 1 Basel III Capital and Regulatory Capital Adequacy Ratios improved to 18.1% and 15.8% at the end of 3Q25, respectively, both well above internal targets and regulatory minimum, enhanced by strong earnings generation and the successful execution of its inaugural AT1 issuance.
Financial Snapshot
(US$ million, except percentages and per share amounts)
3Q25
2Q25
3Q24
9M25
9M24
Key Income Statement Highlights
Net Interest Income ("NII")
$67.4
$67.7
$66.6
$200.4
$192.3
Fees and commissions, net
$14.1
$19.9
$10.5
$44.5
$32.5
Gain on financial instruments, net
$0.9
$2.2
$0.3
$5.0
$0.1
Other income, net
$0.4
$0.2
$0.1
$0.8
$0.3
Total revenues
$82.8
$90.0
$77.6
