# EDGAR Filing Document

**Accession Number:** 0000890541
**File Stem:** 0001628280-25-047750
**Filing Date:** 2025-10
**Character Count:** 172152
**Document Hash:** ca23ce2c399f4e151a78fe51b27fce11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-047750.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001628280-25-047750

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FOREIGN TRADE BANK OF LATIN AMERICA, INC.
- **CENTRAL INDEX KEY:** 0000890541
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11414
- **FILM NUMBER:** 251439703

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUSINESS PARK, TORRE V, PISO 5
- **STREET 2:** AVENIDA LA ROTONDA, COSTA DEL ESTE
- **CITY:** PANAMA
- **PROVINCE COUNTRY:** R1
- **ZIP:** 0819-08730
- **BUSINESS PHONE:** 5072108500

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUSINESS PARK, TORRE V, PISO 5
- **STREET 2:** AVENIDA LA ROTONDA, COSTA DEL ESTE
- **CITY:** PANAMA
- **PROVINCE COUNTRY:** R1
- **ZIP:** 0819-08730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LATIN AMERICAN EXPORT BANK
- **DATE OF NAME CHANGE:** 19940829

**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

For the month of October, 2025

Commission File Number 1-11414

**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 Principal Executive Office)

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 ⌧ Form 40-F □

**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, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | FOREIGN TRADE BANK OF LATIN AMERICA, INC. |
| | | (Registrant) |
| Date: October 31, 2025 | By: | <u>/s/ Annette van Hoorde de Solís</u> |
|  | Name: | Annette van Hoorde de Solís |
|  | Title: | Chief Financial Officer |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Banco Latinoamericano** 

**de Comercio Exterior, S.A.**

**and Subsidiaries**

Unaudited interim condensed consolidated financial statements as of September 30, 2025, and for the three and nine months ended September 30, 2025 and 2024

------

**Banco Latinoamericano de Comercio Exterior, S.A.** 

&nbsp;&nbsp;&nbsp;&nbsp;**and Subsidiaries**

**Contents**

---

| |
|:---|
| Condensed consolidated statement of financial position |
| Condensed consolidated statement of profit or loss |
| Condensed consolidated statement of comprehensive income |
| Condensed consolidated statement of changes in equity |
| Condensed consolidated statement of cash flows |
| Notes to the interim condensed consolidated financial statements (unaudited) |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

**Condensed consolidated statements of financial position**

**September 30, 2025 and December 31, 2024**

*(In thousands of US dollars)*

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **September 30,**<br>**2025**<br>**(Unaudited)** | **December 31,**<br>**2024**<br>**(Audit)** |
| **Assets** |  |  |  |
| Cash and due from banks | 345 | 1959783 | 1965145 |
| Investment securities | 346 | 1426520 | 1201930 |
| Loans | 347 | 8726282 | 8383829 |
| Customers' liabilities under acceptances | 34 | 260173 | 245065 |
| Trading derivative financial instruments - assets | 3410 | 1079 |  |
| Hedging derivative financial instruments - assets | 3410 | 64810 | 22315 |
| Equipment, leases and leasehold improvements, net |  | 18888 | 19676 |
| Intangibles assets |  | 11553 | 3663 |
| Other assets | 11 | 28714 | 17050 |
| **Total assets** |  | 12497802 | 11858673 |
| **Liabilities and Equity** |  |  |  |
| Liabilities: |  |  |  |
| Customer deposits | 3412 | 6879709 | 5461901 |
| Securities sold under repurchase agreements | 3413 | 139401 | 212931 |
| Borrowings and debt, net | 3414 | 3397299 | 4352316 |
| Interest payable |  | 36342 | 37508 |
| Lease liabilities | 315 | 18377 | 19232 |
| Acceptances outstanding | 34 | 260173 | 245065 |
| Trading derivative financial instruments - liabilities | 3410 | 406 |  |
| Hedging derivative financial instruments - liabilities | 3410 | 57708 | 141705 |
| Allowance for losses on loan commitments and financial guarantee contract | 34 | 13311 | 5375 |
| Other liabilities | 16 | 48603 | 45431 |
| Total liabilities |  | 10851329 | 10521464 |
| Equity: |  |  |  |
| Common stock |  | 279980 | 279980 |
| Treasury stock |  | (97581) | (105601) |
| Other equity instruments, net | 17 | 197976 |  |
| Additional paid-in capital in excess of value assigned to common stock |  | 122994 | 124970 |
| Capital reserves | 23 | 95210 | 95210 |
| Regulatory reserves | 23 | 151469 | 149666 |
| Retained earnings |  | 891325 | 792005 |
| Other comprehensive income |  | 5100 | 979 |
| Total equity |  | 1646473 | 1337209 |
| **Total liabilities and equity** |  | 12497802 | 11858673 |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements (unaudited).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

**Condensed consolidated statement of profit or loss**

**For the three and nine months ended September 30, 2025 and 2024**

*(In thousands of US dollars, except earnings per share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **Notes** | **2025** | **2024** | **2025** | **2024** |
| **Interest income:** |  |  |  |  |  |
| Deposits |  | 19413 | 22271 | 55106 | 72939 |
| Investment securities |  | 17411 | 13082 | 47892 | 36340 |
| Loans |  | 156856 | 163329 | 474533 | 478348 |
| Total interest income | 20 | 193680 | 198682 | 577531 | 587627 |
| **Interest expense:** |  |  |  |  |  |
| Deposits |  | (75177) | (79370) | (217563) | (225912) |
| Securities sold under repurchase agreements | 13 | (1752) | (3119) | (7013) | (9275) |
| Borrowings and debt | 14 | (49146) | (49421) | (151994) | (159730) |
| Lease liabilities | 15 | (178) | (142) | (539) | (436) |
| Total interest expense | 20 | (126253) | (132052) | (377109) | (395353) |
| **Net interest income** |  | 67427 | 66630 | 200422 | 192274 |
| **Other income (expense):** |  |  |  |  |  |
| Fees and commissions, net | 19 | 14052 | 10490 | 44547 | 32495 |
| Gain on financial instruments, net | 9 | 882 | 328 | 5027 | 137 |
| Other income, net |  | 416 | 135 | 772 | 305 |
| Total other income, net | 20 | 15350 | 10953 | 50346 | 32937 |
| **Total revenues** |  | 82777 | 77583 | 250768 | 225211 |
| Provision for credit losses | 320 | (6482) | (3548) | (16717) | (13261) |
| **Operating expenses:** |  |  |  |  |  |
| Salaries and other employee expenses |  | (13196) | (14177) | (39518) | (37608) |
| Depreciation and amortization of equipment, leases and leasehold improvements |  | (697) | (614) | (2111) | (1799) |
| Amortization of intangible assets |  | (355) | (279) | (1029) | (753) |
| Other expenses |  | (7079) | (5972) | (20509) | (17407) |
| Total operating expenses | 20 | (21327) | (21042) | (63167) | (57567) |
| **Profit for the period** |  | 54968 | 52993 | 170884 | 154383 |
| **Per share data:** |  |  |  |  |  |
| Basic earnings per share (in US dollars) | 18 | 1.48 | 1.44 | 4.60 | 4.20 |
| Weighted average basic shares (in thousands of shares) | 18 | 37231 | 36787 | 37126 | 36724 |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements (unaudited).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

**Condensed consolidated statement of comprehensive income**

**For the three and nine months ended September 30, 2025 and 2024**

*(In thousands of US dollars)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Profit for the period** | 54968 | 52993 | 170884 | 154383 |
| **Other comprehensive income:** |  |  |  |  |
| Items that are or may be reclassified subsequently to the consolidated statement of profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value on financial instruments, net of hedging | 944 | 9102 | 4108 | 656 |
| &nbsp;&nbsp;&nbsp;Reclassification of gains on financial instruments to the consolidated statement of profit or loss | 1323 | 786 | 13 | 1135 |
| Other comprehensive income | 2267 | 9888 | 4121 | 1791 |
| **Total comprehensive income for the period** | 57235 | 62881 | 175005 | 156174 |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements (unaudited).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

**Condensed consolidated statement of changes in equity**

**For the nine months ended September 30, 2025 and 2024** 

*(In thousands of US dollars)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Common stock** | **Treasury stock** | **Other equity instruments, net** | **Additional paid-in capital in excess of value assigned to common stock** | **Capital reserves** | **Regulatory reserves** | **Retained earnings** | **Other comprehensive income** | **Total equity** |
| **Balances at January 1, 2024** | 279980 | (110174) |  | 122046 | 95210 | 136019 | 673281 | 7462 | 1203824 |
| Profit for the period |  |  |  |  |  |  | 154383 |  | 154383 |
| Other comprehensive income |  |  |  |  |  |  |  | 1791 | 1791 |
| Issuance of restricted stock |  | 1038 |  | (1038) |  |  |  |  |  |
| Compensation cost - stock options and stock units plans |  |  |  | 4928 |  |  |  |  | 4928 |
| Exercised options and stock units vested |  | 3464 |  | (3464) |  |  |  |  |  |
| Dividends declared |  |  |  |  |  |  | (55106) |  | (55106) |
| **Balances at September 30, 2024** | 279980 | (105672) |  | 122472 | 95210 | 136019 | 772558 | 9253 | 1309820 |
| **Balances at January 1, 2025** | 279980 | (105601) |  | 124970 | 95210 | 149666 | 792005 | 979 | 1337209 |
| Profit for the period |  |  |  |  |  |  | 170884 |  | 170884 |
| Other comprehensive income |  |  |  |  |  |  |  | 4121 | 4121 |
| Issuance of restricted stock |  | 4537 |  | (4537) |  |  |  |  |  |
| Issuance of other equity instruments, net (Note 17) |  |  | 197976 |  |  |  |  |  | 197976 |
| Compensation cost - stock options and stock units plans |  |  |  | 6044 |  |  |  |  | 6044 |
| Exercised options and stock units vested |  | 3483 |  | (3483) |  |  |  |  |  |
| Regulatory credit reserve |  |  |  |  |  | 1803 | (1803) |  |  |
| Dividends declared |  |  |  |  |  |  | (69761) |  | (69761) |
| **Balances at September 30, 2025** | 279980 | (97581) | 197976 | 122994 | 95210 | 151469 | 891325 | 5100 | 1646473 |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements (unaudited).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

**Condensed consolidated statement of cash flows**

**For the nine months ended September 30, 2025 and 2024**

(In thousands of US dollars)

---

| | | | |
|:---|:---|:---|:---|
| | | **(Unaudited)** | **(Unaudited)** |
| | **Notes** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Profit for the period |  | 170884 | 154383 |
| **Adjustments to reconcile profit for the period to net cash provided by operating activities:** |  |  |  |
| Depreciation and amortization of equipment, leasehold improvements |  | 2111 | 1799 |
| Amortization of intangible assets |  | 1029 | 753 |
| Provision for credit losses | 3 | 16717 | 13261 |
| Realized gain on financial instruments at FVTPL | 9 | (1500) | (51) |
| Realized gain on financial instruments at FVOCI | 9 | (1201) | (68) |
| Loss on sale of financial instruments at amortized cost | 9 | 436 |  |
| Compensation cost - share-based payment |  | 6044 | 4928 |
| Net changes in hedging position and foreign currency |  | 128832 | (27604) |
| Disposal of equipment and leasehold improvements |  | 6 | 51 |
| Interest income | 20 | (577531) | (587627) |
| Interest expense | 20 | 377109 | 395353 |
| **Changes in operating assets and liabilities:** |  |  |  |
| Restricted and pledged deposits |  | 70916 | (40700) |
| Loans |  | (622713) | (946493) |
| Proceeds from the sale of loans |  | 193243 | 47119 |
| Other assets |  | (20450) | (235) |
| Due to depositors |  | 1422566 | 1230769 |
| Other liabilities |  | 2743 | (7890) |
| Cash flows provided by operating activities |  | 1169241 | 237748 |
| Interest received |  | 589843 | 567660 |
| Interest paid |  | (379132) | (396798) |
| **Net cash provided by operating activities** |  | 1379952 | 408610 |
| **Cash flows from investing activities:** |  |  |  |
| Acquisition of equipment, leases and leasehold improvements |  | (168) | (1025) |
| Acquisition of intangible assets |  | (1260) | (1234) |
| Proceeds from the sale of securities at amortized cost |  | 19411 |  |
| Proceeds from the sale of securities at FVOCI |  | 41426 |  |
| Proceeds from the redemption of securities at amortized cost |  | 255351 | 225893 |
| Proceeds from the redemption of securities at FVOCI |  | 30000 |  |
| Purchases of securities at amortized cost |  | (497142) | (327841) |
| Purchases of securities at FVOCI |  | (60142) | (86449) |
| **Net cash used in investing activities** |  | (212524) | (190656) |
| **Cash flows from financing activities:** |  |  |  |
| (Decrease) increase in securities sold under repurchase agreements |  | (73672) | 36102 |
| Net decrease in short-term borrowings and debt | 14 | (609454) | (942935) |
| Proceeds from long-term borrowings and debt | 14 | 319580 | 891930 |
| Decrease of long-term borrowings and debt | 14 | (866901) | (526278) |
| Proceeds from the issuance of other equity instruments | 17 | 197.976 |  |
| Payments of lease liabilities | 15 | (852) | (854) |
| Dividends paid |  | (68908) | (54568) |
| **Net cash used in financing activities** |  | (1102231) | (596603) |
| Increase (decrease) net in cash and cash equivalents |  | 65197 | (378649) |
| Cash and cash equivalents at beginning of the period |  | 1819931 | 1987068 |
| **Cash and cash equivalents at end of the period** | 5 | 1885128 | 1608419 |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements (unaudited).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**1. Corporate information**

Banco Latinoamericano de Comercio Exterior, S. A. ("Bladex Head Office" and together with its subsidiaries "Bladex" or the "Bank"), headquartered in Panama City, Republic of Panama, is a specialized multinational bank established to support the financing of foreign trade and economic integration in Latin America and the Caribbean (the "Region"). The Bank was the result of a proposal brought before the Assembly of Governors of Central Banks in the Region in May of 1975, which recommended the creation of a multinational organization to increase the foreign trade financing capacity of the Region. The Bank was organized in 1977, incorporated in 1978 as a corporation pursuant to the laws of the Republic of Panama, and initiated operations on January 2, 1979. Under a contract law signed in 1978 between the Republic of Panama and Bladex, the Bank was granted certain privileges by the Republic of Panama, including an exemption from payment of income taxes in Panama.

The Bank operates under a general banking license issued by the National Banking Commission of Panama, predecessor of the Superintendence of Banks of Panama (the "SBP").

In the Republic of Panama, banks are regulated by the SBP through Executive Decree No. 52 of April 30, 2008, which adopts the unique text of Law Decree No. 9 of February 26, 1998, modified by Law Decree No. 2 of February 22, 2008. Banks are also regulated by resolutions and agreements issued by this entity. The main aspects of this law and its regulations include: the authorization of banking licenses, minimum capital and liquidity requirements, consolidated supervision, procedures for management of credit, liquidity and market risks, measures to prevent money laundering, the financing of terrorism and related illicit activities, and procedures for banking intervention and liquidation, among others.

Bladex Head Office's subsidiaries are the following:

-&nbsp;&nbsp;&nbsp;&nbsp;Bladex Holdings Inc. is a wholly owned subsidiary, incorporated under the laws of the State of Delaware, United States of America (USA), on May 30, 2000. Bladex Holdings Inc. has ownership in Bladex Representaçao Ltda.

-&nbsp;&nbsp;&nbsp;&nbsp;Bladex Representaçao Ltda, incorporated under the laws of Brazil on January 7, 2000, acts as the Bank's representative office in Brazil. Bladex Representaçao Ltda. is 99.999% owned by Bladex Head Office and the remaining 0.001% is owned by Bladex Holdings Inc.

-&nbsp;&nbsp;&nbsp;&nbsp;Bladex Development Corp. was incorporated under the laws of the Republic of Panama on June 5, 2014. Bladex Development Corp. is 100.00% owned by Bladex Head Office.

Bladex Head Office has an agency in New York City, USA (the "New York Agency"), which began operations on March 27, 1989. The New York Agency is principally engaged in financing transactions related to international trade, mostly the confirmation and financing of letters of credit for customers in the Region. The New York Agency also has authorization to book transactions through an International Banking Facility ("IBF").

The Bank has representative offices in Buenos Aires, Argentina; in Mexico City, Mexico; and in Bogota, Colombia, and has a representative license in Lima, Peru.

**2. Basis of preparation and changes to the Bank's accounting policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 Basis of preparation**

These interim condensed consolidated financial statements for the nine-month period ended September 30, 2025 have been prepared in accordance with International Accounting Standards IAS 34 "Interim Financial Reporting". The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accouting Standards") and should be read in conjunction with the Bank's annual consolidated financial statements as at and for the year ended December 31, 2024.

These interim financial statements were authorized for issue by the Bank's board of directors on October 21, 2025.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**2. Basis of preparation and changes to the Bank's accounting policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 New standards, interpretations and amendments adopted by the Bank**

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Bank's annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards effective as of 1° January 2025. The Bank has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

One amendment applies for the first time in 2025, but does not have an impact on the interim condensed consolidated financial statements of the Bank.

*Lack of exchangeability – Amendments to IAS 21*

The amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows.

The amendments are effective for annual reporting periods beginning on or after January 1, 2025. When applying the amendments, and entity cannot restate comparative information. The amendment did not have impact on the Bank's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 New standard adopted by the Bank**

*Debt and equity instruments issued*

The Bank applies IAS 32 Financial Instruments: Presentation to determine whether the proceeds constitute a financial liability (debt) or an equity instrument.

Financial instruments issued, or their components, are classified as financial liabilities when, pursuant to contractual terms, the Bank assumes the obligation to deliver cash or another financial asset, or to issue a variable number of equity shares to the holder of the instrument. Otherwise, they are considered equity instruments, and the funds received are recorded in equity, net of any issuance costs incurred.

Dividends and other returns to equity holders are recognized upon payment or when declared by shareholders at the Board of Directors' Meeting, and are treated as a deduction from equity for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 Reclassification**

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the previously reported results of operations. An adjustment has been made to the Consolidated Statements of Financial Position for the year ended December 31, 2024, to reclassify the Interest receivable deposits from the line of Other assets to Cash and due from Banks.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review**

This note presents information about the Bank's exposure to financial risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Credit risk**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i.Credit quality analysis*

The following tables set out information about the credit quality of financial assets measured at amortized cost, and debt instruments at FVOCI. For loan commitments and financial guarantee contracts, the amounts in the table represent the amounts committed or guaranteed, respectively.

<u>Loans, at amortized cost</u> <sup>(1)</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Grades 1 - 4 | 0.05-0.38 | 4983563 |  |  | 4983563 |
| Grades 5 - 6 | 0.39-3.81 | 3014803 | 137442 |  | 3152245 |
| Grades 7 - 8 | 3.82-34.52 | 456124 | 162744 |  | 618868 |
| Grades 9 - 10 | 34.53-100 |  |  | 19315 | 19315 |
|  |  | 8454490 | 300186 | 19315 | 8773991 |
| Loss allowance |  | (37921) | (34424) | (14292) | (86637) |
| **Total** |  | **8416569** | **265762** | **5023** | **8687354** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Grades 1 - 4 | 0.05-0.41 | 2971709 |  |  | 2971709 |
| Grades 5 - 6 | 0.42-3.81 | 4704760 | 299292 |  | 5004052 |
| Grades 7 - 8 | 3.82-34.52 | 397049 | 71664 |  | 468713 |
| Grades 9 - 10 | 34.53-100 |  |  | 17513 | 17513 |
|  |  | 8073518 | 370956 | 17513 | 8461987 |
| Loss allowance |  | (45635) | (20040) | (12483) | (78158) |
| **Total** |  | **8027883** | **350916** | **5030** | **8383829** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Loans at amortized cost includes interest and commission receivable.

<u>Loans at FVOCI</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Grades 1 - 4 | 0.05-0.38 | 10268 |  |  | 10268 |
| Grades 5 - 6 | 0.39-3.81 | 28660 |  |  | 28660 |
|  |  | **38928** | **—** | **—** | **38928** |
| Loss allowance |  | (338) |  |  | (338) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2024, no loans were classified at fair value through other comprehensive income (FVOCI).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Credit risk (continued)**

<u>Loan commitments, financial guarantees issued and customers' liabilities under acceptances</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Total** |
| **Commitments and contingencies** | | | | |
| Grades 1 - 4 | 0.05-0.38 | 820710 |  | 820710 |
| Grades 5 - 6 | 0.39-3.81 | 686919 | 9145 | 696064 |
| Grades 7 - 8 | 3.82-34.52 | 347074 |  | 347074 |
|  |  | 1854703 | 9145 | 1863848 |
| **Customers' liabilities under acceptances** |  |  |  |  |
| Grades 1 - 4 | 0.05-0.38 | 91471 |  | 91471 |
| Grades 5 - 6 | 0.39-3.81 | 28643 |  | 28643 |
| Grades 7 - 8 | 3.82-34.52 | 140059 |  | 140059 |
|  |  | 260173 |  | 260173 |
|  |  | 2114876 | 9145 | 2124021 |
| Loss allowance |  | (13164) | (147) | (13311) |
| **Total** |  | **2101712** | **8998** | **2110710** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Total** |
| **Commitments and contingencies** | | | | |
| Grades 1 - 4 | 0.05-0.41 | 545855 |  | 545855 |
| Grades 5 - 6 | 0.42-3.81 | 630648 | 6099 | 636747 |
| Grades 7 - 8 | 3.82-34.52 | 226278 | 5500 | 231778 |
|  |  | 1402781 | 11599 | 1414380 |
| **Customers' liabilities under acceptances** |  |  |  |  |
| Grades 1 - 4 | 0.05-0.41 | 204421 |  | 204421 |
| Grades 5 - 6 | 0.42-3.81 | 1155 |  | 1155 |
| Grades 7 - 8 | 3.82-34.52 | 39489 |  | 39489 |
|  |  | 245065 |  | 245065 |
|  |  | 1647846 | 11599 | 1659445 |
| Loss allowance |  | (4815) | (560) | (5375) |
| **Total** |  | **1643031** | **11039** | **1654070** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Credit risk (continued)**

<u>Securities at amortized cost</u><sup>(1)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Total** |
| Grades 1 - 4 | 0.05-0.38 | 1270418 |  | 1270418 |
| Grades 5 - 6 | 0.39-3.81 | 54695 | 10693 | 65388 |
|  |  | 1325113 | 10693 | 1335806 |
| Loss allowance |  | (930) | (177) | (1107) |
| **Total** |  | **1324183** | **10516** | **1334699** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Total** |
| Grades 1 - 4 | 0.05-0.41 | 1020297 |  | 1020297 |
| Grades 5 - 6 | 0.42-3.81 | 72976 | 10482 | 83458 |
|  |  | 1093273 | 10482 | 1103755 |
| Loss allowance |  | (1133) | (178) | (1311) |
| **Total** |  | **1092140** | **10304** | **1102444** |

---

<u>Securities at FVOCI</u><sup>(1)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Total** |
| Grades 1 - 4 | 0.05-0.38 | 91821 |  | 91821 |
| Loss allowance - FVOCI |  | (84) |  | (84) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **PD Ranges** | **Stage 1** | **Stage 2** | **Total** |
| Grades 1 - 4 | 0.05 - 0.41 | 99486 |  | 99486 |
| Loss allowance - FVOCI |  | (23) |  | (23) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Securities at amortized cost includes interest receivable.

The loss allowance for loans and investment securities at FVOCI do not affect the carrying value of the assets. These allowances are included in equity in the condensed consolidated statement of financial position in the line Other comprehensive income.

The following table presents information of the current and past due balances of loans:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31, 2024** |
| Current | 8793604 | 8444474 |
| Past due <sup>(1)</sup> | 19315 | 17513 |
| **Total** | **8812919** | **8461987** |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Past due loans are classified in Stage 3.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

The following table presents an analysis of counterparty credit exposures arising from derivative transactions. The Bank's derivative are generally collateralized by cash.

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Notional value<br>USD** | **Derivative<br>financial<br>instruments -<br>fair value asset** | **Derivative<br>financial<br>instruments -<br>fair value<br>liabilities** |
| Interest rate swaps | 1507081 | 25060 | (4850) |
| Cross-currency swaps | 1358991 | 39828 | (53135) |
| Foreign exchange forwards | 57880 | 1001 | (129) |
| **Total** | **2923952** | **65889** | **(58114)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional value<br>USD** | **Derivative<br>financial<br>instruments -<br>fair value asset** | **Derivative<br>financial<br>instruments -<br>fair value<br>liabilities** |
| Interest rate swaps | 1132827 | 10805 | (2667) |
| Cross-currency swaps | 1391715 | 11510 | (139038) |
| **Total** | **2524542** | **22315** | **(141705)** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii.Loss allowances*

The following tables show reconciliations from the opening to the closing balance of the loss allowance by class of financial instrument.

<u>Loans at amortized cost</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2024** | **45635** | **20040** | **12483** | **78158** |
| Transfer to lifetime expected credit losses | (208) | (41) | 249 |  |
| Net effect of changes in allowance for expected credit losses | (4163) | 7426 | 1560 | 4823 |
| Financial instruments that have been derecognized during the period | (30484) | (3023) |  | (33507) |
| New financial assets originated or purchased | 27141 | 10022 |  | 37163 |
| **Allowance for expected credit losses as of September 30, 2025** | **37921** | **34424** | **14292** | **86637** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2023** | **34778** | **17734** | **6898** | **59410** |
| Transfer to lifetime expected credit losses | (235) | (1237) | 1472 |  |
| Net effect of changes in allowance for expected credit losses | (1007) | 6013 | 2978 | 7984 |
| Financial instruments that have been derecognized during the year | (23723) | (5807) |  | (29530) |
| New financial assets originated or purchased | 35822 | 3337 |  | 39159 |
| Recoveries |  |  | 1135 | 1135 |
| **Allowance for expected credit losses as of December 31, 2024** | **45635** | **20040** | **12483** | **78158** |

---

<u>Loans at FVOCI</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2024** | **—** | **—** | **—** | **—** |
| New financial assets originated or purchased | 338 |  |  | 338 |
| **Allowance for expected credit losses as of September 30, 2025** | **338** | **—** | **—** | **338** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

<u>Loan commitments, financial guarantee contracts and customers' liabilities under acceptances</u>

The allowance for expected credit losses on loan commitments and financial guarantee contracts reflects the Bank's management estimate of expected credit losses of customers' liabilities under acceptances and contingent liabilities such as: confirmed letters of credit, stand-by letters of credit, guarantees, and credit commitments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2024** | **4815** | **560** | **—** | **5375** |
| Transfer to lifetime expected credit losses | (7) | 7 |  |  |
| Net effect of changes in reserve for expected credit losses | (163) | 55 |  | (108) |
| Financial instruments that have been derecognized during the period | (3107) | (553) |  | (3660) |
| New instruments originated or purchased | 11626 | 78 |  | 11704 |
| **Allowance for expected credit losses as of September 30, 2025** | **13164** | **147** | **—** | **13311** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2023** | **3905** | **1154** | **—** | **5059** |
| Transfer to lifetime expected credit losses | (84) | 84 |  |  |
| Net effect of changes in reserve for expected credit losses | (154) | 312 |  | 158 |
| Financial instruments that have been derecognized during the year | (2671) | (1136) |  | (3807) |
| New instruments originated or purchased | 3819 | 146 |  | 3965 |
| **Allowance for expected credit losses as of December 31, 2024** | **4815** | **560** | **—** | **5375** |

---

<u>Securities at amortized cost</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2024** | **1133** | **178** | **—** | **1311** |
| Transfer to lifetime expected credit losses | (19) | 19 |  |  |
| Net effect of changes in allowance for expected credit losses | 2 | 27 |  | 29 |
| Financial instruments that have been derecognized during the period | (360) |  |  | (360) |
| New financial assets originated or purchased | 174 |  |  | 174 |
| Write-offs |  | (47) |  | (47) |
| **Allowance for expected credit losses as of September 30, 2025** | **930** | **177** | **—** | **1107** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

<u>Securities at amortized cost (continued)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2023** | **1230** | **402** | **—** | **1632** |
| Transfer to lifetime expected credit losses | (21) | 21 |  |  |
| Net effect of changes in allowance for expected credit losses | (55) | (7) | (331) | (393) |
| Financial instruments that have been derecognized during the year | (392) | (238) |  | (630) |
| New financial assets originated or purchased | 371 |  |  | 371 |
| Recoveries |  |  | 331 | 331 |
| **Allowance for expected credit losses as of December 31, 2024** | **1133** | **178** | **—** | **1311** |

---

<u>Securities at FVOCI</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2024** | **23** | **—** | **—** | **23** |
| Financial instruments that have been derecognized during the period | (14) |  |  | (14) |
| New financial assets originated or purchased | 75 | **—** | **—** | 75 |
| **Allowance for expected credit losses as of September 30, 2025** | **84** | **—** | **—** | **84** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| **Allowance for expected credit losses as of December 31, 2023** | **1** | **—** | **—** | **1** |
| Net effect of changes in allowance for expected credit losses | 1 |  |  | 1 |
| New financial assets originated or purchased | 21 |  |  | 21 |
| **Allowance for expected credit losses as of December 31, 2024** | **23** | **—** | **—** | **23** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

The following table provides a reconciliation between:

–Amounts shown in the previous tables reconciling opening and closing balances of loss allowance per class of financial instrument; and

–The provision for credit losses' line item in the condensed consolidated statement of profit or loss.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **Loans** | **Loans** | **Loan commitments <br>and financial <br>guarantee contracts** | | **Securities** | **Securities** | **Securities** | **Cash and due from banks** | **Total** |
| **September 30, 2025** | **At amortized cost** | **FVOCI** | **Loan commitments <br>and financial <br>guarantee contracts** | | **At amortized cost** | | **FVOCI** | **Cash and due from banks** | **Total** |
| Net effect of changes in allowance for expected credit losses | 4823 |  | (108) |  | 29 |  |  | 60 | 4804 |
| Financial instruments that have been derecognized during the period | (33507) |  | (3660) |  | (360) |  | (14) |  | (37541) |
| New financial assets originated or purchased | 37163 | 338 | 11704 |  | 174 |  | 75 |  | 49454 |
| **Total** | **8479** | **338** | **7936** | **0** | **(157)** | **0** | **61** | **60** | **16717** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2024** | **Loans** | **Loans** | **Loan commitments<br>and financial <br>guarantee contracts** | | **Securities** | **Securities** | **Securities** | **Cash and due from banks** | **Total** |
| **September 30, 2024** | **At amortized cost** | **FVOCI** | **Loan commitments<br>and financial <br>guarantee contracts** | | **At amortized cost** | | **FVOCI** | **Cash and due from banks** | **Total** |
| Net effect of changes in allowance for expected credit losses | 5220 |  | 56 |  | (229) |  | 1 |  | 5048 |
| Financial instruments that have been derecognized during the period | (22958) |  | (3618) |  | (555) |  |  |  | (27131) |
| New financial assets originated or purchased | 29073 |  | 5906 |  | 344 |  | 21 |  | 35344 |
| **Total** | **11335** | **—** | **2344** | **0** | **(440)** | **0** | **22** | **—** | **13261** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii.Credit-impaired financial assets*

Credit-impaired loans and advances are graded 8 to 10 in the Bank's internal credit risk grading system.

The following table sets out a reconciliation of changes in the carrying amount of the allowance for credit losses for credit-impaired financial assets:

---

| | | |
|:---|:---|:---|
| **<u>Loans at amortized cost:</u>** | **September 30,<br>2025** | **December 31, 2024** |
| Credit-impaired loans at beginning of period/year | 12483 | 6898 |
| Classified as credit-impaired during the period/year | 249 | 1472 |
| Change in allowance for expected credit losses | 1419 | 2832 |
| Interest income | 141 | 146 |
| Recoveries |  | 1135 |
| **Credit-impaired loans at end of period/year** | **14292** | **12483** |

---

---

| | | |
|:---|:---|:---|
| **<u>Securities at amortized cost:</u>** | **September 30,<br>2025** | **December 31, 2024** |
| Change in allowance for expected credit losses |  | (331) |
| Recoveries |  | 331 |
| **Credit-impaired for investments at amortized cost at end of period/year** | **—** | **—** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iv.Concentrations of credit risk*

The Bank monitors concentrations of credit risk by sector, industry and country. An analysis of concentrations of credit risk from loans, loan commitments, financial guarantees and securities is as follows.

<u>Concentration by sector and industry</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Loans<br> at amortized cost** | **Loans<br> at amortized cost** | **Loan commitments, <br>financial guarantee contracts and acceptances outstanding** | **Loan commitments, <br>financial guarantee contracts and acceptances outstanding** | **Securities<br> at amortized** | **Securities<br> at amortized** |
| | **September 30,<br>2025** | **December 31,<br>2024** | **September 30,<br>2025** | **December 31,<br>2024** | **September 30,<br>2025** | **December 31,<br>2024** |
| Gross amount | 8773991 | 8461987 | 260173 | 245065 | 1335806 | 1103755 |
| Amount committed/guaranteed |  |  | 1863848 | 1414380 |  |  |
| **Concentration by sector** |  |  |  |  |  |  |
| Corporations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private | 5177525 | 4410940 | 1498134 | 913266 | 722018 | 613629 |
| &nbsp;&nbsp;&nbsp;State-owned | 1005244 | 974470 | 112138 | 82241 | 43099 | 12039 |
| Financial institutions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private | 2178985 | 2567264 | 111264 | 140287 | 334510 | 357891 |
| &nbsp;&nbsp;&nbsp;State-owned | 275190 | 426469 | 402485 | 523651 | 66812 | 28650 |
| &nbsp;&nbsp;&nbsp;Sovereign | 137047 | 82844 |  |  | 169367 | 91546 |
| **Total** | **8773991** | **8461987** | **2124021** | **1659445** | **1335806** | **1103755** |
| **Concentration by industry** |  |  |  |  |  |  |
| Financial institutions | 2454176 | 2993733 | 513749 | 663938 | 440808 | 403257 |
| Manufacturing | 2558141 | 2370275 | 448933 | 555844 | 405977 | 369999 |
| Oil and petroleum derived products | 1037633 | 963161 | 631656 | 95878 | 94546 | 89047 |
| Agricultural | 596877 | 454285 | 47782 | 32229 |  |  |
| Services | 723339 | 636000 | 216123 | 163396 | 151408 | 114764 |
| Mining | 334585 | 271186 | 170962 | 51413 | 19907 | 14866 |
| Sovereign | 137047 | 82843 |  |  | 129882 | 54517 |
| Other | 932193 | 690504 | 94816 | 96747 | 93278 | 57305 |
| **Total** | **8773991** | **8461987** | **2124021** | **1659445** | **1335806** | **1103755** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

<u>Concentration by sector and industry at FVOCI</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans at FVOCI** | **Loans at FVOCI** | **Securities FVOCI** | **Securities FVOCI** |
| | **September 30,<br>2025** | **December 31,<br>2024** | **September 30,<br>2025** | **December 31,<br>2024** |
| Gross amount | 38928 |  | 91821 | 99486 |
| **Concentration by sector** |  |  |  |  |
| Corporations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private | 4141 |  |  |  |
| &nbsp;&nbsp;&nbsp;State-owned |  |  | 41870 |  |
| Financial institutions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private | 29686 |  |  |  |
| &nbsp;&nbsp;&nbsp;State-owned | 5101 |  | 49951 | 99486 |
| **Total** | **38928** | **—** | **91821** | **99486** |
| **Concentration by industry** |  |  |  |  |
| Financial institutions | 34787 |  | 49951 | 99486 |
| Oil and petroleum derived products | 4141 |  | 41870 |  |
| **Total** | **38928** | **—** | **91821** | **99486** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

<u>Concentration by country risk financial instruments at amortized cost</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Loans<br> at amortized cost** | **Loans<br> at amortized cost** | **Commitments, <br>financial guarantee contracts and acceptances outstanding** | **Commitments, <br>financial guarantee contracts and acceptances outstanding** | **Securities <br>at amortized cost** | **Securities <br>at amortized cost** |
| | **Loans<br> at amortized cost** | **Loans<br> at amortized cost** | **Commitments, <br>financial guarantee contracts and acceptances outstanding** | **Commitments, <br>financial guarantee contracts and acceptances outstanding** | **Securities <br>at amortized cost** | **Securities <br>at amortized cost** |
| | **September 30,<br>2025** | **December 31,<br>2024** | **September 30,<br>2025** | **December 31,<br>2024** | **September 30,<br>2025** | **December 31,<br>2024** |
| Gross amount | 8773991 | 8461987 | 260173 | 245065 | 1335807 | 1103755 |
| Amount committed/guaranteed |  |  | 1863848 | 1414380 |  |  |
| **Concentration by country** |  |  |  |  |  |  |
| Argentina | 274587 | 113226 | 117884 | 248 |  |  |
| Australia |  |  |  |  | 9952 | 9906 |
| Belgium | 5155 | 17859 |  |  | 15528 | 15181 |
| Bolivia |  |  |  | 1000 |  |  |
| Brazil | 1255291 | 1257185 | 182045 | 188125 | 6935 | 24281 |
| Canada |  | 11718 | 26591 | 26413 | 30664 | 44828 |
| Chile | 483736 | 454602 | 67157 | 50976 | 29730 | 37713 |
| China | 14897 | 14995 |  |  |  |  |
| Colombia | 691314 | 920975 | 85399 | 82225 | 14794 | 15143 |
| Costa Rica | 440316 | 357112 | 49443 | 55263 | 8274 | 8128 |
| Dominican Republic | 750066 | 855539 | 203544 | 122057 |  |  |
| Ecuador | 193698 | 223461 | 324458 | 269369 |  |  |
| El Salvador | 84670 | 71716 | 9095 | 20000 |  |  |
| Finland |  |  |  |  | 13228 |  |
| France | 92434 | 95577 | 30887 | 46573 | 15269 | 14985 |
| Germany |  |  | 15000 | 15000 | 30216 | 29737 |
| Guatemala | 1358566 | 1011790 | 108912 | 113028 |  |  |
| Honduras | 160438 | 219527 | 22954 | 1625 |  |  |
| Ireland |  |  |  |  | 14601 | 14407 |
| Italy | 15927 | 1747 |  |  |  |  |
| Jamaica | 42896 | 43503 |  |  |  |  |
| Japan |  | 9446 |  |  | 59653 | 61834 |
| Korea |  |  |  |  | 34652 | 14448 |
| Mexico | 1136368 | 1015738 | 208497 | 184208 | 3325 | 27898 |
| Netherlands |  |  | 21883 | 25764 | 10045 |  |
| Norway |  |  |  |  | 24711 | 10092 |
| Panama | 496150 | 455288 | 23139 | 22243 | 74813 | 71552 |
| Paraguay | 193973 | 196674 | 150 | 230 |  |  |
| Peru | 250090 | 418460 | 222142 | 356978 | 10061 | 30878 |
| Puerto Rico | 10049 | 20762 | 15000 | 10000 |  |  |
| Qatar |  |  |  |  | 30053 |  |
| Arabia Saudi |  |  |  |  | 49688 |  |
| Singapore | 132266 | 282311 | 12967 | 6514 |  |  |
| Trinidad and Tobago | 180847 | 167522 |  |  |  |  |
| Spain |  |  |  | 8 |  |  |
| Sweden |  |  |  |  | 15073 | 14832 |
| Suriname |  |  | 150000 |  |  |  |
| United States of America | 243082 | 137642 | 35584 | 7114 | 756297 | 618680 |
| United Kingdom | 116819 | 74985 | 150000 |  | 49868 | 39232 |
| United Arab Emirates |  |  |  |  | 560 |  |
| Uruguay | 150356 | 12627 | 41290 | 54484 |  |  |
| Multilateral |  |  |  |  | 27816 |  |
| **Total** | **8773991** | **8461987** | **2124021** | **1659445** | **1335806** | **1103755** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

<u>Risk rating and concentration by country financial instruments at FVOCI</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Loans at FVOCI** | **Loans at FVOCI** | **Securities at FVOCI** | **Securities at FVOCI** |
| | **September 30,<br>2025** | **December 31, 2024** | **September 30,<br>2025** | **December 31, 2024** |
| Gross amount | 38928 |  | 91821 | 99486 |
| **Concentration by country** |  |  |  |  |
| &nbsp;&nbsp;Argentina | 4141 |  |  |  |
| &nbsp;&nbsp;Colombia |  |  | 41870 |  |
| &nbsp;&nbsp;El Salvador | 24519 |  |  |  |
| &nbsp;&nbsp;Panama | 10268 |  |  |  |
| &nbsp;&nbsp;Multilateral | **—** | **—** | 49951 | 99486 |
| **Total** | **38928** | **—** | **91821** | **99486** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*v.Offsetting financial assets and liabilities*

The following tables include financial assets and liabilities that are offset in the condensed consolidated financial statement or subject to an enforceable master netting arrangement:

<u>Derivative financial instruments – assets</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Gross <br>amounts of <br>assets** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>assets presented <br>in the <br>consolidated<br>statement of <br>financial <br>position** | **Gross amounts not offset in <br>the consolidated statement of <br>financial position** | **Gross amounts not offset in <br>the consolidated statement of <br>financial position** | **Net <br>amount** |
| | **Gross <br>amounts of <br>assets** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>assets presented <br>in the <br>consolidated<br>statement of <br>financial <br>position** | **Financial <br>instruments** | **Cash collateral <br>received** | **Net <br>amount** |
| Derivative financial instruments used for hedging | 64810 |  | 64810 |  | (50406) | 14404 |
| **Total** | **64810** | **—** | **64810** | **—** | **(50406)** | **14404** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross <br>amounts of <br>assets** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>assets presented <br>in the <br>consolidated<br>statement of <br>financial <br>position** | **Gross amounts not offset in <br>the consolidated statement of <br>financial position** | **Gross amounts not offset in <br>the consolidated statement of <br>financial position** | **Net <br>amount** |
| | **Gross <br>amounts of <br>assets** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>assets presented <br>in the <br>consolidated<br>statement of <br>financial <br>position** | **Financial <br>instruments** | **Cash collateral <br>received** | **Net <br>amount** |
| Derivative financial instruments used for hedging | 22315 |  | 22315 |  | (6410) | 15905 |
| **Total** | **22315** | **—** | **22315** | **—** | **(6410)** | **15905** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Credit risk (continued)**

<u>Securities sold under repurchase agreements and derivative financial instruments – liabilities</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Gross <br>amounts of <br>liabilities** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>liabilities presented <br>in the<br>consolidated<br>statement of <br>financial <br>position** | **Gross amounts <br>not offset in the consolidated <br>statement of<br>financial position** | **Gross amounts <br>not offset in the consolidated <br>statement of<br>financial position** | **Net <br>amount** |
| | **Gross <br>amounts of <br>liabilities** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>liabilities presented <br>in the<br>consolidated<br>statement of <br>financial <br>position** | **Financial <br>instruments** | **Cash collateral <br>received** | **Net <br>amount** |
| Securities sold under repurchase agreements at amortized cost | (139401) |  | (139401) | 163802 | 832 | 25233 |
| Derivative financial instruments used for hedging at FVTPL | (57708) |  | (57708) |  | 45443 | (12265) |
| **Total** | **(197109)** | **—** | **(197109)** | **163802** | **46275** | **12968** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross <br>amounts of <br>liabilities** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>liabilities presented <br>in the<br>consolidated<br>statement of <br>financial <br>position** | **Gross amounts <br>not offset in the consolidated <br>statement of<br>financial position** | **Gross amounts <br>not offset in the consolidated <br>statement of<br>financial position** | **Net <br>amount** |
| | **Gross <br>amounts of <br>liabilities** | **Gross amounts <br>offset in the <br>consolidated<br>statement of <br>financial <br>position** | **Net amount of<br>liabilities presented <br>in the<br>consolidated<br>statement of <br>financial <br>position** | **Financial <br>instruments** | **Cash collateral <br>received** | **Net <br>amount** |
| Securities sold under repurchase agreements at amortized cost | (212931) |  | (212931) | 239046 | 564 | 26679 |
| Derivative financial instruments used for hedging at FVTPL | (141705) |  | (141705) |  | 116743 | (24962) |
| **Total** | **(354636)** | **—** | **(354636)** | **239046** | **117307** | **1717** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

 **&nbsp;&nbsp;&nbsp;&nbsp;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Liquidity risk**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i.Exposure to liquidity risk*

The key measure used by the Bank for managing liquidity risk is the ratio of net liquid assets to deposits from customers and funding with a a remaining tenor of 30 days. For this purpose, 'net liquid assets' include cash and cash equivalents which consist of deposits from banks and customers, as well as corporate debt securities with investment grade. The following table details the Bank's liquidity ratios:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| At the end of the period/year | 171.48% | 264.58% |
| Period/year average | 130.35% | 181.75% |
| Maximum of the period/year | 212.53% | 335.28% |
| Minimun of the period/year | 103.63% | 107.20% |

---

The following table includes the Bank's liquid assets by country risk:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| *(in millions of USD dollars)* | **Cash and due from<br>banks** | **Securities FVOCI** | **Total** | **Cash and due from<br>banks** | **Securities FVOCI** | **Total** |
| United State of America | 1876 |  | 1876 | 1650 |  | 1650 |
| Other O.E.C.D countries | 4 |  | 4 | 41 |  | 41 |
| Latin America | 5 |  | 5 | 3 |  | 3 |
| Multilateral |  | 49 | 49 | 125 | 99 | 224 |
| **Total** | **1885** | **49** | **1934** | **1819** | **99** | **1918** |

---

The following table includes the Bank's demand deposits from customers and its ratio to total deposits from customers:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| *(in millions of USD dollars)* | | |
| Demand and "overnight" deposits | 1551 | 694 |
| Demand and "overnight" deposits to total deposits | 22.69% | 12.82% |

---

The liquidity requirements resulting from the Bank's demand deposits from customers is satisfied by the Bank's liquid assets as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| *(in millions of USD dollars)* | | |
| Total liquid assets | 1934 | 1918 |
| Total assets to total liabilities | 28.30% | 35.45% |
| Total liquid assets in the <br> Federal Reserve of the United States of America | 94.78% | 53.51% |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Liquidity risk (continued)**

Even though the average term of the Bank's assets exceeds the average term of its liabilities, the associated liquidity risk is diminished by the short-term nature of a significant portion of the loan portfolio, since the Bank is primarily engaged in financing foreign trade.

The following table includes the carrying amount for the Bank's loans and securities short-term portfolio with maturity within one year based on their original contractual term along with its average remaining term:

---

| | | |
|:---|:---|:---|
| *(in millions of USD dollars)* | **September 30,<br>2025** | **December 31,<br>2024** |
| Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 5,356 | 5,127 |
| Average term (days) | 183 | 187 |

---

The following table includes the carrying amount for the Bank's loans and securities medium term portfolio with maturity over one year based on their original contractual terms along with their average remaining term:

---

| | | |
|:---|:---|:---|
| *(in millions of USD dollars)* | **September 30,<br>2025** | **December 31,<br>2024** |
| Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 4,806 | 4,438 |
| Average term (days) | 1,423 | 1,388 |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Liquidity risk (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii.Maturity analysis for financial liabilities and financial assets*

The following table details the future undiscounted cash flows of financial assets and liabilities grouped by their remaining maturity with respect to the contractual maturity:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Up to 3<br>months** | **3 to 6 months** | **6 months to 1<br>year** | **1 to 5 <br>years** | **More than 5<br>years** | **Gross inflows<br>(outflows)** | **Carrying<br>amount** |
| **Assets** | | | | | | | |
| Cash and due from banks | 1955046 | 5114 |  |  |  | 1960160 | 1959783 |
| Securities | 36244 | 118926 | 150174 | 1182938 | 92233 | 1580515 | 1426520 |
| Loans | 3221382 | 1256590 | 1775910 | 3080666 | 197925 | 9532473 | 8687354 |
| Trading derivative financial instruments - assets |  |  |  |  | 1079 | 1079 | 1079 |
| Hedging derivative financial instruments - assets | 12059 | 6603 | 1755 | 41770 | 2623 | 64810 | 64810 |
| **Total** | **5224731** | **1387233** | **1927839** | **4305374** | **293860** | **13139037** | **12139546** |
| **Liabilities** |  |  |  |  |  |  |  |
| Trading derivative financial instruments - liabilities |  |  |  |  | (406) | (406) | (406) |
| Deposits | (5676265) | (620683) | (280611) | (318159) |  | (6895718) | (6879709) |
| Securities sold under repurchase agreements | (53026) |  | (68985) | (20397) |  | (142408) | (139401) |
| Borrowings and debt | (660745) | (342369) | (581659) | (1773228) | (42662) | (3400663) | (3397299) |
| Interest payable - Borrowings and debt | (35447) | (47103) | (80168) | (207643) | (7615) | (377976) | (36342) |
| Lease liabilities | (346) | (355) | (710) | (5672) | (11294) | (18377) | (18377) |
| Hedging derivative financial instruments - liabilities | (129) | (6921) | (14972) | (35685) |  | (57707) | (57708) |
| **Total** | **(6425958)** | **(1017431)** | **(1027105)** | **(2360784)** | **(61977)** | **(10893255)** | **(10529242)** |
| **Subtotal net position** | **(1201227)** | **369802** | **900734** | **1944590** | **231883** | **2245782** | **1610304** |
| **Off-balance sheet contingencies** |  |  |  |  |  |  |  |
| Confirmed letters of credit | 195711 | 103440 | 2361 | 17313 |  | 318825 |  |
| Stand-by letters of credit and guarantees | 144710 | 277271 | 266402 | 92641 |  | 781024 |  |
| Loans and letter of credit commitments | 40933 | 116694 | 50448 | 522354 | 33571 | 764000 |  |
| **Total** | **381354** | **497405** | **319211** | **632308** | **33571** | **1863849** |  |
| **Total net position** | **(1582581)** | **(127603)** | **581523** | **1312282** | **198312** | **381933** |  |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Liquidity risk (continued)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Up to 3<br>months** | **3 to 6<br>months** | **6 months to 1<br>year** | **1 to 5 <br>years** | **More than 5<br>years** | **Gross inflows<br>(outflows)** | **Carrying<br>amount** |
| **Assets** | | | | | | | |
| Cash and due from banks | 1944338 | 5286 | 15710 |  |  | 1965334 | 1965145 |
| Securities | 84980 | 66341 | 109616 | 1036660 | 44522 | 1342119 | 1201930 |
| Loans | 2759031 | 2018051 | 1557065 | 2583263 | 247238 | 9164648 | 8383829 |
| Hedging derivative financial instruments - assets | 1218 | 9484 | 951 | 10592 | 70 | 22315 | 22315 |
| **Total** | **4789567** | **2099162** | **1683342** | **3630515** | **291830** | **12494416** | **11573219** |
| **Liabilities** |  |  |  |  |  |  |  |
| Deposits | (4413516) | (597055) | (354883) | (93369) |  | (5458823) | (5461901) |
| Securities sold under repurchase agreements | (101528) |  | (23268) | (89355) |  | (214151) | (212931) |
| Borrowings and debt | (1089794) | (636362) | (591934) | (2012423) | (38012) | (4368525) | (4352316) |
| Interest payable - Borrowings and debt | (49113) | (51997) | (83583) | (261617) | (9413) | (455723) | (37508) |
| Lease liabilities | (244) | (276) | (684) | (5592) | (12437) | (19233) | (19232) |
| Hedging derivative financial instruments - liabilities | (9379) | (70) | (1192) | (129609) | (1455) | (141705) | (141705) |
| **Total** | **(5663574)** | **(1285760)** | **(1055544)** | **(2591965)** | **(61317)** | **(10658160)** | **(10225593)** |
| **Subtotal net position** | **(874007)** | **813402** | **627798** | **1038550** | **230513** | **1836256** | **1347626** |
| **Off-balance sheet contingencies** |  |  |  |  |  |  |  |
| Confirmed letters of credit | 358624 | 141422 | 36304 |  |  | 536350 |  |
| Stand-by letters of credit and guarantees | 141843 | 133149 | 178798 | 66495 |  | 520285 |  |
| Loans and letter of credit commitments | 60341 | 39900 | 40350 | 208868 | 8286 | 357745 |  |
| **Total** | **560808** | **314471** | **255452** | **275363** | **8286** | **1414380** |  |
| **Total net position** | **(1434815)** | **498931** | **372346** | **763187** | **222227** | **421876** |  |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Liquidity risk (continued)**

The amounts in the tables above have been compiled as follows:

---

| | |
|:---|:---|
| **Type of financial instrument** | **Basis on which amounts are compiled** |
| Financial assets and liabilities | Undiscounted cash flows, which include estimated interest payments. |
| Issued financial guarantee contracts, and loan commitments | Earliest possible contractual maturity. For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. |
| Derivative financial assets and financial liabilities | Contractual undiscounted cash flows. The amounts shown are the gross nominal inflows and outflows for derivatives that simultaneously settle gross or net amounts. |

---

Future undiscounted cash flow presented in the table above on some financial assets and financial liabilities vary materially from contractual cash flows. The principal difference is that the undiscounted future cash flows of floating rate assets and liabilities are calculated using projected market rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii.Liquidity reserves*

As part of the management of liquidity risk arising from financial liabilities, the Bank holds liquid assets comprising cash and cash equivalents.

The following table sets out the components of the Banks's liquidity reserves:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Amount** | **Fair Value** | **Amount** | **Fair Value** |
| Balances with Federal Reserve of the United <br>States of America | 1833424 | 1833424 | 1020858 | 1020858 |
| Cash and balances with other bank <sup>(1)</sup> | 51704 | 51704 | 799073 | 799073 |
| **Total Liquidity reserves** | **1885128** | **1885128** | **1819931** | **1819931** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Excludes pledged deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iv.Financial assets available to support future funding*

The following table sets out the Bank's financial assets available to support future funding:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **Guaranteed** | **Available as collateral** | **Guaranteed** | **Available as collateral** |
| Cash and due from banks | 72991 | 1885128 | 143907 | 1819931 |
| Notional of investment securities | 184737 | 1256395 | 558981 | 665715 |
| Loans at amortized cost - outstanding principal balance |  | 8709935 |  | 8375172 |
| **Total** | **257728** | **11851458** | **702888** | **10860818** |

---

The total financial assets recognized in the consolidated statement of financial position that had been pledged as collateral for liabilities as of September 30, 2025 and December 31, 2024 are show in the table above.

The Bank manages market risk by considering the consolidated financial situation of the Bank.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Market risk** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i.Interest rate risk*

The table below details the Bank's exposure based on interest rate repricing/maturity date for the notional amount of the interest bearing financial assets and liabilities on interest-bearing financial assets and liabilities:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Up to 3 <br>months** | **3 to 6 <br>months** | **6 months to <br>1 year** | **1 to 5 years** | **More than 5 <br>years** | **Non interest <br>rate risk** | **Total** |
| **Assets** | | | | | | | |
| Cash and due from banks | 1947936 | 5000 |  |  |  | 5183 | 1958119 |
| Securities - principal | 202457 | 116563 | 144304 | 887922 | 62721 |  | 1413967 |
| Loans - principal balance | 5948301 | 1410345 | 1064763 | 320077 | 4793 |  | 8748279 |
| **Total** | **8098694** | **1531908** | **1209067** | **1207999** | **67514** | **5183** | **12120365** |
| **Liabilities** |  |  |  |  |  |  |  |
| Demand deposits and time deposits | (5717478) | (609861) | (270993) | (234341) |  | (2860) | (6835533) |
| Securities sold under repurchase agreements | (139401) |  |  |  |  |  | (139401) |
| Borrowings and debt | (2180473) | (706080) | (224951) | (285795) |  |  | (3397299) |
| **Total** | **(8037352)** | **(1315941)** | **(495944)** | **(520136)** | **—** | **(2860)** | **(10372233)** |
| Net effect of derivative financial instruments held |  |  |  |  |  |  |  |
| for interest risk management | 9516 | 760 | 62 | (4106) |  |  | 6232 |
| **Total interest rate sensitivity** | **70858** | **216727** | **713185** | **683757** | **67514** | **2323** | **1754364** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Up to 3 <br>months** | **3 to 6 <br>months** | **6 months to <br>1 year** | **1 to 5 years** | **More than 5 <br>years** | **Non interest <br>rate risk** | **Total** |
| **Assets** | | | | | | | |
| Cash and due from banks | 1940840 | 5000 | 15000 |  |  | 2998 | 1963838 |
| Securities - principal | 83294 | 64955 | 104954 | 907612 | 28510 |  | 1189325 |
| Loans - principal balance | 5053040 | 2025688 | 1039106 | 248045 | 9293 |  | 8375172 |
| **Total** | **7077174** | **2095643** | **1159060** | **1155657** | **37803** | **2998** | **11528335** |
| **Liabilities** |  |  |  |  |  |  |  |
| Demand deposits and time deposits | (4404015) | (645546) | (336377) | (24130) |  | (2656) | (5412724) |
| Securities sold under repurchase agreements | (133898) |  | (58636) | (20397) |  |  | (212931) |
| Borrowings and debt | (2932280) | (801575) | (460355) | (158106) |  |  | (4352316) |
| **Total** | **(7470193)** | **(1447121)** | **(855368)** | **(202633)** | **—** | **(2656)** | **(9977971)** |
| Net effect of derivative financial instruments held |  |  |  |  |  |  |  |
| for interest risk management | (8159) | 9414 | (242) | (119018) | (1385) |  | (119390) |
| **Total interest rate sensitivity** | **(401178)** | **657936** | **303450** | **834006** | **36418** | **342** | **1430974** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Market risk (continued)**

Interest rate risk management is complemented by monitoring the sensitivity of the Bank´s financial assets and liabilities, considering several standard interest rate scenarios. The standard scenarios considered monthly include a parallel decline or increase of 50bps, 100bps, and 200 bps across all yield curves, which are evaluated based on market behavior.

The Bank performs a sensitivity analysis of the most likely increase or decrease in market interest rates at the reporting date, assuming non-asymmetric movements in the yield curves and a constant financial situation to assess the effect on profit or loss.

Interest rate sensitivity analysis affect reported equity in the following ways:

-&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings: increases or decreases in net interest income and in fair values of derivatives reported in profit or loss;

-&nbsp;&nbsp;&nbsp;&nbsp;Fair value reserve: increases or decreases in fair values of financial assets at FVOCI reported directly in equity; and

-&nbsp;&nbsp;&nbsp;&nbsp;Hedging reserve: increases or decreases in fair values of hedging instruments designated in qualifying cash flow hedge relationships.

This sensitivity provides an analysis of changes in interest rates, considering the previous year´s interest rate volatility.

Additionally, the Bank measures the sensitivity of the equity value (EVE) following the methodology described by the Basel Committee on Banking Supervision, which measures the interest rate risk embedded in the equity value, which for interest rate risk purposes is defined as the difference between the net present value of assets less the net present value of liabilities due, based on the impact of a change in interest rates on such present values.

The following table presents the sensitivity analysis performed for the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Change in<br>interest rate** | **Effect on<br>profit or loss** | **Effect on<br>equity** | **Effect on equity value (EVE)** |
| **September 30, 2025** | +50 bps | 1291 | 2641 | (12167) |
|  | -50 bps | (1499) | (2695) | 12321 |
| **December 31, 2024** | +50 bps | 343 | 9586 | (14709) |
|  | -50 bps | (668) | (9770) | 14714 |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**3. Financial risk review (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Market risk (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii. &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange risk*

The following table presents the maximum exposure amount in foreign currency of the Bank's carrying amount of total assets and liabilities, except for hedging relationships

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Brazilian <br>Real** | **European <br>Euro** | **Japanese <br>Yen** | **Colombian <br>Peso** | **Mexican <br>Peso** | **Other**<br>**Currencies**<sup>(1)</sup> | **Total** |
| **Exchange rate** | 5.32 | 1.17 | 147.82 | 3921.57 | 18.33 |  |  |
| **Assets** |  |  |  |  |  |  |  |
| Cash and due from banks | 187 | 338 | 9 | 79 | 1550 | 16 | 2179 |
| Loans |  | 29091 |  |  | 445981 |  | 475072 |
| **Total** | **187** | **29429** | **9** | **79** | **447531** | **16** | **477251** |
| **Liabilities** |  |  |  |  |  |  |  |
| Deposits |  |  |  |  |  |  |  |
| Borrowings and debt |  | (29091) |  |  | (447839) |  | (476930) |
| **Total** | **—** | **(29091)** | **—** | **—** | **(447839)** | **—** | **(476930)** |
| **Net currency position** | **187** | **338** | **9** | **79** | **(308)** | **16** | **321** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Brazilian <br>Real** | **European Euro** | **Japanese <br>Yen** | **Colombian <br>Peso** | **Mexican <br>Peso** | **Other**<br>**Currencies**<sup>(1)</sup> | **Total** |
| **Exchange rate** | 6.17 | 1.04 | 157.28 | 4405.29 | 20.89 |  |  |
| **Assets** |  |  |  |  |  |  |  |
| Cash and due from banks | 110 | 242 | 1 | 34 | 1210 | 19 | 1616 |
| Loans |  | 25886 |  |  | 310630 |  | 336516 |
| **Total** | **110** | **26128** | **1** | **34** | **311840** | **19** | **338132** |
| **Liabilities** |  |  |  |  |  |  |  |
| Borrowings and debt |  | (25748) |  |  | (311562) |  | (337310) |
| **Total** | **—** | **(25748)** | **—** | **—** | **(311562)** | **—** | **(337310)** |
| **Net currency position** | **110** | **380** | **1** | **34** | **278** | **19** | **822** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound, Costa Rican colones and Peruvian soles.

.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**4. Fair value of financial instruments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Recurring fair value measurements**

Financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial position using the fair value hierarchy are described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Securities and other financial assets: |  |  |  |  |
| Securities at FVOCI - Corporate debt |  | 91821 |  | 91821 |
| Loans at FVOCI |  | 38928 |  | 38928 |
| Total securities and other financial assets |  | 130749 |  | 130749 |
| Derivative financial instruments - assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 1077 |  | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange forwards |  | 2 |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;For hedging |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 23983 |  | 23983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps |  | 39828 |  | 39828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange forwards |  | 999 |  | 999 |
| Total derivative financial instrument assets |  | 65889 |  | 65889 |
| **Total assets at fair value** | **—** | **196638** | **—** | **196638** |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For trading |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | (406) |  | (406) |
| &nbsp;&nbsp;&nbsp;&nbsp;For hedging |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | (4444) |  | (4444) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps |  | (53135) |  | (53135) |
| Foreign exchange forwards |  | (129) |  | (129) |
| Total derivative financial instruments - liabilities |  | (58114) |  | (58114) |
| **Total liabilities at fair value** | **—** | **(58114)** | **—** | **(58114)** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**4. Fair value of financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Recurring fair value measurements (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Securities and other financial assets: |  |  |  |  |
| Securities at FVOCI - Corporate debt |  | 98748 |  | 98748 |
| Total securities and other financial assets |  | 98748 |  | 98748 |
| Derivative financial instruments - assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For hedging |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 10805 |  | 10805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps |  | 11510 |  | 11510 |
| Total derivative financial instrument assets |  | 22315 |  | 22315 |
| **Total assets at fair value** | **—** | **121063** | **—** | **121063** |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For hedging |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 2667 |  | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps |  | 139038 |  | 139038 |
| Total derivative financial instruments - liabilities |  | 141705 |  | 141705 |
| **Total liabilities at fair value** | **—** | **141705** | **—** | **141705** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**4. Fair value of financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Non-recurring fair value measurements**

The following table provides information on the carrying value and the estimated fair value of the Bank's financial instruments that are not measured at fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Carrying<br>value** | **Fair <br>value** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | | |
| Cash and deposits in banks | 1959783 | 1959783 |  | 1959783 |  |
| Securities at amortized cost <sup>(1)</sup> | 1334699 | 1350533 |  | 1350533 |  |
| Loans at amortized cost <sup>(2)</sup> | 8687354 | 8902875 |  | 8902875 |  |
| Customers' liabilities under acceptances | 260173 | 260173 |  | 260173 |  |
| **Liabilities** |  |  |  |  |  |
| Deposits | 6879709 | 6879709 |  | 6879709 |  |
| Securities sold under repurchase agreements | 139401 | 139401 |  | 139401 |  |
| Borrowings and debt, net | 3397299 | 3477476 |  | 3477476 |  |
| Acceptances outstanding | 260173 | 260173 |  | 260173 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying<br>amount** | **Fair <br>value** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | | | |
| Cash and deposits in banks | 1965145 | 1965145 |  | 1965145 |  |
| Securities at amortized cost <sup>(1)</sup> | 1102444 | 1102386 |  | 1102386 |  |
| Loans at amortized cost <sup>(2)</sup> | 8383829 | 8573655 |  | 8573655 |  |
| Customers' liabilities under acceptances | 245065 | 245065 |  | 245065 |  |
| **Liabilities** |  |  |  |  |  |
| Deposits | 5461901 | 5461901 |  | 5461901 |  |
| Securities sold under repurchase agreements | 212931 | 212931 |  | 212931 |  |
| Borrowings and debt, net | 4352316 | 4421770 |  | 4421770 |  |
| Acceptances outstanding | 245065 | 245065 |  | 245065 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>The carrying value of securities at amortized cost is net of accrued interest receivable of $12.5 million and the allowance for expected credit losses of $1.1 millions as of September 30, 2025 (accrued interest receivable of $13.2 millions and the allowance for expected credit losses of $1.3 millions as of December 31, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>The carrying value of loans at amortized cost is net of accrued interest receivable of $95.1 million , the allowance for expected credit losses of $86.6 millions and unearned interest and deferred fees of $31 millions as of September 30, 2025 (accrued interest receivable of $117.9 millions, the allowance for expected credit losses of $78.2 millions and unearned interest and deferred fees of $31.1 millions as of December 31, 2024).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**5. Cash and due from banks**

The following table presents the details of interest-bearing deposits in banks and restricted deposits:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31, 2024** |
| Demand deposits <sup>(1)</sup> | 1860128 | 1694931 |
| Time deposits under three months | 25000 | 125000 |
| **Total cash and cash equivalent** | **1885128** | **1819931** |
| &nbsp;&nbsp;Time deposits with original maturity over 90 days and other restricted deposits <sup>(2)</sup> | 72991 | 143907 |
| &nbsp;&nbsp;**Total cash and due from bank** | **1958119** | **1963838** |
| Interest receivable deposits | 1724 | 1307 |
| Less: Allowance for credit losses | (60) |  |
| **Total cash and due from banks, net** | **1959783** | **1965145** |

---

The following table presents the pledged and restricted deposits classified by country risk:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Country:** | | |
| Chile | 25000 | 20000 |
| Germany | 13513 | 29263 |
| Japan | 11960 | 18120 |
| Panama | 1600 | 1600 |
| Spain |  | 10300 |
| United Kingdom | 831 | 254 |
| United States of America | 20087 | 64370 |
| **Total** | **72991** | **143907** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Demand deposits includes $1,833 million (December 31, 2024: $1,021 million) at Federal Reserve of United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> As a September 30, 2025 includes restricted deposit of $25 million (December 31, 2024: $25 million) with the New York State Department of Financial Services under March 1994 legislation and margin call deposits collateralizing derivative financial instrument transactions.

The following table shows cash and deposits in local and foreign banks, based on the ratings assigned by the rating agencies:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Credit rating:** | | |
| Aaa-Aa3 | 1839542 | 1418861 |
| A1-A3 | 87519 | 414903 |
| Baa1-Baa3 | 30132 | 129362 |
| Ba1-Ba3 | 247 | 110 |
| B1-B3 |  | 5 |
| No rating | 679 | 597 |
|  | **1958119** | **1963838** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**6. Investment securities**

Securities are presented as follows:

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025** | **Amortized cost** | **FVOCI** <sup>(1)</sup>  | **Total** |
| Principal | 1323332 | 90635 | 1413967 |
| Interest receivable | 12474 | 1186 | 13660 |
| **Gross amount** | **1335806** | **91821** | **1427627** |
| Allowance <sup>(1)</sup> | (1107) |  | (1107) |
| **Total** | **1334699** | **91821** | **1426520** |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Amortized cost** | **FVOCI** <sup>(1)</sup>  | **Total** |
| Principal | 1090577 | 98748 | 1189325 |
| Interest receivable | 13178 | 738 | 13916 |
| **Gross amount** | **1103755** | **99486** | **1203241** |
| Allowance <sup>(1)</sup> | (1311) |  | (1311) |
| **Total** | **1102444** | **99486** | **1201930** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>As of September 30, 2025 and December 31, 2024, the loss allowance for losses for securities at FVOCI for $84 thousand and $23 thousand, respectively are included in equity in the consolidated statement of financial position in the line Other comprehensive income.

Securities by contractual maturity are shown in the following table:

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025** | **Amortized cost** | **FVOCI** | **Total** |
| Due within 1 year | 267286 | 35903 | 303189 |
| After 1 to 5 years | 1034678 | 13378 | 1048056 |
| After 5 to 10 years | 21368 | 41354 | **62722** |
| **Balance - principal** | **1323332** | **90635** | **1413967** |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Amortized cost** | **FVOCI** | **Total** |
| Due within 1 year | 223174 | 30029 | 253203 |
| After 1 to 5 years | 838893 | 68719 | 907612 |
| After 5 to 10 years | 28510 | **—** | **28510** |
| **Balance - principal** | **1090577** | **98748** | **1189325** |

---

The following table includes the securities pledged to secure repurchase transactions (see note 13):

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Securities pledged to secure repurchase transactions | 163802 | 239046 |
| Securities sold under repurchase agreements | (139401) | (212931) |

---

As of September 30, 2025, sales were made for $19.9 millions of investments with a significant increase in their credit risk. These sales resulted in write-off against reserves of $47 thousands and losses on sale of $541 thousands attributable to market risk. During the period 2024, no sales of instrument classified at amortized cost were made.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**7. Loans** 

The following table presents the loan portfolio according to its classification and subsequent measurement:

---

| | | | |
|:---|:---|:---|:---|
| **September 30, 2025** | **Amortized cost** | **FVOCI** <sup>(1)</sup>  | **Total** |
| Loans - principal balance | 8709936 | 38343 | 8748279 |
| Interest receivable | 95102 | 603 | 95705 |
| Unearned interest and deferred fees | (31047) | (18) | (31065) |
| **Gross balance** | **8773991** | **38928** | **8812919** |
| Loss allowances | (86637) | **—** | (86637) |
| **Loans, net** | **8687354** | **38928** | **8726282** |

---

---

| | | | |
|:---|:---|:---|:---|
| **December 31, 2024** | **Amortized cost** | **FVOCI** <sup>(1)</sup>  | **Total** |
| Loans - principal balance | 8375172 |  | 8375172 |
| Interest receivable | 117931 |  | 117931 |
| Unearned interest and deferred fees | (31116) |  | (31116) |
| **Gross balance** | **8461987** | **—** | **8461987** |
| Loss allowances | (78158) |  | (78158) |
| **Loans, net** | **8383829** | **—** | **8383829** |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>As of September 30, 2025, the loss allowance for losses for loans at FVOCI for $338 thousand are included in equity in the consolidated statement of financial position in the line Other comprehensive income.

As of September 30, 2025, the Bank sold loans measured at FVTPL for $126 million, realizing a gain of $1.5 million; $50 million measured at FVOCI, realizing a gain of $638 thousand; and $15 million measured at amortized cost with a gain of $105 thousand, all recognized under the line item Gain on financial instruments, net.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fixed and floating interest rate distribution of the loan portfolio is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Fixed interest rate | 5108299 | 4932569 |
| Floating interest rates | 3704620 | 3529418 |
| **Total** | **8812919** | **8461987** |

---

As of September 30, 2025, 72% (December 31, 2024 :75%) of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. Interest rates on loans ranges from 3.80% to 16.28% (December 31, 2024:4.63% to16.28%).

The following table details information relating to loans granted to class A and B shareholders:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Class A and B shareholder loans | 630026 | 556000 |
| % Loans to class A and B shareholders over total loan portfolio | 7% | 7% |
| % Class A and B stockholders with loans over number of class A and B stockholders | 10% | 13% |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**8. Loan commitments and financial guarantee contracts** 

The Bank's outstanding loan commitments and financial guarantee contracts are as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Documentary letters of credit | 318825 | 536350 |
| Stand-by letters of credit and guarantees - commercial risk | 781023 | 520285 |
| Commitments loans | 723402 | 348223 |
| Commitments letter of credit | 40598 | 9522 |
| **Total** | **1863848** | **1414380** |

---

The remaining maturity profile of the Bank's outstanding loan commitments and financial guarantee contracts is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Up to 1 year | 1212970 | 1160323 |
| From 1 to 2 years | 324440 | 145127 |
| Over 2 to 5 years | 292868 | 100643 |
| More than 5 years | 33570 | 8287 |
| **Total** | **1863848** | **1414380** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**9. Gain on financial instruments, net**

The amounts that were recognized in the consolidated statement of profit or loss related to the results of financial instruments are detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| (Loss) gain on derivative financial instruments and foreign currency exchange, net | (552) | 198 | 2693 | 7 |
| Unrealized gain on financial instruments at FVTPL | 671 |  | 671 |  |
| Realized (loss) gain on financial instruments at FVTPL | (602) | 51 | (602) | 51 |
| Loss on sale of financial instruments at amortized cost |  |  | (436) |  |
| Gain on sale of financial instruments at FVTPL | 405 | 68 | 1500 | 68 |
| Gain on sale of financial instruments at FVOCI | 960 |  | 1201 |  |
| Others |  | 11 |  | 11 |
| **Total** | **882** | **328** | **5027** | **137** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Trading derivative financial instruments**

The following table details quantitative information on the notional amount and carrying amount of trading derivative instruments:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Notional**<br>**amount**  | **Carrying amount of trading derivative** | **Carrying amount of trading derivative** |
| | **Notional**<br>**amount**  | **Asset** | **Liability** |
| Interest Rate Swap | 286716 | 1077 | (406) |
| Forward contract | 2995 | 2 |  |
|  | **289711** | **1079** | **(406)** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Forward contract** | **Interest rate swap** | **Total** |
| Up to 1 year | 2995 |  | 2995 |
| Over 2 to 5 years |  | 36716 | 36716 |
| More than 5 years |  | 250000 | 250000 |
| **Total** | **2995** | **286716** | **289711** |

---

As of December 31, 2024, the entity did not hold any trading derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Hedging derivative financial instruments**

The following table details quantitative information on the notional amounts and carrying amounts of the derivative instruments used for hedging by type of risk hedged and type of hedge:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Notional**<br>**amount** <sup>(2)</sup> | **Carrying amount of hedging <br>instruments** | **Carrying amount of hedging <br>instruments** |
| | **Notional**<br>**amount** <sup>(2)</sup> | **Asset** <sup>(1)</sup> | **Liability** <sup>(1)</sup> |
| **Interest rate risk** | | | |
| Fair value hedges | 1220365 | 23983 | (4444) |
| **Interest rate and foreign exchange risk** |  |  |  |
| Fair value hedges | 198832 | 9377 | (3899) |
| Cash flow hedges | 1160159 | 30451 | (49236) |
| **Foreign exchange risk** |  |  |  |
| Cash flow hedges | 54885 | 999 | (129) |
|  | **2634241** | **64810** | **(57708)** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional**<br>**amount** <sup>(2)</sup> | **Carrying amount of hedging <br>instruments** | **Carrying amount of hedging <br>instruments** |
| | **Notional**<br>**amount** <sup>(2)</sup> | **Asset** <sup>(1)</sup> | **Liability** <sup>(1)</sup> |
| **Interest rate risk** | | | |
| Fair value hedges | 1132827 | 10805 | (2667) |
| **Interest rate and foreign exchange risk** |  |  |  |
| Fair value hedges | 186288 |  | (13196) |
| Cash flow hedges | 1205427 | 11510 | (125842) |
|  | **2524542** | **22315** | **(141705)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>At September 30, 2025 the notional amounts of derivative financial instruments include $1,234.5 million ($639.6 million at December 31, 2024) of interest rate swaps and cross currency interest rate swaps, which were designated in aggregate exposure hedges hedging underlying assets totaling $525.8 million ($307.8 million at December 31, 2024).

**Fair value hedges**

The following table details the notional amounts and carrying amounts of derivative instruments used in fair value hedges by type of risk and hedged item, along with the changes during the years used to determine and recognize the ineffectiveness of the hedge:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Notional amount** | **Carrying amount of<br>hedging instruments** | **Carrying amount of<br>hedging instruments** | **Changes in fair**<br>**value used to**<br>**calculate hedge**<br>**ineffectiveness** <sup>(2)</sup> | **Ineffectiveness**<br>**recognized in**<br>**profit or loss** <sup>(2)</sup> |
| | **Notional amount** | **Asset** <sup>(1)</sup> | **Liability** <sup>(1)</sup> | **Changes in fair**<br>**value used to**<br>**calculate hedge**<br>**ineffectiveness** <sup>(2)</sup> | **Ineffectiveness**<br>**recognized in**<br>**profit or loss** <sup>(2)</sup> |
| **Interest rate risk** | | | | | |
| Loans | 25000 |  | (702) | (714) | (46) |
| Securities at amortized cost | 162100 |  | (3649) | (3136) | 502 |
| Deposits | 65000 | 203 |  | 386 | (4) |
| Repurchase agreements | 60485 | 648 | (44) | 44 | (62) |
| Borrowings and debt | 907780 | 23132 | (49) | 15673 | 401 |
| **Interest rate and foreign exchange risk** |  |  |  |  |  |
| Loans | 12545 |  | (581) | (462) | 92 |
| Borrowings and debt | 186287 | 9377 | (3318) | 20574 | (430) |
| **Total** | **1419197** | **33360** | **(8343)** | **32365** | **453** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional amount** | **Carrying amount of<br>hedging instruments** | **Carrying amount of<br>hedging instruments** | **Changes in fair**<br>**value used to**<br>**calculate hedge**<br>**ineffectiveness** <sup>(2)</sup> | **Ineffectiveness**<br>**recognized in**<br>**profit or loss** <sup>(2)</sup> |
| | **Notional amount** | **Asset** <sup>(1)</sup> | **Liability** <sup>(1)</sup> | **Changes in fair**<br>**value used to**<br>**calculate hedge**<br>**ineffectiveness** <sup>(2)</sup> | **Ineffectiveness**<br>**recognized in**<br>**profit or loss** <sup>(2)</sup> |
| **Interest rate risk** | | | | | |
| Deposits | 131000 | 1235 | (164) | (127) | (142) |
| Repurchase agreements | 68985 | 210 | (592) | 71 | 14 |
| Borrowings and debt | 932842 | 9360 | (1911) | (5911) | (516) |
| **Interest rate and foreign exchange risk** |  |  |  |  |  |
| Borrowings and debt | 186288 |  | (13196) | (28571) | 1074 |
| **Total** | **1319115** | **10805** | **(15863)** | **(34538)** | **430** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup>Included in the consolidated statement of profit or loss under the line Gain on financial instruments, net.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

The following table details the notional amounts and carrying amounts of the fair value hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Carrying amount of<br>hedged items** | **Carrying amount of<br>hedged items** | **Line in the consolidated<br>statement of financial<br>position that includes the<br>carrying amount of the<br>hedged items** | **Accumulated amount of<br>fair value hedge<br>adjustments included in<br>the carrying amount of the<br>hedged items** | **Change in fair value of**<br>**the hedged items used**<br>**to calculate hedge**<br>**ineffectiveness** <sup>(1)</sup> |
| | **Asset** | **Liability** | **Line in the consolidated<br>statement of financial<br>position that includes the<br>carrying amount of the<br>hedged items** | **Accumulated amount of<br>fair value hedge<br>adjustments included in<br>the carrying amount of the<br>hedged items** | **Change in fair value of**<br>**the hedged items used**<br>**to calculate hedge**<br>**ineffectiveness** <sup>(1)</sup> |
| **Interest rate risk** | | | | | |
| Loans | 26000 |  | Loans, net | 668 | 668 |
| Securities at amortized cost | 165130 |  | Securities, net | 3638 | 3638 |
| Deposits |  | (66321) | Demand deposits | (269) | (390) |
| Repurchase agreements |  | (61314) | Securities sold under repurchase agreements | (565) | (106) |
| Borrowings and debt |  | (295416) | Borrowings and debt, net | (11061) | (15272) |
| **Interest rate and foreign exchange risk** |  |  |  |  |  |
| Loans | 12762 |  | Loans, net | 554 | 554 |
| Borrowings and debt |  | (193078) | Borrowings and debt, net | (6688) | (21004) |
| **Total** | **203892** | **(616129)** |  | **(13723)** | **(31912)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying amount of<br>hedged items** | **Carrying amount of<br>hedged items** | **Line in the consolidated<br>statement of financial<br>position that includes the<br>carrying amount of the<br>hedged items** | **Accumulated amount of<br>fair value hedge<br>adjustments included in<br>the carrying amount of the<br>hedged items** | **Change in fair value of**<br>**the hedged items used**<br>**to calculate hedge**<br>**ineffectiveness** <sup>(1)</sup> |
| | **Asset** | **Liability** | **Line in the consolidated<br>statement of financial<br>position that includes the<br>carrying amount of the<br>hedged items** | **Accumulated amount of<br>fair value hedge<br>adjustments included in<br>the carrying amount of the<br>hedged items** | **Change in fair value of**<br>**the hedged items used**<br>**to calculate hedge**<br>**ineffectiveness** <sup>(1)</sup> |
| **Interest rate risk** | | | | | |
| Deposits |  | (132667) | Demand deposits | (26) | (15) |
| Repurchase agreements |  | (69443) | Securities sold under repurchase agreements | (57) | (57) |
| Borrowings and debt |  | (319174) | Borrowings and debt, net | 3860 | 5395 |
| **Interest rate and foreign exchange risk** |  |  |  |  |  |
| Borrowings and debt |  | (173469) | Borrowings and debt, net | 14316 | 29645 |
| **Total** |  | **(694753)** |  | **18093** | **34968** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Included in the consolidated statement of profit or loss under the line Gain on financial instruments, net.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

The following table details the maturity of the notional amount for the derivative instruments used in fair value hedges:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Interest <br>rate <br>swaps** | **Cross currency swaps** | **Total** |
| Up to 1 year | 319769 |  | 319769 |
| From 1 to 2 years | 346093 | 142058 | 488151 |
| Over 2 to 5 years | 525235 | 46649 | 571884 |
| More than 5 years | 29268 | 10125 | 39393 |
| **Total** | **1220365** | **198832** | **1419197** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Interest <br>rate <br>swaps** | **Cross currency swaps** | **Total** |
| Up to 1 year | 115263 |  | 115263 |
| From 1 to 2 years | 383268 | 19882 | 403150 |
| Over 2 to 5 years | 605028 | 156281 | 761309 |
| More than 5 years | 29268 | 10125 | 39393 |
| **Total** | **1132827** | **186288** | **1319115** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in fair value hedges:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | **Current** | **Overdue** | **Total** | **Current** | **Overdue** | **Total** |
| **Ineffectiveness recognized in profit or loss** | | | | | | |
| **Interest rate risk** | | | | | | |
| Loans | 3 |  | 3 | (46) |  | (46) |
| Securities at amortized cost | 75 |  | 75 | 502 |  | 502 |
| Deposits | (7) |  | (7) | (4) |  | (4) |
| Repurchase agreements | (57) |  | (57) | (62) | (28) | (90) |
| Borrowings and debt | 8 |  | 8 | 401 | 144 | 545 |
| **Interest rate and foreign exchange risk** |  |  |  |  |  |  |
| Loans | (152) |  | (152) | 92 |  | 92 |
| Borrowings and debt | (509) |  | (509) | (430) |  | (430) |
| **Total** | **(639)** | **—** | **(639)** | **453** | **116** | **569** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| | **Current** | **Overdue** | **Total** | **Current** | **Overdue** | **Total** |
| **Ineffectiveness recognized in profit or loss** | | | | | | |
| **Interest rate risk** | | | | | | |
| Loans | (3) | (26) | (29) |  | (26) | (26) |
| Securities at amortized cost |  |  |  |  | (82) | (82) |
| Deposits | (40) |  | (40) | (40) | (1) | (41) |
| Repurchase agreements | (86) |  | (86) | (91) |  | (91) |
| Borrowings and debt | (771) |  | (771) | (344) | 4 | (340) |
| **Interest rate and foreign exchange risk** |  |  |  |  |  |  |
| Loans | (1) | 29 | 28 |  | 29 | 29 |
| Borrowings and debt | 721 | 1 | 722 | 630 | 72 | 702 |
| **Total** | **(180)** | **4** | **(176)** | **155** | **(4)** | **151** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

**Cash flow hedges**

The following table details the notional amounts and carrying amounts of derivative instruments used in cash flow hedges by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | | **Carrying amount of <br>hedging instruments** | **Carrying amount of <br>hedging instruments** | **Change in fair <br>value used for <br>calculating <br>hedge<br>ineffectiveness** | **Changes in the** <br>**fair value of the** <br>**hedging** <br>**instruments** <br>**recognized in**<br>**OCI** <sup>(2)</sup> | **Ineffectiveness** <br>**recognized in** <br>**profit or loss** <sup>(3)</sup> | **Amount** <br>**reclassified** <br>**from the hedge** <br>**reserve to profit**<br>**or loss** <sup>(4)</sup> |
| |<br>**Nominal<br>amount** | **Asset** <sup>(1)</sup> | **Liability** <sup>(1)</sup> | **Change in fair <br>value used for <br>calculating <br>hedge<br>ineffectiveness** | **Changes in the** <br>**fair value of the** <br>**hedging** <br>**instruments** <br>**recognized in**<br>**OCI** <sup>(2)</sup> | **Ineffectiveness** <br>**recognized in** <br>**profit or loss** <sup>(3)</sup> | **Amount** <br>**reclassified** <br>**from the hedge** <br>**reserve to profit**<br>**or loss** <sup>(4)</sup> |
| **Interest rate and foreign exchange risk** | | | | | | | |
| Loans | 29477 | 537 | (1106) | (1513) | (1513) |  | (44) |
| Borrowings and debt | 1130682 | 29914 | (48130) | 94602 | 95300 | 698 | (468) |
| **Foreign exchange risk** |  |  |  |  |  |  |  |
| Loans | 11807 |  | (129) | (129) | (129) |  | (286) |
| Deposits |  |  |  |  |  |  | 3 |
| Borrowings and debt | 43078 | 999 |  |  | (1) | (1) |  |
| **Total** | **1215044** | **31450** | **(49365)** | **92960** | **93657** | **697** | **(795)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | | **Carrying amount of <br>hedging instruments** | **Carrying amount of <br>hedging instruments** | **Change in fair <br>value used for <br>calculating <br>hedge<br>ineffectiveness** | **Changes in the** <br>**fair value of the** <br>**hedging** <br>**instruments** <br>**recognized in**<br>**OCI** <sup>(2)</sup> | **Ineffectiveness** <br>**recognized in** <br>**profit or loss** <sup>(3)</sup> | **Amount** <br>**reclassified** <br>**from the hedge** <br>**reserve to profit**<br>**or loss** <sup>(4)</sup> |
| |<br>**Nominal<br>amount** | **Asset** <sup>(1)</sup> | **Liability** <sup>(1)</sup> | **Change in fair <br>value used for <br>calculating <br>hedge<br>ineffectiveness** | **Changes in the** <br>**fair value of the** <br>**hedging** <br>**instruments** <br>**recognized in**<br>**OCI** <sup>(2)</sup> | **Ineffectiveness** <br>**recognized in** <br>**profit or loss** <sup>(3)</sup> | **Amount** <br>**reclassified** <br>**from the hedge** <br>**reserve to profit**<br>**or loss** <sup>(4)</sup> |
| **Interest rate and foreign exchange risk** | | | | | | | |
| Loans | 19509 | 1372 |  | 1256 | 1258 | 2 | 24 |
| Borrowings and debt | 1185918 | 10138 | (125842) | (163797) | (164418) | (621) | 99 |
| **Total** | **1205427** | **11510** | **(125842)** | **(162541)** | **(163160)** | **(619)** | **123** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Included in the consolidated statement of financial position under the line Hedging derivative financial instruments - assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Included in equity in the consolidated statement of financial position under the line Other comprehensive income (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Hedge ineffectiveness attributable to matured hedges included in the consolidated statement of profit or loss in the line Gain on financial instruments, net.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Hedging reserve attributable to expired hedges reclassified to the consolidated statement of profit or loss in the line Gain on financial instruments, net.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

The following table details the carrying amounts of the cash flow hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Carrying amount of <br>hedged items** | **Carrying amount of <br>hedged items** | **Line in the consolidated <br>statement of financial <br>position that includes <br>the carrying amount of<br>the hedged items** | **Change in the fair value** <br>**of the hedged items used** <br>**to calculate the hedge**<br>**ineffectiveness** <sup>(1)</sup> | **Cash flow<br>hedge reserve** |
| | **Asset** | **Liability** | **Line in the consolidated <br>statement of financial <br>position that includes <br>the carrying amount of<br>the hedged items** | **Change in the fair value** <br>**of the hedged items used** <br>**to calculate the hedge**<br>**ineffectiveness** <sup>(1)</sup> | **Cash flow<br>hedge reserve** |
| **Interest rate risk** | | | | | |
| Borrowings and debt |  |  | Borrowings and debt, net |  | (7388) |
| **Interest rate and foreign exchange risk** |  |  |  |  |  |
| Loans | 20966 |  | Loans, net | 1513 | 95 |
| Borrowings and debt |  | (1137940) | Borrowings and debt, net | (94602) | 4506 |
| **Foreign exchange risk** |  |  |  |  |  |
| Loans | 11870 |  | Loans, net | 129 | (116) |
| Borrowings and debt |  | (43879) | Borrowings and debt, net |  | (127) |
| **Total** | **32836** | **(1181819)** |  | **(92960)** | **(3030)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying amount of <br>hedged items** | **Carrying amount of <br>hedged items** | **Line in the consolidated <br>statement of financial <br>position that includes <br>the carrying amount of<br>the hedged items** | **Change in the fair value** <br>**of the hedged items used** <br>**to calculate the hedge**<br>**ineffectiveness** <sup>(1)</sup> | **Cash flow<br>hedge reserve** |
| | **Asset** | **Liability** | **Line in the consolidated <br>statement of financial <br>position that includes <br>the carrying amount of<br>the hedged items** | **Change in the fair value** <br>**of the hedged items used** <br>**to calculate the hedge**<br>**ineffectiveness** <sup>(1)</sup> | **Cash flow<br>hedge reserve** |
| **Interest rate and foreign exchange risk** | | | | | |
| Loans | 19964 |  | Loans, net | (1256) | 37 |
| Borrowings and debt |  | (1087247) | Borrowings and debt, net | 163797 | (895) |
| **Total** | **19964** | **(1087247)** |  | **162541** | **(858)** |

---

The following table details the maturity of the derivative instruments used in cash flow hedges:

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Foreign exchange forward contract** | **Cross currency swaps** | **Total** |
| Up to 1 year | 54885 | 491040 | 545925 |
| From 1 to 2 years |  | 114199 | 114199 |
| Over 2 to 5 years |  | 525652 | 525652 |
| More than 5 years |  | 29268 | 29268 |
| **Total** | **54885** | **1160159** | **1215044** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**10. Derivative financial instruments (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Hedging derivative financial instruments (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Foreign exchange forward contract** | **Cross currency swaps** | **Total** |
| Up to 1 year |  | 454581 | 454581 |
| From 1 to 2 years |  | 303441 | 303441 |
| Over 2 to 5 years |  | 418137 | 418137 |
| More than 5 years |  | 29268 | 29268 |
| **Total** | **—** | **1205427** | **1205427** |

---

The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in cash flow hedges:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | **Current** | **Overdue** | **Total** | **Current** | **Overdue** | **Total** |
| **Ineffectiveness recognized in profit or loss** | | | | | | |
| **Interest rate and foreign exchange risk** | | | | | | |
| Loans |  | 1 | 1 |  | (44) | (44) |
| Borrowings and debt | (177) | (638) | (815) | 698 | (468) | 230 |
| **Foreign exchange risk** |  |  |  |  |  |  |
| Loans |  | (286) | (286) |  | (286) | (286) |
| Deposits |  | 44 | 44 |  | 3 | 3 |
| Borrowings and debt | (1) |  | (1) | (1) |  | (1) |
| **Total** | **(178)** | **(879)** | **(1057)** | **697** | **(795)** | **(98)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| | **Current** | **Overdue** | **Total** | **Current** | **Overdue** | **Total** |
| **Ineffectiveness recognized in profit or loss** | | | | | | |
| **Interest rate and foreign exchange risk** | | | | | | |
| Loans | 36 | 2 | 38 | 23 | 2 | 25 |
| Borrowings and debt | 53 | 94 | 147 | 62 | 107 | 169 |
| **Total** | **89** | **96** | **185** | **85** | **109** | **194** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**11. Other assets**

Following is a summary of other assets:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Accounts receivable | 12707 | 2996 |
| Prepaid expenses | 2684 | 3342 |
| Prepaid fees and commissions | 1049 | 468 |
| IT projects under development | 4330 | 5113 |
| Improvement project under development | 1569 | 709 |
| Severance fund | 2788 | 2508 |
| Other | 3587 | 1914 |
| **Total** | **28714** | **17050** |

---

During the period ended September 30, 2025, the Bank completed various technology development projects that had previously been recorded under Other assets. Upon completion and being available for use, such projects were reclassified to Equipment, leasehold improvements and leased property, net, and Intangible assets, for net amounts of $1.1 million and $7.6 million, respectively. These amounts primarily relate to projects associated with the development of technological applications.

**12. Customer deposits**

Following is a summary of customer deposits:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Demand deposits | 687762 | 440029 |
| Time deposits | 6147771 | 4972695 |
|  | **6835533** | **5412724** |
| Interest payable | 44176 | 49177 |
| **Total** | **6879709** | **5461901** |

---

The remaining and contractual maturity profile of the Bank's deposits, excluding interest payable, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Remaining term** | **Remaining term** | **Original contractual** | **Original contractual** |
| | **September 30,<br>2025** | **December 31,<br>2024** | **September 30,<br>2025** | **December 31,<br>2024** |
| Demand | 687762 | 440029 | 687762 | 440029 |
| Up to 1 month | 3466557 | 2797904 | 2212686 | 1793178 |
| From 1 to 3 months | 1505766 | 1162833 | 1139132 | 999506 |
| From 3 to 6 months | 609861 | 585542 | 1663710 | 1092876 |
| From 6 month to 1 year | 270994 | 342460 | 798767 | 901145 |
| From 1 to 2 years | 276797 | 73642 | 299147 | 158621 |
| From 2 to 5 years | 17796 | 10314 | 34329 | 27369 |
| **Total** | **6835533** | **5412724** | **6835533** | **5412724** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**12. Customer deposits (continued)**

The following table presents additional information regarding the Bank's deposits:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Aggregate amount of $100,000 or more | 6834874 | 5411881 |
| Aggregate amount of deposits in the New York Agency | 1571030 | 1581865 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest expense on deposits made in the New York Agency | 19665 | 23034 | 56386 | 66395 |

---

**13. Securities sold under repurchase agreements**

The following table details the financing under repurchase agreement:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Financing transactions under repurchase agreements | 139,401 | 212,931 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest expense on financing contracts under repurchase agreement | 1752 | 3119 | 7013 | 9275 |

---

Financing contracts under repurchase agreements generate interest range from 4.37% to 5.36% (December 31, 2024: 4.49% to 5.36%) with several maturities up to October 16, 2026.

As indicated in Note 6, as of September 30, 2025, the repurchase agreements were secured by investments classified as amortized cost by the amount of $164 millions (December 31, 2024: $239 millions).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**14. Borrowings and debt**

Some borrowing agreements include various events of default and covenants relating to minimum capital adequacy ratios, incurrence of additional liens, and asset sales, as well as other customary covenants, representations and warranties. As of September 30, 2025, the Bank was in compliance with all those covenants.

&nbsp;&nbsp;&nbsp;&nbsp; Carrying amount of borrowings and debt is detailed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Short-Term** | **Short-Term** | **Long-term** | **Long-term** | |
| | **Borrowings** | **Debt** | **Borrowings** | **Debt** |<br>**Total** |
| Principal | 1058654 | 1750 | 776149 | 1568085 | 3404638 |
| Transaction costs | (128) | (3) | (2486) | (4722) | (7339) |
|  | **1058526** | **1747** | **773663** | **1563363** | **3397299** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Short-Term** | **Short-Term** | **Long-term** | **Long-term** | |
| | **Borrowings** | **Debt** | **Borrowings** | **Debt** |<br>**Total** |
| Principal | 1652536 | 835 | 877842 | 1830751 | 4361964 |
| Transaction costs |  | (1) | (3764) | (5883) | (9648) |
|  | **1652536** | **834** | **874078** | **1824868** | **4352316** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**14. Borrowings and debt (continued)**

**Short-term borrowings and debt**

The breakdown of short-term (original maturity of less than one year) borrowings and debt, along with contractual interest rates, is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Short-term borrowings:** | | |
| At fixed interest rates | 1031101 | 1353048 |
| At floating interest rates | 27553 | 299488 |
| Principal | **1058654** | **1652536** |
| Less: Transaction costs | (128) |  |
| Total short-term borrowings, net | **1058526** | **1652536** |
| **Short-term debt:** |  |  |
| At fixed interest rates | 1750 | 835 |
| Principal | **1750** | **835** |
| Less: Transaction costs | (3) | (1) |
| Total short-term debt, net | **1747** | **834** |
| **Total short-term borrowings and debt** | **1060273** | **1653370** |
| Range of fixed interest rates on borrowings and debt in U.S. dollars | 4.21% to 4.88% | 4.50% to 5.87% |
| Range of floating interest rates on borrowings in U.S. dollars | —% | 5.13% to 5.24% |
| Range of fixed interest rates on borrowings in Mexican pesos | 8.28% to 9.34%  | 11.15% |
| Range of floating interest rates on borrowings and debt in Mexican pesos | 8.44% to 8.47% | 10.69% to 10.74% |
| Range of fixed interest rates on borrowings and debt in Euros | 2.63% to 2.70% | 3.39% to 3.87% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

The outstanding balances of short-term borrowings and debt by currency, excluding prepaid commissions, are as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| US dollar | 760149 | 1404689 |
| Mexican peso | 271164 | 172368 |
| Euros | 29091 | 76313 |
| **Total** | **1060404** | **1653370** |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**14. Borrowings and debt (continued)**

**Long-term borrowings and debt** 

The breakdown of long-term borrowings and debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions are as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Long-term borrowings:** | | |
| At fixed interest rates with due dates from December 2026 to December 2029 | 64071 | 60308 |
| At floating interest rates with due dates from March 2026 to September 2029 | 712078 | 817534 |
| Principal | 776149 | 877842 |
| Less: Transaction costs | (2486) | (3764) |
| Total long-term borrowings, net | **773663** | **874078** |
| **Long-term debt:** |  |  |
| At fixed interest rates with due dates from November 2025 to November 2034 | 723615 | 1293378 |
| At floating interest rates with due dates from February 2026 to November 2031 | 844470 | 537373 |
| Principal | 1568085 | 1830751 |
| Less: Prepaid commissions | (4722) | (5883) |
| Total long-term debt, net | **1563363** | **1824868** |
| **Total long-term borrowings and debt, net** | **2337026** | **2698946** |
| Range of fixed interest rates on borrowings and debt in U.S. dollars | 4.75% to 6.15% | 2.38% to 6.15% |
| Range of floating interest rates on borrowings and debt in U.S. dollars | 5.13% to 6.12% | <br>5.44% to 6.31% |
| Range of fixed interest rates on borrowings and debt in Mexican pesos | 6.50% to 10.78% | 6.50% to 10.78% |
| Range of floating interest rates on borrowings and debt in Mexican pesos | 8.21% to 9.06% | 10.62% to 11.52% |
| Range of fixed interest rates on debt in Japanese yens | 0.95% to 1.54% | 0.77% to 1.54% |
| Range of fixed interest rates on debt in Euros | 0.90% | 0.90% |
| Range of fixed interest rates on debt in Australian dollars | 6.81% | 6.81% |
| Range of fixed interest rates on debt in Sterling pounds | 1.50% | 1.50% |
| Range of fixed interest rates on debt in Peruvian sol | 7.00% | 7.00% |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**14. Borrowings and debt (continued)**

**Long-term borrowings and debt (continued)**

The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| US dollar | 804845 | 1355773 |
| Mexican peso | 1349493 | 1170304 |
| Japanese yen | 112776 | 112671 |
| Euro | 35226 | 31063 |
| Peruvian soles | 27086 | 25020 |
| Australian dollar | 9831 | 9133 |
| Sterling pound | 4977 | 4629 |
| **Carrying amount - principal** | **2344234** | **2708593** |

---

Future payments of long-term borrowings and debt outstanding as of September 30, 2025, are as follows:

---

| | |
|:---|:---|
| **Year** | **Outstanding** |
| 2025 | 11,742 |
| 2026 | 536,512 |
| 2027 | 887,029 |
| 2028 | 582,256 |
| 2029 | 265,128 |
| 2030 | 19,000 |
| 2031 | 32,736 |
| 2034 | 9,831 |
| **Carrying amount - principal** | **2,344,234** |

---

The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the condensed consolidated statement of cash flows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| **Balance as of January 1,** | **4352316** | **4351988** |
| Net decrease in short-term borrowings and debt | (609454) | (942934) |
| Proceeds from long-term borrowings and debt | 319580 | 891930 |
| Decrease of long-term borrowings and debt | (866901) | (526278) |
| Change in foreign currency rates | 188914 | (208484) |
| Fair value adjustment due to hedge accounting relationship | 10841 | 4656 |
| Other adjustments | 2003 | 526 |
| **Balance as of September 30,** | **3397299** | **3571404** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**15. Lease liabilities**

Maturity analysis of contractual undiscounted cash flows of the lease liabilities is detailed below:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Up to 1 year | 2081 | 1931 |
| From 1 to 5 years | 7753 | 8213 |
| After 5 to 10 years | 12711 | 13827 |
| **Total undiscounted lease liabilities** | **22545** | **23971** |
| Short-term | 1412 | 1217 |
| Long-term | 16965 | 18015 |
| **Total lease liabilities included in the condensed consolidated statement of financial position** | **18377** | **19232** |

---

Amounts recognized in the condensed consolidated statement of cash flows:

---

| | | |
|:---|:---|:---|
| | **September 30,** | **September 30,** |
| | **2025** | **2024** |
| Payments of lease liabilities | 852 | 854 |

---

Amounts recognized in condensed consolidated statement of profit or loss:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest on lease liabilities | (178) | (142) | (539) | (436) |

---

**16. Other liabilities**

Following is a summary of other liabilities:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Accruals and other accumulated expenses | 20210 | 31806 |
| Accounts payable | 10779 | 6236 |
| Unearned commissions | 17532 | 7305 |
| Others | 82 | 84 |
| **Total** | **48603** | **45431** |

---

**17. Other equity instruments, net**

During September 2025, the Bank issued an AT1 capital instrument in the form of Non-Cumulative Perpetual Subordinated Bonds for an amount of $198 million, which includes issuance costs of $2 million. The bonds have no maturity, and coupons are payable semiannually at an annual rate of 7.5%.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**18. Earnings per share**

The following table presents a reconciliation of profit and share data used in the basic earnings per share ("EPS") computations for the dates indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| *(Thousands of U.S. dollars)* |  |  |  |  |
| Profit for the period | 54968 | 52993 | 170884 | 154383 |
| *(U.S. dollars)* |  |  |  |  |
| Basic earnings per share | 1.48 | 1.44 | 4.60 | 4.20 |
| *(Thousands of shares)* |  |  |  |  |
| Weighted average of common shares outstanding applicable to basic EPS | **37231** | **36787** | **37126** | **36724** |

---

**19. Fee and commission income**

Fee and commission income from contracts with customers broken down by main types of services, are detailed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Structured services | 1905 | 1473 | 14284 | 6494 |
| Letters of credit and guarantees | 8858 | 7072 | 23400 | 19602 |
| Credit commitments | 3959 | 2145 | 8157 | 6126 |
| Other commissions | 236 | 86 | 765 | 956 |
| **Total fee and commission income** | **14958** | **10776** | **46606** | **33178** |
| Fees and commission expense | (906) | (286) | (2059) | (683) |
| **Total** | **14052** | **10490** | **44547** | **32495** |

---

The following table present information the unearned commission that is expected to be recognized on the existing contracts:

---

| | |
|:---|:---|
| | **September 30,<br>2025** |
| Up to 1 year | 7993 |
| From 1 to 2 years | 1541 |
| More than 2 years | 1909 |
| **Total** | **11443** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**20. Business segment information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides certain information regarding the Bank's operations by segment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| | **Commercial** | **Treasury** | **Total** | **Commercial** | **Treasury** | **Total** |
| Interest income | 156856 | 36824 | 193680 | 474533 | 102998 | 577531 |
| Interest expense | (142) | (126111) | (126253) | (431) | (376678) | (377109) |
| Inter-segment net interest income | (96721) | 96721 |  | (295423) | 295423 |  |
| **Net interest income** | **59993** | **7434** | **67427** | **178679** | **21743** | **200422** |
| Other income (expense), net | 15276 | 74 | 15350 | 47675 | 2671 | 50346 |
| Total income | 75269 | 7508 | 82777 | 226354 | 24414 | 250768 |
| Provision for credit losses | (6495) | 13 | (6482) | (16752) | 35 | (16717) |
| Operating expenses | (16787) | (4540) | (21327) | (49979) | (13188) | (63167) |
| **Segment profit** | **51987** | **2981** | **54968** | **159623** | **11261** | **170884** |
| **Segment assets** |  |  |  | **9013269** | **3455819** | **12469088** |
| **Segment liabilities** |  |  |  | **288187** | **10514539** | **10802726** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| | **Commercial** | **Treasury** | **Total** | **Commercial** | **Treasury** | **Total** |
| Interest income | 163329 | 35353 | 198682 | 478348 | 109279 | 587627 |
| Interest expense | (114) | (131938) | (132052) | (349) | (395004) | (395353) |
| Inter-segment net interest income | (103974) | 103974 |  | (306454) | 306454 |  |
| **Net interest income** | **59241** | **7389** | **66630** | **171545** | **20729** | **192274** |
| Other income (expense), net | 10817 | 136 | 10953 | 33268 | (331) | 32937 |
| Total income | 70058 | 7525 | 77583 | 204813 | 20398 | 225211 |
| Provision for credit losses | (3365) | (183) | (3548) | (13679) | 418 | (13261) |
| Operating expenses | (16934) | (4108) | (21042) | (46173) | (11394) | (57567) |
| **Segment profit** | **49759** | **3234** | **52993** | **144961** | **9422** | **154383** |
| **Segment assets** |  |  |  | **8399113** | **2998801** | **11397914** |
| **Segment liabilities** |  |  |  | **312640** | **9743644** | **10056284** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**20. Business segment information (continued)**

The following table shows the reconciliation of information by business segments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Profit for the period | 54968 | 52993 | 170884 | 154383 |
| **Assets:** |  |  |  |  |
| Assets from reportable segments |  |  | 12469088 | 11397914 |
| Other assets - unallocated |  |  | 28714 | 14229 |
| **Total** |  |  | **12497802** | **11412143** |
| **Liabilities:** |  |  |  |  |
| Liabilities from reportable segments |  |  | 10802726 | 10056284 |
| Other liabilities - unallocated |  |  | 48603 | 46039 |
| **Total** |  |  | **10851329** | **10102323** |

---

**21. Related party transactions**

The detail of the assets and liabilities with related private corporations and financial institutions is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets:** | | |
| Demand deposits | 1271 | 1509 |
| Loans, net | 58770 | 179235 |
| Securities at amortized cost, net | 11783 | 21095 |
| Customers' liabilities under acceptances | 96 |  |
| **Total** | **71920** | **201839** |
| **Liabilities:** |  |  |
| Time deposits | 513156 | 574360 |
| Acceptances outstanding | 96 |  |
| **Total** | **513252** | **574360** |
| **Contingencies:** |  |  |
| Stand-by letters of credit | 150 | 1646 |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**21. Related party transactions (continued)**

The detail of income and expenses with related parties is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Interest income:** |  |  |  |  |
| Loans | 1342 | 2438 | 5808 | 7592 |
| Securities at amortized cost | 142 | 195 | 245 | 582 |
| Total | 1484 | 2633 | 6053 | 8174 |
| **Interest expense:** |  |  |  |  |
| Deposits | (3940) | (9184) | (15345) | (27138) |
| **Net interest income (expenses)** | **(2456)** | **(6551)** | **(9292)** | **(18964)** |
| **Other income (expense):** |  |  |  |  |
| Fees and commissions, net | 840 |  | 2995 | 1 |
| **Operating expenses** |  |  |  |  |
| Other expenses |  |  | 3 |  |
| **Net income from related parties** | **(1616)** | **(6551)** | **(6294)** | **(18963)** |

---

The total compensation paid to directors and the executives as representatives of the Bank amounted to:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Expenses:** |  |  |  |  |
| Compensation costs to directors | 791 | 579 | 1803 | 1440 |
| Compensation costs to executives | 8385 | 1737 | 14373 | 9343 |

---

Compensation costs of Bank´s directors and executives include annual cash retainers and the cost of granted restricted stock and restricted stock units, as detailed in the Stock Incentive Plan.

Loans and deposits to/from related parties were made at rates comparable to market rates of interest.

**22. Litigation**

Bladex is not engaged in any litigation that is significant to the Bank's business or, to the best of the knowledge of Bank's management, that is likely to have an adverse effect on its business, consolidated financial position or consolidated financial performance.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**23. Applicable laws and regulations**

<u>Liquidity index</u>

Rule No. 2-2018 issued by the Superintendence of Banks of Panama (SBP) establishes that every general license or international license bank must guarantee, with a higher level of confidence, that it is in the position to face its intraday liquidity obligations in a period when liquidity pressure may affect the lending market. For that purpose, the SBP has established a short-term liquidity coverage ratio known as "Liquidity Coverage Ratio or LCR". This ratio is measured through the quotient of two amounts, the first one corresponds to the high-quality liquid assets and the second one corresponds to the net cash outflows in 30 days.

As of September 30, 2025, and December 31, 2024, the minimum LCR to be reported to the SBP was 100%. The Bank´s LCR as of September 30, 2025 was 171.5% (December 31, 2024: 264.6%).

Rule No. 4-2008 issued by the SBP, establishes that every general license or international license bank must always maintain, a minimum balance of liquid assets equivalent to 30% of the gross total of its deposits in the Republic of Panama or overseas up to 186 days, counted from the reporting date. The formula is based on the following parameters:

---

| | |
|:---|:---|
| Liquid assets | &nbsp;&nbsp;x 100 = X% (Liquidity index) |
| Liabilities (Deposits received) | &nbsp;&nbsp;x 100 = X% (Liquidity index) |

---

The liquidity index reported by the Bank to the regulator as of September 30, 2025 was 53.7% (December 31, 2024: 47.2%).

<u>Capital adequacy</u>

The Banking Law in the Republic of Panama and Rules No. 01-2015, 03-2016 and 05-2023 require that the general license banks maintain a total capital adequacy index. The Bank's capital, in accordance with current banking regulations, is separated into Ordinary Primary Capital: which consists of paid-in capital in shares, excess paid-in capital, declared reserves, retained earnings, minority interest shares and other accumulated comprehensive income items, less regulatory adjustments; and Additional Primary Capital: which consists of instruments issued by the Bank or consolidated subsidiaries that meet the requirements for inclusion, issue premiums, less regulatory adjustments applicable to additional primary capital.

As of September 30, 2025, the capital adequacy index may not be less, at any time, than 9.25% (including the capital conservation buffer of 1.25% required for 2025, according to Agreement No. 05-2023) of total assets and off-balance sheet irrevocable contingency transactions, weighted according to their risks; and ordinary primary capital plus conservation buffer that shall not be less than 5.75% of its assets and off-balance sheet transactions that represent an irrevocable contingency, weighted based on their risks; and a total primary capital plus conservation buffer that shall not be less than 7.5% of its assets and off-balance sheet transactions that represent an irrevocable contingency, weighted based on their risks.

*Capital Conservation Calculation*

As of July 2024, Agreement No. 05-2023, issued by the Superintendency of Banks of Panama, came into force, which establishes rules on the creation of a capital conservation buffer, whose objectives are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ensure that banks accumulate reserves that can be used in case of incurring losses,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that banks do not fail to comply with the established minimum requirements, without considering the conservation buffer, in episodes of deterioration in solvency.

As established in the Agreement, banking entities must establish a capital conservation buffer of 2.5%, (established in a phased manner starting with 0.50% as of July 1, 2024, 0.75% for July 1, 2025 and 1.25% for July 1, 2026) of risk-weighted assets (credit, market and operating), made up of capital ordinary primary and in addition to all the minimum regulatory capital requirements that are established, for which the total minimum regulatory capital will be 8.5% for 2024, 9.25% for 2025 and 10.5% for 2026, (before the modification of the Rule 8%).

The primary objectives of the Bank's capital management policy are to ensure that the Bank complies with capital requirements imposed by local regulators and maintains strong credit ratings and healthy capital ratios to support its business and to maximize shareholder value.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**23. Applicable laws and regulations (continued)**

The Bank manages its capital structure and adjusts it according to changes in economic conditions and the risk characteristics of its activities. To maintain or adjust the capital structure, the Bank may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities.

No changes have been made to the objectives, policies and processes from previous periods. However, they are under constant review by the Board.

The information corresponding to the total capital adequacy index is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Ordinary primary capital, net of adjustments | 1295858 | 1195914 |
| Capital funds | 1638950 | 1341031 |
| Risk-weighted assets | 10386850 | 9873772 |
| Ordinary capital index | 12.5% | 12.1% |
| Capital adequacy index | 15.8% | 13.6% |

---

<u>Leverage ratio</u>

Article No. 17 of the Rule No. 1-2015 establishes the leverage ratio of a regulated entity by means of the quotient between the ordinary primary capital and the total exposure for non-risk-weighted assets inside and outside the consolidated statement of financial position as established by the SBP. For the determination of the exposure of off-balance-sheet transactions, the criteria established for credit and counterparty credit risk positions will be used. The exposure of the derivatives will be the fair value at which they are recorded in the Bank's assets.

The leverage ratio cannot be lower, at any time, than 3%. The Bank will inform to SBP as often as the compliance with the leverage ratio is determined.

The table below presents the Bank´s leverage ratio in compliance with Article No.17 of Rule No. 1-2015:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Ordinary capital | 1295858 | 1195914 |
| Non-risk-weighted assets | 13046527 | 12220660 |
| Leverage ratio | 9.9% | 9.8% |

---

<u>Regulatory reserves</u>

Below is a list of the regulatory reserves that the Bank maintains in accordance with the prudential standards of the SBP:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Dynamic asset reserve | 145117 | 145117 |
| Regulatory reserve for individual credits | 6352 | 4549 |
| **Total regulatory reserves** | **151469** | **149666** |

---

*Credit risk coverage - dynamic provision*

The SBP by means of Rule No. 4-2013, establishes the compulsory constitution of a dynamic provision in addition to the specific credit provision as part of the total provisions for the credit risk coverage.

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**23. Applicable laws and regulations (continued)**

The dynamic provision is an equity item associated to the regulatory capital but does not replace or offset the capital adequacy requirements established by the SBP. This allocation is restricted for dividend distribution purposes.

*Methodology for the constitution of the regulatory credit reserve*

The SBP by means of the General Resolution of Board of Directors SBP-GJD-0003-2013 of July 9, 2013, establishes the accounting methodology for differences that arise between the application of IFRS and the application of prudential regulations issued by the SBP; as well as the additional disclosures required to be included in the notes to the consolidated financial statements.

The parameters established in this methodology are the following:

–The calculations of accounting balances in accordance with IFRS and the prudential standards issued by the SBP will be carried out and the respective figures will be compared.

–When the calculation made in accordance with IFRS results in a higher reserve or provision for the bank compared to the one resulting from the use of the prudential standards issued by the SBP, the Bank will account the IFRS figures.

–When the impact of the use of prudential standards results in a higher reserve or provision for the Bank, the effect of the application of IFRS will be recognized in profit or loss, and the difference between IFRS calculation compared to the prudential standards calculation will be appropriated from retained earnings as a regulatory credit reserve. If the Bank does not have sufficient retained earnings, the difference will be presented as an accumulated deficit account.

–The regulatory credit reserve mentioned in paragraph 3 of this Rule may not be reversed against retained earnings as long as there are differences between IFRS and the prudential standards.

Considering that the Bank presents its consolidated financial statements under IFRS, specifically for its expected credit reserves under IFRS 9, the line "Regulatory credit reserve" established by the SBP has been used to present the difference between the application of the accounting standard used and the prudential regulations of the SBP to comply with the requirements of Rule No. 4-2013.

*Capital reserve*

In addition to capital reserves required by regulations, the Bank maintains a capital reserve of $95.2 million, which was voluntarily established. Pursuant to Article No. 69 of the Banking Law, reduction of capital reserves requires prior approval of SBP.

*Regulatory reserve for individual credits*

Rule No. 11-2019, amended by Rule No. 4-2013, indicates that all loans classified as unrecoverable must be written off within a period of no more than one year. For corporate loans with real estate collateral, the bank will write off all loans classified as unrecoverable within a period of no more than two years, from the date on which it was classified in that category. After two years, if the Bank has not made the write-off, it must create a reserve in the equity account, through the appropriation of retained earnings, which will be charged to the value of the loan net of the provisions already established, according to the percentages established in the following table:

---

| | |
|:---|:---|
| | **Percentage applicable** |
| **Period** | |
| At the beginning of the third year | 50% |
| At the beginning of the fourth year | 50% |

---

In accordance with the provisions of Rule No. 11-2019 and 4-2013, the bank recognized regulatory provisions for individual loans for $4,548 million as of September 30, 2025 (December 31, 2024: $4,549 million).

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**23. Applicable laws and regulations (continued)**

*Specific provisions*

SBP Rule No. 4-2013, modified by Rule No. 8-2014, states that the specific credit provisions are originated from the objective and concrete evidence of impairment. These provisions must be established for credit facilities classified according to the risk categories denominated as: special mention, substandard, doubtful, or unrecoverable, both for individual credit facilities as for a group of such facilities. In the case of a group, it corresponds to circumstances that indicate the existence of deterioration in credit quality, although individual identification is still not possible.

Banks must calculate and maintain at all times the amount of the specific credit provisions determined by the methodology specified in this Rule, which takes into account the balance owed of each credit facility classified in any of the categories subject to provision, mentioned in the paragraph above; the present value of each guarantee available in order to mitigate risk, as established by type of collateral; and a weighting table that applies to the net exposure balance subject to loss of such credit facilities.

Article No. 34 of this Rule establishes that all credits must be classified in the following five (5) categories, according to their default risk and loan conditions, and establishes a minimum reserve for each classification: normal 0%, special mention 20%, substandard 50%, doubtful 80%, and unrecoverable 100%.

If there is an excess in the specific credit provision, calculated in accordance with this Rule, compared to the provision calculated in accordance with IFRS, this excess will be accounted for as a regulatory credit reserve in equity and will increase or decrease with appropriations from/to retained earnings. The balance of the regulatory credit reserve will not be considered as capital funds for calculating certain ratios or prudential indicators mentioned in the Rule.

Based on the classification of risks, collateral and in compliance with SBP Rule No. 4-2013, the Bank classified the loan portfolio as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Normal** | **Special mention** | **Substandard** | **Doubtful** | **Unrecoverable** | **Total** |
| **Loans at amortized cost** | | | | | | |
| Corporations | 5996478 | 137721 |  | 6933 | 11775 | 6152907 |
| Financial institutions: |  |  |  |  |  |  |
| Private | 2150432 |  |  |  |  | 2150432 |
| State-owned | 270905 |  |  |  |  | 270905 |
|  | 2421337 |  |  |  |  | 2421337 |
| Sovereign | 135692 |  |  |  |  | 135692 |
| **Total** | **8553507** | **137721** | **—** | **6933** | **11775** | **8709936** |
| **Loans at FVOCI** |  |  |  |  |  |  |
| Corporations | 3962 |  |  |  |  | 3962 |
| Financial institutions: |  |  |  |  |  |  |
| Private | 29357 |  |  |  |  | 29357 |
| State-owned | 5024 |  |  |  |  | 5024 |
| **Total** | 34381 |  |  |  |  | 34381 |
| **Total** | **38343** | **—** | **—** | **—** | **—** | **38343** |
| **Loans at FVTPL** |  |  |  |  |  |  |
| Financial institutions: |  |  |  |  |  |  |
| Private |  |  |  |  |  |  |
| **Total loans** | **8591850** | **137721** | **—** | **6933** | **11775** | **8748279** |
| Specific Provision | **—** | **33544** | **—** | **5546** | **7198** | **46288** |
| Allowance for loan |  |  |  |  |  |  |
| losses under IFRS (\*): | **41847** | **30836** | **—** | **5475** | **8817** | **86975** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**23. Applicable laws and regulations (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Normal** | **Special mention** | **Substandard** | **Doubtful** | **Unrecoverable** | **Total** |
| **Loans at amortized cost** | | | | | | |
| Corporations | 5294002 | 46959 |  | 6933 | 10107 | 5358001 |
| Financial Institutions: |  |  |  |  |  |  |
| Private | 2521065 |  |  |  |  | 2521065 |
| State-owned | 413775 |  |  |  |  | 413775 |
|  | 2934840 |  |  |  |  | 2934840 |
| Sovereign | 82331 |  |  |  |  | 82331 |
| **Total loans** | **8311173** | **46959** | **—** | **6933** | **10107** | **8375172** |
| Specific Provision | **—** | **9392** | **—** | **5546** | **5558** | **20496** |
| Allowance for loan |  |  |  |  |  |  |
| losses IFRS (\*): | **51427** | **14248** | **—** | **5441** | **7042** | **78158** |

---

As of September 30, 2025 there are no restructured loans, (December 31, 2024, the restructured loans are for $67.5 million).

Rule No.4-2013 defines as Past Due any credit facility for which payment of contractually agreed amounts present more than thirty (30) days in arrears, up to ninety (90) days; and as Delinquent, any credit facility for which payment of contractually agreed amounts present more than ninety (90) days in arrears, except for single-payment transactions and overdrafts, which will be considered Delinquent when payment exceeds thirty (30) days in arrears from the contractual payment date.

Below is the classification of the loan portfolio by maturity profile based on Rule No. 4-2013 and modified by Rule No. 8-2014:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Current** | **Past due** | **Delinquent** | **Total** |
| **Loans at amortized cost** | | | | |
| Corporations | 6141132 |  | 11775 | 6152907 |
| Financial institutions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private | 2150432 |  |  | 2150432 |
| &nbsp;&nbsp;&nbsp;State-owned | 270905 |  |  | 270905 |
|  | 2421337 |  |  | 2421337 |
| Sovereign | 135692 |  |  | 135692 |
| **Total** | **8698161** | **—** | **11775** | **8709936** |
| **Loans at FVOCI** |  |  |  |  |
| Corporations | 3962 |  |  | 3962 |
| Financial institutions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private | 29357 |  |  | 29357 |
| &nbsp;&nbsp;&nbsp;State-owned | 5024 |  |  | 5024 |
|  | 34381 |  |  | 34381 |
| **Total** | **38343** |  |  | **38343** |
| **Total loans** | **8736504** | **—** | **11775** | **8748279** |

---

------

**Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries**

Notes to the unaudited interim condensed consolidated financial statements

*(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated)*

**23. Applicable laws and regulations (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Current** | **Defaulters** | **Past due** | **Total** |
| **Loans at amortized cost** | | | | |
| Corporations | 5347894 |  | 10107 | 5358001 |
| Financial institutions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Private | 2521065 |  |  | 2521065 |
| &nbsp;&nbsp;&nbsp;State-owned | 413775 |  |  | 413775 |
|  | 2934840 |  |  | 2934840 |
| Sovereign | 82331 |  |  | 82331 |
| **Total** | **8365065** | **—** | **10107** | **8375172** |

---

In accordance with Rule No. 4-2013, as amended by Rule No. 8-2014, non-accruing loans are presented by category as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Normal** | **Special mention** | **Substandard** | **Doubtful** | **Unrecoverable** | **Total** |
| **Loans at amortized cost** | | | | | | |
| Impaired loans |  |  |  | 6933 | 11775 | 18708 |
| **Total** | **—** | **—** | **—** | **6933** | **11775** | **18708** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Normal** | **Special mention** | **Substandard** | **Doubtful** | **Unrecoverable** | **Total** |
| **Loans at amortized cost** | | | | | | |
| Impaired loans |  |  |  | 6933 | 10107 | 17040 |
| **Total** | **—** | **—** | **—** | **6933** | **10107** | **17040** |

---

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Non-accruing loans: | | |
| Private corporations | 18,708 | 17,040 |
| Unrecognized interest on non-accrual loans | 615 | 474 |

---

As of September 30, 2025, and December 31, 2024, there was no interest income collected on loans in non-accrual status.

**24. Subsequent events**

*Dividends declared*

The Bank announced a quarterly cash dividend of $0.625 US dollar cents per share corresponding to the third quarter of 2025. The cash dividend was approved by the Board of Directors on October 21, 2025 and was paid on November 25, 2025 to the Bank's stockholders as of November 10, 2025 record date.

&nbsp;&nbsp;&nbsp;&nbsp;