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 x Form 40-F o

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:	/s/ Annette van Hoorde de Solís
	Name:	Annette van Hoorde de Solís
	Title:	Chief Financial Officer

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.

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)


		September 30,	December 31,
		2025	2024
	Notes	(Unaudited)	(Audit)
Assets

Cash and due from banks	3,4,5	1,959,783	1,965,145

Investment securities	3,4,6	1,426,520	1,201,930

Loans	3,4,7	8,726,282	8,383,829

Customers' liabilities under acceptances	3,4	260,173	245,065
Trading derivative financial instruments - assets	3,4,10	1,079	—
Hedging derivative financial instruments - assets	3,4,10	64,810	22,315
Equipment, leases and leasehold improvements, net		18,888	19,676
Intangibles assets		11,553	3,663

Other assets	11	28,714	17,050
Total assets		12,497,802	11,858,673

Liabilities and Equity
Liabilities:
Customer deposits	3,4,12	6,879,709	5,461,901

Securities sold under repurchase agreements	3,4,13	139,401	212,931
Borrowings and debt, net	3,4,14	3,397,299	4,352,316
Interest payable		36,342	37,508

Lease liabilities	3,15	18,377	19,232
Acceptances outstanding	3,4	260,173	245,065
Trading derivative financial instruments - liabilities	3,4,10	406	—
Hedging derivative financial instruments - liabilities	3,4,10	57,708	141,705
Allowance for losses on loan commitments and financial guarantee contract	3,4	13,311	5,375
Other liabilities	16	48,603	45,431
Total liabilities		10,851,329	10,521,464

Equity:
Common stock		279,980	279,980
Treasury stock		(97,581)	(105,601)
Other equity instruments, net	17	197,976	—
Additional paid-in capital in excess of value assigned to common stock		122,994	124,970
Capital reserves	23	95,210	95,210
Regulatory reserves	23	151,469	149,666
Retained earnings		891,325	792,005
Other comprehensive income		5,100	979
Total equity		1,646,473	1,337,209
Total liabilities and equity		12,497,802	11,858,673

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)
		Three months ended September 30,		Nine months ended September 30,
	Notes	2025	2024	2025	2024
Interest income:
Deposits		19,413	22,271	55,106	72,939
Investment securities		17,411	13,082	47,892	36,340
Loans		156,856	163,329	474,533	478,348
Total interest income	20	193,680	198,682	577,531	587,627
Interest expense:
Deposits		(75,177)	(79,370)	(217,563)	(225,912)
Securities sold under repurchase agreements	13	(1,752)	(3,119)	(7,013)	(9,275)
Borrowings and debt	14	(49,146)	(49,421)	(151,994)	(159,730)
Lease liabilities	15	(178)	(142)	(539)	(436)
Total interest expense	20	(126,253)	(132,052)	(377,109)	(395,353)

Net interest income		67,427	66,630	200,422	192,274

Other income (expense):
Fees and commissions, net	19	14,052	10,490	44,547	32,495
Gain on financial instruments, net	9	882	328	5,027	137
Other income, net		416	135	772	305
Total other income, net	20	15,350	10,953	50,346	32,937

Total revenues		82,777	77,583	250,768	225,211

Provision for credit losses	3,20	(6,482)	(3,548)	(16,717)	(13,261)


Operating expenses:
Salaries and other employee expenses		(13,196)	(14,177)	(39,518)	(37,608)
Depreciation and amortization of equipment, leases and leasehold improvements		(697)	(614)	(2,111)	(1,799)
Amortization of intangible assets		(355)	(279)	(1,029)	(753)
Other expenses		(7,079)	(5,972)	(20,509)	(17,407)
Total operating expenses	20	(21,327)	(21,042)	(63,167)	(57,567)
Profit for the period		54,968	52,993	170,884	154,383

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	37,231	36,787	37,126	36,724

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)
	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
Profit for the period	54,968	52,993	170,884	154,383

Other comprehensive income:
Items that are or may be reclassified subsequently to the consolidated statement of profit or loss:


Change in fair value on financial instruments, net of hedging	944	9,102	4,108	656
Reclassification of gains on financial instruments to the consolidated statement of profit or loss	1,323	786	13	1,135



Other comprehensive income	2,267	9,888	4,121	1,791

Total comprehensive income for the period	57,235	62,881	175,005	156,174

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)
	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	279,980	(110,174)	—	122,046	95,210	136,019	673,281	7,462	1,203,824

Profit for the period	—	—	—	—	—	—	154,383	—	154,383
Other comprehensive income	—	—	—	—	—	—	—	1,791	1,791

Issuance of restricted stock	—	1,038	—	(1,038)	—	—	—	—	—
Compensation cost - stock options and stock units plans	—	—	—	4,928	—	—	—	—	4,928
Exercised options and stock units vested	—	3,464	—	(3,464)	—	—	—	—	—


Dividends declared	—	—	—	—	—	—	(55,106)	—	(55,106)
Balances at September 30, 2024	279,980	(105,672)	—	122,472	95,210	136,019	772,558	9,253	1,309,820

Balances at January 1, 2025	279,980	(105,601)	—	124,970	95,210	149,666	792,005	979	1,337,209
Profit for the period	—	—	—	—	—	—	170,884	—	170,884
Other comprehensive income	—	—	—	—	—	—	—	4,121	4,121

Issuance of restricted stock	—	4,537	—	(4,537)	—	—	—	—	—
Issuance of other equity instruments, net (Note 17)	—	—	197,976	—		—	—	—	197,976
Compensation cost - stock options and stock units plans	—	—	—	6,044	—	—	—	—	6,044
Exercised options and stock units vested	—	3,483	—	(3,483)	—	—	—	—	—

Regulatory credit reserve	—	—	—	—	—	1,803	(1,803)	—	—

Dividends declared	—	—	—	—	—	—	(69,761)	—	(69,761)
Balances at September 30, 2025	279,980	(97,581)	197,976	122,994	95,210	151,469	891,325	5,100	1,646,473

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)
	Notes	2025	2024
Cash flows from operating activities
Profit for the period		170,884	154,383
Adjustments to reconcile profit for the period to net cash provided by operating activities:
Depreciation and amortization of equipment, leasehold improvements		2,111	1,799
Amortization of intangible assets		1,029	753


Provision for credit losses	3	16,717	13,261

Realized gain on financial instruments at FVTPL	9	(1,500)	(51)
Realized gain on financial instruments at FVOCI	9	(1,201)	(68)
Loss on sale of financial instruments at amortized cost	9	436	—
Compensation cost - share-based payment		6,044	4,928
Net changes in hedging position and foreign currency		128,832	(27,604)
Disposal of equipment and leasehold improvements		6	51




Interest income	20	(577,531)	(587,627)
Interest expense	20	377,109	395,353
Changes in operating assets and liabilities:
Restricted and pledged deposits		70,916	(40,700)
Loans		(622,713)	(946,493)
Proceeds from the sale of loans		193,243	47,119
Other assets		(20,450)	(235)
Due to depositors		1,422,566	1,230,769
Other liabilities		2,743	(7,890)
Cash flows provided by operating activities		1,169,241	237,748
Interest received		589,843	567,660
Interest paid		(379,132)	(396,798)
Net cash provided by operating activities		1,379,952	408,610

Cash flows from investing activities:
Acquisition of equipment, leases and leasehold improvements		(168)	(1,025)
Acquisition of intangible assets		(1,260)	(1,234)

Proceeds from the sale of securities at amortized cost		19,411	—
Proceeds from the sale of securities at FVOCI		41,426	—

Proceeds from the redemption of securities at amortized cost		255,351	225,893
Proceeds from the redemption of securities at FVOCI		30,000	—
Purchases of securities at amortized cost		(497,142)	(327,841)
Purchases of securities at FVOCI		(60,142)	(86,449)

Net cash used in investing activities		(212,524)	(190,656)

Cash flows from financing activities:
(Decrease) increase in securities sold under repurchase agreements		(73,672)	36,102
Net decrease in short-term borrowings and debt	14	(609,454)	(942,935)
Proceeds from long-term borrowings and debt	14	319,580	891,930
Decrease of long-term borrowings and debt	14	(866,901)	(526,278)
Proceeds from the issuance of other equity instruments	17	197.976	—
Payments of lease liabilities	15	(852)	(854)
Dividends paid		(68,908)	(54,568)


Net cash used in financing activities		(1,102,231)	(596,603)

Increase (decrease) net in cash and cash equivalents		65,197	(378,649)
Cash and cash equivalents at beginning of the period		1,819,931	1,987,068
Cash and cash equivalents at end of the period	5	1,885,128	1,608,419

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:

- 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.

- 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.

- 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

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)

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.

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.

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:

A.Credit risk

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.

Loans, at amortized cost (1)


	September 30, 2025
	PD Ranges	Stage 1	Stage 2	Stage 3	Total
Grades 1 - 4	0.05-0.38	4,983,563	—	—	4,983,563
Grades 5 - 6	0.39-3.81	3,014,803	137,442	—	3,152,245
Grades 7 - 8	3.82-34.52	456,124	162,744	—	618,868
Grades 9 - 10	34.53-100	—	—	19,315	19,315
		8,454,490	300,186	19,315	8,773,991
Loss allowance		(37,921)	(34,424)	(14,292)	(86,637)
Total		8,416,569	265,762	5,023	8,687,354


	December 31, 2024
	PD Ranges	Stage 1	Stage 2	Stage 3	Total
Grades 1 - 4	0.05-0.41	2,971,709	—	—	2,971,709
Grades 5 - 6	0.42-3.81	4,704,760	299,292	—	5,004,052
Grades 7 - 8	3.82-34.52	397,049	71,664	—	468,713
Grades 9 - 10	34.53-100	—	—	17,513	17,513
		8,073,518	370,956	17,513	8,461,987
Loss allowance		(45,635)	(20,040)	(12,483)	(78,158)
Total		8,027,883	350,916	5,030	8,383,829

(1) Loans at amortized cost includes interest and commission receivable.

Loans at FVOCI


	September 30, 2025
	PD Ranges	Stage 1	Stage 2	Stage 3	Total
Grades 1 - 4	0.05-0.38	10,268	—	—	10,268
Grades 5 - 6	0.39-3.81	28,660	—	—	28,660


		38,928	—	—	38,928
Loss allowance		(338)	—	—	(338)

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)

A.Credit risk (continued)

Loan commitments, financial guarantees issued and customers’ liabilities under acceptances


	September 30, 2025
	PD Ranges	Stage 1	Stage 2	Total
Commitments and contingencies
Grades 1 - 4	0.05-0.38	820,710	—	820,710
Grades 5 - 6	0.39-3.81	686,919	9,145	696,064
Grades 7 - 8	3.82-34.52	347,074	—	347,074
		1,854,703	9,145	1,863,848

Customers' liabilities under acceptances
Grades 1 - 4	0.05-0.38	91,471	—	91,471
Grades 5 - 6	0.39-3.81	28,643	—	28,643
Grades 7 - 8	3.82-34.52	140,059	—	140,059
		260,173	—	260,173
		2,114,876	9,145	2,124,021
Loss allowance		(13,164)	(147)	(13,311)
Total		2,101,712	8,998	2,110,710


	December 31, 2024
	PD Ranges	Stage 1	Stage 2	Total
Commitments and contingencies
Grades 1 - 4	0.05-0.41	545,855	—	545,855
Grades 5 - 6	0.42-3.81	630,648	6,099	636,747
Grades 7 - 8	3.82-34.52	226,278	5,500	231,778

		1,402,781	11,599	1,414,380

Customers' liabilities under acceptances
Grades 1 - 4	0.05-0.41	204,421	—	204,421
Grades 5 - 6	0.42-3.81	1,155	—	1,155
Grades 7 - 8	3.82-34.52	39,489	—	39,489

		245,065	—	245,065
		1,647,846	11,599	1,659,445
Loss allowance		(4,815)	(560)	(5,375)
Total		1,643,031	11,039	1,654,070

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)

A.Credit risk (continued)

Securities at amortized cost(1)


	September 30, 2025
	PD Ranges	Stage 1	Stage 2	Total
Grades 1 - 4	0.05-0.38	1,270,418	—	1,270,418
Grades 5 - 6	0.39-3.81	54,695	10,693	65,388


		1,325,113	10,693	1,335,806
Loss allowance		(930)	(177)	(1,107)
Total		1,324,183	10,516	1,334,699


	December 31, 2024
	PD Ranges	Stage 1	Stage 2	Total
Grades 1 - 4	0.05-0.41	1,020,297	—	1,020,297
Grades 5 - 6	0.42-3.81	72,976	10,482	83,458


		1,093,273	10,482	1,103,755
Loss allowance		(1,133)	(178)	(1,311)
Total		1,092,140	10,304	1,102,444

Securities at FVOCI(1)


	September 30, 2025
	PD Ranges	Stage 1	Stage 2	Total
Grades 1 - 4	0.05-0.38	91,821	—	91,821

Loss allowance - FVOCI		(84)	—	(84)


	December 31, 2024
	PD Ranges	Stage 1	Stage 2	Total
Grades 1 - 4	0.05 - 0.41	99,486	—	99,486

Loss allowance - FVOCI		(23)	—	(23)

(1) 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, 2025	December 31, 2024
Current	8,793,604	8,444,474

Past due (1)	19,315	17,513
Total	8,812,919	8,461,987

(1) 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)

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
	Notional value USD	Derivative financial instruments - fair value asset	Derivative financial instruments - fair value liabilities
Interest rate swaps	1,507,081	25,060	(4,850)
Cross-currency swaps	1,358,991	39,828	(53,135)
Foreign exchange forwards	57,880	1,001	(129)
Total	2,923,952	65,889	(58,114)


	December 31, 2024
	Notional value USD	Derivative financial instruments - fair value asset	Derivative financial instruments - fair value liabilities
Interest rate swaps	1,132,827	10,805	(2,667)
Cross-currency swaps	1,391,715	11,510	(139,038)

Total	2,524,542	22,315	(141,705)

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)

A. Credit risk (continued)

ii.Loss allowances

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

Loans at amortized cost


	Stage 1	Stage 2	Stage 3	Total
Allowance for expected credit losses as of December 31, 2024	45,635	20,040	12,483	78,158
Transfer to lifetime expected credit losses	(208)	(41)	249	—


Net effect of changes in allowance for expected credit losses	(4,163)	7,426	1,560	4,823
Financial instruments that have been derecognized during the period	(30,484)	(3,023)	—	(33,507)
New financial assets originated or purchased	27,141	10,022	—	37,163


Allowance for expected credit losses as of September 30, 2025	37,921	34,424	14,292	86,637


	Stage 1	Stage 2	Stage 3	Total
Allowance for expected credit losses as of December 31, 2023	34,778	17,734	6,898	59,410
Transfer to lifetime expected credit losses	(235)	(1,237)	1,472	—


Net effect of changes in allowance for expected credit losses	(1,007)	6,013	2,978	7,984
Financial instruments that have been derecognized during the year	(23,723)	(5,807)	—	(29,530)
New financial assets originated or purchased	35,822	3,337	—	39,159

Recoveries	—	—	1,135	1,135
Allowance for expected credit losses as of December 31, 2024	45,635	20,040	12,483	78,158

Loans at FVOCI


	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)

A. Credit risk (continued)

Loan commitments, financial guarantee contracts and customers’ liabilities under acceptances

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	4,815	560	—	5,375
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	(3,107)	(553)	—	(3,660)
New instruments originated or purchased	11,626	78	—	11,704
Allowance for expected credit losses as of September 30, 2025	13,164	147	—	13,311


	Stage 1	Stage 2	Stage 3	Total
Allowance for expected credit losses as of December 31, 2023	3,905	1,154	—	5,059
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	(2,671)	(1,136)	—	(3,807)
New instruments originated or purchased	3,819	146	—	3,965
Allowance for expected credit losses as of December 31, 2024	4,815	560	—	5,375

Securities at amortized cost


	Stage 1	Stage 2	Stage 3	Total
Allowance for expected credit losses as of December 31, 2024	1,133	178	—	1,311
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	—	1,107

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)

A. Credit risk (continued)

Securities at amortized cost (continued)


	Stage 1	Stage 2	Stage 3	Total
Allowance for expected credit losses as of December 31, 2023	1,230	402	—	1,632
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	1,133	178	—	1,311

Securities at FVOCI


	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)

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		Loan commitments and financial guarantee contracts		Securities			Cash and due from banks	Total
	At amortized cost	FVOCI			At amortized cost		FVOCI
Net effect of changes in allowance for expected credit losses	4,823	—	(108)		29		—	60	4,804
Financial instruments that have been derecognized during the period	(33,507)	—	(3,660)		(360)		(14)	—	(37,541)
New financial assets originated or purchased	37,163	338	11,704		174		75	—	49,454
Total	8,479	338	7,936	0	(157)	0	61	60	16,717


September 30, 2024	Loans		Loan commitments and financial guarantee contracts		Securities			Cash and due from banks	Total
	At amortized cost	FVOCI			At amortized cost		FVOCI
Net effect of changes in allowance for expected credit losses	5,220	—	56		(229)		1	—	5,048
Financial instruments that have been derecognized during the period	(22,958)	—	(3,618)		(555)		—	—	(27,131)
New financial assets originated or purchased	29,073	—	5,906		344		21	—	35,344
Total	11,335	—	2,344	0	(440)	0	22	—	13,261

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)

A. Credit risk (continued)

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:



Loans at amortized cost:	September 30, 2025	December 31, 2024
Credit-impaired loans at beginning of period/year	12,483	6,898
Classified as credit-impaired during the period/year	249	1,472
Change in allowance for expected credit losses	1,419	2,832
Interest income	141	146

Recoveries	—	1,135
Credit-impaired loans at end of period/year	14,292	12,483



Securities at amortized cost:	September 30, 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)

A. Credit risk (continued)

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.

Concentration by sector and industry



	Loans at amortized cost		Loan commitments, financial guarantee contracts and acceptances outstanding		Securities at amortized

	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024
Gross amount	8,773,991	8,461,987	260,173	245,065	1,335,806	1,103,755
Amount committed/guaranteed	—	—	1,863,848	1,414,380	—	—

Concentration by sector
Corporations:
Private	5,177,525	4,410,940	1,498,134	913,266	722,018	613,629
State-owned	1,005,244	974,470	112,138	82,241	43,099	12,039
Financial institutions:
Private	2,178,985	2,567,264	111,264	140,287	334,510	357,891
State-owned	275,190	426,469	402,485	523,651	66,812	28,650
Sovereign	137,047	82,844	—	—	169,367	91,546
Total	8,773,991	8,461,987	2,124,021	1,659,445	1,335,806	1,103,755

Concentration by industry
Financial institutions	2,454,176	2,993,733	513,749	663,938	440,808	403,257
Manufacturing	2,558,141	2,370,275	448,933	555,844	405,977	369,999
Oil and petroleum derived products	1,037,633	963,161	631,656	95,878	94,546	89,047
Agricultural	596,877	454,285	47,782	32,229	—	—
Services	723,339	636,000	216,123	163,396	151,408	114,764
Mining	334,585	271,186	170,962	51,413	19,907	14,866
Sovereign	137,047	82,843	—	—	129,882	54,517
Other	932,193	690,504	94,816	96,747	93,278	57,305
Total	8,773,991	8,461,987	2,124,021	1,659,445	1,335,806	1,103,755

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)

A. Credit risk (continued)

Concentration by sector and industry at FVOCI



	Loans at FVOCI		Securities FVOCI

	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024
Gross amount	38,928	—	91,821	99,486


Concentration by sector
Corporations:
Private	4,141	—	—	—
State-owned	—	—	41,870	—
Financial institutions:
Private	29,686	—	—	—
State-owned	5,101	—	49,951	99,486

Total	38,928	—	91,821	99,486

Concentration by industry
Financial institutions	34,787	—	49,951	99,486

Oil and petroleum derived products	4,141	—	41,870	—





Total	38,928	—	91,821	99,486

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)

A. Credit risk (continued)

Concentration by country risk financial instruments at amortized cost


	Loans at amortized cost		Commitments, financial guarantee contracts and acceptances outstanding		Securities at amortized cost


	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024
Gross amount	8,773,991	8,461,987	260,173	245,065	1,335,807	1,103,755
Amount committed/guaranteed	—	—	1,863,848	1,414,380	—	—

Concentration by country
Argentina	274,587	113,226	117,884	248	—	—
Australia	—	—	—	—	9,952	9,906
Belgium	5,155	17,859	—	—	15,528	15,181
Bolivia	—	—	—	1,000	—	—
Brazil	1,255,291	1,257,185	182,045	188,125	6,935	24,281
Canada	—	11,718	26,591	26,413	30,664	44,828
Chile	483,736	454,602	67,157	50,976	29,730	37,713
China	14,897	14,995	—	—	—	—
Colombia	691,314	920,975	85,399	82,225	14,794	15,143
Costa Rica	440,316	357,112	49,443	55,263	8,274	8,128

Dominican Republic	750,066	855,539	203,544	122,057	—	—
Ecuador	193,698	223,461	324,458	269,369	—	—
El Salvador	84,670	71,716	9,095	20,000	—	—
Finland	—	—	—	—	13,228	—
France	92,434	95,577	30,887	46,573	15,269	14,985
Germany	—	—	15,000	15,000	30,216	29,737
Guatemala	1,358,566	1,011,790	108,912	113,028	—	—
Honduras	160,438	219,527	22,954	1,625	—	—

Ireland	—	—	—	—	14,601	14,407

Italy	15,927	1,747	—	—	—	—
Jamaica	42,896	43,503	—	—	—	—
Japan	—	9,446	—	—	59,653	61,834
Korea	—	—	—	—	34,652	14,448

Mexico	1,136,368	1,015,738	208,497	184,208	3,325	27,898
Netherlands	—	—	21,883	25,764	10,045	—
Norway	—	—	—	—	24,711	10,092
Panama	496,150	455,288	23,139	22,243	74,813	71,552
Paraguay	193,973	196,674	150	230	—	—
Peru	250,090	418,460	222,142	356,978	10,061	30,878
Puerto Rico	10,049	20,762	15,000	10,000	—	—
Qatar	—	—	—	—	30,053
Arabia Saudi	—	—	—	—	49,688	—
Singapore	132,266	282,311	12,967	6,514	—	—
Trinidad and Tobago	180,847	167,522	—	—	—	—
Spain	—	—	—	8	—	—
Sweden	—	—	—	—	15,073	14,832
Suriname	—	—	150,000	—	—	—
United States of America	243,082	137,642	35,584	7,114	756,297	618,680
United Kingdom	116,819	74,985	150,000	—	49,868	39,232
United Arab Emirates	—	—	—	—	560	—
Uruguay	150,356	12,627	41,290	54,484	—	—
Multilateral	—	—	—	—	27,816	—
Total	8,773,991	8,461,987	2,124,021	1,659,445	1,335,806	1,103,755

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)

A. Credit risk (continued)

Risk rating and concentration by country financial instruments at FVOCI


	Loans at FVOCI		Securities at FVOCI
	September 30, 2025	December 31, 2024	September 30, 2025	December 31, 2024
Gross amount	38,928	—	91,821	99,486

Concentration by country
Argentina	4,141	—	—	—
Colombia	—	—	41,870	—

El Salvador	24,519	—	—	—













Panama	10,268	—	—	—







Multilateral	—	—	49,951	99,486
Total	38,928	—	91,821	99,486

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:

Derivative financial instruments – assets


	September 30, 2025
	Gross amounts of assets	Gross amounts offset in the consolidated statement of financial position	Net amount of assets presented in the consolidated statement of financial position	Gross amounts not offset in the consolidated statement of financial position		Net amount
				Financial instruments	Cash collateral received
Derivative financial instruments used for hedging	64,810	—	64,810	—	(50,406)	14,404
Total	64,810	—	64,810	—	(50,406)	14,404


	December 31, 2024
	Gross amounts of assets	Gross amounts offset in the consolidated statement of financial position	Net amount of assets presented in the consolidated statement of financial position	Gross amounts not offset in the consolidated statement of financial position		Net amount
				Financial instruments	Cash collateral received
Derivative financial instruments used for hedging	22,315	—	22,315	—	(6,410)	15,905
Total	22,315	—	22,315	—	(6,410)	15,905

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)

A. Credit risk (continued)

Securities sold under repurchase agreements and derivative financial instruments – liabilities


	September 30, 2025
	Gross amounts of liabilities	Gross amounts offset in the consolidated statement of financial position	Net amount of liabilities presented in the consolidated statement of financial position	Gross amounts not offset in the consolidated statement of financial position		Net amount
				Financial instruments	Cash collateral received
Securities sold under repurchase agreements at amortized cost	(139,401)	—	(139,401)	163,802	832	25,233

Derivative financial instruments used for hedging at FVTPL	(57,708)	—	(57,708)	—	45,443	(12,265)
Total	(197,109)	—	(197,109)	163,802	46,275	12,968


	December 31, 2024
	Gross amounts of liabilities	Gross amounts offset in the consolidated statement of financial position	Net amount of liabilities presented in the consolidated statement of financial position	Gross amounts not offset in the consolidated statement of financial position		Net amount
				Financial instruments	Cash collateral received
Securities sold under repurchase agreements at amortized cost	(212,931)	—	(212,931)	239,046	564	26,679

Derivative financial instruments used for hedging at FVTPL	(141,705)	—	(141,705)	—	116,743	(24,962)
Total	(354,636)	—	(354,636)	239,046	117,307	1,717

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)

B.Liquidity risk

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, 2025		December 31, 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				December 31, 2024
(in millions of USD dollars)	Cash and due from banks	Securities FVOCI	Total		Cash and due from banks	Securities FVOCI	Total
United State of America	1,876	—	1,876	—	1,650	—	1,650
Other O.E.C.D countries	4	—	4		41	—	41
Latin America	5	—	5		3	—	3

Multilateral	—	49	49		125	99	224
Total	1,885	49	1,934		1,819	99	1,918

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



	September 30, 2025		December 31, 2024
(in millions of USD dollars)
Demand and "overnight" deposits	1,551		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, 2025		December 31, 2024
(in millions of USD dollars)
Total liquid assets	1,934		1,918
Total assets to total liabilities	28.30	%	35.45	%
Total liquid assets in the 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)

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, 2025	December 31, 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, 2025	December 31, 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)

B.Liquidity risk (continued)

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
	Up to 3 months	3 to 6 months	6 months to 1 year	1 to 5 years	More than 5 years	Gross inflows (outflows)	Carrying amount
Assets
Cash and due from banks	1,955,046	5,114	—	—	—	1,960,160	1,959,783
Securities	36,244	118,926	150,174	1,182,938	92,233	1,580,515	1,426,520
Loans	3,221,382	1,256,590	1,775,910	3,080,666	197,925	9,532,473	8,687,354
Trading derivative financial instruments - assets	—	—	—	—	1,079	1,079	1,079
Hedging derivative financial instruments - assets	12,059	6,603	1,755	41,770	2,623	64,810	64,810
Total	5,224,731	1,387,233	1,927,839	4,305,374	293,860	13,139,037	12,139,546

Liabilities

Trading derivative financial instruments - liabilities	—	—	—	—	(406)	(406)	(406)
Deposits	(5,676,265)	(620,683)	(280,611)	(318,159)	—	(6,895,718)	(6,879,709)
Securities sold under repurchase agreements	(53,026)	—	(68,985)	(20,397)	—	(142,408)	(139,401)
Borrowings and debt	(660,745)	(342,369)	(581,659)	(1,773,228)	(42,662)	(3,400,663)	(3,397,299)
Interest payable - Borrowings and debt	(35,447)	(47,103)	(80,168)	(207,643)	(7,615)	(377,976)	(36,342)
Lease liabilities	(346)	(355)	(710)	(5,672)	(11,294)	(18,377)	(18,377)
Hedging derivative financial instruments - liabilities	(129)	(6,921)	(14,972)	(35,685)	—	(57,707)	(57,708)
Total	(6,425,958)	(1,017,431)	(1,027,105)	(2,360,784)	(61,977)	(10,893,255)	(10,529,242)

Subtotal net position	(1,201,227)	369,802	900,734	1,944,590	231,883	2,245,782	1,610,304

Off-balance sheet contingencies
Confirmed letters of credit	195,711	103,440	2,361	17,313	—	318,825
Stand-by letters of credit and guarantees	144,710	277,271	266,402	92,641	—	781,024
Loans and letter of credit commitments	40,933	116,694	50,448	522,354	33,571	764,000
Total	381,354	497,405	319,211	632,308	33,571	1,863,849
Total net position	(1,582,581)	(127,603)	581,523	1,312,282	198,312	381,933

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)

B.Liquidity risk (continued)


	December 31, 2024
	Up to 3 months	3 to 6 months	6 months to 1 year	1 to 5 years	More than 5 years	Gross inflows (outflows)	Carrying amount
Assets
Cash and due from banks	1,944,338	5,286	15,710	—	—	1,965,334	1,965,145

Securities	84,980	66,341	109,616	1,036,660	44,522	1,342,119	1,201,930
Loans	2,759,031	2,018,051	1,557,065	2,583,263	247,238	9,164,648	8,383,829
Hedging derivative financial instruments - assets	1,218	9,484	951	10,592	70	22,315	22,315
Total	4,789,567	2,099,162	1,683,342	3,630,515	291,830	12,494,416	11,573,219

Liabilities

Deposits	(4,413,516)	(597,055)	(354,883)	(93,369)	—	(5,458,823)	(5,461,901)
Securities sold under repurchase agreements	(101,528)	—	(23,268)	(89,355)	—	(214,151)	(212,931)
Borrowings and debt	(1,089,794)	(636,362)	(591,934)	(2,012,423)	(38,012)	(4,368,525)	(4,352,316)
Interest payable - Borrowings and debt	(49,113)	(51,997)	(83,583)	(261,617)	(9,413)	(455,723)	(37,508)
Lease liabilities	(244)	(276)	(684)	(5,592)	(12,437)	(19,233)	(19,232)
Hedging derivative financial instruments - liabilities	(9,379)	(70)	(1,192)	(129,609)	(1,455)	(141,705)	(141,705)
Total	(5,663,574)	(1,285,760)	(1,055,544)	(2,591,965)	(61,317)	(10,658,160)	(10,225,593)

Subtotal net position	(874,007)	813,402	627,798	1,038,550	230,513	1,836,256	1,347,626

Off-balance sheet contingencies
Confirmed letters of credit	358,624	141,422	36,304	—	—	536,350
Stand-by letters of credit and guarantees	141,843	133,149	178,798	66,495	—	520,285
Loans and letter of credit commitments	60,341	39,900	40,350	208,868	8,286	357,745
Total	560,808	314,471	255,452	275,363	8,286	1,414,380
Total net position	(1,434,815)	498,931	372,346	763,187	222,227	421,876

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)

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.

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		December 31, 2024
	Amount	Fair Value	Amount	Fair Value
Balances with Federal Reserve of the United States of America	1,833,424	1,833,424	1,020,858	1,020,858
Cash and balances with other bank (1)	51,704	51,704	799,073	799,073
Total Liquidity reserves	1,885,128	1,885,128	1,819,931	1,819,931

(1)Excludes pledged deposits.

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		December 31, 2024
	Guaranteed	Available as collateral	Guaranteed	Available as collateral
Cash and due from banks	72,991	1,885,128	143,907	1,819,931
Notional of investment securities	184,737	1,256,395	558,981	665,715
Loans at amortized cost - outstanding principal balance	—	8,709,935	—	8,375,172
Total	257,728	11,851,458	702,888	10,860,818

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)

C.Market risk

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
	Up to 3 months	3 to 6 months	6 months to 1 year	1 to 5 years	More than 5 years	Non interest rate risk	Total
Assets
Cash and due from banks	1,947,936	5,000	—	—	—	5,183	1,958,119
Securities - principal	202,457	116,563	144,304	887,922	62,721	—	1,413,967
Loans - principal balance	5,948,301	1,410,345	1,064,763	320,077	4,793	—	8,748,279
Total	8,098,694	1,531,908	1,209,067	1,207,999	67,514	5,183	12,120,365

Liabilities
Demand deposits and time deposits	(5,717,478)	(609,861)	(270,993)	(234,341)	—	(2,860)	(6,835,533)
Securities sold under repurchase agreements	(139,401)	—	—	—	—	—	(139,401)
Borrowings and debt	(2,180,473)	(706,080)	(224,951)	(285,795)	—	—	(3,397,299)
Total	(8,037,352)	(1,315,941)	(495,944)	(520,136)	—	(2,860)	(10,372,233)

Net effect of derivative financial instruments held
for interest risk management	9,516	760	62	(4,106)	—	—	6,232
Total interest rate sensitivity	70,858	216,727	713,185	683,757	67,514	2,323	1,754,364


	December 31, 2024
	Up to 3 months	3 to 6 months	6 months to 1 year	1 to 5 years	More than 5 years	Non interest rate risk	Total
Assets
Cash and due from banks	1,940,840	5,000	15,000	—	—	2,998	1,963,838
Securities - principal	83,294	64,955	104,954	907,612	28,510	—	1,189,325
Loans - principal balance	5,053,040	2,025,688	1,039,106	248,045	9,293	—	8,375,172
Total	7,077,174	2,095,643	1,159,060	1,155,657	37,803	2,998	11,528,335

Liabilities
Demand deposits and time deposits	(4,404,015)	(645,546)	(336,377)	(24,130)	—	(2,656)	(5,412,724)
Securities sold under repurchase agreements	(133,898)	—	(58,636)	(20,397)	—	—	(212,931)
Borrowings and debt	(2,932,280)	(801,575)	(460,355)	(158,106)	—	—	(4,352,316)
Total	(7,470,193)	(1,447,121)	(855,368)	(202,633)	—	(2,656)	(9,977,971)

Net effect of derivative financial instruments held
for interest risk management	(8,159)	9,414	(242)	(119,018)	(1,385)	—	(119,390)
Total interest rate sensitivity	(401,178)	657,936	303,450	834,006	36,418	342	1,430,974

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)

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:

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

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

- 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:


	Change in interest rate	Effect on profit or loss	Effect on equity	Effect on equity value (EVE)
September 30, 2025	+50 bps	1,291	2,641	(12,167)
	-50 bps	(1,499)	(2,695)	12,321

December 31, 2024	+50 bps	343	9,586	(14,709)
	-50 bps	(668)	(9,770)	14,714

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)

C.Market risk (continued)

ii. 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
	Brazilian Real	European Euro	Japanese Yen	Colombian Peso	Mexican Peso	Other Currencies(1)	Total
Exchange rate	5.32	1.17	147.82	3,921.57	18.33
Assets
Cash and due from banks	187	338	9	79	1,550	16	2,179
Loans	—	29,091	—	—	445,981	—	475,072
Total	187	29,429	9	79	447,531	16	477,251

Liabilities

Deposits		—					—
Borrowings and debt	—	(29,091)	—	—	(447,839)	—	(476,930)
Total	—	(29,091)	—	—	(447,839)	—	(476,930)

Net currency position	187	338	9	79	(308)	16	321


	December 31, 2024
	Brazilian Real	European Euro	Japanese Yen	Colombian Peso	Mexican Peso	Other Currencies(1)	Total
Exchange rate	6.17	1.04	157.28	4,405.29	20.89
Assets
Cash and due from banks	110	242	1	34	1,210	19	1,616
Loans	—	25,886	—	—	310,630	—	336,516
Total	110	26,128	1	34	311,840	19	338,132

Liabilities
Borrowings and debt	—	(25,748)	—	—	(311,562)	—	(337,310)
Total	—	(25,748)	—	—	(311,562)	—	(337,310)

Net currency position	110	380	1	34	278	19	822

(1)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

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
	Level 1	Level 2	Level 3	Total
Assets
Securities and other financial assets:
Securities at FVOCI - Corporate debt	—	91,821	—	91,821

Loans at FVOCI	—	38,928	—	38,928

Total securities and other financial assets	—	130,749	—	130,749

Derivative financial instruments - assets:
For trading
Interest rate swaps	—	1,077	—	1,077

Foreign exchange forwards	—	2	—	2
For hedging				—
Interest rate swaps	—	23,983	—	23,983
Cross-currency swaps	—	39,828	—	39,828
Foreign exchange forwards	—	999	—	999
Total derivative financial instrument assets	—	65,889	—	65,889
Total assets at fair value	—	196,638	—	196,638

Liabilities
Derivative financial instruments - liabilities:
For trading
Interest rate swaps	—	(406)	—	(406)


For hedging
Interest rate swaps	—	(4,444)	—	(4,444)
Cross-currency swaps	—	(53,135)	—	(53,135)
Foreign exchange forwards	—	(129)	—	(129)
Total derivative financial instruments - liabilities	—	(58,114)	—	(58,114)
Total liabilities at fair value	—	(58,114)	—	(58,114)

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)

A.Recurring fair value measurements (continued)

December 31, 2024

Level 1

Level 2

Level 3

Total

Assets

FOREIGN TRADE BANK OF LATIN AMERICA, INC. 6-K