FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Specialty Latin American trade-finance bank with high, consistent ROE/ROA and growing fee income.

Strengths

• Strong bank returns — 2025 ROE 15.4% and ROA 1.89% — with 10% profit growth
• Scaling trade-finance and syndication platform driving 54% other-income growth; net income growth 81st pct

Risks

• Concentrated emerging-market (Latin America) credit exposure and one Stage-3 migration
• Spread compression from high USD liquidity and lower reference rates

Notable findings

• No interest coverageInterest coverage 0.58 (cannot cover interest)
• High leverageHigh leverage (debt/equity 3.25)
• Cash burnNegative free cash flow (-124.5M)
• Strong balance sheetStrong balance sheet — $2.0B cash & investments, ~63 quarters of runway
• China exposureFor example, during 2025, the United States has threatened measures on countries and governments perceived to be uncooperative or challenging the United States’ foreign policy agenda, including the im