Banco Latinoamericano de Comercio Exterior, S. A. (NYSE:BLX) Q3 2024 Earnings Conference Call October 30, 2024 11:00 AM ET
Company Participants
Jorge Salas – Chief Executive Officer
Ana Graciela de Mendez – Chief Financial Officer
Samuel Canineu – Chief Commercial Officer-Brazil
Conference Call Participants
Ricardo Buchpiguel – BTG
Daniel Mora – Credicorp Capital
Miruna Chirea – Jefferies
Operator
Good morning, ladies and gentlemen and welcome to Bladex Third Quarter 2024 Earnings Conference Call. A slide presentation is accompanying today's webcast and is also available on the Investors section of the company's website, www.bladex.com. There will be an opportunity for you to ask questions at the end of today's presentation. Please note, today's conference call is being recorded. As a reminder, all participants will be in a listen-only mode.
I would now like to turn the call over to Mr. Jorge Salas, Chief Executive Officer. Sir, please go ahead.
Jorge Salas
Good morning, everyone and thank you for joining us today to discuss our third quarter results. I'll begin with an overview of another record breaking quarter for Bladex. Following that, Annie, our CFO will provide a detailed analysis of our financial results for the quarter. Right after that I will update you on the progress of our strategic plan and also provide a revised guidance for the remaining of the year.
After that, we'll open the call for questions. So moving on to Slide 2, the summary slide. On the balance sheet, the commercial portfolio reached $9.7 billion for the first time, representing a quarter-on-quarter growth of 5% and a year-on-year growth of 17%.
Deposits also reach a new record of $5.6 billion, growing 34% in the last 12 months, with corporate client deposits nearly doubling compared to last year. This remarkable growth in our most cost efficient source of funding is a result of the coordinated efforts of our commercial and treasury teams guided by clear deposit growth KPIs in their balance scorecards.
The resulting shift in the funding mix has allowed us to reduce our funding spreads. We're very pleased with the progress, but more importantly we see significant potential for further expanding our deposit base in the near future. On the P&L side, despite the more competitive lending environment due to increased dollar liquidity, widely open debt, capital markets for Latin American stock names, the lower local interest rates in most countries, we have once more achieved record results.