BLADEX中期純利增5.9%至1.23億美元 正式更名Bladex, Inc.

6-K
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blxefstrimestralinglswdata.htm
6-K

Document

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 August, 2026

 
Commission File Number 1-11414
 
 
BLADEX, 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.
 

BLADEX, INC.
(Registrant)

Date: August 3, 2026By: /s/ Annette van Hoorde de Solís

Name:Annette van Hoorde de Solís

Title:Chief Financial Officer

1

        

Bladex, Inc.
and Subsidiaries

Unaudited condensed consolidated interim financial statements as of June 30, 2026, and for the three and six months ended June 30, 2026

Bladex, Inc. 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 condensed consolidated interim financial statements (Unaudited)

2

Bladex, Inc. and Subsidiaries
Condensed consolidated statements of financial position
June 30, 2026 and December 31, 2025
(In thousands of US dollars)

June 30,2026December 31, 2025
Notes(Unaudited)(Audited)
Assets

Cash and due from banks3,4,51,888,971 1,923,731 

Investment securities3,4,61,683,153 1,428,990 

Loans3,4,710,465,018 9,141,668 

Customers' liabilities under acceptances3,4198,040 161,597 
Trading derivative assets3,4,106,317 1,569 
Hedging derivative financial instruments - assets3,4,1096,886 69,837 
Equipment, right-of-use assets and leasehold improvements, net21,749 19,673 
Intangible assets9,906 10,744 

Other assets1166,805 28,584 
Total assets14,436,845 12,786,393 

Liabilities and Equity
Liabilities:
Customer deposits3,4,127,934,541 6,640,290 

Securities sold under repurchase agreements3,4,13275,310 130,509 
Borrowings and debt3,4,144,148,884 4,030,389 

Lease liabilities3,1519,329 18,429 
Acceptances outstanding3,4198,040 161,597 
Trading derivative liabilities3,4,103,601 433 
Hedging derivative financial instruments - liabilities3,4,1046,463 62,506 
Provision for losses on loan commitments and financial guarantee contracts3,411,967 12,130 
Other liabilities1641,391 51,363 
Total liabilities12,679,526 11,107,646 

Equity:
Common stock279,980 279,980 
Treasury stock(90,879)(97,597)
Other equity instruments197,976 197,976 
Additional paid-in capital in excess of value assigned to common stock123,157 125,151 
Capital reserves2395,210 95,210 
Regulatory reserves23189,969 159,093 
Retained earnings949,206 916,429 
Other comprehensive income12,700 2,505 
Total equity1,757,319 1,678,747 
Total liabilities and equity14,436,845 12,786,393 

The accompanying notes are an integral part of these condensed consolidated interim financial statements (Unaudited).
3

Bladex, Inc. and Subsidiaries
Condensed consolidated statement of profit or loss
For the three and six months ended June 30, 2026 and 2025
(In thousands of US dollars, except earnings per share data)

(Unaudited)
Three months ended June 30,Six months ended June 30,
Notes2026202520262025
Interest income:
Deposits14,075 18,845 27,267 35,693 
Investment securities20,394 16,171 38,790 30,481 
Loans164,748 159,415 319,108 317,677 
Total interest income20199,217 194,431 385,165 383,851 
Interest expense:
Deposits(74,203)(74,507)(142,842)(142,385)
Securities sold under repurchase agreements13(2,200)(2,860)(3,840)(5,261)
Borrowings and debt14(49,358)(49,146)(94,649)(102,849)
Lease liabilities15(177)(179)(349)(361)
Total interest expense20(125,938)(126,692)(241,680)(250,856)

Net interest income73,279 67,739 143,485 132,995 

Other income (expense):
Fees and commissions, net1923,335 19,912 36,465 30,495 
Gain on financial instruments, net92,191 2,161 1,861 4,145 
Other income, net97 230 191 356 
Total other income, net2025,623 22,303 38,517 34,996 

Total revenues98,902 90,042 182,002 167,991 

Impairment losses on financial instruments3,20(8,599)(5,019)(13,333)(10,235)

Operating expenses:
Salaries and other employee expenses(13,953)(12,384)(27,302)(26,322)
Depreciation and amortization of equipment, right-of-use and leasehold improvements(928)(721)(1,828)(1,414)
Amortization of intangible assets(726)(348)(1,427)(674)
Other expenses(8,242)(7,386)(15,303)(13,430)
Total operating expenses20(23,849)(20,839)(45,860)(41,840)
Profit for the period66,454 64,184 122,809 115,916 

Per share data:
Basic earnings per share (in US dollars)181.77 1.73 3.08 3.13 

Weighted average basic shares (in thousands of shares)1837,579 37,203 37,483 37,072 

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

4

Bladex, Inc. and Subsidiaries
Condensed consolidated statement of comprehensive income
For the three and six months ended June 30, 2026 and 2025
(In thousands of US dollars)

(Unaudited)
Three months ended June 30,Six months ended June 30,
2026202520262025
Profit for the period66,454 64,184 122,809 115,916 

Other comprehensive income
Items that can be subsequently reclassified as gains or losses

  Financial instruments measured at fair value  through other comprehensive income (FVOCI)

  Changes in the fair value of debt instruments   measured at FVOCI:

    Net fair value changes – Loans measured at    FVOCI4,150 (551)977 (551)
    Net changes in fair value – Investment securities    measured at FVOCI1,920 24 3,910 288 
    Reclassifications to profit or loss – Loans    measured at FVOCI(75)— (75)— 
    Reclassifications to profit or loss – Investment    securities measured at FVOCI(124)— (124)(168)

  Effects attributable to risk management

  Cash flow hedge reserve:
    Net changes in the effective portion of cash flow    hedges1,645 3,691 6,489 6,559 
    Reclassifications from the cash flow hedge reserve    to profit or loss— (1,310)111 (1,188)
 Deferred amounts for excluded components of hedging relationships(1,116)— (1,093)— 
Other comprehensive income6,400 1,854 10,195 4,940 

Total comprehensive income for the period72,854 66,038 133,004 120,856 

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

5

Bladex, Inc. and Subsidiaries
Condensed consolidated statement of changes in equity
For the six months ended June 30, 2026 and 2025 
(In thousands of US dollars)

(Unaudited)
NoteCommon stockTreasury stockOther equity instrumentsAdditional paid-in capital in excess of value assigned to common stockCapital reservesRegulatory reservesRetained earningsOther comprehensive incomeTotal equity

Balances at January 1, 2025279,980 (105,601)124,970 95,210 149,666 792,005 979 1,337,209 

Profit for the period— — — — — — 115,916 — 115,916 
Other comprehensive income— — — — — — — 4,940 4,940 

Issuance of restricted stock (RSA)— 4,540 — (4,540)— — — — — 
Compensation cost - stock units plans— — — 3,907 — — — — 3,907 
Stock units vested (RSU)— 3,483 — (3,483)— — — — — 

Regulatory credit reserve— — — — — (1)1 — — 

Dividends declared— — — — — — (46,492)— (46,492)
Balances at June 30, 2025279,980 (97,578)— 120,854 95,210 149,665 861,430 5,919 1,415,480 

Balances at January 1, 2026279,980 (97,597)197,976 125,151 95,210 159,093 916,429 2,505 1,678,747 
Profit for the period— — — — — — 122,809 — 122,809 
Other comprehensive income— — — — — — — 10,195 10,195 

Issuance of restricted stock (RSA)— 3,910 — (3,910)— — — — — 

Compensation cost - stock units plans— — — 4,724 — — — — 4,724 
Stock units vested (RSU)— 2,808 — (2,808)— — — — — 

Regulatory credit reserve— — — — — 9,323 (9,323)— — 
Dynamic provision— — — — — 21,553 (21,553)— — 
Dividends and coupons declared17— — — — — — (59,156)— (59,156)
Balances at June 30, 2026279,980 (90,879)197,976 123,157 95,210 189,969 949,206 12,700 1,757,319 

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

6

Bladex, Inc. and Subsidiaries
Condensed consolidated statement of cash flows
For the six months ended June 30, 2026 and 2025
(In thousands of US dollars)

(Unaudited)
Notes20262025
Cash flows from operating activities
Profit for the period122,809 115,916 
Adjustments to reconcile profit for the period to net cash provided by operating activities:
Depreciation and amortization of equipment, right-of-use and leasehold improvements1,828 1,414 
Amortization of intangible assets1,427 674 

Impairment losses on financial instruments313,333 10,235 
Realized gain on financial instruments9(312)(900)

Compensation cost - share-based payment4,724 3,907 
Net changes in hedging position and foreign currency10,931 112,998 
Loss on disposal of fixed assets and intangible assets1 1 

Interest income20(385,165)(383,851)
Interest expense20241,680 250,856 
Changes in operating assets and liabilities:
Restricted and pledged deposits17,334 58,438 
Loans(1,323,308)(374,847)
Proceeds from the sale of loans10,075 106,354 
Other assets(40,953)(6,851)
Due to depositors1,286,211 1,033,523 
Other liabilities(10,782)(894)
Cash flows (used in) provided by operating activities(50,167)926,973 
Interest received338,385 384,032 
Interest paid(223,388)(239,609)
Net cash provided by operating activities64,830 1,071,396 

Cash flows from investing activities:
Acquisition of fixed assets and intangible assets(106)(1,148)
Acquisition of intangible assets— (465)

Proceeds from the sale of securities40,600 50,546 

Proceeds from the redemption of securities339,322 204,989 

Purchases of securities(624,799)(421,125)

Net cash used in investing activities(244,983)(167,203)

Cash flows from financing activities:
Increase (decrease) in securities sold under repurchase agreements144,480 (16,313)
Net decrease in short-term borrowings and debt14(98,606)(432,939)
Proceeds from long-term borrowings and debt14358,967 65,776 
Payments of long-term borrowings and debt14(182,977)(383,235)

Payments of lease liabilities15(743)(493)
Dividends paid(58,347)(45,988)

Net cash provided by (used in) financing activities162,774 (813,192)

Net (decrease) increase in cash and cash equivalents(17,379)91,001 
Cash and cash equivalents at beginning of the period1,842,208 1,819,931 
Cash and cash equivalents at end of the period51,824,829 1,910,932 

The accompanying notes are an integral part of these condensed consolidated interim financial statements (Unaudited).
7

Bladex, Inc. 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

Bladex, Inc. (the "Parent Company" and, together with its subsidiaries, "Bladex" or the "Bank"), domiciled in Panama City, Republic of Panama, is a multinational bank established to support foreign trade financing and economic integration throughout Latin America and the Caribbean (the "Region").

The Bank was established in May 1975, pursuant to a proposal submitted to the Assembly of Governors of Central Banks of the Region, which recommended the creation of a multinational organization to enhance the Region's foreign trade financing capacity. The Bank was organized in 1977, incorporated in 1978 under the laws of the Republic of Panama, and commenced business operations on January 2, 1979. Pursuant to a law contract entered into between the Republic of Panama and the Bank in 1978, the Bank was granted certain privileges, including an exemption from income taxes in Panama.

On April 21, 2026, the Bank's shareholders approved an amendment to Article 1 of the Bank's Articles of Incorporation to change the Bank's corporate name. The amendment became effective on June 4, 2026, changing the Bank's legal name from "Banco Latinoamericano de Comercio Exterior, S.A." in Spanish and "Foreign Trade Bank of Latin America, Inc." in English to "Bladex, Inc.", with no change to the Bank's legal existence or corporate structure. Accordingly, this change in corporate name did not affect the Bank's operations, ownership structure, financial position, or reporting entity. These consolidated financial statements are therefore presented under the Bank's new legal name, "Bladex, Inc. and Subsidiaries."
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.

8

Bladex, Inc. 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

2.1 Basis of preparation
These interim condensed consolidated financial statements for the six-month period ended June 30, 2026 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, 2025.

These interim financial statements were authorized for issue by the Bank’s board of directors on July 21, 2026.
2.2. Accounting Standards Issued but Not Yet in Effect
IFRS 18 – Presentation and Disclosure in Financial Statements will replace IAS 1: Presentation of Financial Statements and will be applicable for annual periods beginning on or after January 1, 2027. The Bank has not adopted this standard early in the preparation of these interim financial statements.
IFRS 18 introduces changes to the structure of the income statement, greater disaggregation of financial information, and new disclosures related to performance measures defined by management. The Bank is in the process of evaluating the impact of its adoption, which may vary as the implementation of changes to accounting processes, controls, and policies is finalized.
In general terms, the following impacts are expected:
•Structure of the income statement: Income and expenses will be classified into categories such as operating, investing, and financing activities, among others. Since the Bank qualifies as an entity whose primary activity is providing financing, interest income and expenses will be presented within the operating category, eliminating their current presentation as a separate subtotal. New defined subtotals will also be introduced, such as operating profit and profit before financing and taxes.
•Classification of income and expenses: Certain items, including exchange differences, hedging instruments, and other income, will be reclassified according to the nature of the items that generate them. Additionally, the share of the results of investments accounted for using the equity method will be presented within the investment category.
•Performance measures defined by management: The Bank is in the process of developing the framework for identifying and disclosing these measures, which will be based on public communications and aligned with the financial statement reporting period.
•Aggregation and disaggregation: Greater disaggregation of items in the financial statements and notes is expected, including a review of items currently presented as “other.” 
•Cash flows: Operating profit will be used as the starting point for presenting operating cash flows under the indirect method. The classification of cash flows related to interest and dividends will also be adjusted in accordance with IFRS 18 requirements.

9

Bladex, Inc. 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. 

Deposits

June 30, 2026
PD RangesStage 1Stage 2Stage 3Total
Grades 1 - 40.05 - 0.28
1,887,960 — — 1,887,960 
Grades 5 - 60.29 - 3.60
1,174 — — 1,174 
Grades 7 - 83.61 - 36.40
3 — — 3 

1,889,137 — — 1,889,137 
Allowance for credit losses(166)— — (166)
Total1,888,971 — — 1,888,971 

December 31, 2025
PD RangesStage 1Stage 2Stage 3Total
Grades 1 - 40.05 - 0.38
1,923,151 — — 1,923,151 
Grades 5 - 60.39 - 3.81
660 — — 660 
Grades 7 - 83.82 - 34.52
75 — — 75 

1,923,886 — — 1,923,886 
Allowance for credit losses(155)— — (155)
Total1,923,731 — — 1,923,731 

Loans, at amortized cost (1)

June 30, 2026
PD RangesStage 1Stage 2Stage 3Total
Grades 1 - 40.05 - 0.286,077,081 — — 6,077,081 
Grades 5 - 60.29 - 3.603,931,201 104,222 — 4,035,423 
Grades 7 - 83.61 - 36.4046,822 42,421 45,009 134,252 
Grades 9 - 1036.41 - 100— — 31,659 31,659 
10,055,104 146,643 76,668 10,278,415 
Allowance for credit losses(30,046)(13,123)(35,733)(78,902)
Total10,025,058 133,520 40,935 10,199,513 

10

Bladex, Inc. 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)

December 31, 2025
PD RangesStage 1Stage 2Stage 3Total
Grades 1 - 40.05 - 0.38 5,399,585 — — 5,399,585 
Grades 5 - 60.39 - 3.813,412,140 78,892 — 3,491,032 
Grades 7 - 83.82 - 34.52125,507 102,127 — 227,634 
Grades 9 - 1034.53 - 100— — 39,985 39,985 
8,937,232 181,019 39,985 9,158,236 
Allowance for credit losses(31,660)(33,169)(28,979)(93,808)
Total8,905,572 147,850 11,006 9,064,428 

Loans at FVOCI (1)

June 30, 2026
PD RangesStage 1Stage 2Stage 3Total
Grades 1 - 40.05 - 0.28
144,589 — — 144,589 
Grades 5 - 60.29 - 3.60
120,916 — — 120,916 

265,505 — — 265,505 
Allowance for credit losses(1,578)— — (1,578)

December 31, 2025
PD RangesStage 1Stage 2Stage 3Total
Grades 1 - 40.05 - 0.3815,627 — — 15,627 
Grades 5 - 60.39 - 3.8161,613 — — 61,613 

77,240 — — 77,240 
Allowance for credit losses(468)— — (468)

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

11

Bladex, Inc. 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

June 30, 2026
PD RangesStage 1Stage 2Total
Commitments and contingencies
Grades 1 - 40.05 - 0.28878,496 — 878,496 
Grades 5 - 60.29 - 3.60996,495 2,434 998,929 
Grades 7 - 83.61 - 36.40262,252 2,692 264,944 
2,137,243 5,126 2,142,369 

Customers' liabilities under acceptances
Grades 1 - 40.05 - 0.2878,689 — 78,689 
Grades 5 - 60.29 - 3.6081,788 — 81,788 
Grades 7 - 83.61 - 36.4037,563 — 37,563 
198,040 — 198,040 
2,335,283 5,126 2,340,409 
Provision(11,417)(550)(11,967)
Total2,323,866 4,576 2,328,442 

December 31, 2025
PD RangesStage 1Stage 2Total
Commitments and contingencies
Grades 1 - 40.05 - 0.38876,482 — 876,482 
Grades 5 - 60.39 - 3.81676,044 365 676,409 
Grades 7 - 83.82 - 34.52287,766 — 287,766 

1,840,292 365 1,840,657 

Customers' liabilities under acceptances
Grades 1 - 40.05 - 0.3864,761 — 64,761 
Grades 5 - 60.39 - 3.8131,284 — 31,284 
Grades 7 - 83.82 - 34.5265,552 — 65,552 

161,597 — 161,597 
2,001,889 365 2,002,254 
Provision(12,128)(2)(12,130)
Total1,989,761 363 1,990,124 

12

Bladex, Inc. 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)

June 30, 2026
PD RangesStage 1Stage 2Total
Grades 1 - 40.05 - 0.28
1,355,489 — 1,355,489 

1,355,489 — 1,355,489 
Allowance for credit losses(413)— (413)
Total1,355,076 — 1,355,076 

December 31, 2025
PD RangesStage 1Stage 2Total
Grades 1 - 40.05 - 0.381,294,293 — 1,294,293 
Grades 5 - 60.39 - 3.8155,550 10,654 66,204 

1,349,843 10,654 1,360,497 
Allowance for credit losses(918)(65)(983)
Total1,348,925 10,589 1,359,514 

Securities at FVOCI(1)

June 30, 2026
PD RangesStage 1Stage 2Total
Grades 1 - 40.05 - 0.28204,856 — 204,856 
Grades 5 - 60.29 - 3.60
123,221 — 123,221 
328,077 — 328,077 
Allowance for credit losses - FVOCI(795)— (795)

December 31, 2025
PD RangesStage 1Stage 2Total
Grades 1 - 40.05 - 0.3869,476 — 69,476 

Allowance for credit losses - FVOCI(16)— (16)

(1) Securities at amortized cost includes interest receivable.

The allowance for credit losses for loans and investment securities at FVOCI do not affect the carrying value of the assets. These allowances are included in the equity in the 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:

June 30,2026December 31, 2025
Current10,467,252 9,195,491 

Past due (1)
76,668 39,985 
Total10,543,920 9,235,476 
 

(1) Past due loans are classified in Stage 3.

13

Bladex, Inc. 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.

June 30, 2026
Notional valueUSDDerivativefinancialinstruments -fair value assetDerivativefinancialinstruments -fair valueliabilities
Interest rate swaps2,500,874 27,754 (10,069)
Cross-currency swaps1,916,461 75,436 (39,561)
Foreign exchange forwards45,986 13 (434)
Total4,463,321 103,203 (50,064)

December 31, 2025
Notional valueUSDDerivativefinancialinstruments -fair value assetDerivativefinancialinstruments -fair valueliabilities
Interest rate swaps1,754,481 27,644 (5,868)
Cross-currency swaps1,317,295 43,762 (57,027)
Foreign exchange forwards7,039 — (44)
Total3,078,815 71,406 (62,939)

ii.Allowance for credit losses

The following tables show reconciliations from the opening to the closing balance of the Allowance for credit losses by class of financial instrument. 

Bank deposits

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 2025155 — — 155 

Net effect of changes in allowance for expected credit losses91 — — 91 
Financial instruments that have been derecognized during the period(123)— — (123)
New financial assets originated or purchased43 — — 43 
Impairment losses on financial instruments11 — — 11 

Allowance for expected credit losses as of June 30, 2026166 — — 166 

14

Bladex, Inc. 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)

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

Net effect of changes in allowance for expected credit losses155 — — 155 

Impairment losses on financial instruments155 — — 155 

Allowance for expected credit losses as of December 31, 2025155 — — 155 

Loans at amortized cost

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 202531,660 33,169 28,979 93,808 
Transfer to lifetime expected credit losses(306)306 — — 

Transfer to credit-impaired financial instruments— (14,147)13,597 (550)
Net effect of changes in allowance for expected credit losses(6,151)13,486 658 7,993 
Financial instruments that have been derecognized during the period(12,220)(336)— (12,556)
New financial assets originated or purchased17,063 216 — 17,279 
Impairment losses on financial instruments(1,614)(475)14,255 12,166 
Write-offs— (19,571)(8,601)(28,172)
Recoveries— — 1,100 1,100 
Allowance for expected credit losses as of June 30, 202630,046 13,123 35,733 78,902 

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 202445,635 20,040 12,483 78,158 
Transfer to lifetime expected credit losses(176)(10,151)10,327 — 

Net effect of changes in allowance for expected credit losses(2,762)14,536 5,548 17,322 
Financial instruments that have been derecognized during the year(35,330)(6,640)— (41,970)
New financial assets originated or purchased24,293 15,384 — 39,677 
Impairment losses on financial instruments(13,975)13,129 15,875 15,029 

Recoveries— — 621 621 
Allowance for expected credit losses as of December 31, 202531,660 33,169 28,979 93,808 

15

Bladex, Inc. 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)
Loans at FVOCI

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 2025468 — — 468 

Net effect of changes in allowance for expected credit losses(80)— — (80)
Financial instruments that have been derecognized during the period(94)— — (94)
New financial assets originated or purchased1,284 — — 1,284 
Impairment losses on financial instruments1,110 — — 1,110 

Allowance for expected credit losses as of June 30, 20261,578 — — 1,578 

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

New financial assets originated or purchased468 — — 468 
Impairment losses on financial instruments468 — — 468 

Allowance for expected credit losses as of December 31, 2025468 — — 468 

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 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 202512,128 2 — 12,130 
Transfer to lifetime expected credit losses(18)18 — — 

Net effect of changes in reserve for expected credit losses(2,130)532 — (1,598)
Financial instruments that have been derecognized during the period(3,360)(2)— (3,362)
New instruments originated or purchased4,797 — — 4,797 
Impairment losses on financial instruments(711)548 — (163)

Allowance for expected credit losses as of June 30, 202611,417 550 — 11,967 

16

Bladex, Inc. 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)

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 20244,815 560 — 5,375 

Net effect of changes in reserve for expected credit losses(284)(5)— (289)
Financial instruments that have been derecognized during the year(3,369)(553)— (3,922)
New instruments originated or purchased10,966 — — 10,966 
Impairment losses on financial instruments7,313 (558)— 6,755 

Allowance for expected credit losses as of December 31, 202512,128 2 — 12,130 

Securities at amortized cost

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 2025918 65 — 983 

Net effect of changes in allowance for expected credit losses(89)— — (89)
Financial instruments that have been derecognized during the period(514)(65)— (579)
New financial assets originated or purchased98 — — 98 
Impairment losses on financial instruments(505)(65)— (570)

Allowance for expected credit losses as of June 30, 2026413 — — 413 

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 20241,133 178 — 1,311 
Transfer to lifetime expected credit losses(19)19 — — 

Net effect of changes in allowance for expected credit losses(2)(85)— (87)
Financial instruments that have been derecognized during the year(387)— — (387)
New financial assets originated or purchased193 — — 193 
Impairment losses on financial instruments(215)(66)— (281)
Write-offs— (47)— (47)

Allowance for expected credit losses as of December 31, 2025918 65 — 983 

17

Bladex, Inc. 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 FVOCI

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 202516 — — 16 

Financial instruments that have been derecognized during the year(13)— — (13)
New financial assets originated or purchased792 — — 792 
Impairment losses on financial instruments779 — — 779 

Allowance for expected credit losses as of June 30, 2026795 — — 795 

Stage 1Stage 2Stage 3Total
Allowance for expected credit losses as of December 31, 202423 — — 23 

Financial instruments that have been derecognized during the year(14)— — (14)
New financial assets originated or purchased7 — — 7 
Impairment losses on financial instruments(7)— — (7)

Allowance for expected credit losses as of December 31, 202516 — — 16 

The following table provides a summary of impairment losses on financial instruments presented in the consolidated statement of profit or loss:

June 30,
20262025
Cash and due from banks
11 49 
Loans at amortized cost
12,166 3,524 
Loans at FVOCI
1,110 231 
Loan commitments, financial guarantee contracts and 
   customers’ liabilities under acceptances
(163)6,502 
Securities at amortized cost
(570)(152)
Securities at FVOCI
779 81 

Total13,333 10,235 

18

Bladex, Inc. 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 classified in stage 3:

Loans at amortized cost:June 30,2026December 31, 2025
Credit-impaired loans at beginning of period28,979 12,483 
Classified as credit-impaired during the period13,597 10,327 
Change in allowance for expected credit losses393 4,720 
Interest income265 828 
Write-offs(8,601)— 
Recoveries1,100 621 
Credit-impaired loans at end of period35,733 28,979 

19

Bladex, Inc. 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 at amortized cost, loan commitments, financial guarantees and securities at amortized is as follows.

Concentration by sector and industry of instruments at amortized cost

Loans at amortized costLoan commitments, financial guarantee contracts and acceptances outstandingSecurities at amortized cost

June 30,2026December 31, 2025June 30,2026December 31, 2025June 30,2026December 31, 2025
Gross amount10,278,415 9,158,236 198,040 161,597 1,355,489 1,360,497 
Amount committed/guaranteed— — 2,142,369 1,840,657 — — 

Concentration by sector
Corporations:
Private5,766,974 5,158,895 1,535,826 1,357,884 851,522 723,976 
State-owned1,319,848 1,194,949 116,212 254,122 40,451 45,516 
Financial institutions:
Private2,510,933 2,427,179 197,021 126,824 308,553 335,039 
State-owned273,748 257,479 491,350 263,424 49,967 65,038 
Sovereign406,912 119,734 — — 104,996 190,928 
Total10,278,415 9,158,236 2,340,409 2,002,254 1,355,489 1,360,497 

Concentration by industry
Financial institutions2,784,681 2,684,658 688,371 390,248 358,520 400,077 
Manufacturing2,878,334 2,864,918 475,546 418,860 498,605 403,603 
Oil and petroleum derived products1,531,007 1,264,187 657,300 737,990 102,735 98,876 
Agricultural427,526 330,621 24,093 28,950 — — 
Services709,400 686,726 242,637 251,670 138,894 152,037 
Mining405,695 387,599 76,517 60,914 32,580 20,014 
Sovereign406,912 119,734 — — 104,996 190,928 
Other1,134,860 819,793 175,945 113,622 119,159 94,962 
Total10,278,415 9,158,236 2,340,409 2,002,254 1,355,489 1,360,497 

20

Bladex, Inc. 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 FVOCISecurities FVOCI

June 30,2026December 31,2025June 30,2026December 31,2025
Gross amount
265,505 77,240 328,077 69,476 

Concentration by sector
Corporations:
Private77,786 52,691 32,87432,874 — 
State-owned118,802 — 43,315 — 
Financial institutions:
Private68,917 19,424 2,013 — 
State-owned— 5,125 56,227 69,476 
Sovereign— — 193,648 — 
Total265,505 77,240 328,077 69,476 

Concentration by industry
Financial institutions68,917 24,549 58,240 69,476 
Manufacturing103,922 — 41,477 — 
Oil and petroleum derived products40,438 — 34,712 — 
Agricultural15,708 15,627 — — 

Mining36,520 37,064 — — 
Sovereign— — 193,648 — 

Total265,505 77,240 328,077 69,476 

21

Bladex, Inc. 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 costCommitments, financial guarantee contracts and acceptances outstandingSecurities at amortized cost

June 30,2026December 31,2025June 30,2026December 31,2025June 30,2026December 31,2025
Gross amount10,278,415 9,158,236 198,040 161,597 1,355,489 1,360,497 
Amount committed/guaranteed— — 2,142,369 1,840,657 — — 

Concentration by country
Argentina321,060 198,905 316,821 169,695 — — 
Australia— — — — 22,488 9,936 
Belgium— — — — 15,421 15,696 

Brazil1,400,437 1,130,060 135,529 135,428 — 7,009 
Canada— — 41,795 26,591 55,819 47,743 
Chile516,735 501,107 108,242 67,887 50,140 29,986 
China14,952 14,917 — — — — 
Colombia1,095,041 1,080,071 85,638 84,837 — 14,898 
Costa Rica416,027 461,965 59,103 61,212 — 8,141 

Dominican Republic846,038 919,673 224,728 135,214 — — 
Ecuador282,891 183,502 336,887 206,845 — — 
El Salvador203,031 100,756 8,440 29,084 — — 
Finland— — — — 20,042 13,365 
France152,319 68,555 3,896 72,443 14,693 15,011 
Germany— — 15,000 15,000 29,909 29,998 
Guatemala1,657,676 1,537,176 114,847 117,786 — — 
Honduras147,861 108,137 22,705 22,862 — — 

Ireland— — — — 24,505 14,408 

Italy13,657 23,375 13,615 1,442 — — 
Jamaica39,276 57,969 433 — — — 
Japan— — — — 61,081 60,402 
Korea— — — — 50,052 34,704 
Kuwait— — — — 20,160 20,159 

Mexico1,108,751 1,116,825 213,625 205,726 — 1,269 
Netherlands— — 13,200 4,500 9,913 9,933 
Norway— — — — 23,621 24,577 
Panama1,107,702 571,207 66,702 35,989 5,002 75,494 
Paraguay146,031 210,047 250 250 — — 
Peru333,323 173,441 194,478 212,219 2,210 9,971 
Puerto Rico2,326 6,632 — 15,000 — — 
Qatar— — — — 30,049 30,103 
Arabia Saudi— — — — 49,015 49,919 
Singapore112,300 131,154 24,741 5,507 — — 
Trinidad and Tobago150,027 171,001 — 43,000 — — 

Sweden— — — — 3,756 14,932 
Suriname6,279 3,627 143,823 146,401 — — 
United States of America72,451 219,563 29,420 39,198 791,915 740,864 
United Kingdom105,085 103,665 135,747 141,696 40,338 50,315 
United Arab Emirates— — — — 7,541 3,521 
Uruguay27,139 64,906 30,744 6,442 — — 
Multilateral— — — — 27,819 28,143 
Total10,278,415 9,158,236 2,340,409 2,002,254 1,355,489 1,360,497 

22

Bladex, Inc. 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 FVOCISecurities at FVOCI

June 30,2026December 31,2025June 30,2026December 31,2025
Gross amount
265,505 77,240 328,077 69,476 

Concentration by country
Argentina25,558 — — — 
Brazil— — 7,029 — 
Chile— — 14,646 
Colombia118,801 — 53,880 — 
Costa Rica— — 8,603 — 
Ecuador38,977 — — — 
El Salvador19,861 24,549 — — 

Guatemala25,788 15,627 2,013 — 

Norway— — 34,712 — 
Panama— — 47,223 — 

Dominican Republic36,520 37,064 60,366 — 

Trinidad and Tobago— — 50,406 — 

Multilateral— — 49,199 69,476 
Total265,505 77,240 328,077 69,476 

v.Offsetting financial assets and liabilities

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

Derivative financial instruments – assets

June 30, 2026
Gross amounts of assetsGross amounts offset in the consolidatedstatement of financial positionNet amount ofassets presented in the consolidatedstatement of financial positionGross amounts not offset in the consolidated statement of financial positionNet amount
Financial instrumentsCash collateral received
Derivative financial instruments used for hedging96,886 — 96,886 — (93,893)2,993 
Total96,886 — 96,886 — (93,893)2,993 

23

Bladex, Inc. 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)

December 31, 2025
Gross amounts of assetsGross amounts offset in the consolidatedstatement of financial positionNet amount ofassets presented in the consolidatedstatement of financial positionGross amounts not offset in the consolidated statement of financial positionNet amount
Financial instrumentsCash collateral received
Derivative financial instruments used for hedging69,837 — 69,837 — (49,266)20,571 
Total69,837 — 69,837 — (49,266)20,571 

Securities sold under repurchase agreements and derivative financial instruments – liabilities

June 30, 2026
Gross amounts of liabilitiesGross amounts offset in the consolidatedstatement of financial positionNet amount ofliabilities presented in theconsolidatedstatement of financial positionGross amounts not offset in the consolidated statement offinancial positionNet amount
Financial instrumentsCash collateral received
Securities sold under repurchase agreements at amortized cost(275,310)— (275,310)303,823 476 28,989 

Derivative financial instruments used for hedging at FVTPL(46,463)— (46,463)— 34,020 (12,443)
Total(321,773)— (321,773)303,823 34,496 16,546 

December 31, 2025
Gross amounts of liabilitiesGross amounts offset in the consolidatedstatement of financial positionNet amount ofliabilities presented in theconsolidatedstatement of financial positionGross amounts not offset in the consolidated statement offinancial positionNet amount
Financial instrumentsCash collateral received
Securities sold under repurchase agreements at amortized cost(130,509)— (130,509)147,480 — 16,971 

Derivative financial instruments used for hedging at FVTPL(62,506)— (62,506)— 51,353 (11,153)
Total(193,015)— (193,015)147,480 51,353 5,818 

24

Bladex, Inc. 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:

June 30,2026December 31,2025
At the end of the period140.18 %159.26 %
Period/year average114.80 %129.49 %
Maximum of the period143.78 %212.53 %
Minimun of the period101.56 %103.63 %

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

June 30, 2026December 31, 2025
(in millions of USD dollars)Cash and due frombanksSecurities FVOCITotalCash and due frombanksSecurities FVOCITotal
United State of America1,371 — 1,371 — 1,784 — 1,784 
Other O.E.C.D countries399 34 433 3 — 3 
Latin America5 14 19 5 — 5 

Multilateral50 49 99 50 69 119 
Total1,825 97 1,922 1,842 69 1,911 

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

June 30,2026December 31,2025
(in millions of USD dollars)
Demand and "overnight" deposits1,451 879 
Demand and "overnight" deposits to total deposits18.39 %13.31 %

The following table presents the total liquid assets available to meet the liquidity needs arising from customer deposits, their ratio to total customer deposits, and the amount of such assets maintained at the Federal Reserve Bank of the United States:

June 30,2026December 31,2025
(in millions of USD dollars)
Total liquid assets1,922 1,911 
Total assets to total liabilities24.36 %28.94 %
Total liquid assets in the   Federal Reserve of the United States of America67.42 %90.74 %

25

Bladex, Inc. 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)June 30,2026December 31,2025
Loan and investment portfolio with original maturities of less than or equal 1 year5,791 5,247 
Average term (days)182 180 

 
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)June 30,2026December 31,2025
Loan and investment portfolio with original maturities of greater than 1 year6,333 5,349 
Average term (days)1,443 1,409 

26

Bladex, Inc. 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:
 
June 30, 2026
Up to 3months3 to 6 months6 months to 1year1 to 5 yearsMore than 5yearsGross inflows(outflows)Carryingamount
Assets
Cash and due from banks1,866,309 23,490 — — — 1,889,799 1,888,971 
Securities59,841 119,151 318,579 1,321,602 22,214 1,841,387 1,683,153 
Loans3,521,543 1,991,351 1,379,186 4,266,638 370,251 11,528,969 10,465,018 
Customers' liabilities under acceptances146,848 24,640 26,552 — — 198,040 198,040 
Trading derivative financial instruments - assets— — — — 6,317 6,317 6,317 
Hedging derivative financial instruments - assets4,763 69 1,887 85,625 4,542 96,886 96,886 
Total5,599,304 2,158,701 1,726,204 5,673,865 403,324 15,561,398 14,338,385 

Liabilities

Customer deposits(6,172,900)(1,135,789)(504,906)(146,516)— (7,960,111)(7,934,541)
Securities sold under repurchase agreements(257,891)(16,872)— — — (274,763)(275,310)
Borrowings and debt(1,147,152)(596,414)(652,669)(2,041,710)(54,276)(4,492,221)(4,148,884)
Lease liabilities(388)(394)(797)(6,585)(11,165)(19,329)(19,329)
Acceptances outstanding(146,848)(24,640)(26,552)— — (198,040)(198,040)
Trading derivative financial instruments - liabilities— — — — (3,601)(3,601)(3,601)
Hedging derivative financial instruments - liabilities(11,332)(2,310)(5,791)(27,030)— (46,463)(46,463)
Total(7,736,511)(1,776,419)(1,190,715)(2,221,841)(69,042)(12,994,528)(12,626,168)

Subtotal net position(2,137,207)382,282 535,489 3,452,024 334,282 2,566,870 1,712,217 

Off-balance sheet contingencies
Confirmed letters of credit454,985 91,557 5,002 — — 551,544 
Stand-by letters of credit and guarantees168,888 156,801 382,786 108,346 — 816,821 
Loans and letter of credit commitments46,843 74,811 159,300 459,479 33,571 774,004 
Total670,716 323,169 547,088 567,825 33,571 2,142,369 
Total net position(2,807,923)59,113 (11,599)2,884,199 300,711 424,501 

27

Bladex, Inc. 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, 2025
Up to 3months3 to 6months6 months to 1year1 to 5 yearsMore than 5yearsGross inflows(outflows)Carryingamount
Assets
Cash and due from banks1,906,085 18,379 — — — 1,924,464 1,923,731 

Securities103,225 134,775 203,340 1,079,046 31,792 1,552,178 1,428,990 
Loans2,711,751 1,651,349 2,003,457 3,417,682 331,015 10,115,254 9,141,668 
Customers' liabilities under acceptances102,576 36,206 22,815 — — 161,597 161,597 
Trading derivative financial instruments - assets— — — — 1,569 1,569 1,569 
Hedging derivative financial instruments - assets7,989 189 3,685 54,654 3,320 69,837 69,837 
Total4,831,626 1,840,898 2,233,297 4,551,382 367,696 13,824,899 12,727,392 

Liabilities

Customer deposits(5,153,930)(745,511)(503,687)(263,845)— (6,666,973)(6,640,290)
Securities sold under repurchase agreements(7,800)(68,015)(58,631)— — (134,446)(130,509)
Borrowings and debt(1,093,223)(550,119)(447,676)(2,246,182)(49,796)(4,386,996)(4,030,389)
Lease liabilities(361)(363)(737)(6,096)(10,872)(18,429)(18,429)
Acceptances outstanding(102,576)(36,206)(22,815)— — (161,597)(161,597)
Trading derivative financial instruments - liabilities— — — — (433)(433)(433)
Hedging derivative financial instruments - liabilities(7,888)— (16,755)(37,459)(404)(62,506)(62,506)
Total(6,365,778)(1,400,214)(1,050,301)(2,553,582)(61,505)(11,431,380)(11,044,153)

Subtotal net position(1,534,152)440,684 1,182,996 1,997,800 306,191 2,393,519 1,683,239 

Off-balance she