Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | FOREIGN TRADE BANK OF LATIN AMERICA, INC. |
Entity Central Index Key | 890,541 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Trading Symbol | BLX |
Entity Common Stock, Shares Outstanding | 39,428,835 |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 6,342,189 |
Class B Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,408,806 |
Class E Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 30,677,840 |
Class F Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and cash equivalents | $ 672,048 | $ 1,069,538 | |
Financial Instruments: | |||
At fair value through OCI | 25,135 | 30,607 | |
Securities at amortized cost, net | [1] | 68,934 | 77,214 |
Loans | 5,505,658 | 6,020,731 | |
Less: | |||
Allowance for expected credit losses | 81,294 | 105,988 | |
Unearned interest and deferred fees | 4,985 | 7,249 | |
Loans, net | [2] | 5,419,379 | 5,907,494 |
Derivative financial instruments used for hedging - receivable | 13,338 | 9,352 | |
Property and equipment, net | 7,420 | 8,549 | |
Intangibles, net | 5,425 | 2,909 | |
Other assets: | |||
Customers' liabilities under acceptances | 6,369 | 19,387 | |
Accrued interest receivable | 30,872 | 44,187 | |
Other assets | 18,827 | 11,546 | |
Total of other assets | 56,068 | 75,120 | |
Total assets | 6,267,747 | 7,180,783 | |
Deposits: | |||
Noninterest-bearing - Demand | 420 | 1,617 | |
Interest-bearing - Demand | 81,644 | 125,397 | |
Time | 2,846,780 | 2,675,838 | |
Total deposits | 2,928,844 | 2,802,852 | |
Derivative financial instruments used for hedging - payable | 34,943 | 59,686 | |
Financial liabilities through profit or loss | 0 | 24 | |
Short-term borrowings and debt | 1,072,723 | 1,470,075 | |
Long-term borrowings and debt, net | 1,138,844 | 1,776,738 | |
Other liabilities: | |||
Acceptances outstanding | 6,369 | 19,387 | |
Accrued interest payable | 15,816 | 16,603 | |
Allowance for expected credit losses on loan commitments and financial guarantees contracts | 6,845 | 5,776 | |
Other liabilities | 20,551 | 18,328 | |
Total other liabilities | 49,581 | 60,094 | |
Total liabilities | 5,224,935 | 6,169,469 | |
Stockholders' equity: | |||
Common stock | 279,980 | 279,980 | |
Treasury stock | (63,248) | (69,176) | |
Additional paid-in capital in excess of assigned value of common stock | 119,941 | 120,594 | |
Capital reserves | 95,210 | 95,210 | |
Retained earnings | 608,966 | 587,507 | |
Accumulated other comprehensive income (loss) | 1,963 | (2,801) | |
Total stockholders' equity | 1,042,812 | 1,011,314 | |
Total liabilities and stockholders' equity | $ 6,267,747 | $ 7,180,783 | |
[1] | The carrying value of securities at amortized cost is net of the allowance for expected credit losses of $0.2 million for December 31, 2017 and $0.6 million for December 31, 2016. | ||
[2] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. |
Consolidated statements of prof
Consolidated statements of profit or loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Interest income: | ||||
Deposits | $ 10,261 | $ 4,472 | $ 2,050 | |
At fair value through OCI | 545 | 2,254 | 6,033 | |
Securities at amortized cost | 1,947 | 2,780 | 2,371 | |
Loans | 213,326 | 236,392 | 209,858 | |
Total interest income | [1] | 226,079 | 245,898 | 220,312 |
Interest expense: | ||||
Deposits | 42,847 | 20,131 | 11,788 | |
Short and long-term borrowings and debt | 63,417 | 70,558 | 63,045 | |
Total interest expense | [1] | 106,264 | 90,689 | 74,833 |
Net interest income | [1] | 119,815 | 155,209 | 145,479 |
Other income: | ||||
Fees and commissions, net | 17,514 | 14,306 | 19,200 | |
Loss on derivative financial instruments and foreign currency exchange, net | (437) | (486) | (23) | |
(Loss) gain per financial instrument at fair value through profit or loss | (732) | (2,883) | 5,731 | |
Gain (loss) on sale of securities at fair value through OCI | 249 | (356) | 363 | |
Gain on sale of loans | 181 | 806 | 1,505 | |
Other income | 1,723 | 1,378 | 1,603 | |
Net other income | [1],[2] | 18,498 | 12,765 | 28,379 |
Total income | [1] | 138,313 | 167,974 | 173,858 |
Expenses: | ||||
Impairment loss from expected credit losses on loans at amortized cost | 8,859 | 34,760 | 17,248 | |
(Recovery) impairment loss from expected credit losses on investment securities | (489) | 3 | 5,290 | |
Impairment loss (recovery) from expected credit losses on loan commitments and financial guarantee contracts | 1,069 | 352 | (4,448) | |
Salaries and other employee expenses | 27,653 | 25,196 | 30,435 | |
Depreciation of equipment and leasehold improvements | 1,578 | 1,457 | 1,371 | |
Amortization of intangible assets | 838 | 629 | 596 | |
Other expenses | 16,806 | 18,532 | 19,382 | |
Total expenses | 56,314 | 80,929 | 69,874 | |
Profit for the year | [1] | $ 81,999 | $ 87,045 | $ 103,984 |
Earnings per share: | ||||
Basic | $ 2.09 | $ 2.23 | $ 2.67 | |
Diluted | $ 2.08 | $ 2.22 | $ 2.66 | |
Weighted average basic shares | 39,311 | 39,085 | 38,925 | |
Weighted average diluted shares | 39,329 | 39,210 | 39,113 | |
[1] | The numbers set out in these tables have been rounded and accordingly may not total exactly. | |||
[2] | Net other income consists of other income including gains on sale of loans, gains (loss) per financial instrument at FVTPL and FVOCI, derivative instruments and foreign currency exchange. |
Consolidated statements of pro4
Consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Statement of comprehensive income [abstract] | ||||
Profit for the year | [1] | $ 81,999 | $ 87,045 | $ 103,984 |
Items that are not be reclassified subsequently to gains and losses: | ||||
Change in fair value for revaluation by equity instrument to FVOCI, net of hedging | 187 | 0 | 0 | |
Items that are or may be reclassified subsequently to gains and losses: | ||||
Net change in unrealized gain (losses) on financial instruments at fair value through OCI | 696 | 8,078 | (2,114) | |
Net change in unrealized losses on derivative financial instruments | 2,391 | (198) | (730) | |
Foreign currency translation adjustment, net | (60) | 0 | 0 | |
Exchange difference in conversion of foreign operating currency | 1,550 | 0 | 0 | |
Other comprehensive income (loss) | 4,764 | 7,880 | (2,844) | |
Total comprehensive income for the year | $ 86,763 | $ 94,925 | $ 101,140 | |
[1] | The numbers set out in these tables have been rounded and accordingly may not total exactly. |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Total | Common stock [member] | Treasury stock [member] | Additional paid-in capital in excess of assigned value of common stock [member] | Capital reserves [member] | Retained earnings [member] | Accumulated other comprehensive income (loss) [member] | |
Balance at Dec. 31, 2014 | $ 911,039 | $ 279,980 | $ (77,627) | $ 119,644 | $ 95,210 | $ 501,669 | $ (7,837) | |
Profit for the year | 103,984 | [1] | 0 | 0 | 0 | 0 | 103,984 | 0 |
Other comprehensive income | (2,844) | 0 | 0 | 0 | 0 | 0 | (2,844) | |
Issuance of restricted stock | 0 | 0 | 1,259 | (1,259) | 0 | 0 | 0 | |
Compensation cost - stock options and stock units plans | 3,296 | 0 | 0 | 3,296 | 0 | 0 | 0 | |
Exercised options and stock units vested | 1,467 | 0 | 2,971 | (1,504) | 0 | 0 | 0 | |
Repurchase of "Class B" and "Class E" common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Dividends declared | (45,011) | 0 | 0 | 0 | 0 | (45,011) | 0 | |
Balance at Dec. 31, 2015 | 971,931 | 279,980 | (73,397) | 120,177 | 95,210 | 560,642 | (10,681) | |
Profit for the year | 87,045 | [1] | 0 | 0 | 0 | 0 | 87,045 | 0 |
Other comprehensive income | 7,880 | 0 | 0 | 0 | 0 | 0 | 7,880 | |
Issuance of restricted stock | 0 | 0 | 1,259 | (1,259) | 0 | 0 | 0 | |
Compensation cost - stock options and stock units plans | 3,063 | 0 | 0 | 3,063 | 0 | 0 | 0 | |
Exercised options and stock units vested | 1,575 | 0 | 2,962 | (1,387) | 0 | 0 | 0 | |
Repurchase of "Class B" and "Class E" common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Dividends declared | (60,180) | 0 | 0 | 0 | 0 | (60,180) | 0 | |
Balance at Dec. 31, 2016 | 1,011,314 | 279,980 | (69,176) | 120,594 | 95,210 | 587,507 | (2,801) | |
Profit for the year | 81,999 | [1] | 0 | 0 | 0 | 0 | 81,999 | 0 |
Other comprehensive income | 4,764 | 0 | 0 | 0 | 0 | 0 | 4,764 | |
Issuance of restricted stock | 30 | 0 | 1,259 | (1,229) | 0 | 0 | 0 | |
Compensation cost - stock options and stock units plans | 296 | 0 | 0 | 296 | 0 | 0 | 0 | |
Exercised options and stock units vested | 4,977 | 0 | 4,697 | 280 | 0 | 0 | 0 | |
Repurchase of "Class B" and "Class E" common stock | (28) | 0 | (28) | 0 | 0 | 0 | 0 | |
Dividends declared | (60,540) | 0 | 0 | 0 | 0 | (60,540) | 0 | |
Balance at Dec. 31, 2017 | $ 1,042,812 | $ 279,980 | $ (63,248) | $ 119,941 | $ 95,210 | $ 608,966 | $ 1,963 | |
[1] | The numbers set out in these tables have been rounded and accordingly may not total exactly. |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash flows from operating activities | ||||
Profit for the year | [1] | $ 81,999 | $ 87,045 | $ 103,984 |
Adjustments to reconcile profit for the year to net cash provided by operating activities: | ||||
Activities of derivative financial instruments used for hedging | (26,363) | 21,333 | (2,279) | |
Depreciation of equipment and leasehold improvements | 1,578 | 1,457 | 1,371 | |
Amortization of intangible assets | 838 | 629 | 596 | |
Loss for disposal of equipment and leasehold improvements | 2,205 | 140 | 32 | |
Loss for disposal of intangible assets | 16 | 0 | 1 | |
Impairment loss from expected credit losses | [1] | 9,439 | 35,115 | 18,090 |
Net (gain) loss on sale of financial assets at fair value through OCI | (249) | 356 | (363) | |
Compensation cost - share-based payment | 296 | 3,063 | 3,296 | |
Interest income | (226,079) | (245,898) | (220,312) | |
Interest expense | 106,264 | 90,689 | 74,833 | |
Net decrease (increase) in operating assets: | ||||
Net decrease (increase) in pledged deposits | 8,571 | (29,148) | 6,546 | |
Financial instruments at fair value through profit or loss | 0 | 53,411 | 2,545 | |
Net decrease (increase) in loans at amortized cost | 479,226 | 650,217 | (7,410) | |
Other assets | (269) | (39) | (7,738) | |
Net increase (decrease) in operating liabilities: | ||||
Net increase due to depositors | 125,992 | 7,383 | 288,775 | |
Financial liabilities at fair value through profit or loss | (24) | (65) | 37 | |
Other liabilities | (4,695) | (1,774) | 6,398 | |
Cash provided by operating activities | 558,745 | 673,914 | 268,402 | |
Interest received | 239,394 | 247,167 | 223,033 | |
Interest paid | (107,051) | (91,802) | (71,972) | |
Net cash provided by operating activities | 691,088 | 829,279 | 419,463 | |
Cash flows from investing activities: | ||||
Acquisition of equipment and leasehold improvements | (2,654) | (3,973) | (615) | |
Acquisition of intangible assets | (3,370) | (3,111) | 0 | |
Proceeds from the redemption of of financial instruments at fair value through OCI | 0 | 107,088 | 151,131 | |
Proceeds from the sale of financial instruments at fair value through OCI | 17,040 | 102,655 | 118,210 | |
Proceeds from maturities of financial instruments at amortized cost | 18,258 | 55,240 | 44,923 | |
Purchases of financial instruments at fair value through OCI | (8,402) | (84,153) | (86,629) | |
Purchases of financial instruments at amortized cost | (9,978) | (24,600) | (96,920) | |
Net cash provided by investing activities | 10,894 | 149,146 | 130,100 | |
Cash flows from financing activities: | ||||
Net decrease in short-term borrowings and debt and securities sold under repurchase agreements | (397,352) | (1,074,366) | (448,615) | |
Proceeds from long-term borrowings and debt | 219,905 | 403,489 | 946,084 | |
Repayments of long-term borrowings and debt | (857,799) | (508,564) | (462,559) | |
Dividends paid | (60,605) | (60,135) | (59,943) | |
Exercised stock options | 4,977 | 1,575 | 1,467 | |
Repurchase of common stock | (27) | 0 | 0 | |
Net cash used in financing activities | (1,090,901) | (1,238,001) | (23,566) | |
Net (decrease) increase in cash and cash equivalents | (388,919) | (259,576) | 525,997 | |
Cash and cash equivalents at beginning of the year | 1,007,726 | 1,267,302 | 741,305 | |
Cash and cash equivalents at end of the year | $ 618,807 | $ 1,007,726 | $ 1,267,302 | |
[1] | The numbers set out in these tables have been rounded and accordingly may not total exactly. |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of notes and other explanatory information [Abstract] | |
Disclosure of notes and other explanatory information [text block] | 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 trade and economic integration in Latin America and the Caribbean (the “Region”). The Bank was established pursuant to a May 1975 proposal presented to the Assembly of Governors of Central Banks in the Region, 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 officially 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 Superintendency 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 the Law Decree No. 9 of February 26, 1998, modified by the 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 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. 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 Representacao Ltda. - Bladex Representaçao Ltda., incorporated under the laws of Brazil on January 7, 2000, acts as the Bank’s representative office in Brazil. Bladex Representacao Ltda. is 99.999 0.001 - Bladex Investimentos Ltda. was incorporated under the laws of Brazil on May 3, 2011. Bladex Head Office owned 99 1 - Bladex Development Corp. was incorporated under the laws of Panama on June 5, 2014. Bladex Development Corp. is 100 - BLX Soluciones, S.A. de C.V., SOFOM, E.N.R. was incorporated under the laws of Mexico on June 13, 2014. BLX Soluciones is 99.9 0.1 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; in Lima, Peru; and in Bogota, Colombia. The consolidated financial statements have been authorized for issue by resolution of the Board of Directors dated February 06, 2018. |
Basis of preparation of the con
Basis of preparation of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2017 | |
Basis of preparation of the consolidated financial statements [Abstract] | |
Disclosure of basis of preparation of financial statements [text block] | 2. Basis of preparation of the consolidated financial statements 2.1 Statement of compliance The consolidated financial statements of Banco Latinoamericano de Comercio Exterior, S. A. and its subsidiaries have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), and Interpretations issued by the IFRS Interpretation Committee (formerly known as IFRIC). 2.2 Basis of valuation and presentation currency The consolidated financial statements have been prepared on the basis of fair value for financial assets and liabilities through profit or loss, derivative financial instruments, investments and other financial assets at fair value through other comprehensive income. The carrying values of recognized assets and liabilities that are designated as hedged items in fair value hedges, that would otherwise be carried at amortized cost, are adjusted to record changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. Other financial assets and liabilities and other non-financial assets and liabilities are presented at amortized cost or on a historical cost basis. All amounts presented in the consolidated financial statements and notes are expressed in United States of America dollars (US dollar), which is the functional currency of the Bank. 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of Bladex and its subsidiaries. Bladex consolidates its subsidiaries from the date on which control is transferred to the Bank. All intercompany balances and transactions have been eliminated for consolidation purposes. Specifically, the Bank controls an investee if, and only if, the Bank has: - Power over the investee. Existing rights that give it the current ability to direct the relevant activities of the investee. - Exposure, or rights, to variable returns from its involvement with the investee. - The ability to use its power over the investee to affect its return. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Bank has less than the majority of the voting or similar rights of an investee, the Bank considers all relevant facts and circumstances in assessing whether it has power over an investee, including: - The contractual arrangement(s) with the other vote holders of the investee - Rights arising from other contractual arrangements - The Bank’s voting rights and potential voting rights. The Bank re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Bank obtains control over the subsidiary and ceases when the Bank loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Bank gains control until the date the Bank ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the parent of the Bank and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Bank’s accounting policies. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Bank loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in the consolidated statement of profit or loss. Any investment retained is recognized at fair value. When loses control of a subsidiary, the gain/loss on disposal recognised in profit or loss is calculated as the difference between: - The aggregate of the fair value of the consideration received and the fair value of any retained interest, and - The previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any Non- Controlling Interest (NCI) All amounts previously recognised in other comprehensive income (loss) in relation to that subsidiary are accounted for as if had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 “Financial Instruments |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Disclosure of significant accounting policies [text block] | 3. Summary of significant accounting policies The following are the significant accounting policies applied consistently by the Bank to all years presented in these consolidated financial statements. 3.1 Currency and foreign currency transactions 3.1.1 Foreign currency transactions For the purpose of consolidation of the financial statements, the Bank applies IAS 21- “ The Effect of Change in Foreign Exchange Rates For each entity, the Bank determines the functional currency, and items included in the consolidated financial statements of each entity are measured using the functional currency. 3.1.2 Transactions and balances Assets and liabilities of foreign subsidiaries, whose local currency is considered their functional currency, are translated into the reporting currency, US dollars, using month-end spot foreign exchange rates. The Bank uses monthly-averaged exchange rates to translate revenues and expenses from local functional currency into US dollars. The effects of those translations adjustments are reported as a component of the accumulated other comprehensive income (loss) in the consolidated statement of changes in equity. Transactions whose terms are denominated in a currency other than the functional currency, including transactions denominated in local currency of the foreign entity with the US dollar as their functional currency, are recorded at the exchange rate prevailing at the date of the transaction. Assets and liabilities in foreign currency are translated into US dollar using month-end spot foreign exchange rates. The effects of translation of monetary assets and liabilities into US dollar are included in current year’s earnings in the gain (loss) on foreign currency exchange line item. Differences arising on settlement or translation of monetary items are recognized in the consolidated statement of profit or loss with the exception of monetary items that are designated as part of the hedge of the Bank’s net investment in a foreign operation. These are recognized in consolidated statements of other comprehensive income until the net investment is disposed of, at which time, the cumulative amount is classified to the consolidated statement of profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in consolidated statements of other comprehensive income, if applicable. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the spot exchange rate at the date on which the fair value is determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the spot exchange rate at the date of the transaction. 3.2 Cash and cash equivalents Cash equivalents include demand deposits in banks and interest-bearing deposits in banks with original maturities of three months or less, excluding pledged deposits. 3.3 Financial instruments 3.3.1 Date of recognition All financial assets and liabilities are initially recognized on the trade date, the date that the Bank becomes a party to the contractual provisions of the instrument. This includes regular way trades: purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place. 3.3.2 Initial measurement of financial instruments Recognised financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss ( FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in profit or loss. Debt instruments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI), are subsequently measured at amortized cost; debt instruments that are held within a business model whose objective is both to collect the contractual cash flows and to sell the debt instruments, and that have contractual cash flows that are SPPI, are subsequently measured at fair value through other comprehensive income (FVTOCI); all other debt instruments (e.g. debt instruments managed on a fair value basis, or held for sale) and equity investments are subsequently measured at FVTPL. However, may make the following irrevocable election / designation at initial recognition of a financial asset on an asset-by-asset basis: - It may irrevocably elect to present subsequent changes in fair value of an equity investment that is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 “ Business Combinations - It may irrevocably designate a debt instrument that meets the amortized cost or at FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. 3.3.3 Classification The Bank classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss on the basis of the Bank’s business model for managing the financial assets and the contractual cash flow characteristics of these financial assets. The Bank classifies all financial liabilities as subsequently measured at amortized costs, except for those liabilities measured at fair value through profit or loss as a result of hedge accounting, as well as liabilities measured at fair value in the case of undesignated derivatives. 3.3.4 Business model assessment The Bank makes an assessment of the objective of the business model in which the financial asset is held at a portfolio level, because this reflects the way the business is managed, and information is provided to management. The information considers the following: - The Bank’s policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management’s strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realizing cash flows through the sale of the assets; - How the performance of the portfolio is evaluated and reported to the Bank’s management; - The risk that affect the performance of the business model and how those risks are managed; - The frequency, volume and timing of sales in prior periods, the reason for such sales and its expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Bank’s stated objective for managing the financial assets is achieved and how cash flows are realized. 3.3.5 Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs as well as profit margin. Contractual cash flows that are SPPI are consistent with a basic lending arrangement. Contractual terms that introduce exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending arrangement, such as exposure to changes in equity prices or commodity prices, do not give rise to contractual cash flows that are SPPI. An originated or an acquired financial asset can be a basic lending arrangement irrespective of whether it is a loan in its legal form. In assessing whether the contractual cash flows are solely payments of principal and interest, the Bank considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Bank considers the following: - Contingent events that would change the amount and timing of cash flows; - Leverage features; - Prepayment and extension terms; - Terms that limit the Bank’s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and features that modify consideration of the time value of money (e.g. periodical reset of interest rates). 3.3.6 Financial assets at fair value through other comprehensive income (FVOCI) These securities consist of debt instruments not classified as either securities at FVTPL or securities at amortized cost, and are subject to the same approval criteria as the rest of the credit portfolio. These securities are carried at fair value if both of the following conditions are met: - The financial asset is held according to a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and, - The contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Unrealized gains and losses are reported as net increases or decreases to accumulated other comprehensive income (loss) (“OCI”) in the consolidated statement of changes in equity until they are realized. Realized gains and losses from the sale of securities which are included in net gain on sale of securities are determined using the specific identification method. For an equity investment designated as measured at FVTOCI, the cumulative gain/loss previously recognized in OCI is not subsequently reclassified to profit or loss but transferred within equity. 3.3.7 Financial assets at amortized cost Financial assets classified at amortized cost represent securities and loans whose objective is to hold them in order to collect contractual cash flows over the life of the instrument. These securities and loans are measured at amortized cost if both of the following conditions are met: - The financial asset is held according to a business model whose objective is to hold the financial assets in order to collect the contractual cash flows, and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. 3.3.8 Financial assets and liabilities at fair value through profit or loss (FVTPL) Financial assets and liabilities at fair value through profit or loss include a) assets with contractual cash flows that are not SPPI; or/and b) assets designated at FVTPL using the fair value option; and payables (unrealized losses) related to derivative financial instruments which are not designated as hedges or which do not qualify for hedge accounting. Unrealized and realized gains and losses on assets and liabilities at FVTPL are recorded in the consolidated statement of profit or loss as net gain (loss) from financial instruments at FVTPL. 3.3.9 Reclassification If the business model under which the Bank holds financial assets changes, the financial assets affected are reclassified. The classification and measurement requirements related to the new category apply prospectively from the first day of the first reporting period following the change in business model that results in reclassifying the Bank’s financial assets. During the current financial year and previous accounting period there was no change in the business model under which the Bank holds financial assets and therefore no reclassifications were made. Changes in contractual cash flows are considered under the accounting policy on modification and derecognition of financial assets described below. 3.3.10 Derecognition of financial assets and financial liabilities Financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: - The rights to receive cash flows from the asset have expired. - The Bank has transferred its rights to receive cash flows from the asset and either has transferred substantially all risk and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. - The Bank retains the right to receive cash flows from the asset, but has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘passthrough’ arrangement. - When the Bank has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Bank’s continuing involvement in the asset. In that case, the Bank also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Bank has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Bank could be required to repay. The Bank enters into transactions whereby it transfers assets recognized on its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred asset or portion of them. In such cases, the transferred assets are not derecognized. Examples of such transactions are securities lending and sale-and-repurchase transactions. Financial liabilities A financial liability is derecognized when the obligation under the liability is extinguished, when the obligation specified in the contract is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a an extinguishment of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the consolidated statements of profit or loss. Impairment of financial assets investment securities The Bank conducts periodic reviews for all of its securities. The Bank recognizes a loss allowance for expected credit losses on investment securities measured at fair value through other comprehensive income and investment securities measured at amortized cost. If at the reporting date, the credit risk of these financial instruments has not increased significantly since initial recognition, the Bank will measure the loss allowance for those financial instruments at an amount equal to 12-month expected credit losses. However, if the Bank determines that the credit risk of those financial instruments has increased significantly since initial recognition, then it measures a loss allowance at an amount equal to the lifetime expected credit losses. If the Bank has measured a loss allowance for a financial instrument at an amount equal to lifetime expected credit losses in the previous reporting year because of a significant increase in credit risk, but determines at the current reporting date that this presumption is no longer met; then it will measure the loss allowance at an amount equal to 12-month expected credit losses at the current reporting date. The Bank recognizes in the consolidated statement of profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance to the amount that is required to be recognized at the reporting date. The Bank maintains a system of internal credit quality indicators. . The table below provides a mapping of the Bank’s internal credit risk grades to external ratings. Internal Rating External (1) Description 1 a 4 Aaa Ba1 Clients with payment ability to satisfy their financial commitments 5 a 6 Ba2 B3 Clients with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 Caa1 Clients exposed to systemic risks specific to the country or the industry in which they are located, facing adverse situations in their operation or financial condition. At this level, access to new funding is uncertain. 8 Caa2 Caa3 Clients whose primary source of payment (operating cash flow) is inadequate, and who show evidence of deterioration in their working capital that does not allow them to satisfy payments on the agreed terms, endangering recovery of unpaid balances. 9 Ca Clients whose operating cash flow continuously shows insufficiency to service the debt on the originally agreed terms. Due to the fact that the borrower presents an impaired financial and economic situation, the likelihood of recovery is low. 10 C Clients with operating cash flow that does not cover their costs, are in suspension of payments, presumably will also have difficulties fulfilling possible restructuring agreements, are in a state of insolvency, or have filed for bankruptcy, among others. (1) External rating in accordance to Moody’s For financial instruments measured at fair value through OCI, the expected credit losses do not reduce the carrying amount in the consolidated statement of financial position, which remains at fair value. Instead, an amount equal to the allowance that would arise if the asset was measured at amortized cost is recognized in the consolidated statement of profit or loss and other comprehensive income as the accumulated impairment amount. Impairment gains or losses are accounted for as an adjustment of the revaluation reserve in the accumulated other comprehensive income, with a corresponding charge to the consolidated statement of profit or loss. Impairment on securities is evaluated considering numerous factors, and their relative significance varies case by case. Factors considered in determining whether a detrimental impact on the estimated future cash flows of a financial asset has occurred include, but are not limited to: significant financial difficulty of the issuer; high probability of bankruptcy; granting a concession to the issuer; disappearance of an active market because of financial difficulties; breach of contract, such as default Impairment of financial assets investment securities or delinquency in interest or principal; and, observable data indicating there is a measurable decrease in the estimated future cash flows since initial recognition. If a security is no longer publicly traded or the entity´s credit rating is downgraded, this is not, by itself, evidence of impairment, but should be considered for impairment together with other information. A decline in the fair value of an investment security below its amortized cost is not necessarily evidence of impairment, as it may be due to an increase in market interest rates. Whether a decline in fair value below cost is considered significant or prolonged, must be assessed on an instrument-by-instrument basis and should be based on both qualitative and quantitative factors. However, the assessment of prolonged decline should not be compared to the entire period that the investment has been or is expected to be held. 3.4 Non-financial assets A non-financial asset is an asset with a physical or intangible value and it is subject to the impairment guidelines prescribed in IAS 36 Impairment of assets. 3.4.1 Impairment of non-financial assets A non-financial asset is impaired when an entity will not be able to recover that asset’s carrying value, either through using it or selling it. If circumstances arise which indicate that a non-financial asset might be impaired, a review should be undertaken of its cash generating abilities through use or sale. This review will produce an amount which should be compared with the asset’s carrying value, and if the carrying value is higher, the difference must be written off as impairment in the consolidated statement of profit or loss. On the other hand, if there is any indication that previously recognized impairment losses may no longer exists or may have decreased, the Bank makes an estimate of the recoverable amount. In that case, the carrying amount of the asset is increased to its recoverable amount. This increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of profit or loss. 3.5 Loans - at amortized cost Loans are reported at their amortized cost considering the principal outstanding amounts net of unearned interest, and deferred fees and allowance for expected credit losses. Interest income is recognized using the effective interest rate method. This shall be calculated by applying the effective interest rate to the gross carrying amount of the loan, except for: a) purchased or originated credit-impaired loans. For these financial assets, the Bank applies the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition; and b) loans that have subsequently become credit-impaired financial assets. For these loans, the Bank shall apply the effective interest rate to the amortized cost of the financial asset in subsequent reporting years. The amortization of net unearned interest and deferred fees are recognized as an adjustment to the related loan yield using the effective interest rate method. Purchased loans are recorded at acquisition cost. The difference between the principal and the acquisition cost of loans, the premiums and discounts, is amortized over the life of the loan as an adjustment to the yield. All other costs related to acquisition of loans are expensed when incurred. Definition of Default The Bank considers a financial asset to be in default when it presents any of the following characteristics: - The debtor is past due for more than 90 days in any of its obligations to the bank, either in the loan principal or interest; or when the principal balance with one single balloon payment was due for more than 30 days; - Deterioration in the financial condition of the client, or the existence of other factors with the administration to estimate the possibility that the balance of principal and interest on customer loans is not fully recovered. The above presumptions regarding past due loans may be rebuttable if the Bank has reasonable and supportable information that is available without undue cost or effort, that demonstrate that the credit risk has not increased significantly since initial recognition even though the contractual payments are more than 30 or 90 days past due. In assessing whether a borrower is in default, the Bank considers indicators that are qualitative and quantitative based on data developed internally and obtained from external sources. Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. Modified loan A modified or renegotiated loan is a loan whose borrower is experiencing financial difficulties and the renegotiation constitutes a concession to the borrower. A concession may include modification of terms such as an extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, and reduction in the face amount of the loan or reduction of accrued interest, among others. When a financial asset is modified the Bank assesses whether this modification results in derecognition. In accordance with the Bank’s policy a modification results in derecognition when it gives rise to substantially different terms. To determine if the modified terms are substantially different from the original contractual terms the Bank considers the following: - Qualitative factors, such as contractual cash flows after modification are no longer SPPI, change in currency or change of counterparty, the extent of change in interest rates, maturity, covenants. If these do not clearly indicate a substantial modification, then; - A quantitative assessment is performed to compare the present value of the remaining contractual cash flows under the original terms with the contractual cash flows under the revised terms, both amounts discounted at the original effective interest. If the difference in present value is greater than 10% the Bank deems the arrangement is substantially different leading to derecognition. In the case where the financial asset is derecognised the loss allowance for ECL is remeasured at the date of derecognition to determine the net carrying amount of the asset at that date. The difference between this revised carrying amount and the fair value of the new financial asset with the new terms will lead to a gain or loss on derecognition. The new financial asset will have a loss allowance measured based on 12-month ECL except in the rare occasions where the new loan is considered to be originated credit impaired. This applies only in the case where the fair value of the new loan is recognised at a significant discount to its revised par amount because there remains a high risk of default which has not been reduced by the modification. The Bank monitors credit risk of modified financial assets by evaluating qualitative and quantitative information, such as if the borrower is in past due status under the new terms. When the contractual terms of a financial asset are modified and the modification does not result in derecognition, the Group determines if the financial asset’s credit risk has increased significantly since initial recognition by comparing: - The remaining lifetime PD estimated based on data at initial recognition and the original contractual terms; with - The remaining lifetime PD at the reporting date based on the modified terms. In the renegotiation or modification of the contractual cash flows of the loan, the Bank shall: - Continue with its current accounting treatment for the existing loan that has been modified. - Record a modification gain or loss by recalculating the gross carrying amount of the financial asset as the present value of the renegotiated or modified contractual cash flows, discounted at the loan’s original effective interest rate. - Assess whether there has been a significant increase in the credit risk of the financial instrument, by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). The loan that is modified is not automatically considered to have a lower credit risk. The assessment should consider credit risk over the expected life of the asset based on the historical and forward-looking information, including information about the circumstances that led to the modification. Evidence that the criteria for the recognition of lifetime expected credit losses are subsequently no longer met may include a history of up-to-date and timely payment in subsequent periods. A minimum period of observation will be necessary before a financial asset may qualify to return to a 12-month expected credit loss measurement. - Make the appropriate quantitative and qualitative disclosures required for renegotiated or modified assets to reflect the nature and effect of such modifications (including the effect on the measurement of expected credit losses) and how the Bank monitors these loans that have been modified. The Bank recognizes a loss allowance for expected credit losses (ECL) on a loan that is measured at amortized cost at each reporting date at an amount equal to the lifetime expected credit losses if the credit risk on that loan has increased significantly since initial recognition. If at the reporting date, the credit risk of that loan has not increased significantly since initial recognition, an entity shall measure the loss allowance for that loan at an amount equal to 12-month expected credit losses. The Bank's lending portfolio is comprised of the following segments: corporations, sovereign, middle-market companies and banking and financial institutions. The distinction between corporations and middle-market companies depends on the client’s level of annual sales in relation to the country risk, among other criteria. Except for the sovereign segment, segments are broken down into state-owned and private. The Bank's lending policy is applicable to all types of loans. 3.6 Allowance for expected credit losses The allowance for expected credit losses is provided for losses derived from the credit extension process, inherent in the loan portfolio and loan commitments and financial guarantee contracts, using the reserve methodology to determine expected credit losses. Additions to the allowance for expected credit losses are made by debiting earnings. Credit losses are deducted from the allowance, and subsequent recoveries are added. The allowance is also decreased by reversals of the allowance back to earnings. The allowance for expected credit losses for loans at amortized cost is reported as a deduction of loans and, as a liability, the allowance for expected credit losses on loan commitments and financial guarantee contracts, such as, letters of credit and guarantees. The Bank maintains a system of internal credit quality indicators. These indicators are assigned depending on several factors which include: profitability, quality of assets, liquidity and cash flows, capitalization and indebtedness, economic environment and positioning, regulatory framework and/or industry, sensitivity scenarios and the quality of borrower’s management and shareholders, among others. The Bank maintains a system of internal credit quality indicators. The table below provides a mapping of the Bank’s internal credit risk grades to external ratings. Internal Rating External Rating (1) Description 1 a 4 Aaa Ba1 Clients with payment ability to satisfy their financial commitments 5 a 6 Ba2 B3 Clients with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 Caa1 Clients exposed to systemic risks specific to the country or the industry in which they are located, facing adverse situations in their operation or financial condition. At this level, access to new funding is uncertain. 8 Caa2 Caa3 Clients whose primary source of payment (operating cash flow) is inadequate, and who show evidence of deterioration in their working capital that does not allow them to satisfy payments on the agreed terms, endangering recovery of unpaid balances. 9 Ca Clients whose operating cash flow continuously shows insufficiency to service the debt on the originally agreed terms. Due to the fact that the borrower presents an impaired financial and economic situation, the likelihood of recovery is low. 10 C Clients with operating cash flow that does not cover their costs, are in suspension of payments, presumably will also have difficulties fulfilling possible restructuring agreements, are in a state of insolvency, or have filed for bankruptcy, among others. (2) External rating in accordance to Moody’s In order to maintain periodical monitoring of the quality of the portfolio, clients are reviewed within a frequency of time between 3 and 12 months, depending on the risk rating. The Bank measures expected credit losses (ECLs) in a way that reflects: a) an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; b) the time value of money; and c) reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecast of future economic conditions. The expected credit loss model reflects the general pattern of deterioration or improvement in the credit quality of the |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of cash and cash equivalents [Abstract] | |
Disclosure of cash and cash equivalents [text block] | 4. Cash and cash equivalents December 31, December 31, Cash and due from banks 11,032 89,656 Interest-bearing deposits in banks 661,016 979,882 Total 672,048 1,069,538 Less: Pledged deposits 53,241 61,812 Total cash and cash equivalents 618,807 1,007,726 December 31, 2017 December 31, 2016 Amount Range Amount Range Interest-bearing deposits in banks: Demand deposits (1) 661,016 0.25% a 1.55 % 854,882 0.01% to 0.77 % Time deposits (2) - - 125,000 0.83% to 0.88 % Total 661,016 979,882 Pledged deposits: New York (3) 3,000 - 2,800 - Panama (4) 50,241 1.42 % 59,012 0.66 % Total 53,241 61,812 (1) Demand deposits with bearing interest based on the daily rates determined by banks. (2) Time deposits “overnight” calculated on an average interest rate. (3) The New York Agency had a pledged deposit with the New York State Banking Department, as required by law since March 1994. (4) The Bank had pledged deposits to secure derivative financial instruments transactions. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosures of financials instrument [Abstract] | |
Disclosure of financial instruments [text block] | 5. Financial instruments 5.1 Financial instruments at FVTPL - Fair value through profit or loss December 31, December 31, Liabilities Foreign exchange forward - 24 Total - 24 December 31, 2017 December 31, 2016 Nominal Fair value Nominal Fair value amount Asset Liability amount Asset Liability Foreign exchange forward - - - 1,274 - 24 Total - - - 1,274 - 24 5.2 Financial instruments at fair value through other comprehensive income Equity Investment at FVOCI December 31, 2017 Unrealized Amortized cost Gain Loss Fair value Equity investments (1) Brazil 8,630 - 228 8,402 8,630 - 228 8,402 Securities at FVOCI December 31, 2017 Unrealized Amortized cost Gain Loss Fair value Sovereign debt: Brazil 2,937 29 12 2,954 Chile 5,182 - 35 5,147 Trinidad and Tobago 8,843 - 211 8,632 16,962 29 258 16,733 25,592 29 486 25,135 (1) Equity instruments were initially recognized at fair value. These equity instruments correspond to equity securities classified with the irrevocable option of changes in OCI. December 31, 2016 Unrealized Amortized cost Gain Loss Fair value Corporate debt: Brazil 3,144 - 62 3,082 Venezuela 10,810 20 3 10,827 13,954 20 65 13,909 Sovereign debt: Brazil 2,926 - 140 2,786 Chile 5,229 - 59 5,170 Trinidad and Tobago 9,283 - 541 8,742 17,438 - 740 16,698 31,392 20 805 30,607 As of December 31, 2017 and 2016, there were no securities at fair value through OCI guaranteeing repurchase transactions. December 31, 2017 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Sovereign debt 5,147 35 9,616 223 14,763 258 Total 5,147 35 9,616 223 14,763 258 December 31, 2016 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Corporate debt 1,805 3 3,082 62 4,887 65 Sovereign debt 5,170 59 11,528 681 16,698 740 Total 6,975 62 14,610 743 21,585 805 December 31, December 31, December 31, Realized gain on sale of securities 766 221 469 Realized loss on sale of securities (517) (577) (106) Net gain (loss) on sale of securities at fair value through other comprehensive income 249 (356) 363 Rating (1) December 31, December 31, 1-4 16,733 30,607 5-6 - - 7 - - 8 - - 9 - - 10 - - Total 16,733 30,607 (1) The amortized cost and fair value of securities at fair value through other comprehensive income by contractual maturity are shown in the following tables: December 31, 2017 December 31, 2016 Amortized Fair value Amortized cost Fair value Due within 1 year - - - - After 1 year but within 5 years 16,962 16,733 17,656 16,994 After 5 years but within 10 years - - 13,736 13,613 16,962 16,733 31,392 30,607 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 42 263 - 305 Transfer to lifetime expected credit losses - - - - Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (6) (65) - (71) Financial assets that have been derecognized during the year (12) - - (12) Changes due to financial instruments recognized as of December 31, 2016: (18) (65) - (83) New financial assets originated or purchased - - - - Write-offs - - - - Allowance for expected credit losses as of December 31, 2017 24 198 - 222 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 234 178 6,737 7,149 Transfer to lifetime expected credit losses (31) 456 - 425 Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (15) (168) - (183) Financial assets that have been derecognized during the year (174) (203) - (377) Changes due to financial instruments recognized as of December 31, 2015: (220) 85 - (135) New financial assets originated or purchased 28 - - 28 Write-offs - - (6,737) (6,737) Allowance for expected credit losses as of December 31, 2016 42 263 - 305 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). 5.3 Investment securities- at amortized cost December 31, 2017 Unrealized Amortized (1) Gross gain Gross loss Fair value Corporate debt: Brazil 1,485 3 - 1,488 Panama 9,978 - - 9,978 11,463 3 - 11,466 Sovereign debt: Colombia 29,006 67 16 29,057 Mexico 20,203 - 167 20,036 Panama 8,458 - 11 8,447 57,667 67 194 57,540 69,130 70 194 69,006 December 31, 2016 Unrealized Amortized (2) Gross gain Gross loss Fair value Corporate debt: Brazil 4,614 - 146 4,468 Panama 3,000 - - 3,000 7,614 - 146 7,468 Sovereign debt: Brazil 11,179 37 194 11,022 Colombia 29,812 34 280 29,566 Mexico 20,541 - 1,059 19,482 Panama 8,670 198 - 8,868 70,202 269 1,533 68,938 77,816 269 1,679 76,406 (1) Amounts do not include allowance for expected credit losses of US 196 (2) Amounts do not include allowance for expected credit losses of US$ 602 December 31, 2017 December 31, 2016 Amortized Fair Amortized Fair Due within 1 year 7,978 7,978 3,988 4,025 After 1 year but within 5 years 61,152 61,028 68,537 67,358 After 5 years but within 10 years - - 5,291 5,023 69,130 69,006 77,816 76,406 As of December 31, 2017 and 2016, there were no securities at amortized cost, guaranteeing repurchase transactions. Rating (1) December 31, December 31, 1-4 57,667 76,333 5-6 11,463 1,483 7 - - 8 - - 9 - - 10 - - Total 69,130 77,816 (1) Current ratings as of December 31, 2017 and 2016, respectively. Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 99 503 - 602 Transfer to lifetime expected credit losses - - - - Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (16) (29) - (45) Financial assets that have been derecognized during the year (18) (422) - (440) Changes due to financial instruments recognized as of December 31, 2016: (34) (451) - (485) New financial assets originated or purchased 79 - - 79 Allowance for expected credit losses as of December 31, 2017 144 52 - 196 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 348 178 - 526 Transfer to lifetime expected credit losses (43) 444 - 401 Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (5) (91) - (96) Financial assets that have been derecognized during the year (317) (28) - (345) Changes due to financial instruments recognized as of December 31, 2015: (365) 325 - (40) New financial assets originated or purchased 116 - - 116 Allowance for expected credit losses as of December 31, 2016 99 503 - 602 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). 5.4 Recognition and derecognition of financial assets During the years ended December 31, 2017, 2016 and 2015, the Bank sold loans at amortized cost in the secondary market. These sales were made on the basis of compliance with the Bank's strategy to optimize the loan portfolio. The amounts and gains arising from the derecognition of these financial instruments are presented in the following table. These gains are presented within the line “gain on sale of loans at amortized cost” in the consolidated statement of profit or loss. Assignments and Gains For the year ended December 31, 2017 77,400 181 For the year ended December 31, 2016 157,242 730 For the year ended December 31, 2015 92,438 422 During the years ended December 31, 2016 and 2015 the Bank entered into a master participation agreement with the International Finance Corp. to sale participation in credit facilities which resulted in revenues of $ 76 425 5.5 Loans at amortized cost December 31, December 31, Corporations: Private 1,882,846 2,655,910 State-owned 723,267 786,900 Banking and financial institutions: Private 2,083,795 1,738,999 State-owned 573,649 544,877 Middle-market companies: Private 242,101 294,045 Total 5,505,658 6,020,731 December 31, December 31, Banking and financial institutions 2,657,444 2,283,876 Industrial 772,238 1,242,441 Oil and petroleum derived products 735,413 788,186 Agricultural 501,241 1,007,139 Services 430,717 419,440 Mining 231,687 54,000 Others 176,918 225,649 Total 5,505,658 6,020,731 Loans are reported at their amortized cost considering the principal outstanding amounts net of unearned interest, deferred fees and allowance for expected credit losses. The amortization of net unearned interest and deferred fees are recognized as an adjustment to the related loan yield using the effective interest rate method. The unearned discount interest and deferred commission amounted to $ 4,985 7,249 December 31, 2017 Corporations Banking and financial Middle-market Rating (1) Private State-owned Private State-owned Private Total 1-4 1,336,032 563,877 1,729,592 361,236 147,212 4,137,949 5-6 523,055 159,390 354,203 212,413 59,889 1,308.950 7 - - - - - - 8 23,759 - - - - 23,759 9 - - - - - - 10 - - - - 35,000 35,000 Total 1,882,846 723,267 2,083,795 573,649 242,101 5,505,658 December 31, 2016 Corporations Banking and financial Middle-market Rating (1) Private State-owned Private State-owned Private Total 1-4 1,714,936 646,797 1,457,984 259,981 174,107 4,253,805 5-6 863,937 140,103 281,015 284,896 84,938 1,654,889 7 58,673 - - - - 58,673 8 4,000 - - - - 4,000 9 - - - - 35,000 35,000 10 14,364 - - - - 14,364 Total 2,655,910 786,900 1,738,999 544,877 294,045 6,020,731 (1) Current ratings as of December 31, 2017 and 2016, respectively. December 31, December 31, Country: Argentina 294,613 325,321 Belgium 11,368 4,180 Bolivia 15,000 18,318 Brazil 1,019,466 1,163,825 Chile 170,827 69,372 Colombia 829,136 653,012 Costa Rica 356,459 400,371 Dominican Republic 249,926 243,696 Ecuador 94,315 129,269 El Salvador 55,110 104,723 Germany 37,500 50,000 Guatemala 309,024 315,911 Honduras 74,476 72,319 Jamaica 24,435 7,399 Luxembourg 19,924 14,722 Mexico 850,463 927,041 Nicaragua 29,804 36,949 Panama 500,134 498,651 Paraguay 59,536 108,068 Peru 211,846 467,408 Singapore 54,500 70,204 Switzerland 3,687 46,000 Trinidad and Tobago 175,000 184,389 United States of America 44,109 73,083 Uruguay 15,000 36,500 Total 5,505,658 6,020,731 December 31, December 31, Current: Up to 1 month 846,993 896,310 From 1 month to 3 months 1,079,793 1,300,675 From 3 months to 6 months 1,175,801 1,267,194 From 6 months to 1 year 922,711 551,794 From 1 year to 2 years 392,456 631,629 From 2 years to 5 years 989,222 1,211,847 More than 5 years 39,923 95,918 5,446,899 5,955,367 Impaired 58,759 65,364 Total 5,505,658 6,020,731 As of December 31, 2017 and 2016, the range of interest rates on loans fluctuates from 1.35 11.52 1.21 12.69 December 31, December 31, Fixed interest rates 2,378,509 2,709,555 Floating interest rates 3,127,149 3,311,176 Total 5,505,658 6,020,731 As of December 31, 2017 and 2016, 85 93 December 31, 2017 2017 Recorded Past due Related Average Balance With an allowance recorded: Private corporations 23,759 - 7,468 5,988 229 Middle-market companies 35,000 35,000 20,527 35,000 3,028 Total 58,759 35,000 27,995 40,988 3,257 December 31, 2016 2016 Recorded Past due Related Average Balance With an allowance recorded: Private corporations 30,364 18,364 23,174 12,500 408 Middle-market companies 35,000 35,000 12,179 17,705 1,679 Total 65,364 53,364 35,353 30,205 2,087 December 31, December 31, December 31, Interest revenue calculated on the net carrying amount (net of credit allowance) 1,170 1,808 91 December 31, 2017 91-120 121-150 151-180 Greater Total Delinquent Current Total Corporations - - - - - - 2,606,113 2,606,113 Banking and financial institutions - - - - - - 2,657,444 2,657,444 Middle-market companies - - - 35,000 35,000 - 207,101 242,101 Total - - - 35,000 35,000 - 5,470,658 5,505,658 December 31, 2016 91-120 121-150 151-180 Greater Total Delinquent Current Total Corporations - - 4,000 14,364 18,364 - 3,424,446 3,442,810 Banking and financial institutions - - - - - - 2,283,876 2,283,876 Middle-market companies - - - 35,000 35,000 - 259,045 294,045 Total - - 4,000 49,364 53,364 - 5,967,367 6,020,731 As of December 31, 2017 and 2016, the Bank had credit transactions in the normal course of business with 21% and 16%, respectively, of its Class “A” and “B” stockholders. All transactions were made based on arm’s-length terms and subject to prevailing commercial criteria and market rates and were subject to all of the Bank’s Corporate Governance and control procedures. As of December 31, 2017 and 2016, approximately 14% and 10%, respectively, of the outstanding loan portfolio was placed with the Bank’s Class “A” and “B” stockholders and their related parties. As of December 31, 2017, the Bank was not directly or indirectly owned or controlled by another corporation or any foreign government, and no Class “A” or “B” shareholder was the registered owner of more than 3.5% of the total outstanding shares of the voting capital stock of the Bank. Modified financial assets The following table refer to modified financial assets, where modification does not result in de-recognition: Modified financial assets (with loss allowance based on December 31, 2017 December 31, 2016 Gross carrying amount before modification 8,855 - Loss allowance before modification (3,344) - Net amortized cost before modification 5,511 - Gross carrying amount after modification 4,484 - Loss allowance after modification (4,484) - Net amortized cost after modification - - For the modified financial assets during the year 2017, were received other real estate owned for $ 5,119 During the year 2017, a financial asset with a nominal value of $ 37,817 8,630 19,274 Loans Stage 1 Stage 2 Stage 3 Total Gross carrying amount as of December 31, 2016 5,019,368 935,999 65,364 6,020,731 Transfer in book value to stage 2 (41,167) 41,167 - - Transfer to lifetime expected credit losses - credit-impaired - (46,673) 46,673 - Transfer in book value to stage 1 8,000 (8,000) - - Financial assets that have been derecognised during the year (4,214,697) (313,394) (21,667) (4,549,758) Changes due to financial instruments recognized as of December 31, 2016 (4,247,864) (326,900) 25,006 (4,549,758) New financial assets originated or purchased 4,067,723 - - 4,067,723 Write-offs - (1,427) (31,611) (33,038) Gross carrying amount as of December 31, 2017 4,839,227 607,672 58,759 5,505,658 Loans Stage 1 Stage 2 Stage 3 Total Gross carrying amount as of December 31, 2015 6,282,752 356,668 52,329 6,691,749 Transfer in book value to stage 2 (828,589) 828,589 - - Transfer to lifetime expected credit losses not credit-impaired (12,000) (45,056) 57,056 - Transfer in book value to stage 1 90,770 (90,770) - - Financial assets that have been derecognized during the year (4,577,890) (113,432) (25,214) (4,716,536) Changes due to financial instruments recognized as of December 31, 2015 (5,327,709) 579,331 31,842 (4,716,536) New financial assets originated or purchased 4,064,325 - - 4,064,325 Write-offs - - (18,807) (18,807) Gross carrying amount as of December 31, 2016 5,019,368 935,999 65,364 6,020,731 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 29,036 41,599 35,353 105,988 Transfer to lifetime expected credit losses not credit-impaired (672) 672 - - Transfer to lifetime expected credit losses - credit-impaired - (12,845) 12,845 - Transfer to 12-month expected credit losses 1,428 (1,428) - - Net effect of changes in reserve for expected credit losses (2,900) 18,227 20,257 35,584 Financial assets that have been derecognized during the year (24,434) (11,321) (8,333) (44,088) Changes due to financial instruments recognized as of December 31, 2016 (26,578) (6,695) 24,769 (8,504) New financial assets originated or purchased 17,363 - - 17,363 Write-offs - (1,427) (32,126) (33,553) Recoveries of amounts previously written off - - - - Allowance for expected credit losses as of December 31, 2017 19,821 33,477 27,996 81,294 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 59,214 9,609 21,151 89,974 Transfer to lifetime expected credit losses not credit-impaired (9,117) 9,119 - 2 Transfer to lifetime expected credit losses not credit-impaired (7) (6,317) 6,324 - Transfer to 12-month expected credit losses 2,038 (2,077) 38 (1) Net effect of changes in reserve for expected credit losses (39,621) 48,021 26,491 34,891 Financial assets that have been derecognized during the year (65,640) (16,756) - (82,396) Changes due to financial instruments recognized as of December 31, 2015 (112,347) 31,990 32,853 (47,504) New financial assets originated or purchased 82,169 - - 82,169 Write-offs - - (18,807) (18,807) Recoveries of amounts previously written off - - 156 156 Allowance for expected credit losses as of December 31, 2016 29,036 41,599 35,353 105,988 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). 5.6 Derivative financial instruments for hedging purposes December 31, 2017 Nominal Carrying amount of the Changes in fair Amount Asset Liability ineffectiveness Fair value hedges: Interest rate swaps 367,500 - (4,361) (2,394) Cross-currency swaps 306,961 3,672 (30,154) 15,900 Cash flow hedges: Interest rate swaps 595,000 127 (428) 995 Cross-currency swaps 23,025 879 - 2,132 Foreign exchange forward 225,388 8,610 - 11,835 Net investment hedges: Foreign exchange forward 9,243 50 - 181 Total 1,527,117 13,338 (34,943) 28,649 December 31, 2016 Nominal Carrying amount of the Changes in fair Amount Asset Liability ineffectiveness Fair value hedges: Interest rate swaps 796,202 40 (2,005) (2,199) Cross-currency swaps 291,065 2,561 (44,944) (19,316) Cash flow hedges: Interest rate swaps 752,000 323 (1,699) 696 Cross-currency swaps 23,025 - (1,254) (1,313) Foreign exchange forward 352,553 6,428 (9,653) (5,093) Net investment hedges: Foreign exchange forward 3,780 - (131) (415) Total 2,218,625 9,352 (59,686) (27,640) The hedging instruments presented in the tables above are located in the line item in the statement of financial position at fair value - Derivative financial instruments used for hedging receivable or at fair value Derivative financial instruments used for hedging payable. December 31, 2017 Gain (loss) Classification of gain Gain (loss) Gain (loss) Derivatives cash flow hedge Interest rate swaps (834) Gain (loss) on interest rate swap - 242 Cross-currency swaps (1,924) Gain (loss) on foreign currency exchange - 26 Interest income loans 7,611 - Foreign exchange forward (2,708) Interest income securities at FVOCI - - Interest income loans 3,991 - Interest expense borrowings and debt - - Interest expenses deposits (190) - Gain (loss) on foreign currency exchange Total (5,466) 11,412 268 Derivatives net investment hedge Forward foreign exchange (277) Total (277) December 31, 2016 Gain (loss) Classification of gain Gain (loss) Gain (loss) Derivatives cash flow hedge Interest rate swaps 627 Gain (loss) on interest rate swap - (1,258) Cross-currency swaps (1,299) Gain (loss) on foreign currency exchange - 16 Interest income loans - (110) Foreign exchange forward 233 Interest income securities at FVOCI - - Interest income loans (4,751) - Interest expense borrowings and debt - - Interest expenses deposits 1,672 - Gain (loss) on foreign currency exchange 9,097 - Total (439) 6,018 (1,352) Derivatives net investment hedge Forward foreign exchange - Total - December 31, 2015 Gain (loss) Classification of Gain (loss) Gain (loss) Derivatives cash flow hedge Interest rate swaps 35 Gain (loss) on interest rate swap - (229) Cross-currency swaps 5,367 Gain (loss) on foreign exchange - 84 Interest income loans - - Forward foreign exchange 3,511 Interest income securities at FVOCI (694) - Interest income loans (1,821) - Interest expense borrowings and debt - - Interest expenses deposits 166 - Gain (loss) on foreign currency exchange 12,539 - Total 8,913 10,190 (145) Derivatives net investment hedge Forward foreign exchange (901) Total (901) December 31, 2017 Classification in Gain (loss) on Gain (loss) on Net gain (loss) Derivatives fair value hedge Interest rate swaps Interest income securities at FVOCI (126) 476 350 Interest income loans (12) 160 148 Interest expenses borrowings and debt 1,387 (16,233) (14,846) Derivative financial instruments and hedging (2,270) 2,371 101 Cross-currency swaps Interest income loans (1,496) 2,442 946 Interest expenses borrowings and debt 1,848 (10,265) (8,417) Derivative financial instruments and hedging 14,950 (16,709) (1,759) Total 14,281 (37,758) (23,477) December 31, 2016 Classification in Gain (loss) on Gain (loss) on Net gain (loss) Derivatives fair value hedge Interest rate swaps Interest income securities at FVOCI (617) 1,593 976 Interest income loans (25) 2,023 1,998 Interest expenses borrowings and debt 4,558 (28,261) (23,703) Derivative financial instruments and hedging (2,077) 2,178 101 Cross-currency swaps Interest income loans (372) 928 556 Interest expenses borrowings and debt 195 (6,183) (5,988) Derivative financial instruments and hedging 17,673 (16,752) 921 Total 19,335 (44,474) (25,139) December 31, 2015 Classification in Gain (loss) on Gain (loss) on Net gain (loss) Derivatives fair value hedge Interest rate swaps Interest income securities at FVOCI (1,047) 1,514 467 Interest income at amortized cost (376) 3,987 3,611 Interest expenses borrowings and debt 6,268 (24,026) (17,758) Derivative financial instruments and hedging (1,841) 1,688 (153) Cross-currency swaps Interest income loans at amortized cost (135) 348 213 Interest expenses borrowings and debt 744 (3,785) (3,041) Derivative financial instruments and hedging (19,522) 20,550 1,028 Total (15,909) 276 (15,633) Derivatives financial position and performance December 31, 2017 Fair value hedges Carrying Thereof Line item in the statement of financial Interest rate risk Loans - - Loans Issuances 355,000 (4,411) Short and long term borrowings and debt Foreign exchange rate risk and FX Securities at FVOCI 12,369 (32) Financial instruments at FVOCI Loans 25,027 744 Loans Issuances (249,328) (2,301) Short and long term borrowings and debt December 31, 2016 Fair value hedges Carrying Thereof Line item in the statement of financial Interest rate risk Loans 18,502 12 Loans Issuances 755,000 2,089 Short and long term borrowings and debt Foreign exchange rate risk and FX Securities at FVOCI 22,188 (232) Financial instruments at FVOCI Loans 9,252 706 Loans Issuances (308,739) (49) Short and long term borrowings and debt December 31, 2017 Risk type Foreign Interest rate Foreign exchange Total Up to 1 month 69,459 - - 69,459 31 to 60 days 26,104 - - 26,104 61 to 90 days 1,729 185,000 16,821 203,550 91 to 180 days 16,567 137,500 - 154,067 181 to 365 days 68,952 202,500 8,127 279,579 1 to 2 years 178,331 21,500 73,193 273,024 2 to 5 years 4,413 416,000 24,872 445,285 More than 5 years - - 76,049 76,049 Total 365,555 962,500 199,062 1,527,117 December 31, 2016 Risk type Foreign Interest rate Foreign exchange Total Up to 1 month 66,149 - - 66,149 31 to 60 days 33,393 85,000 - 118,393 61 to 90 days 24,093 60,000 - 84,093 91 to 180 days 71,533 745,080 - 816,613 181 to 365 days 109,228 160,422 189 269,839 1 to 2 years 92,115 50,000 24,948 167,063 2 to 5 years 73,311 434,500 96,218 604,029 More than 5 years - 13,200 79,246 92,446 Total 469,822 1,548,202 200,601 2,218,625 December 31, 2017 Type of risk hedge USD-OIS Tenor Xccy basis Credit spread Total Interest rate risk 22 296 - (16) 302 Foreign exchange risk (8) - 17 (1) 8 Total 14 296 17 (17) 310 December 31, 2016 Type of risk hedge USD-OIS Tenor Xccy basis Credit spread Total Interest rate risk 19 - - 604 623 Foreign exchange risk 25 - (4) (5) 16 Total 44 - (4) 599 639 For control purposes, derivative instruments are recorded at their nominal amount (“notional amount”) in memorandum accounts. Interest rate swaps are made either in a single currency or cross currency for a prescribed period to exchange a series of interest rate flows, which involve fixed for floating interest payments, and vice versa. The Bank also engages in certain foreign exchange trades to serve customers’ transaction needs and to manage foreign currency risk. All such positions are hedged with an offsetting contract for the same currency. The Bank manages and controls the risks on these foreign exchange trades by establishing counterparty credit limits by customer and by adopting policies that do not allow for open positions in the credit and investment portfolio. The Bank also uses foreign currency exchange contracts to hedge the foreign exchange risk associated with the Bank’s equity investment in a non-U.S. dollar functional currency foreign subsidiary. Derivative and foreign exchange instruments negotiated by the Bank are executed mainly over-the-counter (OTC). These contracts are executed between two counterparties that negotiate specific agreement terms, including notional amount, exercise price and maturity. The maximum length of time over which the Bank has hedged its exposure to the variability in future cash flows on forecasted transactions is 6.19 The Bank estimates that approximately $ 610 The Bank estimates that approximately $ 645 Types of Derivatives and Foreign Exchange Instruments Interest rate swaps are contracts in which a series of interest rate flows in a single currency are exchanged over a prescribed period. The Bank has designated a portion of these derivative instruments as fair value hedges and a portion as cash flow hedges. Cross currency swaps are contracts that generally involve the exchange of both interest and principal amounts in two different currencies. The Bank has designated a portion of these derivative instruments as fair value hedges and a portion as cash flow hedges. Foreign exchange forward contracts represent an agreement to purchase or sell foreign currency at a future date at agreed-upon terms. The Bank has designated these derivative instruments as cash flow hedges and net investment hedges. In addition to hedging derivative financial instruments, the Bank has derivative financial instruments held for trading purposes as disclosed in Note 5.1. 5.7 Offsetting of financial assets and liabilities In the ordinary course of business, the Bank enters into derivative financial instrument transactions and securities sold under repurchase agreements under industry standards agreements. Depending on the collateral requirements stated in the contracts, the Bank and counterparties can receive or deliver collateral based on the fair value of the financial instruments transacted between parties. Collateral typically consists of cash deposits and securities. The master netting agreements include clauses that, in the event of default, provide for close-out netting, which allows all positions with the defaulting counterparty to be terminated and net settled with a single payment amount. The International Swaps and Derivatives Association master agreement (“ISDA”) and similar master netting arrangements do not meet the criteria for offsetting in the consolidated statement of financial position. This is because they create for the parties to the agreement a right of set-off of recognized amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Bank or the counterparties or following other predetermined events. a) Derivative financial instruments assets December 31, 2017 Gross amounts Net amount of Gross amounts not offset in Description Gross statement of consolidated Financial Cash Net Derivative financial instruments used for hedging receivable at fair value 13,338 - 13,338 - (22,304) (8,966) Total 13,338 - 13,338 - (22,304) (8,966) December 31, 2016 Gross amounts Net amount of Gross amounts not offset in Description Gross statement of consolidated Financial Cash Net Derivative financial instruments used for hedging receivable at fair value 9,352 - 9,352 - - 9,352 Total 9,352 - 9,352 - - 9,352 December 31, 2017 Description Gross amounts Gross amounts Net amount of assets Derivative financial instruments used for hedging receivable at fair value 13,338 - 13,338 Total 13,338 - 13,338 December 31, 2016 Description Gross amounts Gross amounts Net amount of assets Derivative financial instruments used for hedging receivable at fair value 9,352 - 9,352 Total 9,352 - 9,352 b) Financial liabilities and derivative financial instruments liabilities December 31, 2017 Gross Net amount Gross amounts not offset Description Gross consolidated consolidated Financial Cash Net Derivative financial instruments used for hedging payable at fair value 34,943 - 34,943 - (50,241) (15,298) Total 34,943 - 34,943 - (50,241) (15,298) December 31, 2016 Gross Net amount Gross amounts not offset Description Gross consolidated consolidated Financial Cash Net Financial liabilities at FVTPL 24 - 24 - - 24 Derivative financial instruments used for hedging payable at fair value 59,686 - 59,686 - (59,012) 674 Total 59,710 - 59,710 - (59,012) 698 December 31, 2017 Description Gross amounts Gross amounts Net amount of Derivative financial instruments: Derivative financial instruments used for hedging payable at fair value 34,943 - 34,943 Total derivative financial instruments 34,943 - 34,943 December 31, 2016 Description Gross amounts Gross amounts Net amount of Derivative financial instruments: Financial liabilities at FVTPL 24 - 24 Derivative financial instruments used for hedging payable at fair value 59,686 - 59,686 Total derivative financial instruments 59,710 - 59,710 |
Loans commitments and financial
Loans commitments and financial guarantees contracts | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loans commitments and financial guarantees contracts [Abstract] | |
Disclosure of loans commitments and financial guarantees contracts [Text Block] | 6. Loans commitments and financial guarantees contracts In the normal course of business, to meet the financing needs of its customers, the Bank is party to loans commitments and financial guarantees contracts. These instruments involve, to varying degrees, elements of credit and market risk in excess of the amount recognized in the consolidated statement of financial position. Credit risk represents the possibility of loss resulting from the failure of a customer to perform in accordance with the terms of a contract. December 31, December 31, Confirmed letters of credit 273,449 216,608 Stand-by letters of credit and guaranteed Commercial risk 168,976 176,177 Credit commitments 45,578 10,250 Total 488,003 403,035 Maturities December 31, December 31, Up to 1 year 457,168 399,257 From 1 to 2 years 257 - From 2 to 5 years 30,000 3,200 More than 5 years 578 578 488,003 403,035 Rating (1) December 31, December 31, 1-4 151,934 145,255 5-6 336,069 193,368 7 - 64,412 8 - - 9 - - 10 - - Total 488,003 403,035 (1) The breakdown of the Bank’s loans commitments and financial guarantees contracts exposure by country risk is as follows: December 31, December 31, Country: Argentina 7,546 - Bolivia 200 190 Brazil - - Canada 425 160 Chile 15,000 - Colombia 91,020 78,815 Costa Rica 19,848 2,250 Dominican Republic - 26,787 Ecuador 252,800 172,522 El Salvador 767 1,305 Guatemala 11,788 7,000 Honduras 890 1,170 Mexico 35,643 11,118 Panama 31,260 39,756 Paraguay 22 - Peru 17,618 42,764 Switzerland - 1,000 United Kingdom - 70 Uruguay 3,176 18,128 Total 488,003 403,035 Letters of credit and guarantees The Bank, on behalf of its client’s base, advises and confirms letters of credit to facilitate foreign trade transactions. When confirming letters of credit, the Bank adds its own unqualified assurance that the issuing bank will pay and that if the issuing bank does not honor drafts drawn on the letter of credit, the Bank will. The Bank provides stand-by letters of credit and guarantees, which are issued on behalf of institutional clients in connection with financing between its clients and third parties. The Bank applies the same credit policies used in its lending process, and once issued the commitment is irrevocable and remains valid until its expiration. Credit risk arises from the Bank's obligation to make payment in the event of a client’s contractual default to a third party. Risks associated with stand-by letters of credit and guarantees are included in the evaluation of the Bank’s overall credit risk. Credit commitments Commitments to extend credit are binding legal agreements to lend to clients. Commitments generally have fixed expiration dates or other termination clauses and require payment of a fee to the Bank. As some commitments expire without being drawn down, the total commitment amounts do not necessarily represent future cash requirements. Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 1,143 4,633 - 5,776 Transfer to lifetime expected credit losses (1) 1 - - Transfer to credit-impaired instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss (54) 853 - 799 Instruments that have been derecognized during the year (971) - - (971) Changes due to instruments recognized as of December 31, 2016: (1,026) 854 - (172) New instruments originated or purchased 1,241 - - 1,241 Allowance for expected credit losses as of December 31, 2017 1,358 5,487 - 6,845 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 2,914 2,510 - 5,424 Transfer to lifetime expected credit losses (646) 693 - 47 Transfer to credit-impaired instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss (748) 1,756 - 1,008 Instruments that have been derecognized during the year (2,631) (326) - (2,957) Changes due to instruments recognized as of December 31, 2015: (4,025) 2,123 - (1,902) New instruments originated or purchased 2,254 - - 2,254 Allowance for expected credit losses as of December 31, 2016 1,143 4,633 - 5,776 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). The reserve for expected credit losses on loans commitments and financial guarantees contracts reflects the Bank’s Management estimate of expected credit losses items such as: confirmed letters of credit, stand-by letters of credit, guarantees and credit commitments. |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of property, plant and equipment [Abstract] | |
Disclosure of property, plant and equipment [text block] | 7. Property and equipment IT Furniture Leasehold Other Total Cost: Balance as of January 1, 2015 3,136 2,147 7,458 460 13,201 Additions 368 30 179 38 615 Disposals (138) (175) (225) (41) (579) Balance as of December 31, 2015 3,366 2,002 7,412 457 13,237 Additions 1,436 2,137 239 161 3,973 Disposals (416) (361) (880) - (1,657) Balance as of December 31, 2016 4,386 3,778 6,771 618 15,553 Additions 246 461 39 1,908 2,654 Disposals (462) (2,255) - (21) (2,738) Balance as of December 31, 2017 4,170 1,984 6,810 2,505 15,469 Accumulated depreciation: Balance as of January 1, 2015 2,397 1,339 2,202 302 6,240 Depreciation expense of the year 388 322 556 105 1,371 Disposals (114) (170) (222) (41) (547) Balance as of December 31, 2015 2,671 1,491 2,536 366 7,064 Depreciation expense of the year 483 384 513 77 1,457 Disposals (412) (230) (875) - (1,517) Balance as of December 31, 2016 2,742 1,645 2,174 443 7,004 Depreciation expense of the year 587 149 474 368 1,578 Disposals (459) (54) - (20) (533) Balance as of December 31, 2017 2,870 1,740 2,648 791 8,049 Carrying amounts as of: December 31, 2017 1,300 244 4,162 1,714 7,420 December 31, 2016 1,644 2,133 4,597 175 8,549 December 31, 2015 695 511 4,876 91 6,173 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of intangible assets [Abstract] | |
Disclosure of intangible assets [text block] | 8. Intangible assets Costs: Balance as of January 1, 2015 10,987 Additions - Disposals (211) Balance as of December 31, 2015 10,776 Additions 3,111 Disposals (4) Balance as of December 31, 2016 13,883 Additions 3,370 Disposals (81) Balance as of December 31, 2017 17,172 Accumulated amortization: Balance as of January 1, 2015 9,963 Disposals (210) Amortization expense of the year 596 Balance as of December 31, 2015 10,349 Disposals (4) Amortization expense of the year 629 Balance as of December 31, 2016 10,974 Disposals (65) Amortization expense of the year 838 Balance as of December 31, 2017 11,747 Carrying amounts as of: December 31, 2017 5,425 December 31, 2016 2,909 December 31, 2015 427 Expenses related to the amortization of intangible assets are presented as part of amortization of intangible assets in the consolidated statement of profit or loss. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other assets [Abstract] | |
Disclosure of other assets [text block] | 9. Other assets Following is a summary of other assets: December 31, December 31, Accounts receivable 6,793 5,413 Real estate owned (1) 5,119 - IT projects under development 1,405 4,199 Other (2) 5,510 1,934 18,827 11,546 (1) (2) 1.7 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deposits from customers [Abstract] | |
Disclosure of deposits from customers [text block] | 10. Deposits December 31, December 31, Demand 82,064 127,014 Up to 1 month 1,147,772 1,201,328 From 1 month to 3 months 492,205 463,479 From 3 months to 6 months 411,159 336,627 From 6 months to 1 year 571,500 436,884 From 1 year to 2 years 76,422 190,000 From 2 years to 5 years 147,722 47,520 2,928,844 2,802,852 December 31, December 31, Aggregate amounts of time deposits of $100,000 or more 2,928,425 2,802,474 Aggregate amounts of deposits in the New York Agency 266,158 250,639 December 31, December 31, December 31, Interest expense to deposits in the New York Agency 3,519 2,094 1,228 |
Securities sold under repurchas
Securities sold under repurchase agreements | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of repurchase and reverse repurchase agreements [Abstract] | |
Disclosure of repurchase and reverse repurchase agreements [text block] | 11. Securities sold under repurchase agreements As of December 31, 2017 and 2016, the Bank does not have financing transactions under repurchase agreements. As of December 31, 2017, the Bank did not incur interest expense generated by financing transactions under repurchase agreements. During the years ended December 31, 2016 and 2015, interest expense related to financing transactions under repurchase agreements totaled $ 971 1,800 |
Borrowings and debt
Borrowings and debt | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of borrowings [Abstract] | |
Disclosure of borrowings [text block] | Borrowings and debt 12.1 Short-term borrowings and debt December 31, December 31, Short-term Borrowings: At fixed interest rates 429,069 788,075 At floating interest rates 633,154 657,000 Total borrowings 1,062,223 1,445,075 Short-term Debt: At fixed interest rates 10,500 25,000 At floating interest rates - - Total debt 10,500 25,000 Total short-term borrowings and debt 1,072,723 1,470,075 Average outstanding balance during the year 710,021 1,348,230 Maximum balance at any month-end 1,072,723 1,876,322 Range of fixed interest rates on borrowing and debt in U.S. dollars 1.60% to 1.95 % 1.10% to 1.50 % Range of floating interest rates on borrowing in U.S. dollars 1.77% to 2.08 % 1.14% to 1.48 % Range of fixed interest rates on borrowing in Mexican pesos 7.92 % 6.16 % Range of floating interest rate on borrowing in Mexican pesos 7.68% to 7.89 % 5.72 % Weighted average interest rate at end of the year 2.16 % 1.30 % Weighted average interest rate during the year 1.66 % 1.10 % The balances of short-term borrowings and debt by currency, is as follows: December 31, December 31, Currency US dollar 1,044,500 1,470,000 Mexican peso 28,223 75 Total 1,072,723 1,470,075 12.2 Long-term borrowings and debt Borrowings consist of long-term and syndicated loans obtained from international banks. Debt instruments consist of public and private issuances under the Bank's Euro Medium Term Notes Program (“EMTN”) as well as public issuances in the Mexican market. 4,211 5,133 December 31, December 31, Long-term Borrowings: At fixed interest rates with due dates from October 2017 to February 2022 44,011 61,148 At floating interest rates with due dates from November 2017 to March 2021 379,000 631,326 Total borrowings 423,011 692,474 Long-term Debt: At fixed interest rates with due dates from March 2018 to March 2024 532,305 921,479 At floating interest rates with due dates from January 2018 to March 2022 187,739 167,918 Total long-term debt 720,044 1,089,397 Total long-term borrowings and debt 1,143,055 1,781,871 Less: Prepaid commission (4,211) (5,133) Total long-term borrowings and debt, net 1,138,844 1,776,738 Net average outstanding balance during the year 1,477,788 1,874,435 Maximum outstanding balance at any month end 2,010,078 2,054,138 Range of fixed interest rates on borrowing and debt in U.S. dollars 1.35% to 3.25 % 2.85% to 3.75 % Range of floating interest rates on borrowing and debt in U.S. dollars 2.61% to 3.01 % 1.66% to 2.49 % Range of fixed interest rates on borrowing in Mexican pesos 4.89% to 9.09 % 4.75% to 8.90 % Range of floating interest rates on borrowing and debt in Mexican pesos 7.99% to 8.00 % 6.19% to 6.54 % Range of fixed interest rate on debt in Japanese yens 0.46% to 0.81 % 0.46% to 0.81 % Range of fixed interest rate on debt in Euros 3.75 % 3.75 % Range of fixed interest rate on debt in Australian dollar 3.33 % 3.33 % Weighted average interest rate at the end of the year 3.60 % 2.98 % Weighted average interest rate during the year 3.43 % 2.84 % The balances of long-term borrowings and debt by currency, is as follows: December 31, December 31, Currency US dollar 753,981 1,392,995 Mexican peso 206,750 219,347 Japanese yen 98,711 95,238 Euro 60,178 52,574 Australian dollar 23,435 21,717 Total 1,143,055 1,781,871 The Bank's funding activities include: (i) EMTN, which may be used to issue notes for up to $2.3 billion, with maturities from 7 days up to a maximum of 30 years, at fixed or floating interest rates, or at discount, and in various currencies. Short-and Long-Term Notes “Certificados Bursatiles” Program (the “Mexico Program”) in the Mexican local market, registered with the Mexican National Registry of Securities maintained by the National Banking and Securities Commission in Mexico (“CNBV”, for its acronym in Spanish), for an authorized aggregate principal amount of 10 billion Mexican pesos with maturities from one day to 30 years. Some borrowing agreements include various events of default and covenants related to minimum capital adequacy ratios, incurrence of additional liens, and asset sales, as well as other customary covenants, representations and warranties. As of December 31, 2017 the Bank was in compliance with all covenants. Payments Outstanding 2018 139,070 2019 357,434 2020 375,592 2021 200,731 2022 10,050 2024 60,178 1,143,055 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other liabilities [Abstract] | |
Disclosure of other liabilities [text block] | 13. Other liabilities December 31, December 31, Accruals and other accumulated expenses 8,018 4,170 Accounts payable 9,307 11,179 Others 3,226 2,979 20,551 18,328 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of earnings per share [text block] | 14. Earnings per share December 31, December 31, December 31, (Thousands of U.S. dollars) Profit for the year 81,999 87,045 103,984 (U.S. dollars) Basic earnings per share 2.09 2.23 2.67 Diluted earnings per share 2.08 2.22 2.66 (Share units) Weighted average common shares outstanding - applicable to basic 39,311 39,085 38,925 Effect of diluted securities: Stock options and restricted stock units plans 18 125 188 Adjusted weighted average common shares outstanding applicable to diluted EPS 39,329 39,210 39,113 |
Capital and Reserves
Capital and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Disclosure of share capital, reserves and other equity interest [text block] | 15. Capital and Reserves 15.1 Common stock The Bank’s common stock is divided into four categories: 1) “Class A”; shares may only be issued to Latin American Central Banks or banks in which the state or other government agency is the majority shareholder. 2) “Class B”; shares may only be issued to banks or financial institutions. 3) “Class E”; shares may be issued to any person whether a natural person or a legal entity. 4) “Class F”; may only be issued to state entities and agencies of non-Latin American countries, including, among others, central banks and majority state-owned banks in those countries, and multilateral financial institutions either international or regional institutions. The holders of “Class B” shares have the right to convert or exchange their “Class B” shares, at any time, and without restriction, for “Class E” shares, at a rate of one-to-one. (Share units) “Class A” “Class B” “Class E” “Class F” Total Authorized 40,000,000 40,000,000 100,000,000 100,000,000 280,000,000 Outstanding at January 1, 2015 6,342,189 2,479,050 29,956,100 - 38,777,339 Conversions - (4,581) 4,581 - - Repurchase common stock - - - - - Restricted stock issued directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 70,358 - 70,358 Restricted stock units vested - - 64,208 - 64,208 Outstanding at December 31, 2015 6,342,189 2,474,469 30,152,247 - 38,968,905 Conversions - - - - - Restricted stock issued directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 68,785 - 68,785 Restricted stock units vested - - 65,358 - 65,358 Outstanding at December 31, 2016 6,342,189 2,474,469 30,343,390 - 39,160,048 Conversions - (64,663) 64,663 - - Repurchase common stock - (1,000) - - (1,000) Restricted stock issued directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 142,268 - 142,268 Restricted stock units vested - - 70,519 - 70,519 Outstanding at December 31, 2017 6,342,189 2,408,806 30,677,840 - 39,428,835 “Class A” “Class B” “Class E” Total Shares Amount Shares Amount Shares Amount Shares Amount Outstanding at January 1, 2015 318,140 10,708 589,174 16,242 2,295,186 50,677 3,202,500 77,627 Repurchase of common stock - - - - - - - - Restricted stock issued directors - - - - (57,000) (1,259) (57,000) (1,259) Exercised stock options - compensation plans - - - - (70,358) (1,553) (70,358) (1,553) Restricted stock units vested - - - - (64,208) (1,418) (64,208) (1,418) Outstanding at December 31, 2015 318,140 10,708 589,174 16,242 2,103,620 46,447 3,010,934 73,397 Repurchase of common stock - - - - - - - - Restricted stock issued directors - - - - (57,000) (1,259) (57,000) (1,259) Exercised stock options - compensation plans - - - - (68,785) (1,519) (68,785) (1,519) Restricted stock units vested - - - - (65,358) (1,443) (65,358) (1,443) Outstanding at December 31, 2016 318,140 10,708 589,174 16,242 1,912,477 42,226 2,819,791 69,176 Repurchase of common stock - - 1,000 28 - - 1,000 28 Restricted stock issued - directors - - - - (57,000) (1,259) (57,000) (1,259) Exercised stock options - compensation plans - - - - (142,268) (3,140) (142,268) (3,140) Restricted stock units - vested - - - - (70,519) (1,557) (70,519) (1,557) Outstanding at December 31, 2017 318,140 10,708 590,174 16,270 1,642,690 36,270 2,551,004 63,248 15.2 Reserves The Banking Law in the Republic of Panama requires banks with general banking license to maintain a total capital adequacy index that shall not be lower than 8 4.5 18.71 15.3 Restriction on retained earnings The Bank does not have restrictions on its ability to access its retained earnings other than those resulting from the supervisory framework which the Bank is subject to, in order to operate. The supervisory framework requires banks to keep an additional reserve as part of equity to cover credit risk of their lending facilities. 129,254 62,459 December 31, December 31, Dynamic provision 108,756 43,826 Regulatory reserve 20,498 18,633 129,254 62,459 15.4 Additional paid-in capital As of December 31, 2017 and 2016, the additional paid-in capital consists of additional cash contributions to the common capital paid by shareholders. |
Cash and stock-based compensati
Cash and stock-based compensation plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of share-based payment arrangements [text block] | 16. Cash and stock-based compensation plans The Bank has established equity compensation plans under which it manages restricted stock, restricted stock units and stock purchase option plans to attract, retain and motivate directors and top employees and compensate them for their contributions to the growth and profitability of the Bank. Vesting conditions for each of the Bank’s plans are only comprised of specified requisite service periods. A. 2008 Stock Incentive Plan Directors and Executives In February 2008, the Board of Directors of the Bank approved an incentive plan for directors and executives allowing the Bank to grant restricted stock, restricted stock units, stock purchase options, and/or other similar compensation instruments. The maximum aggregate number of shares which may be granted under this plan is three million “Class E” common shares. The 2008 Stock Incentive Plan is administered by the Board of Directors which has the authority in its discretion to select the directors and executives to whom the awards may be granted; to determine whether and to what extent awards are granted, and to amend the terms of any outstanding award under this plan. Restricted stocks are issued at the grant date, but are withheld by the Bank until the vesting date. Restricted stocks are entitled to receive dividends. A restricted stock unit is a grant valued in terms of the Bank’s stock, but no stock is issued at the grant date. Restricted stock units are not entitled to dividends. The Bank issues and delivers common stock at the vesting date of the restricted stock units. During 2017 and 2016, the Board of Directors approved the grant of restricted stock to directors and stock options and restricted stock units to certain executives of the Bank, as follows: Restricted stock Directors During the years 2017 and 2016 the Board of Directors granted 57,000 1,585 1,376 788 617 The total expense recorded during 2017, 2016 and 2015 of restricted stock directors $ 1,697 1,548 1,553 1,033 2.3 35 30 Shares Weighted average Outstanding at January 1, 2015 78,336 24.37 Granted 57,000 33.78 Vested (39,015) 22.69 Outstanding at December 31, 2015 96,321 30.62 Granted 57,000 24.14 Vested (56,421) 28.80 Outstanding at December 31, 2016 96,900 27.86 Granted 57,000 27.80 Vested (61,950) 28.50 Outstanding at December 31, 2017 91,950 27.40 Expected to vest 91,950 The fair value of vested stock during the years 2017 and 2016 was $ 1,765 1,625 Restricted Stock Units and Stock Purchase Options granted to certain Executives The Board of Directors approved the grant of stock purchase options and restricted stock units to certain executives of the Bank with a grant date fair value of $ 650 1,670 Restricted stock units The fair value of the stock units was based on the “Class E” stock closing price in the New York Stock Exchange on the grants date. These stock units vest 25 The restricted stock units are exchanged at a ratio of 1: 1 for common shares "Class E". Compensation costs of the restricted stock units are amortized during the period of restriction by accelerated method. Costs charged against income during 2017, 2016 and 2015 due to the amortization of these grants totaled $ 811 1,295 1,282 381 A summary of the restricted stock units granted to certain executives is presented below: Shares Weighted Weighted Aggregate Outstanding at January 1, 2015 163,712 18.18 Granted 63,244 21.67 Forfeited - Vested (64,208) 17.67 Outstanding at December 31, 2015 162,748 19.74 Granted 91,454 18.26 Forfeited (21,408) 17.69 Vested (65,358) 18.83 Outstanding at December 31, 2016 167,436 19.35 Granted 25,289 25.70 Forfeited (71,401) 18.61 Vested (70,519) 19.76 Outstanding at December 31, 2017 50,805 21.07 2.02 years $ 518 Expected to vest 50,805 21.07 2.02 years $ 296 The fair value of vested stock during the years 2017 and 2016 is $ 1,394 1,230 Stock purchase options Measuring 2017 2016 2015 Weighted average fair value per option $ - - 1.95 - 2.06 Weighted average expected term, in years Year - - 5.5 Expected volatility % - - 22 % Risk-free rate % - - 0.02 1.52 Expected dividend % - - 5.00 % These options expire seven years after the grant date and are exercisable at a rate of 25 Related cost charged against income during 2017, 2016 and 2015 as a result of the amortization of these plans amounted to $ 118 251 454 30 Options Weighted Weighted Aggregate Outstanding at January 1, 2015 391,696 23.65 Granted 233,418 29.25 Forfeited - - Exercised (70,358) 20.86 Outstanding at December 31, 2015 554,756 26.36 Granted - - Forfeited (126) 18.93 Exercised (68,785) 22.78 Outstanding at December 31, 2016 485,845 26.87 Granted - Forfeited (69,934) 28.63 Exercised (142,268) 24.84 Outstanding at December 31, 2017 273,643 27.48 3.66 years $ 242 Exercisable 121,840 27.73 3.70 years $ 115 Expected to vest 151,803 27.28 3.63 years $ 128 The intrinsic value of exercised options during the years 2017 and 2016 was $ 593 412 3,533 1,565 B. Other plans - Expatriate Top Executives Plan The Bank sponsors a defined contribution plan for its expatriate top executives based in Panama, which are not eligible to participate in the Panamanian social security system. The Bank’s contributions are determined as a percentage of the annual salaries of top executives eligible for the plan, each contributing an additional amount withheld from their salary. Contributions to this plan are managed by a fund manager through a trust. The executives are entitled to the Bank’s contributions after completing at least three years of service in the Bank. During the years 2017, 2016 and 2015, the Bank charged to salaries expense $ 163 121 171 |
Business segment information
Business segment information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segment [Abstract] | |
Disclosure of operating segments [text block] | Business segment information The Bank’s activities are managed and executed in two business segments: Commercial and Treasury. The business segment results are determined based on the Bank’s managerial accounting process as defined by IFRS 8 Operating Segments, which assigns consolidated statement of financial positions, revenue and expense items to each business segment on a systematic basis. The Chief Operating Decision Maker (CODM), represented by the Chief Executive Officer (CEO) and the Management Committee reviews internal management reports from each division at least quarterly. Segment profit, as included in the internal management reports is used to measure performance as management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate within the same industry. The Bank’s net interest income represents the main driver of profits; therefore, the Bank presents its interest-earning assets by business segment, to give an indication of the size of business generating net interest income. Interest-earning assets also generate gains and losses on sales, such as for financial instruments at fair value through OCI and financial instruments at fair value through profit or loss, which are included in net other income, in the Treasury Segment. The Bank also discloses its other assets and contingencies by business segment, to give an indication of the size of business that generates net fees and commissions, also included in net other income, in the Commercial Business Segment. The Commercial Business Segment incorporates all of the Bank’s financial intermediation and fees generated by the commercial portfolio. The commercial portfolio includes book value of loans at amortized cost, acceptances, loan commitments and financial guarantee contracts. Profits from the Commercial Business Segment include net interest income from loans at amortized cost, fee income, gain on sale of loans at amortized cost, impairment loss from expected credit losses on loans at amortized cost, impairment loss from expected credit losses on loan commitments and financial guarantee contracts, and allocated expenses. The Treasury Business Segment incorporates deposits in banks and all of the Bank’s financial instruments at fair value through profit or loss, financial instruments at fair value through OCI and securities at amortized cost. Profits from the Treasury Business Segment include net interest income from deposits with banks, financial instruments at fair value through OCI and securities at amortized cost, derivative financial instruments foreign currency exchange, gain (loss) for financial instrument at fair value through profit or loss, gain (loss) for financial instrument at fair value through OCI, impairment loss for expected credit losses on investment securities, other income and allocated expenses. Years ended December 31, 2017 (1) 2016 (1) 2015 (1) Commercial Interest income 213,326 236,392 209,858 Interest expense (92,745) (96,017) (82,697) Net interest income 120,581 140,375 127,161 Net other income (2) 18,926 16,333 21,492 Total income 139,507 156,708 148,653 Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts (9,928) (35,112) (12,800) Expenses, less impairment loss from expected credit losses (35,916) (34,599) (40,429) Profit for the year 93,663 86,997 95,424 Commercial assets and loan commitments and financial guarantee contracts (end of year balances): Interest-earning assets (3 and 5) 5,500,673 6,013,482 6,682,445 Other assets and loan commitments and financial guarantee contracts (4) 493,794 422,422 437,436 Total interest-earning assets, other assets and loan commitments and financial guarantee contracts 5,994,467 6,435,904 7,119,881 Treasury Interest income 12,753 9,506 10,454 Interest expense (13,519) 5,328 7,864 Net interest income (766) 14,834 18,318 Net other income (2) (428) (3,568) 6,887 Total income (1,194) 11,266 25,205 Impairment loss for expected credit losses on investment securities 489 (3) (5,290) Expenses, less impairment loss for expected credit losses (10,959) (11,216) (11,355) Profit (loss) for the year (11,664) 47 8,560 Treasury assets (end of year balances): Interest-earning assets (3 and 5) 757,911 1,177,961 1,603,921 Total interest-earning assets 757,911 1,177,961 1,603,921 Years ended December 31, 2017 (1) 2016 (1) 2015 (1) Combined business segment total Interest income 226,079 245,898 220,312 Interest expense (106,264) (90,689) (74,833) Net interest income 119,815 155,209 145,479 Net other income (2) 18,498 12,765 28,379 Total income 138,313 167,974 173,858 Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts (9,928) (35,112) (12,800) Impairment loss from expected credit losses on investment securities 489 (3) (5,290) Expenses, less impairment loss from expected credit losses (46,875) (45,814) (51,784) Profit for the year 81,999 87,045 103,984 December 31, December 31, Total assets and loan commitments and financial guarantee contracts (end of year balances): Interest-earning assets (3 and 5) 6,258,584 7,191,443 Other assets and loan commitments and financial guarantee contracts (4) 493,794 422,422 Total interest-earning assets, other assets and loan commitments and financial guarantee contracts 6,752,378 7,613,865 (1) The numbers set out in these tables have been rounded and accordingly may not total exactly. (2) Net other income consists of other income including gains on sale of loans, gains (loss) per financial instrument at FVTPL and FVOCI, derivative instruments and foreign currency exchange. (3) Includes deposits and loans, net of unearned interest and deferred fees. (4) Includes customers’ liabilities under acceptances, loans commitments and financial guarantees contracts. (5) Includes cash and cash equivalents, interest-bearing deposits with banks, financial instruments at fair value through OCI, financial instruments at amortized cost and financial instruments at fair value through profit or loss. December 31, December 31, Reconciliation of total assets: Interest-earning assets business segment 6,258,584 7,191,443 Equity instruments 8,402 - Allowance for expected credit losses on loans (81,294) (105,988) Allowance for expected credit losses on securities at amortized cost (196) (602) Customers’ liabilities under acceptances 6,369 19,387 Intangibles, net 5,425 2,909 Accrued interest receivable 30,872 44,187 Property and equipment, net 7,420 8,549 Derivative financial instruments used for hedging - receivable 13,338 9,352 Other assets 18,827 11,546 Total assets consolidated financial statements 6,267,747 7,180,783 |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of fair value of financial instruments [Abstract] | |
Disclosure of fair value of financial instruments [text block] | 18. Fair value of financial instruments The Bank determines the fair value of its financial instruments using the fair value hierarchy established in IFRS 13 - Fair Value Measurements and Disclosure, which requires the Bank to maximize the use of observable inputs (those that reflect the assumptions that market participants would use in pricing the asset or liability developed based on market information obtained from sources independent of the reporting entity) and to minimize the use of unobservable inputs (those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances) when measuring fair value. Fair value is used on a recurring basis to measure assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate assets and liabilities for impairment or for disclosure purposes. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Bank uses some valuation techniques and assumptions when estimating fair value. The Bank applied the following fair value hierarchy: Level 1 Assets or liabilities for which an identical instrument is traded in an active market, such as publicly-traded instruments or futures contracts. Level 2 Assets or liabilities valued based on observable market data for similar instruments, quoted prices in markets that are not active; or other observable inputs that can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3 Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments measured based on the best available information, which might include some internally-developed data, and considers risk premiums that a market participant would require. When determining the fair value measurements for assets and liabilities that are required or permitted to be recorded at fair value, the Bank considers the principal or most advantageous market in which it would transact and considers the assumptions that market participants would use when pricing the asset or liability. When possible, the Bank uses active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Bank uses observable market information for similar assets and liabilities. However, certain assets and liabilities are not actively traded in observable markets and the Bank must use alternative valuation techniques to determine the fair value measurement. The frequency of transactions, the size of the bid-ask spread and the size of the investment are factors considered in determining the liquidity of markets and the relevance of observed prices in those markets. When there has been a significant decrease in the volume or level of activity for a financial asset or liability, the Bank uses the present value technique which considers market information to determine a representative fair value in usual market conditions. A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, including the general classification of such assets and liabilities under the fair value hierarchy is presented below: Financial instruments at FVTPL and FVOCI Financial instruments at FVTPL are carried at fair value, which is based upon quoted prices when available, or if quoted market prices are not available, on discounted expected cash flows using market rates commensurate with the credit quality and maturity of the security. Financial instruments at FVOCI are carried at fair value, based on quoted market prices when available, or if quoted market prices are not available, based on discounted expected cash flows using market rates commensurate with the credit quality and maturity of the security. When quoted prices are available in an active market, financial instruments at FVOCI and financial instruments at FVTPL are classified in level 1 of the fair value hierarchy. If quoted market prices are not available or they are available in markets that are not active, then fair values are estimated based upon quoted prices of similar instruments, or where these are not available, by using internal valuation techniques, principally discounted cash flows models. Such securities are classified within level 2 of the fair value hierarchy. Derivative financial instruments The valuation techniques and inputs depend on the type of derivative and the nature of the underlying instrument. Exchange-traded derivatives that are valued using quoted prices are classified within level 1 of the fair value hierarchy. For those derivative contracts without quoted market prices, fair value is based on internal valuation techniques using inputs that are readily observable and that can be validated by information available in the market. The principal technique used to value these instruments is the discounted cash flows model and the key inputs considered in this technique include interest rate yield curves and foreign exchange rates. These derivatives are classified within level 2 of the fair value hierarchy. The fair value adjustments applied by the Bank to its derivative carrying values include credit valuation adjustments (“CVA”), which are applied to OTC derivative instruments, in which the base valuation generally discounts expected cash flows using the Overnight Index Swap (“OIS”) interest rate curves. Because not all counterparties have the same credit risk as that implied by the relevant OIS curve, a CVA is necessary to incorporate the market view of both, counterparty credit risk and the Bank’s own credit risk, in the valuation. Derivative financial instruments (continued) Own-credit and counterparty CVA is determined using a fair value curve consistent with the Bank’s or counterparty credit rating. The CVA is designed to incorporate a market view of the credit risk inherent in the derivative portfolio. However, most of the Bank’s derivative instruments are negotiated bilateral contracts and are not commonly transferred to third parties. Derivative instruments are normally settled contractually, or if terminated early, are terminated at a value negotiated bilaterally between the counterparties. Therefore, the CVA (both counterparty and own-credit) may not be realized upon a settlement or termination in the normal course of business. In addition, all or a portion of the CVA may be reversed or otherwise adjusted in future periods in the event of changes in the credit risk of the Bank or its counterparties or due to the anticipated termination of the transactions. Transfer of financial assets Gains or losses on sale of loans depend in part on the carrying amount of the financial assets involved in the transfer, and its fair value at the date of transfer. The fair value of instruments is determined based upon quoted market prices when available, or are based on the present value of future expected cash flows using information related to credit losses, prepayment speeds, forward yield curves, and discounted rates commensurate with the risk involved. Financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial positions using the fair value hierarchy are described below: December 31, 2017 Level 1 (a) Level 2 (b) Level 3 (c) Total Assets Securities at fair value through OCI: Equity investments 8,402 - - 8,402 Sovereign debt (1) 16,733 - - 16,733 Total securities at fair value through OCI 25,135 - - 25,135 Derivative financial instruments used for hedging receivable: Interest rate swaps - 129 - 129 Cross-currency interest rate swaps - 4,550 - 4,550 Foreign exchange forward - 8,659 - 8,659 Total derivative financial instrument used for hedging receivable - 13,338 - 13,338 Total financial assets at fair value 25,135 13,338 - 38,473 Liabilities Derivative financial instruments used for hedging payable: Interest rate swaps - 4,789 - 4,789 Cross-currency interest rate swaps - 30,154 - 30,154 Total derivative financial instruments used for hedging payable - 34,943 - 34,943 Total financial liabilities at fair value - 34,943 - 34,943 (1) At December 31, 2017, securities at fair value through OCI for $2,955 were reclassified from level 2 to level 1 of the fair value hierarchy given that Bloomberg's valuation "BVAL" for these values increased from 7 (in 2016) to 10 (in 2017). (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. December 31, 2016 Level 1 (a) Level 2 (b) Level 3 (c) Total Assets Securities at fair value through OCI: Corporate debt 13,909 - - 13,909 Sovereign debt 13,912 2,786 - 16,698 Total securities at fair value through OCI 27,821 2,786 - 30,607 Derivative financial instruments used for hedging receivable: Interest rate swaps - 363 - 363 Cross-currency interest rate swaps - 2,561 - 2,561 Foreign exchange forward - 6,428 - 6,428 Total derivative financial instrument used for hedging receivable - 9,352 - 9,352 Total financial assets at fair value 27,821 12,138 - 39,959 Liabilities Financial instruments at FVTPL: Foreign exchange forward - 24 - 24 Total financial instruments at FVTPL - 24 - 24 Derivative financial instruments used for hedging payable: Interest rate swaps - 3,704 - 3,704 Cross-currency interest rate swaps - 46,198 - 46,198 Foreign exchange forward - 9,784 - 9,784 Total derivative financial instruments used for hedging payable - 59,686 - 59,686 Total financial liabilities at fair value - 59,710 - 59,710 (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. The following information should not be interpreted as an estimate of the fair value of the Bank. Fair value calculations are only provided for a limited portion of the Bank’s financial assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparison of fair value information of the Bank and other companies may not be meaningful for comparative analysis. As of December 31, 2017 and 2016, there was no reclassification from one level to another in the fair value hierarchy in financial instruments. The following methods and assumptions were used by the Bank’s management in estimating the fair values of financial instruments whose fair value is not measured on a recurring basis: Financial instruments with carrying value that approximates fair value The carrying value of certain financial assets, including cash and due from banks, interest-bearing deposits in banks, customers’ liabilities under acceptances, accrued interest receivable and certain financial liabilities including customer’s demand and time deposits, securities sold under repurchase agreements, accrued interest payable, and acceptances outstanding, as a result of their short-term nature, are considered to approximate fair value. These instruments are classified in Level 2. Securities at amortized cost The fair value has been based upon current market quotations, where available. If quoted market prices are not available, fair value has been estimated based upon quoted price of similar instruments, or where these are not available, on discounted expected cash flows using market rates commensurate with the credit quality and maturity of the security. These securities are classified in Levels 1, 2 and 3. Loans at amortized cost The fair value of the loan portfolio, including impaired loans, is estimated by discounting future cash flows using the current rates at which loans would be made to borrowers with similar credit ratings and for the same remaining maturities, considering the contractual terms in effect as of December 31 of the relevant year. These assets are classified in Level 2. Short and long-term borrowings and debt The fair value of short and long-term borrowings and debt is estimated using discounted cash flow analysis based on the current incremental borrowing rates for similar types of borrowing arrangements, taking into account the changes in the Bank’s credit margin. These liabilities are classified in Level 2. December 31, 2017 Carrying Fair Level 1 (a) Level 2 (b) Level 3 (c) Financial assets Instruments with carrying value that approximates fair value: Cash and deposits on banks 672,048 672,048 - 672,048 - Acceptances 6,369 6,369 - 6,369 - Interest receivable 30,872 30,872 - 30,872 - Securities at amortized cost (2) 68,934 69,006 50,581 8,447 9,978 Loans, net (1) 5,419,379 5,520,604 - 5,520,604 - Financial liabilities Instruments with carrying value that approximates fair value: Deposits 2,928,844 2,928,844 - 2,928,844 - Acceptances 6,369 6,369 - 6,369 - Interest payable 15,816 15,816 - 15,816 - Short-term borrowings and debt 1,072,723 1,072,483 - 1,072,483 - Long-term borrowings and debt, net 1,138,844 1,158,534 - 1,158,534 - (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. The following table provides information on the carrying value and estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis: December 31, 2016 Carrying Fair Level 1 (a) Level 2 (b) Level 3 (c) Financial assets Instruments with carrying value that approximates fair value: Cash and deposits on banks 1,069,538 1,069,538 - 1,069,538 - Acceptances 19,387 19,387 - 19,387 - Interest receivable 44,187 44,187 - 44,187 - Securities at amortized cost (2) 77,214 76,406 73,406 3,000 - Loans , net (1) 5,907,494 6,021,006 - 6,021,006 - Financial liabilities Instruments with carrying value that approximates fair value: Deposits 2,802,852 2,802,852 - 2,802,852 - Acceptances 19,387 19,387 - 19,387 - Interest payable 16,603 16,603 - 16,603 - Short-term borrowings and debt 1,470,075 1,470,045 - 1,470,045 - Long-term borrowings and debt, net 1,776,738 1,808,228 - 1,808,228 - (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. (1) The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $ 5.0 7.2 (2) The carrying value of securities at amortized cost is net of the allowance for expected credit losses of $0.2 million for December 31, 2017 and $0.6 million for December 31, 2016. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of analysis of other comprehensive income by item [Abstract] | |
Disclosure of analysis of other comprehensive income by item [text block] | 19. Accumulated other comprehensive income (loss) Financial Derivative Foreign Total Balance as of January 1, 2015 (6,817) (1,020) - (7,837) Net unrealized gain (loss) arising from the year (6,267) (4,942) (11,209) Reclassification adjustment for (gains) loss included in the profit of the year (1) 4,153 4,212 - 8,365 Other comprehensive income (loss) from the year (2,114) (730) - (2,844) Balance as of December 31, 2015 (8,931) (1,750) - (10,681) Balance as of January 1, 2016 (8,931) (1,750) - (10,681) Net unrealized gain (loss) arising from the year 7,048 4,383 11,431 Reclassification adjustment for (gains) loss included in the profit of the year (1) 1,030 (4,581) - (3,551) Other comprehensive income (loss) from the year 8,078 (198) - 7,880 Balance as of December 31, 2016 (853) (1,948) - (2,801) Balance as of January 1, 2017 (853) (1,948) - (2,801) Change in fair value for revaluation by debt instrument, net of hedging 612 (8) - 604 Change in fair value for revaluation by equity instrument, net of hedging (228) 415 - 187 Reclassification adjustment for (gains) loss included in the profit of the year (1) 84 2,399 - 2,483 Foreign currency translation adjustment, net - - (60) (60) Exchange difference in conversion of foreign operating currency - - 1,550 1,550 Other comprehensive income (loss) from the year 468 2,806 1,490 4,764 Balance as of December 31, 2017 (385) 858 1,490 1,963 (1) Reclassification adjustments include amounts recognized in profit of the year that had been part of other comprehensive income (loss) in this and previous years. The following table presents amounts reclassified from other comprehensive income to the profit of the year: December 31, 2017 Details about accumulated other Amount reclassified Affected line item in the consolidated statement of Realized gains (losses) on financial instruments at FVOCI: - Interest income financial instruments at FVOCI 24 Net gain on sale of financial instruments at FVOCI (108) Derivative financial instruments and hedging (84) Gains (losses) on derivative financial instruments: Foreign exchange forward (7,611) Interest income loans at amortized cost (2,102) Interest expense borrowings and deposits 7,216 Net gain (loss) on foreign currency exchange Interest rate swaps 86 Net gain (loss) on interest rate swaps Cross-currency interest rate swap 12 Net gain (loss) on cross-currency interest rate swap (2,399) December 31, 2016 Details about accumulated other Amount reclassified Affected line item in the consolidated statement of Realized gains (losses) on financial instruments at FVOCI: - Interest income financial instruments at FVOCI (7,243) Net gain on sale of financial instruments at FVOCI 6,213 Derivative financial instruments and hedging (1,030) Gains (losses) on derivative financial instruments: Foreign exchange forward (4,750) Interest income loans at amortized cost 1,679 Interest expense borrowings and deposits 6,060 Net gain (loss) on foreign currency exchange Interest rate swaps 1,104 Net gain (loss) on interest rate swaps Cross-currency interest rate swap 488 Net gain (loss) on cross-currency interest rate swap 4,581 December 31, 2015 Details about accumulated other Amount reclassified Affected line item in the consolidated statement of Realized gains (losses) on financial instruments at FVOCI: 240 Interest income financial instruments at FVOCI 393 Net gain on sale of financial instruments at FVOCI (4,786) Derivative financial instruments and hedging (4,153) Gains (losses) on derivative financial instruments: Foreign exchange forward (1,822) Interest income loans at amortized cost - Interest expense borrowings and deposits (2,390) Net gain (loss) on foreign currency exchange (4,212) Interest rate swaps (229) Net gain (loss) on interest rate swaps Cross-currency interest rate swap 84 Net gain (loss) on cross-currency interest rate swap |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party [Abstract] | |
Disclosure of related party [text block] | 20. Related party transactions During the reporting years, total compensation paid to directors and the executives of Bladex as representatives of the Bank amounted to: December 31, December 31, December 31, Expenses: Compensation costs paid to directors 884 880 949 Compensation costs paid to executives 2,370 4,055 4,601 |
Fees and commissions, net
Fees and commissions, net | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Fees And Commissions [Abstract] | |
Disclosure Of Fees And Commissions [Text Block] | Fees and commissions, net December 31, December 31, December 31, Commission income Loans &; commitments, net 476 1,126 2,988 Commission income - Letters of credit 10,430 7,458 9,332 Commission income - Arrangements 6,608 5,722 6,880 Total 17,514 14,306 19,200 |
Net gain or (loss) on financial
Net gain or (loss) on financial instruments at FVTPL | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of financial instruments at fair value through profit or loss [Abstract] | |
Disclosure of financial instruments at fair value through profit or loss [text block] | Net gain or (loss) on financial instruments at FVTPL December 31, December 31, December 31, Net (loss) gain on financial instruments at FVTPL (732) 1,481 645 Net (loss) gain on investment funds - (4,364) 5,086 (732) (2,883) 5,731 |
Salaries and other employee exp
Salaries and other employee expenses | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of information about employees [text block] | Salaries and other employee expenses December 31, December 31, December 31, Wages and salaries 16,191 16,132 15,500 Payroll taxes 2,629 2,244 2,264 Personnel benefits 5,442 3,090 8,613 Sharebased payments 3,391 3,730 4,058 Total 27,653 25,196 30,435 |
Other expenses
Other expenses | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other operating expense [Abstract] | |
Disclosure of expenses [text block] | 24. Other expenses December 31, December 31, December 31, Advertising and marketing 683 785 829 Regulatory fees 977 1,348 1,565 Rental - office and equipment 2,394 2,681 3,019 Administrative 6,846 7,468 7,469 Professional services 3,911 4,255 4,621 Maintenance and repairs 1,673 1,866 1,635 Other 322 129 244 Total 16,806 18,532 19,382 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of commitments and contingent liabilities [Abstract] | |
Disclosure of commitments and contingent liabilities [text block] | 25. Commitments and contingencies Leasing arrangements Operating lease commitments Bank as lessee December 31, December 31, December 31, Within 1 year 2,006 1,984 2,055 After 1 year but not more than 5 years 7,335 7,362 6,731 More than 5 years 8,814 10,638 14,128 Total 18,155 19,984 22,914 The total amount of expenses recognized in connection with such leases in 2017, 2016 and 2015 are $ 2,332 2,605 2,930 Operating leases Bank as sub-lessor December 31, December 31, December 31, Within 1 year 300 289 455 After 1 year but not more than 5 years 243 646 822 Total 543 935 1,277 The total amount of income recognized in connection with such leases in 2017, 2016 and 2015 are $ 275 436 661 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Information About Litigation Issues [Abstract] | |
Disclosure of Information About Litigation Issues [text block] | 26. Litigation Bladex is not engaged in any litigation that is material to the Bank’s business or, to the best of the knowledge of the Bank’s management that is likely to have an adverse effect on its business, financial condition or results of operations. |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of financial risk management [Abstract] | |
Disclosure of financial risk management [text block] | 27. Risk management Risk is inherent in the Bank’s activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. This process of risk management is critical to the Bank’s continuing profitability and each individual within the Bank is accountable for the risk exposures relating to his or her responsibilities. The Bank is exposed to market, credit, compliance and liquidity risk. It is also subject to country risk and various operating risks. The Board of Directors is responsible for the overall risk management approach and for approving the risk management strategies and principles. The Board has appointed an Administration Committee which has the responsibility to monitor the overall risk process within the Bank. The Risk Committee has the overall responsibility for the development of the risk strategy and implementing principles, frameworks, policies and limits. The Risk Committee is responsible for managing risk decisions and monitoring risk levels and reports on a weekly basis to the Supervisory Board. The Risk Management Unit is responsible for implementing and maintaining risk related procedures to ensure an independent control process is maintained. The unit works closely with the Risk Committee to ensure that procedures are compliant with the overall framework. The Risk Management Unit is responsible for monitoring compliance with risk principles, policies and limits across the Bank. This unit also ensures the complete capture of the risks in risk measurement and reporting systems. Exceptions are reported on a daily basis, where necessary, to the Risk Committee, and the relevant actions are taken to address exceptions and any areas of weakness. The Bank‘s Assets/Liabilities Committee (ALCO) is responsible for managing the Bank’s assets and liabilities and the overall financial structure. It is also primarily responsible for the funding and liquidity risks of the Bank. The Bank’s policy is that risk management processes throughout the Bank are audited annually by the Internal Audit function, which examines both the adequacy of the procedures and the Bank’s compliance with the procedures. Internal Audit discusses the results of all assessments with management, and reports its findings and recommendations to the Audit Committee. Risk measurement and reporting systems The Bank’s risks are measured using a method that reflects both the expected loss likely to arise in normal circumstances and unexpected losses, which are an estimate of the ultimate actual loss based on statistical models. The models make use of probabilities derived from historical experience, adjusted to reflect the economic environment. The Bank also runs worst-case scenarios that would arise in the event that extreme events which are unlikely to occur do, in fact, occur. Monitoring and controlling risks is primarily performed based on limits established by the Bank. These limits reflect the business strategy and market environment of the Bank as well as the level of risk that the Bank is willing to accept, with additional emphasis on selected industries. In addition, the Bank’s policy is to measure and monitor the overall risk bearing capacity in relation to the aggregate risk exposure across all risk types and activities. Information compiled from all the businesses is examined and processed in order to analyze, control and identify risks on a timely basis. This information is presented and explained to the Board of Directors, the Risk Committee, and the head of each business division. The report includes aggregate credit exposure, credit metric forecasts, market risk sensitivities, stop losses, liquidity ratios and risk profile changes. On a monthly basis, detailed reporting of industry, customer and geographic risks takes place. Senior management assesses the appropriateness of the allowance for credit losses on a monthly basis. The Supervisory Board receives a comprehensive risk report once a quarter which is designed to provide all the necessary information to assess and conclude on the risks of the Bank. For all levels throughout the Bank, specifically tailored risk reports are prepared and distributed in order to ensure that all business divisions have access to extensive, necessary and uptodate information. Risk mitigation As part of its overall risk management, the Bank uses derivatives and other instruments to manage exposures resulting from changes in interest rates, foreign currencies, equity risks, credit risks, and exposures arising from forecast transactions. In accordance with the Bank’s policy, its risk profile is assessed before entering into hedge transactions, which are authorized by the appropriate level of seniority within the Bank. The effectiveness of hedges is assessed by the Risk Controlling Unit (based on economic considerations rather than the IFRS hedge accounting regulations). The effectiveness of all the hedge relationships is monitored by the Risk Controlling Unit quarterly. In situations of ineffectiveness, the Bank will enter into a new hedge relationship to mitigate risk on a continuous basis. Risk concentration Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Bank’s performance to developments affecting a particular industry or geographical location. In order to avoid excessive concentrations of risk, the Bank’s policies and procedures include specific guidelines to focus on maintaining a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly. Selective hedging is used within the Bank to manage risk concentrations at both the relationship and industry levels. The Bank has exposure to the following risk from financial instruments: 27.1 Credit risk Credit risk is the risk that the Bank will incur a loss because its customers or counterparties fail to discharge their contractual obligations. The Bank manages and controls credit risk by setting limits on the amount of risk it is willing to accept for individual counterparties and for geographical and industry concentrations, and by monitoring exposures in relation to such limits. The Bank has established a credit quality review process to provide early identification of possible changes in the creditworthiness of counterparties, including regular collateral revisions. Counterparty limits are established by the use of a credit risk classification system, which assigns each counterparty a risk rating. Risk ratings are subject to regular revision. The credit quality review process aims to allow the Bank to assess the potential loss as a result of the risks to which it is exposed and take corrective action. Individually assessed allowances The Bank determines the allowances appropriate for each individually significant loan or advance on an individual basis, taking into account any overdue payments of interests, credit rating downgrades, or infringement of the original terms of the contract. Items considered when determining allowance amounts include the sustainability of the counterparty’s business plan, its ability to improve performance if it is in a financial difficulty, projected receipts and the expected payout should bankruptcy ensue, the availability of other financial support, the realizable value of collateral and the timing of the expected cash flows. Allowances for losses are evaluated at each reporting date, unless unforeseen circumstances require more careful attention. Collectively assessed allowances Allowances are assessed collectively for losses on loans and advances and for debt investments at amortized costs that are not individually significant and for individually significant loans and advances that have been assessed individually and found not to be impaired. The Bank generally bases its analyses on historical experience and prospective information. However, when there are significant market developments, regional and/or global, the Bank would include macroeconomic factors within its assessments. These factors include, depending on the characteristics of the individual or collective assessment: unemployment rates, current levels of bad debt, changes in the law, changes in regulation, bankruptcy trends, and other consumer data. The Bank may use the aforementioned factors as appropriate to adjust the impairment allowances. Allowances are evaluated separately at each reporting date with each portfolio. The collective assessment is made for groups of assets with similar risk characteristics, in order to determine whether provision should be made due to incurred loss events for which there is objective evidence, but the effects of which are not yet evident in the individual loans assessments. The collective assessment takes account of data from the loan portfolio (such as historical losses on the portfolio, levels of arrears, credit utilization, loan to collateral ratios and expected receipts and recoveries once impaired) or economic data (such as current economic conditions, unemployment levels and local or industryspecific problems). The approximate time when a loss is likely to have been incurred and the time it will be identified as requiring an individually assessed impairment allowance is also taken into consideration. The impairment allowance is then reviewed by credit management to ensure alignment with the Bank’s overall policy. Financial guarantees and letters of credit are assessed in a similar manner as for loans. Derivative financial instruments Credit risk arising from derivative financial instruments is, at any time, limited to those with positive fair values, as recorded on the statement of financial position at fair value. With grosssettled derivatives, the Bank is also exposed to a settlement risk, being the risk that the Bank honors its obligation, but the counterparty fails to deliver the counter value. Creditrelated commitments risks The Bank makes available to its customers guarantees that may require that the Bank makes payments on their behalf and enters into commitments to extend credit lines to secure their liquidity needs. Letters of credit and guarantees (including standby letters of credit) commit the Bank to make payments on behalf of customers in the event of a specific act, generally related to the import or export of goods. Such commitments expose the Bank to similar risks to loans and are mitigated by the same control processes and policies. Collateral and other credit enhancements The amount and type of collateral required depends on an assessment of the credit risk of the counterparty. Guidelines are in place covering the acceptability and valuation of each type of collateral. The main types of collateral obtained are, as follows: - For commercial lending, charges over real estate properties, inventory and trade receivables. The Bank also obtains guarantees from parent companies for loans to their subsidiaries. Management monitors the market value of collateral and will request additional collateral in accordance with the underlying agreement. It is the Bank’s policy to dispose of repossessed properties in an orderly fashion. The proceeds are used to reduce or repay the outstanding claim. In general, the Bank does not occupy repossessed properties for business use. The Bank also makes use of master netting agreements with counterparties with whom a significant volume of transactions are undertaken. Such arrangements provide for single net settlement of all financial instruments covered by the agreements in the event of default on any one contract. Master netting arrangements do not normally result in an offset of balancesheet assets and liabilities unless certain conditions for offsetting. Although master netting arrangements may significantly reduce credit risk, it should be noted that: - Credit risk is eliminated only to the extent that amounts due to the same counterparty will be settled after the assets are realized. - The extent to which overall credit risk is reduced may change substantially within a short period because the exposure is affected by each transaction subject to the arrangement. 27.2 Liquidity risk Liquidity refers to the Bank’s ability to maintain adequate cash flows to fund operations and meet obligations and other commitments on a timely basis. As established by the Bank’s liquidity policy, the Bank’s liquid assets are held in overnight deposits with the Federal Reserve Bank of New York or in the form of interbank deposits with reputable international banks that have A1, P1, or F1 ratings from two of the major internationally recognized rating agencies and are primarily located outside of the Region. In addition, the Bank’s liquidity policy allows for investing in negotiable money market instruments, including Euro certificates of deposit, commercial paper, and other liquid instruments with maturities of up to three years. These instruments must be of investment grade quality A or better, must have a liquid secondary market and be considered as such according to Basel III rules. The Bank performs daily reviews, controls and periodic stress tests on its liquidity position, including the application of a series of limits to restrict its overall liquidity risk and to monitor the liquidity level according to the macroeconomic environment. The Bank determines the level of liquid assets to be held on a daily basis, adopting a Liquidity Coverage Ratio methodology referencing the Basel Committee guidelines. Additionally, the Liquidity Coverage Ratio is complemented with the use of the Net Stable Funding Ratio to maintain an adequate long-term funding structure. According to the Bank's liquidity guidelines, it is established that a minimum level of 1.0 of LCR and NSFR must be met. The Bank maintained a liquidity index between 1.25 1.53 1.42 0.94 2.60 1.15 Specific limits have been established to control (1) cumulative maturity “gaps” between assets and liabilities, for each maturity classification presented in the Bank’s internal liquidity reports, and (2) concentrations of deposits taken from any client or economic group maturing in one day and total maximum deposits maturing in one day. The Bank follows a Contingent Liquidity Plan. The plan contemplates the regular monitoring of several quantified internal and external reference benchmarks (such as deposit level, Emerging Markets Bonds Index Plus, LIBOR-OIS spread and market interest rates), which in cases of high volatility would trigger implementation of a series of precautionary measures to reinforce the Bank’s liquidity position. In the Bank’s opinion, its liquidity position is adequate for the Bank’s present requirements. (in millions US$) December 31, December 31, United States of America 612 591 Other O.E.C.D. - 409 Multilateral - - Latin America 7 8 Total 619 1,008 As of December 31, 2017 and 2016, the Bank’s 24-hour deposits from customers (demand deposit accounts and call deposits) amounted to $ 478 227 16 8 619 1,008 21 36 609 98 591 59 While the Bank’s liabilities generally mature over somewhat shorter periods than its assets, the associated liquidity risk is diminished by the short-term nature of the loan portfolio, as the Bank is engaged primarily in the financing of foreign trade. As of December 31, 2017 and 2016, the Bank’s short-term loan and investment securities portfolio (maturing within one year based on original contractual term) totaled $ 3,746 3,577 203 184 112 89 Medium-term assets (loans and investment securities maturing beyond one year based on original contractual term) totaled $ 1,872 2,552 86 105 1,786 2,447 655 588 December 31, 2017 Description Up to 3 3 to 6 6 months 1 to 5 More Without Total Assets Cash and cash equivalent 672,048 - - - - - 672,048 Investment securities 700 279 7,000 77,688 - - 85,667 Equity investments - - - - - 8,402 8,402 Loans at amortized cost 1,926,787 1,175,801 922,711 1,386,161 94,198 - 5,505,658 Unearned interest and deferred fees (472) (479) (223) (3,546) (248) (17) (4,985) Allowance for expected credit losses - - - - - (81,294) (81,294) Other assets 31,282 8,635 13,175 3,819 9,398 15,942 82,251 Total 2,630,345 1,184,236 942,663 1,464,122 103,348 (56,967) 6,267,747 Liabilities Deposits 1,722,041 411,158 571,500 224,145 - - 2,928,844 Other liabilities 806,547 151,090 291,694 979,958 66,802 - 2,296,091 Total 2,528,588 562,248 863,194 1,204,103 66,802 - 5,224,935 Confirmed letters of credit 169,042 101,403 3,004 - - - 273,449 Stand-by letters of credit and guaranteed Commercial risk 18,687 72,080 77,952 257 - - 168,976 Credit commitments - 15,000 - 30,000 578 - 45,578 Total 187,729 188,483 80,956 30,257 578 - 488,003 Net position (85,972) 433,505 (1,487) 229,762 35,968 (56,967) 554,809 December 31, 2016 Description Up to 3 3 to 6 6 months 1 to 5 More Without Total Assets Cash and cash equivalent 1,069,538 - - - - - 1,069,538 Investment securities 1,024 3,000 - 83,643 20,756 (602) 107,821 Loans at amortized cost 2,262,349 1,267,194 551,794 1,843,476 95,918 - 6,020,731 Unearned interest and deferred fees (663) (906) (258) (4,762) (660) - (7,249) Allowance for expected credit losses - - - - - (105,988) (105,988) Other assets 55,445 6,587 3,721 6,399 642 23,136 95,930 Total 3,387,693 1,275,875 555,257 1,928,756 116,656 (83,454) 7,180,783 Liabilities Deposits 2,306,413 173,288 275,631 47,520 - - 2,802,852 Other liabilities 884,453 744,135 346,294 1,330,515 61,220 - 3,366,617 Total 3,190,866 917,423 621,925 1,378,035 61,220 - 6,169,469 Confirmed letters of credit 146,755 173,192 63,813 - - - 383,760 Stand-by letters of credit and guaranteed commercial risk 70 8,595 360 - - - 9,025 Credit commitments - 4,073 2,399 3,200 578 - 10,250 Total 146,825 185,860 66,572 3,200 578 - 403,035 Net position 50,002 172,592 (133,240) 547,521 54,858 (83,454) 608,279 27.3 Market risk Market risk generally represents the risk that values of assets and liabilities or revenues will be adversely affected by changes in market conditions. Market risk is inherent in the financial instruments associated with many of the Bank’s operations and activities, including loans, deposits, securities held to maturity and financial instruments through OCI, short- and long-term borrowings and debt, derivatives and financial liabilities through profit or loss. This risk may result from fluctuations in different parameters: interest rates, currency exchange rates, inflation rates and changes in the implied volatility. Accordingly, depending on the instruments or activities impacted, market risks can have wide ranging, complex adverse effects on the Bank’s financial condition, results of operations, cash flows and business. Interest rate risk The Bank endeavors to manage its assets and liabilities in order to reduce the potential adverse effects on the net interest income that could be produced by interest rate changes. The Bank’s interest rate risk is the exposure of earnings (current and potential) and capital to adverse changes in interest rates and is managed by attempting to match the term and repricing characteristics of the Bank’s interest rate sensitive assets and liabilities. The Bank’s policy with respect to interest rate risk provides that the Bank establishes limits with regards to: (1) changes in net interest income due to a potential impact, given certain movements in interest rates and (2) changes in the amount of available equity funds of the Bank, given a one basis point movement in interest rates. Change in Effect on December 31, 2017 +200 bps 18,282 -200 bps (8,879) December 31, 2016 +200 bps 24,603 -200 bps (11,382) December 31, 2015 +200 bps 18,723 -200 bps (3,480) This analysis is based on the prior year changes in interest rates and assesses the impact on income, with balances as of December 31, 2017 and 2016. This sensitivity provides an idea of the changes in interest rates, taking as example the volatility of the interest rate of the previous year. December 31, 2017 Description Up to 3 3 to 6 6 months 1 to 5 years More than Total Assets Investments securities 700 279 7,000 77,688 - 85,667 Equity investments - - - - 8,402 8,402 Loans at amortized cost 4,067,639 952,542 301,334 173,550 10,593 5,505,658 Total 4,068,339 952,821 308,334 251,238 18,995 5,599,727 Liabilities Deposits 2,242,220 305,415 197,060 102,085 - 2,846,780 Short and long term borrowings and debt, net 1,585,145 2,538 85,232 482,814 55,838 2,211,567 Total 3,827,365 307,953 282,292 584,899 55,838 5,058,347 Total interest rate sensibility 240,974 644,868 26,042 (333,661) (36,843) 541,380 December 31, 2016 Description Up to 3 3 to 6 6 months 1 to 5 years More than Total Assets Time deposit 125,000 - - - - 125,000 Securities and other financial assets 9,025 3,000 - 72,094 18,200 102,319 Loans at amortized cost 4,350,913 1,445,290 140,609 83,919 - 6,020,731 Total 4,484,938 1,448,290 140,609 156,013 18,200 6,248,050 Liabilities Deposits 2,179,399 173,288 275,631 47,520 - 2,675,838 Short and long term borrowings and debt, net 2,168,964 402,643 133,190 495,883 46,133 3,246,813 Total 4,348,363 575,931 408,821 543,403 46,133 5,922,651 Total interest rate sensibility 136,575 872,359 (268,212) (387,390) (27,933) 325,399 Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate because of changes in exchange rates of foreign currencies, and other financial variables, as well as the reaction of market participants to political and economic events. For purposes of accounting standards this risk does not come from financial instruments that are not monetary items, or for financial instruments denominated in the functional currency. Exposure to currency risk is low since the Bank’s has maximum exposure limits established by the Board. Most of the Bank’s assets and most of its liabilities are denominated in US American Dollars and hence the Bank does not incur a significant currency exchange risk. The currency exchange rate risk is mitigated by the use of derivatives, which, although perfectly covered economically, may generate a certain accounting volatility. December 31, 2017 Brazilian European Japanese Colombian Mexican Other (1) Total Exchange rate 3.31 1.20 112.66 2,985.78 19.67 - - Assets Cash and cash equivalent 87 2 4 91 369 75 628 Equity investments 168 - - - - - 168 Loans at amortized cost - - - - 143,182 - 143,182 Total 255 2 4 91 143,551 75 143,978 Liabilities Borrowings and deposit placements - - - - 143,661 - 143,661 Other liabilities - - - - - - Total - - - - 143,661 - 143,661 Net currency position 255 2 4 91 (110) 75 317 (1) It includes other currencies such as: Argentine pesos, Australian- dollar, Swiss franc, Pound sterling, Peruvian soles and Remimbis . December 31, 2016 Brazilian European Japanese Colombian Mexican Other (1) Total Exchange rate 3.25 1.06 116.68 3,002.00 20.6139 - - Assets Cash and cash equivalent 4,014 6 6 55 2,339 74 6,494 Investments and other financial assets - - - - - - - Loans at amortized cost - - - - 295,580 - 295,580 Other assets - 52,800 94,279 - 79,104 - 226,183 Total 4,014 52,806 94,285 55 377,023 74 528,257 Liabilities Borrowings and deposit placements - - 94,279 - 280,557 - 374,836 Other liabilities 3,933 52,800 - - 96,951 - 153,684 Total 3,933 52,800 94,279 - 377,508 - 528,520 Net currency position 81 6 6 55 (485) 74 (263) (1) It includes other currencies such as: Argentine pesos, Australian- dollar, Canadian dollar, Swiss franc, Peruvian soles and Remimbis . 27.4 Operational Risk Operational risk is the risk of loss arising from systems failure, human error, fraud or external events. When controls fail to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. Bladex, like all financial institutions, is exposed to operational risks, including the risk of fraud by employees and outsiders, failure to obtain proper internal authorizations, failure to properly document transactions, equipment failures, and errors by employees, and any failure, interruption or breach in the security or operation of the Bank’s information technology systems could result in interruptions in such activities. Operational problems or errors may occur, and their occurrence may have a material adverse impact on the Bank’s business, financial condition, results of operations and cash flows. The Bank cannot expect to eliminate all operational risks, but it endeavors to manage these risks through a control framework and by monitoring and responding to potential risks. Controls include effective segregation of duties, access, authorization and reconciliation procedures, staff education and assessment processes, such as the use of internal audit. Capital management The primary objectives of the Bank’s capital management policy are to ensure that the Bank complies with externally imposed capital requirements and maintains strong credit ratings and healthy capital ratios in order to support its business and to maximize shareholder value. The Bank manages its capital structure and makes adjustments to it according to changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Bank may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities. December 31, December 31, Tier 1 capital 1,048,304 1,054,719 Risk weighted assets 5,601,518 6,350,544 Tier 1 capital ratio 18.71 % 16.61 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of events after reporting period [Abstract] | |
Disclosure of events after reporting period [text block] | 28. Subsequent Events Bladex announced a quarterly cash dividend of $ 15,180 0.385 |
Summary of significant accoun35
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Description of accounting policy for foreign currency translation [text block] | 3.1 Currency and foreign currency transactions 3.1.1 Foreign currency transactions For the purpose of consolidation of the financial statements, the Bank applies IAS 21- “ The Effect of Change in Foreign Exchange Rates For each entity, the Bank determines the functional currency, and items included in the consolidated financial statements of each entity are measured using the functional currency. 3.1.2 Transactions and balances Assets and liabilities of foreign subsidiaries, whose local currency is considered their functional currency, are translated into the reporting currency, US dollars, using month-end spot foreign exchange rates. The Bank uses monthly-averaged exchange rates to translate revenues and expenses from local functional currency into US dollars. The effects of those translations adjustments are reported as a component of the accumulated other comprehensive income (loss) in the consolidated statement of changes in equity. Transactions whose terms are denominated in a currency other than the functional currency, including transactions denominated in local currency of the foreign entity with the US dollar as their functional currency, are recorded at the exchange rate prevailing at the date of the transaction. Assets and liabilities in foreign currency are translated into US dollar using month-end spot foreign exchange rates. The effects of translation of monetary assets and liabilities into US dollar are included in current year’s earnings in the gain (loss) on foreign currency exchange line item. Differences arising on settlement or translation of monetary items are recognized in the consolidated statement of profit or loss with the exception of monetary items that are designated as part of the hedge of the Bank’s net investment in a foreign operation. These are recognized in consolidated statements of other comprehensive income until the net investment is disposed of, at which time, the cumulative amount is classified to the consolidated statement of profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in consolidated statements of other comprehensive income, if applicable. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the spot exchange rate at the date on which the fair value is determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the spot exchange rate at the date of the transaction. |
Description of accounting policy for determining components of cash and cash equivalents [text block] | 3.2 Cash and cash equivalents Cash equivalents include demand deposits in banks and interest-bearing deposits in banks with original maturities of three months or less, excluding pledged deposits. |
Description of accounting policy for financial instruments [text block] | 3.3 Financial instruments 3.3.1 Date of recognition All financial assets and liabilities are initially recognized on the trade date, the date that the Bank becomes a party to the contractual provisions of the instrument. This includes regular way trades: purchases or sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place. 3.3.2 Initial measurement of financial instruments Recognised financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss ( FVTPL) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in profit or loss. Debt instruments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI), are subsequently measured at amortized cost; debt instruments that are held within a business model whose objective is both to collect the contractual cash flows and to sell the debt instruments, and that have contractual cash flows that are SPPI, are subsequently measured at fair value through other comprehensive income (FVTOCI); all other debt instruments (e.g. debt instruments managed on a fair value basis, or held for sale) and equity investments are subsequently measured at FVTPL. However, may make the following irrevocable election / designation at initial recognition of a financial asset on an asset-by-asset basis: - It may irrevocably elect to present subsequent changes in fair value of an equity investment that is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 “ Business Combinations - It may irrevocably designate a debt instrument that meets the amortized cost or at FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. 3.3.3 Classification The Bank classifies its financial assets as subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss on the basis of the Bank’s business model for managing the financial assets and the contractual cash flow characteristics of these financial assets. The Bank classifies all financial liabilities as subsequently measured at amortized costs, except for those liabilities measured at fair value through profit or loss as a result of hedge accounting, as well as liabilities measured at fair value in the case of undesignated derivatives. 3.3.4 Business model assessment The Bank makes an assessment of the objective of the business model in which the financial asset is held at a portfolio level, because this reflects the way the business is managed, and information is provided to management. The information considers the following: - The Bank’s policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management’s strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realizing cash flows through the sale of the assets; - How the performance of the portfolio is evaluated and reported to the Bank’s management; - The risk that affect the performance of the business model and how those risks are managed; - The frequency, volume and timing of sales in prior periods, the reason for such sales and its expectations about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of how the Bank’s stated objective for managing the financial assets is achieved and how cash flows are realized. 3.3.5 Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs as well as profit margin. Contractual cash flows that are SPPI are consistent with a basic lending arrangement. Contractual terms that introduce exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending arrangement, such as exposure to changes in equity prices or commodity prices, do not give rise to contractual cash flows that are SPPI. An originated or an acquired financial asset can be a basic lending arrangement irrespective of whether it is a loan in its legal form. In assessing whether the contractual cash flows are solely payments of principal and interest, the Bank considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making the assessment, the Bank considers the following: - Contingent events that would change the amount and timing of cash flows; - Leverage features; - Prepayment and extension terms; - Terms that limit the Bank’s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and features that modify consideration of the time value of money (e.g. periodical reset of interest rates). 3.3.6 Financial assets at fair value through other comprehensive income (FVOCI) These securities consist of debt instruments not classified as either securities at FVTPL or securities at amortized cost, and are subject to the same approval criteria as the rest of the credit portfolio. These securities are carried at fair value if both of the following conditions are met: - The financial asset is held according to a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and, - The contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Unrealized gains and losses are reported as net increases or decreases to accumulated other comprehensive income (loss) (“OCI”) in the consolidated statement of changes in equity until they are realized. Realized gains and losses from the sale of securities which are included in net gain on sale of securities are determined using the specific identification method. For an equity investment designated as measured at FVTOCI, the cumulative gain/loss previously recognized in OCI is not subsequently reclassified to profit or loss but transferred within equity. 3.3.7 Financial assets at amortized cost Financial assets classified at amortized cost represent securities and loans whose objective is to hold them in order to collect contractual cash flows over the life of the instrument. These securities and loans are measured at amortized cost if both of the following conditions are met: - The financial asset is held according to a business model whose objective is to hold the financial assets in order to collect the contractual cash flows, and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. 3.3.8 Financial assets and liabilities at fair value through profit or loss (FVTPL) Financial assets and liabilities at fair value through profit or loss include a) assets with contractual cash flows that are not SPPI; or/and b) assets designated at FVTPL using the fair value option; and payables (unrealized losses) related to derivative financial instruments which are not designated as hedges or which do not qualify for hedge accounting. Unrealized and realized gains and losses on assets and liabilities at FVTPL are recorded in the consolidated statement of profit or loss as net gain (loss) from financial instruments at FVTPL. 3.3.9 Reclassification If the business model under which the Bank holds financial assets changes, the financial assets affected are reclassified. The classification and measurement requirements related to the new category apply prospectively from the first day of the first reporting period following the change in business model that results in reclassifying the Bank’s financial assets. During the current financial year and previous accounting period there was no change in the business model under which the Bank holds financial assets and therefore no reclassifications were made. Changes in contractual cash flows are considered under the accounting policy on modification and derecognition of financial assets described below. 3.3.10 Derecognition of financial assets and financial liabilities Financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: - The rights to receive cash flows from the asset have expired. - The Bank has transferred its rights to receive cash flows from the asset and either has transferred substantially all risk and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. - The Bank retains the right to receive cash flows from the asset, but has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘passthrough’ arrangement. - When the Bank has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, and has neither transferred nor retained substantially all of the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Bank’s continuing involvement in the asset. In that case, the Bank also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Bank has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Bank could be required to repay. The Bank enters into transactions whereby it transfers assets recognized on its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred asset or portion of them. In such cases, the transferred assets are not derecognized. Examples of such transactions are securities lending and sale-and-repurchase transactions. Financial liabilities A financial liability is derecognized when the obligation under the liability is extinguished, when the obligation specified in the contract is discharged or cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a an extinguishment of the original liability and the recognition of a new liability. The difference between the carrying value of the original financial liability and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in the consolidated statements of profit or loss. Impairment of financial assets investment securities The Bank conducts periodic reviews for all of its securities. The Bank recognizes a loss allowance for expected credit losses on investment securities measured at fair value through other comprehensive income and investment securities measured at amortized cost. If at the reporting date, the credit risk of these financial instruments has not increased significantly since initial recognition, the Bank will measure the loss allowance for those financial instruments at an amount equal to 12-month expected credit losses. However, if the Bank determines that the credit risk of those financial instruments has increased significantly since initial recognition, then it measures a loss allowance at an amount equal to the lifetime expected credit losses. If the Bank has measured a loss allowance for a financial instrument at an amount equal to lifetime expected credit losses in the previous reporting year because of a significant increase in credit risk, but determines at the current reporting date that this presumption is no longer met; then it will measure the loss allowance at an amount equal to 12-month expected credit losses at the current reporting date. The Bank recognizes in the consolidated statement of profit or loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance to the amount that is required to be recognized at the reporting date. The Bank maintains a system of internal credit quality indicators. . The table below provides a mapping of the Bank’s internal credit risk grades to external ratings. Internal Rating External (1) Description 1 a 4 Aaa Ba1 Clients with payment ability to satisfy their financial commitments 5 a 6 Ba2 B3 Clients with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 Caa1 Clients exposed to systemic risks specific to the country or the industry in which they are located, facing adverse situations in their operation or financial condition. At this level, access to new funding is uncertain. 8 Caa2 Caa3 Clients whose primary source of payment (operating cash flow) is inadequate, and who show evidence of deterioration in their working capital that does not allow them to satisfy payments on the agreed terms, endangering recovery of unpaid balances. 9 Ca Clients whose operating cash flow continuously shows insufficiency to service the debt on the originally agreed terms. Due to the fact that the borrower presents an impaired financial and economic situation, the likelihood of recovery is low. 10 C Clients with operating cash flow that does not cover their costs, are in suspension of payments, presumably will also have difficulties fulfilling possible restructuring agreements, are in a state of insolvency, or have filed for bankruptcy, among others. (1) External rating in accordance to Moody’s For financial instruments measured at fair value through OCI, the expected credit losses do not reduce the carrying amount in the consolidated statement of financial position, which remains at fair value. Instead, an amount equal to the allowance that would arise if the asset was measured at amortized cost is recognized in the consolidated statement of profit or loss and other comprehensive income as the accumulated impairment amount. Impairment gains or losses are accounted for as an adjustment of the revaluation reserve in the accumulated other comprehensive income, with a corresponding charge to the consolidated statement of profit or loss. Impairment on securities is evaluated considering numerous factors, and their relative significance varies case by case. Factors considered in determining whether a detrimental impact on the estimated future cash flows of a financial asset has occurred include, but are not limited to: significant financial difficulty of the issuer; high probability of bankruptcy; granting a concession to the issuer; disappearance of an active market because of financial difficulties; breach of contract, such as default Impairment of financial assets investment securities or delinquency in interest or principal; and, observable data indicating there is a measurable decrease in the estimated future cash flows since initial recognition. If a security is no longer publicly traded or the entity´s credit rating is downgraded, this is not, by itself, evidence of impairment, but should be considered for impairment together with other information. A decline in the fair value of an investment security below its amortized cost is not necessarily evidence of impairment, as it may be due to an increase in market interest rates. Whether a decline in fair value below cost is considered significant or prolonged, must be assessed on an instrument-by-instrument basis and should be based on both qualitative and quantitative factors. However, the assessment of prolonged decline should not be compared to the entire period that the investment has been or is expected to be held. |
Description of accounting policy for impairment of non-financial assets [text block] | 3.4 Non-financial assets A non-financial asset is an asset with a physical or intangible value and it is subject to the impairment guidelines prescribed in IAS 36 Impairment of assets. 3.4.1 Impairment of non-financial assets A non-financial asset is impaired when an entity will not be able to recover that asset’s carrying value, either through using it or selling it. If circumstances arise which indicate that a non-financial asset might be impaired, a review should be undertaken of its cash generating abilities through use or sale. This review will produce an amount which should be compared with the asset’s carrying value, and if the carrying value is higher, the difference must be written off as impairment in the consolidated statement of profit or loss. On the other hand, if there is any indication that previously recognized impairment losses may no longer exists or may have decreased, the Bank makes an estimate of the recoverable amount. In that case, the carrying amount of the asset is increased to its recoverable amount. This increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the consolidated statement of profit or loss. |
Description of accounting policy for loans and receivables [text block] | 3.5 Loans - at amortized cost Loans are reported at their amortized cost considering the principal outstanding amounts net of unearned interest, and deferred fees and allowance for expected credit losses. Interest income is recognized using the effective interest rate method. This shall be calculated by applying the effective interest rate to the gross carrying amount of the loan, except for: a) purchased or originated credit-impaired loans. For these financial assets, the Bank applies the credit-adjusted effective interest rate to the amortized cost of the financial asset from initial recognition; and b) loans that have subsequently become credit-impaired financial assets. For these loans, the Bank shall apply the effective interest rate to the amortized cost of the financial asset in subsequent reporting years. The amortization of net unearned interest and deferred fees are recognized as an adjustment to the related loan yield using the effective interest rate method. Purchased loans are recorded at acquisition cost. The difference between the principal and the acquisition cost of loans, the premiums and discounts, is amortized over the life of the loan as an adjustment to the yield. All other costs related to acquisition of loans are expensed when incurred. Definition of Default The Bank considers a financial asset to be in default when it presents any of the following characteristics: - The debtor is past due for more than 90 days in any of its obligations to the bank, either in the loan principal or interest; or when the principal balance with one single balloon payment was due for more than 30 days; - Deterioration in the financial condition of the client, or the existence of other factors with the administration to estimate the possibility that the balance of principal and interest on customer loans is not fully recovered. The above presumptions regarding past due loans may be rebuttable if the Bank has reasonable and supportable information that is available without undue cost or effort, that demonstrate that the credit risk has not increased significantly since initial recognition even though the contractual payments are more than 30 or 90 days past due. In assessing whether a borrower is in default, the Bank considers indicators that are qualitative and quantitative based on data developed internally and obtained from external sources. Inputs into the assessment of whether a financial instrument is in default and their significance may vary over time to reflect changes in circumstances. Modified loan A modified or renegotiated loan is a loan whose borrower is experiencing financial difficulties and the renegotiation constitutes a concession to the borrower. A concession may include modification of terms such as an extension of maturity date, reduction in the stated interest rate, rescheduling of future cash flows, and reduction in the face amount of the loan or reduction of accrued interest, among others. When a financial asset is modified the Bank assesses whether this modification results in derecognition. In accordance with the Bank’s policy a modification results in derecognition when it gives rise to substantially different terms. To determine if the modified terms are substantially different from the original contractual terms the Bank considers the following: - Qualitative factors, such as contractual cash flows after modification are no longer SPPI, change in currency or change of counterparty, the extent of change in interest rates, maturity, covenants. If these do not clearly indicate a substantial modification, then; - A quantitative assessment is performed to compare the present value of the remaining contractual cash flows under the original terms with the contractual cash flows under the revised terms, both amounts discounted at the original effective interest. If the difference in present value is greater than 10% the Bank deems the arrangement is substantially different leading to derecognition. In the case where the financial asset is derecognised the loss allowance for ECL is remeasured at the date of derecognition to determine the net carrying amount of the asset at that date. The difference between this revised carrying amount and the fair value of the new financial asset with the new terms will lead to a gain or loss on derecognition. The new financial asset will have a loss allowance measured based on 12-month ECL except in the rare occasions where the new loan is considered to be originated credit impaired. This applies only in the case where the fair value of the new loan is recognised at a significant discount to its revised par amount because there remains a high risk of default which has not been reduced by the modification. The Bank monitors credit risk of modified financial assets by evaluating qualitative and quantitative information, such as if the borrower is in past due status under the new terms. When the contractual terms of a financial asset are modified and the modification does not result in derecognition, the Group determines if the financial asset’s credit risk has increased significantly since initial recognition by comparing: - The remaining lifetime PD estimated based on data at initial recognition and the original contractual terms; with - The remaining lifetime PD at the reporting date based on the modified terms. In the renegotiation or modification of the contractual cash flows of the loan, the Bank shall: - Continue with its current accounting treatment for the existing loan that has been modified. - Record a modification gain or loss by recalculating the gross carrying amount of the financial asset as the present value of the renegotiated or modified contractual cash flows, discounted at the loan’s original effective interest rate. - Assess whether there has been a significant increase in the credit risk of the financial instrument, by comparing the risk of a default occurring at the reporting date (based on the modified contractual terms) and the risk of a default occurring at initial recognition (based on the original, unmodified contractual terms). The loan that is modified is not automatically considered to have a lower credit risk. The assessment should consider credit risk over the expected life of the asset based on the historical and forward-looking information, including information about the circumstances that led to the modification. Evidence that the criteria for the recognition of lifetime expected credit losses are subsequently no longer met may include a history of up-to-date and timely payment in subsequent periods. A minimum period of observation will be necessary before a financial asset may qualify to return to a 12-month expected credit loss measurement. - Make the appropriate quantitative and qualitative disclosures required for renegotiated or modified assets to reflect the nature and effect of such modifications (including the effect on the measurement of expected credit losses) and how the Bank monitors these loans that have been modified. The Bank recognizes a loss allowance for expected credit losses (ECL) on a loan that is measured at amortized cost at each reporting date at an amount equal to the lifetime expected credit losses if the credit risk on that loan has increased significantly since initial recognition. If at the reporting date, the credit risk of that loan has not increased significantly since initial recognition, an entity shall measure the loss allowance for that loan at an amount equal to 12-month expected credit losses. The Bank's lending portfolio is comprised of the following segments: corporations, sovereign, middle-market companies and banking and financial institutions. The distinction between corporations and middle-market companies depends on the client’s level of annual sales in relation to the country risk, among other criteria. Except for the sovereign segment, segments are broken down into state-owned and private. The Bank's lending policy is applicable to all types of loans. |
Disclosure of allowance for credit losse [Text Block] | 3.6 Allowance for expected credit losses The allowance for expected credit losses is provided for losses derived from the credit extension process, inherent in the loan portfolio and loan commitments and financial guarantee contracts, using the reserve methodology to determine expected credit losses. Additions to the allowance for expected credit losses are made by debiting earnings. Credit losses are deducted from the allowance, and subsequent recoveries are added. The allowance is also decreased by reversals of the allowance back to earnings. The allowance for expected credit losses for loans at amortized cost is reported as a deduction of loans and, as a liability, the allowance for expected credit losses on loan commitments and financial guarantee contracts, such as, letters of credit and guarantees. The Bank maintains a system of internal credit quality indicators. These indicators are assigned depending on several factors which include: profitability, quality of assets, liquidity and cash flows, capitalization and indebtedness, economic environment and positioning, regulatory framework and/or industry, sensitivity scenarios and the quality of borrower’s management and shareholders, among others. The Bank maintains a system of internal credit quality indicators. The table below provides a mapping of the Bank’s internal credit risk grades to external ratings. Internal Rating External Rating (1) Description 1 a 4 Aaa Ba1 Clients with payment ability to satisfy their financial commitments 5 a 6 Ba2 B3 Clients with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 Caa1 Clients exposed to systemic risks specific to the country or the industry in which they are located, facing adverse situations in their operation or financial condition. At this level, access to new funding is uncertain. 8 Caa2 Caa3 Clients whose primary source of payment (operating cash flow) is inadequate, and who show evidence of deterioration in their working capital that does not allow them to satisfy payments on the agreed terms, endangering recovery of unpaid balances. 9 Ca Clients whose operating cash flow continuously shows insufficiency to service the debt on the originally agreed terms. Due to the fact that the borrower presents an impaired financial and economic situation, the likelihood of recovery is low. 10 C Clients with operating cash flow that does not cover their costs, are in suspension of payments, presumably will also have difficulties fulfilling possible restructuring agreements, are in a state of insolvency, or have filed for bankruptcy, among others. (2) External rating in accordance to Moody’s In order to maintain periodical monitoring of the quality of the portfolio, clients are reviewed within a frequency of time between 3 and 12 months, depending on the risk rating. The Bank measures expected credit losses (ECLs) in a way that reflects: a) an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; b) the time value of money; and c) reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecast of future economic conditions. The expected credit loss model reflects the general pattern of deterioration or improvement in the credit quality of the loans. The amount of ECLs recognized as a loss allowance or provision depends on the extent of credit deterioration since initial recognition. There are two measurement bases: - 12-month ECLs (Stage 1), which applies to all loans (from initial recognition) as long as there is no significant deterioration in credit quality, - Lifetime ECLs (Stages 2 and 3), which applies when a significant increase in credit risk has occurred on an individual or collective basis. In Stages 2 and 3 interest revenue is recognized. Under Stage 2 (as under Stage 1), there is a full decoupling between interest recognition and impairment and interest revenue is calculated on the gross carrying amount. Under Stage 3, when a loan subsequently becomes credit impaired (when a credit event has occurred), interest revenue is calculated on the amortized cost, net of impairment, i.e. the gross carrying amount after deducting the impairment allowance. In subsequent reporting years, if the credit quality of the financial asset improves so that the financial asset is no longer credit-impaired and the improvement can be related objectively to the occurrence of an event (such as an improvement in the borrower’s credit rating), then the Bank will once again calculate the interest revenue on a gross basis. The allowance for expected credit losses includes an asset-specific component and a formula-based component. The asset-specific component, or specific allowance, relates to the provision for losses on credits considered impaired and measured individually case-by-case. A specific allowance is established when the discounted cash flows (or observable fair value of collateral) of the credit is lower than the carrying value of that credit. The formula-based component (collective assessment basis), covers the Bank’s performing credit portfolio and it is established based in a process that estimates the probable loss inherent in the portfolio, based on statistical analysis and management’s qualitative judgment. This analysis considers comprehensive information that incorporates not only past-due data, but other relevant credit information, such as forward looking macro-economic information. ECLs are a probability-weighted estimate of the present value of credit losses. These are measured as the present value of the difference between the cash flows due to the Group under the contract and the cash flows that the Bank expects to receive arising from the weighting of multiple future economic scenarios, discounted at the asset’s effective interest rate (EIR). For undrawn loan commitments, the ECL is the difference between the present value of the difference between the contractual cash flows that are due to the Bank if the holder of the commitment draws down the loan and the cash flows that the Bank expects to receive if the loan is drawn down; and for financial guarantee contracts, the ECL is the difference between the expected payments to reimburse the holder of the guaranteed debt instrument less any amounts that the Bank expects to receive from the holder, the debtor or any other party. The Bank determines the ECLs using two methodologies to determine if there is objective evidence of impairment: Individually Evaluated Loans - Collectively Evaluated Loans Significant increase in credit risk When assessing whether the credit risk on a loan has increased significantly, the Bank considers the change in the risk of default occurring since initial recognition. For a loan to be considered in “default”, management considers criteria used in the internal credit risk model and qualitative factors, such as financial covenants, when appropriate. Additionally, the Bank to determine that there has been a significant increase in risk applies an alert model that considers the international economic environment, the specific financial situation by country and the economic analysis of the industry where the credit generates its income. The model defines a consolidated calculation of Risk Severity depending on the weighting of the Severity to Risk of each one of the analysis contexts. Also, this depends on the context of the variables or the ratings constructed for each one (International Context: by market ratings, Context Country: by country / Context Economic Sector: by economic sector). At each reporting date, the Bank assesses significant increases in credit risk based on the change in the risk of a default occurring over the expected life of the credit instrument. In order to make the assessment of whether there has been significant credit deterioration, the Bank considers reasonable and supportable information that is available without undue cost or effort and comparing: - The risk of a default occurring on the financial instrument as at the reporting date, and - The risk of a default occurring on the financial instrument as at the date of initial recognition. For loan commitments, the Bank considers changes in the risk of a default occurring on the ‘potential’ loan to which a loan commitment relates, and for financial guarantee contracts, changes in the risk that the specified debtor will default, are taken into consideration. In order to determine whether there has been a significant increase in the credit risk of the financial instrument, the assessment is based on quantitative information and qualitative information. The Bank considers the following factors though not exhaustive, when measuring significant increase in credit risk: - Significant changes in internal price indicators of credit risk as a result of a change in credit risk since inception; - Significant changes in external market indicators of credit risk for a particular financial instrument or similar financial instruments with the same expected life; - An actual or expected significant change in the financial instrument’s external credit rating; - Existing or forecast adverse changes in business, financial or economic conditions; - An actual or expected significant change in the operating results of the borrower; - An actual or expected significant adverse change in the regulatory environment, economic, or technological environment of the borrower; - Significant changes in the value of the collateral supporting the obligation; - Significant changes, such as reductions, in financial support from a parent entity or other affiliate or an actual or expected significant change in the quality of credit enhancements, among other factors incorporated in the Bank’s ECLs model. The reserve balances, for exposures on loans at amortized cost and loan commitments and financial guarantees contracts, are calculated applying the following formula: Reserves = ∑(E x PD x LGD); where: - Exposure (E) = the total accounting balance at the end of the period under review. - Probabilities of Default (PD) = one-year probability of default applied to the portfolio to account for 12-month expected credit losses and lifetime probability of default to account for more than 12-month. Default rates are based on Bladex’s historical portfolio performance per rating category, complemented by International Rating Agency’s probabilities of default for categories 6, 7 and 8, in view of the greater robustness of data for such cases. - Loss Given Default (LGD) = a factor is utilized, based on historical information, same as based on best practices in the banking industry, volatility and simulated scenarios based on forward-looking information. Management applies judgment and historical loss experience. Management also applies complementary judgment to capture elements of prospective nature or loss expectations based on risks identified in the environment that are not necessarily reflected in the historical data. The allowance policy is applicable to all classes of loans and, loan commitments and financial guarantee contracts of the Bank. Write-off When the Bank has no reasonable expectations of recovering the loan, then the gross carrying amount of the loan is directly reduced in its entirety; thus, constituting a derecognition event. This is generally the case when the Bank determines that the borrower does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. Nevertheless, the financial assets that are written off could still be subject to enforcement activities in order to comply with the Bank’s procedures for recovery of amounts due. If the amount of loss on write-off is greater than the accumulated loss allowance, the differences will be recognized as an additional impairment loss. |
Description of accounting policy for derivative financial instruments and hedging [text block] | 3.7 Derivative financial instruments for risk management purposes and hedge accounting Derivatives embedded in financial liabilities or other non-financial asset host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL. The Bank applies IFRS 9- “ Financial Instruments Derivatives held for risk management purposes include all derivative assets and liabilities that are not classified as trading assets or liabilities. Derivatives held for risk management purposes are measured at fair value in the consolidated statement of financial position. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain/loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. On initial designation of the hedge, the Bank formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objective and strategy in undertaking the hedge, together with the method that will be used to assess the effectiveness of the hedging relationship. The Bank makes an assessment, both at inception of the hedge relationship and on an ongoing basis, of whether the hedging instrument(s) is(are) expected to be highly effective in offsetting the changes in the fair value or cash flows of the respective hedged item(s) during the period for which the hedge is designated. The Bank uses derivative financial instruments for its management of interest rate and foreign exchange risks. Interest rate swap contracts, cross-currency swap contracts and foreign exchange forward contracts have been used to manage interest rate and foreign exchange risks respectively associated with debt securities and borrowings with fixed and floating rates, and loans and borrowings in foreign currency. These derivatives contracts can be classified as fair value and cash flow hedges. In addition, foreign exchange forward contracts are used to hedge exposures to changes in foreign currency in subsidiary companies with functional currencies other than the US dollar. These contracts are classified as net investment hedges. The accounting for changes in value of a derivative depends on whether the contract is for trading purposes or has been designated and qualifies for hedge accounting. Derivatives held for trading purposes include interest rate swap, cross-currency swap, foreign exchange forward and future contracts used for risk management purposes that do not qualify for hedge accounting. These derivatives are reported as asset or liabilities, as applicable. Changes in realized and unrealized gains and losses and interest from these financial instruments are included in gain or loss per financial instrument at fair value through profit or loss. Derivatives for hedging purposes primarily include foreign exchange forward contracts and interest rate swap contracts in US dollar and cross-currency swaps. Derivative contracts designated and qualifying for hedge accounting are reported in the consolidated statement of financial position as derivative financial instruments used for hedging - receivable and payable, as applicable, and hedge accounting is applied. In order to qualify for hedge accounting, a derivative must be considered highly effective at reducing the risk associated with the exposure being hedged. Each derivative must be designated as a hedge, with documentation of the risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure, as well as how effectiveness will be assessed prospectively. The extent to which a hedging instrument is effective at achieving offsetting changes in fair value or cash flows must be assessed at least quarterly. Any ineffectiveness must be reported in current-year earnings. Economic relationship As the Bank enters into a hedging relationship, the first requirement is that the hedging instrument and the hedged item must be expected to move in the opposite direction as a result of the change in the hedged risk. This should be based on an economic rationale, as could be the case if the relationship is based only on a statistical correlation. This requirement is fulfilled for many of the hedging relationships carried by the Bank as the underlying of the hedging instrument matches, or is closely aligned with the hedged risk. Even when there are differences between the hedged item and the hedging instrument, the economic relationship will often be capable of being demonstrated using a qualitative assessment. The assessment considers, whether qualitative or quantitative, the following: a) maturity; b) nominal amount; c) cash flow dates; d) interest rate basis; and e) credit risk, including the effect of collateral, among others. Hedge ratio The hedge ratio is the ratio between the amount of hedged item and the amount of the hedging instrument. For most of the hedging relationships, the hedge ratio is 1:1 as the underlying of the hedging instrument perfectly matches the designated hedged risk. For a hedging relationship with a correlation between the hedged item and the hedging instrument that is not 1:1 relationship, generally set the hedge ratio so as to adjust for the type of relation in order to improve effectiveness. Discontinuation of hedge accounting The Bank discontinues hedge accounting prospectively in the following situations: 1. It is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item. 2. The derivative expires or is sold, terminated or exercised. 3. It is determined that designation of the derivative as a hedging instrument is no longer appropriate. The Bank carries all derivative financial instruments in the consolidated statement of financial position at fair value. Fair value hedges When a derivative is designated as the hedging instrument in a hedge of the change in fair value of a recognized asset or liability or a firm commitment that could affect profit or loss, changes in the fair value of the derivative are recognized in the consolidated statement of profit or loss together with changes in the fair value of the hedged item that are attributable to the hedged risk, except when the hedging instrument hedges an equity instrument designated at FVTOCI in which case it is recognized in OCI. The carrying amount of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the hedged risk with a corresponding entry in profit or loss. For debt instruments measured at FVTOCI, the carrying amount is not adjusted as it is already at fair value, but the part of the fair value gain or loss on the hedged item associated with the hedged risk is recognized in profit or loss instead of OCI, except when the hedged item is an equity instrument designated at FVTOCI, the hedging gain/loss remains in OCI to match that of the hedging instrument. If the hedge relationship is terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively and the fair value adjustment to the hedged item continues to be reported as part of the basis of the item and is amortized to earnings as a yield adjustment where hedging gains/losses are recognized in profit or loss, they are recognized in the same line as the hedged item. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of variability in cash flows attributable to a particular risk associated with a recognized asset or liability that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognized in OCI and it is presented in the hedging reserve within equity and recognized in the consolidated statement of profit or loss when the hedged cash flows affect earnings. The ineffective portion is recognized in the consolidated statement of profit or loss as activities of derivative financial instruments and hedging. If the cash flow hedge relationship is terminated or exercised, or the hedge no longer meets the criteria for fair value hedge accounting, or the hedge designation is revoked, then hedge accounting is discontinued prospectively and the related amounts in OCI are reclassified into earnings when hedged cash flows occur. Net investment hedges When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of changes in the fair value of the hedging instrument is recognized in OCI and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative is recognized in the consolidated statement of profit or loss. The amount recognized in OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. |
Description of accounting policy for repurchase and reverse repurchase agreements [text block] | 3.8 Repurchase agreements Repurchase agreements are transactions in which the Bank sells a security and simultaneously agrees to repurchase it (or an asset that is substantially the same) at a fixed price on a future date. The Bank continues to recognize the securities in their entirety in the statement of financial position because it retains substantially all of the risks and rewards of ownership. The cash consideration received is recognized as a financial asset and a financial liability is recognized for the obligation to pay the repurchase price. Because the Bank sells the contractual rights to the cash flows of the securities, it does not have the ability to use the transferred assets during the term of the arrangement. |
Description of accounting policy for borrowings [text block] | 3.9 Borrowings and debt Short and long-term borrowings and debt are accounted for at amortized cost. |
Description of accounting policy for recognition of income and expenses [Policy Text Block] | 3.10 Recognition of income and expenses Fee and commission income The Bank earns fee and commission income from a diverse range of services it provides to its customers. Income is recognized to the extent that is probable that the economic benefits will flow to the Bank and it is reliably measured, regardless of when the payment is made. This income is measured at fair value of the consideration received or receivable, taking into account contractually defined terms of payment an excluding taxes or duty. Fee income can be divided into the following two categories: - Fee income earned from services that are provided over a certain period of time. - Fees earned for the provision of services over a period of time are accrued over that period. These fees include commission income and other management and advisory fees. Fee income from providing transaction services Fees arising from negotiating or participating in the negotiation of a transaction for a third party, are recognized on completion of the underlying transaction. Fees or components of fees that are linked to a certain performance are recognized after fulfilling the corresponding criteria. Net trading income Results arising from trading activities include all gains and losses from changes in fair value and related interest income or expense and dividends for financial assets and financial liabilities held for trading. Fees and commissions on loans at amortized cost Loan commitment fees for loans that are likely to be drawn down and other credit related fees are deferred (together with any incremental costs) and recognized as an adjustment to the effective interest rate on the loan. When it is unlikely that a loan will be drawn down, the loan commitment fees are recognized over the commitment period on an effective interest rate basis. These fees are regarded as compensation for an ongoing involvement with the acquisition of a financial instrument. If the commitment expires without the Bank making the loan, the fee is recognized as revenue on expiration. Loan origination fees, net of direct loan origination costs, are deferred, and the net amount is recognized as revenue over the contractual term of the loans as an adjustment to the yield . When there are credit-adjusted effective interest rate for credit-impaired financial assets Underwriting fees are recognized as revenue when the Bank has rendered all services to the issuer and is entitled to collect the fee from the issuer, when there are no contingencies related to the fee. Underwriting fees are recognized net of syndicate expenses. In addition, the Bank recognizes credit arrangement and syndication fees as revenue after satisfying certain retention, timing and yield criteria. Fees received in connection with a modification of terms of a loan at amortized cost are applied as a reduction of the recorded investment in the loan. Fees earned on letters of credit, financial guarantees and other commitments are amortized using the straight-line method over the life of such instruments. |
Description of accounting policy for property, plant and equipment [text block] | 3.11 Property and equipment Property and equipment is stated at cost excluding the costs of daytoday servicing, less accumulated depreciation and accumulated impairment in value. Changes in the expected useful life are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates. Useful life in Years Furniture and equipment 3 5 Hardware 3 Other Equipments 2 4 Leasehold improvements 3 to 15 years or up to the lease term Improvements to leased properties, under operating leases are amortized on a straight line calculated without exceeding the length of the respective lease contracts. Property and equipment is derecognized on disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognized in other income or other expenses in the consolidated statement of profit or loss in the year that the asset is derecognized. |
Description of accounting policy for intangible assets other than goodwill [text block] | 3.12 Intangible assets An intangible asset is recognized only when its cost can be measured reliably and it is probable that the expected future economic benefits that are attributable to it will flow to the Bank. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite useful life are amortized using the straight-line method over the estimated useful lives of assets which are reviewed annually by the Bank. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and they are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is presented as a separate line item in the consolidated statement of profit or loss. Bank’s intangible assets include the value of computer software. Amortization is calculated using the straightline method to write down the cost of intangible assets to their residual values over their estimated useful lives of 5 years. Gains or losses arising from the derecognition of an intangible asset is determined by the Bank as the difference between proceeds from the sale or disposal and the net carrying amount of the intangible asset and recognizing them in the results for the year in which the transaction occurs. |
Description of accounting policy for offsetting of financial instruments [text block] | 3.13 Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. This is generally not the case with master netting agreements; therefore, the related assets and liabilities are presented gross in the consolidated statement of financial position. Income and expenses are presented on a net basis only when permitted under IFRS, or for gains or losses arising from a group of similar transactions. |
Description of accounting policy for leases [text block] | 3.14 Operating leases The determination of whether an arrangement is a lease, or contains a lease, is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset. Banks as a lessee Leases where the lessor do not transfer to the Bank substantially all the risks and benefits incidental to ownership of the leased items are classified as operating leases. Operating lease payments are recognized as an expense in the consolidated statement of profit or loss on a straight-line basis over the lease term. Contingent rental payable is recognized as an expense in the period in which they are incurred. Bank as a sub-lessor Leases where the Bank does not transfer substantially all of the risk and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating operating leases are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the year in which they are earned. In the event that the contract is cancelable, they are recognized as income over the term of the lease. |
Description of accounting policy for provisions [text block] | 3.15 Provisions Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense relating to any provision is presented in the consolidated statement of profit or loss, net of any reimbursement. |
Description of accounting policy for capital resereves [Policy Text Block] | 3.16 Capital reserves Capital reserves are established as an appropriation of retained earnings and are, as such, a form of retained earnings. Reductions of capital reserves require the approval of the Bank’s Board of Directors and the SBP. Other capital reserves include: - Translation reserve: The translation reserve comprises all foreign currency differences arising from the translation of the consolidated financial statements of foreign operations as well as the effective portion of any foreign currency differences arising from hedges of a net investment in a foreign operation. - Hedging reserve: The hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss as the hedged cash flows affect profit or loss. - Fair value reserve: The fair value reserve comprises the cumulative net change in the fair value of investment securities measured at FVOCI, less the ECL allowance recognized in profit or loss. |
Description of accounting policy for share-based payment transactions [text block] | 3.17 Sharebased payment transactions The Bank applies IFRS 2 for sharebased payment transactions to account for compensation costs on restricted stock, restricted stock units and stock option plans. Compensation cost is based on the grant date fair value of both stock and options and is recognized over the requisite service period of the employee, using the accelerated method. The fair value of each option is estimated at the grant date using a binomial option-pricing model. When stocks options and restricted stock units vested are exercised, the Bank’s policy is to reissue shares from treasury stock. |
Description of accounting policy for income tax [text block] | 3.18 Income taxes Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax laws and regulations used to compute the amount are those that are enacted or substantively enacted by the reporting date. - Bladex Head Office is exempted from payment of income taxes in Panama in accordance with the contract law signed between the Republic of Panama and Bladex. - Bladex Representacao Ltda. and Bladex Investimentos Ltda., are subject to income taxes in Brazil. - Bladex Development Corp. is subject to income taxes in Panama. - BLX Soluciones, S.A. de C.V., SOFOM, is subject to income taxes in Mexico. - The New York Agency and Bladex Holdings, Inc. incorporated in USA are subject to federal and local taxation in USA based on the portion of income that is effectively connected with its operations in that country. Deferred tax Deferred tax is calculated based on the liability method, on temporary differences between the carrying amounts of assets and liabilities reported for financial purposes and the amounts used for taxation purposes. The amount of deferred tax is based on the embodiment of assets and liabilities using the rate of income tax in effect on the date of the consolidated statement of financial position. |
Description of accounting policy for earnings per share [text block] | 3.19 Earnings per share Basic earnings per share is computed by dividing the profit for the year (the numerator) by the weighted average number of common shares outstanding (the denominator) during the year. Diluted earnings per share measure performance incorporating the effect that potential common shares, such as stock options and restricted stock units outstanding during the same period, would have on net earnings per share. The computation of diluted earnings per share is similar to the computation of basic earnings per share, except for the denominator, which is increased to include the number of additional common shares that would have been issued if the beneficiaries of stock purchase options and restricted stock units plans could exercise their options. The number of potential common shares that would be issued is determined using the treasury stock method. |
Description of accounting policy for treasury shares [text block] | 3.20 Treasury shares and contracts on own shares The own equity instruments of the Bank which are acquired by it or by any of its subsidiaries (treasury shares) are deducted from equity and accounted for at weighted average cost. Consideration paid or received on the purchase, sale, issue or cancellation of the Bank’s own equity instruments is recognized directly in equity. No gain or loss is recognized in the consolidated statement of profit or loss on the purchase, sale, issue or cancellation of own equity instruments. |
Description of accounting policy for segment reporting [text block] | 3.21 Segment reporting The Bank’s segment reporting is based on the following business segments: Commercial, which incorporates the Bank’s core business of financial intermediation and fee generation activities relating to the Bank’s Commercial Portfolio; and Treasury, which is responsible for the Bank’s funding and liquidity management, along with the management of its activities in investment securities, as well as the management of the Bank’s interest rate, liquidity, price, and currency risks. |
Disclosure of accounting judgements and estimates [text block] | 3.22 Judgments, estimates and significant accounting assumptions The preparation of the consolidated financial statements requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. Material estimates that are particularly susceptible to significant changes relate to the determination of the allowances for expected credit losses, impairment of securities, and the fair value of financial instruments. Actual results could differ from those estimates. Management believes these estimates are adequate. Judgments In the process of applying the Bank’s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the consolidated financial statements: Business model assessment Significant increase of credit risk Establishing groups of assets with similar credit risk characteristics The Bank monitors the appropriateness of the credit risk characteristics on an ongoing basis to assess whether they continue to be similar. This is required in order to ensure that should credit risk characteristics change there is appropriate re-segmentation of the assets. This may result in new portfolios being created or assets moving to an existing portfolio that better reflects the similar credit risk characteristics of that group of assets. Re-segmentation of portfolios and movement between portfolios is more common when there is a significant increase in credit risk (or when that significant increase reverses) and so assets move from 12-month to lifetime ECLs, or vice versa, but it can also occur within portfolios that continue to be measured on the same basis of 12-month or lifetime ECLs but the amount of ECL changes because the credit risk of the portfolios differ. Models and assumptions used Fair value measurement When the fair values of financial assets and financial liabilities recorded on the consolidated statement of financial position cannot be derived from active markets, they are determined using a variety of valuation techniques that include the use of mathematical models. The inputs to these models are derived from observable market data where possible, but if this is not available, judgment is required to establish fair values. The judgments include considerations of liquidity and model inputs such as volatility for longerdated derivatives and discount rates, prepayment rates and default rate assumptions for asset-backed securities. The valuation of financial instruments is described in more detail in Note 18. Estimates and assumptions The key assumptions concerning the future and other key sources of estimating uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Bank based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments; however, may change due to market changes or circumstances beyond the control of the Bank. Such changes are reflected in the assumptions when they occur. Going concern The Bank’s management has made an assessment of its ability to continue as a going concern and is satisfied that it has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Bank’s ability to continue as a going concern. Therefore, the consolidated financial statements continue to be prepared on a going concern basis. Impairment losses on loans at amortized cost The Bank reviews its individually significant loans at amortized cost at each consolidated statement of financial position date to assess whether an impairment loss should be recorded in the consolidated statement of profit or loss. In particular, management’s judgment is required in the estimation of the amount and timing of future cash flows when determining the impairment loss. These estimates are based on assumptions about a number of factors and actual results may differ, resulting in future changes to the allowance. Loans at amortized cost that have been assessed individually (and found not to be impaired) are assessed together with all individually insignificant loans and advances in groups of assets with similar risk characteristics. This is to determine whether provision should be made due to incurred loss events for which there is objective evidence, but the effects of which are not yet evident. The collective assessment takes account of data from the loan portfolio (such as levels of arrears, credit utilization, loan-to-collateral ratios, etc.), and judgments on the effect of concentrations of risks and economic data (including levels of unemployment, real estate prices indices, country risk and the performance of different individual groups). Impairment of investments securities measured at fair value through OCI and investment securities at amortized cost The Bank reviews its debt securities classified as investments at fair value through OCI and investments at amortized cost at each reporting date to assess whether they are impaired. This requires similar judgment as applied to the individual assessment of the investment securities. The Bank records impairment charges when there has been a significant or prolonged decline in the fair value below their cost. The determination of what is ‘significant’ or ‘prolonged’ requires judgment. In making this judgment, the Bank evaluates, among other factors, historical price movements and duration and extent to which the fair value of an investment is less than its cost. |
Description of other accounting policies relevant to understanding of financial statements [text block] | 3.23 Future changes in applicable accounting policies The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the consolidated financial statements are disclosed below. The Bank intends to adopt these standards, if applicable, when they become effective. Amendments to IFRS 2 Classification and Measurement of Share-based Payment Transactions The amendments clarify the following: 1. In estimating the fair value of a cash-settled share-based payment, the accounting for the effects of vesting and non-vesting conditions should follow the same approach as for equity-settled share-based payments. 2. Where tax law or regulation requires an entity to withhold a specified number of equity instruments equal to the monetary value of the employee´s tax obligation to meet the employee´s tax liability which is then remitted to the tax authority, i.e the share-based payment arrangement has a net settlement feature, such as arrangement should be classified as equity-settled in its entirely, provided that the share-based payment would have been classified as equity-settled had it not included the net settlement feature. 3. A modification of a share-based payment that changes the transaction from cash-settled to equity-settled should be accounted for as follows: - The original liability is de-recognized; - The equity-settled share-based payment is recognized at the modification date fair value of the equity instrument granted to the extent that services have been rendered up to the modification date; and - Any difference between the carrying amount of the liability at the modification date and the amount recognized in equity should be recognized in profit or loss immediately. The amendments are effective for annual reporting periods beginning on or after 1 January 2018 with earlier application permitted. The Bank is evaluating this new standard in its consolidated financial statements and does not anticipate material impacts on the adoption of said standard. IFRS 15 Revenue from Contracts with Customers IFRS 15 was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The new revenue standard will replace all current requirements for revenue recognition under IFRS. Either a full retroactive application or a modified retroactive application is required for annual periods beginning on or after January 1, 2018. Early application is allowed. The Bank plans to adopt the new standard on the effective date required and, if any impact is identified, it will use a modified retroactive method in its initial application. IFRS 16 Leases IFRS 16 was issued in January 2016 and sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. Earlier application is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial application of IFRS 16. IFRS 16 supersedes IAS 17 Leases. The Bank is evaluating the potential impact of this new standard in its consolidated financial statements. IFRIC 22 Foreign Currency Transactions and Advance Consideration On 8 December 2016, the IFRS interpretations Committee of the International Accounting Standards Boards (IASB) issued IFRS Interpretation, IFRIC 22, Foreign Currency Transactions and Advance Considerations. IFRIC 22 addresses how to determine the “date of transaction” for the purpose of determining the exchange rate to use on initial recognition of an asset, expense or income, when consideration for the item has been paid or received in advance in a foreign currency which resulted in the recognition of a non-monetary asset or non-monetary liability. The Interpretation specifies that the date of transactions is the date on which the entity initially recognizes the non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration. If there are multiple payments or receipts in advance, the Interpretation requires an entity to determine the date of transaction for each payment or receipt advance consideration. The Interpretation is effective for annual periods beginning on or 1 January 2018 with earlier application permitted. The Bank is evaluating this new standard in its consolidated financial statements and does not anticipate material impacts on the adoption of said standard. |
Summary of significant accoun36
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Disclosure of detailed information about useful lives or depreciation rates, property, plant and equipment [text block] | Depreciation is calculated using the straightline method to write down the cost of property and equipment to their residual values over their estimated useful lives. Land is not depreciated. The estimated useful lives are as follows: Useful life in Years Furniture and equipment 3 5 Hardware 3 Other Equipments 2 4 Leasehold improvements 3 to 15 years or up to the lease term |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of cash and cash equivalents [Abstract] | |
Disclosure of detailed information about cash and cash equivalents [text block] | December 31, December 31, Cash and due from banks 11,032 89,656 Interest-bearing deposits in banks 661,016 979,882 Total 672,048 1,069,538 Less: Pledged deposits 53,241 61,812 Total cash and cash equivalents 618,807 1,007,726 |
Disclosure of detailed information about pledged deposits [text block] | The following table presents the details on interest-bearing deposits in banks and pledged deposits: December 31, 2017 December 31, 2016 Amount Range Amount Range Interest-bearing deposits in banks: Demand deposits (1) 661,016 0.25% a 1.55 % 854,882 0.01% to 0.77 % Time deposits (2) - - 125,000 0.83% to 0.88 % Total 661,016 979,882 Pledged deposits: New York (3) 3,000 - 2,800 - Panama (4) 50,241 1.42 % 59,012 0.66 % Total 53,241 61,812 (1) Demand deposits with bearing interest based on the daily rates determined by banks. (2) Time deposits “overnight” calculated on an average interest rate. (3) The New York Agency had a pledged deposit with the New York State Banking Department, as required by law since March 1994. (4) The Bank had pledged deposits to secure derivative financial instruments transactions. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosures of financials instrument [Abstract] | |
Disclosure of detailed information about fair value of financial liabilites through profit or loss [Text Block] | The fair value of financial liabilities at FVTPL is as follows: December 31, December 31, Liabilities Foreign exchange forward - 24 Total - 24 |
Disclosure of detailed information about notional amounts, Derivative financial instruments [Text Block] | The information on the nominal amounts of derivative financial instruments at FVTPL is as follows: December 31, 2017 December 31, 2016 Nominal Fair value Nominal Fair value amount Asset Liability amount Asset Liability Foreign exchange forward - - - 1,274 - 24 Total - - - 1,274 - 24 |
Disclocure of detailed information about amortize cost, unrealized gain loss and fair value through other comprehensive income [Text Block] | Equity Investment at FVOCI December 31, 2017 Unrealized Amortized cost Gain Loss Fair value Equity investments (1) Brazil 8,630 - 228 8,402 8,630 - 228 8,402 Securities at FVOCI December 31, 2017 Unrealized Amortized cost Gain Loss Fair value Sovereign debt: Brazil 2,937 29 12 2,954 Chile 5,182 - 35 5,147 Trinidad and Tobago 8,843 - 211 8,632 16,962 29 258 16,733 25,592 29 486 25,135 (1) Equity instruments were initially recognized at fair value. These equity instruments correspond to equity securities classified with the irrevocable option of changes in OCI. December 31, 2016 Unrealized Amortized cost Gain Loss Fair value Corporate debt: Brazil 3,144 - 62 3,082 Venezuela 10,810 20 3 10,827 13,954 20 65 13,909 Sovereign debt: Brazil 2,926 - 140 2,786 Chile 5,229 - 59 5,170 Trinidad and Tobago 9,283 - 541 8,742 17,438 - 740 16,698 31,392 20 805 30,607 |
Disclosure of detailed information about unrealised losses on securities held through other comprehensive income [Text Block] | The following table discloses those securities that had unrealized losses for a period less than 12 months and for 12 months or longer: December 31, 2017 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Sovereign debt 5,147 35 9,616 223 14,763 258 Total 5,147 35 9,616 223 14,763 258 December 31, 2016 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Corporate debt 1,805 3 3,082 62 4,887 65 Sovereign debt 5,170 59 11,528 681 16,698 740 Total 6,975 62 14,610 743 21,585 805 |
Disclosure of detailed information about Gain loss on sale of securities at fair value through other comprehensive income [Text Block] | The following table presents the realized gains and losses on sale of securities at fair value through other comprehensive income: December 31, December 31, December 31, Realized gain on sale of securities 766 221 469 Realized loss on sale of securities (517) (577) (106) Net gain (loss) on sale of securities at fair value through other comprehensive income 249 (356) 363 |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [text block] | Securities at fair value through other comprehensive income classified by issuer’s credit quality indicators are as follows: Rating (1) December 31, December 31, 1-4 16,733 30,607 5-6 - - 7 - - 8 - - 9 - - 10 - - Total 16,733 30,607 (1) |
Disclosure of detailed information about amortized cost and fair value of securities by contractual maturity [Text Block] | The amortized cost and fair value of securities at fair value through other comprehensive income by contractual maturity are shown in the following tables: December 31, 2017 December 31, 2016 Amortized Fair value Amortized cost Fair value Due within 1 year - - - - After 1 year but within 5 years 16,962 16,733 17,656 16,994 After 5 years but within 10 years - - 13,736 13,613 16,962 16,733 31,392 30,607 |
Disclosure of allowance for credit losses [text block] | The allowance for expected credit losses relating to securities at fair value through other comprehensive income, which is recorded in equity under accumulated other comprehensive income (loss), is as follow: Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 42 263 - 305 Transfer to lifetime expected credit losses - - - - Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (6) (65) - (71) Financial assets that have been derecognized during the year (12) - - (12) Changes due to financial instruments recognized as of December 31, 2016: (18) (65) - (83) New financial assets originated or purchased - - - - Write-offs - - - - Allowance for expected credit losses as of December 31, 2017 24 198 - 222 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 234 178 6,737 7,149 Transfer to lifetime expected credit losses (31) 456 - 425 Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (15) (168) - (183) Financial assets that have been derecognized during the year (174) (203) - (377) Changes due to financial instruments recognized as of December 31, 2015: (220) 85 - (135) New financial assets originated or purchased 28 - - 28 Write-offs - - (6,737) (6,737) Allowance for expected credit losses as of December 31, 2016 42 263 - 305 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). |
Disclosure of detailed information about amortized cost related to unrealized gain loss and fair value by country risk [Text Block] | The amortized cost, related unrealized gross gain (loss) and fair value of these securities by country risk and type of debt are as follows: December 31, 2017 Unrealized Amortized (1) Gross gain Gross loss Fair value Corporate debt: Brazil 1,485 3 - 1,488 Panama 9,978 - - 9,978 11,463 3 - 11,466 Sovereign debt: Colombia 29,006 67 16 29,057 Mexico 20,203 - 167 20,036 Panama 8,458 - 11 8,447 57,667 67 194 57,540 69,130 70 194 69,006 December 31, 2016 Unrealized Amortized (2) Gross gain Gross loss Fair value Corporate debt: Brazil 4,614 - 146 4,468 Panama 3,000 - - 3,000 7,614 - 146 7,468 Sovereign debt: Brazil 11,179 37 194 11,022 Colombia 29,812 34 280 29,566 Mexico 20,541 - 1,059 19,482 Panama 8,670 198 - 8,868 70,202 269 1,533 68,938 77,816 269 1,679 76,406 (1) Amounts do not include allowance for expected credit losses of US 196 (2) Amounts do not include allowance for expected credit losses of US$ 602 |
Disclosure of detailed information about amortized cost and fair value of securities at amortized cost by contractual maturity [Text Block] | The amortized cost and fair value of securities at amortized cost by contractual maturity are shown in the following tables: December 31, 2017 December 31, 2016 Amortized Fair Amortized Fair Due within 1 year 7,978 7,978 3,988 4,025 After 1 year but within 5 years 61,152 61,028 68,537 67,358 After 5 years but within 10 years - - 5,291 5,023 69,130 69,006 77,816 76,406 |
Disclosure of detailed information about amortized cost classified by credit quality indicators [Text Block] | Securities at amortized cost classified by issuer’s credit quality indicators are as follows: Rating (1) December 31, December 31, 1-4 57,667 76,333 5-6 11,463 1,483 7 - - 8 - - 9 - - 10 - - Total 69,130 77,816 (1) Current ratings as of December 31, 2017 and 2016, respectively. |
Disclosure of allowance for credit loss relating to securities at amortized cost [Text Block] | The allowance for expected credit losses relating to securities at amortized cost is as follow: Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 99 503 - 602 Transfer to lifetime expected credit losses - - - - Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (16) (29) - (45) Financial assets that have been derecognized during the year (18) (422) - (440) Changes due to financial instruments recognized as of December 31, 2016: (34) (451) - (485) New financial assets originated or purchased 79 - - 79 Allowance for expected credit losses as of December 31, 2017 144 52 - 196 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 348 178 - 526 Transfer to lifetime expected credit losses (43) 444 - 401 Transfer to credit-impaired financial assets - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit losses (5) (91) - (96) Financial assets that have been derecognized during the year (317) (28) - (345) Changes due to financial instruments recognized as of December 31, 2015: (365) 325 - (40) New financial assets originated or purchased 116 - - 116 Allowance for expected credit losses as of December 31, 2016 99 503 - 602 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). |
Disclosure of detailed information about gains from derecognition of cinancial instruments [Text Block] | Assignments and Gains For the year ended December 31, 2017 77,400 181 For the year ended December 31, 2016 157,242 730 For the year ended December 31, 2015 92,438 422 |
Disclosure of detailed information about bank's gross loan portfolio [Text Block] | The following table set forth details of the Bank’s gross loan portfolio: December 31, December 31, Corporations: Private 1,882,846 2,655,910 State-owned 723,267 786,900 Banking and financial institutions: Private 2,083,795 1,738,999 State-owned 573,649 544,877 Middle-market companies: Private 242,101 294,045 Total 5,505,658 6,020,731 |
Disclosure of detailed information about gross loan portfolio industry wise [Text Block] | The composition of the gross loan portfolio by industry is as follows: December 31, December 31, Banking and financial institutions 2,657,444 2,283,876 Industrial 772,238 1,242,441 Oil and petroleum derived products 735,413 788,186 Agricultural 501,241 1,007,139 Services 430,717 419,440 Mining 231,687 54,000 Others 176,918 225,649 Total 5,505,658 6,020,731 |
Information about credit quality of neither past due nor impaired financial assets [text block] | Loans classified by borrower’s credit quality indicators are as follows: December 31, 2017 Corporations Banking and financial Middle-market Rating (1) Private State-owned Private State-owned Private Total 1-4 1,336,032 563,877 1,729,592 361,236 147,212 4,137,949 5-6 523,055 159,390 354,203 212,413 59,889 1,308.950 7 - - - - - - 8 23,759 - - - - 23,759 9 - - - - - - 10 - - - - 35,000 35,000 Total 1,882,846 723,267 2,083,795 573,649 242,101 5,505,658 December 31, 2016 Corporations Banking and financial Middle-market Rating (1) Private State-owned Private State-owned Private Total 1-4 1,714,936 646,797 1,457,984 259,981 174,107 4,253,805 5-6 863,937 140,103 281,015 284,896 84,938 1,654,889 7 58,673 - - - - 58,673 8 4,000 - - - - 4,000 9 - - - - 35,000 35,000 10 14,364 - - - - 14,364 Total 2,655,910 786,900 1,738,999 544,877 294,045 6,020,731 (1) Current ratings as of December 31, 2017 and 2016, respectively. |
Disclosure of detailed information about gross loans by country risk [Text Block] | The following table provides a breakdown of gross loans by country risk: December 31, December 31, Country: Argentina 294,613 325,321 Belgium 11,368 4,180 Bolivia 15,000 18,318 Brazil 1,019,466 1,163,825 Chile 170,827 69,372 Colombia 829,136 653,012 Costa Rica 356,459 400,371 Dominican Republic 249,926 243,696 Ecuador 94,315 129,269 El Salvador 55,110 104,723 Germany 37,500 50,000 Guatemala 309,024 315,911 Honduras 74,476 72,319 Jamaica 24,435 7,399 Luxembourg 19,924 14,722 Mexico 850,463 927,041 Nicaragua 29,804 36,949 Panama 500,134 498,651 Paraguay 59,536 108,068 Peru 211,846 467,408 Singapore 54,500 70,204 Switzerland 3,687 46,000 Trinidad and Tobago 175,000 184,389 United States of America 44,109 73,083 Uruguay 15,000 36,500 Total 5,505,658 6,020,731 |
Disclosure of detailed information about remaining loan maturities [Text Block] | The remaining loan maturities are summarized as follows: December 31, December 31, Current: Up to 1 month 846,993 896,310 From 1 month to 3 months 1,079,793 1,300,675 From 3 months to 6 months 1,175,801 1,267,194 From 6 months to 1 year 922,711 551,794 From 1 year to 2 years 392,456 631,629 From 2 years to 5 years 989,222 1,211,847 More than 5 years 39,923 95,918 5,446,899 5,955,367 Impaired 58,759 65,364 Total 5,505,658 6,020,731 |
Disclosure of financial instruments by type of interest rate [text block] | The fixed and floating interest rate distribution of the loan portfolio is as follows: December 31, December 31, Fixed interest rates 2,378,509 2,709,555 Floating interest rates 3,127,149 3,311,176 Total 5,505,658 6,020,731 |
Disclosure of detailed information about credit impairment balances [Text Block] | An analysis of credit-impaired balances is detailed as follows: December 31, 2017 2017 Recorded Past due Related Average Balance With an allowance recorded: Private corporations 23,759 - 7,468 5,988 229 Middle-market companies 35,000 35,000 20,527 35,000 3,028 Total 58,759 35,000 27,995 40,988 3,257 December 31, 2016 2016 Recorded Past due Related Average Balance With an allowance recorded: Private corporations 30,364 18,364 23,174 12,500 408 Middle-market companies 35,000 35,000 12,179 17,705 1,679 Total 65,364 53,364 35,353 30,205 2,087 |
Disclsoure of Interest revenue for financial assets [Text Block] | The following is a summary of information of interest amounts recognized on an effective interest basis on net carrying amount for those financial assets in Stage 3: December 31, December 31, December 31, Interest revenue calculated on the net carrying amount (net of credit allowance) 1,170 1,808 91 |
Disclosure of provision matrix [text block] | The following table presents an aging analysis of the loan portfolio: December 31, 2017 91-120 121-150 151-180 Greater Total Delinquent Current Total Corporations - - - - - - 2,606,113 2,606,113 Banking and financial institutions - - - - - - 2,657,444 2,657,444 Middle-market companies - - - 35,000 35,000 - 207,101 242,101 Total - - - 35,000 35,000 - 5,470,658 5,505,658 December 31, 2016 91-120 121-150 151-180 Greater Total Delinquent Current Total Corporations - - 4,000 14,364 18,364 - 3,424,446 3,442,810 Banking and financial institutions - - - - - - 2,283,876 2,283,876 Middle-market companies - - - 35,000 35,000 - 259,045 294,045 Total - - 4,000 49,364 53,364 - 5,967,367 6,020,731 |
Disclosure of detailed information about modified financial assets where modification does not result in derecognition [Text Block] | Modified financial assets (with loss allowance based on December 31, 2017 December 31, 2016 Gross carrying amount before modification 8,855 - Loss allowance before modification (3,344) - Net amortized cost before modification 5,511 - Gross carrying amount after modification 4,484 - Loss allowance after modification (4,484) - Net amortized cost after modification - - |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [text block] | The significant changes in the gross carrying amount of financial assets during the period that contributed to changes in the loss allowance, is provided at the table below: Loans Stage 1 Stage 2 Stage 3 Total Gross carrying amount as of December 31, 2016 5,019,368 935,999 65,364 6,020,731 Transfer in book value to stage 2 (41,167) 41,167 - - Transfer to lifetime expected credit losses - credit-impaired - (46,673) 46,673 - Transfer in book value to stage 1 8,000 (8,000) - - Financial assets that have been derecognised during the year (4,214,697) (313,394) (21,667) (4,549,758) Changes due to financial instruments recognized as of December 31, 2016 (4,247,864) (326,900) 25,006 (4,549,758) New financial assets originated or purchased 4,067,723 - - 4,067,723 Write-offs - (1,427) (31,611) (33,038) Gross carrying amount as of December 31, 2017 4,839,227 607,672 58,759 5,505,658 Loans Stage 1 Stage 2 Stage 3 Total Gross carrying amount as of December 31, 2015 6,282,752 356,668 52,329 6,691,749 Transfer in book value to stage 2 (828,589) 828,589 - - Transfer to lifetime expected credit losses not credit-impaired (12,000) (45,056) 57,056 - Transfer in book value to stage 1 90,770 (90,770) - - Financial assets that have been derecognized during the year (4,577,890) (113,432) (25,214) (4,716,536) Changes due to financial instruments recognized as of December 31, 2015 (5,327,709) 579,331 31,842 (4,716,536) New financial assets originated or purchased 4,064,325 - - 4,064,325 Write-offs - - (18,807) (18,807) Gross carrying amount as of December 31, 2016 5,019,368 935,999 65,364 6,020,731 |
Disclosure of detailed information about allowances for credit losses, loans amortized [Text Block] | The allowances for expected credit losses related to loans at amortized cost are as follows: Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 29,036 41,599 35,353 105,988 Transfer to lifetime expected credit losses not credit-impaired (672) 672 - - Transfer to lifetime expected credit losses - credit-impaired - (12,845) 12,845 - Transfer to 12-month expected credit losses 1,428 (1,428) - - Net effect of changes in reserve for expected credit losses (2,900) 18,227 20,257 35,584 Financial assets that have been derecognized during the year (24,434) (11,321) (8,333) (44,088) Changes due to financial instruments recognized as of December 31, 2016 (26,578) (6,695) 24,769 (8,504) New financial assets originated or purchased 17,363 - - 17,363 Write-offs - (1,427) (32,126) (33,553) Recoveries of amounts previously written off - - - - Allowance for expected credit losses as of December 31, 2017 19,821 33,477 27,996 81,294 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 59,214 9,609 21,151 89,974 Transfer to lifetime expected credit losses not credit-impaired (9,117) 9,119 - 2 Transfer to lifetime expected credit losses not credit-impaired (7) (6,317) 6,324 - Transfer to 12-month expected credit losses 2,038 (2,077) 38 (1) Net effect of changes in reserve for expected credit losses (39,621) 48,021 26,491 34,891 Financial assets that have been derecognized during the year (65,640) (16,756) - (82,396) Changes due to financial instruments recognized as of December 31, 2015 (112,347) 31,990 32,853 (47,504) New financial assets originated or purchased 82,169 - - 82,169 Write-offs - - (18,807) (18,807) Recoveries of amounts previously written off - - 156 156 Allowance for expected credit losses as of December 31, 2016 29,036 41,599 35,353 105,988 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). |
Disclosure of detailed information about hedges [text block] | Quantitative information on derivative financial instruments held for hedging purposes is as follows: December 31, 2017 Nominal Carrying amount of the Changes in fair Amount Asset Liability ineffectiveness Fair value hedges: Interest rate swaps 367,500 - (4,361) (2,394) Cross-currency swaps 306,961 3,672 (30,154) 15,900 Cash flow hedges: Interest rate swaps 595,000 127 (428) 995 Cross-currency swaps 23,025 879 - 2,132 Foreign exchange forward 225,388 8,610 - 11,835 Net investment hedges: Foreign exchange forward 9,243 50 - 181 Total 1,527,117 13,338 (34,943) 28,649 December 31, 2016 Nominal Carrying amount of the Changes in fair Amount Asset Liability ineffectiveness Fair value hedges: Interest rate swaps 796,202 40 (2,005) (2,199) Cross-currency swaps 291,065 2,561 (44,944) (19,316) Cash flow hedges: Interest rate swaps 752,000 323 (1,699) 696 Cross-currency swaps 23,025 - (1,254) (1,313) Foreign exchange forward 352,553 6,428 (9,653) (5,093) Net investment hedges: Foreign exchange forward 3,780 - (131) (415) Total 2,218,625 9,352 (59,686) (27,640) |
Disclosure of detailed information about gains and losses resulting from activities of derivative financial instruments and hedging [Text Block] | December 31, 2017 Gain (loss) Classification of gain Gain (loss) Gain (loss) Derivatives cash flow hedge Interest rate swaps (834) Gain (loss) on interest rate swap - 242 Cross-currency swaps (1,924) Gain (loss) on foreign currency exchange - 26 Interest income loans 7,611 - Foreign exchange forward (2,708) Interest income securities at FVOCI - - Interest income loans 3,991 - Interest expense borrowings and debt - - Interest expenses deposits (190) - Gain (loss) on foreign currency exchange Total (5,466) 11,412 268 Derivatives net investment hedge Forward foreign exchange (277) Total (277) December 31, 2016 Gain (loss) Classification of gain Gain (loss) Gain (loss) Derivatives cash flow hedge Interest rate swaps 627 Gain (loss) on interest rate swap - (1,258) Cross-currency swaps (1,299) Gain (loss) on foreign currency exchange - 16 Interest income loans - (110) Foreign exchange forward 233 Interest income securities at FVOCI - - Interest income loans (4,751) - Interest expense borrowings and debt - - Interest expenses deposits 1,672 - Gain (loss) on foreign currency exchange 9,097 - Total (439) 6,018 (1,352) Derivatives net investment hedge Forward foreign exchange - Total - December 31, 2015 Gain (loss) Classification of Gain (loss) Gain (loss) Derivatives cash flow hedge Interest rate swaps 35 Gain (loss) on interest rate swap - (229) Cross-currency swaps 5,367 Gain (loss) on foreign exchange - 84 Interest income loans - - Forward foreign exchange 3,511 Interest income securities at FVOCI (694) - Interest income loans (1,821) - Interest expense borrowings and debt - - Interest expenses deposits 166 - Gain (loss) on foreign currency exchange 12,539 - Total 8,913 10,190 (145) Derivatives net investment hedge Forward foreign exchange (901) Total (901) |
Disclosure of detailed information about gainloss on derivative financial instruments and gainloss of hedge asset or liability related to qualifying fair value hedges [Text Block] | The Bank recognized in the consolidated statement of profit or loss the gain (loss) on derivative financial instruments and the gain (loss) of the hedged asset or liability related to qualifying fair value hedges, as follows: December 31, 2017 Classification in Gain (loss) on Gain (loss) on Net gain (loss) Derivatives fair value hedge Interest rate swaps Interest income securities at FVOCI (126) 476 350 Interest income loans (12) 160 148 Interest expenses borrowings and debt 1,387 (16,233) (14,846) Derivative financial instruments and hedging (2,270) 2,371 101 Cross-currency swaps Interest income loans (1,496) 2,442 946 Interest expenses borrowings and debt 1,848 (10,265) (8,417) Derivative financial instruments and hedging 14,950 (16,709) (1,759) Total 14,281 (37,758) (23,477) December 31, 2016 Classification in Gain (loss) on Gain (loss) on Net gain (loss) Derivatives fair value hedge Interest rate swaps Interest income securities at FVOCI (617) 1,593 976 Interest income loans (25) 2,023 1,998 Interest expenses borrowings and debt 4,558 (28,261) (23,703) Derivative financial instruments and hedging (2,077) 2,178 101 Cross-currency swaps Interest income loans (372) 928 556 Interest expenses borrowings and debt 195 (6,183) (5,988) Derivative financial instruments and hedging 17,673 (16,752) 921 Total 19,335 (44,474) (25,139) December 31, 2015 Classification in Gain (loss) on Gain (loss) on Net gain (loss) Derivatives fair value hedge Interest rate swaps Interest income securities at FVOCI (1,047) 1,514 467 Interest income at amortized cost (376) 3,987 3,611 Interest expenses borrowings and debt 6,268 (24,026) (17,758) Derivative financial instruments and hedging (1,841) 1,688 (153) Cross-currency swaps Interest income loans at amortized cost (135) 348 213 Interest expenses borrowings and debt 744 (3,785) (3,041) Derivative financial instruments and hedging (19,522) 20,550 1,028 Total (15,909) 276 (15,633) |
Disclosure of detailed information about hedged items [text block] | December 31, 2017 Fair value hedges Carrying Thereof Line item in the statement of financial Interest rate risk Loans - - Loans Issuances 355,000 (4,411) Short and long term borrowings and debt Foreign exchange rate risk and FX Securities at FVOCI 12,369 (32) Financial instruments at FVOCI Loans 25,027 744 Loans Issuances (249,328) (2,301) Short and long term borrowings and debt December 31, 2016 Fair value hedges Carrying Thereof Line item in the statement of financial Interest rate risk Loans 18,502 12 Loans Issuances 755,000 2,089 Short and long term borrowings and debt Foreign exchange rate risk and FX Securities at FVOCI 22,188 (232) Financial instruments at FVOCI Loans 9,252 706 Loans Issuances (308,739) (49) Short and long term borrowings and debt |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [text block] | The following tables detail the profile of the timing of the nominal amount of the hedging instrument: December 31, 2017 Risk type Foreign Interest rate Foreign exchange Total Up to 1 month 69,459 - - 69,459 31 to 60 days 26,104 - - 26,104 61 to 90 days 1,729 185,000 16,821 203,550 91 to 180 days 16,567 137,500 - 154,067 181 to 365 days 68,952 202,500 8,127 279,579 1 to 2 years 178,331 21,500 73,193 273,024 2 to 5 years 4,413 416,000 24,872 445,285 More than 5 years - - 76,049 76,049 Total 365,555 962,500 199,062 1,527,117 Analysis of maturity of the derivatives by type of risk covered: December 31, 2016 Risk type Foreign Interest rate Foreign exchange Total Up to 1 month 66,149 - - 66,149 31 to 60 days 33,393 85,000 - 118,393 61 to 90 days 24,093 60,000 - 84,093 91 to 180 days 71,533 745,080 - 816,613 181 to 365 days 109,228 160,422 189 269,839 1 to 2 years 92,115 50,000 24,948 167,063 2 to 5 years 73,311 434,500 96,218 604,029 More than 5 years - 13,200 79,246 92,446 Total 469,822 1,548,202 200,601 2,218,625 |
Disclosure of detailed information about sources of ineffectiveness for our cash flow hedge positions [Text Block] | The following tables detail the sources of ineffectiveness for our cash flow hedge positions: December 31, 2017 Type of risk hedge USD-OIS Tenor Xccy basis Credit spread Total Interest rate risk 22 296 - (16) 302 Foreign exchange risk (8) - 17 (1) 8 Total 14 296 17 (17) 310 December 31, 2016 Type of risk hedge USD-OIS Tenor Xccy basis Credit spread Total Interest rate risk 19 - - 604 623 Foreign exchange risk 25 - (4) (5) 16 Total 44 - (4) 599 639 |
Disclosure of offsetting of financial assets and financial liabilities [text block] | The following tables summarize financial assets and liabilities that have been offset in the consolidated statement of financial position or are subject to master netting agreements: a) Derivative financial instruments assets December 31, 2017 Gross amounts Net amount of Gross amounts not offset in Description Gross statement of consolidated Financial Cash Net Derivative financial instruments used for hedging receivable at fair value 13,338 - 13,338 - (22,304) (8,966) Total 13,338 - 13,338 - (22,304) (8,966) December 31, 2016 Gross amounts Net amount of Gross amounts not offset in Description Gross statement of consolidated Financial Cash Net Derivative financial instruments used for hedging receivable at fair value 9,352 - 9,352 - - 9,352 Total 9,352 - 9,352 - - 9,352 The following table presents the reconciliation of assets that have been offset or are subject to master netting agreements to individual line items in the consolidated statement of financial position: December 31, 2017 Description Gross amounts Gross amounts Net amount of assets Derivative financial instruments used for hedging receivable at fair value 13,338 - 13,338 Total 13,338 - 13,338 December 31, 2016 Description Gross amounts Gross amounts Net amount of assets Derivative financial instruments used for hedging receivable at fair value 9,352 - 9,352 Total 9,352 - 9,352 |
Disclosure of offsetting of financial liabilities [text block] | December 31, 2017 Gross Net amount Gross amounts not offset Description Gross consolidated consolidated Financial Cash Net Derivative financial instruments used for hedging payable at fair value 34,943 - 34,943 - (50,241) (15,298) Total 34,943 - 34,943 - (50,241) (15,298) December 31, 2016 Gross Net amount Gross amounts not offset Description Gross consolidated consolidated Financial Cash Net Financial liabilities at FVTPL 24 - 24 - - 24 Derivative financial instruments used for hedging payable at fair value 59,686 - 59,686 - (59,012) 674 Total 59,710 - 59,710 - (59,012) 698 |
Disclosure of detailed information about reconciliation of liabilities offset or are subject to master netting agreements to individual line items [Text Block] | The following table presents the reconciliation of liabilities that have been offset or are subject to master netting agreements to individual line items in the consolidated statement of financial position: December 31, 2017 Description Gross amounts Gross amounts Net amount of Derivative financial instruments: Derivative financial instruments used for hedging payable at fair value 34,943 - 34,943 Total derivative financial instruments 34,943 - 34,943 December 31, 2016 Description Gross amounts Gross amounts Net amount of Derivative financial instruments: Financial liabilities at FVTPL 24 - 24 Derivative financial instruments used for hedging payable at fair value 59,686 - 59,686 Total derivative financial instruments 59,710 - 59,710 |
Loans commitments and financi39
Loans commitments and financial guarantees contracts (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of loans commitments and financial guarantees contracts [Abstract] | |
Disclosure of detailed information about outstanding loans commitments and financial guarantees contracts [Text Block] | The Bank’s outstanding loans commitments and financial guarantees contracts are as follows: December 31, December 31, Confirmed letters of credit 273,449 216,608 Stand-by letters of credit and guaranteed Commercial risk 168,976 176,177 Credit commitments 45,578 10,250 Total 488,003 403,035 |
Disclosure of detailed information about remaining maturity of outstanding loans commitments and financial guarantees contracts [Text Block] | The remaining maturity profile of the Bank’s outstanding loans commitments and financial guarantees contracts is as follows: Maturities December 31, December 31, Up to 1 year 457,168 399,257 From 1 to 2 years 257 - From 2 to 5 years 30,000 3,200 More than 5 years 578 578 488,003 403,035 |
Disclosure of detailed information about loans commitments and financial guarantees contracts classfied by credit quality indicators [Text Block] | Loans commitments and financial guarantees contracts classified by issuer’s credit quality indicators are as follows: Rating (1) December 31, December 31, 1-4 151,934 145,255 5-6 336,069 193,368 7 - 64,412 8 - - 9 - - 10 - - Total 488,003 403,035 (1) |
Disclosure of detailed information about breakdown of loans commitments and financial guarantees contracts exposure by country risk [Text Block] | The breakdown of the Bank’s loans commitments and financial guarantees contracts exposure by country risk is as follows: December 31, December 31, Country: Argentina 7,546 - Bolivia 200 190 Brazil - - Canada 425 160 Chile 15,000 - Colombia 91,020 78,815 Costa Rica 19,848 2,250 Dominican Republic - 26,787 Ecuador 252,800 172,522 El Salvador 767 1,305 Guatemala 11,788 7,000 Honduras 890 1,170 Mexico 35,643 11,118 Panama 31,260 39,756 Paraguay 22 - Peru 17,618 42,764 Switzerland - 1,000 United Kingdom - 70 Uruguay 3,176 18,128 Total 488,003 403,035 |
Disclosure of detailed information about allowance for credit losses related to loans commitments and financial guarantees contracts [Text Block] | The allowances for credit losses related to loans commitments and financial guarantees contracts are as follows: Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2016 1,143 4,633 - 5,776 Transfer to lifetime expected credit losses (1) 1 - - Transfer to credit-impaired instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss (54) 853 - 799 Instruments that have been derecognized during the year (971) - - (971) Changes due to instruments recognized as of December 31, 2016: (1,026) 854 - (172) New instruments originated or purchased 1,241 - - 1,241 Allowance for expected credit losses as of December 31, 2017 1,358 5,487 - 6,845 Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2015 2,914 2,510 - 5,424 Transfer to lifetime expected credit losses (646) 693 - 47 Transfer to credit-impaired instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss (748) 1,756 - 1,008 Instruments that have been derecognized during the year (2,631) (326) - (2,957) Changes due to instruments recognized as of December 31, 2015: (4,025) 2,123 - (1,902) New instruments originated or purchased 2,254 - - 2,254 Allowance for expected credit losses as of December 31, 2016 1,143 4,633 - 5,776 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of property, plant and equipment [Abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | A breakdown of cost, accumulated depreciation, additions and disposals for property and equipment is as follows: IT Furniture Leasehold Other Total Cost: Balance as of January 1, 2015 3,136 2,147 7,458 460 13,201 Additions 368 30 179 38 615 Disposals (138) (175) (225) (41) (579) Balance as of December 31, 2015 3,366 2,002 7,412 457 13,237 Additions 1,436 2,137 239 161 3,973 Disposals (416) (361) (880) - (1,657) Balance as of December 31, 2016 4,386 3,778 6,771 618 15,553 Additions 246 461 39 1,908 2,654 Disposals (462) (2,255) - (21) (2,738) Balance as of December 31, 2017 4,170 1,984 6,810 2,505 15,469 Accumulated depreciation: Balance as of January 1, 2015 2,397 1,339 2,202 302 6,240 Depreciation expense of the year 388 322 556 105 1,371 Disposals (114) (170) (222) (41) (547) Balance as of December 31, 2015 2,671 1,491 2,536 366 7,064 Depreciation expense of the year 483 384 513 77 1,457 Disposals (412) (230) (875) - (1,517) Balance as of December 31, 2016 2,742 1,645 2,174 443 7,004 Depreciation expense of the year 587 149 474 368 1,578 Disposals (459) (54) - (20) (533) Balance as of December 31, 2017 2,870 1,740 2,648 791 8,049 Carrying amounts as of: December 31, 2017 1,300 244 4,162 1,714 7,420 December 31, 2016 1,644 2,133 4,597 175 8,549 December 31, 2015 695 511 4,876 91 6,173 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of intangible assets [Abstract] | |
Disclosure of detailed information about intangible assets [text block] | A breakdown of cost, accumulated amortization, additions, sales and disposals for intangible assets is as follows: Costs: Balance as of January 1, 2015 10,987 Additions - Disposals (211) Balance as of December 31, 2015 10,776 Additions 3,111 Disposals (4) Balance as of December 31, 2016 13,883 Additions 3,370 Disposals (81) Balance as of December 31, 2017 17,172 Accumulated amortization: Balance as of January 1, 2015 9,963 Disposals (210) Amortization expense of the year 596 Balance as of December 31, 2015 10,349 Disposals (4) Amortization expense of the year 629 Balance as of December 31, 2016 10,974 Disposals (65) Amortization expense of the year 838 Balance as of December 31, 2017 11,747 Carrying amounts as of: December 31, 2017 5,425 December 31, 2016 2,909 December 31, 2015 427 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other assets [Abstract] | |
The disclosure of detailed information of other assets [Text Block] | Following is a summary of other assets: December 31, December 31, Accounts receivable 6,793 5,413 Real estate owned (1) 5,119 - IT projects under development 1,405 4,199 Other (2) 5,510 1,934 18,827 11,546 (1) (2) 1.7 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deposits from customers [Abstract] | |
Disclosure Of Detailed Information About Maturity Period Of Bank Deposits [Text Block] | The maturity profile of the Bank’s deposits is as follows: December 31, December 31, Demand 82,064 127,014 Up to 1 month 1,147,772 1,201,328 From 1 month to 3 months 492,205 463,479 From 3 months to 6 months 411,159 336,627 From 6 months to 1 year 571,500 436,884 From 1 year to 2 years 76,422 190,000 From 2 years to 5 years 147,722 47,520 2,928,844 2,802,852 |
Disclosure Of Additional Information Of Bank Deposits [Text Block] | The following table presents additional information regarding the Bank’s deposits: December 31, December 31, Aggregate amounts of time deposits of $100,000 or more 2,928,425 2,802,474 Aggregate amounts of deposits in the New York Agency 266,158 250,639 December 31, December 31, December 31, Interest expense to deposits in the New York Agency 3,519 2,094 1,228 |
Borrowings and debt (Tables)
Borrowings and debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of borrowings [Abstract] | |
Disclosure Of Detailed Information About Short Term Borrowing And Debt [Text Block] | The breakdown of short-term (original maturity of less than one year) borrowings and debt, together with contractual interest rates, is as follows: December 31, December 31, Short-term Borrowings: At fixed interest rates 429,069 788,075 At floating interest rates 633,154 657,000 Total borrowings 1,062,223 1,445,075 Short-term Debt: At fixed interest rates 10,500 25,000 At floating interest rates - - Total debt 10,500 25,000 Total short-term borrowings and debt 1,072,723 1,470,075 Average outstanding balance during the year 710,021 1,348,230 Maximum balance at any month-end 1,072,723 1,876,322 Range of fixed interest rates on borrowing and debt in U.S. dollars 1.60% to 1.95 % 1.10% to 1.50 % Range of floating interest rates on borrowing in U.S. dollars 1.77% to 2.08 % 1.14% to 1.48 % Range of fixed interest rates on borrowing in Mexican pesos 7.92 % 6.16 % Range of floating interest rate on borrowing in Mexican pesos 7.68% to 7.89 % 5.72 % Weighted average interest rate at end of the year 2.16 % 1.30 % Weighted average interest rate during the year 1.66 % 1.10 % The balances of short-term borrowings and debt by currency, is as follows: December 31, December 31, Currency US dollar 1,044,500 1,470,000 Mexican peso 28,223 75 Total 1,072,723 1,470,075 |
Disclosure Of Detailed Information About Long Term Borrowing And Debt [Text Block] | The breakdown of borrowings and long-term debt (original maturity of more than one year), together with contractual interest rates gross of prepaid commission of $ 4,211 5,133 December 31, December 31, Long-term Borrowings: At fixed interest rates with due dates from October 2017 to February 2022 44,011 61,148 At floating interest rates with due dates from November 2017 to March 2021 379,000 631,326 Total borrowings 423,011 692,474 Long-term Debt: At fixed interest rates with due dates from March 2018 to March 2024 532,305 921,479 At floating interest rates with due dates from January 2018 to March 2022 187,739 167,918 Total long-term debt 720,044 1,089,397 Total long-term borrowings and debt 1,143,055 1,781,871 Less: Prepaid commission (4,211) (5,133) Total long-term borrowings and debt, net 1,138,844 1,776,738 Net average outstanding balance during the year 1,477,788 1,874,435 Maximum outstanding balance at any month end 2,010,078 2,054,138 Range of fixed interest rates on borrowing and debt in U.S. dollars 1.35% to 3.25 % 2.85% to 3.75 % Range of floating interest rates on borrowing and debt in U.S. dollars 2.61% to 3.01 % 1.66% to 2.49 % Range of fixed interest rates on borrowing in Mexican pesos 4.89% to 9.09 % 4.75% to 8.90 % Range of floating interest rates on borrowing and debt in Mexican pesos 7.99% to 8.00 % 6.19% to 6.54 % Range of fixed interest rate on debt in Japanese yens 0.46% to 0.81 % 0.46% to 0.81 % Range of fixed interest rate on debt in Euros 3.75 % 3.75 % Range of fixed interest rate on debt in Australian dollar 3.33 % 3.33 % Weighted average interest rate at the end of the year 3.60 % 2.98 % Weighted average interest rate during the year 3.43 % 2.84 % December 31, December 31, Currency US dollar 753,981 1,392,995 Mexican peso 206,750 219,347 Japanese yen 98,711 95,238 Euro 60,178 52,574 Australian dollar 23,435 21,717 Total 1,143,055 1,781,871 |
Disclosure Of Detailed Information About Maturities Long Term Borrowing And Debt [Text Block] | The future payments of long-term borrowings and debt outstanding as of December 31, 2017, are as follows: Payments Outstanding 2018 139,070 2019 357,434 2020 375,592 2021 200,731 2022 10,050 2024 60,178 1,143,055 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other liabilities [Abstract] | |
Disclosure of detailed information about other liabilities [Text Block] | Following is a summary of other liabilities: December 31, December 31, Accruals and other accumulated expenses 8,018 4,170 Accounts payable 9,307 11,179 Others 3,226 2,979 20,551 18,328 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of detailed information about reconciliation of income and shares in earnings per share [Text Block] | The following table presents a reconciliation of the income and share data used in the basic and diluted earnings per share (“EPS”) computations for the dates indicated: December 31, December 31, December 31, (Thousands of U.S. dollars) Profit for the year 81,999 87,045 103,984 (U.S. dollars) Basic earnings per share 2.09 2.23 2.67 Diluted earnings per share 2.08 2.22 2.66 (Share units) Weighted average common shares outstanding - applicable to basic 39,311 39,085 38,925 Effect of diluted securities: Stock options and restricted stock units plans 18 125 188 Adjusted weighted average common shares outstanding applicable to diluted EPS 39,329 39,210 39,113 |
Capital and Reserves (Tables)
Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Disclosure of detailed information about common shares activity per class shares [Text Block] | The following table provides detailed information on the Bank’s common stock activity per class for each of the periods in the three-years ended December 31, 2017, 2016 and 2015: (Share units) “Class A” “Class B” “Class E” “Class F” Total Authorized 40,000,000 40,000,000 100,000,000 100,000,000 280,000,000 Outstanding at January 1, 2015 6,342,189 2,479,050 29,956,100 - 38,777,339 Conversions - (4,581) 4,581 - - Repurchase common stock - - - - - Restricted stock issued directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 70,358 - 70,358 Restricted stock units vested - - 64,208 - 64,208 Outstanding at December 31, 2015 6,342,189 2,474,469 30,152,247 - 38,968,905 Conversions - - - - - Restricted stock issued directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 68,785 - 68,785 Restricted stock units vested - - 65,358 - 65,358 Outstanding at December 31, 2016 6,342,189 2,474,469 30,343,390 - 39,160,048 Conversions - (64,663) 64,663 - - Repurchase common stock - (1,000) - - (1,000) Restricted stock issued directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 142,268 - 142,268 Restricted stock units vested - - 70,519 - 70,519 Outstanding at December 31, 2017 6,342,189 2,408,806 30,677,840 - 39,428,835 |
Disclosure of treasury shares [text block] | The following table presents information regarding shares repurchased but not retired by the Bank and accordingly classified as treasury stock: “Class A” “Class B” “Class E” Total Shares Amount Shares Amount Shares Amount Shares Amount Outstanding at January 1, 2015 318,140 10,708 589,174 16,242 2,295,186 50,677 3,202,500 77,627 Repurchase of common stock - - - - - - - - Restricted stock issued directors - - - - (57,000) (1,259) (57,000) (1,259) Exercised stock options - compensation plans - - - - (70,358) (1,553) (70,358) (1,553) Restricted stock units vested - - - - (64,208) (1,418) (64,208) (1,418) Outstanding at December 31, 2015 318,140 10,708 589,174 16,242 2,103,620 46,447 3,010,934 73,397 Repurchase of common stock - - - - - - - - Restricted stock issued directors - - - - (57,000) (1,259) (57,000) (1,259) Exercised stock options - compensation plans - - - - (68,785) (1,519) (68,785) (1,519) Restricted stock units vested - - - - (65,358) (1,443) (65,358) (1,443) Outstanding at December 31, 2016 318,140 10,708 589,174 16,242 1,912,477 42,226 2,819,791 69,176 Repurchase of common stock - - 1,000 28 - - 1,000 28 Restricted stock issued - directors - - - - (57,000) (1,259) (57,000) (1,259) Exercised stock options - compensation plans - - - - (142,268) (3,140) (142,268) (3,140) Restricted stock units - vested - - - - (70,519) (1,557) (70,519) (1,557) Outstanding at December 31, 2017 318,140 10,708 590,174 16,270 1,642,690 36,270 2,551,004 63,248 |
Disclosure of capital reserve [Text Block] | As of December 31, 2017 and 2016, $ 129,254 62,459 December 31, December 31, Dynamic provision 108,756 43,826 Regulatory reserve 20,498 18,633 129,254 62,459 |
Cash and stock-based compensa48
Cash and stock-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of detailed information about restricted stock option to directors [Text Block] | A summary of the restricted stock granted to Directors is presented below: Shares Weighted average Outstanding at January 1, 2015 78,336 24.37 Granted 57,000 33.78 Vested (39,015) 22.69 Outstanding at December 31, 2015 96,321 30.62 Granted 57,000 24.14 Vested (56,421) 28.80 Outstanding at December 31, 2016 96,900 27.86 Granted 57,000 27.80 Vested (61,950) 28.50 Outstanding at December 31, 2017 91,950 27.40 Expected to vest 91,950 |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | Shares Weighted Weighted Aggregate Outstanding at January 1, 2015 163,712 18.18 Granted 63,244 21.67 Forfeited - Vested (64,208) 17.67 Outstanding at December 31, 2015 162,748 19.74 Granted 91,454 18.26 Forfeited (21,408) 17.69 Vested (65,358) 18.83 Outstanding at December 31, 2016 167,436 19.35 Granted 25,289 25.70 Forfeited (71,401) 18.61 Vested (70,519) 19.76 Outstanding at December 31, 2017 50,805 21.07 2.02 years $ 518 Expected to vest 50,805 21.07 2.02 years $ 296 |
Disclosure of detailed information about share options granted to executives [Text Block] | The fair value of stock purchase options granted to certain Executives during 2017 was estimated using a binomial option-pricing model, based on the following factors: Measuring 2017 2016 2015 Weighted average fair value per option $ - - 1.95 - 2.06 Weighted average expected term, in years Year - - 5.5 Expected volatility % - - 22 % Risk-free rate % - - 0.02 1.52 Expected dividend % - - 5.00 % |
Disclosure of detailed information about share options granted [Text Block] | A summary of stock options granted is presented below: Options Weighted Weighted Aggregate Outstanding at January 1, 2015 391,696 23.65 Granted 233,418 29.25 Forfeited - - Exercised (70,358) 20.86 Outstanding at December 31, 2015 554,756 26.36 Granted - - Forfeited (126) 18.93 Exercised (68,785) 22.78 Outstanding at December 31, 2016 485,845 26.87 Granted - Forfeited (69,934) 28.63 Exercised (142,268) 24.84 Outstanding at December 31, 2017 273,643 27.48 3.66 years $ 242 Exercisable 121,840 27.73 3.70 years $ 115 Expected to vest 151,803 27.28 3.63 years $ 128 |
Business segment information (T
Business segment information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segment [Abstract] | |
Disclosure of detailed information about operations by segment [Text Block] | The following table provides certain information regarding the Bank’s operations by segment: Years ended December 31, 2017 (1) 2016 (1) 2015 (1) Commercial Interest income 213,326 236,392 209,858 Interest expense (92,745) (96,017) (82,697) Net interest income 120,581 140,375 127,161 Net other income (2) 18,926 16,333 21,492 Total income 139,507 156,708 148,653 Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts (9,928) (35,112) (12,800) Expenses, less impairment loss from expected credit losses (35,916) (34,599) (40,429) Profit for the year 93,663 86,997 95,424 Commercial assets and loan commitments and financial guarantee contracts (end of year balances): Interest-earning assets (3 and 5) 5,500,673 6,013,482 6,682,445 Other assets and loan commitments and financial guarantee contracts (4) 493,794 422,422 437,436 Total interest-earning assets, other assets and loan commitments and financial guarantee contracts 5,994,467 6,435,904 7,119,881 Treasury Interest income 12,753 9,506 10,454 Interest expense (13,519) 5,328 7,864 Net interest income (766) 14,834 18,318 Net other income (2) (428) (3,568) 6,887 Total income (1,194) 11,266 25,205 Impairment loss for expected credit losses on investment securities 489 (3) (5,290) Expenses, less impairment loss for expected credit losses (10,959) (11,216) (11,355) Profit (loss) for the year (11,664) 47 8,560 Treasury assets (end of year balances): Interest-earning assets (3 and 5) 757,911 1,177,961 1,603,921 Total interest-earning assets 757,911 1,177,961 1,603,921 Years ended December 31, 2017 (1) 2016 (1) 2015 (1) Combined business segment total Interest income 226,079 245,898 220,312 Interest expense (106,264) (90,689) (74,833) Net interest income 119,815 155,209 145,479 Net other income (2) 18,498 12,765 28,379 Total income 138,313 167,974 173,858 Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts (9,928) (35,112) (12,800) Impairment loss from expected credit losses on investment securities 489 (3) (5,290) Expenses, less impairment loss from expected credit losses (46,875) (45,814) (51,784) Profit for the year 81,999 87,045 103,984 December 31, December 31, Total assets and loan commitments and financial guarantee contracts (end of year balances): Interest-earning assets (3 and 5) 6,258,584 7,191,443 Other assets and loan commitments and financial guarantee contracts (4) 493,794 422,422 Total interest-earning assets, other assets and loan commitments and financial guarantee contracts 6,752,378 7,613,865 (1) The numbers set out in these tables have been rounded and accordingly may not total exactly. (2) Net other income consists of other income including gains on sale of loans, gains (loss) per financial instrument at FVTPL and FVOCI, derivative instruments and foreign currency exchange. (3) Includes deposits and loans, net of unearned interest and deferred fees. (4) Includes customers’ liabilities under acceptances, loans commitments and financial guarantees contracts. (5) Includes cash and cash equivalents, interest-bearing deposits with banks, financial instruments at fair value through OCI, financial instruments at amortized cost and financial instruments at fair value through profit or loss. |
Disclosure of detailed information about reconciliation of total assets [Text Block] | December 31, December 31, Reconciliation of total assets: Interest-earning assets business segment 6,258,584 7,191,443 Equity instruments 8,402 - Allowance for expected credit losses on loans (81,294) (105,988) Allowance for expected credit losses on securities at amortized cost (196) (602) Customers’ liabilities under acceptances 6,369 19,387 Intangibles, net 5,425 2,909 Accrued interest receivable 30,872 44,187 Property and equipment, net 7,420 8,549 Derivative financial instruments used for hedging - receivable 13,338 9,352 Other assets 18,827 11,546 Total assets consolidated financial statements 6,267,747 7,180,783 |
Fair value of financial instr50
Fair value of financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of fair value of financial instruments [Abstract] | |
Disclosure of fair value measurement [text block] | Financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial positions using the fair value hierarchy are described below: December 31, 2017 Level 1 (a) Level 2 (b) Level 3 (c) Total Assets Securities at fair value through OCI: Equity investments 8,402 - - 8,402 Sovereign debt (1) 16,733 - - 16,733 Total securities at fair value through OCI 25,135 - - 25,135 Derivative financial instruments used for hedging receivable: Interest rate swaps - 129 - 129 Cross-currency interest rate swaps - 4,550 - 4,550 Foreign exchange forward - 8,659 - 8,659 Total derivative financial instrument used for hedging receivable - 13,338 - 13,338 Total financial assets at fair value 25,135 13,338 - 38,473 Liabilities Derivative financial instruments used for hedging payable: Interest rate swaps - 4,789 - 4,789 Cross-currency interest rate swaps - 30,154 - 30,154 Total derivative financial instruments used for hedging payable - 34,943 - 34,943 Total financial liabilities at fair value - 34,943 - 34,943 (1) At December 31, 2017, securities at fair value through OCI for $2,955 were reclassified from level 2 to level 1 of the fair value hierarchy given that Bloomberg's valuation "BVAL" for these values increased from 7 (in 2016) to 10 (in 2017). (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. December 31, 2016 Level 1 (a) Level 2 (b) Level 3 (c) Total Assets Securities at fair value through OCI: Corporate debt 13,909 - - 13,909 Sovereign debt 13,912 2,786 - 16,698 Total securities at fair value through OCI 27,821 2,786 - 30,607 Derivative financial instruments used for hedging receivable: Interest rate swaps - 363 - 363 Cross-currency interest rate swaps - 2,561 - 2,561 Foreign exchange forward - 6,428 - 6,428 Total derivative financial instrument used for hedging receivable - 9,352 - 9,352 Total financial assets at fair value 27,821 12,138 - 39,959 Liabilities Financial instruments at FVTPL: Foreign exchange forward - 24 - 24 Total financial instruments at FVTPL - 24 - 24 Derivative financial instruments used for hedging payable: Interest rate swaps - 3,704 - 3,704 Cross-currency interest rate swaps - 46,198 - 46,198 Foreign exchange forward - 9,784 - 9,784 Total derivative financial instruments used for hedging payable - 59,686 - 59,686 Total financial liabilities at fair value - 59,710 - 59,710 (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. |
Disclosure of detailed information about carrying value and estimated fair value of the Bank's financial instruments that are not measured on a recurring basis [Text Block] | The following table provides information on the carrying value and estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis: December 31, 2017 Carrying Fair Level 1 (a) Level 2 (b) Level 3 (c) Financial assets Instruments with carrying value that approximates fair value: Cash and deposits on banks 672,048 672,048 - 672,048 - Acceptances 6,369 6,369 - 6,369 - Interest receivable 30,872 30,872 - 30,872 - Securities at amortized cost (2) 68,934 69,006 50,581 8,447 9,978 Loans, net (1) 5,419,379 5,520,604 - 5,520,604 - Financial liabilities Instruments with carrying value that approximates fair value: Deposits 2,928,844 2,928,844 - 2,928,844 - Acceptances 6,369 6,369 - 6,369 - Interest payable 15,816 15,816 - 15,816 - Short-term borrowings and debt 1,072,723 1,072,483 - 1,072,483 - Long-term borrowings and debt, net 1,138,844 1,158,534 - 1,158,534 - (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. The following table provides information on the carrying value and estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis: December 31, 2016 Carrying Fair Level 1 (a) Level 2 (b) Level 3 (c) Financial assets Instruments with carrying value that approximates fair value: Cash and deposits on banks 1,069,538 1,069,538 - 1,069,538 - Acceptances 19,387 19,387 - 19,387 - Interest receivable 44,187 44,187 - 44,187 - Securities at amortized cost (2) 77,214 76,406 73,406 3,000 - Loans , net (1) 5,907,494 6,021,006 - 6,021,006 - Financial liabilities Instruments with carrying value that approximates fair value: Deposits 2,802,852 2,802,852 - 2,802,852 - Acceptances 19,387 19,387 - 19,387 - Interest payable 16,603 16,603 - 16,603 - Short-term borrowings and debt 1,470,075 1,470,045 - 1,470,045 - Long-term borrowings and debt, net 1,776,738 1,808,228 - 1,808,228 - (a) Level 1: Quoted market prices in an active market. (b) Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. (c) Level 3: Internally developed models with significant unobservable market information. (1) The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $ 5.0 7.2 (2) The carrying value of securities at amortized cost is net of the allowance for expected credit losses of $0.2 million for December 31, 2017 and $0.6 million for December 31, 2016. |
Accumulated other comprehensi51
Accumulated other comprehensive income (loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of analysis of other comprehensive income by item [Abstract] | |
Disclosure of detailed information about breakdown of accumulated other comprehensive income loss related to financial instruments at FVOCI, derivative financial instruments, and foreign currency translation [Text Block] | The breakdown of accumulated other comprehensive income (loss) related to financial instruments at FVOCI, derivative financial instruments, and foreign currency translation is as follows: Financial Derivative Foreign Total Balance as of January 1, 2015 (6,817) (1,020) - (7,837) Net unrealized gain (loss) arising from the year (6,267) (4,942) (11,209) Reclassification adjustment for (gains) loss included in the profit of the year (1) 4,153 4,212 - 8,365 Other comprehensive income (loss) from the year (2,114) (730) - (2,844) Balance as of December 31, 2015 (8,931) (1,750) - (10,681) Balance as of January 1, 2016 (8,931) (1,750) - (10,681) Net unrealized gain (loss) arising from the year 7,048 4,383 11,431 Reclassification adjustment for (gains) loss included in the profit of the year (1) 1,030 (4,581) - (3,551) Other comprehensive income (loss) from the year 8,078 (198) - 7,880 Balance as of December 31, 2016 (853) (1,948) - (2,801) Balance as of January 1, 2017 (853) (1,948) - (2,801) Change in fair value for revaluation by debt instrument, net of hedging 612 (8) - 604 Change in fair value for revaluation by equity instrument, net of hedging (228) 415 - 187 Reclassification adjustment for (gains) loss included in the profit of the year (1) 84 2,399 - 2,483 Foreign currency translation adjustment, net - - (60) (60) Exchange difference in conversion of foreign operating currency - - 1,550 1,550 Other comprehensive income (loss) from the year 468 2,806 1,490 4,764 Balance as of December 31, 2017 (385) 858 1,490 1,963 (1) Reclassification adjustments include amounts recognized in profit of the year that had been part of other comprehensive income (loss) in this and previous years. |
Disclosure of detailed information about amount reclassified from other comprehensive income to profit [Text Block] | The following table presents amounts reclassified from other comprehensive income to the profit of the year: December 31, 2017 Details about accumulated other Amount reclassified Affected line item in the consolidated statement of Realized gains (losses) on financial instruments at FVOCI: - Interest income financial instruments at FVOCI 24 Net gain on sale of financial instruments at FVOCI (108) Derivative financial instruments and hedging (84) Gains (losses) on derivative financial instruments: Foreign exchange forward (7,611) Interest income loans at amortized cost (2,102) Interest expense borrowings and deposits 7,216 Net gain (loss) on foreign currency exchange Interest rate swaps 86 Net gain (loss) on interest rate swaps Cross-currency interest rate swap 12 Net gain (loss) on cross-currency interest rate swap (2,399) December 31, 2016 Details about accumulated other Amount reclassified Affected line item in the consolidated statement of Realized gains (losses) on financial instruments at FVOCI: - Interest income financial instruments at FVOCI (7,243) Net gain on sale of financial instruments at FVOCI 6,213 Derivative financial instruments and hedging (1,030) Gains (losses) on derivative financial instruments: Foreign exchange forward (4,750) Interest income loans at amortized cost 1,679 Interest expense borrowings and deposits 6,060 Net gain (loss) on foreign currency exchange Interest rate swaps 1,104 Net gain (loss) on interest rate swaps Cross-currency interest rate swap 488 Net gain (loss) on cross-currency interest rate swap 4,581 December 31, 2015 Details about accumulated other Amount reclassified Affected line item in the consolidated statement of Realized gains (losses) on financial instruments at FVOCI: 240 Interest income financial instruments at FVOCI 393 Net gain on sale of financial instruments at FVOCI (4,786) Derivative financial instruments and hedging (4,153) Gains (losses) on derivative financial instruments: Foreign exchange forward (1,822) Interest income loans at amortized cost - Interest expense borrowings and deposits (2,390) Net gain (loss) on foreign currency exchange (4,212) Interest rate swaps (229) Net gain (loss) on interest rate swaps Cross-currency interest rate swap 84 Net gain (loss) on cross-currency interest rate swap |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party [Abstract] | |
Disclosure of transactions between related parties [text block] | During the reporting years, total compensation paid to directors and the executives of Bladex as representatives of the Bank amounted to: December 31, December 31, December 31, Expenses: Compensation costs paid to directors 884 880 949 Compensation costs paid to executives 2,370 4,055 4,601 |
Fees and commissions, net (Tabl
Fees and commissions, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Fees And Commissions [Abstract] | |
Disclosure Of Detailed Information On Fees And Commissions [Text Block] | December 31, December 31, December 31, Commission income Loans &; commitments, net 476 1,126 2,988 Commission income - Letters of credit 10,430 7,458 9,332 Commission income - Arrangements 6,608 5,722 6,880 Total 17,514 14,306 19,200 |
Net gain or (loss) on financi54
Net gain or (loss) on financial instruments at FVTPL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of financial instruments at fair value through profit or loss [Abstract] | |
Disclosure of detailed information about financial instruments at fair value through profit or loss [Text Block] | December 31, December 31, December 31, Net (loss) gain on financial instruments at FVTPL (732) 1,481 645 Net (loss) gain on investment funds - (4,364) 5,086 (732) (2,883) 5,731 |
Salaries and other employee e55
Salaries and other employee expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of employee benefits [text block] | December 31, December 31, December 31, Wages and salaries 16,191 16,132 15,500 Payroll taxes 2,629 2,244 2,264 Personnel benefits 5,442 3,090 8,613 Sharebased payments 3,391 3,730 4,058 Total 27,653 25,196 30,435 |
Other expenses (Tables)
Other expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other operating expense [Abstract] | |
Disclosure of other operating expense [text block] | December 31, December 31, December 31, Advertising and marketing 683 785 829 Regulatory fees 977 1,348 1,565 Rental - office and equipment 2,394 2,681 3,019 Administrative 6,846 7,468 7,469 Professional services 3,911 4,255 4,621 Maintenance and repairs 1,673 1,866 1,635 Other 322 129 244 Total 16,806 18,532 19,382 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of commitments and contingent liabilities [Abstract] | |
Disclosure of finance lease and operating lease by lessee [text block] | Future minimum lease payments under cancellable operating leases as follows: December 31, December 31, December 31, Within 1 year 2,006 1,984 2,055 After 1 year but not more than 5 years 7,335 7,362 6,731 More than 5 years 8,814 10,638 14,128 Total 18,155 19,984 22,914 |
Disclosure of finance lease and operating lease by lessor [text block] | Future minimum lease payments under cancellable operating leases as follows: December 31, December 31, December 31, Within 1 year 300 289 455 After 1 year but not more than 5 years 243 646 822 Total 543 935 1,277 |
Risk management (Tables)
Risk management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Financial risk Management [Line Items] | |
Disclosure of liquidity risk [text block] | The following table shows the Bank’s liquid assets, by principal geographic area: (in millions US$) December 31, December 31, United States of America 612 591 Other O.E.C.D. - 409 Multilateral - - Latin America 7 8 Total 619 1,008 |
Disclosure of detailed information of assets and liabilities grouped by remaining maturity [Text Block] | The following table details the Banks’s assets and liabilities grouped by its remaining maturity with respect to the contractual maturity: December 31, 2017 Description Up to 3 3 to 6 6 months 1 to 5 More Without Total Assets Cash and cash equivalent 672,048 - - - - - 672,048 Investment securities 700 279 7,000 77,688 - - 85,667 Equity investments - - - - - 8,402 8,402 Loans at amortized cost 1,926,787 1,175,801 922,711 1,386,161 94,198 - 5,505,658 Unearned interest and deferred fees (472) (479) (223) (3,546) (248) (17) (4,985) Allowance for expected credit losses - - - - - (81,294) (81,294) Other assets 31,282 8,635 13,175 3,819 9,398 15,942 82,251 Total 2,630,345 1,184,236 942,663 1,464,122 103,348 (56,967) 6,267,747 Liabilities Deposits 1,722,041 411,158 571,500 224,145 - - 2,928,844 Other liabilities 806,547 151,090 291,694 979,958 66,802 - 2,296,091 Total 2,528,588 562,248 863,194 1,204,103 66,802 - 5,224,935 Confirmed letters of credit 169,042 101,403 3,004 - - - 273,449 Stand-by letters of credit and guaranteed Commercial risk 18,687 72,080 77,952 257 - - 168,976 Credit commitments - 15,000 - 30,000 578 - 45,578 Total 187,729 188,483 80,956 30,257 578 - 488,003 Net position (85,972) 433,505 (1,487) 229,762 35,968 (56,967) 554,809 December 31, 2016 Description Up to 3 3 to 6 6 months 1 to 5 More Without Total Assets Cash and cash equivalent 1,069,538 - - - - - 1,069,538 Investment securities 1,024 3,000 - 83,643 20,756 (602) 107,821 Loans at amortized cost 2,262,349 1,267,194 551,794 1,843,476 95,918 - 6,020,731 Unearned interest and deferred fees (663) (906) (258) (4,762) (660) - (7,249) Allowance for expected credit losses - - - - - (105,988) (105,988) Other assets 55,445 6,587 3,721 6,399 642 23,136 95,930 Total 3,387,693 1,275,875 555,257 1,928,756 116,656 (83,454) 7,180,783 Liabilities Deposits 2,306,413 173,288 275,631 47,520 - - 2,802,852 Other liabilities 884,453 744,135 346,294 1,330,515 61,220 - 3,366,617 Total 3,190,866 917,423 621,925 1,378,035 61,220 - 6,169,469 Confirmed letters of credit 146,755 173,192 63,813 - - - 383,760 Stand-by letters of credit and guaranteed commercial risk 70 8,595 360 - - - 9,025 Credit commitments - 4,073 2,399 3,200 578 - 10,250 Total 146,825 185,860 66,572 3,200 578 - 403,035 Net position 50,002 172,592 (133,240) 547,521 54,858 (83,454) 608,279 |
Summary quantitative data about entity's exposure to risk [text block] | The following summary table presents a sensitivity analysis of the effect on the Bank’s results of operations derived from a reasonable variation in interest rates which its financial obligations are subject to, based on change in points. Change in Effect on December 31, 2017 +200 bps 18,282 -200 bps (8,879) December 31, 2016 +200 bps 24,603 -200 bps (11,382) December 31, 2015 +200 bps 18,723 -200 bps (3,480) |
Disclosure of detailed information about Operational Risk [Text Block] | No changes have been made to the objectives, policies and processes from the previous years. However, they are under constant review by the Board. December 31, December 31, Tier 1 capital 1,048,304 1,054,719 Risk weighted assets 5,601,518 6,350,544 Tier 1 capital ratio 18.71 % 16.61 % |
Interest Rate Risk [Member] | |
Disclosure of Financial risk Management [Line Items] | |
Disclosure of market risk [text block] | The table below summarizes the Bank's exposure based on the terms of repricing of interest rates on financial assets and liabilities. December 31, 2017 Description Up to 3 3 to 6 6 months 1 to 5 years More than Total Assets Investments securities 700 279 7,000 77,688 - 85,667 Equity investments - - - - 8,402 8,402 Loans at amortized cost 4,067,639 952,542 301,334 173,550 10,593 5,505,658 Total 4,068,339 952,821 308,334 251,238 18,995 5,599,727 Liabilities Deposits 2,242,220 305,415 197,060 102,085 - 2,846,780 Short and long term borrowings and debt, net 1,585,145 2,538 85,232 482,814 55,838 2,211,567 Total 3,827,365 307,953 282,292 584,899 55,838 5,058,347 Total interest rate sensibility 240,974 644,868 26,042 (333,661) (36,843) 541,380 December 31, 2016 Description Up to 3 3 to 6 6 months 1 to 5 years More than Total Assets Time deposit 125,000 - - - - 125,000 Securities and other financial assets 9,025 3,000 - 72,094 18,200 102,319 Loans at amortized cost 4,350,913 1,445,290 140,609 83,919 - 6,020,731 Total 4,484,938 1,448,290 140,609 156,013 18,200 6,248,050 Liabilities Deposits 2,179,399 173,288 275,631 47,520 - 2,675,838 Short and long term borrowings and debt, net 2,168,964 402,643 133,190 495,883 46,133 3,246,813 Total 4,348,363 575,931 408,821 543,403 46,133 5,922,651 Total interest rate sensibility 136,575 872,359 (268,212) (387,390) (27,933) 325,399 |
Currency risk [member] | |
Disclosure of Financial risk Management [Line Items] | |
Disclosure of market risk [text block] | The following table details the maximum to foreign currency, where all assets and liabilities are presented based on their book value, except for derivatives, which are included within other assets and other liabilities based on its value nominal. December 31, 2017 Brazilian European Japanese Colombian Mexican Other (1) Total Exchange rate 3.31 1.20 112.66 2,985.78 19.67 - - Assets Cash and cash equivalent 87 2 4 91 369 75 628 Equity investments 168 - - - - - 168 Loans at amortized cost - - - - 143,182 - 143,182 Total 255 2 4 91 143,551 75 143,978 Liabilities Borrowings and deposit placements - - - - 143,661 - 143,661 Other liabilities - - - - - - Total - - - - 143,661 - 143,661 Net currency position 255 2 4 91 (110) 75 317 (1) It includes other currencies such as: Argentine pesos, Australian- dollar, Swiss franc, Pound sterling, Peruvian soles and Remimbis . December 31, 2016 Brazilian European Japanese Colombian Mexican Other (1) Total Exchange rate 3.25 1.06 116.68 3,002.00 20.6139 - - Assets Cash and cash equivalent 4,014 6 6 55 2,339 74 6,494 Investments and other financial assets - - - - - - - Loans at amortized cost - - - - 295,580 - 295,580 Other assets - 52,800 94,279 - 79,104 - 226,183 Total 4,014 52,806 94,285 55 377,023 74 528,257 Liabilities Borrowings and deposit placements - - 94,279 - 280,557 - 374,836 Other liabilities 3,933 52,800 - - 96,951 - 153,684 Total 3,933 52,800 94,279 - 377,508 - 528,520 Net currency position 81 6 6 55 (485) 74 (263) (1) It includes other currencies such as: Argentine pesos, Australian- dollar, Canadian dollar, Swiss franc, Peruvian soles and Remimbis . |
Corporate information (Details
Corporate information (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Bladex Representaçao Ltda. [Member] | Bladex Head Office [Member] | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 99.999% |
Bladex Representaçao Ltda. [Member] | Bladex Holdings Inc. [Member] | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 0.001% |
Bladex Investimentos Ltda. [Member] | Bladex Head Office [Member] | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 99.00% |
Bladex Investimentos Ltda. [Member] | Bladex Holdings Inc. [Member] | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 1.00% |
Bladex Development Corp. [Member] | Bladex Head Office [Member] | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 100.00% |
BLX Soluciones [Member] | Bladex Head Office [Member] | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 99.90% |
BLX Soluciones [Member] | Bladex Development Corp. [Member] | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 0.10% |
Summary of significant accoun60
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Hardware [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 |
Furniture and equipment [member] | Bottom of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 |
Furniture and equipment [member] | Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 |
Leasehold Improvements [Member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 to 15 years or up to the lease term |
Other Equipments [member] | Bottom of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 2 |
Other Equipments [member] | Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 4 |
Summary of significant accoun61
Summary of significant accounting policies (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Amortisation method, intangible assets other than goodwill | straight–line method |
Useful lives or amortisation rates, intangible assets other than goodwill |  5 Years |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of cash and cash equivalents [Abstract] | ||||
Cash and due from banks | $ 11,032 | $ 89,656 | ||
Interest-bearing deposits in banks | 661,016 | 979,882 | ||
Total | 672,048 | 1,069,538 | ||
Less: | ||||
Pledged deposits | 53,241 | 61,812 | ||
Total cash and cash equivalents | $ 618,807 | $ 1,007,726 | $ 1,267,302 | $ 741,305 |
Cash and cash equivalents (De63
Cash and cash equivalents (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Interest-Bearing Deposits In Banks | ||||
Short-term deposits, classified as cash equivalents | $ 661,016 | $ 979,882 | ||
Pledged deposits | ||||
Other cash and cash equivalents | 53,241 | 61,812 | ||
Time deposits [Member] | ||||
Interest-Bearing Deposits In Banks | ||||
Short-term deposits, classified as cash equivalents | [1] | $ 0 | $ 125,000 | |
Deposit Interest Rate Percentage | [1] | 0.00% | ||
Time deposits [Member] | Bottom of range [member] | ||||
Interest-Bearing Deposits In Banks | ||||
Deposit Interest Rate Percentage | [1] | 0.83% | ||
Time deposits [Member] | Top of range [member] | ||||
Interest-Bearing Deposits In Banks | ||||
Deposit Interest Rate Percentage | [1] | 0.88% | ||
Demand Deposit [Member] | ||||
Interest-Bearing Deposits In Banks | ||||
Short-term deposits, classified as cash equivalents | [2] | $ 661,016 | $ 854,882 | |
Demand Deposit [Member] | Bottom of range [member] | ||||
Interest-Bearing Deposits In Banks | ||||
Deposit Interest Rate Percentage | 0.25% | [2] | 0.01% | |
Demand Deposit [Member] | Top of range [member] | ||||
Interest-Bearing Deposits In Banks | ||||
Deposit Interest Rate Percentage | [2] | 1.55% | 0.77% | |
New york [Member] | ||||
Pledged deposits | ||||
Other cash and cash equivalents | [3] | $ 3,000 | $ 2,800 | |
Pleged Deposists Interest Rate Percentage | [3] | 0.00% | 0.00% | |
Panama [Member] | ||||
Pledged deposits | ||||
Other cash and cash equivalents | [4] | $ 50,241 | $ 59,012 | |
Pleged Deposists Interest Rate Percentage | [4] | 1.42% | 0.66% | |
[1] | Time deposits “overnight” calculated on an average interest rate. | |||
[2] | Demand deposits with bearing interest based on the daily rates determined by banks. | |||
[3] | The New York Agency had a pledged deposit with the New York State Banking Department, as required by law since March 1994. | |||
[4] | The Bank had pledged deposits to secure derivative financial instruments transactions. |
Financial instruments (Details)
Financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Current financial liabilities at fair value through profit or loss | $ 0 | $ 24 |
Foreign exchange forward [member] | ||
Disclosure of financial instruments [Line Items] | ||
Current financial liabilities at fair value through profit or loss | $ 0 | $ 24 |
Financial instruments (Details
Financial instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Nominal amount | $ 0 | $ 1,274 |
Fair Value, Asset | 0 | 0 |
Fair Value, Liability | 0 | 24 |
Forward foreign exchange [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount | 0 | 1,274 |
Fair Value, Asset | 0 | 0 |
Fair Value, Liability | $ 0 | $ 24 |
Financial instruments (Detail66
Financial instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | $ 25,592 | $ 31,392 | |
Unrealized Gain | 29 | 20 | |
Unrealized Loss | 486 | 805 | |
Fair Value | 25,135 | 30,607 | |
Corporate debt [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 13,954 | ||
Unrealized Gain | 20 | ||
Unrealized Loss | 65 | ||
Fair Value | 13,909 | ||
Sovereign debts [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 16,962 | 17,438 | |
Unrealized Gain | 29 | 0 | |
Unrealized Loss | 258 | 740 | |
Fair Value | 16,733 | 16,698 | |
Equity investments [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | [1] | 8,630 | |
Unrealized Gain | [1] | 0 | |
Unrealized Loss | [1] | 228 | |
Fair Value | [1] | 8,402 | |
Brazil [Member] | Corporate debt [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 3,144 | ||
Unrealized Gain | 0 | ||
Unrealized Loss | 62 | ||
Fair Value | 3,082 | ||
Brazil [Member] | Sovereign debts [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 2,937 | 2,926 | |
Unrealized Gain | 29 | 0 | |
Unrealized Loss | 12 | 140 | |
Fair Value | 2,954 | 2,786 | |
Brazil [Member] | Equity investments [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | [1] | 8,630 | |
Unrealized Gain | [1] | 0 | |
Unrealized Loss | [1] | 228 | |
Fair Value | [1] | 8,402 | |
Venezuela [Member] | Corporate debt [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 10,810 | ||
Unrealized Gain | 20 | ||
Unrealized Loss | 3 | ||
Fair Value | 10,827 | ||
Chile [Member] | Sovereign debts [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 5,182 | 5,229 | |
Unrealized Gain | 0 | 0 | |
Unrealized Loss | 35 | 59 | |
Fair Value | 5,147 | 5,170 | |
Trinidad and Tobago [Member] | Sovereign debts [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 8,843 | 9,283 | |
Unrealized Gain | 0 | 0 | |
Unrealized Loss | 211 | 541 | |
Fair Value | $ 8,632 | $ 8,742 | |
[1] | Equity instruments were initially recognized at fair value. These equity instruments correspond to equity securities classified with the irrevocable option of changes in OCI. |
Financial instruments (Detail67
Financial instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial instruments [Line Items] | ||
Fair Value | $ 0 | $ 0 |
Unrealized Gross Losses | 486 | 805 |
Corporate debt [member] | ||
Disclosure of financial instruments [Line Items] | ||
Unrealized Gross Losses | 65 | |
Sovereign debts [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Unrealized Gross Losses | 258 | 740 |
Less than 12 months [member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 5,147 | 6,975 |
Unrealized Gross Losses | 35 | 62 |
Less than 12 months [member] | Corporate debt [member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 1,805 | |
Unrealized Gross Losses | 3 | |
Less than 12 months [member] | Sovereign debts [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 5,147 | 5,170 |
Unrealized Gross Losses | 35 | 59 |
12 months or longer [member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 9,616 | 14,610 |
Unrealized Gross Losses | 223 | 743 |
12 months or longer [member] | Corporate debt [member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 3,082 | |
Unrealized Gross Losses | 62 | |
12 months or longer [member] | Sovereign debts [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 9,616 | 11,528 |
Unrealized Gross Losses | 223 | 681 |
Total [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 14,763 | 21,585 |
Unrealized Gross Losses | 258 | 805 |
Total [Member] | Corporate debt [member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 4,887 | |
Unrealized Gross Losses | 65 | |
Total [Member] | Sovereign debts [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Fair Value | 14,763 | 16,698 |
Unrealized Gross Losses | $ 258 | $ 740 |
Financial instruments (Detail68
Financial instruments (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial instruments [Line Items] | |||
Realized gain on sale of securities | $ 766 | $ 221 | $ 469 |
Realized loss on sale of securities | (517) | (577) | (106) |
Net (loss) gain on sale of securities at fair value through other comprehensive income | $ 249 | $ (356) | $ 363 |
Financial instruments (Detail69
Financial instruments (Details 5) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Financial assets measured at fair value through other comprehensive income | $ 16,733 | $ 30,607 |
Rating 1-4 [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial assets measured at fair value through other comprehensive income | 16,733 | 30,607 |
Rating 5-6 [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial assets measured at fair value through other comprehensive income | 0 | 0 |
Rating 7 [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial assets measured at fair value through other comprehensive income | 0 | 0 |
Rating 8 [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial assets measured at fair value through other comprehensive income | 0 | 0 |
Rating 9 [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial assets measured at fair value through other comprehensive income | 0 | 0 |
Rating 10 [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial assets measured at fair value through other comprehensive income | $ 0 | $ 0 |
Financial instruments (Detail70
Financial instruments (Details 6) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | [1] | $ 68,934 | $ 77,214 |
Fair Value | 25,135 | 30,607 | |
Due within 1 year [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 0 | 0 | |
Fair Value | 0 | 0 | |
After 1 year but within 5 years [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 16,962 | 17,656 | |
Fair Value | 16,733 | 16,994 | |
After 5 years but within 10 years [member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 0 | 13,736 | |
Fair Value | 0 | 13,613 | |
Total Maturities [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Amortized Cost | 16,962 | 31,392 | |
Fair Value | $ 16,733 | $ 30,607 | |
[1] | The carrying value of securities at amortized cost is net of the allowance for expected credit losses of $0.2 million for December 31, 2017 and $0.6 million for December 31, 2016. |
Financial instruments (Detail71
Financial instruments (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | $ 105,988 | $ 89,974 | |
Allowance for expected credit losses at ending | 81,294 | 105,988 | |
Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | 305 | 7,149 | |
Transfer to lifetime expected credit losses | 0 | 425 | |
Transfer to credit-impaired financial assets | 0 | 0 | |
Transfer to 12-month expected credit losses | 0 | 0 | |
Net effect of changes in reserve for expected credit losses | (71) | (183) | |
Financial assets that have been derecognized during the year | (12) | (377) | |
Changes due to financial instruments recognized as of December 31 | (83) | (135) | |
New financial assets originated or purchased | 0 | 28 | |
Write-offs | 0 | (6,737) | |
Allowance for expected credit losses at ending | 222 | 305 | |
Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | 105,988 | 89,974 | |
Transfer to 12-month expected credit losses | 0 | (1) | |
Net effect of changes in reserve for expected credit losses | 35,584 | 34,891 | |
Financial assets that have been derecognized during the year | (44,088) | (82,396) | |
Changes due to financial instruments recognized as of December 31 | (8,504) | (47,504) | |
New financial assets originated or purchased | 4,067,723 | 4,064,325 | |
Allowance for expected credit losses at ending | 81,294 | 105,988 | |
Stage 1 [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [1] | 42 | 234 |
Transfer to lifetime expected credit losses | [1] | 0 | (31) |
Transfer to credit-impaired financial assets | [1] | 0 | 0 |
Transfer to 12-month expected credit losses | [1] | 0 | 0 |
Net effect of changes in reserve for expected credit losses | [1] | (6) | (15) |
Financial assets that have been derecognized during the year | [1] | (12) | (174) |
Changes due to financial instruments recognized as of December 31 | [1] | (18) | (220) |
New financial assets originated or purchased | [1] | 0 | 28 |
Write-offs | [1] | 0 | 0 |
Allowance for expected credit losses at ending | [1] | 24 | 42 |
Stage 1 [member] | Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [1] | 29,036 | 59,214 |
Transfer to 12-month expected credit losses | [1] | 1,428 | 2,038 |
Net effect of changes in reserve for expected credit losses | [1] | (2,900) | (39,621) |
Financial assets that have been derecognized during the year | [1] | (24,434) | (65,640) |
Changes due to financial instruments recognized as of December 31 | [1] | (26,578) | (112,347) |
New financial assets originated or purchased | 4,067,723 | 4,064,325 | |
Allowance for expected credit losses at ending | [1] | 19,821 | 29,036 |
Stage 2 [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [2] | 263 | 178 |
Transfer to lifetime expected credit losses | [2] | 0 | 456 |
Transfer to credit-impaired financial assets | [2] | 0 | 0 |
Transfer to 12-month expected credit losses | [2] | 0 | 0 |
Net effect of changes in reserve for expected credit losses | [2] | (65) | (168) |
Financial assets that have been derecognized during the year | [2] | 0 | (203) |
Changes due to financial instruments recognized as of December 31 | [2] | (65) | 85 |
New financial assets originated or purchased | [2] | 0 | 0 |
Write-offs | [2] | 0 | 0 |
Allowance for expected credit losses at ending | [2] | 198 | 263 |
Stage 2 [member] | Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [2] | 41,599 | 9,609 |
Transfer to 12-month expected credit losses | [2] | (1,428) | (2,077) |
Net effect of changes in reserve for expected credit losses | [2] | 18,227 | 48,021 |
Financial assets that have been derecognized during the year | [2] | (11,321) | (16,756) |
Changes due to financial instruments recognized as of December 31 | [2] | (6,695) | 31,990 |
New financial assets originated or purchased | 0 | 0 | |
Allowance for expected credit losses at ending | [2] | 33,477 | 41,599 |
Stage 3 [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [3] | 0 | 6,737 |
Transfer to lifetime expected credit losses | [3] | 0 | 0 |
Transfer to credit-impaired financial assets | [3] | 0 | 0 |
Transfer to 12-month expected credit losses | [3] | 0 | 0 |
Net effect of changes in reserve for expected credit losses | [3] | 0 | 0 |
Financial assets that have been derecognized during the year | [3] | 0 | 0 |
Changes due to financial instruments recognized as of December 31 | [3] | 0 | 0 |
New financial assets originated or purchased | [3] | 0 | 0 |
Write-offs | [3] | 0 | (6,737) |
Allowance for expected credit losses at ending | [3] | 0 | 0 |
Stage 3 [member] | Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [3] | 35,353 | 21,151 |
Transfer to 12-month expected credit losses | [3] | 0 | 38 |
Net effect of changes in reserve for expected credit losses | [3] | 20,257 | 26,491 |
Financial assets that have been derecognized during the year | [3] | (8,333) | 0 |
Changes due to financial instruments recognized as of December 31 | [3] | 24,769 | 32,853 |
New financial assets originated or purchased | 0 | 0 | |
Allowance for expected credit losses at ending | [3] | $ 27,996 | $ 35,353 |
[1] | 12-month expected credit losses. | ||
[2] | Lifetime expected credit losses. | ||
[3] | Credit-impaired financial assets (lifetime expected credit losses). |
Financial instruments (Detail72
Financial instruments (Details 8) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | $ 69,130 | [1] | $ 77,816 | [3] |
Gross Gain | 70 | 269 | |||
Gross Loss | 194 | 1,679 | |||
Fair Value | 69,006 | 76,406 | |||
Corporate debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 11,463 | [1] | 7,614 | [3] | |
Gross Gain | 3 | 0 | |||
Gross Loss | 0 | 146 | |||
Fair Value | 11,466 | 7,468 | |||
Sovereign debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 57,667 | [1] | 70,202 | [3] | |
Gross Gain | 67 | 269 | |||
Gross Loss | 194 | 1,533 | |||
Fair Value | 57,540 | 68,938 | |||
Brazil [Member] | Corporate debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 1,485 | [1] | 4,614 | [3] | |
Gross Gain | 3 | 0 | |||
Gross Loss | 0 | 146 | |||
Fair Value | 1,488 | 4,468 | |||
Brazil [Member] | Sovereign debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [3] | 11,179 | |||
Gross Gain | 37 | ||||
Gross Loss | 194 | ||||
Fair Value | 11,022 | ||||
Panama [Member] | Corporate debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 9,978 | [1] | 3,000 | [3] | |
Gross Gain | 0 | 0 | |||
Gross Loss | 0 | 0 | |||
Fair Value | 9,978 | 3,000 | |||
Panama [Member] | Sovereign debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 8,458 | [1] | 8,670 | [3] | |
Gross Gain | 0 | 198 | |||
Gross Loss | 11 | 0 | |||
Fair Value | 8,447 | 8,868 | |||
Colombia [Member] | Sovereign debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 29,006 | [1] | 29,812 | [3] | |
Gross Gain | 67 | 34 | |||
Gross Loss | 16 | 280 | |||
Fair Value | 29,057 | 29,566 | |||
Mexico [Member] | Sovereign debt [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 20,203 | [1] | 20,541 | [3] | |
Gross Gain | 0 | 0 | |||
Gross Loss | 167 | 1,059 | |||
Fair Value | $ 20,036 | $ 19,482 | |||
[1] | Amounts do not include allowance for expected credit losses of US196. | ||||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. | ||||
[3] | Amounts do not include allowance for expected credit losses of US$602. |
Financial instruments (Detail73
Financial instruments (Details 9) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | $ 69,130 | [1] | $ 77,816 | [3] |
Fair Value | 69,006 | 76,406 | |||
Due within 1 year [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 7,978 | 3,988 | |||
Fair Value | 7,978 | 4,025 | |||
After 1 year but within 5 years [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 61,152 | 68,537 | |||
Fair Value | 61,028 | 67,358 | |||
After 5 years but within 10 years [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | 0 | 5,291 | |||
Fair Value | $ 0 | $ 5,023 | |||
[1] | Amounts do not include allowance for expected credit losses of US196. | ||||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. | ||||
[3] | Amounts do not include allowance for expected credit losses of US$602. |
Financial instruments (Detail74
Financial instruments (Details 10) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | $ 69,130 | [1] | $ 77,816 | [3] |
Rating 1-4 [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | 57,667 | 76,333 | ||
Rating 5-6 [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | 11,463 | 1,483 | ||
Rating 7 [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | 0 | 0 | ||
Rating 8 [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | 0 | 0 | ||
Rating 9 [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | 0 | 0 | ||
Rating 10 [member] | |||||
Disclosure of financial instruments [Line Items] | |||||
Amortized Cost | [2] | $ 0 | $ 0 | ||
[1] | Amounts do not include allowance for expected credit losses of US196. | ||||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. | ||||
[3] | Amounts do not include allowance for expected credit losses of US$602. |
Financial instruments (Detail75
Financial instruments (Details 11) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | $ 105,988 | $ 89,974 | |
Allowance for expected credit losses at ending | 81,294 | 105,988 | |
Financial assets at amortised cost, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | 602 | 526 | |
Transfer to lifetime expected credit losses | 0 | 401 | |
Transfer to credit-impaired financial assets | 0 | 0 | |
Transfer to 12-month expected credit losses | 0 | 0 | |
Net effect of changes in reserve for expected credit losses | (45) | (96) | |
Financial assets that have been derecognized during the year | (440) | (345) | |
Changes due to financial instruments recognized as of December 31 | (485) | (40) | |
New financial assets originated or purchased | 79 | 116 | |
Allowance for expected credit losses at ending | 196 | 602 | |
Stage 1 [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [1] | 99 | 348 |
Transfer to lifetime expected credit losses | [1] | 0 | (43) |
Transfer to credit-impaired financial assets | [1] | 0 | 0 |
Transfer to 12-month expected credit losses | [1] | 0 | 0 |
Net effect of changes in reserve for expected credit losses | [1] | (16) | (5) |
Financial assets that have been derecognized during the year | [1] | (18) | (317) |
Changes due to financial instruments recognized as of December 31 | [1] | (34) | (365) |
New financial assets originated or purchased | [1] | 79 | 116 |
Allowance for expected credit losses at ending | [1] | 144 | 99 |
Stage 2 [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [2] | 503 | 178 |
Transfer to lifetime expected credit losses | [2] | 0 | 444 |
Transfer to credit-impaired financial assets | [2] | 0 | 0 |
Transfer to 12-month expected credit losses | [2] | 0 | 0 |
Net effect of changes in reserve for expected credit losses | [2] | (29) | (91) |
Financial assets that have been derecognized during the year | [2] | (422) | (28) |
Changes due to financial instruments recognized as of December 31 | [2] | (451) | 325 |
New financial assets originated or purchased | [2] | 0 | 0 |
Allowance for expected credit losses at ending | [2] | 52 | 503 |
Stage 3 [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [3] | 0 | 0 |
Transfer to lifetime expected credit losses | [3] | 0 | 0 |
Transfer to credit-impaired financial assets | [3] | 0 | 0 |
Transfer to 12-month expected credit losses | [3] | 0 | 0 |
Net effect of changes in reserve for expected credit losses | [3] | 0 | 0 |
Financial assets that have been derecognized during the year | [3] | 0 | 0 |
Changes due to financial instruments recognized as of December 31 | [3] | 0 | 0 |
New financial assets originated or purchased | [3] | 0 | 0 |
Allowance for expected credit losses at ending | [3] | $ 0 | $ 0 |
[1] | 12-month expected credit losses. | ||
[2] | Lifetime expected credit losses. | ||
[3] | Credit-impaired financial assets (lifetime expected credit losses). |
Financial instruments (Detail76
Financial instruments (Details 12) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosures of financials instrument [Abstract] | |||
Assignments and Participations | $ 77,400 | $ 157,242 | $ 92,438 |
Gains | $ 181 | $ 730 | $ 422 |
Financial instruments (Detail77
Financial instruments (Details 13) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Repurchase agreements | ||||
Loans and receivables | [1] | $ 5,419,379 | $ 5,907,494 | |
Gross carrying amount [member] | ||||
Repurchase agreements | ||||
Loans and receivables | 5,505,658 | [2] | 6,020,731 | |
Private corporations [Member] | Gross carrying amount [member] | ||||
Repurchase agreements | ||||
Loans and receivables | [2] | 1,882,846 | 2,655,910 | |
State-owned corporations [Member] | Gross carrying amount [member] | ||||
Repurchase agreements | ||||
Loans and receivables | [2] | 723,267 | 786,900 | |
Private banking and financial institutions [Member] | Gross carrying amount [member] | ||||
Repurchase agreements | ||||
Loans and receivables | [2] | 2,083,795 | 1,738,999 | |
State-owned banking and financial institutions [Member] | Gross carrying amount [member] | ||||
Repurchase agreements | ||||
Loans and receivables | [2] | 573,649 | 544,877 | |
Private middle-market companies [Member] | Gross carrying amount [member] | ||||
Repurchase agreements | ||||
Loans and receivables | $ 242,101 | [2] | $ 294,045 | |
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | |||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial instruments (Detail78
Financial instruments (Details 14) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [1] | $ 5,419,379 | $ 5,907,494 | |
Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 5,505,658 | [2] | 6,020,731 | |
Banking and financial institutions [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 2,657,444 | 2,283,876 | ||
Industrial [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 772,238 | 1,242,441 | ||
Oil and petroleum derived products [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 735,413 | 788,186 | ||
Agricultural [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 501,241 | 1,007,139 | ||
Services [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 430,717 | 419,440 | ||
Mining [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 231,687 | 54,000 | ||
Others [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | $ 176,918 | $ 225,649 | ||
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | |||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial instruments (Detail79
Financial instruments (Details 15) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [1] | $ 5,419,379,000 | $ 5,907,494,000 | |
Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 5,505,658,000 | [2] | 6,020,731,000 | |
Rating 1-4 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 4,137,949,000 | [2] | 4,253,805,000 | |
Rating 5-6 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 1,308,950 | [2] | 1,654,889,000 | |
Rating 7 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 0 | [2] | 58,673,000 | |
Rating 8 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 23,759,000 | [2] | 4,000,000 | |
Rating 9 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 0 | [2] | 35,000,000 | |
Rating 10 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 35,000,000 | [2] | 14,364,000 | |
Private corporations [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 1,882,846,000 | 2,655,910,000 | |
Private corporations [Member] | Rating 1-4 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 1,336,032,000 | 1,714,936,000 | |
Private corporations [Member] | Rating 5-6 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 523,055,000 | 863,937,000 | |
Private corporations [Member] | Rating 7 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 58,673,000 | |
Private corporations [Member] | Rating 8 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 23,759,000 | 4,000,000 | |
Private corporations [Member] | Rating 9 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
Private corporations [Member] | Rating 10 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 14,364,000 | |
State-owned corporations [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 723,267,000 | 786,900,000 | |
State-owned corporations [Member] | Rating 1-4 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 563,877,000 | 646,797,000 | |
State-owned corporations [Member] | Rating 5-6 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 159,390,000 | 140,103,000 | |
State-owned corporations [Member] | Rating 7 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
State-owned corporations [Member] | Rating 8 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
State-owned corporations [Member] | Rating 9 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
State-owned corporations [Member] | Rating 10 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
Private banking and financial institutions [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 2,083,795,000 | 1,738,999,000 | |
Private banking and financial institutions [Member] | Rating 1-4 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 1,729,592,000 | 1,457,984,000 | |
Private banking and financial institutions [Member] | Rating 5-6 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 354,203,000 | 281,015,000 | |
Private banking and financial institutions [Member] | Rating 7 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
Private banking and financial institutions [Member] | Rating 8 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
Private banking and financial institutions [Member] | Rating 9 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
Private banking and financial institutions [Member] | Rating 10 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
State-owned banking and financial institutions [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 573,649,000 | 544,877,000 | |
State-owned banking and financial institutions [Member] | Rating 1-4 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 361,236,000 | 259,981,000 | |
State-owned banking and financial institutions [Member] | Rating 5-6 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 212,413,000 | 284,896,000 | |
State-owned banking and financial institutions [Member] | Rating 7 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
State-owned banking and financial institutions [Member] | Rating 8 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
State-owned banking and financial institutions [Member] | Rating 9 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
State-owned banking and financial institutions [Member] | Rating 10 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [2] | 0 | 0 | |
Private middle-market companies [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 242,101,000 | [2] | 294,045,000 | |
Private middle-market companies [Member] | Rating 1-4 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 147,212,000 | [2] | 174,107,000 | |
Private middle-market companies [Member] | Rating 5-6 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 59,889,000 | [2] | 84,938,000 | |
Private middle-market companies [Member] | Rating 7 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 0 | [2] | 0 | |
Private middle-market companies [Member] | Rating 8 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 0 | [2] | 0 | |
Private middle-market companies [Member] | Rating 9 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 0 | [2] | 35,000,000 | |
Private middle-market companies [Member] | Rating 10 [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | $ 35,000,000 | [2] | $ 0 | |
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | |||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial instruments (Detail80
Financial instruments (Details 16) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [1] | $ 5,419,379 | $ 5,907,494 | |
Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 5,505,658 | [2] | 6,020,731 | |
Argentina [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 294,613 | 325,321 | ||
Belgium [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 11,368 | 4,180 | ||
Bolivia [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 15,000 | 18,318 | ||
Brazil [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 1,019,466 | 1,163,825 | ||
Chile [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 170,827 | 69,372 | ||
Colombia [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 829,136 | 653,012 | ||
Costa Rica [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 356,459 | 400,371 | ||
Dominican Republic [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 249,926 | 243,696 | ||
Ecuador [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 94,315 | 129,269 | ||
El Salvador [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 55,110 | 104,723 | ||
Germany [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 37,500 | 50,000 | ||
Guatemala [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 309,024 | 315,911 | ||
Honduras [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 74,476 | 72,319 | ||
Jamaica [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 24,435 | 7,399 | ||
Luxembourg [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 19,924 | 14,722 | ||
Mexico [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 850,463 | 927,041 | ||
Nicaragua [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 29,804 | 36,949 | ||
Panama [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 500,134 | 498,651 | ||
Paraguay [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 59,536 | 108,068 | ||
Peru [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 211,846 | 467,408 | ||
Singapore [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 54,500 | 70,204 | ||
Switzerland [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 3,687 | 46,000 | ||
Trinidad and Tobago [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 175,000 | 184,389 | ||
United States of America [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 44,109 | 73,083 | ||
Uruguay [Member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | $ 15,000 | $ 36,500 | ||
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | |||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial instruments (Detail81
Financial instruments (Details 17) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [1] | $ 5,419,379 | $ 5,907,494 | |
Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 5,505,658 | [2] | 6,020,731 | |
Financial assets impaired [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 58,759 | 65,364 | ||
Up to 1 month [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 846,993 | 896,310 | ||
From 1 month to 3 months [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 1,079,793 | 1,300,675 | ||
From 3 months to 6 months [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 1,175,801 | 1,267,194 | ||
From 6 months to 1 year [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 922,711 | 551,794 | ||
From 1 year to 2 years [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 392,456 | 631,629 | ||
From 2 to 5 years [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 989,222 | 1,211,847 | ||
More than 5 years [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 39,923 | 95,918 | ||
Loan commitments [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | $ 5,446,899 | $ 5,955,367 | ||
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | |||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial instruments (Detail82
Financial instruments (Details 18) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | [1] | $ 5,419,379 | $ 5,907,494 | |
Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 5,505,658 | [2] | 6,020,731 | |
Floating interest rate [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | 3,127,149 | 3,311,176 | ||
Fixed interest rate [member] | Gross carrying amount [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Loans and receivables | $ 2,378,509 | $ 2,709,555 | ||
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | |||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial instruments (Detail83
Financial instruments (Details 19) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial instruments [Line Items] | ||
Recorded investment | $ 58,759 | $ 65,364 |
Past due principal balance | 35,000 | 53,364 |
Related allowance Stage 3 | 27,995 | 35,353 |
Average principal loan balance | 40,988 | 30,205 |
Balance Interest recognized | 3,257 | 2,087 |
Private corporations [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Recorded investment | 23,759 | 30,364 |
Past due principal balance | 0 | 18,364 |
Related allowance Stage 3 | 7,468 | 23,174 |
Average principal loan balance | 5,988 | 12,500 |
Balance Interest recognized | 229 | 408 |
Middle-market companies [member] | ||
Disclosure of financial instruments [Line Items] | ||
Recorded investment | 35,000 | 35,000 |
Past due principal balance | 35,000 | 35,000 |
Related allowance Stage 3 | 20,527 | 12,179 |
Average principal loan balance | 35,000 | 17,705 |
Balance Interest recognized | $ 3,028 | $ 1,679 |
Financial instruments (Detail84
Financial instruments (Details 20) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income on credit impairment [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Interest revenue calculated on the net carrying amount(net of credit allowance) | $ 1,170 | $ 1,808 | $ 91 |
Financial instruments (Detail85
Financial instruments (Details 21) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial instruments [Line Items] | |||
Financial assets | [1] | $ 488,003 | $ 403,035 |
91-120 days [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
91-120 days [member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
91-120 days [member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
91-120 days [member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
121-150 days [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
121-150 days [member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
121-150 days [member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
121-150 days [member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
151-180 days [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 4,000 | |
151-180 days [member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 4,000 | |
151-180 days [member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
151-180 days [member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
Greater than 180 days [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 35,000 | 49,364 | |
Greater than 180 days [member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 14,364 | |
Greater than 180 days [member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
Greater than 180 days [member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 35,000 | 35,000 | |
Total past due [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 35,000 | 53,364 | |
Total past due [member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 18,364 | |
Total past due [member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
Total past due [member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 35,000 | 35,000 | |
Delinquent [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
Delinquent [member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
Delinquent [member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
Delinquent [member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 0 | 0 | |
Current [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 5,470,658 | 5,967,367 | |
Current [member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 2,606,113 | 3,424,446 | |
Current [member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 2,657,444 | 2,283,876 | |
Current [member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 207,101 | 259,045 | |
Total [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 5,505,658 | 6,020,731 | |
Total [Member] | Corporations [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 2,606,113 | 3,442,810 | |
Total [Member] | Banking and financial institutions [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | 2,657,444 | 2,283,876 | |
Total [Member] | Middle-market companies [member] | |||
Disclosure of financial instruments [Line Items] | |||
Financial assets | $ 242,101 | $ 294,045 | |
[1] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial Instruments (Detail86
Financial Instruments (Details 22) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Gross carrying amount before modification | $ 8,855 | $ 0 |
Loss allowance before modification | (3,344) | 0 |
Net amortized cost before modification | 5,511 | 0 |
Gross carrying amount after modification | 4,484 | 0 |
Loss allowance after modification | (4,484) | 0 |
Net amortized cost after modification | $ 0 | $ 0 |
Financial Instruments (Detail87
Financial Instruments (Details 23) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of Fair value of financial instruments [Line Items] | |||
Beginning Balance | [1] | $ 403,035 | |
Ending Balance | [1] | 488,003 | $ 403,035 |
Loans and receivables, category [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Beginning Balance | 6,020,731 | 6,691,749 | |
Transfer in book value to stage 2 | 0 | 0 | |
Transfer to lifetime expected credit losses - credit-impaired | 0 | 0 | |
Transfer in book value to stage 1 | 0 | 0 | |
Financial assets that have been derecognized during the year | (4,549,758) | (4,716,536) | |
Changes due to financial instruments recognized | (4,549,758) | (4,716,536) | |
New financial assets originated or purchased | 4,067,723 | 4,064,325 | |
Write-offs | (33,038) | (18,807) | |
Ending Balance | 5,505,658 | 6,020,731 | |
Loans and receivables, category [member] | 12-month expected credit losses [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Beginning Balance | 5,019,368 | 6,282,752 | |
Transfer in book value to stage 2 | (41,167) | (828,589) | |
Transfer to lifetime expected credit losses - credit-impaired | 0 | (12,000) | |
Transfer in book value to stage 1 | 8,000 | 90,770 | |
Financial assets that have been derecognized during the year | (4,214,697) | (4,577,890) | |
Changes due to financial instruments recognized | (4,247,864) | (5,327,709) | |
New financial assets originated or purchased | 4,067,723 | 4,064,325 | |
Write-offs | 0 | 0 | |
Ending Balance | 4,839,227 | 5,019,368 | |
Loans and receivables, category [member] | Lifetime expected credit losses [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Beginning Balance | 935,999 | 356,668 | |
Transfer in book value to stage 2 | 41,167 | 828,589 | |
Transfer to lifetime expected credit losses - credit-impaired | (46,673) | (45,056) | |
Transfer in book value to stage 1 | (8,000) | (90,770) | |
Financial assets that have been derecognized during the year | (313,394) | (113,432) | |
Changes due to financial instruments recognized | (326,900) | 579,331 | |
New financial assets originated or purchased | 0 | 0 | |
Write-offs | (1,427) | 0 | |
Ending Balance | 607,672 | 935,999 | |
Loans and receivables, category [member] | Credit impairment of financial instruments [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Beginning Balance | 65,364 | 52,329 | |
Transfer in book value to stage 2 | 0 | 0 | |
Transfer to lifetime expected credit losses - credit-impaired | 46,673 | 57,056 | |
Transfer in book value to stage 1 | 0 | 0 | |
Financial assets that have been derecognized during the year | (21,667) | (25,214) | |
Changes due to financial instruments recognized | 25,006 | 31,842 | |
New financial assets originated or purchased | 0 | 0 | |
Write-offs | (31,611) | (18,807) | |
Ending Balance | $ 58,759 | $ 65,364 | |
[1] | Current ratings as of December 31, 2017 and 2016, respectively. |
Financial instruments (Detail88
Financial instruments (Details 24) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | $ 105,988 | $ 89,974 | |
Allowance for expected credit losses at ending | 81,294 | 105,988 | |
Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | 105,988 | 89,974 | |
Transfer to lifetime expected credit losses - not credit-impaired | 0 | 2 | |
Transfer to lifetime expected credit losses - credit-impaired | 0 | 0 | |
Transfer to 12-month expected credit losses | 0 | (1) | |
Net effect of changes in reserve for expected credit losses | 35,584 | 34,891 | |
Financial assets that have been derecognized during the year | (44,088) | (82,396) | |
Changes due to financial instruments recognized as of December 31 | (8,504) | (47,504) | |
New financial assets originated or purchased | 17,363 | 82,169 | |
Write-offs | (33,553) | (18,807) | |
Recoveries of amounts previously written off | 0 | 156 | |
Allowance for expected credit losses at ending | 81,294 | 105,988 | |
Stage 1 [member] | Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [1] | 29,036 | 59,214 |
Transfer to lifetime expected credit losses - not credit-impaired | [1] | (672) | (9,117) |
Transfer to lifetime expected credit losses - credit-impaired | [1] | 0 | (7) |
Transfer to 12-month expected credit losses | [1] | 1,428 | 2,038 |
Net effect of changes in reserve for expected credit losses | [1] | (2,900) | (39,621) |
Financial assets that have been derecognized during the year | [1] | (24,434) | (65,640) |
Changes due to financial instruments recognized as of December 31 | [1] | (26,578) | (112,347) |
New financial assets originated or purchased | [1] | 17,363 | 82,169 |
Write-offs | [1] | 0 | 0 |
Recoveries of amounts previously written off | [1] | 0 | 0 |
Allowance for expected credit losses at ending | [1] | 19,821 | 29,036 |
Stage 2 [member] | Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [2] | 41,599 | 9,609 |
Transfer to lifetime expected credit losses - not credit-impaired | [2] | 672 | 9,119 |
Transfer to lifetime expected credit losses - credit-impaired | [2] | (12,845) | (6,317) |
Transfer to 12-month expected credit losses | [2] | (1,428) | (2,077) |
Net effect of changes in reserve for expected credit losses | [2] | 18,227 | 48,021 |
Financial assets that have been derecognized during the year | [2] | (11,321) | (16,756) |
Changes due to financial instruments recognized as of December 31 | [2] | (6,695) | 31,990 |
New financial assets originated or purchased | [2] | 0 | 0 |
Write-offs | [2] | (1,427) | 0 |
Recoveries of amounts previously written off | [2] | 0 | 0 |
Allowance for expected credit losses at ending | [2] | 33,477 | 41,599 |
Stage 3 [member] | Loans and receivables, category [member] | |||
Disclosure of financial instruments [Line Items] | |||
Allowance for expected credit losses at beginning | [3] | 35,353 | 21,151 |
Transfer to lifetime expected credit losses - not credit-impaired | [3] | 0 | 0 |
Transfer to lifetime expected credit losses - credit-impaired | [3] | 12,845 | 6,324 |
Transfer to 12-month expected credit losses | [3] | 0 | 38 |
Net effect of changes in reserve for expected credit losses | [3] | 20,257 | 26,491 |
Financial assets that have been derecognized during the year | [3] | (8,333) | 0 |
Changes due to financial instruments recognized as of December 31 | [3] | 24,769 | 32,853 |
New financial assets originated or purchased | [3] | 0 | 0 |
Write-offs | [3] | (32,126) | (18,807) |
Recoveries of amounts previously written off | [3] | 0 | 156 |
Allowance for expected credit losses at ending | [3] | $ 27,996 | $ 35,353 |
[1] | 12-month expected credit losses. | ||
[2] | Lifetime expected credit losses. | ||
[3] | Credit-impaired financial assets (lifetime expected credit losses). |
Financial instruments (Detail89
Financial instruments (Details 25) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial instruments [Line Items] | ||
Nominal Amount | $ 1,527,117 | $ 2,218,625 |
Carrying amount of the hedging instrument, Asset | 13,338 | 9,352 |
Carrying amount of the hedging instrument, Liability | (34,943) | (59,686) |
Changes in fair value used for calculating hedge ineffectiveness | 28,649 | (27,640) |
Interest rate swaps | Fair value hedges: | ||
Disclosure of financial instruments [Line Items] | ||
Nominal Amount | 367,500 | 796,202 |
Carrying amount of the hedging instrument, Asset | 0 | 40 |
Carrying amount of the hedging instrument, Liability | (4,361) | (2,005) |
Changes in fair value used for calculating hedge ineffectiveness | (2,394) | (2,199) |
Interest rate swaps | Cash flow hedges: | ||
Disclosure of financial instruments [Line Items] | ||
Nominal Amount | 595,000 | 752,000 |
Carrying amount of the hedging instrument, Asset | 127 | 323 |
Carrying amount of the hedging instrument, Liability | (428) | (1,699) |
Changes in fair value used for calculating hedge ineffectiveness | 995 | 696 |
Cross-currency interest rate swaps | Fair value hedges: | ||
Disclosure of financial instruments [Line Items] | ||
Nominal Amount | 306,961 | 291,065 |
Carrying amount of the hedging instrument, Asset | 3,672 | 2,561 |
Carrying amount of the hedging instrument, Liability | (30,154) | (44,944) |
Changes in fair value used for calculating hedge ineffectiveness | 15,900 | (19,316) |
Cross-currency interest rate swaps | Cash flow hedges: | ||
Disclosure of financial instruments [Line Items] | ||
Nominal Amount | 23,025 | 23,025 |
Carrying amount of the hedging instrument, Asset | 879 | 0 |
Carrying amount of the hedging instrument, Liability | 0 | (1,254) |
Changes in fair value used for calculating hedge ineffectiveness | 2,132 | (1,313) |
Foreign exchange forward | Cash flow hedges: | ||
Disclosure of financial instruments [Line Items] | ||
Nominal Amount | 225,388 | 352,553 |
Carrying amount of the hedging instrument, Asset | 8,610 | 6,428 |
Carrying amount of the hedging instrument, Liability | 0 | (9,653) |
Changes in fair value used for calculating hedge ineffectiveness | 11,835 | (5,093) |
Foreign exchange forward | Net investment hedges: | ||
Disclosure of financial instruments [Line Items] | ||
Nominal Amount | 9,243 | 3,780 |
Carrying amount of the hedging instrument, Asset | 50 | 0 |
Carrying amount of the hedging instrument, Liability | 0 | (131) |
Changes in fair value used for calculating hedge ineffectiveness | $ 181 | $ (415) |
Financial instruments (Detail90
Financial instruments (Details 26) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gains (loss) recognized in OCI (effective portion) | $ (5,466) | $ (439) | $ 8,913 |
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 11,412 | 6,018 | 10,190 |
Gain (loss) recognized on derivatives (ineffective portion) | 268 | (1,352) | (145) |
Net Investment Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gains (loss) recognized in OCI (effective portion) | (277) | 0 | (901) |
Interest rate swaps [member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gains (loss) recognized in OCI (effective portion) | (834) | 627 | 35 |
Interest rate swaps [member] | Gain loss on interest rate swap [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 0 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | 242 | (1,258) | (229) |
Cross-currency swaps [member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gains (loss) recognized in OCI (effective portion) | (1,924) | (1,299) | 5,367 |
Cross-currency swaps [member] | Gain loss on foreign exchange [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 0 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | 26 | 16 | 84 |
Cross-currency swaps [member] | Interest income - loans [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 7,611 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | (110) | 0 |
Forward foreign exchange [member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gains (loss) recognized in OCI (effective portion) | (2,708) | 233 | 3,511 |
Forward foreign exchange [member] | Net Investment Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gains (loss) recognized in OCI (effective portion) | (277) | 0 | (901) |
Forward foreign exchange [member] | Interest income - loans [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 3,991 | (4,751) | (1,821) |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | 0 |
Forward foreign exchange [member] | Interest income - securities at FVOCI [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 0 | 0 | (694) |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | 0 |
Forward foreign exchange [member] | Interest expense - borrowings and debt [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 0 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | 0 |
Forward foreign exchange [member] | Interest expenses - deposits [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | (190) | 1,672 | 166 |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | 0 |
Forward foreign exchange [member] | Gain loss on foreign currency exchange [Member] | Cash Flow Hedging [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) reclassified from accumulated OCI to the consolidated statement of profit or loss | 0 | 9,097 | 12,539 |
Gain (loss) recognized on derivatives (ineffective portion) | $ 0 | $ 0 | $ 0 |
Financial instruments (Detail91
Financial instruments (Details 27) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial instruments [Line Items] | |||
Interest expenses - borrowings and debt | $ 63,417 | $ 70,558 | $ 63,045 |
Fair value hedges [member] | |||
Disclosure of financial instruments [Line Items] | |||
Gain (loss) on derivatives | 14,281 | 19,335 | (15,909) |
Gain (loss) on hedge item | (37,758) | (44,474) | 276 |
Net gain (loss) | (23,477) | (25,139) | (15,633) |
Interest rate swap contract [member] | |||
Disclosure of financial instruments [Line Items] | |||
Interest income - securities at FVOCI | 350 | 976 | 467 |
Interest income loans at amortized cost | 148 | 1,998 | 3,611 |
Interest expenses - borrowings and debt | (14,846) | (23,703) | (17,758) |
Derivative financial instruments and hedging | 101 | 101 | (153) |
Interest rate swap contract [member] | Fair value hedges [member] | |||
Disclosure of financial instruments [Line Items] | |||
Interest income - securities at FVOCI | 476 | 1,593 | 1,514 |
Interest income loans at amortized cost | 160 | 2,023 | 3,987 |
Interest expenses - borrowings and debt | (16,233) | (28,261) | (24,026) |
Derivative financial instruments and hedging | 2,371 | 2,178 | 1,688 |
Interest rate swap contract [member] | Gainloss on hedge item [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Interest income - securities at FVOCI | (126) | (617) | (1,047) |
Interest income loans at amortized cost | (12) | (25) | (376) |
Interest expenses - borrowings and debt | 1,387 | 4,558 | 6,268 |
Derivative financial instruments and hedging | (2,270) | (2,077) | (1,841) |
Cross-currency interest rate swaps [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Interest income loans at amortized cost | 946 | 556 | 213 |
Interest expenses - borrowings and debt | (8,417) | (5,988) | (3,041) |
Derivative financial instruments and hedging | (1,759) | 921 | 1,028 |
Cross-currency interest rate swaps [Member] | Fair value hedges [member] | |||
Disclosure of financial instruments [Line Items] | |||
Interest income loans at amortized cost | 2,442 | 928 | 348 |
Interest expenses - borrowings and debt | (10,265) | (6,183) | (3,785) |
Derivative financial instruments and hedging | (16,709) | (16,752) | 20,550 |
Cross-currency interest rate swaps [Member] | Gainloss on hedge item [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Interest income loans at amortized cost | (1,496) | (372) | (135) |
Interest expenses - borrowings and debt | 1,848 | 195 | 744 |
Derivative financial instruments and hedging | $ 14,950 | $ 17,673 | $ (19,522) |
Financial instruments (Detail92
Financial instruments (Details 28) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Loans [Member] | Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Line item in the statement of financial position | Loans | Loans |
Carrying amount, assets | $ 0 | $ 18,502 |
Loans [Member] | Interest Rate Risk [Member] | Fair value hedges [member] | ||
Disclosure of financial instruments [Line Items] | ||
Thereof accumulated fair value adjustments, assets | $ 0 | $ 12 |
Loans [Member] | Currency risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Line item in the statement of financial position | Loans | Loans |
Carrying amount, assets | $ 25,027 | $ 9,252 |
Loans [Member] | Currency risk [member] | Fair value hedges [member] | ||
Disclosure of financial instruments [Line Items] | ||
Thereof accumulated fair value adjustments, assets | $ 744 | $ 706 |
Issuances [Member] | Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Line item in the statement of financial position | Short and long term borrowings and debt | Short and long term borrowings and debt |
Carrying amount, liabilities | $ 355,000 | $ 755,000 |
Issuances [Member] | Interest Rate Risk [Member] | Fair value hedges [member] | ||
Disclosure of financial instruments [Line Items] | ||
Thereof accumulated fair value adjustments, liabilities | $ (4,411) | $ 2,089 |
Issuances [Member] | Currency risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Line item in the statement of financial position | Short and long term borrowings and debt | Short and long term borrowings and debt |
Carrying amount, liabilities | $ (249,328) | $ (308,739) |
Issuances [Member] | Currency risk [member] | Fair value hedges [member] | ||
Disclosure of financial instruments [Line Items] | ||
Thereof accumulated fair value adjustments, liabilities | $ (2,301) | $ (49) |
Foreign exchange rate risk and FX [Member] | Currency risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Line item in the statement of financial position | Financial instruments at FVOCI | Financial instruments at FVOCI |
Carrying amount, assets | $ 12,369 | $ 22,188 |
Foreign exchange rate risk and FX [Member] | Currency risk [member] | Fair value hedges [member] | ||
Disclosure of financial instruments [Line Items] | ||
Thereof accumulated fair value adjustments, assets | $ (32) | $ (232) |
Financial instruments (Detail93
Financial instruments (Details 29) - Number | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 1,527,117 | 2,218,625 |
Up to 1 month [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 69,459 | 66,149 |
31 to 60 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 26,104 | 118,393 |
61 to 90 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 203,550 | 84,093 |
91 to 180 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 154,067 | 816,613 |
181 to 365 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 279,579 | 269,839 |
1 to 2 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 273,024 | 167,063 |
2 to 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 445,285 | 604,029 |
More than 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 76,049 | 92,446 |
Foreign Exchange risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 365,555 | 469,822 |
Foreign Exchange risk [member] | Up to 1 month [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 69,459 | 66,149 |
Foreign Exchange risk [member] | 31 to 60 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 26,104 | 33,393 |
Foreign Exchange risk [member] | 61 to 90 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 1,729 | 24,093 |
Foreign Exchange risk [member] | 91 to 180 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 16,567 | 71,533 |
Foreign Exchange risk [member] | 181 to 365 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 68,952 | 109,228 |
Foreign Exchange risk [member] | 1 to 2 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 178,331 | 92,115 |
Foreign Exchange risk [member] | 2 to 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 4,413 | 73,311 |
Foreign Exchange risk [member] | More than 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 962,500 | 1,548,202 |
Interest Rate Risk [Member] | Up to 1 month [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Interest Rate Risk [Member] | 31 to 60 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 0 | 85,000 |
Interest Rate Risk [Member] | 61 to 90 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 185,000 | 60,000 |
Interest Rate Risk [Member] | 91 to 180 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 137,500 | 745,080 |
Interest Rate Risk [Member] | 181 to 365 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 202,500 | 160,422 |
Interest Rate Risk [Member] | 1 to 2 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 21,500 | 50,000 |
Interest Rate Risk [Member] | 2 to 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 416,000 | 434,500 |
Interest Rate Risk [Member] | More than 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 0 | 13,200 |
Foreign exchange and interest rate risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 199,062 | 200,601 |
Foreign exchange and interest rate risk [Member] | Up to 1 month [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Foreign exchange and interest rate risk [Member] | 31 to 60 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Foreign exchange and interest rate risk [Member] | 61 to 90 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 16,821 | 0 |
Foreign exchange and interest rate risk [Member] | 91 to 180 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Foreign exchange and interest rate risk [Member] | 181 to 365 days [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 8,127 | 189 |
Foreign exchange and interest rate risk [Member] | 1 to 2 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 73,193 | 24,948 |
Foreign exchange and interest rate risk [Member] | 2 to 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 24,872 | 96,218 |
Foreign exchange and interest rate risk [Member] | More than 5 years [member] | ||
Disclosure of financial instruments [Line Items] | ||
Nominal amount of hedging instrument | 76,049 | 79,246 |
Financial instruments (Detail94
Financial instruments (Details 30) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | $ 310 | $ 639 |
Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 302 | 623 |
Foreign exchange risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 8 | 16 |
USD OIS [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 14 | 44 |
USD OIS [Member] | Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 22 | 19 |
USD OIS [Member] | Foreign exchange risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | (8) | 25 |
Tenor [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 296 | 0 |
Tenor [Member] | Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 296 | 0 |
Tenor [Member] | Foreign exchange risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 0 | 0 |
Xccy basis [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 17 | (4) |
Xccy basis [Member] | Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 0 | 0 |
Xccy basis [Member] | Foreign exchange risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | 17 | (4) |
Credit spread [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | (17) | 599 |
Credit spread [Member] | Interest Rate Risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | (16) | 604 |
Credit spread [Member] | Foreign exchange risk [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gains (losses) on ineffectiveness of cash flow hedges recognised in profit or loss | $ (1) | $ (5) |
Financial instruments (Detail95
Financial instruments (Details 31) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Gross amounts assets | $ 13,338 | $ 9,352 |
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of assets presented in the consolidated statement of financial position | 13,338 | 9,352 |
Gross amounts not offset in the consolidated statement of financial position Financial instruments | 0 | 0 |
Gross amounts not offset in the consolidated statement of financial position Cash collateral received | (22,304) | 0 |
Gross amounts not offset in the consolidated statement of financial position Net Amount | (8,966) | 9,352 |
Derivative financial instruments hedging [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of assets presented in the consolidated statement of financial position | 13,338 | 9,352 |
Gross amounts not offset in the consolidated statement of financial position Financial instruments | 0 | 0 |
Gross amounts not offset in the consolidated statement of financial position Cash collateral received | (22,304) | 0 |
Gross amounts not offset in the consolidated statement of financial position Net Amount | (8,966) | 9,352 |
Gross amount [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts assets | 13,338 | 9,352 |
Gross amount [member] | Derivative financial instruments hedging [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts assets | $ 13,338 | $ 9,352 |
Financial instruments (Detail96
Financial instruments (Details 32) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Gross amounts assets | $ 13,338 | $ 9,352 |
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of assets presented in the consolidated statement of financial position | 13,338 | 9,352 |
Gross carrying amount [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts assets | 13,338 | 9,352 |
Derivative financial instruments hedging [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of assets presented in the consolidated statement of financial position | 13,338 | 9,352 |
Derivative financial instruments hedging [Member] | Gross carrying amount [member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts assets | $ 13,338 | $ 9,352 |
Financial Instruments (Detail97
Financial Instruments (Details 33) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Financial liabilities at FVTPL | $ 0 | $ 24 |
Derivative financial instruments - hedging | 34,943 | 59,686 |
Total | 34,943 | 59,710 |
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of liabilities presented in the consolidated statement of financial position | 34,943 | 59,710 |
Gross amounts not offset in the consolidated statement of financial position Financial instruments | 0 | 0 |
Gross amounts not offset in the consolidated statement of financial position Cash collateral pledged | (50,241) | (59,012) |
Gross amounts not offset in the consolidated statement of financial position Net Amount | (15,298) | 698 |
Financial liabilities at Fair value other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts offset in the consolidated statement of financial position | 0 | |
Net amount of liabilities presented in the consolidated statement of financial position | 24 | |
Gross amounts not offset in the consolidated statement of financial position Financial instruments | 0 | |
Gross amounts not offset in the consolidated statement of financial position Cash collateral pledged | 0 | |
Gross amounts not offset in the consolidated statement of financial position Net Amount | 24 | |
Derivative financial instruments hedging [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of liabilities presented in the consolidated statement of financial position | 34,943 | 59,686 |
Gross amounts not offset in the consolidated statement of financial position Financial instruments | 0 | 0 |
Gross amounts not offset in the consolidated statement of financial position Cash collateral pledged | (50,241) | (59,012) |
Gross amounts not offset in the consolidated statement of financial position Net Amount | (15,298) | 674 |
Gross carrying amount [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial liabilities at FVTPL | 24 | |
Derivative financial instruments - hedging | 34,943 | 59,686 |
Total | $ 34,943 | 59,710 |
Gross carrying amount [member] | Financial liabilities at Fair value other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial liabilities at FVTPL | 24 | |
Gross carrying amount [member] | Derivative financial instruments hedging [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Derivative financial instruments - hedging | $ 59,686 |
Financial Instruments (Detail98
Financial Instruments (Details 34) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||
Financial liabilities at FVTPL | $ 0 | $ 24 |
Derivative financial instruments used for hedging | 34,943 | 59,686 |
Total derivative financial instruments | 34,943 | 59,710 |
Gross amounts of liabilities [member] | ||
Disclosure of financial instruments [Line Items] | ||
Financial liabilities at FVTPL | 24 | |
Derivative financial instruments used for hedging | 34,943 | 59,686 |
Total derivative financial instruments | $ 34,943 | $ 59,710 |
Financial instruments (Detail99
Financial instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of financial instruments [Line Items] | ||||
Unearned discount interest and deferred commission, financial assets | $ 4,985 | $ 7,249 | ||
Description of duration of hedging, financial assets | 6 years 2 months 8 days | |||
Interest income, Hedged loans | $ 610 | |||
Interest expenses, Hedge financial assets for sale of securities | 645 | |||
Dation In Payment Received Other Real Estate Owned Property | 5,119 | |||
Notional amount | 0 | 1,274 | ||
Financial assets at amortised cost | [1] | 68,934 | 77,214 | |
Revenue | 76 | $ 425 | ||
Impaired Loans Fair Value | 19,274 | |||
Allowance account for credit losses of financial assets | 81,294 | $ 105,988 | 89,974 | |
Equity investments [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Notional amount | 37,817 | |||
Financial assets at amortised cost | $ 8,630 | |||
Fixed interest rate [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Interest rate fluctuations of loans at amortized cost, financial assets | 85.00% | 93.00% | ||
Annual interest rate [Member] | Bottom of range [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Interest rate fluctuations of loans at amortized cost, financial assets | 1.35% | 1.21% | ||
Annual interest rate [Member] | Top of range [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Interest rate fluctuations of loans at amortized cost, financial assets | 11.52% | 12.69% | ||
Financial assets at amortised cost, category [member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Allowance account for credit losses of financial assets | $ 196 | $ 602 | $ 526 | |
[1] | The carrying value of securities at amortized cost is net of the allowance for expected credit losses of $0.2 million for December 31, 2017 and $0.6 million for December 31, 2016. |
Loans commitments and financ100
Loans commitments and financial guarantees contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Financial assets | [1] | $ 488,003 | $ 403,035 |
Confirmed letters of credit [Member] | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Financial assets | 273,449 | 216,608 | |
Stand-by letters of credit and guaranteed - Commercial risk [Member] | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Financial assets | 168,976 | 176,177 | |
Credit commitments [Member] | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Financial assets | $ 45,578 | $ 10,250 | |
[1] | Current ratings as of December 31, 2017 and 2016, respectively. |
Loans commitments and financ101
Loans commitments and financial guarantees contracts (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial assets | [1] | $ 488,003 | $ 403,035 |
Up to 1 year [member] | |||
Financial assets | 457,168 | 399,257 | |
From 1 to 2 years [member] | |||
Financial assets | 257 | 0 | |
From 2 to 5 years [member] | |||
Financial assets | 30,000 | 3,200 | |
More than 5 years | |||
Financial assets | $ 578 | $ 578 | |
[1] | Current ratings as of December 31, 2017 and 2016, respectively. |
Loans commitments and financ102
Loans commitments and financial guarantees contracts (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial assets | [1] | $ 488,003 | $ 403,035 |
1-4 [member] | |||
Financial assets | [1] | 151,934 | 145,255 |
5-6 [member] | |||
Financial assets | [1] | 336,069 | 193,368 |
7 [member] | |||
Financial assets | [1] | 0 | 64,412 |
8 [member] | |||
Financial assets | [1] | 0 | 0 |
9 [member] | |||
Financial assets | [1] | 0 | 0 |
10 [member] | |||
Financial assets | [1] | $ 0 | $ 0 |
[1] | Current ratings as of December 31, 2017 and 2016, respectively. |
Loans commitments and financ103
Loans commitments and financial guarantees contracts (Details 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial assets | [1] | $ 488,003 | $ 403,035 |
Argentina [Member] | |||
Financial assets | 7,546 | 0 | |
Bolivia [Member] | |||
Financial assets | 200 | 190 | |
Brazil [Member] | |||
Financial assets | 0 | 0 | |
Canada [Member] | |||
Financial assets | 425 | 160 | |
Colombia [Member] | |||
Financial assets | 91,020 | 78,815 | |
Costa Rica [Member] | |||
Financial assets | 19,848 | 2,250 | |
Dominican Republic [Member] | |||
Financial assets | 0 | 26,787 | |
Ecuador [Member] | |||
Financial assets | 252,800 | 172,522 | |
El Salvador [Member] | |||
Financial assets | 767 | 1,305 | |
Guatemala [Member] | |||
Financial assets | 11,788 | 7,000 | |
Honduras [Member] | |||
Financial assets | 890 | 1,170 | |
Mexico [Member] | |||
Financial assets | 35,643 | 11,118 | |
Panama [Member] | |||
Financial assets | 31,260 | 39,756 | |
Paraguay [Member] | |||
Financial assets | 22 | 0 | |
Peru [Member] | |||
Financial assets | 17,618 | 42,764 | |
Switzerland [Member] | |||
Financial assets | 0 | 1,000 | |
United Kingdom [Member] | |||
Financial assets | 0 | 70 | |
Uruguay [Member] | |||
Financial assets | 3,176 | 18,128 | |
Chile [Member] | |||
Financial assets | $ 15,000 | $ 0 | |
[1] | Current ratings as of December 31, 2017 and 2016, respectively. |
Loans commitments and financ104
Loans commitments and financial guarantees contracts (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Beginning Balance | $ 5,776 | $ 5,424 | ||
Net effect of changes in reserve for expected credit loss | 799 | 1,008 | ||
Instruments that have been derecognized during the year | (971) | (2,957) | ||
Changes due to instruments recognized as of December 31 | (172) | (1,902) | ||
New instruments originated or purchased | 1,241 | 2,254 | ||
End Balance | 6,845 | 5,776 | ||
Financial instruments not credit-impaired one [Member] | ||||
Beginning Balance | 1,143 | [1] | 2,914 | |
Net effect of changes in reserve for expected credit loss | (54) | [1] | (748) | |
Instruments that have been derecognized during the year | (971) | [1] | (2,631) | |
Changes due to instruments recognized as of December 31 | (1,026) | [1] | (4,025) | |
New instruments originated or purchased | 1,241 | [1] | 2,254 | |
End Balance | [1] | 1,358 | 1,143 | |
Financial instruments not credit-impaired Two [Member] | ||||
Beginning Balance | 4,633 | [2] | 2,510 | |
Net effect of changes in reserve for expected credit loss | 853 | [2] | 1,756 | |
Instruments that have been derecognized during the year | 0 | [2] | (326) | |
Changes due to instruments recognized as of December 31 | 854 | [2] | 2,123 | |
New instruments originated or purchased | 0 | [2] | 0 | |
End Balance | [2] | 5,487 | 4,633 | |
Financial instruments credit-impaired [member] | ||||
Beginning Balance | 0 | [3] | 0 | |
Net effect of changes in reserve for expected credit loss | 0 | [3] | 0 | |
Instruments that have been derecognized during the year | 0 | [3] | 0 | |
Changes due to instruments recognized as of December 31 | 0 | [3] | 0 | |
New instruments originated or purchased | 0 | [3] | 0 | |
End Balance | [3] | 0 | 0 | |
Transfer to lifetime expected credit losses [member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | 47 | ||
Transfer to lifetime expected credit losses [member] | Financial instruments not credit-impaired one [Member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | (1) | [1] | (646) | |
Transfer to lifetime expected credit losses [member] | Financial instruments not credit-impaired Two [Member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 1 | [2] | 693 | |
Transfer to lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | [3] | 0 | |
Transfer to credit-impaired instruments [member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | 0 | ||
Transfer to credit-impaired instruments [member] | Financial instruments not credit-impaired one [Member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | [1] | 0 | |
Transfer to credit-impaired instruments [member] | Financial instruments not credit-impaired Two [Member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | [2] | 0 | |
Transfer to credit-impaired instruments [member] | Financial instruments credit-impaired [member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | [3] | 0 | |
Transfer to 12-month expected credit losses [member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | 0 | ||
Transfer to 12-month expected credit losses [member] | Financial instruments not credit-impaired one [Member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | [1] | 0 | |
Transfer to 12-month expected credit losses [member] | Financial instruments not credit-impaired Two [Member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | 0 | [2] | 0 | |
Transfer to 12-month expected credit losses [member] | Financial instruments credit-impaired [member] | ||||
Increase (decrease) through transfers, exposure to credit risk on loan commitments and financial guarantee contracts | $ 0 | [3] | $ 0 | |
[1] | 12-month expected credit losses. | |||
[2] | Lifetime expected credit losses. | |||
[3] | Credit-impaired financial assets (lifetime expected credit losses). |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Beginning Balance | $ 8,549 | $ 6,173 | |
Ending Balance | 7,420 | 8,549 | $ 6,173 |
IT equipment [member] | |||
Beginning Balance | 1,644 | 695 | |
Ending Balance | 1,300 | 1,644 | 695 |
Furniture and fixtures [member] | |||
Beginning Balance | 2,133 | 511 | |
Ending Balance | 244 | 2,133 | 511 |
Leasehold improvement [member] | |||
Beginning Balance | 4,597 | 4,876 | |
Ending Balance | 4,162 | 4,597 | 4,876 |
Other equipment [member] | |||
Beginning Balance | 175 | 91 | |
Ending Balance | 1,714 | 175 | 91 |
Cost [member] | |||
Beginning Balance | 15,553 | 13,237 | 13,201 |
Additions | 2,654 | 3,973 | 615 |
Disposals | (2,738) | (1,657) | (579) |
Ending Balance | 15,469 | 15,553 | 13,237 |
Cost [member] | IT equipment [member] | |||
Beginning Balance | 4,386 | 3,366 | 3,136 |
Additions | 246 | 1,436 | 368 |
Disposals | (462) | (416) | (138) |
Ending Balance | 4,170 | 4,386 | 3,366 |
Cost [member] | Furniture and fixtures [member] | |||
Beginning Balance | 3,778 | 2,002 | 2,147 |
Additions | 461 | 2,137 | 30 |
Disposals | (2,255) | (361) | (175) |
Ending Balance | 1,984 | 3,778 | 2,002 |
Cost [member] | Leasehold improvement [member] | |||
Beginning Balance | 6,771 | 7,412 | 7,458 |
Additions | 39 | 239 | 179 |
Disposals | 0 | (880) | (225) |
Ending Balance | 6,810 | 6,771 | 7,412 |
Cost [member] | Other equipment [member] | |||
Beginning Balance | 618 | 457 | 460 |
Additions | 1,908 | 161 | 38 |
Disposals | (21) | 0 | (41) |
Ending Balance | 2,505 | 618 | 457 |
Accumulated amortization [member] | |||
Beginning Balance | 7,004 | 7,064 | 6,240 |
Depreciation expense of the year | 1,578 | 1,457 | 1,371 |
Disposals | (533) | (1,517) | (547) |
Ending Balance | 8,049 | 7,004 | 7,064 |
Accumulated amortization [member] | IT equipment [member] | |||
Beginning Balance | 2,742 | 2,671 | 2,397 |
Depreciation expense of the year | 587 | 483 | 388 |
Disposals | (459) | (412) | (114) |
Ending Balance | 2,870 | 2,742 | 2,671 |
Accumulated amortization [member] | Furniture and fixtures [member] | |||
Beginning Balance | 1,645 | 1,491 | 1,339 |
Depreciation expense of the year | 149 | 384 | 322 |
Disposals | (54) | (230) | (170) |
Ending Balance | 1,740 | 1,645 | 1,491 |
Accumulated amortization [member] | Leasehold improvement [member] | |||
Beginning Balance | 2,174 | 2,536 | 2,202 |
Depreciation expense of the year | 474 | 513 | 556 |
Disposals | 0 | (875) | (222) |
Ending Balance | 2,648 | 2,174 | 2,536 |
Accumulated amortization [member] | Other equipment [member] | |||
Beginning Balance | 443 | 366 | 302 |
Depreciation expense of the year | 368 | 77 | 105 |
Disposals | (20) | 0 | (41) |
Ending Balance | $ 791 | $ 443 | $ 366 |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning Balance | $ 2,909 | $ 427 | |
Ending Balance | 5,425 | 2,909 | $ 427 |
Gross amounts of assets [member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning Balance | 13,883 | 10,776 | 10,987 |
Additions other than through business combinations, intangible assets other than goodwill | 3,370 | 3,111 | 0 |
Disposals and retirements, intangible assets other than goodwill | (81) | (4) | (211) |
Ending Balance | 17,172 | 13,883 | 10,776 |
Accumulated amortization [member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning Balance | 10,974 | 10,349 | 9,963 |
Disposals and retirements, intangible assets other than goodwill | (65) | (4) | (210) |
Ending Balance | 11,747 | 10,974 | 10,349 |
Intangible Assets Carrying Value | 5,425 | 2,909 | 427 |
Changes in intangible assets other than goodwill [abstract] | |||
Amortization expense of the year | $ 838 | $ 629 | $ 596 |
Other assets (Details)
Other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other assets [Abstract] | |||
Accounts receivable | $ 6,793 | $ 5,413 | |
Real estate owned | [1] | 5,119 | 0 |
IT projects under development | 1,405 | 4,199 | |
Other | [2] | 5,510 | 1,934 |
Other assets | $ 18,827 | $ 11,546 | |
[1] | Other real estate owned. | ||
[2] | As of December 31, 2017, $1.7 million corresponds to leasing under development. |
Other assets (Details Textual)
Other assets (Details Textual) $ in Millions | Dec. 31, 2017USD ($) |
Disclosure of other assets [Abstract] | |
Leasing Property Under Development | $ 1.7 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | $ 2,928,844 | $ 2,802,852 |
Demand [Member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 82,064 | 127,014 |
Up to 1 month [Member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 1,147,772 | 1,201,328 |
From 1 year to 2 years [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 76,422 | 190,000 |
From 2 years to 5 years [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 147,722 | 47,520 |
From 1 month to 3 months [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 492,205 | 463,479 |
From 3 month to 6 months [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 411,159 | 336,627 |
From 6 month to 1 year | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | $ 571,500 | $ 436,884 |
Deposits (Details 1)
Deposits (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other assets [Abstract] | |||
Aggregate amounts of time deposits of $100,000 or more | $ 2,928,425 | $ 2,802,474 | |
Aggregate amounts of deposits in the New York Agency | 266,158 | 250,639 | |
Interest expense to deposits in the New York Agency | $ 3,519 | $ 2,094 | $ 1,228 |
Securities sold under repurc111
Securities sold under repurchase agreements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Disclosure of repurchase and reverse repurchase agreements [Abstract] | |||
Repurchase agreements and cash collateral on securities lent | $ 0 | $ 0 | |
Interest Expense Under Repurchase Agreements | $ 971 | $ 1,800 |
Borrowings and debt (Details)
Borrowings and debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of short term borrowings [Line Items] | ||
Average outstanding balance during the year | $ 710,021 | $ 1,348,230 |
Maximum outstanding balance at any month - end | 1,072,723 | 1,876,322 |
Total short-term borrowings and debt | 1,072,723 | 1,470,075 |
Short-term borrowings [member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | 1,062,223 | 1,445,075 |
Short term debt [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | 10,500 | 25,000 |
US dollar [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | 1,044,500 | 1,470,000 |
Mexican peso [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | 28,223 | 75 |
Fixed interest rate [member] | Short-term borrowings [member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | 429,069 | 788,075 |
Fixed interest rate [member] | Short term debt [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | $ 10,500 | $ 25,000 |
Fixed interest rate [member] | Short term borrowings and debt [Member] | Mexican peso [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 7.92% | 6.16% |
Floating interest rate [member] | Short-term borrowings [member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | $ 633,154 | $ 657,000 |
Floating interest rate [member] | Short term debt [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | $ 0 | $ 0 |
Floating interest rate [member] | Short term borrowings and debt [Member] | Mexican peso [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 5.72% | |
Bottom of range [member] | Fixed interest rate [member] | Short term borrowings and debt [Member] | US dollar [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 1.60% | 1.10% |
Bottom of range [member] | Floating interest rate [member] | Short term borrowings and debt [Member] | US dollar [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 1.77% | 1.14% |
Bottom of range [member] | Floating interest rate [member] | Short term borrowings and debt [Member] | Mexican peso [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 7.68% | |
Weighted Average [Member] | Short term borrowings and debt [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 2.16% | 1.30% |
Weighted Average [Member] | During the Year [Member] | Short term borrowings and debt [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 1.66% | 1.10% |
Top of range [member] | Fixed interest rate [member] | Short term borrowings and debt [Member] | US dollar [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 1.95% | 1.50% |
Top of range [member] | Floating interest rate [member] | Short term borrowings and debt [Member] | US dollar [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 2.08% | 1.48% |
Top of range [member] | Floating interest rate [member] | Short term borrowings and debt [Member] | Mexican peso [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 7.89% |
Borrowings and debt (Details 1)
Borrowings and debt (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of long-term borrowings [Line Items] | ||
Average outstanding balance during the year | $ 1,477,788 | $ 1,874,435 |
Maximum outstanding balance at any month - end | 2,010,078 | 2,054,138 |
Less: Prepaid commission | (4,211) | (5,133) |
Total long-term borrowings and debt, net | 1,143,055 | 1,781,871 |
Total | 1,138,844 | 1,776,738 |
Long-term borrowings [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 423,011 | 692,474 |
Long-term Debt [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 720,044 | 1,089,397 |
US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 753,981 | 1,392,995 |
Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 206,750 | 219,347 |
Japanese Yen [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 98,711 | 95,238 |
Euros Member [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 60,178 | 52,574 |
Australian Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 23,435 | 21,717 |
Floating interest rate [member] | Long-term borrowings [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 379,000 | 631,326 |
Floating interest rate [member] | Long-term Debt [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 187,739 | 167,918 |
Fixed interest rate [member] | Long-term borrowings [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | 44,011 | 61,148 |
Fixed interest rate [member] | Long-term Debt [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total | $ 532,305 | $ 921,479 |
Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | Euros Member [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.75% | 3.75% |
Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | Australian Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.33% | 3.33% |
Bottom of range [member] | Floating interest rate [member] | Long Term Borrowings And Debt [Member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 2.61% | 1.66% |
Bottom of range [member] | Floating interest rate [member] | Long Term Borrowings And Debt [Member] | Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 7.99% | 6.19% |
Bottom of range [member] | Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 1.35% | 2.85% |
Bottom of range [member] | Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 4.89% | 4.75% |
Bottom of range [member] | Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | Japanese Yen [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 0.46% | 0.46% |
Weighted Average [Member] | Long Term Borrowings And Debt [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.60% | 2.98% |
Weighted Average [Member] | During the Year [Member] | Long Term Borrowings And Debt [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.43% | 2.84% |
Top of range [member] | Floating interest rate [member] | Long Term Borrowings And Debt [Member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.01% | 2.49% |
Top of range [member] | Floating interest rate [member] | Long Term Borrowings And Debt [Member] | Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 8.00% | 6.54% |
Top of range [member] | Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.25% | 3.75% |
Top of range [member] | Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 9.09% | 8.90% |
Top of range [member] | Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | Japanese Yen [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 0.81% | 0.81% |
Borrowings and debt (Details 2)
Borrowings and debt (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of short term borrowings Terms [Line Items] | ||
long-term borrowings and debt | $ 1,143,055 | $ 1,781,871 |
2018 Payments [member] | ||
Disclosure of short term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 139,070 | |
2019 Payments [member] | ||
Disclosure of short term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 357,434 | |
2021 Payments [member] | ||
Disclosure of short term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 200,731 | |
2024 Payments [member] | ||
Disclosure of short term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 60,178 | |
2020 Payments [member] | ||
Disclosure of short term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 375,592 | |
2022 Payments [member] | ||
Disclosure of short term borrowings Terms [Line Items] | ||
long-term borrowings and debt | $ 10,050 |
Borrowings and debt (Details Te
Borrowings and debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of short term borrowings [Line Items] | ||
Current prepaid expenses | $ (4,211) | $ (5,133) |
Euro Medium Term Note Program [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Description Of Borrowings Terms | EMTN, which may be used to issue notes for up to $2.3 billion, with maturities from 7 days up to a maximum of 30 years, at fixed or floating interest rates, or at discount, and in various currencies. | |
Maximum Borrowing Capacity | $ 2,300,000 | |
Euro Medium Term Note Program [Member] | Later than one year [member] | ||
Disclosure of short term borrowings [Line Items] | ||
Current prepaid expenses | $ 4,211 | $ 5,133 |
Certificados Bursatiles Program [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Description Of Borrowings Terms | Short-and Long-Term Notes Certificados Bursatiles Program (the Mexico Program) in the Mexican local market, registered with the Mexican National Registry of Securities maintained by the National Banking and Securities Commission in Mexico (CNBV, for its acronym in Spanish), for an authorized aggregate principal amount of 10 billion Mexican pesos with maturities from one day to 30 years. |
Other liabilities (Details)
Other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of other liabilities [Abstract] | ||
Accruals and other accumulated expenses | $ 8,018 | $ 4,170 |
Accounts payable | 9,307 | 11,179 |
Others | 3,226 | 2,979 |
Other liabilities | $ 20,551 | $ 18,328 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of earnings per share [Abstract] | ||||
Profit for the year | [1] | $ 81,999 | $ 87,045 | $ 103,984 |
Basic earnings per share | $ 2.09 | $ 2.23 | $ 2.67 | |
Diluted earnings per share | $ 2.08 | $ 2.22 | $ 2.66 | |
Weighted average common shares outstanding - applicable to basic | 39,311 | 39,085 | 38,925 | |
Effect of diluted securities: | ||||
Stock options and restricted stock units plans | 18 | 125 | 188 | |
Adjusted weighted average common shares outstanding applicable to diluted EPS | 39,329 | 39,210 | 39,113 | |
[1] | The numbers set out in these tables have been rounded and accordingly may not total exactly. |
Capital and Reserves (Details)
Capital and Reserves (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Authorized | 280,000,000 | ||
Beginning Balance (in Shares) | 39,160,048 | 38,968,905 | 38,777,339 |
Conversions | 0 | 0 | 0 |
Repurchase common stock | (1,000) | 0 | |
Restricted stock issued - directors | 57,000 | 57,000 | 57,000 |
Exercised stock options - compensation plans | 142,268 | 68,785 | 70,358 |
Restricted stock units - vested | 70,519 | 65,358 | 64,208 |
Ending Balance (in Shares) | 39,428,835 | 39,160,048 | 38,968,905 |
Class A shares [Member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Authorized | 40,000,000 | ||
Beginning Balance (in Shares) | 6,342,189 | 6,342,189 | 6,342,189 |
Conversions | 0 | 0 | 0 |
Repurchase common stock | 0 | 0 | |
Restricted stock issued - directors | 0 | 0 | 0 |
Exercised stock options - compensation plans | 0 | 0 | 0 |
Restricted stock units - vested | 0 | 0 | 0 |
Ending Balance (in Shares) | 6,342,189 | 6,342,189 | 6,342,189 |
Class B shares [Member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Authorized | 40,000,000 | ||
Beginning Balance (in Shares) | 2,474,469 | 2,474,469 | 2,479,050 |
Conversions | (64,663) | 0 | (4,581) |
Repurchase common stock | (1,000) | 0 | |
Restricted stock issued - directors | 0 | 0 | 0 |
Exercised stock options - compensation plans | 0 | 0 | 0 |
Restricted stock units - vested | 0 | 0 | 0 |
Ending Balance (in Shares) | 2,408,806 | 2,474,469 | 2,474,469 |
Class E shares [Member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Authorized | 100,000,000 | ||
Beginning Balance (in Shares) | 30,343,390 | 30,152,247 | 29,956,100 |
Conversions | 64,663 | 0 | 4,581 |
Repurchase common stock | 0 | 0 | |
Restricted stock issued - directors | 57,000 | 57,000 | 57,000 |
Exercised stock options - compensation plans | 142,268 | 68,785 | 70,358 |
Restricted stock units - vested | 70,519 | 65,358 | 64,208 |
Ending Balance (in Shares) | 30,677,840 | 30,343,390 | 30,152,247 |
Class F shares [Member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Authorized | 100,000,000 | ||
Beginning Balance (in Shares) | 0 | 0 | 0 |
Conversions | 0 | 0 | 0 |
Repurchase common stock | 0 | 0 | |
Restricted stock issued - directors | 0 | 0 | 0 |
Exercised stock options - compensation plans | 0 | 0 | 0 |
Restricted stock units - vested | 0 | 0 | 0 |
Ending Balance (in Shares) | 0 | 0 | 0 |
Capital and Reserves (Details 1
Capital and Reserves (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Balance | $ 1,011,314 | $ 971,931 | $ 911,039 |
Beginning Balance (in Shares) | 39,160,048 | 38,968,905 | 38,777,339 |
Repurchase of common stock | $ (28) | $ 0 | $ 0 |
Restricted stock issued - directors | 30 | 0 | 0 |
Balance | $ 1,042,812 | $ 1,011,314 | $ 971,931 |
Ending Balance (in Shares) | 39,428,835 | 39,160,048 | 38,968,905 |
Treasury stock [member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Balance | $ (69,176) | $ (73,397) | $ (77,627) |
Beginning Balance (in Shares) | 2,819,791 | 3,010,934 | 3,202,500 |
Repurchase of common stock | $ (28) | $ 0 | $ 0 |
Repurchase of common stock (in Shares) | 1,000 | 0 | 0 |
Restricted stock issued - directors | $ 1,259 | $ 1,259 | $ 1,259 |
Restricted stock issued - directors (in Shares) | (57,000) | (57,000) | (57,000) |
Exercised stock options - compensation plans | $ (3,140) | $ (1,519) | $ (1,553) |
Exercised stock options - compensation plans (in Shares) | (142,268) | (68,785) | (70,358) |
Restricted stock units - vested | $ (1,557) | $ (1,443) | $ (1,418) |
Restricted stock units - vested (in Shares) | (70,519) | (65,358) | (64,208) |
Balance | $ (63,248) | $ (69,176) | $ (73,397) |
Ending Balance (in Shares) | 2,551,004 | 2,819,791 | 3,010,934 |
Class A shares [Member] | Treasury stock [member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Balance | $ 10,708 | $ 10,708 | $ 10,708 |
Beginning Balance (in Shares) | 318,140 | 318,140 | 318,140 |
Repurchase of common stock | $ 0 | $ 0 | $ 0 |
Repurchase of common stock (in Shares) | 0 | 0 | 0 |
Restricted stock issued - directors | $ 0 | $ 0 | $ 0 |
Restricted stock issued - directors (in Shares) | 0 | 0 | 0 |
Exercised stock options - compensation plans | $ 0 | $ 0 | $ 0 |
Exercised stock options - compensation plans (in Shares) | 0 | 0 | 0 |
Restricted stock units - vested | $ 0 | $ 0 | $ 0 |
Restricted stock units - vested (in Shares) | 0 | 0 | 0 |
Balance | $ 10,708 | $ 10,708 | $ 10,708 |
Ending Balance (in Shares) | 318,140 | 318,140 | 318,140 |
Class B shares [Member] | Treasury stock [member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Balance | $ 16,242 | $ 16,242 | $ 16,242 |
Beginning Balance (in Shares) | 589,174 | 589,174 | 589,174 |
Repurchase of common stock | $ 28 | $ 0 | $ 0 |
Repurchase of common stock (in Shares) | 1,000 | 0 | 0 |
Restricted stock issued - directors | $ 0 | $ 0 | $ 0 |
Restricted stock issued - directors (in Shares) | 0 | 0 | 0 |
Exercised stock options - compensation plans | $ 0 | $ 0 | $ 0 |
Exercised stock options - compensation plans (in Shares) | 0 | 0 | 0 |
Restricted stock units - vested | $ 0 | $ 0 | $ 0 |
Restricted stock units - vested (in Shares) | 0 | 0 | 0 |
Balance | $ 16,270 | $ 16,242 | $ 16,242 |
Ending Balance (in Shares) | 590,174 | 589,174 | 589,174 |
Class E shares [Member] | Treasury stock [member] | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Balance | $ 42,226 | $ 46,447 | $ 50,677 |
Beginning Balance (in Shares) | 1,912,477 | 2,103,620 | 2,295,186 |
Repurchase of common stock | $ 0 | $ 0 | $ 0 |
Repurchase of common stock (in Shares) | 0 | 0 | 0 |
Restricted stock issued - directors | $ (1,259) | $ (1,259) | $ (1,259) |
Restricted stock issued - directors (in Shares) | (57,000) | (57,000) | (57,000) |
Exercised stock options - compensation plans | $ (3,140) | $ (1,519) | $ (1,553) |
Exercised stock options - compensation plans (in Shares) | (142,268) | (68,785) | (70,358) |
Restricted stock units - vested | $ (1,557) | $ (1,443) | $ (1,418) |
Restricted stock units - vested (in Shares) | (70,519) | (65,358) | (64,208) |
Balance | $ 36,270 | $ 42,226 | $ 46,447 |
Ending Balance (in Shares) | 1,642,690 | 1,912,477 | 2,103,620 |
Capital and Reserves (Details 2
Capital and Reserves (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of share capital, reserves and other equity interest [Abstract] | ||
Dynamic provision | $ 108,756 | $ 43,826 |
Regulatory reserve | 20,498 | 18,633 |
Reserve for credit risk coverage | $ 129,254 | $ 62,459 |
Capital and Reserves (Details T
Capital and Reserves (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | ||
Description of minimum capital adequacy ratio | 8.00% | |
Description of primary capital requirement | 4.50% | |
Description of total capital adequacy ratio | 18.71% | |
Reserve for credit risk coverage | $ 129,254 | $ 62,459 |
Cash and stock-based compens122
Cash and stock-based compensation plans (Details) - Directors [Member] - Restricted Stocks [Member] | 12 Months Ended | ||
Dec. 31, 2017USD ($)NumberofShareshares | Dec. 31, 2016USD ($)NumberofShare | Dec. 31, 2015USD ($)NumberofShare | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of Shares, Outstanding at Beginning | NumberofShare | 96,900 | 96,321 | 78,336 |
Number of Shares, Granted | NumberofShare | 57,000 | 57,000 | 57,000 |
Number of Shares, Vested | NumberofShare | (61,950) | (56,421) | (39,015) |
Number of Shares, Outstanding at End | NumberofShare | 91,950 | 96,900 | 96,321 |
Number of Shares, Expected to vest | shares | 91,950 | ||
Weighted average grand date fair value Outstanding at beginning | $ | $ 27.86 | $ 30.62 | $ 24.37 |
Weighted average grand date fair value, Granted | $ | 27.80 | 24.14 | 33.78 |
Weighted average grand date fair value, Vested | $ | 28.50 | 28.80 | 22.69 |
Weighted average grand date fair value, Outstanding at End | $ | $ 27.40 | $ 27.86 | $ 30.62 |
Cash and stock-based compens123
Cash and stock-based compensation plans (Details 1) - Key management personnel of entity or parent [member] - Restricted Stocks [Member] | 12 Months Ended | ||
Dec. 31, 2017USD ($)NumberofShare | Dec. 31, 2016USD ($)NumberofShare | Dec. 31, 2015USD ($)NumberofShare | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of Shares, Outstanding at Beginning | NumberofShare | 167,436 | 162,748 | 163,712 |
Number of Shares, Granted | NumberofShare | 25,289 | 91,454 | 63,244 |
Number of Shares, Forfeited | NumberofShare | (71,401) | (21,408) | 0 |
Number of Shares, Vested | NumberofShare | (70,519) | (65,358) | (64,208) |
Number of Shares, Outstanding at End | NumberofShare | 50,805 | 167,436 | 162,748 |
Number of Shares, Expected to vest | NumberofShare | 50,805 | ||
Weighted average grand date fair value Outstanding at beginning | $ 19.35 | $ 19.74 | $ 18.18 |
Weighted average grand date fair value, Granted | 25.70 | 18.26 | 21.67 |
Weighted average grand date fair value, Forfeited | 18.61 | 17.69 | |
Weighted average grand date fair value, Vested | 19.76 | 18.83 | 17.67 |
Weighted average grand date fair value, Outstanding at End | $ 21.07 | $ 19.35 | $ 19.74 |
Weighted average remaining contractual term, Outstanding | 2.02 years | ||
Weighted average grand date fair value, Expected to vest | $ 21.07 | ||
Weighted average remaining contractual term, Expected to vest | 2.02 years | ||
Aggregate Intrinsic value, Outstanding | $ 518 | ||
Aggregate Intrinsic value, Expected to vest | $ 296 |
Cash and stock-based compens124
Cash and stock-based compensation plans (Details 2) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Year | Dec. 31, 2016USD ($)Year | Dec. 31, 2015USD ($)Year | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Weighted average fair value per option | $ 0 | $ 0 | |
Weighted average expected term, in years | Year | 0 | 0 | 5.5 |
Expected volatility | 0.00% | 0.00% | 22.00% |
Risk-free rate | 0.00% | 0.00% | |
Expected dividend | 0.00% | 0.00% | 5.00% |
Bottom of range [member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Weighted average fair value per option | $ 1.95 | ||
Risk-free rate | 0.02% | ||
Top of range [member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Weighted average fair value per option | $ 2.06 | ||
Risk-free rate | 1.52% |
Cash and stock-based compens125
Cash and stock-based compensation plans (Details 3) - Stock options [Member] | 12 Months Ended | ||
Dec. 31, 2017USD ($)NumberofShare$ / sharesshares | Dec. 31, 2016USD ($)NumberofShare | Dec. 31, 2015USD ($)NumberofShare | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of Share Options Outstanding at Beginning | NumberofShare | 485,845 | 554,756 | 391,696 |
Number of share options Granted | NumberofShare | 0 | 0 | 233,418 |
Number of share options Forfeited | NumberofShare | (69,934) | (126) | 0 |
Number of share options Exercised | NumberofShare | (142,268) | (68,785) | (70,358) |
Number of Share Options Outstanding at End | NumberofShare | 273,643 | 485,845 | 554,756 |
Number of share options Exercisable | NumberofShare | 121,840 | ||
Number of share options Expected to vest | shares | 151,803 | ||
Weighted average exercise price, Outstanding at Beginning | $ 26.87 | $ 26.36 | $ 23.65 |
Weighted average exercise price, Granted | 0 | 29.25 | |
Weighted average exercise price, Forfeited | 28.63 | 18.93 | 0 |
Weighted average exercise price, Exercised | 24.84 | 22.78 | 20.86 |
Weighted average exercise price, Exercisable | 27.73 | ||
Weighted average exercise price, Outstanding at End | $ 27.48 | $ 26.87 | $ 26.36 |
Weighted average exercise price, Exercisable, Expected to vest | $ / shares | $ 27.28 | ||
Weighted Average Remaining Contractual Term of Outstanding | 3.66 years | ||
Weighted average remaining contractual term, Exercisable | 3.70 years | ||
Weighted average remaining contractual term, Expected to vest | 3.63 years | ||
Aggregate Intrinsic value, Outstanding at End | $ 242 | ||
Aggregate Intrinsic value, Exercisable | 115 | ||
Aggregate Intrinsic value, Expected to vest | $ 128 |
Cash and stock-based compens126
Cash and stock-based compensation plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Fair value, Restricted shares granted | $ 1,585,000 | $ 1,376,000 | |
Restricted shares, charged against income | 788,000 | 617,000 | |
Restricted shares to Directors | 1,697,000 | 1,548,000 | $ 1,553,000 |
Cost pending amortization | 1,033,000 | ||
Duration of amortisation of restricted cash | 2.3 | ||
Vested shares, Fair value | 1,765,000 | 1,625,000 | |
Amortization cost, Restricted shares | 811,000 | 1,295,000 | 1,282,000 |
Balance outstanding, Restricted shares | 381,000 | ||
Weighted average fair value at measurement date, share options vested | $ 1,394,000 | 1,230,000 | |
Exercise rate of outstanding share options | 25.00% | ||
Amortisation cost charged against income | $ 118,000 | 251,000 | 454,000 |
compensation cost pending amortization | $ 30,000 | ||
Period of amortisation | 1.11 years | ||
Intrinsic value, exercised options | $ 593,000 | 412,000 | |
Exercise price, share options granted | 3,533,000 | 1,565,000 | |
Wages and salaries | $ 16,191,000 | 16,132,000 | 15,500,000 |
Restricted Shares Amortization Over the Year | 2.5 years | ||
share-based payment arrangements, Tranche one [Member] | Restricted Stocks [Member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Percent of award vesting rights for share-based payment arrangement | 35.00% | ||
share-based payment arrangements, Tranche two [Member] | Restricted Stocks [Member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Percent of award vesting rights for share-based payment arrangement | 35.00% | ||
share-based payment arrangements, Tranche three [Member] | Restricted Stocks [Member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Percent of award vesting rights for share-based payment arrangement | 30.00% | ||
Key management personnel of entity or parent [member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Value of granted restricted share options | $ 650,000 | 1,670,000 | |
Wages and salaries | $ 163,000 | $ 121,000 | $ 171,000 |
Class E shares [Member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Description of lapse of restriction on shares | The stocks lose their restriction from the year following the anniversary date, as follows: 35% in the first and second year, and 30% in the third year. | ||
Percentage of vesting of restricted share | 25.00% | ||
Number of shares issued | 57,000 | 57,000 | 57,000 |
Business segment information (D
Business segment information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of operating segment [Line Items] | ||||
Interest income | [1] | $ 226,079 | $ 245,898 | $ 220,312 |
Interest expense | [1] | 106,264 | 90,689 | 74,833 |
Net interest income | [1] | 119,815 | 155,209 | 145,479 |
Net other income | [1],[2] | 18,498 | 12,765 | 28,379 |
Total income | [1] | 138,313 | 167,974 | 173,858 |
Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts | [1] | 9,439 | 35,115 | 18,090 |
Expenses, less impairment loss for expected credit losses | [1] | (46,875) | (45,814) | (51,784) |
Profit (loss) for the year | [1] | 81,999 | 87,045 | 103,984 |
Interest-earning assets | [3],[4] | 6,258,584 | 7,191,443 | |
Other assets and loan commitments and financial guarantee contracts | [5] | 493,794 | 422,422 | |
Total interest-earning assets | 6,752,378 | 7,613,865 | ||
Held-to-maturity investments, category [member] | ||||
Disclosure of operating segment [Line Items] | ||||
Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts | [1] | 489 | (3) | (5,290) |
Commercial [Member] | ||||
Disclosure of operating segment [Line Items] | ||||
Interest income | [1] | 213,326 | 236,392 | 209,858 |
Interest expense | [1] | (92,745) | (96,017) | (82,697) |
Net interest income | [1] | 120,581 | 140,375 | 127,161 |
Net other income | [1],[2] | 18,926 | 16,333 | 21,492 |
Total income | [1] | 139,507 | 156,708 | 148,653 |
Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts | [1] | (9,928) | (35,112) | (12,800) |
Expenses, less impairment loss for expected credit losses | [1] | (35,916) | (34,599) | (40,429) |
Profit (loss) for the year | [1] | 93,663 | 86,997 | 95,424 |
Interest-earning assets | [1],[3],[4] | 5,500,673 | 6,013,482 | 6,682,445 |
Other assets and loan commitments and financial guarantee contracts | [1] | 493,794 | 422,422 | 437,436 |
Total interest-earning assets | [1] | 5,994,467 | 6,435,904 | 7,119,881 |
Treasury [Member] | ||||
Disclosure of operating segment [Line Items] | ||||
Interest income | [1] | 12,753 | 9,506 | 10,454 |
Interest expense | [1] | (13,519) | 5,328 | 7,864 |
Net interest income | [1] | (766) | 14,834 | 18,318 |
Net other income | [1],[2] | (428) | (3,568) | 6,887 |
Total income | [1] | (1,194) | 11,266 | 25,205 |
Impairment loss from expected credit losses on loans and impairment loss from expected credit losses on loan commitments and financial guarantee contracts | 489 | (3) | (5,290) | |
Expenses, less impairment loss for expected credit losses | [1] | (10,959) | (11,216) | (11,355) |
Profit (loss) for the year | [1] | (11,664) | 47 | 8,560 |
Interest-earning assets | [1],[3],[4] | 757,911 | 1,177,961 | 1,603,921 |
Total interest-earning assets | [1] | $ 757,911 | $ 1,177,961 | $ 1,603,921 |
[1] | The numbers set out in these tables have been rounded and accordingly may not total exactly. | |||
[2] | Net other income consists of other income including gains on sale of loans, gains (loss) per financial instrument at FVTPL and FVOCI, derivative instruments and foreign currency exchange. | |||
[3] | Includes cash and cash equivalents, interest-bearing deposits with banks, financial instruments at fair value through OCI, financial instruments at amortized cost and financial instruments at fair value through profit or loss. | |||
[4] | Includes deposits and loans, net of unearned interest and deferred fees. | |||
[5] | Includes customers’ liabilities under acceptances, loans commitments and financial guarantees contracts. |
Business segment information128
Business segment information (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of operating segment [Line Items] | ||||
Interest-earning assets - business segment | [1],[2] | $ 6,258,584 | $ 7,191,443 | |
Equity instruments | 8,402 | 0 | ||
Allowance for expected credit losses | (81,294) | (105,988) | $ (89,974) | |
Customers’ liabilities under acceptances | 6,369 | 19,387 | ||
Intangibles, net | 5,425 | 2,909 | 427 | |
Accrued interest receivable | 30,872 | 44,187 | ||
Property and equipment, net | 7,420 | 8,549 | $ 6,173 | |
Derivative financial instruments used for hedging - receivable | 13,338 | 9,352 | ||
Other Assets | 18,827 | 11,546 | ||
Total assets - consolidated financial statements | 6,267,747 | 7,180,783 | ||
Securities [Member] | ||||
Disclosure of operating segment [Line Items] | ||||
Allowance for expected credit losses | $ (196) | $ (602) | ||
[1] | Includes cash and cash equivalents, interest-bearing deposits with banks, financial instruments at fair value through OCI, financial instruments at amortized cost and financial instruments at fair value through profit or loss. | |||
[2] | Includes deposits and loans, net of unearned interest and deferred fees. |
Fair value of financial inst129
Fair value of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | $ 25,135 | $ 30,607 | ||
Total derivative financial instrument used for hedging - receivable | 13,338 | 9,352 | ||
Total financial assets at fair value | 38,473 | 39,959 | ||
Total financial instruments at FVTPL | 0 | 24 | ||
Total derivative financial instruments used for hedging - payable | 34,943 | 59,686 | ||
Total financial liabilities at fair value | 34,943 | 59,710 | ||
Level 1 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [1] | 25,135 | 27,821 | |
Total derivative financial instrument used for hedging - receivable | [1] | 0 | 0 | |
Total financial assets at fair value | [1] | 25,135 | 27,821 | |
Total financial instruments at FVTPL | [1] | 0 | ||
Total derivative financial instruments used for hedging - payable | [1] | 0 | 0 | |
Total financial liabilities at fair value | [1] | 0 | 0 | |
Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [2] | 0 | 2,786 | |
Total derivative financial instrument used for hedging - receivable | [2] | 13,338 | 9,352 | |
Total financial assets at fair value | [2] | 13,338 | 12,138 | |
Total financial instruments at FVTPL | [2] | 24 | ||
Total derivative financial instruments used for hedging - payable | [2] | 34,943 | 59,686 | |
Total financial liabilities at fair value | [2] | 34,943 | 59,710 | |
Level 3 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [3] | 0 | 0 | |
Total derivative financial instrument used for hedging - receivable | [3] | 0 | 0 | |
Total financial assets at fair value | [3] | 0 | 0 | |
Total financial instruments at FVTPL | [3] | 0 | ||
Total derivative financial instruments used for hedging - payable | [3] | 0 | 0 | |
Total financial liabilities at fair value | [3] | 0 | 0 | |
Interest rate swaps [Member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | 129 | 363 | ||
Total derivative financial instruments used for hedging - payable | 4,789 | 3,704 | ||
Interest rate swaps [Member] | Level 1 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [1] | 0 | 0 | |
Total derivative financial instruments used for hedging - payable | [1] | 0 | 0 | |
Interest rate swaps [Member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [2] | 129 | 363 | |
Total derivative financial instruments used for hedging - payable | [2] | 4,789 | 3,704 | |
Interest rate swaps [Member] | Level 3 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [3] | 0 | 0 | |
Total derivative financial instruments used for hedging - payable | [3] | 0 | 0 | |
Cross-currency interest rate swaps [Member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | 4,550 | 2,561 | ||
Total derivative financial instruments used for hedging - payable | 30,154 | 46,198 | ||
Cross-currency interest rate swaps [Member] | Level 1 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [1] | 0 | 0 | |
Total derivative financial instruments used for hedging - payable | [1] | 0 | 0 | |
Cross-currency interest rate swaps [Member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [2] | 4,550 | 2,561 | |
Total derivative financial instruments used for hedging - payable | [2] | 30,154 | 46,198 | |
Cross-currency interest rate swaps [Member] | Level 3 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [3] | 0 | 0 | |
Total derivative financial instruments used for hedging - payable | [3] | 0 | 0 | |
Foreign exchange forward [Member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | 8,659 | 6,428 | ||
Total financial instruments at FVTPL | 24 | |||
Total derivative financial instruments used for hedging - payable | 9,784 | |||
Foreign exchange forward [Member] | Level 1 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [1] | 0 | 0 | |
Total financial instruments at FVTPL | [1] | 0 | ||
Total derivative financial instruments used for hedging - payable | [1] | 0 | ||
Foreign exchange forward [Member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [2] | 8,659 | 6,428 | |
Total financial instruments at FVTPL | [2] | 24 | ||
Total derivative financial instruments used for hedging - payable | [2] | 9,784 | ||
Foreign exchange forward [Member] | Level 3 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total derivative financial instrument used for hedging - receivable | [3] | 0 | 0 | |
Total financial instruments at FVTPL | [3] | 0 | ||
Total derivative financial instruments used for hedging - payable | [3] | 0 | ||
Corporate debt [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | 13,909 | |||
Corporate debt [member] | Level 1 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [1] | 13,909 | ||
Corporate debt [member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [2] | 0 | ||
Corporate debt [member] | Level 3 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [3] | 0 | ||
Sovereign debt [Member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | 16,733 | [4] | 16,698 | |
Sovereign debt [Member] | Level 1 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [1] | 16,733 | [4] | 13,912 |
Sovereign debt [Member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [2] | 0 | [4] | 2,786 |
Sovereign debt [Member] | Level 3 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [3] | 0 | [4] | $ 0 |
Equity investments [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | 8,402 | |||
Equity investments [member] | Level 1 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [1] | 8,402 | ||
Equity investments [member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [2] | 0 | ||
Equity investments [member] | Level 3 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Total securities at fair value through OCI | [3] | $ 0 | ||
[1] | Level 1: Quoted market prices in an active market. | |||
[2] | Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. | |||
[3] | Level 3: Internally developed models with significant unobservable market information. | |||
[4] | At December 31, 2017, securities at fair value through OCI for $2,955 were reclassified from level 2 to level 1 of the fair value hierarchy given that Bloomberg's valuation "BVAL" for these values increased from 7 (in 2016) to 10 (in 2017). |
Fair value of financial inst130
Fair value of financial instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Fair value of financial instruments [Line Items] | |||
Cash and cash equivalent | $ 672,048 | $ 1,069,538 | |
Acceptances | 6,369 | 19,387 | |
Interest receivable | 30,872 | 44,187 | |
Securities at amortized cost | [1] | 68,934 | 77,214 |
Loans, net | [2] | 5,419,379 | 5,907,494 |
Deposits | 2,928,844 | 2,802,852 | |
Acceptances | 6,369 | 19,387 | |
Interest payable | 15,816 | 16,603 | |
Short-term borrowings and debt | 1,072,723 | 1,470,075 | |
Long-term borrowings and debt | 1,138,844 | 1,776,738 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Cash and cash equivalent | 672,048 | 1,069,538 | |
Acceptances | 6,369 | 19,387 | |
Interest receivable | 30,872 | 44,187 | |
Securities at amortized cost | [1] | 69,006 | 76,406 |
Loans, net | [2] | 5,520,604 | 6,021,006 |
Deposits | 2,928,844 | 2,802,852 | |
Acceptances | 6,369 | 19,387 | |
Interest payable | 15,816 | 16,603 | |
Short-term borrowings and debt | 1,072,483 | 1,470,045 | |
Long-term borrowings and debt | 1,158,534 | 1,808,228 | |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Cash and cash equivalent | [3] | 0 | 0 |
Acceptances | [3] | 0 | 0 |
Interest receivable | [3] | 0 | 0 |
Securities at amortized cost | [1],[3] | 50,581 | 73,406 |
Loans, net | [2],[3] | 0 | 0 |
Deposits | [3] | 0 | 0 |
Acceptances | [3] | 0 | 0 |
Interest payable | [3] | 0 | 0 |
Short-term borrowings and debt | [3] | 0 | 0 |
Long-term borrowings and debt | [3] | 0 | 0 |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Cash and cash equivalent | [4] | 672,048 | 1,069,538 |
Acceptances | [4] | 6,369 | 19,387 |
Interest receivable | [4] | 30,872 | 44,187 |
Securities at amortized cost | [1],[4] | 8,447 | 3,000 |
Loans, net | [2],[4] | 5,520,604 | 6,021,006 |
Deposits | [4] | 2,928,844 | 2,802,852 |
Acceptances | [4] | 6,369 | 19,387 |
Interest payable | [4] | 15,816 | 16,603 |
Short-term borrowings and debt | [4] | 1,072,483 | 1,470,045 |
Long-term borrowings and debt | [4] | 1,158,534 | 1,808,228 |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Cash and cash equivalent | [5] | 0 | 0 |
Acceptances | [5] | 0 | 0 |
Interest receivable | [5] | 0 | 0 |
Securities at amortized cost | [1],[5] | 9,978 | 0 |
Loans, net | [2],[5] | 0 | 0 |
Deposits | [5] | 0 | 0 |
Acceptances | [5] | 0 | 0 |
Interest payable | [5] | 0 | 0 |
Short-term borrowings and debt | [5] | 0 | 0 |
Long-term borrowings and debt | [5] | $ 0 | $ 0 |
[1] | The carrying value of securities at amortized cost is net of the allowance for expected credit losses of $0.2 million for December 31, 2017 and $0.6 million for December 31, 2016. | ||
[2] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | ||
[3] | Level 1: Quoted market prices in an active market. | ||
[4] | Level 2: Quoted market prices in an inactive market or internally developed models with significant observable market. | ||
[5] | Level 3: Internally developed models with significant unobservable market information. |
Fair value of financial inst131
Fair value of financial instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Fair value of financial instruments [Line Items] | |||
Allowance for expected credit losses | $ 81,294 | $ 105,988 | $ 89,974 |
Unearned interest and deferred fees | (4,985) | (7,249) | |
Securities [Member] | |||
Disclosure of Fair value of financial instruments [Line Items] | |||
Allowance for expected credit losses | $ 196 | $ 602 |
Accumulated other comprehens132
Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of Accumulated other comprehensive income loss [Line Items] | ||||
Beginning Balance | $ (2,801) | $ (10,681) | $ (7,837) | |
Net unrealized gain (loss) arising from the year | 11,431 | (11,209) | ||
Reclassification adjustment for (gains) loss included in the profit of the year | [1] | 2,483 | (3,551) | 8,365 |
Change in fair value for revaluation by debt instrument, net of hedging | 604 | |||
Change in fair value for revaluation by equity instrument, net of hedging | 187 | 0 | 0 | |
Foreign currency translation adjustment, net | (60) | |||
Exchange difference in conversion of foreign operating currency | 1,550 | 0 | 0 | |
Other comprehensive income (loss) from the year | 4,764 | 7,880 | (2,844) | |
Ending Balance | 1,963 | (2,801) | (10,681) | |
Financial assets at fair value through other comprehensive income, category [member] | ||||
Disclosure of Accumulated other comprehensive income loss [Line Items] | ||||
Beginning Balance | (853) | (8,931) | (6,817) | |
Net unrealized gain (loss) arising from the year | 7,048 | (6,267) | ||
Reclassification adjustment for (gains) loss included in the profit of the year | [1] | 84 | 1,030 | 4,153 |
Change in fair value for revaluation by debt instrument, net of hedging | 612 | |||
Change in fair value for revaluation by equity instrument, net of hedging | (228) | |||
Foreign currency translation adjustment, net | 0 | |||
Exchange difference in conversion of foreign operating currency | 0 | |||
Other comprehensive income (loss) from the year | 468 | 8,078 | (2,114) | |
Ending Balance | (385) | (853) | (8,931) | |
Derivative financial instruments [Member] | ||||
Disclosure of Accumulated other comprehensive income loss [Line Items] | ||||
Beginning Balance | (1,948) | (1,750) | (1,020) | |
Net unrealized gain (loss) arising from the year | 4,383 | (4,942) | ||
Reclassification adjustment for (gains) loss included in the profit of the year | [1] | 2,399 | (4,581) | 4,212 |
Change in fair value for revaluation by debt instrument, net of hedging | (8) | |||
Change in fair value for revaluation by equity instrument, net of hedging | 415 | |||
Foreign currency translation adjustment, net | 0 | |||
Exchange difference in conversion of foreign operating currency | 0 | |||
Other comprehensive income (loss) from the year | 2,806 | (198) | (730) | |
Ending Balance | 858 | (1,948) | (1,750) | |
Foreign currency translation adjustments [Member] | ||||
Disclosure of Accumulated other comprehensive income loss [Line Items] | ||||
Beginning Balance | 0 | 0 | 0 | |
Net unrealized gain (loss) arising from the year | ||||
Reclassification adjustment for (gains) loss included in the profit of the year | [1] | 0 | 0 | 0 |
Change in fair value for revaluation by debt instrument, net of hedging | 0 | |||
Change in fair value for revaluation by equity instrument, net of hedging | 0 | |||
Foreign currency translation adjustment, net | (60) | |||
Exchange difference in conversion of foreign operating currency | 1,550 | |||
Other comprehensive income (loss) from the year | 1,490 | 0 | 0 | |
Ending Balance | $ 1,490 | $ 0 | $ 0 | |
[1] | Reclassification adjustments include amounts recognized in profit of the year that had been part of other comprehensive income (loss) in this and previous years. |
Accumulated other comprehens133
Accumulated other comprehensive income (loss) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of Accumulated other comprehensive income loss [Line Items] | ||||
Net gain on sale of financial instruments at FVOCI | $ (696) | $ (8,078) | $ 2,114 | |
Realized gains (losses) on financial assets measured at fair value through other comprehensive income | [1] | (2,483) | 3,551 | (8,365) |
Interest expense - borrowings and deposits | 63,417 | 70,558 | 63,045 | |
Realized gains (losses) on financial instruments at FVOCI [Member] | ||||
Disclosure of Accumulated other comprehensive income loss [Line Items] | ||||
Interest income - financial instruments at FVOCI | 0 | 0 | 240 | |
Net gain on sale of financial instruments at FVOCI | 24 | (7,243) | 393 | |
Derivative financial instruments and hedging | (108) | 6,213 | (4,786) | |
Realized gains (losses) on financial assets measured at fair value through other comprehensive income | [1] | (84) | (1,030) | (4,153) |
Gains (losses) on derivative financial instruments [Member] | ||||
Disclosure of Accumulated other comprehensive income loss [Line Items] | ||||
Realized gains (losses) on financial assets measured at fair value through other comprehensive income | [1] | (2,399) | 4,581 | (4,212) |
Interest income - loans at amortized cost | (7,611) | (4,750) | (1,822) | |
Interest expense - borrowings and deposits | (2,102) | 1,679 | 0 | |
Net gain (loss) on foreign currency exchange | 7,216 | 6,060 | (2,390) | |
Net gain (loss) on interest rate swaps | 86 | 1,104 | (229) | |
Net gain (loss) on cross-currency interest rate swap | $ 12 | $ 488 | $ 84 | |
[1] | Reclassification adjustments include amounts recognized in profit of the year that had been part of other comprehensive income (loss) in this and previous years. |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of related party [Abstract] | |||
Compensation costs paid to directors | $ 884 | $ 880 | $ 949 |
Compensation costs paid to executives | $ 2,370 | $ 4,055 | $ 4,601 |
Fees and commissions, net (Deta
Fees and commissions, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Fees And Commissions [Abstract] | |||
Commission income - Loans & commitments, net | $ 476 | $ 1,126 | $ 2,988 |
Commission income - Letters of credit | 10,430 | 7,458 | 9,332 |
Commission income - Arrangements | 6,608 | 5,722 | 6,880 |
Total | $ 17,514 | $ 14,306 | $ 19,200 |
Net gain or (loss) on financ136
Net gain or (loss) on financial instruments at FVTPL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial instruments at fair value through profit or loss [Abstract] | |||
Net (loss) gain on financial instruments at FVTPL | $ (732) | $ 1,481 | $ 645 |
Net (loss) gain on investment funds | 0 | (4,364) | 5,086 |
Total | $ (732) | $ (2,883) | $ 5,731 |
Salaries and other employee 137
Salaries and other employee expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of employee benefits [Abstract] | |||
Wages and salaries | $ 16,191 | $ 16,132 | $ 15,500 |
Payroll Taxes | 2,629 | 2,244 | 2,264 |
Personnel benefits | 5,442 | 3,090 | 8,613 |
Share-based payments | 3,391 | 3,730 | 4,058 |
Total | $ 27,653 | $ 25,196 | $ 30,435 |
Other expenses (Details)
Other expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other operating expense [Abstract] | |||
Advertising and marketing | $ 683 | $ 785 | $ 829 |
Regulatory Fees | 977 | 1,348 | 1,565 |
Rental - office and equipment | 2,394 | 2,681 | 3,019 |
Administrative | 6,846 | 7,468 | 7,469 |
Professional services | 3,911 | 4,255 | 4,621 |
Maintenance and repairs | 1,673 | 1,866 | 1,635 |
Other | 322 | 129 | 244 |
Total | $ 16,806 | $ 18,532 | $ 19,382 |
Commitments and contingencie139
Commitments and contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | $ 18,155 | $ 19,984 | $ 22,914 |
Within 1 year | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | 2,006 | 1,984 | 2,055 |
After 1 year but not more than 5 years | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | 7,335 | 7,362 | 6,731 |
More than 5 years | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | $ 8,814 | $ 10,638 | $ 14,128 |
Commitments and contingencie140
Commitments and contingencies (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments receivable under cancellable operating lease | $ 543 | $ 935 | $ 1,277 |
Within 1 year | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments receivable under cancellable operating lease | 300 | 289 | 455 |
After 1 year but not more than 5 years | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments receivable under cancellable operating lease | $ 243 | $ 646 | $ 822 |
Commitments and contingencie141
Commitments and contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of commitments and contingent liabilities [Abstract] | |||
Minimum operating lease payments recognised as expense | $ 2,332 | $ 2,605 | $ 2,930 |
Operating lease income | $ 275 | $ 436 | $ 661 |
Risk management (Details)
Risk management (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | $ 619 | $ 1,008 |
United States of America [Member] | ||
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | 612 | 591 |
Other O.E.C.D. [Member] | ||
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | 0 | 409 |
Multilateral [Member] | ||
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | 0 | 0 |
Latin America [Member] | ||
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | $ 7 | $ 8 |
Risk management (Details 1)
Risk management (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets [abstract] | |||
Cash and cash equivalent | $ 672,048 | $ 1,069,538 | |
Equity investments | 8,402 | 0 | |
Loans at amortized cost | 5,505,658 | 6,020,731 | |
Unearned interest and deferred fees | (4,985) | (7,249) | |
Allowance for expected credit losses | (81,294) | (105,988) | $ (89,974) |
Total | 6,267,747 | 7,180,783 | |
Liabilities [abstract] | |||
Total | 5,224,935 | 6,169,469 | |
Liquidity risk [member] | |||
Assets [abstract] | |||
Cash and cash equivalent | 672,048 | 1,069,538 | |
Investment securities | 85,667 | 107,821 | |
Equity investments | 8,402 | ||
Loans at amortized cost | 5,505,658 | 6,020,731 | |
Unearned interest and deferred fees | (4,985) | (7,249) | |
Allowance for expected credit losses | (81,294) | (105,988) | |
Other assets | 82,251 | 95,930 | |
Total | 6,267,747 | 7,180,783 | |
Liabilities [abstract] | |||
Deposits | 2,928,844 | 2,802,852 | |
Other liabilities | 2,296,091 | 3,366,617 | |
Total | 5,224,935 | 6,169,469 | |
Confirmed letters of credit | 273,449 | 383,760 | |
Stand-by letters of credit and guaranteed - Commercial risk | 168,976 | 9,025 | |
Credit commitments | 45,578 | 10,250 | |
Total | 488,003 | 403,035 | |
Net position | 554,809 | 608,279 | |
Up to 3 months [member] | Liquidity risk [member] | |||
Assets [abstract] | |||
Cash and cash equivalent | 672,048 | 1,069,538 | |
Investment securities | 700 | 1,024 | |
Equity investments | 0 | ||
Loans at amortized cost | 1,926,787 | 2,262,349 | |
Unearned interest and deferred fees | (472) | (663) | |
Allowance for expected credit losses | 0 | 0 | |
Other assets | 31,282 | 55,445 | |
Total | 2,630,345 | 3,387,693 | |
Liabilities [abstract] | |||
Deposits | 1,722,041 | 2,306,413 | |
Other liabilities | 806,547 | 884,453 | |
Total | 2,528,588 | 3,190,866 | |
Confirmed letters of credit | 169,042 | 146,755 | |
Stand-by letters of credit and guaranteed - Commercial risk | 18,687 | 70 | |
Credit commitments | 0 | 0 | |
Total | 187,729 | 146,825 | |
Net position | (85,972) | 50,002 | |
3 to 6 months [member] | Liquidity risk [member] | |||
Assets [abstract] | |||
Cash and cash equivalent | 0 | 0 | |
Investment securities | 279 | 3,000 | |
Equity investments | 0 | ||
Loans at amortized cost | 1,175,801 | 1,267,194 | |
Unearned interest and deferred fees | (479) | (906) | |
Allowance for expected credit losses | 0 | 0 | |
Other assets | 8,635 | 6,587 | |
Total | 1,184,236 | 1,275,875 | |
Liabilities [abstract] | |||
Deposits | 411,158 | 173,288 | |
Other liabilities | 151,090 | 744,135 | |
Total | 562,248 | 917,423 | |
Confirmed letters of credit | 101,403 | 173,192 | |
Stand-by letters of credit and guaranteed - Commercial risk | 72,080 | 8,595 | |
Credit commitments | 15,000 | 4,073 | |
Total | 188,483 | 185,860 | |
Net position | 433,505 | 172,592 | |
6 months to 1 year [member] | Liquidity risk [member] | |||
Assets [abstract] | |||
Cash and cash equivalent | 0 | 0 | |
Investment securities | 7,000 | 0 | |
Equity investments | 0 | ||
Loans at amortized cost | 922,711 | 551,794 | |
Unearned interest and deferred fees | (223) | (258) | |
Allowance for expected credit losses | 0 | 0 | |
Other assets | 13,175 | 3,721 | |
Total | 942,663 | 555,257 | |
Liabilities [abstract] | |||
Deposits | 571,500 | 275,631 | |
Other liabilities | 291,694 | 346,294 | |
Total | 863,194 | 621,925 | |
Confirmed letters of credit | 3,004 | 63,813 | |
Stand-by letters of credit and guaranteed - Commercial risk | 77,952 | 360 | |
Credit commitments | 0 | 2,399 | |
Total | 80,956 | 66,572 | |
Net position | (1,487) | (133,240) | |
1 to 5 years [member] | Liquidity risk [member] | |||
Assets [abstract] | |||
Cash and cash equivalent | 0 | 0 | |
Investment securities | 77,688 | 83,643 | |
Equity investments | 0 | ||
Loans at amortized cost | 1,386,161 | 1,843,476 | |
Unearned interest and deferred fees | (3,546) | (4,762) | |
Allowance for expected credit losses | 0 | 0 | |
Other assets | 3,819 | 6,399 | |
Total | 1,464,122 | 1,928,756 | |
Liabilities [abstract] | |||
Deposits | 224,145 | 47,520 | |
Other liabilities | 979,958 | 1,330,515 | |
Total | 1,204,103 | 1,378,035 | |
Confirmed letters of credit | 0 | 0 | |
Stand-by letters of credit and guaranteed - Commercial risk | 257 | 0 | |
Credit commitments | 30,000 | 3,200 | |
Total | 30,257 | 3,200 | |
Net position | 229,762 | 547,521 | |
More than 5 years [member] | Liquidity risk [member] | |||
Assets [abstract] | |||
Cash and cash equivalent | 0 | 0 | |
Investment securities | 0 | 20,756 | |
Equity investments | 0 | ||
Loans at amortized cost | 94,198 | 95,918 | |
Unearned interest and deferred fees | (248) | (660) | |
Allowance for expected credit losses | 0 | 0 | |
Other assets | 9,398 | 642 | |
Total | 103,348 | 116,656 | |
Liabilities [abstract] | |||
Deposits | 0 | 0 | |
Other liabilities | 66,802 | 61,220 | |
Total | 66,802 | 61,220 | |
Confirmed letters of credit | 0 | 0 | |
Stand-by letters of credit and guaranteed - Commercial risk | 0 | 0 | |
Credit commitments | 578 | 578 | |
Total | 578 | 578 | |
Net position | 35,968 | 54,858 | |
Without Maturity [Member] | Liquidity risk [member] | |||
Assets [abstract] | |||
Cash and cash equivalent | 0 | 0 | |
Investment securities | 0 | (602) | |
Equity investments | 8,402 | ||
Loans at amortized cost | 0 | 0 | |
Unearned interest and deferred fees | (17) | 0 | |
Allowance for expected credit losses | (81,294) | (105,988) | |
Other assets | 15,942 | 23,136 | |
Total | (56,967) | (83,454) | |
Liabilities [abstract] | |||
Deposits | 0 | 0 | |
Other liabilities | 0 | 0 | |
Total | 0 | 0 | |
Confirmed letters of credit | 0 | 0 | |
Stand-by letters of credit and guaranteed - Commercial risk | 0 | 0 | |
Credit commitments | 0 | 0 | |
Total | 0 | 0 | |
Net position | $ (56,967) | $ (83,454) |
Risk management (Details 2)
Risk management (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary quantitative data about entitys exposure to risk [Abstract] | |||
Change in interest rate, Increase | +200 bps | +200 bps | +200 bps |
Change in interest rate, Decrease | -200 bps | -200 bps | -200 bps |
Effect on income, Increase | $ 18,282 | $ 24,603 | $ 18,723 |
Effect on income,Decrease | $ (8,879) | $ (11,382) | $ (3,480) |
Risk management (Details 3)
Risk management (Details 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Equity investments | $ 8,402 | $ 0 | |
Loans at amortized cost | [1] | 5,419,379 | 5,907,494 |
Total | [2] | 488,003 | 403,035 |
Liabilities | |||
Deposits | 2,928,844 | 2,802,852 | |
3 to 6 months [member] | |||
Liabilities | |||
Deposits | 411,159 | 336,627 | |
6 months to 1 year [member] | |||
Liabilities | |||
Deposits | 571,500 | 436,884 | |
More than 5 years [member] | |||
Assets | |||
Total | 578 | 578 | |
Interest Rate Risk [Member] | |||
Assets | |||
Investments securities | 85,667 | ||
Equity investments | 8,402 | ||
Time deposit | 125,000 | ||
Securities and other financial assets | 102,319 | ||
Loans at amortized cost | 5,505,658 | 6,020,731 | |
Total | 5,599,727 | 6,248,050 | |
Liabilities | |||
Deposits | 2,846,780 | 2,675,838 | |
Short and long term borrowings and debt, net | 2,211,567 | 3,246,813 | |
Total | 5,058,347 | 5,922,651 | |
Total interest rate sensibility | 541,380 | 325,399 | |
Interest Rate Risk [Member] | Up to 3 months [member] | |||
Assets | |||
Investments securities | 700 | ||
Equity investments | 0 | ||
Time deposit | 125,000 | ||
Securities and other financial assets | 9,025 | ||
Loans at amortized cost | 4,067,639 | 4,350,913 | |
Total | 4,068,339 | 4,484,938 | |
Liabilities | |||
Deposits | 2,242,220 | 2,179,399 | |
Short and long term borrowings and debt, net | 1,585,145 | 2,168,964 | |
Total | 3,827,365 | 4,348,363 | |
Total interest rate sensibility | 240,974 | 136,575 | |
Interest Rate Risk [Member] | 3 to 6 months [member] | |||
Assets | |||
Investments securities | 279 | ||
Equity investments | 0 | ||
Time deposit | 0 | ||
Securities and other financial assets | 3,000 | ||
Loans at amortized cost | 952,542 | 1,445,290 | |
Total | 952,821 | 1,448,290 | |
Liabilities | |||
Deposits | 305,415 | 173,288 | |
Short and long term borrowings and debt, net | 2,538 | 402,643 | |
Total | 307,953 | 575,931 | |
Total interest rate sensibility | 644,868 | 872,359 | |
Interest Rate Risk [Member] | 6 months to 1 year [member] | |||
Assets | |||
Investments securities | 7,000 | ||
Equity investments | 0 | ||
Time deposit | 0 | ||
Securities and other financial assets | 0 | ||
Loans at amortized cost | 301,334 | 140,609 | |
Total | 308,334 | 140,609 | |
Liabilities | |||
Deposits | 197,060 | 275,631 | |
Short and long term borrowings and debt, net | 85,232 | 133,190 | |
Total | 282,292 | 408,821 | |
Total interest rate sensibility | 26,042 | (268,212) | |
Interest Rate Risk [Member] | 1 to 5 years [member] | |||
Assets | |||
Investments securities | 77,688 | ||
Equity investments | 0 | ||
Time deposit | 0 | ||
Securities and other financial assets | 72,094 | ||
Loans at amortized cost | 173,550 | 83,919 | |
Total | 251,238 | 156,013 | |
Liabilities | |||
Deposits | 102,085 | 47,520 | |
Short and long term borrowings and debt, net | 482,814 | 495,883 | |
Total | 584,899 | 543,403 | |
Total interest rate sensibility | (333,661) | (387,390) | |
Interest Rate Risk [Member] | More than 5 years [member] | |||
Assets | |||
Investments securities | 0 | ||
Equity investments | 8,402 | ||
Time deposit | 0 | ||
Securities and other financial assets | 18,200 | ||
Loans at amortized cost | 10,593 | 0 | |
Total | 18,995 | 18,200 | |
Liabilities | |||
Deposits | 0 | 0 | |
Short and long term borrowings and debt, net | 55,838 | 46,133 | |
Total | 55,838 | 46,133 | |
Total interest rate sensibility | $ (36,843) | $ (27,933) | |
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | ||
[2] | Current ratings as of December 31, 2017 and 2016, respectively. |
Risk management (Details 4)
Risk management (Details 4) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |||
Assets [abstract] | |||||
Cash and cash equivalent | $ 672,048 | $ 1,069,538 | |||
Equity investments | 8,402 | 0 | |||
Loans at amortized cost | [1] | 5,419,379 | 5,907,494 | ||
Other Assets | 18,827 | 11,546 | |||
Total | 6,267,747 | 7,180,783 | |||
Liabilities [abstract] | |||||
Other Liabilities | 20,551 | 18,328 | |||
Total | $ 5,224,935 | $ 6,169,469 | |||
Currency risk [member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 0 | 0 | |||
Assets [abstract] | |||||
Cash and cash equivalent | $ 628 | $ 6,494 | |||
Equity investments | 168 | ||||
Investments and other financial assets | 0 | ||||
Loans at amortized cost | 143,182 | 295,580 | |||
Other Assets | 226,183 | ||||
Total | 143,978 | 528,257 | |||
Liabilities [abstract] | |||||
Borrowings and deposit placements | 143,661 | 374,836 | |||
Other Liabilities | 0 | 153,684 | |||
Total | 143,661 | 528,520 | |||
Net currency position | $ 317 | $ (263) | |||
Currency risk [member] | Brazilian Real [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 3.31 | 3.25 | |||
Assets [abstract] | |||||
Cash and cash equivalent | $ 87 | $ 4,014 | |||
Equity investments | 168 | ||||
Investments and other financial assets | 0 | ||||
Loans at amortized cost | 0 | 0 | |||
Other Assets | 0 | ||||
Total | 255 | 4,014 | |||
Liabilities [abstract] | |||||
Borrowings and deposit placements | 0 | 0 | |||
Other Liabilities | 0 | 3,933 | |||
Total | 0 | 3,933 | |||
Net currency position | $ 255 | $ 81 | |||
Currency risk [member] | European Euro [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 1.20 | 1.06 | |||
Assets [abstract] | |||||
Cash and cash equivalent | $ 2 | $ 6 | |||
Equity investments | 0 | ||||
Investments and other financial assets | 0 | ||||
Loans at amortized cost | 0 | 0 | |||
Other Assets | 52,800 | ||||
Total | 2 | 52,806 | |||
Liabilities [abstract] | |||||
Borrowings and deposit placements | 0 | 0 | |||
Other Liabilities | 0 | 52,800 | |||
Total | 0 | 52,800 | |||
Net currency position | $ 2 | $ 6 | |||
Currency risk [member] | Japanese Yen [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 112.66 | 116.68 | |||
Assets [abstract] | |||||
Cash and cash equivalent | $ 4 | $ 6 | |||
Equity investments | 0 | ||||
Investments and other financial assets | 0 | ||||
Loans at amortized cost | 0 | 0 | |||
Other Assets | 94,279 | ||||
Total | 4 | 94,285 | |||
Liabilities [abstract] | |||||
Borrowings and deposit placements | 0 | 94,279 | |||
Other Liabilities | 0 | 0 | |||
Total | 0 | 94,279 | |||
Net currency position | $ 4 | $ 6 | |||
Currency risk [member] | Colombian Peso [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 2,985.78 | 3,002 | |||
Assets [abstract] | |||||
Cash and cash equivalent | $ 91 | $ 55 | |||
Equity investments | 0 | ||||
Investments and other financial assets | 0 | ||||
Loans at amortized cost | 0 | 0 | |||
Other Assets | 0 | ||||
Total | 91 | 55 | |||
Liabilities [abstract] | |||||
Borrowings and deposit placements | 0 | 0 | |||
Other Liabilities | 0 | 0 | |||
Total | 0 | 0 | |||
Net currency position | $ 91 | $ 55 | |||
Currency risk [member] | Mexican Peso [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 19.67 | 20.6139 | |||
Assets [abstract] | |||||
Cash and cash equivalent | $ 369 | $ 2,339 | |||
Equity investments | 0 | ||||
Investments and other financial assets | 0 | ||||
Loans at amortized cost | 143,182 | 295,580 | |||
Other Assets | 79,104 | ||||
Total | 143,551 | 377,023 | |||
Liabilities [abstract] | |||||
Borrowings and deposit placements | 143,661 | 280,557 | |||
Other Liabilities | 0 | 96,951 | |||
Total | 143,661 | 377,508 | |||
Net currency position | $ (110) | $ (485) | |||
Currency risk [member] | Other currencies [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 0 | [2] | 0 | [3] | |
Assets [abstract] | |||||
Cash and cash equivalent | $ 75 | [2] | $ 74 | [3] | |
Equity investments | [2] | 0 | |||
Investments and other financial assets | [3] | 0 | |||
Loans at amortized cost | 0 | [2] | 0 | [3] | |
Other Assets | [3] | 0 | |||
Total | 75 | [2] | 74 | [3] | |
Liabilities [abstract] | |||||
Borrowings and deposit placements | 0 | [2] | 0 | [3] | |
Other Liabilities | 0 | [2] | 0 | [3] | |
Total | 0 | [2] | 0 | [3] | |
Net currency position | $ 75 | [2] | $ 74 | [3] | |
[1] | The carrying value of loans at amortized cost is net of the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017; allowance for expected credit losses of $106.0 million and unearned interest and deferred fees of $7.2 million for December 31, 2016. | ||||
[2] | It includes other currencies such as: Argentine pesos, Australian- dollar, Swiss franc, Pound sterling, Peruvian soles and Remimbis. | ||||
[3] | It includes other currencies such as: Argentine pesos, Australian- dollar, Canadian dollar, Swiss franc, Peruvian soles and Remimbis. |
Risk management (Details 5)
Risk management (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial risk management [Abstract] | ||
Tier 1 capital | $ 1,048,304 | $ 1,054,719 |
Risk weighted assets | $ 5,601,518 | $ 6,350,544 |
Tier 1 capital ratio | 18.71% | 16.61% |
Risk management (Details Textua
Risk management (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Statement of financial risk management [Line Items] | ||
Deposits from customers | $ 2,928,844 | $ 2,802,852 |
Deposits From Customers To Total Deposits Percentage | 16.00% | 8.00% |
Financial assets held for managing liquidity risk | $ 619 | $ 1,008 |
Liquid Assets To Total Deposits Percentage | 21.00% | 36.00% |
Financial assets held for managing liquidity risk deposited in bank | $ 609,000 | $ 591,000 |
Financial assets held for managing liquidity risk Percentage deposited in bank | 98.00% | 59.00% |
Description of compliance of liquidity guidelines | According to the Bank's liquidity guidelines, it is established that a minimum level of 1.0 of LCR and NSFR must be met. | |
Loans and advances to customers | $ 6,369 | $ 19,387 |
Bottom of range [member] | ||
Statement of financial risk management [Line Items] | ||
Level of liquidity index | 1.25 | 0.94 |
Top of range [member] | ||
Statement of financial risk management [Line Items] | ||
Level of liquidity index | 1.53 | 2.60 |
Weighted Average [Member] | ||
Statement of financial risk management [Line Items] | ||
Level of liquidity index | 1.42 | 1.15 |
Short Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Loans and advances to customers,maruity term | 203 days | 184 days |
Loans and advances to customers,remaining maruity term | 112 days | 89 days |
Loans and advances to customers | $ 3,746,000 | $ 3,577,000 |
Medium Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Loans and advances to customers,maruity term | 4 years | 45 months |
Loans and advances to customers,remaining maruity term | 655 days | 588 days |
Loans and advances to customers | $ 1,872,000 | $ 2,552,000 |
Investment Securities [Member] | Medium Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Loans and advances to customers | 86,000 | 105,000 |
Loans Portfolio [Member] | Medium Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Loans and advances to customers | 1,786,000 | 2,447,000 |
Demand and Call Deposits [Member] | ||
Statement of financial risk management [Line Items] | ||
Deposits from customers | $ 478,000 | $ 227,000 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Subsequent Events [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Feb. 21, 2018 | |
Statement of events after reporting period [Line Items] | ||
Dividend payables | $ 15,180 | |
Dividend Payable Per Share | $ 0.385 | |
Amount Of Variable Compensation | $ 5,500 |