Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | FOREIGN TRADE BANK OF LATIN AMERICA, INC. |
Entity Central Index Key | 0000890541 |
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 Shell Company | false |
Entity Emerging Growth Company | false |
Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 39,538,551 |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 6,342,189 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,245,227 |
Common Class E [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 30,951,135 |
Common Class F [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, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and cash equivalents | $ 1,745,652 | $ 672,048 | |
Securities and other financial assets, net | 123,598 | 95,484 | |
Loans | 5,778,424 | 5,505,658 | |
Interest receivable | 41,144 | 29,409 | |
Allowance for loans losses | (100,785) | (81,294) | |
Unearned interest and deferred fees | (16,525) | (4,985) | |
Loans, net | [1] | 5,702,258 | 5,448,788 |
Customers' liabilities under acceptances | 9,696 | 6,369 | |
Derivative financial instruments - assets | 2,688 | 13,338 | |
Equipment and leasehold improvements, net | 6,686 | 7,420 | |
Intangibles, net | 1,633 | 5,425 | |
Investment properties | 0 | 5,119 | |
Other assets | 16,974 | 13,756 | |
Total assets | 7,609,185 | 6,267,747 | |
Liabilities: | |||
Demand deposits | 211,381 | 82,064 | |
Time deposits | 2,759,441 | 2,846,780 | |
Demand and Time Deposits Excluding Interest Payable | 2,970,822 | 2,928,844 | |
Interest payable | 12,154 | 8,261 | |
Total deposits | 2,982,976 | 2,937,105 | |
Securities sold under repurchase agreements | 39,767 | 0 | |
Borrowings and debt, net | 3,518,446 | 2,211,567 | |
Interest payable | 13,763 | 7,555 | |
Customers' liabilities under acceptances | 9,696 | 6,369 | |
Derivative financial instruments - liabilities | 34,043 | 34,943 | |
Allowance for loan commitments and financial guarantees contracts losses | 3,289 | 6,845 | |
Other liabilities | 13,615 | 20,551 | |
Total liabilities | 6,615,595 | 5,224,935 | |
Equity: | |||
Common stock | 279,980 | 279,980 | |
Treasury stock | (61,076) | (63,248) | |
Additional paid-in capital in excess of value assigned to common stock | 119,987 | 119,941 | |
Capital reserves | 95,210 | 95,210 | |
Regulatory reserves | 136,019 | 129,254 | |
Retained earnings | 423,050 | 479,712 | |
Other comprehensive income | 420 | 1,963 | |
Total equity | 993,590 | 1,042,812 | |
Total liabilities and equity | $ 7,609,185 | $ 6,267,747 | |
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Consolidated statement of profi
Consolidated statement of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income: | |||
Deposits | $ 15,615 | $ 10,261 | $ 4,472 |
Securities | 2,899 | 2,492 | 5,034 |
Loans | 239,976 | 213,326 | 236,392 |
Total interest income | 258,490 | 226,079 | 245,898 |
Interest expense: | |||
Deposits | (63,146) | (42,847) | (20,131) |
Borrowings and debt | (85,601) | (63,417) | (70,558) |
Total interest expense | (148,747) | (106,264) | (90,689) |
Net interest income | 109,743 | 119,815 | 155,209 |
Other income (expense): | |||
Fees and commissions, net | 17,185 | 17,514 | 14,306 |
Loss on financial instruments, net | (1,009) | (739) | (2,919) |
Other income, net | 1,670 | 1,723 | 1,378 |
Total other income, net | 17,846 | 18,498 | 12,765 |
Total revenues | 127,589 | 138,313 | 167,974 |
Impairment loss on financial instruments | (57,515) | (9,439) | (35,115) |
Impairment loss on non-financial assets | (10,018) | 0 | 0 |
Operating expenses: | |||
Salaries and other employee expenses | (27,989) | (27,653) | (25,196) |
Depreciation of equipment and leasehold improvements | (1,282) | (1,578) | (1,457) |
Amortization of intangible assets | (1,176) | (838) | (629) |
Other expenses | (18,471) | (16,806) | (18,532) |
Total operating expenses | (48,918) | (46,875) | (45,814) |
Profit for the year | $ 11,138 | $ 81,999 | $ 87,045 |
Per share data: | |||
Basic earnings per share | $ 0.28 | $ 2.09 | $ 2.23 |
Diluted earnings per share | $ 0.28 | $ 2.08 | $ 2.22 |
Weighted average basic shares | 39,543 | 39,311 | 39,085 |
Weighted average diluted shares | 39,543 | 39,329 | 39,210 |
Consolidated statement of compr
Consolidated statement of comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of comprehensive income [abstract] | |||
Profit for the year | $ 11,138 | $ 81,999 | $ 87,045 |
Items that will not be reclassified subsequently to profit and loss: | |||
Change in fair value on equity instrument at FVOCI, net of hedging | (1,224) | 187 | 0 |
Items that are or may be reclassified subsequently to profit and loss: | |||
Change in fair value of debt instruments at FVOCI, net of hedging | (4,629) | 604 | 11,431 |
Reclassification of gains (losses) on debt instruments to the profit or loss | 5,591 | 2,483 | (3,551) |
Exchange difference in conversion of foreign currency operation | (1,281) | 1,490 | 0 |
Other comprehensive income (loss) | (1,543) | 4,764 | 7,880 |
Total comprehensive income for the year | $ 9,595 | $ 86,763 | $ 94,925 |
Consolidated statement of chang
Consolidated statement of changes in equity - USD ($) $ in Thousands | Total | Common stock [member] | Treasury stock [member] | Additional paid- in capital in excess of value assigned to common stock [member] | Capital reserves [member] | Regulatory reserves [member] | Retained earnings [member] | Other comprehensive income [member] |
Balance at Dec. 31, 2015 | $ 971,931 | $ 279,980 | $ (73,397) | $ 120,177 | $ 95,210 | $ 38,708 | $ 521,934 | $ (10,681) |
Profit for the year | 87,045 | 0 | 0 | 0 | 0 | 0 | 87,045 | 0 |
Other comprehensive income (loss) | 7,880 | 0 | 0 | 0 | 0 | 0 | 0 | 7,880 |
Issuance of restricted stock | 0 | 0 | 1,259 | (1,259) | 0 | 0 | 0 | 0 |
Compensation cost - stock options and stock units plans | 3,063 | 0 | 0 | 3,063 | 0 | 0 | 0 | 0 |
Exercised options and stock units vested | 1,575 | 0 | 2,962 | (1,387) | 0 | 0 | 0 | 0 |
Repurchase of "Class B" and "Class E" common stock | 0 | 0 | 0 | |||||
Regulatory credit reserve | 0 | 0 | 0 | 0 | 0 | 10,713 | (10,713) | 0 |
Dymanic provision | 0 | 0 | 0 | 0 | 0 | 13,038 | (13,038) | 0 |
Dividends declared | (60,180) | 0 | 0 | 0 | 0 | 0 | (60,180) | 0 |
Balance at Dec. 31, 2016 | 1,011,314 | 279,980 | (69,176) | 120,594 | 95,210 | 62,459 | 525,048 | (2,801) |
Profit for the year | 81,999 | 0 | 0 | 0 | 0 | 0 | 81,999 | 0 |
Other comprehensive income (loss) | 4,764 | 0 | 0 | 0 | 0 | 0 | 0 | 4,764 |
Issuance of restricted stock | 30 | 0 | 1,259 | (1,229) | 0 | 0 | 0 | 0 |
Compensation cost - stock options and stock units plans | 296 | 0 | 0 | 296 | 0 | 0 | 0 | 0 |
Exercised options and stock units vested | 4,977 | 0 | 4,697 | 280 | 0 | 0 | 0 | 0 |
Repurchase of "Class B" and "Class E" common stock | (28) | 0 | (28) | 0 | 0 | 0 | 0 | 0 |
Regulatory credit reserve | 0 | 0 | 0 | 0 | 0 | 1,865 | (1,865) | 0 |
Dymanic provision | 0 | 0 | 0 | 0 | 0 | 64,930 | (64,930) | 0 |
Dividends declared | (60,540) | 0 | 0 | 0 | 0 | 0 | (60,540) | 0 |
Balance at Dec. 31, 2017 | 1,042,812 | 279,980 | (63,248) | 119,941 | 95,210 | 129,254 | 479,712 | 1,963 |
Profit for the year | 11,138 | 0 | 0 | 0 | 0 | 0 | 11,138 | 0 |
Other comprehensive income (loss) | (1,543) | 0 | 0 | 0 | 0 | 0 | 0 | (1,543) |
Issuance of restricted stock | 0 | 0 | 1,259 | (1,259) | 0 | 0 | 0 | 0 |
Compensation cost - stock options and stock units plans | 1,051 | 0 | 0 | 1,051 | 0 | 0 | 0 | 0 |
Exercised options and stock units vested | 3,609 | 0 | 3,355 | 254 | 0 | 0 | 0 | 0 |
Repurchase of "Class B" and "Class E" common stock | (2,442) | 0 | (2,442) | 0 | 0 | 0 | 0 | 0 |
Regulatory credit reserve | 0 | 0 | 0 | 0 | 0 | (20,498) | 20,498 | 0 |
Dymanic provision | 0 | 0 | 0 | 0 | 0 | 27,263 | (27,263) | 0 |
Dividends declared | (61,035) | 0 | 0 | 0 | 0 | 0 | (61,035) | 0 |
Balance at Dec. 31, 2018 | $ 993,590 | $ 279,980 | $ (61,076) | $ 119,987 | $ 95,210 | $ 136,019 | $ 423,050 | $ 420 |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Profit for the year | $ 11,138 | $ 81,999 | $ 87,045 |
Adjustments to reconcile profit for the year to net cash provided by (used in) operating activities: | |||
Net changes in hedging position | 12,403 | (1,833) | (24,836) |
Depreciation of equipment and leasehold improvements | 1,282 | 1,578 | 1,457 |
Amortization of intangible assets | 1,176 | 838 | 629 |
Loss for disposal of equipment and leasehold improvements | 24 | 2,205 | 140 |
Loss for derecognition of intangible assets | 2,705 | 16 | 0 |
Impairment on investment properties at fair value through profit or loss | 3,849 | 0 | 0 |
Impairment loss on financial instruments | 57,515 | 9,439 | 35,115 |
(Gain) loss, net on sale of financial assets at fair value through OCI | (194) | (249) | 356 |
Amortization of premium and discount related to securities at amortized cost | 698 | 732 | 965 |
Impairment loss on other assets | 3,464 | 0 | 0 |
Compensation cost - share-based payment | 1,051 | 296 | 3,063 |
Interest income | (258,490) | (226,079) | (245,898) |
Interest expense | 148,747 | 106,264 | 90,689 |
Net decrease (increase) in operating assets: | |||
Pledged deposits | 13,781 | 8,571 | (29,148) |
Financial instruments at fair value through profit or loss | 0 | 0 | 53,411 |
Loans | (305,464) | 479,226 | 650,217 |
Other assets | (6,449) | (269) | (39) |
Net increase (decrease) in operating liabilities: | |||
Due to depositors | 41,978 | 125,992 | 7,383 |
Financial liabilities at fair value through profit or loss | 0 | (24) | (65) |
Other liabilities | (6,432) | (4,695) | (1,774) |
Cash flows provided by (used in) operating activities | (277,218) | 584,007 | 628,710 |
Interest received | 242,276 | 239,394 | 247,167 |
Interest paid | (138,646) | (107,051) | (91,802) |
Net cash (used in) provided by operating activities | (173,588) | 716,350 | 784,075 |
Cash flows from investing activities: | |||
Acquisition of equipment and leasehold improvements | (603) | (2,654) | (3,973) |
Acquisition of intangible assets | (58) | (3,370) | (3,111) |
Proceeds from the sale of investment property | 1,270 | 0 | 0 |
Proceeds from the redemption of securities at fair value through OCI | 4,635 | 0 | 107,088 |
Proceeds from the sale of securities at fair value through OCI | 0 | 17,040 | 102,655 |
Proceeds from maturities of securities at amortized cost | 9,807 | 17,526 | 54,275 |
Purchases of securities at fair value through OCI | (9,875) | (8,402) | (84,153) |
Purchases of securities at amortized cost | (26,701) | (9,978) | (24,600) |
Net cash (used in) provided by investing activities | (21,525) | 10,162 | 148,181 |
Cash flows from financing activities: | |||
Increase (decrease) in securities sold under repurchase agreements | 39,767 | 0 | (114,084) |
Net increase (decrease) in short-term borrowings and debt | 950,259 | (396,205) | (961,095) |
Proceeds from long-term borrowings and debt | 609,017 | 219,905 | 406,149 |
Repayments of long-term borrowings and debt | (256,173) | (883,476) | (464,242) |
Dividends paid | (61,539) | (60,605) | (60,135) |
Exercised options and stock units vested | 3,609 | 4,977 | 1,575 |
Repurchase of common stock | (2,442) | (27) | 0 |
Net cash provided by (used in) financing activities | 1,282,498 | (1,115,431) | (1,191,832) |
Increase (decrease) net in cash and cash equivalents | 1,087,385 | (388,919) | (259,576) |
Cash and cash equivalents at beginning of the year | 618,807 | 1,007,726 | 1,267,302 |
Cash and cash equivalents at end of the year | $ 1,706,192 | $ 618,807 | $ 1,007,726 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2018 | |
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 foreign 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 initiated operations on January 2, 1979. Under a contract law signed in 1978 between the Republic of Panama and Bladex, the Bank was granted certain privileges by the Republic of Panama, including an exemption from payment of income taxes in Panama. The Bank operates under a general banking license issued by the National Banking Commission of Panama, predecessor of the Superintendence of Banks of Panama (the “SBP”). In the Republic of Panama, banks are regulated by the SBP through Executive Decree No. 52 of April 30, 2008, which adopts the unique text of Law Decree No. 9 of February 26, 1998, modified by Law Decree No. 2 of February 22, 2008. Banks are also regulated by resolutions and agreements issued by this entity. The main aspects of this law and its regulations include: the authorization of banking licenses, minimum capital and liquidity requirements, consolidated supervision, procedures for management of credit and market risks, measures to prevent money laundering, the financing of terrorism and related illicit activities, and procedures for banking intervention and liquidation, among others. Bladex Head Office’s subsidiaries are the following: - Bladex Holdings Inc. is a wholly owned subsidiary, incorporated under the laws of the State of Delaware, United States of America (USA), on May 30, 2000. Bladex Holdings Inc. has ownership in Bladex Representaçao Ltda. - Bladex Representaçao Ltda., incorporated under the laws of Brazil on January 7, 2000, acts as the Bank’s representative office in Brazil. Bladex Representaçao Ltda. is 99.999% owned by Bladex Head Office and the remaining is 0.001% owned by Bladex Holdings Inc. - Bladex Investimentos Ltda. was incorporated under the laws of Brazil on May 3, 2011. Bladex Head Office owned 99% of Bladex Investimentos Ltda., and Bladex Holdings Inc. owned the remaining 1%. This company had invested substantially all of its assets in an investment fund, Alpha 4x Latam Fundo de Investimento Multimercado, incorporated in Brazil (“the Brazilian Fund”), registered with the Securities and Exchange Commission of Brazil (“CVM”, for its acronym in Portuguese). Bladex Investimentos Ltda. merged with Bladex Representaçao Ltda. in April 2016, being the former the extinct company under Brazilian law and prevailing the acquiring company Bladex Representaçao Ltda. - Bladex Development Corp. was incorporated under the laws of the Republic of Panama on June 5, 2014. Bladex Development Corp. is 100% owned by Bladex Head Office. - BLX Soluciones, S.A. de C.V., SOFOM, E.N.R.(“BLX Soluciones”) was incorporated under the laws of Mexico on June 13, 2014. BLX Soluciones is 99.9% owned by Bladex Head Office, and Bladex Development Corp. owns the remaining 0.1%. The company specializes in offering financial leasing and other financial products such as loans and factoring. Bladex Head Office has an agency in New York City, USA (the “New York Agency”), which began operations on March 27, 1989. The New York Agency is principally engaged in financing transactions related to international trade, mostly the confirmation and financing of letters of credit for customers in the Region. The New York Agency, also has authorization to book transactions through an International Banking Facility (“IBF”). The Bank has representative offices in Buenos Aires, Argentina; in Mexico City, Mexico; in Lima, Peru; and in Bogota, Colombia. These consolidated financial statements were authorized for issue by the Board of Directors on February 19, 2019. |
Basis of preparation of the con
Basis of preparation of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2018 | |
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"). 2.2 Basis of measurement 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, investment properties, 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 Reclassifications and non-material errors corrections Non-material amounts in the consolidated financial statements of 2017 and 2016 were reclassified to align them with the presentation of the consolidated financial statements of 2018. In addition, the Bank has identified non-material errors that have been corrected in the consolidated statements of cash flows for the years ended December 31, 2017 and 2016. The following table shows a description of the identified non-material errors: 2017 2016 Previously Correction As Corrected Previously Correction As Corrected Operating activities Amortizations in securities at amortized cost - 732 732 - 965 965 Net changes in hedging position (26,363 ) 24,530 (1,833 ) 21,333 (46,169 ) (24,836 ) Investing activities Proceeds from maturities of securities at amortized cost 18,258 (732 ) 17,526 55,240 (965 ) 54,275 Financing activities Net increase (decrease) in short-term borrowings and debt (397,352 ) 1,147 (396,205 ) (960,281 ) (814 ) (961,095 ) Proceeds from long-term borrowings and debt 219,905 - 219,905 403,489 2,660 406,149 Repayments of long-term borrowings and debt (857,799 ) (25,677 ) (883,476 ) (508,564 ) 44,322 (464,242 ) These reclassifications and corrections did not change total assets, liabilities, equity, nor the profit for the respective years. 2.4 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 the following elements: - 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 returns. 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. The consolidation of the financial statements of a subsidiary begins when the Bank obtains control over the subsidiary and ceases when the Bank loses control of the subsidiary. Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders 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 profit or loss. Any investment retained in the former subsidiary is recognized at fair value. 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 ”, or where applicable, to the cost on initial recognition of an investment in an associate or a joint venture. |
Summary of accounting policies
Summary of accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Disclosure of significant accounting policies [text block] | 3. Summary of accounting policies 3.1 New accounting policies 3.1.1 Fees and commissions Former accounting policy as of December 31, 2017: Revenue recognition of fees and commissions under IAS 18 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 and 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. 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 concerns about the realization of loan principal or interest, these net fees are recognized as revenue at the 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 are applied as a reduction of the amortized cost of 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. Accounting policy applicable from January 1 st Revenue recognition of fees and commissions under IFRS 15 Revenues are measured based on the considerations specified in a contract signed with a customer and exclude collections on behalf of third parties. The Bank recognizes revenues when it transfers control over the product or services to a customer. IFRS 15 - "Revenue from contracts with customers" was issued in May 2014 and establishes a five-step model to account for the revenue from the contracts with customers. Under IFRS 15, income is recognized by an amount that reflects the consideration that the Bank expects to be entitled to, in exchange for the transfer of goods or services. The new revenue standard replaces all current requirements for revenue recognition under IAS 18. The Bank has applied IFRS 15 provisions from the 1st of January 2018 by applying the retroactive modified method pursuant to IAS 8 - "Accounting policies, changes in accounting estimates and errors". The performance period for services provided to customers of the Bank and revenue recognition of related commissions were not impacted by the adoption of IFRS 15. The impact of IFRS 15 is limited to the new required disclosures. The following table describes the main products and services, other than services for financial intermediation, from which the Bank generates its revenue: Type of services Nature and timing of satisfaction of performance obligations, including significant payment terms Revenue recognition under IFRS 15 (applicable from 1 January 2018) Letters of credit Opening Guarantee to honor the estipulated amount agreed to in the terms and conditions entered into with the customer, upon presentation of required documentation. Revenues from services are recognized over time as services are provided. Negotiation Review of the shipping documents, of the beneficiary, agreeing to pay at sight or on the day on which the reimbursement is being made by the designated bank. Revenue related to transactions is recognised at the point in time when the transaction takes place. Acceptance Commitment issued to the beneficiary to pay to a supplier in a future date, once all the shipping documents have been reviewed as to compliance with the terms and conditions of the letter of credit. Revenue related to transactions is recognised at the point in time when the transaction takes place. Confirmation Commitment issued to the issuer bank and the beneficiary to honor or negotiate shipping documents. Revenue related to transactions is recognised at the point in time when the transaction takes place. Amendment A request to amend the original letter of credit on behalf of the beneficiary modifying the original terms and conditions Revenue from services is recognised over time as the services are provided. Syndications Structuring Advise to the borrower by structuring the terms and conditions of a credit facility, and coordinating among the lenders’ and the borrowers’ legal counsel all legal aspects relating to the credit facility, among others. Revenue related to transactions is recognised at the point in time when the transaction takes place. Other services Other Assignment of rights, transferability, reimbursements, payments, discrepancies, courier and swift fees, etc. Revenue related to transactions is recognised at the point in time when the transaction takes place. 3.2 Significant accounting policies Significant accounting policies applied consistently by the Bank to all years presented in these consolidated financial statements, are presented as follows. 3.2.1 Currency and foreign currency transactions Foreign currency transactions For purposes of consolidation of the financial statements, the Bank applies IAS 21- “ The Effects of Changes in Foreign Exchange Rates ” to financial assets and financial liabilities that are monetary items and denominated in a foreign currency. This standard requires any foreign exchange gains and losses on monetary assets and monetary liabilities to be recognized in profit or loss. An exception is a monetary item that is designated as a hedging instrument in a cash flow hedge, a hedge of a net investment or a fair value hedge of an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income (loss). For each entity, the Bank determines the functional currency; items, included in the consolidated financial statements of each entity, are measured using their respective functional currency. 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 translation adjustments are reported as a component of 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 entities whose functional currency is the US dollar, 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 on the line "gain (loss) on financial instruments, net" in profit or loss. Differences arising on settlement or translation of monetary items are recognized in profit or loss, except for monetary items that are designated as part of the hedge of the Bank’s net investment in a foreign operation. These are recognized in accumulated other comprehensive income until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in accumulated 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. 3.2.2 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. 3.2.3 Financial instruments 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. Initial measurement of financial instruments Recognized 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 or 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 recognized immediately in profit or loss. Recognized financial assets and financial liabilities designated as hedged items in qualifying fair value hedging relationships are measured at amortized cost adjusted for the hedge risk components associated to the hedging relationship. 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 (FVOCI); all other debt instruments (e.g. debt instruments managed on a fair value basis, or held for sale) and equity instruments are subsequently measured at FVTPL. However, the following irrevocable election / designation at initial recognition of a financial asset on an asset-by-asset basis may be made: - It may irrevocably elect to present subsequent changes in fair value of an equity instrument that is neither held for trading nor contingent consideration recognized by an acquirer in a business combination to which IFRS 3 – “ Business Combinations ” applies, in other comprehensive income (loss); and - It may irrevocably designate a debt instrument that meets the amortized cost or at FVOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. 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 based on 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 cost, except for those liabilities designated as hedged items in qualifying fair value hedging relationships, which are measured at amortized cost adjusted for the hedge risk components associated to the hedging relationship. Business model assessment The Bank assesses 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, if the 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 risks 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. An assessment of the business model for managing financial assets is fundamental to the classification of a financial asset. The Bank determines the business model at a level that reflects how financial asset groups are managed together to obtain a particular business objective. The business model does not depend on management intentions for an individual instrument; therefore, assessment of the business model is done at a higher level of aggregation rather than instrument by instrument. At the initial recognition of a financial asset, it is determined whether the newly recognized financial asset is part of an existing business model or whether it reflects the start of a new business model. The Bank reassesses its business model in each reporting date to determine whether business models have changed since the previous reporting date. For the current and previous reporting dates, the Bank has not identified a change in its business model. Assessment whether contractual cash flows are solely payments of principal and interest (SPPI) 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 at a point in 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 credit agreement. Contractual terms that originate risk exposure or volatility in the contractual cash flows that are not related to a basic credit agreement, 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 credit arrangement irrespective of whether it is a credit in its legal form. In assessing whether the contractual cash flows are SPPI, 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, so 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). Financial assets at fair value through other comprehensive income (FVOCI) These instruments consist on debt instruments not classified as either financial instruments at FVTPL or at amortized cost and are subject to the same approval criteria as the rest of the credit portfolio. These instruments 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 or losses are reported as net increases or decreases in other comprehensive income (OCI) in the consolidated statement of changes in equity until they are realized. Realized gains or losses from the sale of securities which are included as gain (loss) on financial instruments, net are determined using the specific identification method. For an equity instrument designated at FVOCI, the cumulative gain or loss previously recognized in OCI is not subsequently reclassified to profit or loss but transferred within equity. Financial assets at amortized cost Financial assets classified at amortized cost represent securities and loans whose objective is to hold them 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 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. 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) instruments with contractual cash flows that are not SPPI; and/or b) instruments designated at FVTPL using the fair value option; accounts receivable (unrealized gains) and accounts payable (unrealized losses) related to derivative financial instruments which are not hedge designated or do not qualify for hedge accounting. Unrealized and realized gains or losses on assets and liabilities at FVTPL are recorded in profit or loss as gain (loss) on financial instruments, net. 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 in the following paragraphs. 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 ‘pass–through’ arrangement. - When the Bank has transferred its rights to receive cash flows from an asset or has entered into a pass–through arrangement and has neither transferred nor retained substantially all 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 consolidated statement of financial position but retains either all or substantially all 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 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 profit or loss. 3.2.4 Loans - at amortized cost Loans are reported at their amortized cost considering the principal outstanding amounts and interest receivable net of unearned interest, deferred fees and allowance for expected credit losses, except for those designated as hedged items in qualifying fair value hedging relationships. Interest income is recognized using the effective interest rate method. Such income 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 loans, the Bank applies the credit-adjusted effective interest rate to the amortized cost of the loan 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 loan, after deducting the impairment allowance in subsequent reporting periods. The amortization of net unearned interest and deferred fees is 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, 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 also reflected as an adjustment to the yield and are expensed when incurred. Modified or renegotiated 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 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 policies 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 or 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 more than 10% the Bank deems the arrangement is substantially different leading to derecognition. In the case where the financial asset is derecognized the loss allowance for expected credit losses (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 credit originated impaired. This applies only in the case where the fair value of the new loan is recognized at a significant discount to its revised nominal amount because there remains a high risk of default which has not been reduced by the modification. The Bank monitors credit risk of modified or renegotiated 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 Bank determines if the financial asset’s credit risk has increased significantly since initial recognition by comparing: - The remaining lifetime probability of default (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 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 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 types of debtor: corporations and financial institutions. In turn, these are broken down into state-owned and private. The Bank's lending policy is applicable to all types of loans. Write-offs When the Bank has no reasonable expectations of recovering the loan, then the gross carrying amount of the loan is directly reduced in full or partially; 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 enough 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. 3.2.5 Allowances for losses on financial instruments The allowances for losses on financial instruments are provided for losses derived from the expected credit losses, inherent in the loan portfolio, investment securities and loan commitments and financial guarantee contracts, using the reserve methodology to determine expected credit losses. Additions to the allowance for expected credit losses for financial instruments are recognized in profit or loss or in other comprehensive income depending on classification of the instrument. Expected credit losses are deducted from the allowance, and subsequent recoveries are added. The allowance is also decreased by reversals of the allowance back to profit or loss. The allowance for expected credit losses for financial instruments at amortized cost is reported as a deduction of financial assets and, the allowance for expected credit losses on loan commitments and financial guarantee contracts, such as letters of credit and guarantees, is presented as a liability. The Bank assigns to each exposure a risk rating which is defined using quantitative and qualitative factors that are indicative of the risk loss. This rating is considered for purposes of identifying significant increases in credit risk. These factors may vary depending on the nature of the exposure and the type of borrower. Each exposure will be assigned to a risk rating at the time of initial recognition based on the information available about the customer and the country. Exposures will be subject to continuous monitoring, which may result in the change of an exposure to a different risk rating. The analysis of customer risk considers financial and operational factors, sector / industry, market and managerial, also considering the ratings of international rating agencies, quality of information and other elements of an objective nature, including projections on these indicators. For the assignment of customer credit ratings, quantitative and qualitative criteria are applied, depending on whether the counterpart corresponds to a financial entity or a corporation, and broken down into several factors, which receive a weighting within the customer's rating. In the analysis of the country risk, for the establishment of the rating, the assessment of quantitative and qualitative variables specific to the country under analysis is considered, as well as the regional and global macroeconomic environment, considering projections a |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of cash and cash equivalents [Abstract] | |
Disclosure of cash and cash equivalents [text block] | 4. Cash and cash equivalents December 31, December 31, 2018 2017 Cash and due from banks 9,644 11,032 Interest-bearing deposits in banks 1,736,008 661,016 Total 1,745,652 672,048 Less: Pledged deposits 39,460 53,241 Total cash and cash equivalents 1,706,192 618,807 The following table presents the details of interest-bearing deposits in banks and pledged deposits: December 31, 2018 December 31, 2017 Amount Interest rate range Amount Interest rate range Interest-bearing deposits in banks: Demand deposits (1) 1,686,008 2.43 6.5 661,016 0.25 1.55 Time deposits (2) 50,000 - - Total 1,736,008 661,016 Pledged deposits (3) 39,460 2.40 53,241 1.42 The following table provides a breakdown of pledged deposits by country risk: December 31, December 31, 2018 2017 Country: Netherlands 494 15,582 Spain 8,740 22,580 United Kingdom 15,217 9,137 United States of America (3) 15,009 5,942 Total 39,460 53,241 (1) Interest-bearing demand deposits based on the daily rates determined by banks. The rate of 6.5 5.61 (2) Time deposits “overnight” calculated on an average interest rate. (3) Includes deposits pledged of $ 3.5 3.0 |
Securities and other financial
Securities and other financial assets, net | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments [text block] | 5. Securities and other financial assets, net All securities and other financial assets as of December 31, 2018 and 2017 are presented as follows: At fair value At December 31, 2018 With changes in other comprehensive income With Total securities and Carring amount Amortized cost Recyclable to profit and loss Non-recyclable to profit and loss changes in profit or loss other financial assets, net Principal 85,326 21,798 6,273 8,750 122,147 Interest receivable 1,140 451 - - 1,591 Reserves (140 ) - - - (140 ) 86,326 22,249 6,273 8,750 123,598 At fair value At December 31, 2017 With changes in other comprehensive income With Total securities and Carring amount Amortized cost Recyclable to profit and loss Non-recyclable to profit and loss changes in profit or loss other financial assets, net Principal 69,130 16,733 8,402 - 94,265 Interest receivable 1,040 375 - - 1,415 Reserves (196 ) - - - (196 ) 69,974 17,108 8,402 - 95,484 Securities at amortized cost The amortized cost of these securities by country risk and type of debt, excluding the amounts of interest receivable and allowance for expected credit losses are as follows: December 31, 2018 December 31, 2017 Corporate debt: Brazil 1,491 1,485 Mexico 7,264 - Panama 11,151 9,978 19,906 11,463 Sovereign debt: Colombia 28,183 29,006 Mexico 19,859 20,203 Panama 17,378 8,458 65,420 57,667 85,326 69,130 As of December 31, 2018, and 2017, t he allowance for expected credit losses relating to securities at amortized cost amounted to $ 140 196 As of December 31, 2018, securities at amortized cost with a carrying value of $ 35.1 As of December 31, 2017, there were no securities at amortized cost accounted for as secured financial liabilities. Securities at amortized cost by contractual maturity are shown in the following tables: December 31, 2018 December 31, 2017 Due within 1 year 28,551 7,978 After 1 year but within 5 years 56,775 61,152 85,326 69,130 Securities at amortized cost classified by issuer’s credit quality indicators are as follows: December 31, December 31, Rating 2018 2017 2 5,181 5,236 3 44,858 43,973 4 33,796 8,458 5 1,491 11,463 Total 85,326 69,130 Securities at fair value through other comprehensive income (FVOCI) The fair value of financial instruments at FVOCI by country risk and type of debt are as follows: December 31, 2018 December 31, 2017 Corporate debt: Panama 6,157 - 6,157 - Sovereign debt: Brazil 2,887 2,954 Chile 5,011 5,147 Trinidad and Tobago 7,743 8,632 15,641 16,733 21,798 16,733 As of December 31, 2018, and 2017, t he allowance for expected credit losses relating to securities at fair value through other comprehensive income amounted to $ 172 222 As of December 31, 2018, securities at fair value through other comprehensive income with a carrying value of $ 4.6 The following table presents the realized gains or losses on sale of securities at fair value through other comprehensive income: Years ended December 31, 2018 2017 2016 Realized gain on sale of securities 194 766 221 Realized loss on sale of securities - (517 ) (577 ) Net gain (loss) on sale of securities at FVOCI 194 249 (356 ) Securities at FVOCI classified by issuer’s credit quality indicators are as follows: Rating December 31, 2018 December 31, 2017 1 5,010 5,147 4 13,901 11,586 5 2,887 - Total 21,798 16,733 The amortized cost and fair value of securities at FVOCI by contractual maturity are shown in the following tables: December 31, 2018 December 31, 2017 Amortized Amortized cost Fair value cost Fair value Due within 1 year 8,386 7,743 - - After 1 year but within 5 years 8,084 7,898 16,962 16,733 After 5 years but within 10 years 5,926 6,157 - - 22,396 21,798 16,962 16,733 Equity instrument at FVOCI The fair value of the equity instrument irrevocably measured at fair value through OCI : December 31, 2018 December 31, 2017 Equity Instrument at FVOCI 6,273 8,402 Financial instrument required to be measured at fair value through profit and loss As of December 31, 2018, the Bank received a new financial asset (debentures) with a fair value of $ 8.8 35 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [abstract] | |
Disclosure Of Loans and Receivables [Text Block] | 6. Loans The following table sets forth the details of the Bank’s gross loan portfolio: December 31, December 31, 2018 2017 Corporations: Private 1,893,696 2,124,947 State-owned 801,938 723,267 Financial institutions: Private 2,458,690 2,083,795 State-owned 624,100 573,649 Total 5,778,424 5,505,658 The composition of the gross loan portfolio by industry is as follows: December 31, December 31, 2018 2017 Financial institutions 3,082,790 2,657,444 Industrial 986,262 772,238 Oil and petroleum derived products 634,615 735,413 Agricultural 446,960 501,241 Services 393,925 430,717 Mining 20,000 231,687 Sovereign 59,026 - Other 154,846 176,918 Total 5,778,424 5,505,658 Loans classified by borrower’s credit quality indicators are as follows: December 31, 2018 Corporations Financial institutions Rating Private State-owned Private State-owned Total 1-4 975,588 388,773 797,439 54,000 2,215,800 5-6 795,399 391,438 1,476,861 464,800 3,128,498 7 58,008 21,727 184,390 105,300 369,425 8 - - - - - 9 64,701 - - - 64,701 10 - - - - - Total 1,893,696 801,938 2,458,690 624,100 5,778,424 December 31, 2017 Corporations Financial institutions Rating Private State-owned Private State-owned Total 1-4 1,234,970 458,651 796,508 126,685 2,616,814 5-6 792,363 240,181 1,127,508 391,891 2,551,943 7 58,130 24,435 159,779 55,073 297,417 8 4,484 - - - 4,484 9 - - - - - 10 35,000 - - - 35,000 Total 2,124,947 723,267 2,083,795 573,649 5,505,658 The following table provides a breakdown of loans classified by country risk: December 31, December 31, 2018 2017 Country: Brazil 1,156,223 1,019,466 Mexico 867,441 850,463 Colombia 625,932 829,136 Argentina 604,112 294,613 Panama 485,546 500,134 Costa Rica 370,087 356,459 Guatemala 328,830 309,024 Dominican Republic 301,067 249,926 Ecuador 188,445 94,315 Chile 176,976 170,827 Paraguay 158,685 59,536 Trinidad and Tobago 144,874 175,000 Honduras 89,205 74,476 Peru 78,191 211,846 El Salvador 70,048 55,110 Singapore 38,500 54,500 Jamaica 21,727 24,435 Luxembourg 17,664 19,924 Germany 17,500 37,500 Bolivia 14,187 15,000 Belgium 13,278 11,368 Uruguay 9,906 15,000 Switzerland - 3,687 Nicaragua - 29,804 United States of America - 44,109 Total 5,778,424 5,505,658 The remaining loan maturities are summarized as follows: December 31, December 31, 2018 2017 Current: Up to 1 month 820,184 846,993 From 1 month to 3 months 966,210 1,079,793 From 3 months to 6 months 1,281,615 1,175,801 From 6 months to 1 year 769,280 922,711 From 1 year to 2 years 719,564 392,456 From 2 years to 5 years 1,110,489 989,222 More than 5 years 46,381 39,923 5,713,723 5,446,899 Impaired 64,701 58,759 Total 5,778,424 5,505,658 As of December 31, 2018, and December 31, 2017, the range of interest rates on loans fluctuates from 1.20% to 12.25% (2017: 1.35% to 11.52%). The fixed and floating interest rate distribution of the loan portfolio is as follows: December 31, December 31, 2018 2017 Fixed interest rates 2,706,834 2,378,509 Floating interest rates 3,071,590 3,127,149 Total 5,778,424 5,505,658 As of December 31, 2018, and December 31, 2017, 82% and 85% of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. The following table presents an aging analysis of the loan portfolio by credit classification in stages 1, 2 and 3: 2018 Stage 1 Stage 2 Stage 3 Total Gross carrying amount Current 5,340,751 372,972 57,025 5,770,748 Past due 90-120 days - - 2,410 2,410 151-180 days - - 2,857 2,857 More than 180 days - - 2,409 2,409 Total past due - - 7,676 7,676 Total 5,340,751 372,972 64,701 5,778,424 2017 Stage 1 Stage 2 Stage 3 Total Gross carrying amount Current 4,839,227 607,672 23,759 5,470,658 Past due 90-120 days - - - - 151-180 days - - - - More than 180 days - - 35,000 35,000 Total past due - - 35,000 35,000 Total 4,839,227 607,672 58,759 5,505,658 As of December 31, 2018 and December 31, 2017, the Bank had credit transactions in the normal course of business with 17% and 21%, 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 , 2018 and December 31, 2017, approximately 9% and 14%, 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, 2018, 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 refers to modified financial assets during the year, where modification does not result in de-recognition: Financial assets (with loss allowance based on lifetime ECL) modified during the year December 31, 2018 December 31, 2017 Gross carrying amount before modification - 8,855 Allowance loss before modification - (3,344 ) Net amortized cost before modification - 5,511 Gross carrying amount after modification - 4,484 Allowance loss after modification - (4,484 ) Net amortized cost after modification - - As of December 31, 2018, the Bank received a new financial asset (debentures) with a fair value of $8.8 million as part of a restructured loan with a book value of $35 million. The remaining balance was written off against allowance for loan losses. Recognition and derecognition of financial assets During the years ended December 31 , 2018, 2017 and 2016, the Bank sold loans measured at amortized cost. These sales were made based on compliance with the Bank's strategy to optimize credit risk of its loan portfolio. The carrying 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 (loss) on financial instruments, net” in the consolidated statement of profit or loss. Assignments and participations Gains (losses) Carrying amount as of December 31, 2018 61,667 (625 ) Carrying amount as of December 31, 2017 77,400 181 Carrying amount as of December 31, 2016 157,242 730 During 2016, the Bank entered into a master participation agreement with the International Finance Corporation. to sale participations in credit facilities which resulted in revenues of $76 thousand. The allowance for expected credit losses relating 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, 2017 19,821 33,477 27,996 81,294 Transfer to lifetime expected credit losses (514 ) 514 - - Transfer to credit-impaired financial instruments (111 ) (7,864 ) 7,975 - Transfer to 12-month expected credit losses 4,471 (4,471 ) - - Net effect of changes in allowance for expected credit losses (4,665 ) 5,823 55,153 56,311 Financial instruments that have been derecognized during the year (16,400 ) (11,090 ) - (27,490 ) New financial assets originated or purchased 32,355 - - 32,355 Write-offs - - (41,686 ) (41,686 ) Recoveries of amounts previously written off - - 1 1 Allowance for expected credit losses as of December 31, 2018 34,957 16,389 49,439 100,785 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 (672 ) 672 - - Transfer to credit-impaired financial instruments - (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 instruments that have been derecognized during the year (24,434 ) (11,321 ) (8,333 ) (44,088 ) 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 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). |
Loan commitments and financial
Loan commitments and financial guarantee contracts | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of loans commitments and financial guarantees contracts [Abstract] | |
Disclosure of loans commitments and financial guarantees contracts [Text Block] | 7. Loan commitments and financial guarantee contracts In the normal course of business, to meet the financing needs of its customers, the Bank is party to loan commitments and financial guarantee 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. The Bank’s outstanding loan commitments and financial guarantee contracts are as follows: December 31, December 31, 2018 2017 Documentary letters of credit 218,988 273,449 Stand-by letters of credit and guarantees - commercial risk 179,756 168,976 Credit commitments 103,143 45,578 Total loans commitments and financial guarantee contracts 501,887 488,003 The remaining maturity profile of the Bank’s outstanding loan commitments and financial guarantee contracts is as follows: December 31, December 31, Maturities 2018 2017 Up to 1 year 434,544 457,168 From 1 to 2 years 200 257 From 2 to 5 years 67,143 30,000 More than 5 years - 578 Total 501,887 488,003 Loan commitments and financial guarantee contracts classified by issuer’s credit quality indicators are as follows: December 31, December 31, Rating 2018 2017 1-4 94,724 120,275 5-6 158,864 113,271 7 248,299 254,457 Total 501,887 488,003 The breakdown of the Bank’s loan commitments and financial guarantee contracts’ exposure by country risk is as follows: December 31, December 31, 2018 2017 Country: Ecuador 247,225 252,800 Colombia 52,000 91,020 Brazil 50,000 - Costa Rica 38,598 19,848 Panama 29,175 31,260 Mexico 22,731 35,643 Germany 18,000 - Dominican Republic 16,500 - Guatemala 15,293 11,788 Argentina 6,980 7,546 Peru 2,846 17,618 El Salvador 824 767 Uruguay 750 3,176 Canada 422 425 Bolivia 293 200 Honduras 250 890 Chile - 15,000 Paraguay - 22 Total 501,887 488,003 Letters of credit, stand-by letters of credit and guarantees The Bank, on behalf of its client’s base, issues, confirms and advises letters of credit to facilitate foreign trade transactions. When issuing, confirming and advising letters of credit, the Bank adds its own unqualified assurance that the bank will pay upon presentation of complying documents as per the terms and conditions established in the letter of credit. The Bank also issues, confirms and advises 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 the commitment is issued, it becomes irrevocable and remains valid until its expiration upon the presentation of complying documents on or before the expiry date. 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 on, the total commitment amounts do not necessarily represent future cash requirements. The allowance for expected credit losses relating to loan commitments and financial guarantee contracts is as follows: Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2017 1,358 5,487 - 6,845 Transfer to lifetime expected credit losses (31 ) 31 - - Transfer to credit-impaired financial instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss 13 169 - 182 Financial instruments that have been derecognized during the year (1,179 ) (5,487 ) - (6,666 ) New instruments originated or purchased 2,928 - - 2,928 Allowance for expected credit losses as of December 31, 2018 3,089 200 - 3,289 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 financial instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss (54 ) 853 - 799 Financial instruments that have been derecognized during the year (971 ) - - (971 ) 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 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). The allowance for expected credit losses on loan commitments and financial guarantee 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. |
Impairment loss on financial in
Impairment loss on financial instruments, net | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Explanation of initial application of impairment requirements for financial instruments [text block] | 8. Impairment loss on financial instruments, net The following table sets forth the details for the loss on financial instrument recognized in the consolidated statements of profit or loss: December 31 2018 2017 2016 Loss in derivative financial instruments and changes in foreign currency, net (1,226 ) (437 ) (486 ) Gain (loss) in financial instruments at fair value through profit or loss 648 (732 ) (2,883 ) Gain (loss) realized in financial instruments at fair value with changes in other comprehensive income 194 249 (356 ) (Loss) gain on sale of loans (625 ) 181 806 (1,009 ) (739 ) (2,919 ) |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial instrument [Abstract] | |
Disclosure of derivative financial instruments [text block] | 9. Derivative financial instruments Quantitative information on derivative financial instruments is as follows: December 31, 2018 Carrying amount of the hedging instrument Nominal Amount Asset Liability Changes in fair value used for calculating hedge ineffectiveness Fair value hedges: Interest rate swaps 433,500 108 (6,134 ) (1,666 ) Cross-currency swaps 226,756 1,134 (15,994 ) 11,676 Cash flow hedges: Interest rate swaps 460,000 513 (3,276 ) (2,462 ) Cross-currency swaps 23,025 - (1,384 ) (2,263 ) Foreign exchange forwards 176,311 933 (7,177 ) (14,854 ) Net investment hedges: Foreign exchange forwards 6,183 - (78 ) (128 ) Total 1,325,775 2,688 (34,043 ) (9,697 ) December 31, 2017 Carrying amount of the hedging instrument Nominal Amount Asset Liability Changes in fair value used for calculating hedge 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 forwards 225,388 8,610 - 11,835 Net investment hedges: Foreign exchange forwards 9,243 50 - 181 Total 1,527,117 13,338 (34,943 ) 28,649 The hedging instruments detailed in the tables above are presented in the consolidated statement of financial position as derivative financial instruments - assets or derivative financial instruments - liabilities. The gains and losses resulting from activities of hedging derivative financial instruments recognized in the consolidated statements of profit or loss are presented below: December 31, 2018 Gain (loss) recognized in OCI (effective portion) Classification of gain (loss) Gain (loss) reclassified from OCI to profit or loss Gain (loss) recognized on derivatives (ineffective portion) Derivatives – cash flow hedges Interest rate swaps (593 ) Gain (loss) on interest rate swaps - (3 ) Cross-currency swaps 2,246 Gain (loss) on foreign currency exchange - (3 ) Interest income – loans 1,756 - Foreign exchange forwards 12,453 Interest income – securities at FVOCI - - Interest expenses – deposits 4,049 - Interest expense – borrowings and debt - - Gain (loss) on foreign currency exchange (7,001 ) - Total 14,106 (1,196 ) (6 ) Derivatives – net investment hedge Foreign exchange forwards (909 ) Total (909 ) 31-Dec-17 Gain (loss) recognized in OCI (effective portion) Classification of gain (loss) Gain (loss) reclassified from OCI to profit or loss Gain (loss) recognized on derivatives (ineffective portion) Derivatives – cash flow hedge Interest rate swaps (834 ) Gain (loss) on interest rate swaps - 242 Cross-currency swaps (1,924 ) Gain (loss) on foreign currency exchange - 26 Interest income – loans 7,611 - Foreign exchange forwards (2,708 ) Interest income – securities at FVOCI - - Interest expenses – deposits 3,991 - Interest expense – borrowings and debt - - Gain (loss) on foreign currency exchange (190 ) - Total (5,466 ) 11,412 268 Derivatives – net investment hedge Foreign exchange forwards (277 ) Total (277 ) December 31, 2016 Gain (loss) recognized in OCI (effective portion) Classification of gain (loss) Gain (loss) reclassified from OCI to profit or loss Gain (loss) recognized on derivatives (ineffective portion) Derivatives – cash flow hedge Interest rate swaps 627 Gain (loss) on interest rate swaps - (1,258 ) Cross-currency swaps (1,299 ) Gain (loss) on foreign currency exchange - 16 Interest income – loans - (110 ) Foreign exchange forwards 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 Foreign exchange forwards - Total - For the agreements qualifying as fair value hedge, the Bank recognized the gain or loss on the derivative financial instruments and the gain or loss of the hedged asset or liability in profit or loss as follows: December 31, 2018 Classification in consolidated statement of profit or loss Gain (loss) on derivatives Gain (loss) on hedged item Net gain (loss) Derivatives – fair value hedge Interest rate swaps Interest income – securities FVOCI (4 ) 388 384 Interest income – loans (134 ) 1,899 1,765 Interest expenses – borrowings and debt (2,192 ) (12,201 ) (14,393 ) Derivative financial instruments (5,291 ) 5,363 72 Cross-currency swaps Interest income – loans (765 ) 1,598 833 Interest expenses – borrowings and debt (241 ) (9,367 ) (9,608 ) Derivative financial instruments (15,840 ) 13,927 (1,913 ) Total (24,467 ) 1,607 (22,860 ) December 31, 2017 Classification in consolidated statement of profit or loss Gain (loss) on derivatives Gain (loss) on hedged item Net gain (loss) Derivatives – fair value hedge Interest rate swaps Interest income – securities FVOCI (126 ) 476 350 Interest income – loans (12 ) 160 148 Interest expenses – borrowings and debt 1,387 (16,233 ) (14,846 ) Derivative financial instruments (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 14,950 (16,709 ) (1,759 ) Total 14,281 (37,758 ) (23,477 ) December 31, 2016 Classification in consolidated statement of profit or loss Gain (loss) on derivatives Gain (loss) on hedged item Net gain (loss) Derivatives – fair value hedge Interest rate swaps Interest income – securities 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 (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 17,673 (16,752 ) 921 Total 19,335 (44,474 ) (25,139 ) Derivatives financial position and performance The following tables detail the changes of fair value of the underlying item in the consolidated statement of financial position related to fair value hedges: December 31, 2018 Fair value hedges Carrying amount Accumulated fair value adjustments Line item in the consolidated statement of financial position Interest rate risk Loans 66,091 97 Loans Issuances 349,428 5,266 Borrowings and debt, net Foreign exchange rate risk and interest rate risk: Securities at FVOCI 12,221 (527 ) Securities and other financial instruments, net Loans 10,581 (1,097 ) Loans Issuances 199,356 15,024 Borrowings and debt, net December 31, 2017 Fair value hedges Carrying amount Accumulated fair value adjustments Line item in the consolidated statement of financial position Interest rate risk Loans - - Loans Issuances 355,000 (4,411 ) Borrowings and debt, net Foreign exchange rate risk and interest rate risk: Securities at FVOCI 12,369 (32 ) Securities and other financial instruments, net Loans 25,027 744 Loans Issuances 249,328 (2,301 ) Borrowings and debt, net The following tables detail the maturity profile of the timing of the nominal amounts of the hedging instruments, by type of risk covered: December 31, 2018 Risk type Foreign exchange risk Interest rate risk Foreign exchange and interest rate risks Total Up to 1 month 27,458 - - 27,458 31 to 60 days 16,977 115,000 - 131,977 61 to 90 days 6,908 50,000 - 56,908 91 to 180 days 100,489 17,000 73,193 190,682 181 to 365 days 98,813 159,500 - 258,313 1 to 2 years 5,161 463,000 23,025 491,186 2 to 5 years 3,704 89,000 7,779 100,483 More than 5 years - - 68,768 68,768 Total 259,510 893,500 172,765 1,325,775 December 31, 2017 Risk type Foreign exchange risk Interest rate risk Foreign exchange and interest rate risks 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 Assessment of the sources of ineffectiveness As part of its hedging operations and according to the type of hedge, the Bank is exposed to the following ineffectiveness factors: Cash flow hedges: Type of hedge used to mitigate the risk of changes in foreign exchange currency rates, as well of changes in interest rate risk that could include volatility in the projected cash flows. The sources of ineffectiveness arise mainly because of the differences in discount rates (OIS - Overnight Index Swap). Cross currency swaps: Type of hedge used to mitigate both interest rate risk and foreign currency risk. The sources of ineffectiveness come mainly from forward rates, discount rates and cross currency basis (cost of the operation). For control purposes, derivative instruments are recorded at their nominal amount in memoranda 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 forward contracts 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 loan and investment portfolio. The Bank also uses foreign exchange forward contracts to hedge the foreign exchange risk associated with the Bank’s equity investment in a non-U.S. dollar functional currency foreign entity. Derivative and foreign exchange forward 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 5.2 years (2017: 6.2 years). The Bank recognized the lifetime associated cost of the foreign exchange forward contracts into interest income, in profit or loss, as an adjustment to the yield on hedged items creating an accumulated reserve in OCI, reclassified to profit or loss at their maturity. The Bank estimates that approximately $365 thousand are expected to be reclassified into profit or loss during the twelve-month year ending December 31 , 2019. The Bank recognized the lifetime associated cost of the foreign exchange forward contracts into interest expense, in profit or loss, as an adjustment to the yield on hedge items creating an accumulated reserve in OCI, reclassified to profit or loss at their maturity. The Bank estimates that approximately $3.1 million are expected to be reclassified into profit or loss during the twelve-month year ending December 31 , 2019. 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 another 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 another 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. 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 pledged 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. 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, 2018 Gross amounts offset in the Net amount of assets presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of assets consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral received Net Amount Derivative financial instruments used for hedging at fair value 2,688 - 2,688 - (1,496 ) 1,192 Total 2,688 - 2,688 - (1,496 ) 1,192 December 31, 2017 Gross amounts offset in the Net amount of assets presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of assets consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral received Net Amount Derivative financial instruments used for hedging at fair value 13,338 - 13,338 - (22,304 ) (8,966 ) Total 13,338 - 13,338 - (22,304 ) (8,966 ) b) Financial liabilities and derivative financial instruments – liabilities December 31, 2018 Gross amounts offset in the Net amount of liabilities presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of liabilities consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral pledged Net Amount Derivative financial instruments used for hedging at fair value 34,043 - 34,043 - (35,960 ) (1,917 ) Total 34,043 - 34,043 - (35,960 ) (1,917 ) December 31, 2017 Gross amounts offset in the Net amount of liabilities presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of liabilities consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral pledged Net Amount Derivative financial instruments used for hedging at fair value 34,943 - 34,943 - (50,241 ) (15,298 ) Total 34,943 - 34,943 - (50,241 ) (15,298 ) |
Impairment loss on non - financ
Impairment loss on non - financial assets | 12 Months Ended |
Dec. 31, 2018 | |
Impairment of Assets [Abstract] | |
Disclosure of Impairment Loss On Non Financial Assets [text block] | 10. Impairment loss on non - financial assets Impairment losses on non-financial assets are as follows: December 31, Losses for: 2018 2017 2016 Impairment loss on other assets (3,464 ) - - Impairment loss on investment properties (3,849 ) - - Write off on intangible assets (2,705 ) - - (10,018 ) - - As of December 31, 2018, the Bank made write offs corresponding mainly to technological projects classified as intangible assets by $2.7 million and other assets under development with a book value of $1.3 million. In addition, the storage silos received as payment for a restructured loan operation that were recorded as investment properties with a carrying amount of $3.8 million and other assets under development of the deed with a carrying amount of $1.7 million, were assessed by the Bank, determining a fair value of zero. |
Equipment and leasehold improve
Equipment and leasehold improvements | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of property, plant and equipment [text block] | 11. Equipment and leasehold improvements A breakdown of cost, accumulated depreciation, additions and disposals of equipment and leasehold improvements is as follows: IT equipment Furniture and fixtures Leasehold improvement Other equipment Total Cost: Balance as of January 1, 2016 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 Additions 411 12 111 69 603 Disposals (253 ) (97 ) (80 ) (62 ) (492 ) Reclassifications 10 - - - 10 Balance as of December 31, 2018 4,338 1,899 6,841 2,512 15,590 Accumulated depreciation: Balance as of January 1, 2016 2,671 1,491 2,536 366 7,064 Amortisation for 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 Amortisation for 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 Amortisation for the year 516 64 480 222 1,282 Disposals (159 ) (89 ) (127 ) (94 ) (469 ) Reclassifications 42 - - - 42 Balance as of December 31, 2018 3,269 1,715 3,001 919 8,904 Carrying amounts as of: December 31, 2018 1,069 184 3,840 1,593 6,686 December 31, 2017 1,300 244 4,162 1,714 7,420 December 31, 2016 1,644 2,133 4,597 175 8,549 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of intangible assets [text block] | 12. Intangible assets A breakdown of software cost, accumulated amortization, additions, sales and disposals for intangible assets is as follows: Costs: Balance as of January 1, 2016 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 Additions 58 Disposals (3,315 ) Reclassifications (10 ) Balance as of December 31, 2018 13,905 Accumulated amortization: Balance as of January 1, 2016 10,349 Amortisation for the year 629 Disposals (4 ) Balance as of December 31, 2016 10,974 Amortisation for the year 838 Disposals (65 ) Balance as of December 31, 2017 11,747 Amortisation for the year 1,176 Disposals (609 ) Reclassifications (42 ) Balance as of December 31, 2018 12,272 Carrying amounts as of: December 31, 2018 1,633 December 31, 2017 5,425 December 31, 2016 2,909 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. Disposals during 2018 correspond to technological projects. |
Investment properties
Investment properties | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of investment property [text block] | 13. Investment properties Investment properties are measured at fair value through profit or loss. The gains and losses resulting from fair value adjustments are recognized in profit or loss. A summary is as follows: Balance at January 1, 2017 - Additions 5,119 Balance at December 31, 2017 5,119 Sale of investment properties (1,270 ) Net change in fair value (3,849 ) Balance at December 31, 2018 - The Bank determines the fair value for its investment properties based on discounted expected cash flows on reliable estimates for the operating leases or existing contracts. The Bank applied the fair value hierarchy level 3, in absence of a comparable active market. As of December, 31 2018, such estimates results in zero value. Unobservable inputs used in the fair value measurement Type of asset Fair value Measurement techniques Significant unobservable inputs Investment properties at FVPL - Discounted cash flows - Existing leasing contracts - Investments made to operate - Current operating expenses - Weighted average cost of capital WACC |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other assets [Abstract] | |
Disclosure of other assets [text block] | 14. Other assets Following is a summary of other assets: December 31, December 31, 2018 2017 Accounts receivable (1) 13,333 6,793 Interest receivable - deposits 281 48 IT projects under development (2) 357 1,405 Other (3) 3,003 5,510 16,974 13,756 (1) (2) (3) |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of deposits from customers [Abstract] | |
Disclosure of deposits from customers [text block] | 15. Deposits The maturity profile of the Bank’s deposits, excluding interest payable, is as follows: December 31, December 31, 2018 2017 Demand 211,381 82,064 Up to 1 month 1,192,252 1,147,772 From 1 month to 3 months 412,638 492,205 From 3 months to 6 months 533,135 411,159 From 6 months to 1 year 462,156 571,500 From 1 year to 2 years 70,047 76,422 From 2 years to 5 years 89,213 147,722 2,970,822 2,928,844 The following table presents additional information regarding the Bank’s deposits December 31, December 31, 2018 2017 Aggregate amounts of $100,000 or more 2,970,438 2,928,425 Aggregate amounts of deposits in the New York Agency 265,349 266,158 Year ended December 31, 2018 2017 2016 Interest expense on deposits made in the New York Agency 5,937 2,524 1,429 |
Securities sold under repurchas
Securities sold under repurchase agreements | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of repurchase and reverse repurchase agreements [Abstract] | |
Disclosure of repurchase and reverse repurchase agreements [text block] | 16. Securities sold under repurchase agreements As of December 31, 2018, the Bank has financing transactions under repurchase agreements for $39.8 million. As of December 31, 2017, the Bank does not have financing transactions under repurchase agreements. During the year ended December 31, 2018, $635 thousand was recorded corresponding to interest expenses generated by financing agreements under repurchase agreements. These expenses are included as interest expense – borrowings and debt line in the consolidated statement of profit or loss. As of December 31, 2017, the Bank did not incur in any interest expense generated by financing agreements under repurchase agreements. |
Borrowings and debt
Borrowings and debt | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of borrowings [Abstract] | |
Disclosure of borrowings [text block] | 17. Borrowings and debt Borrowings and debt are detailed as follows: December 31, 2018 Short-Term Long-term Carring amount Borrowings Debt Borrowings Debt Total Principal 1,975,174 45,930 886,384 614,505 3,521,993 Prepaid commissions - - (2,790 ) (757 ) (3,547 ) 1,975,174 45,930 883,594 613,748 3,518,446 December 31, 2017 Short-Term Long-term Carring amount Borrowings Debt Borrowings Debt Total Principal 1,062,223 10,500 423,011 720,044 2,215,778 Prepaid commissions - - (2,790 ) (1,421 ) (4,211 ) 1,062,223 10,500 420,221 718,623 2,211,567 Short-term borrowings and debt The breakdown of short-term (original maturity of less than one year) borrowings and debt, along with contractual interest rates, is as follows: December 31, December 31, 2018 2017 Short-term borrowings: At fixed interest rates 695,500 429,069 At floating interest rates 1,279,674 633,154 Total borrowings 1,975,174 1,062,223 Short-term debt: At fixed interest rates 2,700 10,500 At floating interest rates 43,230 - Total debt 45,930 10,500 Total short-term borrowings and debt 2,021,104 1,072,723 Average outstanding balance during the year 1,095,530 710,021 Maximum balance at any month-end 2,021,104 1,072,723 Range of fixed interest rates on borrowings and debt in U.S. dollars 2.74% to 3.30% 1.60% to 1.95% Range of floating interest rates on borrowings in U.S. dollars 2.72% to 3.41% 1.77% to 2.08% Range of fixed interest rates on borrowings in Mexican pesos - 7.92 Range of floating interest rate on borrowings in Mexican pesos 8.49% to 9.39% 7.68% to 7.89% Weighted average interest rate at end of the year 3.18% 2.16% Weighted average interest rate during the year 3.00% 1.66% The outstanding balances of short-term borrowings and debt by currency, are as follows: December 31, December 31, 2018 2017 Currency US dollar 1,926,000 1,044,500 Mexican peso 95,104 28,223 Total 2,021,104 1,072,723 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 and Japanese markets. The breakdown of borrowings and long-term debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions of $3.5 million and $4.2 million as of December 31, 2018 and December 31, 2017, respectively, are as follows: December 31, December 31, 2018 2017 Long-term borrowings: At fixed interest rates with due dates from January 2019 to February 2022 63,367 44,011 At floating interest rates with due dates from August 2019 to August 2023 823,017 379,000 Total borrowings 886,384 423,011 Long-term debt: At fixed interest rates with due dates from June 2019 to March 2024 503,229 532,305 At floating interest rates with due dates from April 2019 to June 2023 111,276 187,739 Total long-term debt 614,505 720,044 Total long-term borrowings and debt 1,500,889 1,143,055 Less: Prepaid commissions (3,547 ) (4,211 ) Total long-term borrowings and debt, net 1,497,342 1,138,844 Net average outstanding balance during the year 1,244,619 1,477,788 Maximum outstanding balance at any month – end 1,500,889 2,010,078 Range of fixed interest rates on borrowings and debt in U.S. dollars 2.25% to 3.25% 1.35% to 3.25% Range of floating interest rates on borrowings and debt in U.S. dollars 3.26% to 4.46% 2.61% to 3.01% Range of fixed interest rates on borrowings in Mexican pesos 5.25% to 9.09% 4.89% to 9.09% Range of floating interest rates on borrowings and debt in Mexican pesos 9.19% to 9.71% 7.99% to 8.00% Range of fixed interest rates on debt in Japanese yens 0.46% 0.46% to 0.81% Range of fixed interest rates on debt in Euros 3.75% 3.75% Range of fixed interest rates on debt in Australian dollars 3.33% 3.33% Weighted average interest rate at the end of the year 4.35% 3.60% Weighted average interest rate during the year 4.09% 3.43% The balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows: December 31, December 31, 2018 2017 Currency US dollar 1,203,101 753,981 Mexican peso 143,661 206,750 Japanese yen 72,670 98,711 Euro 60,315 60,178 Australian dollar 21,142 23,435 Total 1,500,889 1,143,055 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. The notes are generally issued in bearer or registered form through one or more authorized financial institutions; (ii) Short-and Long-Term Notes (“Certificados Bursatiles”) Program (the “Mexican Program”) in the Mexican local market, registered with the Mexican National Registry of Securities administered 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, 2018, the Bank was in compliance with all those covenants. The future payments of long-term borrowings and debt outstanding as of December 31, 2018, are as follows: Payments Outstanding 2019 257,393 2020 488,237 2021 558,265 2022 74,179 2023 62,500 2024 60,315 1,500,889 Reconciliation of movements of borrowings and debt arising from financing activities of consolidated statements of cash flows 2018 2017 2016 Balance as of January 1, 2,211,567 3,246,813 4,312,170 Net increase (decrease) in short-term borrowings and debt 950,259 (396,205 ) (961,095 ) Proceeds from long-term borrowings and debt 609,017 219,905 406,149 Repayments of long-term borrowings and debt (256,173 ) (883,476 ) (464,242 ) Change in foreign currency 1,903 23,487 (43,010 ) Adjustment of fair value for hedge accounting relationship 753 (483 ) (5,945 ) Other adjustments 1,120 1,525 2,786 Balance as of December 31, 3,518,446 2,211,567 3,246,813 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other liabilities [Abstract] | |
Disclosure of other liabilities [text block] | 18. Other liabilities Following is a summary of other liabilities: December 31, December 31, 2018 2017 Accruals and other accumulated expenses 8,602 8,018 Accounts payable 453 9,307 Others 4,560 3,226 13,615 20,551 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of earnings per share [text block] | 19. Earnings per share The following table presents a reconciliation of profit and share data used in the basic and diluted earnings per share (“EPS”) computations for the dates indicated: December 31, December 31, December 31, 2018 2017 2016 (Thousands of U.S. dollars) Profit for the year 11,138 81,999 87,045 (U.S. dollars) Basic earnings per share 0.28 2.09 2.23 Diluted earnings per share 0.28 2.08 2.22 (Thousands of shares) Weighted average of common shares outstanding - applicable to basic EPS 39,543 39,311 39,085 Effect of diluted securities: Stock options and restricted stock units plan - 18 125 Adjusted weighted average of common shares outstanding applicable to diluted EPS 39,543 39,329 39,210 |
Capital and additional paid-in
Capital and additional paid-in capital | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Disclosure of share capital, reserves and other equity interest [text block] | 20. Capital and additional paid-in capital 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, exchanging one share for another share. The following table provides detailed information on the movement of the shares by class for each of the years ended December 31, 2018, 2017 and 2016: (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, 2016 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 - - Repurchased 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 Conversions - (64,386 ) 64,386 - - Repurchased common stock - (99,193 ) (64 ) - (99,257 ) Restricted stock issued – directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 102,918 - 102,918 Restricted stock units – vested - - 49,055 - 49,055 Outstanding at December 31, 2018 6,342,189 2,245,227 30,951,135 - 39,538,551 Additional paid-in capital As of December 31, 2018, and 2017, the additional paid-in capital consists of additional cash contributions to the common capital paid by shareholders. |
Treasury stock
Treasury stock | 12 Months Ended |
Dec. 31, 2018 | |
Classification of Treasury Stock [Abstract] | |
Disclosure of treasury shares [text block] | 21. Treasury stock 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, 2016 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 Repurchase of common stock - - 99,193 2,441 64 1 99,257 2,442 Restricted stock issued - directors - - - - (57,000 ) (1,259 ) (57,000 ) (1,259 ) Exercised stock options - compensation plans - - - - (102,918 ) (2,272 ) (102,918 ) (2,272 ) Restricted stock units - vested - - - - (49,055 ) (1,083 ) (49,055 ) (1,083 ) Outstanding at December 31, 2018 318,140 10,708 689,367 18,711 1,433,781 31,657 2,441,288 61,076 |
Other comprehensive income
Other comprehensive income | 12 Months Ended |
Dec. 31, 2018 | |
Other comprehensive income [abstract] | |
Disclosure of analysis of other comprehensive income by item [text block] | 22. Other comprehensive income The breakdown of other comprehensive income (loss) relating to financial instruments at FVOCI, derivative financial instruments, and foreign currency translation is as follows: Financial instruments at FVOCI Derivative financial instruments Foreign currency translation adjustment Total Balance as of January 1, 2016 (8,931 ) (1,750 ) - (10,681 ) Change in fair value of debt instruments, net of hedging 7,048 4,383 11,431 Reclassification of gains (losses) on financial instruments included in profit or loss (1) 1,030 (4,581 ) - (3,551 ) Other comprehensive income (loss) for the year 8,078 (198 ) - 7,880 Balance as of December 31, 2016 (853 ) (1,948 ) - (2,801 ) Change in fair value of debt instruments, net of hedging 612 (8 ) - 604 Change in fair value of equity instruments at FVOCI, net of hedging (228 ) 415 - 187 Reclassification of gains (losses) on financial instruments included in profit or loss (1) 84 2,399 - 2,483 Exchange difference in conversion of foreign operating currency - - 1,490 1,490 Other comprehensive income (loss) for the year 468 2,806 1,490 4,764 Balance as of December 31, 2017 (385 ) 858 1,490 1,963 Change in fair value of debt instruments, net of hedging (254 ) (4,375 ) - (4,629 ) Change in fair value of equity instruments at FVOCI, net of hedging (2,074 ) 850 - (1,224 ) Reclassification of gains (losses) on financial instruments included in profit or loss (1) (87 ) 5,678 - 5,591 Exchange difference in conversion of foreign operating currency - - (1,281 ) (1,281 ) Other comprehensive income (loss) for the year (2,415 ) 2,153 (1,281 ) (1,543 ) Balance as of December 31, 2018 (2,800 ) 3,011 209 420 (1) Reclassification adjustments include amounts recognized in profit or loss of the year that had been part of other comprehensive income in this and previous years. The following table presents amounts reclassified from other comprehensive income to profit or loss: December 31, 2018 Details about other comprehensive income components Amount reclassified from other comprehensive income Affected line item in the consolidated statement of profit or loss Realized gains (losses) on securities at FVOCI: - Interest income – securities at FVOCI - Net gain on sale of securities at FVOCI 87 Derivative financial instruments and impairment loss on financial instruments at FVOCI 87 Gains (losses) on derivative financial instruments: Foreign exchange forwards (2,502 ) Interest income – loans (1,650 ) Interest expense – borrowings and deposits (1,530 ) Net gain (loss) on foreign currency exchange Interest rate swaps 4 Net gain (loss) on interest rate swaps Cross-currency swaps - Net gain (loss) on cross-currency swaps (5,678 ) December 31, 2017 Details about other comprehensive income components Amount reclassified from other comprehensive income Affected line item in the consolidated statement of profit or loss Realized gains (losses) on securities at FVOCI: - Interest income – securities at FVOCI 24 Net gain on sale of securities at FVOCI (108 ) Derivative financial instruments and impairment loss on financial instruments at FVOCI (84 ) Gains (losses) on derivative financial instruments: Foreign exchange forwards (7,611 ) Interest income – loans (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 swaps 12 Net gain (loss) on cross-currency swaps (2,399 ) December 31, 2016 Details about other comprehensive income components Amount reclassified from other comprehensive income Affected line item in the consolidated statement of profit or loss Realized gains (losses) on securities at FVOCI: - Interest income – securities at FVOCI (7,243 ) Net gain on sale of securities at FVOCI 6,213 Derivative financial instruments and impairment loss on financial instruments at FVOCI (1,030 ) Gains (losses) on derivative financial instruments: Foreign exchange forwards (4,750 ) Interest income – loans 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 swaps 488 Net gain (loss) on cross-currency swaps 4,581 |
Cash and stock-based compensati
Cash and stock-based compensation plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of share-based payment arrangements [text block] | 23. 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. 2015 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. This plan was updated in October 2015, modified and renamed as “2015 Stock Incentive Plan” Restricted stocks are issued at the grant date but are withheld by the Bank until the vesting date. Restricted stock is 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 or disposes of treasury stocks,and delivers common stock at the vesting date of the restricted stock units. During 2018 and 2017, 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 2018, 2017 and 2016, the Board of Directors granted 57,000, each year, of “Class E” common shares. The fair value of restricted stock granted was based on the stock closing price in the New York Stock Exchange of the “Class E” shares on April 11, 2018, April 19, 2017 and April 13, 2016. The fair value of restricted stock granted totaled $1.6 million in 2018, $1.6 million in 2017, and $1.4 million in 2016, of which $739 thousand, $788 thousand and $617 thousand were recognized in profit or loss during 2018, 2017 and 2016, respectively. The total expense recognized in profit or loss during 2018, 2017 and 2016 of restricted stock – directors amounted $1.5 million, $1.7 million and $1.6 million, respectively. The remaining cost pending amortization of $1.2 million at December 31, 2018 will be amortized over 2.3 years. Restricted stock 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. A summary of restricted stock granted to Directors is presented below: Shares Weighted average grant date fair value Outstanding at January 1, 2016 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 Granted 57,000 28.70 Vested (45,300 ) 28.07 Outstanding at December 31, 2018 103,650 27.82 Expected to vest 103,650 The fair value of vested stock during the years 2018 and 2017 was $1.3 million and $1.8 million, respectively. 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 $581 thousand in 2018 and $650 thousand in 2017. The distribution of the fair value was in restricted stock units. Restricted stock units The fair value of the restricted stock units was based on the “Class E” stock closing price in the New York Stock Exchange on the grant date. These stock units vest 25% each year on the grant date’s anniversary. 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 the accelerated method. Costs recognized in profit or loss during 2018, 2017 and 2016 due to the amortization of these grants totaled $503 thousand, $811 thousand and $1.3 million, respectively. The remaining compensation cost pending amortization of $324 thousand in 2018 will be amortized over 3.1 years. A summary of the restricted stock units granted to certain executives is presented below: Shares Weighted average grant date fair value Weighted average remaining contractual term Aggregate intrinsic value Outstanding at January 1, 2016 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 Granted 23,412 24.80 Forfeited - - Vested (49,055 ) 20.90 Outstanding at December 31, 2018 25,162 24.86 2.99 years $ 0 Expected to vest 25,162 24.86 2.99 years $ 0 The fair value of vested stock during the years 2018 and 2017 is $1.0 million, and $1.4 million, respectively. Stock purchase options The Bank´s policy indicates that options expire seven years after the grant date and are exercisable at a rate of 25% each year on the grant date’s anniversary. Related cost recognized in profit or loss during 2018, 2017 and 2016 as a result of the amortization of these plans that amounted to $14 thousand, $118 thousand and $251 thousand, respectively. The remaining compensation cost pending amortization of $16 thousand in 2018 will be amortized over a period of 0.11 years. A summary of stock options granted is presented below: Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding at January 1, 2016 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 Granted - - Forfeited (28,315 ) 29.25 Exercised (102,918 ) 24.55 Outstanding at December 31, 2018 142,410 29.25 3.11 years $ 0 Exercisable 142,410 29.25 3.11 years $ 0 Expected to vest 142,410 29.25 3.11 years $ 0 The intrinsic value of exercised options during the years 2018 and 2017 was $406 and $593, respectively. During the years 2018 and 2016 the Bank received $2.5 million and $3.5 million, respectively, from exercised options. 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 2018, 2017 and 2016, the Bank charged to salaries expense $102 thousand, $163 thousand and $121 thousand, respectively, that correspond to the Bank’s contributions to this plan. |
Fees and commission Income
Fees and commission Income | 12 Months Ended |
Dec. 31, 2018 | |
Fee and commission income [abstract] | |
Disclosure of fee and commission income (expense) [text block] | 24. Fees and commission income Fees and commission income from contracts with customers broken down by main types of services according to the scope of IFRS 15, beginning after January 1 st December 31, 2018 Syndicated loans Documentary letters of credit Stand-by letters of credit and guarantees Credit commitments Other Total Openning and confirmation - 7,333 2,460 874 - 10,667 Negotiation and acceptance - 379 100 - - 479 Amendment - 46 1,230 - - 1,276 Structuring 4,625 - - 325 - 4,950 Other - (4 ) - (151 ) (32 ) (187 ) 4,625 7,754 3,790 1,048 (32 ) 17,185 The following table provides information on the ordinary income that is expected to be recognized on the contracts in force as of December 31, 2018: Up to 1 year 1 to 2 years More than 2 years Total Ordinary income expected to be recognized on the contracts as of December 31, 2018 1,655 377 761 2,793 Fees and commission income from contracts with customers recognized under IAS 18 as of December 31, 2017 are detailed below: December 31, 2017 December 31, 2016 Commission income – Loans & commitments, net 476 1,126 Commission income - Letters of credit 10,430 7,458 Commission income - Structuring 6,608 5,722 Total 17,514 14,306 |
Business segment information
Business segment information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Reporting Segment [Abstract] | |
Disclosure of operating segments [text block] | 25. Business segment information Basis for segmentation 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 assets, liabilities, revenue and expense items to each business segment on a systematic basis. The maximum decision-making operating authority of the Bank is represented by the Chief Executive Officer and the Executive Committee, which review the internal management reports for each division at least every six months. 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, mainly from 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 encompasses the Bank’s core business of financial intermediation and fee generation activities catering to corporations, financial institutions and investors in Latin America. These activities include the origination of bilateral short-term and medium-term loans, structured and syndicated credits, loan commitments, and financial guarantee contracts such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk, and other assets consisting of customers’ liabilities under acceptances. Profits from the Commercial Business Segment include (i) net interest income from loans; (ii) fees and commissions from the issuance, confirmation and negotiation of letters of credit, guarantees and loan commitments, and through loan structuring and syndication activities; (iii) gain on sale of loans generated through loan intermediation activities, such as sales in the secondary market and distribution in the primary market; (iv) impairment loss on financial instruments; and (v) direct and allocated operating expenses. The Treasury Business Segment focuses on managing the Bank’s investment portfolio, and the overall structure of its assets and liabilities to achieve more efficient funding and liquidity positions for the Bank, mitigating the traditional financial risks associated with the balance sheet, such as interest rate, liquidity, price and currency risks. Interest-earning assets managed by the Treasury Business Segment include liquidity positions in cash and cash equivalents, and financial instruments related to the investment management activities, consisting of securities at FVOCI and securities at amortized cost. The Treasury Business Segment also manages the Bank’s interest-bearing liabilities, which constitute its funding sources, mainly deposits, short- and long-term borrowings and debt. Profits from the Treasury Business Segment include net interest income derived from the above mentioned treasury assets and liabilities, and related net other income (net results from derivative financial instruments and foreign currency exchange, gain (loss) per financial instruments at FVTPL, gain (loss) on sale of securities at FVOCI, and other income), recovery or impairment loss on financial instruments, and direct and allocated operating expenses. Information about reportable segments The following table provides certain information regarding the Bank’s operations by segment: December 31, 2018 Comercial Treasury Total Interest income 239,976 18,514 258,490 Interest expense - (148,747 ) (148,747 ) Inter-segment net interest income (130,195 ) 130,195 - Net interest income 109,781 (38 ) 109,743 Other income (expense), net 18,002 (156 ) 17,846 Total income 127,783 (194 ) 127,589 Impairment loss on financial assets (57,621 ) 106 (57,515 ) Impairment loss on non-financial assets (5,967 ) - (5,967 ) Operating expenses (37,436 ) (11,482 ) (48,918 ) Segment profit (loss) for the year 26,759 (11,570 ) 15,189 Segment Assets 5,726,977 1,857,196 7,584,173 Segment Liabilities 12,985 6,588,995 6,601,980 December 31, 2017 Comercial Treasury Total Interest income 213,326 12,753 226,079 Interest expense - (106,264 ) (106,264 ) Inter-segment net interest income (92,745 ) 92,745 - Net interest income 120,581 (766 ) 119,815 Other income (expense), net 18,926 (428 ) 18,498 Total income 139,507 (1,194 ) 138,313 Impairment loss on financial assets (9,928 ) 489 (9,439 ) Operating expenses (35,916 ) (10,959 ) (46,875 ) Segment profit (loss) for the year 93,663 (11,664 ) 81,999 Segment Assets 5,470,947 772,517 6,243,464 Segment Liabilities 13,214 5,191,170 5,204,384 December 31, 2016 Comercial Treasury Total Interest income 236,392 9,506 245,898 Interest expense - (90,689 ) (90,689 ) Inter-segment net interest income (96,017 ) 96,017 - Net interest income 140,375 14,834 155,209 Other income (expense), net 16,333 (3,568 ) 12,765 Total income 156,708 11,266 167,974 Impairment loss on financial assets (35,112 ) (3 ) (35,115 ) Operating expenses (34,599 ) (11,215 ) (45,814 ) Segment profit for the year 86,997 47 87,045 Segment Assets 5,969,902 1,188,406 7,158,308 Segment Liabilities 25,163 6,125,954 6,151,117 Reconciliation of information on reportable segments: 2018 2017 2016 Profit: Total profit from reportable segments 15,189 81,999 87,045 Impairment loss on non-financial assets - unallocated (4,051 ) - - Consolidated profit for the year 11,138 81,999 87,045 Assets: Total assets from reportable segments 7,584,173 6,243,464 7,158,308 Equipment and leasehold improvements, net - unallocated 6,686 7,420 8,549 Intangibles, net - unallocated 1,633 5,425 2,909 Other assets - unallocated 16,693 11,438 11,016 Unallocated amounts 25,012 24,283 22,474 Consolidated total assets 7,609,185 6,267,747 7,180,783 Liabilities: Total liabilities from reportable segments 6,601,980 5,204,384 6,151,117 Other liabilities - unallocated 13,615 20,551 18,352 Unallocated amounts 13,615 20,551 18,352 Consolidated total liabilities 6,615,595 5,224,935 6,169,469 Geographic information The geographic information analyses the Bank’s revenue and non-current assets by the Bank’s country of domicile and other countries. In presenting the geographic information below, segment revenue is based on customer’s country risk and segment non-current assets are based on the geographic location of the assets. 2018 Panama Brazil Mexico Colombia Costa Rica Ecuador Argentina Other Total Total revenues 13,913 17,887 14,577 15,440 11,115 10,414 9,959 34,284 127,589 Non-current assets* 6,520 126 1,495 7 - - 37 134 8,319 2017 Total revenues 10,829 27,908 17,451 18,465 11,814 9,545 6,975 35,326 138,313 Non-current assets* 15,934 88 1,702 16 - - 33 192 17,965 2016 Total revenues 14,870 34,740 21,197 17,077 9,752 7,229 11,183 51,926 167,974 Non-current assets* 9,346 90 1,828 23 - - 51 264 11,602 * Includes equipment and lesehold improvements, intangibles and investment properties. Disaggregation of revenue from contract with customers As of December 31, 2018, 2017, and 2016, respectively, the Bank has no customer, either individually or as group of companies, that represents more than 10% of the total revenues. |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of fair value of financial instruments [Abstract] | |
Disclosure of fair value of financial instruments [text block] | 26. 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 inputs that 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 assess 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 inputs 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 inputs that market participants would use when pricing the asset or liability. When possible, the Bank uses active markets and observable prices to value 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 valuation of the financial asset or liability, or in the 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. Recurring valuation 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 for similar instruments, or where these are not available, by using internal valuation techniques, principally discounted cash flows models. Such securities are classified within levels 2 and 3 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. 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. Financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial position using the fair value hierarchy are described below: December 31, 2018 Level 1 Level 2 Level 3 Total Assets Securities and other financial assets: Securities at FVOCI - Corporate debt (1) - 6,157 - 6,157 Securities at FVOCI - Sovereign debt (1) - 15,641 - 15,641 Equity instrument at FVOCI (1) - 6,273 - 6,273 Debt instrument at fair value through profit or loss - - 8,750 8,750 Total securities and other financial assets - 28,071 8,750 36,821 Derivative financial instruments - assets: Interest rate swaps - 621 - 621 Cross-currency swaps - 1,134 - 1,134 Foreign exchange forwards - 933 - 933 Total derivative financial instrument assets - 2,688 - 2,688 Total assets at fair value - 30,759 8,750 39,509 Liabilities Derivative financial instruments - liabilities: Interest rate swaps - 9,410 - 9,410 Cross-currency swaps - 17,378 - 17,378 Foreign exchange forwards - 7,255 - 7,255 Total derivative financial instruments - liabilities - 34,043 - 34,043 Total liabilities at fair value - 34,043 - 34,043 (1) At December 31, 2018, investment securities and equity instrument at FVOCI for $21.8 million and $6.3 million, respectively; were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. December 31, 2017 Level 1 Level 2 Level 3 Total Assets Securities and other financial assets: Securities at FVOCI - Sovereign debt (2) 16,733 - - 16,733 Equity instrument at FVOCI 8,402 - - 8,402 Total securities and other financial assets 25,135 - - 25,135 Derivative financial instruments assets: Interest rate swaps - 129 - 129 Cross-currency swaps - 4,550 - 4,550 Foreign exchange forwards - 8,659 - 8,659 Total derivative financial instruments - assets - 13,338 - 13,338 Total assets at fair value 25,135 13,338 - 38,473 Liabilities Derivative financial instruments liabilities: Interest rate swaps - 4,789 - 4,789 Cross-currency swaps - 30,154 - 30,154 Total derivative financial instruments - liabilities - 34,943 - 34,943 Total liabilities at fair value - 34,943 - 34,943 (1) At December 31, 2017, securities at FVOCI with a carrying amount of $3.0 million were reclassified from level 2 to level 1 of the fair value hierarchy, due to an upgrade valuation of Bloomberg “BVAL” from 7 to 10 during 2017. 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. Non-recurring valuation The following methods and inputs 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, interest receivable and certain financial liabilities including customer’s demand and time deposits, securities sold under repurchase agreements, interest payable, and acceptances outstanding, due to their short-term nature, is considered to approximate their fair value. These instruments are classified in Level 2. Securities at amortized cost The fair value has been estimated upon current market quotations, where available. If quoted market prices are not available, fair value has been estimated based upon quoted prices 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 and 2. Loans 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 Levels 2 and 3. 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 their fair value at the date of transfer. The fair value of these instruments is determined based upon quoted market prices when available or is 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. Short and long-term borrowings and debt The fair value of short and long-term borrowings and debt is estimated using discounted future cash flows based on the current incremental borrowing rates for similar types of borrowing arrangements, considering the changes in the Bank’s credit margin. These liabilities are classified in Level 2. Valuation framework The Bank has an established control framework for the measurement of fair values, which is independent of front office management, verifying the valuation results of the derivative financial instruments, securities and other financial instrument significantly measured. Specific controls include: - Verification of observable pricing - Verification of re – performance of model valuations - A review and approval process for new models and changes to existing models - Annual calibration and back testing of models against observed market transactions - Analysis and evaluation of the significant valuation movements - Review of the significant unobservable inputs, valuation adjustments and changes to the fair value measurement of Level 3 instruments. The following table provides information on the carrying value and an estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis: December 31, 2018 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and deposits on banks 1,745,652 1,745,652 - 1,745,652 - Securities at amortized cost (1) (3) 86,326 85,036 - 73,869 11,167 Loans, net (2) 5,702,258 5,958,540 - 5,884,527 74,013 Customers' liabilities under acceptances 9,696 9,696 - 9,696 - Liabilities Deposits 2,970,822 2,970,822 - 2,970,822 - Securities sold under repurchase agreements 39,767 39,767 - 39,767 - Borrowings and debt, net 3,518,446 3,558,763 - 3,558,763 - Customers' liabilities under acceptances 9,696 9,696 - 9,696 - Allowance for expected credit losses on loan commitments and financial guarantee contracts 3,289 3,289 - 3,289 - December 31, 2017 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and deposits on banks 672,048 672,048 - 672,048 - Securities at amortized cost (1) 69,974 69,006 50,581 8,447 9,978 Loans, net (2) 5,448,788 5,550,704 - 5,550,704 - Customers' liabilities under acceptances 6,369 6,369 - 6,369 - Liabilities Deposits 2,928,844 2,928,844 - 2,928,844 - Borrowings and debt, net 2,211,567 2,231,017 - 2,231,017 - Customers' liabilities under acceptances 6,369 6,369 - 6,369 - Allowance for expected credit losses on loan commitments and financial guarantee contracts 6,845 6,845 - 6,845 - (1) The carrying value of securities at amortized cost is net of the accrued interest receivable of $1.1 million and the allowance for expected credit losses of $0.1 million as of December 31, 2018, and the accrued interest receivable of $1.0 million and the allowance for expected credit losses $0.2 million as of December 31, 2017. (2) The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. (3) At December 31, 2018, investment securities at amortized cost were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. Level 3 fair value measurements Reconciliation The following table presents the movement of instruments measured at Level 3 fair value : Carrying amount as of January 1, 2018 - Origination 8,750 Carrying amount as of December 31, 2018 8,750 Unobservable inputs used in the fair value mesurements The following tables provides information about the significant inputs used in the measurement of instruments at Level 3 fair value: Type of financial instruments Fair value December 31, 2018 Measurement techniques Significant unobservable inputs At fair value through profit or loss (debentures) 8,750 Discounted cash flows Discount rate Premiun or liquidity rate Range of Unobservable inputs sensibility 18.28% Significant increases would lead to a lower fair value 45% Significant increases would lead to a lower fair value Significant unobservable inputs were developed as follows: a). The discount rate was derived from the discount rate of a similar company in the same line of business. For the discount rate, the debt-equity structure for the Issuer of the securities was applied. b) The premium or liquidity rate was derived from liquidity cost studies carried out by experts and then subsequently from knowledge of management of similar businesses. Effect of unobservable inputs in fair value measurement Although management considers that its estimates of fair value are appropriate, the use of different methodologies or assumptions can generate different Level 3 fair values for measurements . Changing one or more assumptions used can generate the following effect: Effect on income* December 31, 2018 Negative effect Positive effect Other assets at fair value through profit or loss (debenture) (659 ) 714 * Changes in +100 bps in the unobservable variables. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of related party [Abstract] | |
Disclosure of related party [text block] | 27. Related party transactions The detail of the assets and liabilities with related private corporations and financial institutions is as follows: Decembre 31, Decembre 31, 2018 2017 Assets Demand deposits 5,179 1,809 Loans 202,578 83,031 Allowance for loans losses (1,837 ) (204 ) Securities at fair value through other comprehensive income 2,887 2,954 Total asset 208,807 87,590 Liabilities Demand deposits 200,000 50,000 Time deposits 40,000 190,000 Total liabilities 240,000 240,000 The detail of income and expenses with related parties is as follows: December 31, 2018 December 31, 2017 Interest income Loans 2,751 985 Securities at amortized cost - - Total interest income 2,751 985 Interest expense Deposits (984 ) (530 ) Total interest expense (984 ) (530 ) Net interest income 1,767 455 Other income (expense) Fees and commissions, net 1 - Gain on financial instruments, net 41 - Other income, net 1 - Total other income, net 43 - Operating expenses Other expenses (2,287 ) (2,149 ) Total operating expenses (2,287 ) (2,149 ) Net income from related parties (477 ) (1,694 ) Directors and executives’ compensation During the reporting periods, total compensation paid to directors and the executives of Bladex as representatives of the Bank amounted to: December 31, 2018 2017 2016 Expenses: Compensation costs to directors 2,331 2,581 2,428 Compensation costs to executives 4,943 3,299 5,601 Compensation costs to directors and executives, include annual cash retainers and the cost of granted restricted stock and restricted stock units. |
Salaries and other employee exp
Salaries and other employee expenses | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of information about employees [text block] | 28. Salaries and other employee expenses December 31, December 31, December 31, 2018 2017 2016 Wages and salaries 18,487 16,191 16,132 Payroll taxes 2,120 2,629 2,244 Personnel benefits 6,732 8,644 5,231 Share–based payments 650 189 1,589 Total 27,989 27,653 25,196 |
Other expenses
Other expenses | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other operating expense [Abstract] | |
Disclosure of expenses [text block] | 29. Other expenses December 31, 2018 2017 2016 Advertising and marketing 337 683 785 Regulatory fees 1,246 977 1,348 Rental - office and equipment 2,913 2,394 2,681 Administrative 6,391 6,846 7,468 Professional services 4,293 3,911 4,255 Maintenance and repairs 2,912 1,673 1,866 Other 379 322 129 Total 18,471 16,806 18,532 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of commitments and contingent liabilities [Abstract] | |
Disclosure of commitments and contingent liabilities [text block] | 30. Commitments and contingencies Operating lease commitments – Bank as lessee Future minimum lease payments under cancellable operating leases are as follows: December 31, 2018 2017 2016 Within 1 year 2,120 2,006 1,984 After 1 year but not more than 5 years 7,734 7,335 7,362 More than 5 years 6,936 8,814 10,638 Total 16,790 18,155 19,984 The total amount of expenses recognized in connection with such leases during the years 2018, 2017 and 2016 are $2.4 million, $2.3 million and $2.6 million, respectively. Operating leases – Bank as sub-lessor Future minimum lease payments under cancellable operating sub-leases areas follows: December 31, 2018 2017 2016 Within 1 year 243 300 289 After 1 year but not more than 5 years - 243 646 Total 243 543 935 The total amount of income recognized in connection with such leases during 2018, 2017 and 2016 are $323thousand, $275 thousand y $436 thousand, respectively. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Information About Litigation Issues [Abstract] | |
Disclosure of Information About Litigation Issues [text block] | 31. Litigation Bladex is not engaged in any litigation that is significant to the Bank’s business or, to the best of the knowledge of Bank’s management, that is likely to have an adverse effect on its business, consolidated financial position or its consolidated financial performance. |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of financial risk management [Abstract] | |
Disclosure of financial risk management [text block] | 32. 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 risk management process 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 risks. 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 a Risk 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 Executive Committee. 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 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 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, the Bank prepares detailed reporting of industry, customer and geographic risks. 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 to ensure that all business divisions have access to extensive, necessary and up–to–date 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, the 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. 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 / country levels. The Bank has exposure to the following risks from financial instruments: Credit risk Credit risk is the risk that the Bank will incur a loss because its customers or counterparties may 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 using 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 because of the risks to which it is exposed to and take corrective action. Individually assessed allowances The Bank determines the allowances appropriate for each individually significant loan or advance on an individual basis, considering any overdue payments of interests, credit rating downgrades, or breach 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 facing 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 for expected credit losses are assessed collectively for losses on credit facilities and for debt investments at amortized cost, with similar characteristics, when assessing credit risk provided that no impairment has been evidence. 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 these 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 for 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 loan assessments. The collective assessment takes into account 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 and local or industry specific conditions). The approximate lapse between the 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 at amortized cost. Derivative financial instrument risks Credit risk arising from derivative financial instruments is, at any time, limited to those with positive fair values, as recorded on the consolidated statement of financial position at fair value. With gross–settled 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. Credit–related 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 risks similar to those on 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, liens on 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 balance–sheet assets and liabilities unless certain conditions for offsetting are met. 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. The Bank holds guarantees and other financial credit enhancements against certain exposures in the loan portfolio. As of December 31, 2018, and 2017, the coverage ratio to the carrying amount of the loan portfolio was 8% and 7% respectively. Implementation of forward-looking information The Bank incorporates information of the economic environments on a forward-looking view, when assessing whether the credit risk of a financial instrument has significantly increased since initial recognition. This is done through a rating model which includes projections of the inputs under analysis, and of the expected credit loss measurement, based on suggestions of areas such as Credit Risk, Economic Studies and Loan Recovery of the Bank. The results of the alert model are analyzed through a severity indicator to total risk resulting of the estimations and assumptions of several macroeconomics factors. These estimations and assumptions are supported under a base scenario associated to a probability of occurrence of 95%. Other scenarios represent optimistic and pessimistic results. The implementation and interpretation of the outcomes of the alert are based on the expert judgement of management The external information, analyzed using the alert model, could include economic data and projections published by governmental committees, monetary agencies (e.g., Federal Reserve Bank and countries where respective the Bank operates), supranational organizations (International Monetary Fund, The World Bank, World Trade Organization), private sector, academic projections, credit rating agencies, among other. Principal macroeconomies variables of the model with forward-looking scenarios Variable Description GDP Growth (Var.%) % Variation in the growth of weighted Gross Domestic Product (GDP) for Latin American countries. ComEx Growth (Var.%) % Variation in foreign trade growth (Exp. + Imp.) weighted for Latin American countries. Commodities Price Index 2005 = 100 Global indicator of the weighted value of commodity prices (including fuel prices). FED interest rate (%) Interest rate for interbank loans according to the Federal Reserve of the United States of America. USD vs Global Currencies Index 1973 = 100 %Variation in the US dollar vs Group of Global Currencies (relevant in the market). PMI Index % Variation in the Manufacturing Production Index (PMI) China (50%) / % Variation in the Manufacturing Production Index (PMI) United States of America (50%). Variable Scenario 2018 2019 2020 2021 2022 GDP Growth Central 1.2 % 2.2 % 2.7 % 2.7 % 2.8 % (Var.%) Upside 2.7 % 3.5 % 3.6 % 3.8 % 3.8 % Downside 0.4 % 1.1 % 1.3 % 1.4 % 1.5 % ComEx Growth Central 8.2 % 4.6 % 4.4 % 6.8 % 6.9 % Index (Var.%) Upside 11.8 % 9.6 % 10.2 % 10.5 % 10.6 % Downside 4.1 % 1.8 % 2.5 % 2.7 % 2.8 % Commodities Central 136.4 134.6 130.7 128.0 126.1 Price Index 2005 Upside 152.5 149.8 148.2 148.7 151.0 = 100 Downside 109.3 103.0 97.8 94.2 91.9 Interest Rate FED Central 2.4 % 3.0 % 3.1 % 3.6 % 4.3 % (%) Upside 2.1 % 2.7 % 2.8 % 3.4 % 4.0 % Downside 2.6 % 3.2 % 3.3 % 3.9 % 4.5 % USD vs Global Central 94.6 99.0 101.5 103.5 105.6 Currencies Index Upside 90.6 95.0 97.5 99.5 101.6 1973 = 100 Downside 98.6 103.0 105.5 107.5 109.6 PMI Index Central 51.0 50.5 50.4 50.3 50.1 Upside 53.3 54.5 55.2 55.7 56.1 Downside 50.1 48.9 48.4 48.0 47.7 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, by 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 (NSFR) to maintain an adequate long-term funding structure . 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 Dmdeconomic 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. The following table shows the Bank’s liquid assets, by principal geographic area: December 31, (in million of US$) 2018 2017 United States of America 1,650 612 Others O.E.C.D.countries 50 - Latin America 6 7 Total 1,706 619 As of December 31, 2018, and 2017, the Bank’s 24-hour deposits from customers (demand deposit accounts and call deposits) amounted to $725 million and $478 million, respectively; representing 24% and 16% of the Bank’s total deposits, respectively. The liquidity requirement resulting from these maturities is satisfied by the Bank’s liquid assets, which as of December 31, 2018 and 2017 were $1,706 million and $619 million, respectively (representing 57% and 21% of total deposits, respectively) of which $1,648 million, or 97% and $609 million, or 98%, as of December 31, 2018 and 2017, respectively, of liquid assets were deposited at the Federal Reserve Bank of New York. The remaining liquid assets consisted of short-term funds deposited with other banks. 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, 2018, and 2017, the Bank’s short-term loan and investment securities portfolio (maturing within one year based on original contractual term) totaled $3,688 million and $3,746 million, respectively. As of December 31, 2018, and 2017, it had an average original term to maturity of 226 and 203 days, respectively, and an average remaining term to maturity of 118 days and 112 days, respectively. Medium-term assets (loans and investment securities maturing beyond one year based on original contractual term) totaled $2,197 million and $1,872 million as of December 31, 2018 and 2017, respectively. Of that amount, $98 million and $86 million corresponded to the Bank’s investment securities as of December 31, 2018 and 2017. The remaining $2,099 million and $1,786 million in medium-term assets corresponded to the Bank’s loan portfolio as of December 31, 2018 and 2017, respectively. As of December 31, 2018, and 2017, the medium-term assets had an average original term to maturity of three years and nine months and four years, respectively; and an average remaining term to maturity of one year and ten months (688days), and one year and nine months (655 days), respectively. 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. The following table details the Banks’s future cash flows between assets and liabilities grouped by its remaining maturity with respect to the contractual maturity: December 31, 2018 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Gross Inflow (outflow) Carrying amount Assets Cash and cash equivalents 1,745,671 - - - - 1,745,671 1,745,652 Securities and other financial assets, net 14,870 5,152 21,702 69,802 13,993 125,519 123,598 Loans, net 1,873,995 1,434,229 972,201 1,611,558 19,785 5,911,768 5,702,258 Derivative financial instruments – assets (2,104 ) 19 78 1,111 - (896 ) 2,688 Total 3,632,432 1,439,400 993,981 1,682,471 33,778 7,782,062 7,574,196 Liabilities Deposits (2,515,096 ) (291,804 ) (184,360 ) - - (2,991,260 ) (2,982,976 ) Securities sold under repurchase agreements (11,604 ) - (28,873 ) - - (40,477 ) (39,767 ) Borrowings and debt, net (956,634 ) (402,871 ) (958,442 ) (1,281,454 ) (68,464 ) (3,667,865 ) (3,532,209 ) Derivative financial instruments – liabilities (4,421 ) (8,516 ) (3,946 ) (8,634 ) (3,260 ) (28,777 ) (34,043 ) Total (3,487,755 ) (703,191 ) (1,175,621 ) (1,290,088 ) (71,724 ) (6,728,379 ) (6,588,995 ) Confirmed letters of credit 75,720 141,985 1,283 - - 218,988 218,988 Stand-by letters of credit and guaranteed – commercial risk 75,273 31,107 73,176 200 - 179,756 179,756 Credit commitments 36,000 - - 67,143 - 103,143 103,143 Total Contingencies 186,993 173,092 74,458 67,343 - 501,886 501,886 Net position (42,316 ) 563,117 (256,098 ) 325,040 (37,946 ) 551,797 483,315 December 31, 2017 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Gross Inflow (outflow) Carrying amount Assets Cash and cash equivalents 672,048 - - - - 672,048 672,048 Securities and other financial assets, net 2,431 7,556 4,009 79,398 - 93,394 95,484 Loans, net 2,007,222 1,293,249 1,081,319 1,176,532 21,387 5,579,709 5,448,788 Derivative financial instruments - assets 3,624 652 5,134 3,090 838 13,338 13,338 Total 2,685,325 1,301,457 1,090,462 1,259,020 22,225 6,358,489 6,229,658 Liabilities Deposits (2,331,137 ) (310,128 ) (199,423 ) (102,107 ) - (2,942,795 ) (2,937,105 ) Securities sold under repurchase agreement - - - - - - - Borrowings and debt, net (788,085 ) (143,589 ) (297,373 ) (1,013,083 ) (76,078 ) (2,318,208 ) (2,219,122 ) Derivative financial instruments - liabilities (4,421 ) (8,516 ) (3,946 ) (8,634 ) (3,260 ) (28,777 ) (34,943 ) Total (3,123,643 ) (462,233 ) (500,742 ) (1,123,824 ) (79,338 ) (5,289,780 ) (5,191,170 ) Confirmed letters of credit 169,042 101,403 3,004 - - 273,449 273,449 Stand-by letters of credit and guaranteed – commercial risk 18,687 72,080 77,952 257 - 168,976 168,976 Credit commitments - 15,000 - 30,000 578 45,578 45,578 Total Contingencies 187,729 188,483 80,956 30,257 578 488,003 488,003 Net position (626,047 ) 650,741 508,765 104,939 (57,691 ) 580,706 550,486 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 at amortized cost and financial instruments through OCI and profit or loss, 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 consolidated financial statement, financial performance, 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. The following summary table presents a sensitivity analysis of the effect on the Bank’s results of operations and equity derived from a reasonable variation in interest rates which its financial obligations are subject to, based on change in points. Change in interest rate Effect on income Effect on equity December 31, 2018 +200 bps 5,881 (20,508 ) -200 bps (5,298 ) 20,508 December 31, 2017 +200 bps 16,945 (19,025 ) -200 bps (16,674 ) 19,025 This analysis is based on the prior year changes in interest rates and assesses the impact on income, with balances as of December 31, 2018 and December 31, 2017. This sensitivity provides an idea of the changes in interest rates, taking as example the volatility of the interest rate of the previous year. The table below summarizes the Bank's exposure based on the terms of repricing of interest rates on financial assets and liabilities. December 31, 2018 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Total Assets Time deposits 50,000 - - - - 50,000 Securities and other financial assets 12,833 3,279 20,181 64,673 6,157 107,124 Securities at FVOCI - - 7,743 7,898 6,157 21,798 Securities at amortized cost 12,833 3,279 12,439 56,775 - 85,326 Loans 4,002,558 1,259,088 331,875 177,301 7,602 5,778,424 Total assets 4,065,392 1,262,367 352,056 241,974 13,759 5,935,548 Liabilities Deposits (2,292,696 ) (285,492 ) (181,253 ) - - (2,759,441 ) Securities sold under repurchase agreements (11,535 ) - (28,232 ) - - (39,767 ) Borrowings and debt (2,827,219 ) (142,799 ) (78,572 ) (409,541 ) (60,315 ) (3,518,446 ) Total liabilities (5,131,450 ) (428,291 ) (288,057 ) (409,541 ) (60,315 ) (6,317,654 ) Net effect of derivative financial instruments held for interest risk management (139,362 ) 58,748 (159,500 ) 160,037 57,188 (22,889 ) Total interest rate sensitivity (1,205,420 ) 892,824 (95,500 ) (7,530 ) 10,632 (404,995 ) December 31, 2017 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Total Assets Securities and other financial assets 706 281 7,056 77,821 - 85,864 Securities at FVOCI 6 2 57 17,746 - 17,811 Securities at amortized cost 700 279 6,999 60,075 - 68,053 Loans 4,067,639 952,542 301,334 173,550 10,593 5,505,658 Total assets 4,068,345 952,823 308,390 251,371 10,593 5,591,522 Liabilities Deposits (2,242,220 ) (305,415 ) (197,060 ) (102,085 ) - (2,846,780 ) Borrowings and debt (1,585,145 ) (2,538 ) (85,232 ) (482,814 ) (55,838 ) (2,211,567 ) Total liabilities (3,827,365 ) (307,953 ) (282,292 ) (584,899 ) (55,838 ) (5,058,347 ) Net effect of derivative financial instruments held for interest risk management (114,739 ) (134,540 ) (193,623 ) 344,683 60,050 (38,169 ) Total interest rate sensitivity 126,241 510,330 (167,525 ) 11,155 14,805 495,006 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 dollars and, hence, the Bank does not incur in a significant currency exchange risk. The currency exchange rate risk is mitigated by using derivatives, which, although perfectly hedged economically, may generate a certain accounting volatility. For the rest of the net currency position, the Bank uses economic hedges as a strategy for managing risk for its different currencies and does not foresee a significant risk associated to the volatility that may rise. 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 at fair value. (In US dollar thousands) Brazilian Real European Euro Japanese Yen Colombian Peso Mexican Peso Other currencies (1) Total Exchange rate 3.87 1.14 109.98 3,253.00 19.66 - - Assets Cash and cash equivalents 291 16 1 62 505 44 919 Loans - - - - 173,953 - 173,953 Total assets 291 16 1 62 174,458 44 174,872 Liabilities Borrowings and debt - - - - (173,577 ) - (173,577 ) Total liabilities - - - - (173,577 ) - (173,577 ) Net currency position 291 16 1 62 881 44 1,295 (1) It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound, Peruvian soles and Renminbi. December 31, 2017 (In US dollar thousands) Brazilian Real European Euro Japanese Yen Colombian Peso Mexican Peso Other currencies (1) Total Exchange rate 3.31 1.20 112.66 2,985.78 19.67 - - Assets Cash and cash equivalents 87 2 4 91 369 75 628 Securities and other financial assets 168 - - - - - 168 Loans - - - - 143,182 - 143,182 Total assets 255 2 4 91 143,551 75 143,978 Liabilities Borrowings and debt - - - - (143,661 ) - (143,661 ) Total liabilities - - - - (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, Sterling pound, Peruvian soles and Renminbi. 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. The Bank, 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, consolidated financial position, financial performance 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 training and assessment processes, as well as the use of internal audit. |
Applicable laws and regulations
Applicable laws and regulations | 12 Months Ended |
Dec. 31, 2018 | |
Classification of Loans [Abstract] | |
DisclosureOfApplicable Laws and Regulations [Text Block] | 33. Applicable laws and regulations Liquidity index The Rule No. 2-2018 issued by the Superintendence of Banks of Panama (SBP) establishes that every general license or international license bank must guarantee, with a higher level of confidence, that it is in the position to face its intraday liquidity obligations in a period when liquidity pressure may affect the lending market. For that purpose, the Superintendence of Banks of Panama has established a short-term liquidity coverage ratio known as “Liquidy Coverage Ratio or LCR”. This ratio is measured through the quotient of two amounts, the first one corresponds to the high-quality liquid assets and the second one corresponds to the net cash outflows in 30 days. As of December 31, 2018, the minimum LCR to be reported to the SBP was 25%. The Bank´s LCR as of December 31, 2018 was 238%. The Rule No. 4-2008 issued by the Superintendence of Banks of Panama (SBP) establishes that every general license or international license bank must maintain, always, a minimum balance of liquid assets equivalent to 30% of the gross total of its deposits in the Republic of Panama or overseas up to 186 days, counted from the reporting date. The formula is based on the following parameters: Liquid assets x 100 = X% (Liquidity ratio) Liabilities (Deposits Received) As of December 31, 2018, and December 31, 2017, the percentage of the liquidity index reported by the Bank to the regulator was 124.39% and 88.78%, respectively. Capital adequacy The Banking Law in the Republic of Panama and the Rules No. 01-2015 and 03-2016 require that the general license banks maintain a total capital adequacy index that shall not be lower, at any time, than 8% of total assets and off-balance sheet irrevocable contingency transactions, weighted according to their risks; and ordinary primary capital that shall not be less than 4.5% of its assets and off-balance sheet transactions that represent an irrevocable contingency, weighted based on their risks; and a primary capital that shall not be less than 6% of its assets and off-balance sheet transactions that represent an irrevocable contingency, weighted based on their risks. The primary objectives of the Bank’s capital management policy are to ensure that the Bank complies with capital requirements imposed by local regulator and maintains strong credit ratings and healthy capital ratios to support its business and to maximize shareholder value. The Bank manages its capital structure and adjusts it according to changes in economic conditions and the risk characteristics of its activities. 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. 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, 2018 December 31, 2017 Tier 1 capital 995,743 1,048,304 Risk weighted assets 5,830,875 5,601,518 Tier 1 capital ratio 17.08 % 18.71 % Leverage Coefficient Article 17 of the Rule No. 1-2015 establishes the leverage coefficient of a regulated entity by means of the quotient between the ordinary primary capital and the total exposure for unweighted assets inside and outside the statement of financial position established by the Superintendence of Banks of Panama (SBP) . For the determination of the exposure of off-balance-sheet operations, the criteria established for credit and counterparty credit risk positions will be used. The exposure of the derivatives will be the fair value at which it is recorded in the entity's assets. The leverage ratio cannot be lower, at any time, than 3%. The Bank will inform to SBP as often as the compliance with the leverage ratio is determined. December 31, 2018 December 31, 2017 Ordinary capital 859,725 939,548 Risk weighted assets 7,779,919 6,478,314 Leverage coefficient 11.05 % 14.50 % Specific credit provisions Rule No. 4-2013, modified by Rule No. 8-2014, states that the specific provisions are originated from the objective and concrete evidence of impairment. These provisions must be established for credit facilities classified according to the risk categories denominated as: special mention, substandard, doubtful, or unrecoverable, both for individual credit facilities as for a group of such facilities. In the case of a group, it corresponds to circumstances that indicate the existence of deterioration in credit quality, although individual identification is still not possible. Banks must calculate and maintain at all times the amount of the specific provisions determined by the methodology specified in this Rule, which takes into account the balance owed of each credit facility classified in any of the categories subject to provision, mentioned in the paragraph above; the present value of each guarantee available in order to mitigate risk, as established by type of collateral; and a weighting table that applies to the net exposure balance subject to loss of such credit facilities. Article 34 of this Rule establishes that all credits must be classified in the following five (5) categories, according to their default risk and loan conditions, and establishes a minimum reserve for each classification: normal 0%, special mention 2%, substandard 15%, doubtful 50%, and unrecoverable 100%. If there is an excess in the specific provision, calculated in accordance with this Rule, compared to the provision calculated in accordance with IFRS, this excess will be accounted for as a regulatory credit reserve in equity and will increase or decrease with appropriations from/to retained earnings. The balance of the regulatory credit reserve will not be considered as capital funds for calculating certain ratios or prudential indicators mentioned in the Rule. Based on the classification of risks, collateral and in compliance with SBP Rule No. 4-2013, the Bank classified the loan portfolio as follows: December 31, 2018 Loans Normal Special Mention Substandard Doubtful Unrecoverable Total Corporations 2,630,932 - - 64,701 - 2,695,633 Banks: - Private 2,458,691 - - - - 2,458,691 State-owned 624,100 - - - - 624,100 3,082,791 - - - - 3,082,791 Total 5,713,723 - - 64,701 - 5,778,424 Loans provision: Specific - - - 48,383 - 48,383 Total - - - 48,383 - 48,383 December 31, 2017 Loans Normal Special Mention Substandard Doubtful Unrecoverable Total Corporations 3,050,900 - 23,759 - 35,000 3,109,659 Banks: Private 1,822,350 - - - - 1,822,350 State-owned 573,649 - - - - 573,649 2,395,999 - - - - 2,395,999 Total 5,446,899 - 23,759 - 35,000 5,505,658 Loans provision: Specific - - 7,238 - 17,500 24,738 Total - - 7,238 - 17,500 24,738 As of December 31, 2018, and December 31, 2017, the total restructured loans amounted to $9.0 million and $32.9 million, respectively. For statutory purposes only, non-accruing loans are presented by category as follows: December 31, 2018 Non-accruing loans Normal Special Mention Substandard Doubtful Unrecoverable Total Impaired loans - - - 64,701 - 64,701 Total - - - 64,701 - 64,701 December 31,2017 Non-accruing loans Normal Special Mention Substandard Doubtful Unrecoverable Total Impaired loans - - 23,759 - 35,000 58,759 Total - - 23,759 - 35,000 58,759 December 31, 2018 December 31, 2017 Non-accruing loans: Private corporations 64,701 58,759 Total non-accruing loans 64,701 58,759 Interest that would be reversed if the loans had been classified as non-accruing loans 1,056 3,257 Income from collected interest on non-accruing loans 2,879 551 Credit risk coverage - dynamic provision The Superintendence of Banks of Panama by means of Rule No. 4-2013, establishes the compulsory constitution of a dynamic provision in addition to the specific credit provision as part of the total provisions for the credit risk coverage. The dynamic provision is an equity item associated to the regulatory capital, but does not replace or offset the capital adequacy requirements established by the Superintendence of Banks of Panama. Methodology for the constitution of the regulatory credit reserve The Superintendence of Banks of Panama by means of the General Resolution of Board of Directors SBP-GJD-0003-2013 of July 9, 2013, establishes the accounting methodology for differences that arise between the application of the International Financial Reporting Standards (IFRS) and the application of prudential regulations issued by the SBP; as well as the additional disclosures required to be included in the notes to the consolidated financial statements. The parameters established in this methodology are the following: 1. The calculations of accounting balances in accordance with IFRS and the prudential standards issued by the Superintendence of Banks of Panama will be carried out and the respective figures will be compared. 2. When the calculation made in accordance with IFRS results in a greater reserve or provision for the bank compared to the one resulting from the use of the prudential standards issued by the SBP, the Bank will account the IFRS figures. 3. When the impact of the use of prudential standards results in a greater reserve or provision for the Bank, the effect of the application of IFRS will be recognized in profit or loss, and the difference between IFRS calculation compared to the prudential standards calculation will be appropriated from retained earnings as a regulatory credit reserve. If the bank does not have sufficient retained earnings, the difference will be presented as an accumulated deficit account. 4. The regulatory credit reserve mentioned in paragraph 3 of this Rule may not be reversed against the retained earnings as long as there are differences between IFRS and the originated prudential regulations. Considering that the Bank presents its consolidated financial statements under IFRS, specifically for its expected credit reserves under IFRS 9, the line "Regulatory credit reserve" established by the Superintendence of Banks of Panama has been used to present the difference between the application of the accounting standard used and the prudential regulations of the Superintendence of Banks of Panama to comply with the requirements of Rule No. 4-2013. As of December 31, 2018, and December 31, 2017, the total amount of the dynamic provision and the regulatory credit reserve calculated according to the guidelines of Rule No. 4-2013 of the Superintendence of Banks of Panama is $136.0 million and $129.2 million, respectively, appropriated from retained earnings for purposes of compliance with local regulatory requirements. This appropriation is restricted from dividend distribution in order to comply with local regulations. The provision and reserve are detailed as follows: December 31, 2018 December 31, 2017 Dynamic provision 136,019 108,756 Regulatory credit reserve - 20,498 136,019 129,254 Capital reserve In addition to capital reserves required by regulations, the Bank maintains a capital reserve of $95.2 million, which was voluntarily established. Pursuant to Article No. 69 of the Banking Law, reduction of capital reserves requires prior approval of SBP. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of events after reporting period [Abstract] | |
Disclosure of events after reporting period [text block] | 34. Subsequent Events Bladex announced a quarterly cash dividend of $0.385 US dollar cents per share corresponding to the fourth quarter of 2018. The cash dividend was approved by the Board of Directors at its meeting held on February 19, 2019 and it is payable on March 26, 2019 to the Bank’s stockholders as of March 11, 2019 record date. |
Summary of accounting policies
Summary of accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Description of accounting policy on adoption of new policies [Policy Text Block] | 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. 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 concerns about the realization of loan principal or interest, these net fees are recognized as revenue at the 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 are applied as a reduction of the amortized cost of 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. Accounting policy applicable from January 1 st Revenue recognition of fees and commissions under IFRS 15 Revenues are measured based on the considerations specified in a contract signed with a customer and exclude collections on behalf of third parties. The Bank recognizes revenues when it transfers control over the product or services to a customer. IFRS 15 - "Revenue from contracts with customers" was issued in May 2014 and establishes a five-step model to account for the revenue from the contracts with customers. Under IFRS 15, income is recognized by an amount that reflects the consideration that the Bank expects to be entitled to, in exchange for the transfer of goods or services. The new revenue standard replaces all current requirements for revenue recognition under IAS 18. The Bank has applied IFRS 15 provisions from the 1st of January 2018 by applying the retroactive modified method pursuant to IAS 8 - "Accounting policies, changes in accounting estimates and errors". The performance period for services provided to customers of the Bank and revenue recognition of related commissions were not impacted by the adoption of IFRS 15. The impact of IFRS 15 is limited to the new required disclosures. The following table describes the main products and services, other than services for financial intermediation, from which the Bank generates its revenue: Type of services Nature and timing of satisfaction of performance obligations, including significant payment terms Revenue recognition under IFRS 15 (applicable from 1 January 2018) Letters of credit Opening Guarantee to honor the estipulated amount agreed to in the terms and conditions entered into with the customer, upon presentation of required documentation. Revenues from services are recognized over time as services are provided. Negotiation Review of the shipping documents, of the beneficiary, agreeing to pay at sight or on the day on which the reimbursement is being made by the designated bank. Revenue related to transactions is recognised at the point in time when the transaction takes place. Acceptance Commitment issued to the beneficiary to pay to a supplier in a future date, once all the shipping documents have been reviewed as to compliance with the terms and conditions of the letter of credit. Revenue related to transactions is recognised at the point in time when the transaction takes place. Confirmation Commitment issued to the issuer bank and the beneficiary to honor or negotiate shipping documents. Revenue related to transactions is recognised at the point in time when the transaction takes place. Amendment A request to amend the original letter of credit on behalf of the beneficiary modifying the original terms and conditions Revenue from services is recognised over time as the services are provided. Syndications Structuring Advise to the borrower by structuring the terms and conditions of a credit facility, and coordinating among the lenders’ and the borrowers’ legal counsel all legal aspects relating to the credit facility, among others. Revenue related to transactions is recognised at the point in time when the transaction takes place. Other services Other Assignment of rights, transferability, reimbursements, payments, discrepancies, courier and swift fees, etc. Revenue related to transactions is recognised at the point in time when the transaction takes place. |
Description of accounting policy for foreign currency translation [text block] | 3.2 Significant accounting policies Significant accounting policies applied consistently by the Bank to all years presented in these consolidated financial statements, are presented as follows. 3.2.1 Currency and foreign currency transactions Foreign currency transactions For purposes of consolidation of the financial statements, the Bank applies IAS 21- “ The Effects of Changes in Foreign Exchange Rates ” to financial assets and financial liabilities that are monetary items and denominated in a foreign currency. This standard requires any foreign exchange gains and losses on monetary assets and monetary liabilities to be recognized in profit or loss. An exception is a monetary item that is designated as a hedging instrument in a cash flow hedge, a hedge of a net investment or a fair value hedge of an equity instrument for which an entity has elected to present changes in fair value in other comprehensive income (loss). For each entity, the Bank determines the functional currency; items, included in the consolidated financial statements of each entity, are measured using their respective functional currency. 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 translation adjustments are reported as a component of 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 entities whose functional currency is the US dollar, 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 on the line "gain (loss) on financial instruments, net" in profit or loss. Differences arising on settlement or translation of monetary items are recognized in profit or loss, except for monetary items that are designated as part of the hedge of the Bank’s net investment in a foreign operation. These are recognized in accumulated other comprehensive income until the net investment is disposed of, at which time, the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in accumulated 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] | 3.2.2 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] | 3.2.3 Financial instruments 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. Initial measurement of financial instruments Recognized 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 or 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 recognized immediately in profit or loss. Recognized financial assets and financial liabilities designated as hedged items in qualifying fair value hedging relationships are measured at amortized cost adjusted for the hedge risk components associated to the hedging relationship. 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 (FVOCI); all other debt instruments (e.g. debt instruments managed on a fair value basis, or held for sale) and equity instruments are subsequently measured at FVTPL. However, the following irrevocable election / designation at initial recognition of a financial asset on an asset-by-asset basis may be made: - It may irrevocably elect to present subsequent changes in fair value of an equity instrument that is neither held for trading nor contingent consideration recognized by an acquirer in a business combination to which IFRS 3 – “ Business Combinations ” applies, in other comprehensive income (loss); and - It may irrevocably designate a debt instrument that meets the amortized cost or at FVOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. 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 based on 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 cost, except for those liabilities designated as hedged items in qualifying fair value hedging relationships, which are measured at amortized cost adjusted for the hedge risk components associated to the hedging relationship. Business model assessment The Bank assesses 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, if the 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 risks 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. An assessment of the business model for managing financial assets is fundamental to the classification of a financial asset. The Bank determines the business model at a level that reflects how financial asset groups are managed together to obtain a particular business objective. The business model does not depend on management intentions for an individual instrument; therefore, assessment of the business model is done at a higher level of aggregation rather than instrument by instrument. At the initial recognition of a financial asset, it is determined whether the newly recognized financial asset is part of an existing business model or whether it reflects the start of a new business model. The Bank reassesses its business model in each reporting date to determine whether business models have changed since the previous reporting date. For the current and previous reporting dates, the Bank has not identified a change in its business model. Assessment whether contractual cash flows are solely payments of principal and interest (SPPI) 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 at a point in 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 credit agreement. Contractual terms that originate risk exposure or volatility in the contractual cash flows that are not related to a basic credit agreement, 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 credit arrangement irrespective of whether it is a credit in its legal form. In assessing whether the contractual cash flows are SPPI, 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, so 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). Financial assets at fair value through other comprehensive income (FVOCI) These instruments consist on debt instruments not classified as either financial instruments at FVTPL or at amortized cost and are subject to the same approval criteria as the rest of the credit portfolio. These instruments 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 or losses are reported as net increases or decreases in other comprehensive income (OCI) in the consolidated statement of changes in equity until they are realized. Realized gains or losses from the sale of securities which are included as gain (loss) on financial instruments, net are determined using the specific identification method. For an equity instrument designated at FVOCI, the cumulative gain or loss previously recognized in OCI is not subsequently reclassified to profit or loss but transferred within equity. Financial assets at amortized cost Financial assets classified at amortized cost represent securities and loans whose objective is to hold them 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 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. 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) instruments with contractual cash flows that are not SPPI; and/or b) instruments designated at FVTPL using the fair value option; accounts receivable (unrealized gains) and accounts payable (unrealized losses) related to derivative financial instruments which are not hedge designated or do not qualify for hedge accounting. Unrealized and realized gains or losses on assets and liabilities at FVTPL are recorded in profit or loss as gain (loss) on financial instruments, net. 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 in the following paragraphs. 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 ‘pass–through’ arrangement. - When the Bank has transferred its rights to receive cash flows from an asset or has entered into a pass–through arrangement and has neither transferred nor retained substantially all 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 consolidated statement of financial position but retains either all or substantially all 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 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 profit or loss. |
Description of accounting policy for loans and receivables [text block] | 3.2.4 Loans - at amortized cost Loans are reported at their amortized cost considering the principal outstanding amounts and interest receivable net of unearned interest, deferred fees and allowance for expected credit losses, except for those designated as hedged items in qualifying fair value hedging relationships. Interest income is recognized using the effective interest rate method. Such income 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 loans, the Bank applies the credit-adjusted effective interest rate to the amortized cost of the loan 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 loan, after deducting the impairment allowance in subsequent reporting periods. The amortization of net unearned interest and deferred fees is 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, 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 also reflected as an adjustment to the yield and are expensed when incurred. Modified or renegotiated 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 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 policies 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 or 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 more than 10% the Bank deems the arrangement is substantially different leading to derecognition. In the case where the financial asset is derecognized the loss allowance for expected credit losses (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 credit originated impaired. This applies only in the case where the fair value of the new loan is recognized at a significant discount to its revised nominal amount because there remains a high risk of default which has not been reduced by the modification. The Bank monitors credit risk of modified or renegotiated 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 Bank determines if the financial asset’s credit risk has increased significantly since initial recognition by comparing: - The remaining lifetime probability of default (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 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 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 types of debtor: corporations and financial institutions. In turn, these are broken down into state-owned and private. The Bank's lending policy is applicable to all types of loans. Write-offs When the Bank has no reasonable expectations of recovering the loan, then the gross carrying amount of the loan is directly reduced in full or partially; 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 enough 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. |
Disclosure of allowance for credit losse [Text Block] | 3.2.5 Allowances for losses on financial instruments The allowances for losses on financial instruments are provided for losses derived from the expected credit losses, inherent in the loan portfolio, investment securities and loan commitments and financial guarantee contracts, using the reserve methodology to determine expected credit losses. Additions to the allowance for expected credit losses for financial instruments are recognized in profit or loss or in other comprehensive income depending on classification of the instrument. Expected credit losses are deducted from the allowance, and subsequent recoveries are added. The allowance is also decreased by reversals of the allowance back to profit or loss. The allowance for expected credit losses for financial instruments at amortized cost is reported as a deduction of financial assets and, the allowance for expected credit losses on loan commitments and financial guarantee contracts, such as letters of credit and guarantees, is presented as a liability. The Bank assigns to each exposure a risk rating which is defined using quantitative and qualitative factors that are indicative of the risk loss. This rating is considered for purposes of identifying significant increases in credit risk. These factors may vary depending on the nature of the exposure and the type of borrower. Each exposure will be assigned to a risk rating at the time of initial recognition based on the information available about the customer and the country. Exposures will be subject to continuous monitoring, which may result in the change of an exposure to a different risk rating. The analysis of customer risk considers financial and operational factors, sector / industry, market and managerial, also considering the ratings of international rating agencies, quality of information and other elements of an objective nature, including projections on these indicators. For the assignment of customer credit ratings, quantitative and qualitative criteria are applied, depending on whether the counterpart corresponds to a financial entity or a corporation, and broken down into several factors, which receive a weighting within the customer's rating. In the analysis of the country risk, for the establishment of the rating, the assessment of quantitative and qualitative variables specific to the country under analysis is considered, as well as the regional and global macroeconomic environment, considering projections about the future performance of the country environment. In general, there are three groups of quantitative factors that determine the analysis and that give rise to a quantitative rating of the country (changes in main economic indicators; external payment capacity and access to capital; performance of domestic credit and the financial system), which is later analyzed within the social-political framework of the country (qualitative factors) and may suffer some deterioration for the determination of the final country rating. Calculation of reserve for expected credit losses for financial instruments is made based on the risk rating resulting from the Bank's internal model and considering, generally (certain exceptions apply), the worst among the country risk rating of the transaction and the customer risk rating. The table below provides a mapping of the Bank’s internal credit risk grades to external ratings. Internal Rating External Rating (1) Description 1 - 4 Aaa – Ba1 Exposure in customers or countries with payment ability to satisfy their financial commitments 5 - 6 Ba2 – B3 Exposure in customers or countries with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 Caa1 - Caa3 Exposure in customers 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, or in countries where the operation carries certain risks. 8 Ca Exposure in customers whose operating cash flow continuously shows insufficiency to service the debt on the originally agreed terms, or in countries where the operation is limited or restricted to certain terms, structure and types of credits. 9-10 C Exposure in customers 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) Credit rating by Moody’s Investors Service. In order to maintain periodical monitoring of the quality of the portfolio, customers and countries are reviewed within a time frequency ranging from 3 to 12 months, depending on the risk rating. The Bank measures expected credit losses in a way that reflects: a) an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes; b) 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 financial instrument. The amount of ECL recognized as a loss allowance or provision depends on the extent of credit deterioration since initial recognition. There are two measurement bases: - 12-month ECL (Stage 1), which applies to all financial instruments (from initial recognition) as long as there is no significant deterioration in credit quality, and - Lifetime ECL (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 income is recognized. Under Stage 2 (as under Stage 1), there is a full decoupling between interest recognition and impairment and interest income is calculated on the gross carrying amount. Under Stage 3, when a financial asset subsequently becomes credit impaired (when a credit event has occurred), interest income 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 interest income 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 on a process that estimates the probable loss inherent in the portfolio, based on statistical analysis and management’s qualitative judgment. This assessment considers comprehensive information that incorporates not only past-due data, but other relevant credit information, such as forward looking macro-economic information. ECL are a probability-weighted estimate of the present value of credit losses. These are measured as the difference in the present value of the cash flows due to the Bank under the contract and the cash flows that the Bank expects to receive arising from weighing 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 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 ECL using two methodologies to determine if there is objective evidence of impairment for financial instruments: - Individually Assessed The expected credit losses on individually assessed financial instruments are determined by an evaluation of the exposures on a case-by-case basis. This procedure is applied to all credit transaction that are individually significant or not. If it is determined that there is no objective evidence of impairment for an individual credit transaction, it is included in a group of credit transactions with similar characteristics and is collectively assessed to determine whether there is impairment. The impairment loss is calculated by comparing the present value of the future expected flows, discounted at the original effective rate of the credit transaction, with its current carrying amount and the amount of any loss is charged as a provision for losses in profit or loss for those measured at amortized cost, and in equity for those operations measured at fair value through other comprehensive income. - Collectively Assessed For the purposes of a collective assessment of impairment, financial instruments are grouped according to similar credit risk characteristics. These characteristics are relevant to estimate cash flows for the groups of such assets, being indicative of the debtors' ability to pay the amounts owed according to the contractual terms of the assets that are assessed. Future cash flows in a group of credit transactions that are collectively assessed to determine whether there is impairment are estimated according to the contractual cash flows of the assets in the group, the historical loss experience for assets with similar credit risk characteristics, within each group, and the experienced management views on whether the current economy and credit conditions can change the real level of historical inherent losses suggested. 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 customer, or the existence of other factors allowing to estimate the possibility that the balance of principal and interest on customers’ loans will not be 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 qualitative and quantitative indicators based on data internally developed 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. Significant increase in credit risk When assessing whether the credit risk on a financial instrument has increased significantly, the Bank considers the change in the risk of default occurring since initial recognition. For a financial instrument to be considered in default, management considers criteria used in the internal credit risk model and qualitative factors, such as financial covenants, where appropriate. The Bank continuously 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 by comparing: - The risk of a default occurring on the financial instrument at the assessment date, and - The risk of a default occurring on the financial instrument at initial recognition. For loan commitments, the Bank considers changes in the risk of a default occurring on the ‘potential’ financial instrument 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. 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 profit or loss as the impairment amount. Impairment losses or recoveries are accounted for as an adjustment to the reserve in accumulated other comprehensive income, against profit or loss. Additionally, to determine if there has been a significant increase in risk, the Bank 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 customer generates its income. The model defines a consolidated calculation of risk severity depending on the weighing of the severity to risk of each one of the scenarios under analysis. Also, this depends on the context of the variables or the ratings constructed for each one (by market, country and economic sector). Impairment on a financial asset is assessed based on numerous factors and its relative importance varies on a case-by-case basis. Factors considered in determining whether there has been a negative impact on the estimated future cash flows of a financial asset include: significant financial difficulties of the issuer; high probability of default; granting a concession to the issuer; disappearance of an active market due to financial difficulties; breach of contract, such as defaults or delays in interest or principal; and, observable data indicating that there is a measurable decrease in 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. 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, among others, when measuring significant increase in credit risk: - Significant changes in internal indicators of credit risk as a result of a change in credit risk since inception; - Significant changes in 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, 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 ECL model. The reserve balances for expected credit losses, for credit exposures, 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 ECL and lifetime probability of default to account for more than 12-month ECL. Default rates are based on Bladex’s historical portfolio performance per rating category, in addition to 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 applied, based on historical information, as well as 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. |
Description of accounting policy for derivative financial instruments and hedging [text block] | 3.2.6 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 ” hedge accounting rules in full. 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 recognized at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain/loss is recognized 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 currency 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 swaps, cross-currency swaps and foreign exchange forward 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 recognized as gains or losses on financial instruments 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 - assets and liabilities, 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 hedging instrument should be qualitatively assessed on a quarterly basis in order to determine its effectiveness at achieving offsetting changes in fair value or cash flows. Any ineffectiveness must be reported in current-year earnings. Hedge accounting relationship As the Bank enters into a hedge accounting 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, whether qualitative or quantitative, considers 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 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 FVOCI 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. For debt instruments measured at FVOCI, 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. When the hedged item is an equity instrument designated at FVOCI, 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 recognized in profit or loss when the hedged cash flows affect earnings. The ineffective portion is recognized in profit or loss as loss on financial instruments, net. 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 profit or loss when hedged cash flows occur. Net investment hedges When a derivative instrument or a non-derivative financial item 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 profit or loss. The amount recognized in OCI is reclassified to profit or loss as a reclassification adjustment when disposal of the foreign operation occurs. |
Description of accounting policy for repurchase and reverse repurchase agreements [text block] | 3.2.7 Repurchase agreements Repurchase agreements are transactions in which the Bank sells a security and simultaneously agrees to repurchase that security (or an asset that is substantially identical) 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 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] | 3.2.8 Borrowings and debt Borrowings and debt are accounted for at amortized cost, except for those designated as hedged items in qualifying fair value hedging relationships, which are measured at amortized cost adjusted for the hedge risk components associated to the hedging relationship. |
Description of accounting policy for impairment of non-financial assets [text block] | 3.2.9 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. 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 its use or sale. 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 profit or loss. On the other hand, if there is any indication that previously recognized impairment losses may no longer exist 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 or amortization, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in profit or loss. |
Description of accounting policy for property, plant and equipment [text block] | 3.2.10 Equipment and leasehold improvements Equipment and leasehold improvements are stated at cost excluding the costs of day–to–day maintenance, less accumulated depreciation and impairment losses. 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. Depreciation is calculated using the straight–line method to write down the cost of assets and equipment to their residual values over their estimated useful lives. The estimated useful lives are as follows: Useful life in Years Furniture and equipment 3 5 Hardware 3 Other equipment 2 4 Leasehold improvements 3 15 Leasehold improvements, under operating leases are amortized on a straight line basis calculated without exceeding the length of the respective lease contracts. Equipment and leasehold improvements are derecognized on disposal or when no future economic benefits are expected from their 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 profit or loss in the year that the asset is derecognized. |
Description of accounting policy for intangible assets other than goodwill [text block] | 3.2.11 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 lives are amortized using the straight-line method over the estimated useful lives of the assets. 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 profit or loss. Bank’s intangible assets include the cost of computer software. Amortization is calculated using the straight–line method 5 years |
Description of accounting policy for investment property [text block] | 3.2.12 Investment properties Property that is held for long-term rental yields, operating leases and/or for capital appreciation, and that is not occupied by the Bank, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. After initial recognition, investment property is carried at fair value. Fair value is based on market prices, adjusted, if necessary, for differences in the nature, location or condition of the specific asset. If this information is not available, the Bank uses alternative valuation methods, such as recent prices on less active markets or discounted cash flow projections. Valuations are performed as of the reporting date by professional appraisers who hold recognized and relevant professional qualifications and have recent experience in the location and category of the investment property being valued. These valuations form the basis for the carrying amounts in the consolidated financial statements. The fair value of investment property reflects, among other things, rental income from current leases and other assumptions market participants would make when pricing the property under current market conditions. Subsequent expenditure is capitalized to the asset’s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Bank and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognized. Changes in fair value are recognized in profit or loss. Investment properties are derecognized when they have been disposed of. When the Bank disposes of a property at fair value in an arm’s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in profit or loss as gain (loss) on investment property at fair value through profit and loss. If an investment property becomes owner-occupied, it is reclassified as property, plant and equipment. Its fair value at the date of reclassification becomes its cost for subsequent accounting purposes. |
Description of accounting policy for offsetting of financial instruments [text block] | 3.2.13 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 when, 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] | 3.2.14 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 does 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 profit or loss on a straight-line basis through the lease term. Rental payable is recognized as an expense as 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. Rental income is recognized as revenue as 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] | 3.2.15 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 profit or loss, net of any reimbursement. |
Description of accounting policy for capital resereves [Policy Text Block] | 3.2.16 Regulatory and capital reserves Regulatory and capital reserves are established as appropriations from retained earnings and, as such, form part of retained earnings. Reductions of regulatory and capital reserves require the approval of the Bank’s Board of Directors and the SBP. Such reserves include: - Translation reserve - Hedging reserve - Fair value reserve |
Description of accounting policy for share-based payment transactions [text block] | 3.2.17 Share-based payments The Bank applies IFRS 2 - Share–based 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. 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 sale treasury stock. |
Description of accounting policy for income tax [text block] | 3.2.18 Taxes 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. 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 asset and 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 realization of assets and liabilities using the income tax rate in effect on the reporting date. The current tax for the reporting date as well as for the deferred tax, result in a minimal amount, whereby the changes are presented in profit or loss as other operating expenses. |
Description of accounting policy for earnings per share [text block] | 3.2.19 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 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. |
Description of accounting policy for treasury shares [text block] | 3.2.20 Treasury stock and contracts on own shares The own equity instruments of the Bank which are acquired by it or by any of its subsidiaries (treasury stock) 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 profit or loss on the purchase, sale, issue or cancellation of own equity instruments. |
Description of accounting policy for segment reporting [text block] | 3.2.21 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, including 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] | 3.2.22 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 reporting date 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 Classification and measurement of financial assets depends on the results of the SPPI and the business model test. The Bank determines the business model at a level that reflects how groups of financial assets are managed together to achieve a particular business objective. This assessment includes judgment reflecting all relevant evidence including how the performance of the assets is evaluated and their performance is measured, and the risks that affect the performance of the assets and how they are managed. The Bank monitors financial assets measured at amortized cost or fair value through other comprehensive income that are derecognized prior to their maturity to understand the reason for their disposal and whether the reasons are consistent with the objective of the business for which the asset was held. Significant increase of credit risk For the financial assets in stage 1, ECL are measured as an allowance equal to 12-month ECL on stage 1 assets, or lifetime ECL assets on stage 2 or stage 3 assets. An asset moves to stage 2 when its credit risk has increased significantly since initial recognition. In assessing whether the credit risk of an asset has significantly increased the Bank takes into account reasonable and supportable forward-looking qualitative and quantitative information. Establishing groups of assets with similar credit risk characteristics When ECL are measured on a collective basis, the financial instruments are grouped on the basis of shared 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 when 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 ECL to lifetime ECL, or vice versa, but it can also occur within portfolios that continue to be measured on the same basis of 12-month ECL or lifetime ECL but the amount of ECL changes because the credit risk of the portfolios differs. Models and assumptions used The Bank uses various models and assumptions in measuring fair value of financial assets as well as in estimating ECL. Judgment is applied in identifying the most appropriate model for each type of asset, as well as for determining the assumptions used in these models, including assumptions that relate to key drivers of credit risk. Reserve for expected credit losses When establishing ECL, judgment is applied by management in order to assess the amount and opportunity of the future cash flows with the purpose of evaluating whether credit risk has significantly increased since the initial recognition, taking into account the characteristics of the financial asset and the former patterns pre-established for similar financial assets. The changes in risk of default occurring within the next 12 months can be a reasonable approach of the changes in the risk measure according to the lifetime of the instrument. The Bank uses the changes in risk of default occurring within the next 12 months to determine if the credit has significantly increased since the initial recognition, unless the circumstances give rise to an assessment during the lifetime of the instrument. Fair value measurement When the fair values of financial assets and financial liabilities recorded in 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 longer–dated 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 26. 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 individually assesses all credit impaired loans at amortized cost at each reporting date to assess whether an impairment loss should be recorded in profit or loss. 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 several factors and actual results that may vary, resulting in future changes to the allowance. Loans at amortized cost that do not give rise to credit impairment individually are assessed in groups of assets with similar risk characteristics. This is to determine whether a provision should be made due to incurred loss events for which there is objective evidence, but the effects which are not yet evident. The collective assessment takes into account 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 price indices, country risk and the performance of various individual groups). |
Description of other accounting policies relevant to understanding of financial statements [text block] | 3.2.23 Future changes in accounting policies A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2019 and earlier application is permitted; however, the Bank has not early adopted them in preparing these consolidated financial statements, with the exception of the amendment to IFRS 9 affecting prepayment features with negative compensation issued in October 2017. Of those standards that are not yet effective, IFRS 16 is expected to have a significant impact on the Bank's consolidated financial statements in the period of initial application. IFRS 16 Leases IFRS 16 Leases will be effective for annual periods beginning on or after January 1, 2019. IFRS 16 supersedes IAS 17 – Leases; IFRIC 4 – Determining whether an arrangement contains a lease, SIC 15 -Operating leases – incentives and SIC27 - Evaluating the substance of transactions involving the legal form of a lease. IFRS 16 changes the way in which the lease is accounted for by lessees, using a single model to account for such transactions. This unique model determines that a lessee must recognize a right-of-use asset, which represents its right to use the underlying asset, and a lease liability, which represents its obligation to make future lease payments. The standard includes exemptions for its application for short-term leases and leases in which the underlying asset has low value. The lessor's accounting remains the same to that established in IAS 17, that is, the lessors continue to classify the leases as financial or operating. The Bank has evaluated the estimated impact that the initial application of IFRS 16 will have on its consolidated financial statements, as described below: The Bank will recognize the new assets and liabilities for its operating leases related to rental of offices premises, use of parking lots, and equipment rental contracts. The nature of the expenses related to these leases will change as of January 1, 2019, because the Bank will recognize a depreciation expense for the right-of-use assets, and the interest expenses for the lease liabilities. Previously, the Bank recognized operating lease payments as an expense in profit or loss on a straight-line basis over the lease term. Transition The Bank will to apply IFRS 16 initially on 1 January 2019, using a modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognized as an adjustment to the opening balance of retained earnings at 1 January 2019, with no restatement of comparative information. The Group plans to apply the practical expedient to grandfather the definition of a lease on transition. This means that it will apply IFRS 16 to all contracts entered into before 1 January 2019 and identified as leases in accordance with IAS 17 and IFRIC 4. On the basis of available information, the Bank estimates that on January 1, 2019, it will recognize lease liabilities for $20.8 million and right-of-use assets for $17.2 million. |
Basis of preparation of the c_2
Basis of preparation of the consolidated financial statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of preparation of the consolidated financial statements [Abstract] | |
Disclosure of detailed information about Reclassifications and nonmaterial errors corrections [Text Block] | The following table shows a description of the identified non-material errors: 2017 2016 Previously Correction As Corrected Previously Correction As Corrected Operating activities Amortizations in securities at amortized cost - 732 732 - 965 965 Net changes in hedging position (26,363 ) 24,530 (1,833 ) 21,333 (46,169 ) (24,836 ) Investing activities Proceeds from maturities of securities at amortized cost 18,258 (732 ) 17,526 55,240 (965 ) 54,275 Financing activities Net increase (decrease) in short-term borrowings and debt (397,352 ) 1,147 (396,205 ) (960,281 ) (814 ) (961,095 ) Proceeds from long-term borrowings and debt 219,905 - 219,905 403,489 2,660 406,149 Repayments of long-term borrowings and debt (857,799 ) (25,677 ) (883,476 ) (508,564 ) 44,322 (464,242 ) |
Summary of accounting policie_2
Summary of accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Disclosure of detailed information about Revenue from products and services [Text Block] | The following table describes the main products and services, other than services for financial intermediation, from which the Bank generates its revenue: Type of services Nature and timing of satisfaction of performance obligations, including significant payment terms Revenue recognition under IFRS 15 (applicable from 1 January 2018) Letters of credit Opening Guarantee to honor the estipulated amount agreed to in the terms and conditions entered into with the customer, upon presentation of required documentation. Revenues from services are recognized over time as services are provided. Negotiation Review of the shipping documents, of the beneficiary, agreeing to pay at sight or on the day on which the reimbursement is being made by the designated bank. Revenue related to transactions is recognised at the point in time when the transaction takes place. Acceptance Commitment issued to the beneficiary to pay to a supplier in a future date, once all the shipping documents have been reviewed as to compliance with the terms and conditions of the letter of credit. Revenue related to transactions is recognised at the point in time when the transaction takes place. Confirmation Commitment issued to the issuer bank and the beneficiary to honor or negotiate shipping documents. Revenue related to transactions is recognised at the point in time when the transaction takes place. Amendment A request to amend the original letter of credit on behalf of the beneficiary modifying the original terms and conditions Revenue from services is recognised over time as the services are provided. Syndications Structuring Advise to the borrower by structuring the terms and conditions of a credit facility, and coordinating among the lenders’ and the borrowers’ legal counsel all legal aspects relating to the credit facility, among others. Revenue related to transactions is recognised at the point in time when the transaction takes place. Other services Other Assignment of rights, transferability, reimbursements, payments, discrepancies, courier and swift fees, etc. Revenue related to transactions is recognised at the point in time when the transaction takes place. |
Disclosure of detailed information about useful lives or depreciation rates, property, plant and equipment [text block] | Depreciation is calculated using the straight–line method to write down the cost of assets and equipment to their residual values over their estimated useful lives. The estimated useful lives are as follows: Useful life in Years Furniture and equipment 3 5 Hardware 3 Other equipment 2 4 Leasehold improvements 3 15 |
Disclosure of Detailed Information about Internal Credit Rate Grades [Text Block] | The table below provides a mapping of the Bank’s internal credit risk grades to external ratings. Internal Rating External Rating (1) Description 1 - 4 Aaa – Ba1 Exposure in customers or countries with payment ability to satisfy their financial commitments 5 - 6 Ba2 – B3 Exposure in customers or countries with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 Caa1 - Caa3 Exposure in customers 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, or in countries where the operation carries certain risks. 8 Ca Exposure in customers whose operating cash flow continuously shows insufficiency to service the debt on the originally agreed terms, or in countries where the operation is limited or restricted to certain terms, structure and types of credits. 9-10 C Exposure in customers 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) Credit rating by Moody’s Investors Service. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of cash and cash equivalents [Abstract] | |
Disclosure of detailed information about cash and cash equivalents [text block] | December 31, December 31, 2018 2017 Cash and due from banks 9,644 11,032 Interest-bearing deposits in banks 1,736,008 661,016 Total 1,745,652 672,048 Less: Pledged deposits 39,460 53,241 Total cash and cash equivalents 1,706,192 618,807 |
Disclosure of detailed information about pledged deposits [text block] | The following table presents the details of interest-bearing deposits in banks and pledged deposits: December 31, 2018 December 31, 2017 Amount Interest rate range Amount Interest rate range Interest-bearing deposits in banks: Demand deposits (1) 1,686,008 2.43 6.5 661,016 0.25 1.55 Time deposits (2) 50,000 - - Total 1,736,008 661,016 Pledged deposits (3) 39,460 2.40 53,241 1.42 The following table provides a breakdown of pledged deposits by country risk: December 31, December 31, 2018 2017 Country: Netherlands 494 15,582 Spain 8,740 22,580 United Kingdom 15,217 9,137 United States of America (3) 15,009 5,942 Total 39,460 53,241 (1) Interest-bearing demand deposits based on the daily rates determined by banks. The rate of 6.5 5.61 (2) Time deposits “overnight” calculated on an average interest rate. (3) Includes deposits pledged of $ 3.5 3.0 |
Securities and other financia_2
Securities and other financial assets, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Disclosure Of Detailed Information About Financial Assets [Text Block] | All securities and other financial assets as of December 31, 2018 and 2017 are presented as follows: At fair value At December 31, 2018 With changes in other comprehensive income With Total securities and Carring amount Amortized cost Recyclable to profit and loss Non-recyclable to profit and loss changes in profit or loss other financial assets, net Principal 85,326 21,798 6,273 8,750 122,147 Interest receivable 1,140 451 - - 1,591 Reserves (140 ) - - - (140 ) 86,326 22,249 6,273 8,750 123,598 At fair value At December 31, 2017 With changes in other comprehensive income With Total securities and Carring amount Amortized cost Recyclable to profit and loss Non-recyclable to profit and loss changes in profit or loss other financial assets, net Principal 69,130 16,733 8,402 - 94,265 Interest receivable 1,040 375 - - 1,415 Reserves (196 ) - - - (196 ) 69,974 17,108 8,402 - 95,484 |
Disclosure Of Detailed Information About Amortized Cost Fair Value By Country Risk [Text Block] | The amortized cost of these securities by country risk and type of debt, excluding the amounts of interest receivable and allowance for expected credit losses are as follows: December 31, 2018 December 31, 2017 Corporate debt: Brazil 1,491 1,485 Mexico 7,264 - Panama 11,151 9,978 19,906 11,463 Sovereign debt: Colombia 28,183 29,006 Mexico 19,859 20,203 Panama 17,378 8,458 65,420 57,667 85,326 69,130 As of December 31, 2018, and 2017, t he allowance for expected credit losses relating to securities at amortized cost amounted to $ 140 196 As of December 31, 2018, securities at amortized cost with a carrying value of $ 35.1 As of December 31, 2017, there were no securities at amortized cost accounted for as secured financial liabilities. |
Disclosure of detailed information about amortized cost and fair value of securities at amortized cost by contractual maturity [Text Block] | Securities at amortized cost by contractual maturity are shown in the following tables: December 31, 2018 December 31, 2017 Due within 1 year 28,551 7,978 After 1 year but within 5 years 56,775 61,152 85,326 69,130 |
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: December 31, December 31, Rating 2018 2017 2 5,181 5,236 3 44,858 43,973 4 33,796 8,458 5 1,491 11,463 Total 85,326 69,130 |
Disclosure of detailed information about amortized cost related to unrealized gain loss and fair value by country risk [Text Block] | The fair value of financial instruments at FVOCI by country risk and type of debt are as follows: December 31, 2018 December 31, 2017 Corporate debt: Panama 6,157 - 6,157 - Sovereign debt: Brazil 2,887 2,954 Chile 5,011 5,147 Trinidad and Tobago 7,743 8,632 15,641 16,733 21,798 16,733 |
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 or losses on sale of securities at fair value through other comprehensive income: Years ended December 31, 2018 2017 2016 Realized gain on sale of securities 194 766 221 Realized loss on sale of securities - (517 ) (577 ) Net gain (loss) on sale of securities at FVOCI 194 249 (356 ) |
Disclosure Of Fair Value Of Each Investment In Equity Instruments Designated As Measured At Fair Value Through Other Comprehensive Income Explanatory [Text Block] | Securities at FVOCI classified by issuer’s credit quality indicators are as follows: Rating December 31, 2018 December 31, 2017 1 5,010 5,147 4 13,901 11,586 5 2,887 - Total 21,798 16,733 |
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 FVOCI by contractual maturity are shown in the following tables: December 31, 2018 December 31, 2017 Amortized Amortized cost Fair value cost Fair value Due within 1 year 8,386 7,743 - - After 1 year but within 5 years 8,084 7,898 16,962 16,733 After 5 years but within 10 years 5,926 6,157 - - 22,396 21,798 16,962 16,733 |
Disclosure Of Detailed Information About Equity Instruments At Fair Value Through Other Comprehensive Income [Text Block] | The fair value of the equity instrument irrevocably measured at fair value through OCI : December 31, 2018 December 31, 2017 Equity Instrument at FVOCI 6,273 8,402 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [abstract] | |
Disclosure of detailed information about bank's gross loan portfolio [Text Block] | The following table sets forth the details of the Bank’s gross loan portfolio: December 31, December 31, 2018 2017 Corporations: Private 1,893,696 2,124,947 State-owned 801,938 723,267 Financial institutions: Private 2,458,690 2,083,795 State-owned 624,100 573,649 Total 5,778,424 5,505,658 |
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, 2018 2017 Financial institutions 3,082,790 2,657,444 Industrial 986,262 772,238 Oil and petroleum derived products 634,615 735,413 Agricultural 446,960 501,241 Services 393,925 430,717 Mining 20,000 231,687 Sovereign 59,026 - Other 154,846 176,918 Total 5,778,424 5,505,658 |
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, 2018 Corporations Financial institutions Rating Private State-owned Private State-owned Total 1-4 975,588 388,773 797,439 54,000 2,215,800 5-6 795,399 391,438 1,476,861 464,800 3,128,498 7 58,008 21,727 184,390 105,300 369,425 8 - - - - - 9 64,701 - - - 64,701 10 - - - - - Total 1,893,696 801,938 2,458,690 624,100 5,778,424 December 31, 2017 Corporations Financial institutions Rating Private State-owned Private State-owned Total 1-4 1,234,970 458,651 796,508 126,685 2,616,814 5-6 792,363 240,181 1,127,508 391,891 2,551,943 7 58,130 24,435 159,779 55,073 297,417 8 4,484 - - - 4,484 9 - - - - - 10 35,000 - - - 35,000 Total 2,124,947 723,267 2,083,795 573,649 5,505,658 |
Disclosure of detailed information about gross loans by country risk [Text Block] | The following table provides a breakdown of loans classified by country risk: December 31, December 31, 2018 2017 Country: Brazil 1,156,223 1,019,466 Mexico 867,441 850,463 Colombia 625,932 829,136 Argentina 604,112 294,613 Panama 485,546 500,134 Costa Rica 370,087 356,459 Guatemala 328,830 309,024 Dominican Republic 301,067 249,926 Ecuador 188,445 94,315 Chile 176,976 170,827 Paraguay 158,685 59,536 Trinidad and Tobago 144,874 175,000 Honduras 89,205 74,476 Peru 78,191 211,846 El Salvador 70,048 55,110 Singapore 38,500 54,500 Jamaica 21,727 24,435 Luxembourg 17,664 19,924 Germany 17,500 37,500 Bolivia 14,187 15,000 Belgium 13,278 11,368 Uruguay 9,906 15,000 Switzerland - 3,687 Nicaragua - 29,804 United States of America - 44,109 Total 5,778,424 5,505,658 |
Disclosure of detailed information about remaining loan maturities [Text Block] | The remaining loan maturities are summarized as follows: December 31, December 31, 2018 2017 Current: Up to 1 month 820,184 846,993 From 1 month to 3 months 966,210 1,079,793 From 3 months to 6 months 1,281,615 1,175,801 From 6 months to 1 year 769,280 922,711 From 1 year to 2 years 719,564 392,456 From 2 years to 5 years 1,110,489 989,222 More than 5 years 46,381 39,923 5,713,723 5,446,899 Impaired 64,701 58,759 Total 5,778,424 5,505,658 |
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, 2018 2017 Fixed interest rates 2,706,834 2,378,509 Floating interest rates 3,071,590 3,127,149 Total 5,778,424 5,505,658 |
Disclosure Of Detailed Information About Loans Commitments of Aging analysis By Credit Classification TextBlock | The following table presents an aging analysis of the loan portfolio by credit classification in stages 1, 2 and 3: 2018 Stage 1 Stage 2 Stage 3 Total Gross carrying amount Current 5,340,751 372,972 57,025 5,770,748 Past due 90-120 days - - 2,410 2,410 151-180 days - - 2,857 2,857 More than 180 days - - 2,409 2,409 Total past due - - 7,676 7,676 Total 5,340,751 372,972 64,701 5,778,424 2017 Stage 1 Stage 2 Stage 3 Total Gross carrying amount Current 4,839,227 607,672 23,759 5,470,658 Past due 90-120 days - - - - 151-180 days - - - - More than 180 days - - 35,000 35,000 Total past due - - 35,000 35,000 Total 4,839,227 607,672 58,759 5,505,658 |
Disclosure of detailed information about modified financial assets where modification does not result in derecognition [Text Block] | The following table refers to modified financial assets during the year, where modification does not result in de-recognition: Financial assets (with loss allowance based on lifetime ECL) modified during the year December 31, 2018 December 31, 2017 Gross carrying amount before modification - 8,855 Allowance loss before modification - (3,344 ) Net amortized cost before modification - 5,511 Gross carrying amount after modification - 4,484 Allowance loss after modification - (4,484 ) Net amortized cost after modification - - |
Disclosure of detailed information about gains from derecognition of cinancial instruments [Text Block] | The carrying 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 (loss) on financial instruments, net” in the consolidated statement of profit or loss. Assignments and participations Gains (losses) Carrying amount as of December 31, 2018 61,667 (625 ) Carrying amount as of December 31, 2017 77,400 181 Carrying amount as of December 31, 2016 157,242 730 |
Disclosure of allowance for credit loss relating to securities at amortized cost [Text Block] | The allowance for expected credit losses relating 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, 2017 19,821 33,477 27,996 81,294 Transfer to lifetime expected credit losses (514 ) 514 - - Transfer to credit-impaired financial instruments (111 ) (7,864 ) 7,975 - Transfer to 12-month expected credit losses 4,471 (4,471 ) - - Net effect of changes in allowance for expected credit losses (4,665 ) 5,823 55,153 56,311 Financial instruments that have been derecognized during the year (16,400 ) (11,090 ) - (27,490 ) New financial assets originated or purchased 32,355 - - 32,355 Write-offs - - (41,686 ) (41,686 ) Recoveries of amounts previously written off - - 1 1 Allowance for expected credit losses as of December 31, 2018 34,957 16,389 49,439 100,785 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 (672 ) 672 - - Transfer to credit-impaired financial instruments - (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 instruments that have been derecognized during the year (24,434 ) (11,321 ) (8,333 ) (44,088 ) 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 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). |
Loan commitments and financia_2
Loan commitments and financial guarantee contracts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 loan commitments and financial guarantee contracts are as follows: December 31, December 31, 2018 2017 Documentary letters of credit 218,988 273,449 Stand-by letters of credit and guarantees - commercial risk 179,756 168,976 Credit commitments 103,143 45,578 Total loans commitments and financial guarantee contracts 501,887 488,003 |
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 loan commitments and financial guarantee contracts is as follows: December 31, December 31, Maturities 2018 2017 Up to 1 year 434,544 457,168 From 1 to 2 years 200 257 From 2 to 5 years 67,143 30,000 More than 5 years - 578 Total 501,887 488,003 |
Disclosure of detailed information about loans commitments and financial guarantees contracts classfied by credit quality indicators [Text Block] | Loan commitments and financial guarantee contracts classified by issuer’s credit quality indicators are as follows: December 31, December 31, Rating 2018 2017 1-4 94,724 120,275 5-6 158,864 113,271 7 248,299 254,457 Total 501,887 488,003 |
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 loan commitments and financial guarantee contracts’ exposure by country risk is as follows: December 31, December 31, 2018 2017 Country: Ecuador 247,225 252,800 Colombia 52,000 91,020 Brazil 50,000 - Costa Rica 38,598 19,848 Panama 29,175 31,260 Mexico 22,731 35,643 Germany 18,000 - Dominican Republic 16,500 - Guatemala 15,293 11,788 Argentina 6,980 7,546 Peru 2,846 17,618 El Salvador 824 767 Uruguay 750 3,176 Canada 422 425 Bolivia 293 200 Honduras 250 890 Chile - 15,000 Paraguay - 22 Total 501,887 488,003 |
Disclosure of detailed information about allowance for credit losses related to loans commitments and financial guarantees contracts [Text Block] | The allowance for expected credit losses relating to loan commitments and financial guarantee contracts is as follows: Stage 1 (1) Stage 2 (2) Stage 3 (3) Total Allowance for expected credit losses as of December 31, 2017 1,358 5,487 - 6,845 Transfer to lifetime expected credit losses (31 ) 31 - - Transfer to credit-impaired financial instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss 13 169 - 182 Financial instruments that have been derecognized during the year (1,179 ) (5,487 ) - (6,666 ) New instruments originated or purchased 2,928 - - 2,928 Allowance for expected credit losses as of December 31, 2018 3,089 200 - 3,289 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 financial instruments - - - - Transfer to 12-month expected credit losses - - - - Net effect of changes in reserve for expected credit loss (54 ) 853 - 799 Financial instruments that have been derecognized during the year (971 ) - - (971 ) 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 (1) 12-month expected credit losses. (2) Lifetime expected credit losses. (3) Credit-impaired financial assets (lifetime expected credit losses). |
Impairment loss on financial _2
Impairment loss on financial instruments, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure Of Detailed Information About Impairment Loss On Financial Instruments [Text Block] | The following table sets forth the details for the loss on financial instrument recognized in the consolidated statements of profit or loss: December 31 2018 2017 2016 Loss in derivative financial instruments and changes in foreign currency, net (1,226 ) (437 ) (486 ) Gain (loss) in financial instruments at fair value through profit or loss 648 (732 ) (2,883 ) Gain (loss) realized in financial instruments at fair value with changes in other comprehensive income 194 249 (356 ) (Loss) gain on sale of loans (625 ) 181 806 (1,009 ) (739 ) (2,919 ) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [abstract] | |
Disclosure of detailed information about hedges [text block] | Quantitative information on derivative financial instruments is as follows: December 31, 2018 Carrying amount of the hedging instrument Nominal Amount Asset Liability Changes in fair value used for calculating hedge ineffectiveness Fair value hedges: Interest rate swaps 433,500 108 (6,134 ) (1,666 ) Cross-currency swaps 226,756 1,134 (15,994 ) 11,676 Cash flow hedges: Interest rate swaps 460,000 513 (3,276 ) (2,462 ) Cross-currency swaps 23,025 - (1,384 ) (2,263 ) Foreign exchange forwards 176,311 933 (7,177 ) (14,854 ) Net investment hedges: Foreign exchange forwards 6,183 - (78 ) (128 ) Total 1,325,775 2,688 (34,043 ) (9,697 ) December 31, 2017 Carrying amount of the hedging instrument Nominal Amount Asset Liability Changes in fair value used for calculating hedge 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 forwards 225,388 8,610 - 11,835 Net investment hedges: Foreign exchange forwards 9,243 50 - 181 Total 1,527,117 13,338 (34,943 ) 28,649 |
DisclosureOfDetailedInformationAboutGainsAndLossesResultingFromActivitiesOfDerivativeFinancialInstrumentsAndHedgingTextBlock [Table Text Block] | The gains and losses resulting from activities of hedging derivative financial instruments recognized in the consolidated statements of profit or loss are presented below: December 31, 2018 Gain (loss) recognized in OCI (effective portion) Classification of gain (loss) Gain (loss) reclassified from OCI to profit or loss Gain (loss) recognized on derivatives (ineffective portion) Derivatives – cash flow hedges Interest rate swaps (593 ) Gain (loss) on interest rate swaps - (3 ) Cross-currency swaps 2,246 Gain (loss) on foreign currency exchange - (3 ) Interest income – loans 1,756 - Foreign exchange forwards 12,453 Interest income – securities at FVOCI - - Interest expenses – deposits 4,049 - Interest expense – borrowings and debt - - Gain (loss) on foreign currency exchange (7,001 ) - Total 14,106 (1,196 ) (6 ) Derivatives – net investment hedge Foreign exchange forwards (909 ) Total (909 ) 31-Dec-17 Gain (loss) recognized in OCI (effective portion) Classification of gain (loss) Gain (loss) reclassified from OCI to profit or loss Gain (loss) recognized on derivatives (ineffective portion) Derivatives – cash flow hedge Interest rate swaps (834 ) Gain (loss) on interest rate swaps - 242 Cross-currency swaps (1,924 ) Gain (loss) on foreign currency exchange - 26 Interest income – loans 7,611 - Foreign exchange forwards (2,708 ) Interest income – securities at FVOCI - - Interest expenses – deposits 3,991 - Interest expense – borrowings and debt - - Gain (loss) on foreign currency exchange (190 ) - Total (5,466 ) 11,412 268 Derivatives – net investment hedge Foreign exchange forwards (277 ) Total (277 ) December 31, 2016 Gain (loss) recognized in OCI (effective portion) Classification of gain (loss) Gain (loss) reclassified from OCI to profit or loss Gain (loss) recognized on derivatives (ineffective portion) Derivatives – cash flow hedge Interest rate swaps 627 Gain (loss) on interest rate swaps - (1,258 ) Cross-currency swaps (1,299 ) Gain (loss) on foreign currency exchange - 16 Interest income – loans - (110 ) Foreign exchange forwards 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 Foreign exchange forwards - Total - |
DisclosureOfDetailedInformationAboutGainlossOnDerivativeFinancialInstrumentsAndGainlossOfHedgeAssetOrLiabilityRelatedToQualifyingFairValueHedgesTextBlock [Table Text Block] | For the agreements qualifying as fair value hedge, the Bank recognized the gain or loss on the derivative financial instruments and the gain or loss of the hedged asset or liability in profit or loss as follows: December 31, 2018 Classification in consolidated statement of profit or loss Gain (loss) on derivatives Gain (loss) on hedged item Net gain (loss) Derivatives – fair value hedge Interest rate swaps Interest income – securities FVOCI (4 ) 388 384 Interest income – loans (134 ) 1,899 1,765 Interest expenses – borrowings and debt (2,192 ) (12,201 ) (14,393 ) Derivative financial instruments (5,291 ) 5,363 72 Cross-currency swaps Interest income – loans (765 ) 1,598 833 Interest expenses – borrowings and debt (241 ) (9,367 ) (9,608 ) Derivative financial instruments (15,840 ) 13,927 (1,913 ) Total (24,467 ) 1,607 (22,860 ) December 31, 2017 Classification in consolidated statement of profit or loss Gain (loss) on derivatives Gain (loss) on hedged item Net gain (loss) Derivatives – fair value hedge Interest rate swaps Interest income – securities FVOCI (126 ) 476 350 Interest income – loans (12 ) 160 148 Interest expenses – borrowings and debt 1,387 (16,233 ) (14,846 ) Derivative financial instruments (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 14,950 (16,709 ) (1,759 ) Total 14,281 (37,758 ) (23,477 ) December 31, 2016 Classification in consolidated statement of profit or loss Gain (loss) on derivatives Gain (loss) on hedged item Net gain (loss) Derivatives – fair value hedge Interest rate swaps Interest income – securities 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 (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 17,673 (16,752 ) 921 Total 19,335 (44,474 ) (25,139 ) |
Disclosure of detailed information about hedged items [text block] | The following tables detail the changes of fair value of the underlying item in the consolidated statement of financial position related to fair value hedges: December 31, 2018 Fair value hedges Carrying amount Accumulated fair value adjustments Line item in the consolidated statement of financial position Interest rate risk Loans 66,091 97 Loans Issuances 349,428 5,266 Borrowings and debt, net Foreign exchange rate risk and interest rate risk: Securities at FVOCI 12,221 (527 ) Securities and other financial instruments, net Loans 10,581 (1,097 ) Loans Issuances 199,356 15,024 Borrowings and debt, net December 31, 2017 Fair value hedges Carrying amount Accumulated fair value adjustments Line item in the consolidated statement of financial position Interest rate risk Loans - - Loans Issuances 355,000 (4,411 ) Borrowings and debt, net Foreign exchange rate risk and interest rate risk: Securities at FVOCI 12,369 (32 ) Securities and other financial instruments, net Loans 25,027 744 Loans Issuances 249,328 (2,301 ) Borrowings and debt, net |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [text block] | The following tables detail the maturity profile of the timing of the nominal amounts of the hedging instruments, by type of risk covered: December 31, 2018 Risk type Foreign exchange risk Interest rate risk Foreign exchange and interest rate risks Total Up to 1 month 27,458 - - 27,458 31 to 60 days 16,977 115,000 - 131,977 61 to 90 days 6,908 50,000 - 56,908 91 to 180 days 100,489 17,000 73,193 190,682 181 to 365 days 98,813 159,500 - 258,313 1 to 2 years 5,161 463,000 23,025 491,186 2 to 5 years 3,704 89,000 7,779 100,483 More than 5 years - - 68,768 68,768 Total 259,510 893,500 172,765 1,325,775 December 31, 2017 Risk type Foreign exchange risk Interest rate risk Foreign exchange and interest rate risks 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 |
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, 2018 Gross amounts offset in the Net amount of assets presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of assets consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral received Net Amount Derivative financial instruments used for hedging at fair value 2,688 - 2,688 - (1,496 ) 1,192 Total 2,688 - 2,688 - (1,496 ) 1,192 December 31, 2017 Gross amounts offset in the Net amount of assets presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of assets consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral received Net Amount Derivative financial instruments used for hedging at fair value 13,338 - 13,338 - (22,304 ) (8,966 ) Total 13,338 - 13,338 - (22,304 ) (8,966 ) b) Financial liabilities and derivative financial instruments – liabilities December 31, 2018 Gross amounts offset in the Net amount of liabilities presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of liabilities consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral pledged Net Amount Derivative financial instruments used for hedging at fair value 34,043 - 34,043 - (35,960 ) (1,917 ) Total 34,043 - 34,043 - (35,960 ) (1,917 ) December 31, 2017 Gross amounts offset in the Net amount of liabilities presented in the Gross amounts not offset in the consolidated statement of financial position Description Gross amounts of liabilities consolidated statement of financial position consolidated statement of financial position Financial instruments Cash collateral pledged Net Amount Derivative financial instruments used for hedging at fair value 34,943 - 34,943 - (50,241 ) (15,298 ) Total 34,943 - 34,943 - (50,241 ) (15,298 ) |
Impairment loss on non - fina_2
Impairment loss on non - financial assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Impairment of Assets [Abstract] | |
Disclosure Of Detailed Information About Impairment Loss on Non Financial Assets | Impairment losses on non-financial assets are as follows: December 31, Losses for: 2018 2017 2016 Impairment loss on other assets (3,464 ) - - Impairment loss on investment properties (3,849 ) - - Write off on intangible assets (2,705 ) - - (10,018 ) - - |
Equipment and leasehold impro_2
Equipment and leasehold improvements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about 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 of equipment and leasehold improvements is as follows: IT equipment Furniture and fixtures Leasehold improvement Other equipment Total Cost: Balance as of January 1, 2016 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 Additions 411 12 111 69 603 Disposals (253 ) (97 ) (80 ) (62 ) (492 ) Reclassifications 10 - - - 10 Balance as of December 31, 2018 4,338 1,899 6,841 2,512 15,590 Accumulated depreciation: Balance as of January 1, 2016 2,671 1,491 2,536 366 7,064 Amortisation for 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 Amortisation for 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 Amortisation for the year 516 64 480 222 1,282 Disposals (159 ) (89 ) (127 ) (94 ) (469 ) Reclassifications 42 - - - 42 Balance as of December 31, 2018 3,269 1,715 3,001 919 8,904 Carrying amounts as of: December 31, 2018 1,069 184 3,840 1,593 6,686 December 31, 2017 1,300 244 4,162 1,714 7,420 December 31, 2016 1,644 2,133 4,597 175 8,549 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of detailed information about intangible assets [text block] | A breakdown of software cost, accumulated amortization, additions, sales and disposals for intangible assets is as follows: Costs: Balance as of January 1, 2016 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 Additions 58 Disposals (3,315 ) Reclassifications (10 ) Balance as of December 31, 2018 13,905 Accumulated amortization: Balance as of January 1, 2016 10,349 Amortisation for the year 629 Disposals (4 ) Balance as of December 31, 2016 10,974 Amortisation for the year 838 Disposals (65 ) Balance as of December 31, 2017 11,747 Amortisation for the year 1,176 Disposals (609 ) Reclassifications (42 ) Balance as of December 31, 2018 12,272 Carrying amounts as of: December 31, 2018 1,633 December 31, 2017 5,425 December 31, 2016 2,909 |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of detailed information about investment property [text block] | Investment properties are measured at fair value through profit or loss. The gains and losses resulting from fair value adjustments are recognized in profit or loss. A summary is as follows: Balance at January 1, 2017 - Additions 5,119 Balance at December 31, 2017 5,119 Sale of investment properties (1,270 ) Net change in fair value (3,849 ) Balance at December 31, 2018 - |
Disclosure Of Detailed Information About Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Text Block] | Unobservable inputs used in the fair value measurement Type of asset Fair value Measurement techniques Significant unobservable inputs Investment properties at FVPL - Discounted cash flows - Existing leasing contracts - Investments made to operate - Current operating expenses - Weighted average cost of capital WACC |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Accounts receivable (1) 13,333 6,793 Interest receivable - deposits 281 48 IT projects under development (2) 357 1,405 Other (3) 3,003 5,510 16,974 13,756 (1) (2) (3) |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, excluding interest payable, is as follows: December 31, December 31, 2018 2017 Demand 211,381 82,064 Up to 1 month 1,192,252 1,147,772 From 1 month to 3 months 412,638 492,205 From 3 months to 6 months 533,135 411,159 From 6 months to 1 year 462,156 571,500 From 1 year to 2 years 70,047 76,422 From 2 years to 5 years 89,213 147,722 2,970,822 2,928,844 |
Disclosure Of Additional Information Of Bank Deposits [Text Block] | The following table presents additional information regarding the Bank’s deposits December 31, December 31, 2018 2017 Aggregate amounts of $100,000 or more 2,970,438 2,928,425 Aggregate amounts of deposits in the New York Agency 265,349 266,158 Year ended December 31, 2018 2017 2016 Interest expense on deposits made in the New York Agency 5,937 2,524 1,429 |
Borrowings and debt (Tables)
Borrowings and debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of borrowings [Abstract] | |
Disclosure of detailed information about borrowings [text block] | Borrowings and debt are detailed as follows: December 31, 2018 Short-Term Long-term Carring amount Borrowings Debt Borrowings Debt Total Principal 1,975,174 45,930 886,384 614,505 3,521,993 Prepaid commissions - - (2,790 ) (757 ) (3,547 ) 1,975,174 45,930 883,594 613,748 3,518,446 December 31, 2017 Short-Term Long-term Carring amount Borrowings Debt Borrowings Debt Total Principal 1,062,223 10,500 423,011 720,044 2,215,778 Prepaid commissions - - (2,790 ) (1,421 ) (4,211 ) 1,062,223 10,500 420,221 718,623 2,211,567 |
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, along with contractual interest rates, is as follows: December 31, December 31, 2018 2017 Short-term borrowings: At fixed interest rates 695,500 429,069 At floating interest rates 1,279,674 633,154 Total borrowings 1,975,174 1,062,223 Short-term debt: At fixed interest rates 2,700 10,500 At floating interest rates 43,230 - Total debt 45,930 10,500 Total short-term borrowings and debt 2,021,104 1,072,723 Average outstanding balance during the year 1,095,530 710,021 Maximum balance at any month-end 2,021,104 1,072,723 Range of fixed interest rates on borrowings and debt in U.S. dollars 2.74% to 3.30% 1.60% to 1.95% Range of floating interest rates on borrowings in U.S. dollars 2.72% to 3.41% 1.77% to 2.08% Range of fixed interest rates on borrowings in Mexican pesos - 7.92 Range of floating interest rate on borrowings in Mexican pesos 8.49% to 9.39% 7.68% to 7.89% Weighted average interest rate at end of the year 3.18% 2.16% Weighted average interest rate during the year 3.00% 1.66% The outstanding balances of short-term borrowings and debt by currency, are as follows: December 31, December 31, 2018 2017 Currency US dollar 1,926,000 1,044,500 Mexican peso 95,104 28,223 Total 2,021,104 1,072,723 |
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), along with contractual interest rates, plus prepaid commissions of $3.5 million and $4.2 million as of December 31, 2018 and December 31, 2017, respectively, are as follows: December 31, December 31, 2018 2017 Long-term borrowings: At fixed interest rates with due dates from January 2019 to February 2022 63,367 44,011 At floating interest rates with due dates from August 2019 to August 2023 823,017 379,000 Total borrowings 886,384 423,011 Long-term debt: At fixed interest rates with due dates from June 2019 to March 2024 503,229 532,305 At floating interest rates with due dates from April 2019 to June 2023 111,276 187,739 Total long-term debt 614,505 720,044 Total long-term borrowings and debt 1,500,889 1,143,055 Less: Prepaid commissions (3,547 ) (4,211 ) Total long-term borrowings and debt, net 1,497,342 1,138,844 Net average outstanding balance during the year 1,244,619 1,477,788 Maximum outstanding balance at any month – end 1,500,889 2,010,078 Range of fixed interest rates on borrowings and debt in U.S. dollars 2.25% to 3.25% 1.35% to 3.25% Range of floating interest rates on borrowings and debt in U.S. dollars 3.26% to 4.46% 2.61% to 3.01% Range of fixed interest rates on borrowings in Mexican pesos 5.25% to 9.09% 4.89% to 9.09% Range of floating interest rates on borrowings and debt in Mexican pesos 9.19% to 9.71% 7.99% to 8.00% Range of fixed interest rates on debt in Japanese yens 0.46% 0.46% to 0.81% Range of fixed interest rates on debt in Euros 3.75% 3.75% Range of fixed interest rates on debt in Australian dollars 3.33% 3.33% Weighted average interest rate at the end of the year 4.35% 3.60% Weighted average interest rate during the year 4.09% 3.43% The balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows: December 31, December 31, 2018 2017 Currency US dollar 1,203,101 753,981 Mexican peso 143,661 206,750 Japanese yen 72,670 98,711 Euro 60,315 60,178 Australian dollar 21,142 23,435 Total 1,500,889 1,143,055 |
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, 2018, are as follows: Payments Outstanding 2019 257,393 2020 488,237 2021 558,265 2022 74,179 2023 62,500 2024 60,315 1,500,889 |
Disclosure of reconciliation of movements of borrowings and debt arising financing activites explanatory [Table Text Block] | Reconciliation of movements of borrowings and debt arising from financing activities of consolidated statements of cash flows 2018 2017 2016 Balance as of January 1, 2,211,567 3,246,813 4,312,170 Net increase (decrease) in short-term borrowings and debt 950,259 (396,205 ) (961,095 ) Proceeds from long-term borrowings and debt 609,017 219,905 406,149 Repayments of long-term borrowings and debt (256,173 ) (883,476 ) (464,242 ) Change in foreign currency 1,903 23,487 (43,010 ) Adjustment of fair value for hedge accounting relationship 753 (483 ) (5,945 ) Other adjustments 1,120 1,525 2,786 Balance as of December 31, 3,518,446 2,211,567 3,246,813 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Accruals and other accumulated expenses 8,602 8,018 Accounts payable 453 9,307 Others 4,560 3,226 13,615 20,551 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 profit and share data used in the basic and diluted earnings per share (“EPS”) computations for the dates indicated: December 31, December 31, December 31, 2018 2017 2016 (Thousands of U.S. dollars) Profit for the year 11,138 81,999 87,045 (U.S. dollars) Basic earnings per share 0.28 2.09 2.23 Diluted earnings per share 0.28 2.08 2.22 (Thousands of shares) Weighted average of common shares outstanding - applicable to basic EPS 39,543 39,311 39,085 Effect of diluted securities: Stock options and restricted stock units plan - 18 125 Adjusted weighted average of common shares outstanding applicable to diluted EPS 39,543 39,329 39,210 |
Capital and additional paid-i_2
Capital and additional paid-in capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 movement of the shares by class for each of the years ended December 31, 2018, 2017 and 2016: (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, 2016 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 - - Repurchased 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 Conversions - (64,386 ) 64,386 - - Repurchased common stock - (99,193 ) (64 ) - (99,257 ) Restricted stock issued – directors - - 57,000 - 57,000 Exercised stock options - compensation plans - - 102,918 - 102,918 Restricted stock units – vested - - 49,055 - 49,055 Outstanding at December 31, 2018 6,342,189 2,245,227 30,951,135 - 39,538,551 |
Treasury stock (Tables)
Treasury stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Classification of Treasury Stock [Abstract] | |
Disclosure of Detailed Information About Treasury Shares Repurchased But Not retired [Table 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, 2016 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 Repurchase of common stock - - 99,193 2,441 64 1 99,257 2,442 Restricted stock issued - directors - - - - (57,000 ) (1,259 ) (57,000 ) (1,259 ) Exercised stock options - compensation plans - - - - (102,918 ) (2,272 ) (102,918 ) (2,272 ) Restricted stock units - vested - - - - (49,055 ) (1,083 ) (49,055 ) (1,083 ) Outstanding at December 31, 2018 318,140 10,708 689,367 18,711 1,433,781 31,657 2,441,288 61,076 |
Other comprehensive income (Tab
Other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other comprehensive income [abstract] | |
Disclousure of other comprehensive income loss to financial statements FVOCI derivative and foreign currency translation table text block [Text Block] | The breakdown of other comprehensive income (loss) relating to financial instruments at FVOCI, derivative financial instruments, and foreign currency translation is as follows: Financial instruments at FVOCI Derivative financial instruments Foreign currency translation adjustment Total Balance as of January 1, 2016 (8,931 ) (1,750 ) - (10,681 ) Change in fair value of debt instruments, net of hedging 7,048 4,383 11,431 Reclassification of gains (losses) on financial instruments included in profit or loss (1) 1,030 (4,581 ) - (3,551 ) Other comprehensive income (loss) for the year 8,078 (198 ) - 7,880 Balance as of December 31, 2016 (853 ) (1,948 ) - (2,801 ) Change in fair value of debt instruments, net of hedging 612 (8 ) - 604 Change in fair value of equity instruments at FVOCI, net of hedging (228 ) 415 - 187 Reclassification of gains (losses) on financial instruments included in profit or loss (1) 84 2,399 - 2,483 Exchange difference in conversion of foreign operating currency - - 1,490 1,490 Other comprehensive income (loss) for the year 468 2,806 1,490 4,764 Balance as of December 31, 2017 (385 ) 858 1,490 1,963 Change in fair value of debt instruments, net of hedging (254 ) (4,375 ) - (4,629 ) Change in fair value of equity instruments at FVOCI, net of hedging (2,074 ) 850 - (1,224 ) Reclassification of gains (losses) on financial instruments included in profit or loss (1) (87 ) 5,678 - 5,591 Exchange difference in conversion of foreign operating currency - - (1,281 ) (1,281 ) Other comprehensive income (loss) for the year (2,415 ) 2,153 (1,281 ) (1,543 ) Balance as of December 31, 2018 (2,800 ) 3,011 209 420 (1) Reclassification adjustments include amounts recognized in profit or loss of the year that had been part of other comprehensive income 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 profit or loss: December 31, 2018 Details about other comprehensive income components Amount reclassified from other comprehensive income Affected line item in the consolidated statement of profit or loss Realized gains (losses) on securities at FVOCI: - Interest income – securities at FVOCI - Net gain on sale of securities at FVOCI 87 Derivative financial instruments and impairment loss on financial instruments at FVOCI 87 Gains (losses) on derivative financial instruments: Foreign exchange forwards (2,502 ) Interest income – loans (1,650 ) Interest expense – borrowings and deposits (1,530 ) Net gain (loss) on foreign currency exchange Interest rate swaps 4 Net gain (loss) on interest rate swaps Cross-currency swaps - Net gain (loss) on cross-currency swaps (5,678 ) December 31, 2017 Details about other comprehensive income components Amount reclassified from other comprehensive income Affected line item in the consolidated statement of profit or loss Realized gains (losses) on securities at FVOCI: - Interest income – securities at FVOCI 24 Net gain on sale of securities at FVOCI (108 ) Derivative financial instruments and impairment loss on financial instruments at FVOCI (84 ) Gains (losses) on derivative financial instruments: Foreign exchange forwards (7,611 ) Interest income – loans (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 swaps 12 Net gain (loss) on cross-currency swaps (2,399 ) December 31, 2016 Details about other comprehensive income components Amount reclassified from other comprehensive income Affected line item in the consolidated statement of profit or loss Realized gains (losses) on securities at FVOCI: - Interest income – securities at FVOCI (7,243 ) Net gain on sale of securities at FVOCI 6,213 Derivative financial instruments and impairment loss on financial instruments at FVOCI (1,030 ) Gains (losses) on derivative financial instruments: Foreign exchange forwards (4,750 ) Interest income – loans 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 swaps 488 Net gain (loss) on cross-currency swaps 4,581 |
Cash and stock-based compensa_2
Cash and stock-based compensation plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of detailed information about restricted stock option to directors [Text Block] | A summary of restricted stock granted to Directors is presented below: Shares Weighted average grant date fair value Outstanding at January 1, 2016 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 Granted 57,000 28.70 Vested (45,300 ) 28.07 Outstanding at December 31, 2018 103,650 27.82 Expected to vest 103,650 |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | A summary of the restricted stock units granted to certain executives is presented below: Shares Weighted average grant date fair value Weighted average remaining contractual term Aggregate intrinsic value Outstanding at January 1, 2016 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 Granted 23,412 24.80 Forfeited - - Vested (49,055 ) 20.90 Outstanding at December 31, 2018 25,162 24.86 2.99 years $ 0 Expected to vest 25,162 24.86 2.99 years $ 0 |
Disclosure of detailed information about share options granted [Text Block] | A summary of stock options granted is presented below: Options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Outstanding at January 1, 2016 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 Granted - - Forfeited (28,315 ) 29.25 Exercised (102,918 ) 24.55 Outstanding at December 31, 2018 142,410 29.25 3.11 years $ 0 Exercisable 142,410 29.25 3.11 years $ 0 Expected to vest 142,410 29.25 3.11 years $ 0 |
Fees and commission Income (Tab
Fees and commission Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fee and commission income [abstract] | |
Disclosure Of Fee And Commission Income From Contracts With Customers Broken Down By Main Services Explanatory [Text Block] | Fees and commission income from contracts with customers broken down by main types of services according to the scope of IFRS 15, beginning after January 1 st December 31, 2018 Syndicated loans Documentary letters of credit Stand-by letters of credit and guarantees Credit commitments Other Total Openning and confirmation - 7,333 2,460 874 - 10,667 Negotiation and acceptance - 379 100 - - 479 Amendment - 46 1,230 - - 1,276 Structuring 4,625 - - 325 - 4,950 Other - (4 ) - (151 ) (32 ) (187 ) 4,625 7,754 3,790 1,048 (32 ) 17,185 |
Disclosure Of Detailed Information About Income Associated With Ordinary Income Text Block [Text Block] | The following table provides information on the ordinary income that is expected to be recognized on the contracts in force as of December 31, 2018: Up to 1 year 1 to 2 years More than 2 years Total Ordinary income expected to be recognized on the contracts as of December 31, 2018 1,655 377 761 2,793 |
Disclosure Of Detailed Information On Fees And Commissions Text Block [Text Block] | Fees and commission income from contracts with customers recognized under IAS 18 as of December 31, 2017 are detailed below: December 31, 2017 December 31, 2016 Commission income – Loans & commitments, net 476 1,126 Commission income - Letters of credit 10,430 7,458 Commission income - Structuring 6,608 5,722 Total 17,514 14,306 |
Business segment information (T
Business segment information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Reporting 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: December 31, 2018 Comercial Treasury Total Interest income 239,976 18,514 258,490 Interest expense - (148,747 ) (148,747 ) Inter-segment net interest income (130,195 ) 130,195 - Net interest income 109,781 (38 ) 109,743 Other income (expense), net 18,002 (156 ) 17,846 Total income 127,783 (194 ) 127,589 Impairment loss on financial assets (57,621 ) 106 (57,515 ) Impairment loss on non-financial assets (5,967 ) - (5,967 ) Operating expenses (37,436 ) (11,482 ) (48,918 ) Segment profit (loss) for the year 26,759 (11,570 ) 15,189 Segment Assets 5,726,977 1,857,196 7,584,173 Segment Liabilities 12,985 6,588,995 6,601,980 December 31, 2017 Comercial Treasury Total Interest income 213,326 12,753 226,079 Interest expense - (106,264 ) (106,264 ) Inter-segment net interest income (92,745 ) 92,745 - Net interest income 120,581 (766 ) 119,815 Other income (expense), net 18,926 (428 ) 18,498 Total income 139,507 (1,194 ) 138,313 Impairment loss on financial assets (9,928 ) 489 (9,439 ) Operating expenses (35,916 ) (10,959 ) (46,875 ) Segment profit (loss) for the year 93,663 (11,664 ) 81,999 Segment Assets 5,470,947 772,517 6,243,464 Segment Liabilities 13,214 5,191,170 5,204,384 December 31, 2016 Comercial Treasury Total Interest income 236,392 9,506 245,898 Interest expense - (90,689 ) (90,689 ) Inter-segment net interest income (96,017 ) 96,017 - Net interest income 140,375 14,834 155,209 Other income (expense), net 16,333 (3,568 ) 12,765 Total income 156,708 11,266 167,974 Impairment loss on financial assets (35,112 ) (3 ) (35,115 ) Operating expenses (34,599 ) (11,215 ) (45,814 ) Segment profit for the year 86,997 47 87,045 Segment Assets 5,969,902 1,188,406 7,158,308 Segment Liabilities 25,163 6,125,954 6,151,117 |
Disclosure Of Detailed Information About Reconciliation Of Information on Reportable Segments Text Block [Text Block] | Reconciliation of information on reportable segments: 2018 2017 2016 Profit: Total profit from reportable segments 15,189 81,999 87,045 Impairment loss on non-financial assets - unallocated (4,051 ) - - Consolidated profit for the year 11,138 81,999 87,045 Assets: Total assets from reportable segments 7,584,173 6,243,464 7,158,308 Equipment and leasehold improvements, net - unallocated 6,686 7,420 8,549 Intangibles, net - unallocated 1,633 5,425 2,909 Other assets - unallocated 16,693 11,438 11,016 Unallocated amounts 25,012 24,283 22,474 Consolidated total assets 7,609,185 6,267,747 7,180,783 Liabilities: Total liabilities from reportable segments 6,601,980 5,204,384 6,151,117 Other liabilities - unallocated 13,615 20,551 18,352 Unallocated amounts 13,615 20,551 18,352 Consolidated total liabilities 6,615,595 5,224,935 6,169,469 Geographic information The geographic information analyses the Bank’s revenue and non-current assets by the Bank’s country of domicile and other countries. In presenting the geographic information below, segment revenue is based on customer’s country risk and segment non-current assets are based on the geographic location of the assets. 2018 Panama Brazil Mexico Colombia Costa Rica Ecuador Argentina Other Total Total revenues 13,913 17,887 14,577 15,440 11,115 10,414 9,959 34,284 127,589 Non-current assets* 6,520 126 1,495 7 - - 37 134 8,319 2017 Total revenues 10,829 27,908 17,451 18,465 11,814 9,545 6,975 35,326 138,313 Non-current assets* 15,934 88 1,702 16 - - 33 192 17,965 2016 Total revenues 14,870 34,740 21,197 17,077 9,752 7,229 11,183 51,926 167,974 Non-current assets* 9,346 90 1,828 23 - - 51 264 11,602 * Includes equipment and lesehold improvements, intangibles and investment properties. Disaggregation of revenue from contract with customers As of December 31, 2018, 2017, and 2016, respectively, the Bank has no customer, either individually or as group of companies, that represents more than 10% of the total revenues. |
Disclosure of detailed information about revenue from contract with customers [Text Block] | The geographic information analyses the Bank’s revenue and non-current assets by the Bank’s country of domicile and other countries. In presenting the geographic information below, segment revenue is based on customer’s country risk and segment non-current assets are based on the geographic location of the assets. 2018 Panama Brazil Mexico Colombia Costa Rica Ecuador Argentina Other Total Total revenues 13,913 17,887 14,577 15,440 11,115 10,414 9,959 34,284 127,589 Non-current assets* 6,520 126 1,495 7 - - 37 134 8,319 2017 Total revenues 10,829 27,908 17,451 18,465 11,814 9,545 6,975 35,326 138,313 Non-current assets* 15,934 88 1,702 16 - - 33 192 17,965 2016 Total revenues 14,870 34,740 21,197 17,077 9,752 7,229 11,183 51,926 167,974 Non-current assets* 9,346 90 1,828 23 - - 51 264 11,602 * Includes equipment and lesehold improvements, intangibles and investment properties. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 position using the fair value hierarchy are described below: December 31, 2018 Level 1 Level 2 Level 3 Total Assets Securities and other financial assets: Securities at FVOCI - Corporate debt (1) - 6,157 - 6,157 Securities at FVOCI - Sovereign debt (1) - 15,641 - 15,641 Equity instrument at FVOCI (1) - 6,273 - 6,273 Debt instrument at fair value through profit or loss - - 8,750 8,750 Total securities and other financial assets - 28,071 8,750 36,821 Derivative financial instruments - assets: Interest rate swaps - 621 - 621 Cross-currency swaps - 1,134 - 1,134 Foreign exchange forwards - 933 - 933 Total derivative financial instrument assets - 2,688 - 2,688 Total assets at fair value - 30,759 8,750 39,509 Liabilities Derivative financial instruments - liabilities: Interest rate swaps - 9,410 - 9,410 Cross-currency swaps - 17,378 - 17,378 Foreign exchange forwards - 7,255 - 7,255 Total derivative financial instruments - liabilities - 34,043 - 34,043 Total liabilities at fair value - 34,043 - 34,043 (1) At December 31, 2018, investment securities and equity instrument at FVOCI for $21.8 million and $6.3 million, respectively; were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. December 31, 2017 Level 1 Level 2 Level 3 Total Assets Securities and other financial assets: Securities at FVOCI - Sovereign debt (2) 16,733 - - 16,733 Equity instrument at FVOCI 8,402 - - 8,402 Total securities and other financial assets 25,135 - - 25,135 Derivative financial instruments assets: Interest rate swaps - 129 - 129 Cross-currency swaps - 4,550 - 4,550 Foreign exchange forwards - 8,659 - 8,659 Total derivative financial instruments - assets - 13,338 - 13,338 Total assets at fair value 25,135 13,338 - 38,473 Liabilities Derivative financial instruments liabilities: Interest rate swaps - 4,789 - 4,789 Cross-currency swaps - 30,154 - 30,154 Total derivative financial instruments - liabilities - 34,943 - 34,943 Total liabilities at fair value - 34,943 - 34,943 (1) At December 31, 2017, securities at FVOCI with a carrying amount of $3.0 million were reclassified from level 2 to level 1 of the fair value hierarchy, due to an upgrade valuation of Bloomberg “BVAL” from 7 to 10 during 2017. |
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 an estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis: December 31, 2018 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and deposits on banks 1,745,652 1,745,652 - 1,745,652 - Securities at amortized cost (1) (3) 86,326 85,036 - 73,869 11,167 Loans, net (2) 5,702,258 5,958,540 - 5,884,527 74,013 Customers' liabilities under acceptances 9,696 9,696 - 9,696 - Liabilities Deposits 2,970,822 2,970,822 - 2,970,822 - Securities sold under repurchase agreements 39,767 39,767 - 39,767 - Borrowings and debt, net 3,518,446 3,558,763 - 3,558,763 - Customers' liabilities under acceptances 9,696 9,696 - 9,696 - Allowance for expected credit losses on loan commitments and financial guarantee contracts 3,289 3,289 - 3,289 - December 31, 2017 Carrying value Fair value Level 1 Level 2 Level 3 Assets Cash and deposits on banks 672,048 672,048 - 672,048 - Securities at amortized cost (1) 69,974 69,006 50,581 8,447 9,978 Loans, net (2) 5,448,788 5,550,704 - 5,550,704 - Customers' liabilities under acceptances 6,369 6,369 - 6,369 - Liabilities Deposits 2,928,844 2,928,844 - 2,928,844 - Borrowings and debt, net 2,211,567 2,231,017 - 2,231,017 - Customers' liabilities under acceptances 6,369 6,369 - 6,369 - Allowance for expected credit losses on loan commitments and financial guarantee contracts 6,845 6,845 - 6,845 - (1) The carrying value of securities at amortized cost is net of the accrued interest receivable of $1.1 million and the allowance for expected credit losses of $0.1 million as of December 31, 2018, and the accrued interest receivable of $1.0 million and the allowance for expected credit losses $0.2 million as of December 31, 2017. (2) The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. (3) At December 31, 2018, investment securities at amortized cost were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. |
Disclosure Of Detailed Information About Level 3 Fair Value Hierachy Text block [Text Block] | The following table presents the movement of instruments measured at Level 3 fair value : Carrying amount as of January 1, 2018 - Origination 8,750 Carrying amount as of December 31, 2018 8,750 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [text block] | The following tables provides information about the significant inputs used in the measurement of instruments at Level 3 fair value: Type of financial instruments Fair value December 31, 2018 Measurement techniques Significant unobservable inputs At fair value through profit or loss (debentures) 8,750 Discounted cash flows Discount rate Premiun or liquidity rate Range of Unobservable inputs sensibility 18.28% Significant increases would lead to a lower fair value 45% Significant increases would lead to a lower fair value |
Disclosure Of Detailed Information About Effect Of Unobservable Inputs In Fair Value Measurement Text block [Text Block] | Changing one or more assumptions used can generate the following effect: Effect on income* December 31, 2018 Negative effect Positive effect Other assets at fair value through profit or loss (debenture) (659 ) 714 * Changes in +100 bps in the unobservable variables. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of related party [Abstract] | |
Disclosure of detailed information about Financial position with Related Party Transaction [Table Text Block] | The detail of the assets and liabilities with related private corporations and financial institutions is as follows: Decembre 31, Decembre 31, 2018 2017 Assets Demand deposits 5,179 1,809 Loans 202,578 83,031 Allowance for loans losses (1,837 ) (204 ) Securities at fair value through other comprehensive income 2,887 2,954 Total asset 208,807 87,590 Liabilities Demand deposits 200,000 50,000 Time deposits 40,000 190,000 Total liabilities 240,000 240,000 |
Disclosure of detailed information about Income and Expense with Related Party Transaction [Table Text Block] | The detail of income and expenses with related parties is as follows: December 31, 2018 December 31, 2017 Interest income Loans 2,751 985 Securities at amortized cost - - Total interest income 2,751 985 Interest expense Deposits (984 ) (530 ) Total interest expense (984 ) (530 ) Net interest income 1,767 455 Other income (expense) Fees and commissions, net 1 - Gain on financial instruments, net 41 - Other income, net 1 - Total other income, net 43 - Operating expenses Other expenses (2,287 ) (2,149 ) Total operating expenses (2,287 ) (2,149 ) Net income from related parties (477 ) (1,694 ) |
Disclosure of transactions between related parties [text block] | During the reporting periods, total compensation paid to directors and the executives of Bladex as representatives of the Bank amounted to: December 31, 2018 2017 2016 Expenses: Compensation costs to directors 2,331 2,581 2,428 Compensation costs to executives 4,943 3,299 5,601 |
Salaries and other employee e_2
Salaries and other employee expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of employee benefits [text block] | December 31, December 31, December 31, 2018 2017 2016 Wages and salaries 18,487 16,191 16,132 Payroll taxes 2,120 2,629 2,244 Personnel benefits 6,732 8,644 5,231 Share–based payments 650 189 1,589 Total 27,989 27,653 25,196 |
Other expenses (Tables)
Other expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other operating expense [Abstract] | |
Disclosure of other operating expense [text block] | December 31, 2018 2017 2016 Advertising and marketing 337 683 785 Regulatory fees 1,246 977 1,348 Rental - office and equipment 2,913 2,394 2,681 Administrative 6,391 6,846 7,468 Professional services 4,293 3,911 4,255 Maintenance and repairs 2,912 1,673 1,866 Other 379 322 129 Total 18,471 16,806 18,532 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 are as follows: December 31, 2018 2017 2016 Within 1 year 2,120 2,006 1,984 After 1 year but not more than 5 years 7,734 7,335 7,362 More than 5 years 6,936 8,814 10,638 Total 16,790 18,155 19,984 |
Disclosure of finance lease and operating lease by lessor [text block] | Future minimum lease payments under cancellable operating sub-leases areas follows: December 31, 2018 2017 2016 Within 1 year 243 300 289 After 1 year but not more than 5 years - 243 646 Total 243 543 935 |
Risk management (Tables)
Risk management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Financial risk Management [Line Items] | |
Implementation of forward looking information [Text Block] | Variable Scenario 2018 2019 2020 2021 2022 GDP Growth Central 1.2 % 2.2 % 2.7 % 2.7 % 2.8 % (Var.%) Upside 2.7 % 3.5 % 3.6 % 3.8 % 3.8 % Downside 0.4 % 1.1 % 1.3 % 1.4 % 1.5 % ComEx Growth Central 8.2 % 4.6 % 4.4 % 6.8 % 6.9 % Index (Var.%) Upside 11.8 % 9.6 % 10.2 % 10.5 % 10.6 % Downside 4.1 % 1.8 % 2.5 % 2.7 % 2.8 % Commodities Central 136.4 134.6 130.7 128.0 126.1 Price Index 2005 Upside 152.5 149.8 148.2 148.7 151.0 = 100 Downside 109.3 103.0 97.8 94.2 91.9 Interest Rate FED Central 2.4 % 3.0 % 3.1 % 3.6 % 4.3 % (%) Upside 2.1 % 2.7 % 2.8 % 3.4 % 4.0 % Downside 2.6 % 3.2 % 3.3 % 3.9 % 4.5 % USD vs Global Central 94.6 99.0 101.5 103.5 105.6 Currencies Index Upside 90.6 95.0 97.5 99.5 101.6 1973 = 100 Downside 98.6 103.0 105.5 107.5 109.6 PMI Index Central 51.0 50.5 50.4 50.3 50.1 Upside 53.3 54.5 55.2 55.7 56.1 Downside 50.1 48.9 48.4 48.0 47.7 |
Disclosure of liquidity risk [text block] | The following table shows the Bank’s liquid assets, by principal geographic area: December 31, (in million of US$) 2018 2017 United States of America 1,650 612 Others O.E.C.D.countries 50 - Latin America 6 7 Total 1,706 619 |
Disclosure of detailed information of assets and liabilities grouped by remaining maturity [Text Block] | The following table details the Banks’s future cash flows between assets and liabilities grouped by its remaining maturity with respect to the contractual maturity: December 31, 2018 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Gross Inflow (outflow) Carrying amount Assets Cash and cash equivalents 1,745,671 - - - - 1,745,671 1,745,652 Securities and other financial assets, net 14,870 5,152 21,702 69,802 13,993 125,519 123,598 Loans, net 1,873,995 1,434,229 972,201 1,611,558 19,785 5,911,768 5,702,258 Derivative financial instruments – assets (2,104 ) 19 78 1,111 - (896 ) 2,688 Total 3,632,432 1,439,400 993,981 1,682,471 33,778 7,782,062 7,574,196 Liabilities Deposits (2,515,096 ) (291,804 ) (184,360 ) - - (2,991,260 ) (2,982,976 ) Securities sold under repurchase agreements (11,604 ) - (28,873 ) - - (40,477 ) (39,767 ) Borrowings and debt, net (956,634 ) (402,871 ) (958,442 ) (1,281,454 ) (68,464 ) (3,667,865 ) (3,532,209 ) Derivative financial instruments – liabilities (4,421 ) (8,516 ) (3,946 ) (8,634 ) (3,260 ) (28,777 ) (34,043 ) Total (3,487,755 ) (703,191 ) (1,175,621 ) (1,290,088 ) (71,724 ) (6,728,379 ) (6,588,995 ) Confirmed letters of credit 75,720 141,985 1,283 - - 218,988 218,988 Stand-by letters of credit and guaranteed – commercial risk 75,273 31,107 73,176 200 - 179,756 179,756 Credit commitments 36,000 - - 67,143 - 103,143 103,143 Total Contingencies 186,993 173,092 74,458 67,343 - 501,886 501,886 Net position (42,316 ) 563,117 (256,098 ) 325,040 (37,946 ) 551,797 483,315 December 31, 2017 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Gross Inflow (outflow) Carrying amount Assets Cash and cash equivalents 672,048 - - - - 672,048 672,048 Securities and other financial assets, net 2,431 7,556 4,009 79,398 - 93,394 95,484 Loans, net 2,007,222 1,293,249 1,081,319 1,176,532 21,387 5,579,709 5,448,788 Derivative financial instruments - assets 3,624 652 5,134 3,090 838 13,338 13,338 Total 2,685,325 1,301,457 1,090,462 1,259,020 22,225 6,358,489 6,229,658 Liabilities Deposits (2,331,137 ) (310,128 ) (199,423 ) (102,107 ) - (2,942,795 ) (2,937,105 ) Securities sold under repurchase agreement - - - - - - - Borrowings and debt, net (788,085 ) (143,589 ) (297,373 ) (1,013,083 ) (76,078 ) (2,318,208 ) (2,219,122 ) Derivative financial instruments - liabilities (4,421 ) (8,516 ) (3,946 ) (8,634 ) (3,260 ) (28,777 ) (34,943 ) Total (3,123,643 ) (462,233 ) (500,742 ) (1,123,824 ) (79,338 ) (5,289,780 ) (5,191,170 ) Confirmed letters of credit 169,042 101,403 3,004 - - 273,449 273,449 Stand-by letters of credit and guaranteed – commercial risk 18,687 72,080 77,952 257 - 168,976 168,976 Credit commitments - 15,000 - 30,000 578 45,578 45,578 Total Contingencies 187,729 188,483 80,956 30,257 578 488,003 488,003 Net position (626,047 ) 650,741 508,765 104,939 (57,691 ) 580,706 550,486 |
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 and equity derived from a reasonable variation in interest rates which its financial obligations are subject to, based on change in points. Change in interest rate Effect on income Effect on equity December 31, 2018 +200 bps 5,881 (20,508 ) -200 bps (5,298 ) 20,508 December 31, 2017 +200 bps 16,945 (19,025 ) -200 bps (16,674 ) 19,025 |
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, 2018 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Total Assets Time deposits 50,000 - - - - 50,000 Securities and other financial assets 12,833 3,279 20,181 64,673 6,157 107,124 Securities at FVOCI - - 7,743 7,898 6,157 21,798 Securities at amortized cost 12,833 3,279 12,439 56,775 - 85,326 Loans 4,002,558 1,259,088 331,875 177,301 7,602 5,778,424 Total assets 4,065,392 1,262,367 352,056 241,974 13,759 5,935,548 Liabilities Deposits (2,292,696 ) (285,492 ) (181,253 ) - - (2,759,441 ) Securities sold under repurchase agreements (11,535 ) - (28,232 ) - - (39,767 ) Borrowings and debt (2,827,219 ) (142,799 ) (78,572 ) (409,541 ) (60,315 ) (3,518,446 ) Total liabilities (5,131,450 ) (428,291 ) (288,057 ) (409,541 ) (60,315 ) (6,317,654 ) Net effect of derivative financial instruments held for interest risk management (139,362 ) 58,748 (159,500 ) 160,037 57,188 (22,889 ) Total interest rate sensitivity (1,205,420 ) 892,824 (95,500 ) (7,530 ) 10,632 (404,995 ) December 31, 2017 Description Up to 3 months 3 to 6 months 6 months to 1 year 1 to 5 years More than 5 years Total Assets Securities and other financial assets 706 281 7,056 77,821 - 85,864 Securities at FVOCI 6 2 57 17,746 - 17,811 Securities at amortized cost 700 279 6,999 60,075 - 68,053 Loans 4,067,639 952,542 301,334 173,550 10,593 5,505,658 Total assets 4,068,345 952,823 308,390 251,371 10,593 5,591,522 Liabilities Deposits (2,242,220 ) (305,415 ) (197,060 ) (102,085 ) - (2,846,780 ) Borrowings and debt (1,585,145 ) (2,538 ) (85,232 ) (482,814 ) (55,838 ) (2,211,567 ) Total liabilities (3,827,365 ) (307,953 ) (282,292 ) (584,899 ) (55,838 ) (5,058,347 ) Net effect of derivative financial instruments held for interest risk management (114,739 ) (134,540 ) (193,623 ) 344,683 60,050 (38,169 ) Total interest rate sensitivity 126,241 510,330 (167,525 ) 11,155 14,805 495,006 |
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 at fair value. (In US dollar thousands) Brazilian Real European Euro Japanese Yen Colombian Peso Mexican Peso Other currencies (1) Total Exchange rate 3.87 1.14 109.98 3,253.00 19.66 - - Assets Cash and cash equivalents 291 16 1 62 505 44 919 Loans - - - - 173,953 - 173,953 Total assets 291 16 1 62 174,458 44 174,872 Liabilities Borrowings and debt - - - - (173,577 ) - (173,577 ) Total liabilities - - - - (173,577 ) - (173,577 ) Net currency position 291 16 1 62 881 44 1,295 (1) It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound, Peruvian soles and Renminbi. December 31, 2017 (In US dollar thousands) Brazilian Real European Euro Japanese Yen Colombian Peso Mexican Peso Other currencies (1) Total Exchange rate 3.31 1.20 112.66 2,985.78 19.67 - - Assets Cash and cash equivalents 87 2 4 91 369 75 628 Securities and other financial assets 168 - - - - - 168 Loans - - - - 143,182 - 143,182 Total assets 255 2 4 91 143,551 75 143,978 Liabilities Borrowings and debt - - - - (143,661 ) - (143,661 ) Total liabilities - - - - (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, Sterling pound, Peruvian soles and Renminbi. |
Applicable laws and regulatio_2
Applicable laws and regulations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Classification of Loans [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements [Text Block] | December 31, 2018 December 31, 2017 Tier 1 capital 995,743 1,048,304 Risk weighted assets 5,830,875 5,601,518 Tier 1 capital ratio 17.08 % 18.71 % |
Regulatory capital Requirements [Text Block] | The leverage ratio cannot be lower, at any time, than 3%. The Bank will inform to SBP as often as the compliance with the leverage ratio is determined. December 31, 2018 December 31, 2017 Ordinary capital 859,725 939,548 Risk weighted assets 7,779,919 6,478,314 Leverage coefficient 11.05 % 14.50 % |
Disclosure of Risk Collateral And Loan Portfolio [Text Block] | Based on the classification of risks, collateral and in compliance with SBP Rule No. 4-2013, the Bank classified the loan portfolio as follows: December 31, 2018 Loans Normal Special Mention Substandard Doubtful Unrecoverable Total Corporations 2,630,932 - - 64,701 - 2,695,633 Banks: - Private 2,458,691 - - - - 2,458,691 State-owned 624,100 - - - - 624,100 3,082,791 - - - - 3,082,791 Total 5,713,723 - - 64,701 - 5,778,424 Loans provision: Specific - - - 48,383 - 48,383 Total - - - 48,383 - 48,383 December 31, 2017 Loans Normal Special Mention Substandard Doubtful Unrecoverable Total Corporations 3,050,900 - 23,759 - 35,000 3,109,659 Banks: Private 1,822,350 - - - - 1,822,350 State-owned 573,649 - - - - 573,649 2,395,999 - - - - 2,395,999 Total 5,446,899 - 23,759 - 35,000 5,505,658 Loans provision: Specific - - 7,238 - 17,500 24,738 Total - - 7,238 - 17,500 24,738 |
Disclosure of continuing involvement in derecognised financial assets [text block] | For statutory purposes only, non-accruing loans are presented by category as follows: December 31, 2018 Non-accruing loans Normal Special Mention Substandard Doubtful Unrecoverable Total Impaired loans - - - 64,701 - 64,701 Total - - - 64,701 - 64,701 December 31,2017 Non-accruing loans Normal Special Mention Substandard Doubtful Unrecoverable Total Impaired loans - - 23,759 - 35,000 58,759 Total - - 23,759 - 35,000 58,759 December 31, 2018 December 31, 2017 Non-accruing loans: Private corporations 64,701 58,759 Total non-accruing loans 64,701 58,759 Interest that would be reversed if the loans had been classified as non-accruing loans 1,056 3,257 Income from collected interest on non-accruing loans 2,879 551 |
Summary Of Restricted From Dividend Distribution Provision And Reserve Details [Text Block] | The provision and reserve are detailed as follows: December 31, 2018 December 31, 2017 Dynamic provision 136,019 108,756 Regulatory credit reserve - 20,498 136,019 129,254 |
Corporate information (Details
Corporate information (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
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% |
Basis of preparation of the c_3
Basis of preparation of the consolidated financial statements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investing activities | |||
Proceeds from maturities of securities at amortized cost | $ 9,807 | $ 17,526 | $ 54,275 |
Financing activities | |||
Proceeds from long-term borrowings and debt | 609,017 | 219,905 | 406,149 |
Repayments of long-term borrowings and debt | $ (256,173) | (883,476) | (464,242) |
Previously stated [member] | |||
Operating activities | |||
Amortizations in securities at amortized cost | 0 | 0 | |
Net changes in hedging position | (26,363) | 21,333 | |
Investing activities | |||
Proceeds from maturities of securities at amortized cost | 18,258 | 55,240 | |
Financing activities | |||
Net increase (decrease) in short-term borrowings and debt | (397,352) | (960,281) | |
Proceeds from long-term borrowings and debt | 219,905 | 403,489 | |
Repayments of long-term borrowings and debt | (857,799) | (508,564) | |
Increase (decrease) due to changes in accounting policy and corrections of prior period errors [member] | |||
Operating activities | |||
Amortizations in securities at amortized cost | 732 | 965 | |
Net changes in hedging position | 24,530 | (46,169) | |
Investing activities | |||
Proceeds from maturities of securities at amortized cost | (732) | (965) | |
Financing activities | |||
Net increase (decrease) in short-term borrowings and debt | 1,147 | (814) | |
Proceeds from long-term borrowings and debt | 0 | 2,660 | |
Repayments of long-term borrowings and debt | (25,677) | 44,322 | |
As Corrected [Member] | |||
Operating activities | |||
Amortizations in securities at amortized cost | 732 | 965 | |
Net changes in hedging position | (1,833) | (24,836) | |
Investing activities | |||
Proceeds from maturities of securities at amortized cost | 17,526 | 54,275 | |
Financing activities | |||
Net increase (decrease) in short-term borrowings and debt | (396,205) | (961,095) | |
Proceeds from long-term borrowings and debt | 219,905 | 406,149 | |
Repayments of long-term borrowings and debt | $ (883,476) | $ (464,242) |
Summary of accounting policie_3
Summary of accounting policies (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Hardware [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
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 years |
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 years |
Other Equipments [member] | Bottom of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 2 years |
Other Equipments [member] | Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 4 years |
Leasehold Improvements [Member] | Bottom of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Leasehold Improvements [Member] | Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 15 years |
Summary of accounting policie_4
Summary of accounting policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Jan. 01, 2019 | |
Amortisation method, intangible assets other than goodwill | straight–line method | |
Useful lives or amortisation rates, intangible assets other than goodwill | 5 years | |
Lease Transaction [Member] | ||
Lease liabilities | $ 20.8 | |
Right-of-use assets | $ 17.2 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of cash and cash equivalents [Abstract] | ||||
Cash and due from banks | $ 9,644 | $ 11,032 | ||
Interest-bearing deposits in banks | 1,736,008 | 661,016 | ||
Total | 1,745,652 | 672,048 | ||
Less: | ||||
Pledged deposits | 39,460 | 53,241 | ||
Total cash and cash equivalents | $ 1,706,192 | $ 618,807 | $ 1,007,726 | $ 1,267,302 |
Cash and cash equivalents (De_2
Cash and cash equivalents (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest-Bearing Deposits In Banks | |||
Short-term deposits, classified as cash equivalents | $ 1,736,008 | $ 661,016 | |
Pledged deposits | |||
Other cash and cash equivalents | $ 39,460 | $ 53,241 | |
Pleged Deposits Interest Rate Percentage | 2.40% | 1.42% | |
Time deposits [Member] | |||
Interest-Bearing Deposits In Banks | |||
Short-term deposits, classified as cash equivalents | [1] | $ 50,000 | $ 0 |
Demand Deposit [Member] | |||
Interest-Bearing Deposits In Banks | |||
Short-term deposits, classified as cash equivalents | [2] | $ 1,686,008 | $ 661,016 |
Demand Deposit [Member] | Bottom of range [member] | |||
Interest-Bearing Deposits In Banks | |||
Deposit Interest Rate Percentage | [2] | 2.43% | 0.25% |
Demand Deposit [Member] | Top of range [member] | |||
Interest-Bearing Deposits In Banks | |||
Deposit Interest Rate Percentage | [2] | 6.50% | 1.55% |
NEW YORK | |||
Pledged deposits | |||
Other cash and cash equivalents | $ 3,500 | $ 3,000 | |
NETHERLANDS | |||
Pledged deposits | |||
Other cash and cash equivalents | 494 | 15,582 | |
SPAIN | |||
Pledged deposits | |||
Other cash and cash equivalents | 8,740 | 22,580 | |
UNITED KINGDOM | |||
Pledged deposits | |||
Other cash and cash equivalents | 15,217 | 9,137 | |
UNITED STATES | |||
Pledged deposits | |||
Other cash and cash equivalents | [3] | $ 15,009 | $ 5,942 |
BRAZIL | |||
Interest-Bearing Deposits In Banks | |||
Deposit Interest Rate Percentage | 6.50% | ||
MEXICO | |||
Interest-Bearing Deposits In Banks | |||
Deposit Interest Rate Percentage | 5.61% | ||
[1] | Time deposits “overnight” calculated on an average interest rate. | ||
[2] | Interest-bearing demand deposits based on the daily rates determined by banks. The rate of 6.5% corresponds to a deposit placed in BRL - Brazil. In addition, a rate of 5.61% corresponds to a deposit placed in MXN – México. | ||
[3] | Includes deposits pledged of $3.5 million and $3.0 million at December 31, 2018 and 2017, respectively, with the New York State Banking Department under March 1994 legislation and deposits pledged to guarantee derivative financial instrument transactions. |
Securities and other financia_3
Securities and other financial assets, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Amortized cost | [2] | $ 86,326 | [1] | $ 69,974 | |
With changes in other comprehensive income recyclable to profit and loss | 4,629 | (604) | $ (11,431) | ||
With changes in other comprehensive income non-recyclable to profit and loss | 6,273 | 8,402 | |||
With changes in profit or loss | 8,750 | 0 | |||
Total securities and other financial assets, net | 123,598 | 95,484 | |||
Principal [Member] | |||||
Amortized cost | 85,326 | 69,130 | |||
With changes in other comprehensive income recyclable to profit and loss | 21,798 | 16,733 | |||
With changes in other comprehensive income non-recyclable to profit and loss | 6,273 | 8,402 | |||
With changes in profit or loss | 8,750 | 0 | |||
Total securities and other financial assets, net | 122,147 | 94,265 | |||
Interest [Member] | |||||
Amortized cost | 1,140 | 1,040 | |||
With changes in other comprehensive income recyclable to profit and loss | 451 | 375 | |||
With changes in other comprehensive income non-recyclable to profit and loss | 0 | 0 | |||
With changes in profit or loss | 0 | 0 | |||
Total securities and other financial assets, net | 1,591 | 1,415 | |||
Reserves [Member] | |||||
Amortized cost | (140) | (196) | |||
With changes in other comprehensive income recyclable to profit and loss | 0 | 0 | |||
With changes in other comprehensive income non-recyclable to profit and loss | 0 | 0 | |||
With changes in profit or loss | 0 | 0 | |||
Total securities and other financial assets, net | $ (140) | $ (196) | |||
[1] | At December 31, 2018, investment securities at amortized cost were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. | ||||
[2] | The carrying value of securities at amortized cost is net of the accrued interest receivable of $1.1 million and the allowance for expected credit losses of $0.1 million as of December 31, 2018, and the accrued interest receivable of $1.0 million and the allowance for expected credit losses $0.2 million as of December 31, 2017. |
Securities and other financia_4
Securities and other financial assets, net (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | $ 85,326 | $ 69,130 |
Corporate debt [member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | 19,906 | 11,463 |
Sovereign debts [Member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | 65,420 | 57,667 |
BRAZIL | Corporate debt [member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | 1,491 | 1,485 |
COLOMBIA | Sovereign debts [Member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | 28,183 | 29,006 |
MEXICO | Corporate debt [member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | 7,264 | 0 |
MEXICO | Sovereign debts [Member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | 19,859 | 20,203 |
PANAMA | Corporate debt [member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | 11,151 | 9,978 |
PANAMA | Sovereign debts [Member] | ||
Fair value of financial assets reclassified out of fair value through profit or loss category into amortised cost or fair value through other comprehensive income category | $ 17,378 | $ 8,458 |
Securities and other financia_5
Securities and other financial assets, net (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amortized cost | $ 85,326 | $ 69,130 |
Not later than one year [member] | ||
Amortized cost | 28,551 | 7,978 |
Later than one year and not later than five years [member] | ||
Amortized cost | $ 56,775 | $ 61,152 |
Securities and other financia_6
Securities and other financial assets, net (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Amortized cost | $ 85,326 | $ 69,130 |
External Credit Grades 2 [Member] | ||
Amortized cost | 5,181 | 5,236 |
External Credit Grades 3 [Member] | ||
Amortized cost | 44,858 | 43,973 |
External Credit Grades 4 [Member] | ||
Amortized cost | 33,796 | 8,458 |
External Credit Grades 5 [Member] | ||
Amortized cost | $ 1,491 | $ 11,463 |
Securities and other financia_7
Securities and other financial assets, net (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities at fair value through other comprehensive income (FVOCI) | $ 21,798 | $ 16,733 |
Corporate Entities debt [member] | ||
Securities at fair value through other comprehensive income (FVOCI) | 6,157 | 0 |
Corporate Entities debt [member] | Panama [Member] | ||
Securities at fair value through other comprehensive income (FVOCI) | 6,157 | 0 |
Sovereign debts [Member] | ||
Securities at fair value through other comprehensive income (FVOCI) | 15,641 | 16,733 |
Sovereign debts [Member] | BRAZIL | ||
Securities at fair value through other comprehensive income (FVOCI) | 2,887 | 2,954 |
Sovereign debts [Member] | CHILE | ||
Securities at fair value through other comprehensive income (FVOCI) | 5,011 | 5,147 |
Sovereign debts [Member] | TRINIDAD AND TOBAGO | ||
Securities at fair value through other comprehensive income (FVOCI) | $ 7,743 | $ 8,632 |
Securities and other financia_8
Securities and other financial assets, net (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Realized gain on sale of securities | $ 194 | $ 766 | $ 221 |
Realized loss on sale of securities | 0 | (517) | (577) |
Net (loss) gain on sale of securities at fair value through other comprehensive income | $ 194 | $ 249 | $ (356) |
Securities and other financia_9
Securities and other financial assets, net (Details 6) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets measured at fair value through other comprehensive income | $ 21,798 | $ 16,733 |
External Credit Grades 1 [Member] | ||
Financial assets measured at fair value through other comprehensive income | 5,010 | 5,147 |
External Credit Grades 4 [Member] | ||
Financial assets measured at fair value through other comprehensive income | 13,901 | 11,586 |
External Credit Grades 5 [Member] | ||
Financial assets measured at fair value through other comprehensive income | $ 2,887 | $ 0 |
Securities and other financi_10
Securities and other financial assets, net (Details 7) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | ||
Financial assets at amortised cost | [2] | $ 86,326 | [1] | $ 69,974 |
Fair value | 21,798 | 16,733 | ||
Not later than one year [member] | ||||
Financial assets at amortised cost | 8,386 | 0 | ||
Fair value | 7,743 | 0 | ||
Later than one year and not later than five years [member] | ||||
Financial assets at amortised cost | 8,084 | 16,962 | ||
Fair value | 7,898 | 16,733 | ||
Later than five years [member] | ||||
Financial assets at amortised cost | 5,926 | 0 | ||
Fair value | 6,157 | 0 | ||
Total Maturities [Member] | ||||
Financial assets at amortised cost | 22,396 | 16,962 | ||
Fair value | $ 21,798 | $ 16,733 | ||
[1] | At December 31, 2018, investment securities at amortized cost were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. | |||
[2] | The carrying value of securities at amortized cost is net of the accrued interest receivable of $1.1 million and the allowance for expected credit losses of $0.1 million as of December 31, 2018, and the accrued interest receivable of $1.0 million and the allowance for expected credit losses $0.2 million as of December 31, 2017. |
Securities and other financi_11
Securities and other financial assets, net (Details 8) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Equity Instrument at FVOCI | $ 21,798 | $ 16,733 |
Equity investments [member] | ||
Equity Instrument at FVOCI | $ 6,273 | $ 8,402 |
Securities and other financi_12
Securities and other financial assets, net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance account for credit losses of financial assets | $ 100,785 | $ 81,294 | $ 105,988 |
Loans and advances to customers | 9,696 | 6,369 | |
Restructured Loan | 35,000 | ||
At fair value [member] | |||
Loans and advances to customers | 8,800 | ||
Financial assets at amortised cost, category [member] | |||
Allowance account for credit losses of financial assets | 140,000 | 196,000 | |
Financial assets pledged as collateral for liabilities or contingent liabilities | 35,100 | ||
Financial assets at fair value through other comprehensive income, category [member] | |||
Allowance account for credit losses of financial assets | 172,000 | $ 222,000 | |
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 4,600 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Bank's gross loan portfolio | |||
Loans and receivables | [1] | $ 5,702,258 | $ 5,448,788 |
Gross carrying amount [member] | |||
Bank's gross loan portfolio | |||
Loans and receivables | 5,778,424 | 5,505,658 | |
Private Corporations [Member] | Gross carrying amount [member] | |||
Bank's gross loan portfolio | |||
Loans and receivables | 1,893,696 | 2,124,947 | |
State-owned corporations [Member] | Gross carrying amount [member] | |||
Bank's gross loan portfolio | |||
Loans and receivables | 801,938 | 723,267 | |
Private banking and financial institutions [Member] | Gross carrying amount [member] | |||
Bank's gross loan portfolio | |||
Loans and receivables | 2,458,690 | 2,083,795 | |
State-owned banking and financial institutions [Member] | Gross carrying amount [member] | |||
Bank's gross loan portfolio | |||
Loans and receivables | $ 624,100 | $ 573,649 | |
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Loans (Details 1)
Loans (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | [1] | $ 5,702,258 | $ 5,448,788 |
Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 5,778,424 | 5,505,658 | |
Financial institutions [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 3,082,790 | 2,657,444 | |
Industrial [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 986,262 | 772,238 | |
Oil and petroleum derived products [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 634,615 | 735,413 | |
Agricultural [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 446,960 | 501,241 | |
Services [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 393,925 | 430,717 | |
Mining [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 20,000 | 231,687 | |
Soverign [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 59,026 | 0 | |
Others [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | $ 154,846 | $ 176,918 | |
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Loans (Details 2)
Loans (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | [1] | $ 5,702,258 | $ 5,448,788 |
Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 5,778,424 | 5,505,658 | |
Rating 1-4 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 2,215,800 | 2,616,814 | |
Rating 5-6 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 3,128,498 | 2,551,943 | |
Rating 7 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 369,425 | 297,417 | |
Rating 8 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 4,484 | |
Rating 9 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 64,701 | 0 | |
Rating 10 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 35,000 | |
Private Corporations [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 1,893,696 | 2,124,947 | |
Private Corporations [member] | Rating 1-4 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 975,588 | 1,234,970 | |
Private Corporations [member] | Rating 5-6 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 795,399 | 792,363 | |
Private Corporations [member] | Rating 7 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 58,008 | 58,130 | |
Private Corporations [member] | Rating 8 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 4,484 | |
Private Corporations [member] | Rating 9 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 64,701 | 0 | |
Private Corporations [member] | Rating 10 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 35,000 | |
State-owned corporations [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 801,938 | 723,267 | |
State-owned corporations [Member] | Rating 1-4 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 388,773 | 458,651 | |
State-owned corporations [Member] | Rating 5-6 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 391,438 | 240,181 | |
State-owned corporations [Member] | Rating 7 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 21,727 | 24,435 | |
State-owned corporations [Member] | Rating 8 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
State-owned corporations [Member] | Rating 9 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
State-owned corporations [Member] | Rating 10 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
Private banking and financial institutions [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 2,458,690 | 2,083,795 | |
Private banking and financial institutions [Member] | Rating 1-4 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 797,439 | 796,508 | |
Private banking and financial institutions [Member] | Rating 5-6 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 1,476,861 | 1,127,508 | |
Private banking and financial institutions [Member] | Rating 7 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 184,390 | 159,779 | |
Private banking and financial institutions [Member] | Rating 8 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
Private banking and financial institutions [Member] | Rating 9 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
Private banking and financial institutions [Member] | Rating 10 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
State-owned banking and financial institutions [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 624,100 | 573,649 | |
State-owned banking and financial institutions [Member] | Rating 1-4 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 54,000 | 126,685 | |
State-owned banking and financial institutions [Member] | Rating 5-6 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 464,800 | 391,891 | |
State-owned banking and financial institutions [Member] | Rating 7 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 105,300 | 55,073 | |
State-owned banking and financial institutions [Member] | Rating 8 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
State-owned banking and financial institutions [Member] | Rating 9 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 0 | |
State-owned banking and financial institutions [Member] | Rating 10 [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | $ 0 | $ 0 | |
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Loans (Details 3)
Loans (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | [1] | $ 5,702,258 | $ 5,448,788 |
Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 5,778,424 | 5,505,658 | |
BRAZIL | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 1,156,223 | 1,019,466 | |
MEXICO | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 867,441 | 850,463 | |
COLOMBIA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 625,932 | 829,136 | |
ARGENTINA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 604,112 | 294,613 | |
PANAMA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 485,546 | 500,134 | |
COSTA RICA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 370,087 | 356,459 | |
GUATEMALA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 328,830 | 309,024 | |
DOMINICAN REPUBLIC | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 301,067 | 249,926 | |
ECUADOR | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 188,445 | 94,315 | |
CHILE | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 176,976 | 170,827 | |
PARAGUAY | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 158,685 | 59,536 | |
TRINIDAD AND TOBAGO | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 144,874 | 175,000 | |
HONDURAS | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 89,205 | 74,476 | |
PERU | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 78,191 | 211,846 | |
EL SALVADOR | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 70,048 | 55,110 | |
SINGAPORE | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 38,500 | 54,500 | |
JAMAICA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 21,727 | 24,435 | |
LUXEMBOURG | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 17,664 | 19,924 | |
GERMANY | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 17,500 | 37,500 | |
BOLIVIA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 14,187 | 15,000 | |
BELGIUM | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 13,278 | 11,368 | |
URUGUAY | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 9,906 | 15,000 | |
SWITZERLAND | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 3,687 | |
NICARAGUA | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 0 | 29,804 | |
UNITED STATES | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | $ 0 | $ 44,109 | |
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Loans (Details 4)
Loans (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | [1] | $ 5,702,258 | $ 5,448,788 |
Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 5,778,424 | 5,505,658 | |
Financial assets impaired [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 64,701 | 58,759 | |
Up to 1 month [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 820,184 | 846,993 | |
From 1 month to 3 months [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 966,210 | 1,079,793 | |
From 3 months to 6 months [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 1,281,615 | 1,175,801 | |
From 6 months to 1 year [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 769,280 | 922,711 | |
From 1 year to 2 years [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 719,564 | 392,456 | |
From 2 to 5 years [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 1,110,489 | 989,222 | |
More than 5 years [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 46,381 | 39,923 | |
Loan commitments [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | $ 5,713,723 | $ 5,446,899 | |
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Loans (Details 5)
Loans (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | [1] | $ 5,702,258 | $ 5,448,788 |
Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 5,778,424 | 5,505,658 | |
Fixed interest rate [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | 2,706,834 | 2,378,509 | |
Floating interest rate [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables | $ 3,071,590 | $ 3,127,149 | |
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Loans (Details 6)
Loans (Details 6) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and receivables, gross | $ 5,778,424 | $ 5,505,658 |
Loan Commitments Stage One [Member] | ||
Loans and receivables, gross | 5,340,751 | 4,839,227 |
Loan Commitments Stage Two [Member] | ||
Loans and receivables, gross | 372,972 | 607,672 |
Loan Commitments Stage Three [Member] | ||
Loans and receivables, gross | 64,701 | 58,759 |
Current [member] | ||
Loans and receivables, gross | 5,770,748 | 5,470,658 |
Current [member] | Loan Commitments Stage One [Member] | ||
Loans and receivables, gross | 5,340,751 | 4,839,227 |
Current [member] | Loan Commitments Stage Two [Member] | ||
Loans and receivables, gross | 372,972 | 607,672 |
Current [member] | Loan Commitments Stage Three [Member] | ||
Loans and receivables, gross | 57,025 | 23,759 |
Later than three months and not later than four months [member] | ||
Loans and receivables, gross | 2,410 | 0 |
Later than three months and not later than four months [member] | Loan Commitments Stage One [Member] | ||
Loans and receivables, gross | 0 | 0 |
Later than three months and not later than four months [member] | Loan Commitments Stage Two [Member] | ||
Loans and receivables, gross | 0 | 0 |
Later than three months and not later than four months [member] | Loan Commitments Stage Three [Member] | ||
Loans and receivables, gross | 2,410 | 0 |
Later than one fifty one day and Not later than one eighty days [Member] | ||
Loans and receivables, gross | 2,857 | 0 |
Later than one fifty one day and Not later than one eighty days [Member] | Loan Commitments Stage One [Member] | ||
Loans and receivables, gross | 0 | 0 |
Later than one fifty one day and Not later than one eighty days [Member] | Loan Commitments Stage Two [Member] | ||
Loans and receivables, gross | 0 | 0 |
Later than one fifty one day and Not later than one eighty days [Member] | Loan Commitments Stage Three [Member] | ||
Loans and receivables, gross | 2,857 | 0 |
Later than one eighty days [Member] | ||
Loans and receivables, gross | 2,409 | 35,000 |
Later than one eighty days [Member] | Loan Commitments Stage One [Member] | ||
Loans and receivables, gross | 0 | 0 |
Later than one eighty days [Member] | Loan Commitments Stage Two [Member] | ||
Loans and receivables, gross | 0 | 0 |
Later than one eighty days [Member] | Loan Commitments Stage Three [Member] | ||
Loans and receivables, gross | 2,409 | 35,000 |
Total past due [Member] | ||
Loans and receivables, gross | 7,676 | 35,000 |
Total past due [Member] | Loan Commitments Stage One [Member] | ||
Loans and receivables, gross | 0 | 0 |
Total past due [Member] | Loan Commitments Stage Two [Member] | ||
Loans and receivables, gross | 0 | 0 |
Total past due [Member] | Loan Commitments Stage Three [Member] | ||
Loans and receivables, gross | $ 7,676 | $ 35,000 |
Loans (Details 7)
Loans (Details 7) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Gross carrying amount before modification | $ 0 | $ 8,855 |
Allowance loss before modification | 0 | (3,344) |
Net amortized cost before modification | 0 | 5,511 |
Gross carrying amount after modification | 0 | 4,484 |
Allowance loss after modification | 0 | (4,484) |
Net amortized cost after modification | $ 0 | $ 0 |
Loans (Details 8)
Loans (Details 8) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Borrowings [abstract] | |||
Assignments and Participations | $ 61,667 | $ 77,400 | $ 157,242 |
Gains (losses) | $ (625) | $ 181 | $ 806 |
Loans (Details 9)
Loans (Details 9) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for expected credit losses at beginning | $ 81,294 | $ 105,988 | |
Transfer to lifetime expected credit losses | 0 | 0 | |
Transfer to credit-impaired financial instruments | 0 | 0 | |
Transfer to 12-month expected credit losses | 0 | 0 | |
Net effect of changes in allowance for expected credit losses | 56,311 | 35,584 | |
Financial instruments that have been derecognized during the year | (27,490) | (44,088) | |
New financial assets originated or purchased | 32,355 | 17,363 | |
Write-offs | (41,686) | (33,553) | |
Recoveries of amounts previously written off | 1 | 0 | |
Allowance for expected credit losses at ending | 100,785 | 81,294 | |
Stage 1 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for expected credit losses at beginning | [1] | 19,821 | 29,036 |
Transfer to lifetime expected credit losses | [1] | (514) | (672) |
Transfer to credit-impaired financial instruments | [1] | (111) | 0 |
Transfer to 12-month expected credit losses | [1] | 4,471 | 1,428 |
Net effect of changes in allowance for expected credit losses | [1] | (4,665) | (2,900) |
Financial instruments that have been derecognized during the year | [1] | (16,400) | (24,434) |
New financial assets originated or purchased | [1] | 32,355 | 17,363 |
Write-offs | [1] | 0 | 0 |
Recoveries of amounts previously written off | [1] | 0 | 0 |
Allowance for expected credit losses at ending | [1] | 34,957 | 19,821 |
Stage 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for expected credit losses at beginning | [2] | 33,477 | 41,599 |
Transfer to lifetime expected credit losses | [2] | 514 | 672 |
Transfer to credit-impaired financial instruments | [2] | (7,864) | (12,845) |
Transfer to 12-month expected credit losses | [2] | (4,471) | (1,428) |
Net effect of changes in allowance for expected credit losses | [2] | 5,823 | 18,227 |
Financial instruments that have been derecognized during the year | [2] | (11,090) | (11,321) |
New financial assets originated or purchased | [2] | 0 | 0 |
Write-offs | [2] | 0 | (1,427) |
Recoveries of amounts previously written off | [2] | 0 | 0 |
Allowance for expected credit losses at ending | [2] | 16,389 | 33,477 |
Stage 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for expected credit losses at beginning | [3] | 27,996 | 35,353 |
Transfer to lifetime expected credit losses | [3] | 0 | 0 |
Transfer to credit-impaired financial instruments | [3] | 7,975 | 12,845 |
Transfer to 12-month expected credit losses | [3] | 0 | 0 |
Net effect of changes in allowance for expected credit losses | [3] | 55,153 | 20,257 |
Financial instruments that have been derecognized during the year | [3] | 0 | (8,333) |
New financial assets originated or purchased | [3] | 0 | 0 |
Write-offs | [3] | (41,686) | (32,126) |
Recoveries of amounts previously written off | [3] | 1 | 0 |
Allowance for expected credit losses at ending | [3] | $ 49,439 | $ 27,996 |
[1] | 12-month expected credit losses. | ||
[2] | Lifetime expected credit losses. | ||
[3] | Credit-impaired financial assets (lifetime expected credit losses). |
Loans (Details Textual)
Loans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about financial instruments [line items] | |||
Revenue | $ 127,589 | $ 138,313 | $ 167,974 |
Financial asset at fair value received in exchange for write-off during the period | 0 | 8,855 | |
Financial assets written off during reporting period | 35,000 | ||
At fair value [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset at fair value received in exchange for write-off during the period | 8,800 | ||
Sale Of Credit Facilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Revenue | $ 0 | $ 0 | $ 76 |
Fixed interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of loan portfolio at fixed interest rate maturing in not more than one hundred and eighty-one days | 82.00% | 85.00% | |
Annual interest rate [Member] | Bottom of range [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate fluctuations of loans at amortized cost, financial assets | 1.20% | 1.35% | |
Annual interest rate [Member] | Top of range [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest rate fluctuations of loans at amortized cost, financial assets | 12.25% | 11.52% |
Loan commitments and financia_3
Loan commitments and financial guarantees contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | $ 501,887 | $ 488,003 |
Documentary letters of credit [Member] | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | 218,988 | 273,449 |
Stand-by letters of credit and guaranteed - Commercial risk [Member] | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | 179,756 | 168,976 |
Credit commitments [Member] | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | $ 103,143 | $ 45,578 |
Loan commitments and financia_4
Loan commitments and financial guarantees contracts (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loan commitments and financial guarantee contracts | $ 501,887 | $ 488,003 |
Up to 1 year [member] | ||
Loan commitments and financial guarantee contracts | 434,544 | 457,168 |
From 1 to 2 years [member] | ||
Loan commitments and financial guarantee contracts | 200 | 257 |
From 2 to 5 years [member] | ||
Loan commitments and financial guarantee contracts | 67,143 | 30,000 |
More than 5 years | ||
Loan commitments and financial guarantee contracts | $ 0 | $ 578 |
Loan commitments and financia_5
Loan commitments and financial guarantees contracts (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loan commitments and financial guarantee contracts | $ 501,887 | $ 488,003 |
1-4 [member] | ||
Loan commitments and financial guarantee contracts | 94,724 | 120,275 |
5-6 [member] | ||
Loan commitments and financial guarantee contracts | 158,864 | 113,271 |
7 [member] | ||
Loan commitments and financial guarantee contracts | $ 248,299 | $ 254,457 |
Loan commitments and financia_6
Loan commitments and financial guarantees contracts (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loan commitments and financial guarantee contracts | $ 501,887 | $ 488,003 |
ECUADOR | ||
Loan commitments and financial guarantee contracts | 247,225 | 252,800 |
COLOMBIA | ||
Loan commitments and financial guarantee contracts | 52,000 | 91,020 |
BRAZIL | ||
Loan commitments and financial guarantee contracts | 50,000 | 0 |
COSTA RICA | ||
Loan commitments and financial guarantee contracts | 38,598 | 19,848 |
PANAMA | ||
Loan commitments and financial guarantee contracts | 29,175 | 31,260 |
MEXICO | ||
Loan commitments and financial guarantee contracts | 22,731 | 35,643 |
GERMANY | ||
Loan commitments and financial guarantee contracts | 18,000 | 0 |
DOMINICAN REPUBLIC | ||
Loan commitments and financial guarantee contracts | 16,500 | 0 |
GUATEMALA | ||
Loan commitments and financial guarantee contracts | 15,293 | 11,788 |
ARGENTINA | ||
Loan commitments and financial guarantee contracts | 6,980 | 7,546 |
PERU | ||
Loan commitments and financial guarantee contracts | 2,846 | 17,618 |
EL SALVADOR | ||
Loan commitments and financial guarantee contracts | 824 | 767 |
URUGUAY | ||
Loan commitments and financial guarantee contracts | 750 | 3,176 |
CANADA | ||
Loan commitments and financial guarantee contracts | 422 | 425 |
BOLIVIA | ||
Loan commitments and financial guarantee contracts | 293 | 200 |
HONDURAS | ||
Loan commitments and financial guarantee contracts | 250 | 890 |
CHILE | ||
Loan commitments and financial guarantee contracts | 0 | 15,000 |
PARAGUAY | ||
Loan commitments and financial guarantee contracts | $ 0 | $ 22 |
Loan commitments and financia_7
Loan commitments and financial guarantees contracts (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Beginning Balance | $ 6,845 | $ 5,776 | |
Net effect of changes in reserve for expected credit loss | 182 | 799 | |
Financial instruments that have been derecognized during the year | (6,666) | (971) | |
New instruments originated or purchased | 2,928 | 1,241 | |
End Balance | 3,289 | 6,845 | |
Financial instruments not credit-impaired one [Member] | |||
Beginning Balance | [1] | 1,358 | 1,143 |
Net effect of changes in reserve for expected credit loss | [1] | 13 | (54) |
Financial instruments that have been derecognized during the year | [1] | (1,179) | (971) |
New instruments originated or purchased | [1] | 2,928 | 1,241 |
End Balance | [1] | 3,089 | 1,358 |
Financial instruments not credit-impaired Two [Member] | |||
Beginning Balance | [2] | 5,487 | 4,633 |
Net effect of changes in reserve for expected credit loss | [2] | 169 | 853 |
Financial instruments that have been derecognized during the year | [2] | (5,487) | 0 |
New instruments originated or purchased | [2] | 0 | 0 |
End Balance | [2] | 200 | 5,487 |
Financial instruments credit-impaired [member] | |||
Beginning Balance | [3] | 0 | 0 |
Net effect of changes in reserve for expected credit loss | [3] | 0 | 0 |
Financial instruments that have been derecognized during the year | [3] | 0 | 0 |
New instruments originated or purchased | [3] | 0 | 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 | 0 | |
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] | (31) | (1) |
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 | [2] | 31 | 1 |
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 | [3] | 0 | 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 | [1] | 0 | 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 | [2] | 0 | 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 | [3] | 0 | 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 | [1] | 0 | 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 | [2] | 0 | 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 | [3] | $ 0 | $ 0 |
[1] | 12-month expected credit losses. | ||
[2] | Lifetime expected credit losses. | ||
[3] | Credit-impaired financial assets (lifetime expected credit losses). |
Impairment loss on financial _3
Impairment loss on financial instruments, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss in derivative financial instruments and changes in foreign currency, net | $ (1,226) | $ (437) | $ (486) |
Gain (loss) in financial instruments at fair value through profit or loss | 648 | (732) | (2,883) |
Gain (loss) realized in financial instruments at fair value with changes in other comprehensive income | 194 | 249 | (356) |
(Loss) gain on sale of loans | (625) | 181 | 806 |
Loss on Financial Instruments | $ (1,009) | $ (739) | $ (2,919) |
Derivative financial instrume_3
Derivative financial instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount | $ 1,325,775 | $ 1,527,117 |
Carrying amount of the hedging instrument, Asset | 2,688 | 13,338 |
Carrying amount of the hedging instrument, Liability | (34,043) | (34,943) |
Changes in fair value used for calculating hedge ineffectiveness | (9,697) | 28,649 |
Interest rate swaps [Member] | Fair value hedges: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount | 433,500 | 367,500 |
Carrying amount of the hedging instrument, Asset | 108 | 0 |
Carrying amount of the hedging instrument, Liability | (6,134) | (4,361) |
Changes in fair value used for calculating hedge ineffectiveness | (1,666) | (2,394) |
Interest rate swaps [Member] | Cash flow hedges: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount | 460,000 | 595,000 |
Carrying amount of the hedging instrument, Asset | 513 | 127 |
Carrying amount of the hedging instrument, Liability | (3,276) | (428) |
Changes in fair value used for calculating hedge ineffectiveness | (2,462) | 995 |
Cross-currency swaps | Fair value hedges: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount | 226,756 | 306,961 |
Carrying amount of the hedging instrument, Asset | 1,134 | 3,672 |
Carrying amount of the hedging instrument, Liability | (15,994) | (30,154) |
Changes in fair value used for calculating hedge ineffectiveness | 11,676 | 15,900 |
Cross-currency swaps | Cash flow hedges: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount | 23,025 | 23,025 |
Carrying amount of the hedging instrument, Asset | 0 | 879 |
Carrying amount of the hedging instrument, Liability | (1,384) | 0 |
Changes in fair value used for calculating hedge ineffectiveness | (2,263) | 2,132 |
Foreign exchange forward | Cash flow hedges: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount | 176,311 | 225,388 |
Carrying amount of the hedging instrument, Asset | 933 | 8,610 |
Carrying amount of the hedging instrument, Liability | (7,177) | 0 |
Changes in fair value used for calculating hedge ineffectiveness | (14,854) | 11,835 |
Foreign exchange forward | Net investment hedges: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal Amount | 6,183 | 9,243 |
Carrying amount of the hedging instrument, Asset | 0 | 50 |
Carrying amount of the hedging instrument, Liability | (78) | 0 |
Changes in fair value used for calculating hedge ineffectiveness | $ (128) | $ 181 |
Derivative financial instrume_4
Derivative financial instruments (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (loss) recognized in OCI (effective portion) | $ 14,106 | $ (5,466) | $ (439) |
Gain (loss) reclassified from OCI to profit or loss | (1,196) | 11,412 | 6,018 |
Gain (loss) recognized on derivatives (ineffective portion) | (6) | 268 | (1,352) |
Net Investment Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (loss) recognized in OCI (effective portion) | (909) | (277) | 0 |
Interest income - loans [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | 1,756 | 7,611 | |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | |
Interest expense - borrowings and debt [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | 0 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | 0 |
Interest expenses - deposits [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | 4,049 | 3,991 | 1,672 |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | 0 |
Gain (loss) on foreign currency exchange [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | (7,001) | (190) | 9,097 |
Gain (loss) recognized on derivatives (ineffective portion) | 0 | 0 | 0 |
Interest rate swaps [member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (loss) recognized in OCI (effective portion) | (593) | (834) | 627 |
Interest rate swaps [member] | Gain (loss) on interest rate swaps [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | 0 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | (3) | 242 | (1,258) |
Cross-currency swaps [member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (loss) recognized in OCI (effective portion) | 2,246 | (1,924) | (1,299) |
Cross-currency swaps [member] | Gain (loss) on foreign currency exchange [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | 0 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | (3) | 26 | 16 |
Cross-currency swaps [member] | Interest income - loans [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | 0 | ||
Gain (loss) recognized on derivatives (ineffective portion) | (110) | ||
Forward foreign exchange [member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (loss) recognized in OCI (effective portion) | 12,453 | (2,708) | 233 |
Forward foreign exchange [member] | Net Investment Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gains (loss) recognized in OCI (effective portion) | (909) | (277) | 0 |
Forward foreign exchange [member] | Interest income - loans [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | (4,751) | ||
Gain (loss) recognized on derivatives (ineffective portion) | 0 | ||
Forward foreign exchange [member] | Interest income - securities at FVOCI [Member] | Cash Flow Hedging [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) reclassified from OCI to profit or loss | 0 | 0 | 0 |
Gain (loss) recognized on derivatives (ineffective portion) | $ 0 | $ 0 | $ 0 |
Derivative financial instrume_5
Derivative financial instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about financial instruments [line items] | |||
Interest expense - borrowings and deposits | $ (85,601) | $ (63,417) | $ (70,558) |
Fair value hedges [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) on derivatives | (24,467) | 14,281 | 19,335 |
Gain (loss) on hedge item | 1,607 | (37,758) | (44,474) |
Net gain (loss) | (22,860) | (23,477) | (25,139) |
Interest rate swaps [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income - securities at FVOCI | 384 | 350 | 976 |
Interest income – loans | 1,765 | 148 | 1,998 |
Interest expense - borrowings and deposits | (14,393) | (14,846) | (23,703) |
Derivative financial instruments | 72 | 101 | 101 |
Interest rate swaps [Member] | Fair value hedges [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income - securities at FVOCI | 388 | 476 | 1,593 |
Interest income – loans | 1,899 | 160 | 2,023 |
Interest expense - borrowings and deposits | (12,201) | (16,233) | (28,261) |
Derivative financial instruments | 5,363 | 2,371 | 2,178 |
Interest rate swaps [Member] | Gainloss on hedge item [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income - securities at FVOCI | (4) | (126) | (617) |
Interest income – loans | (134) | (12) | (25) |
Interest expense - borrowings and deposits | (2,192) | 1,387 | 4,558 |
Derivative financial instruments | (5,291) | (2,270) | (2,077) |
Cross-currency swaps [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income – loans | 833 | 946 | 556 |
Interest expense - borrowings and deposits | (9,608) | (8,417) | (5,988) |
Derivative financial instruments | (1,913) | (1,759) | 921 |
Cross-currency swaps [member] | Fair value hedges [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income – loans | 1,598 | 2,442 | 928 |
Interest expense - borrowings and deposits | (9,367) | (10,265) | (6,183) |
Derivative financial instruments | 13,927 | (16,709) | (16,752) |
Cross-currency swaps [member] | Gainloss on hedge item [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income – loans | (765) | (1,496) | (372) |
Interest expense - borrowings and deposits | (241) | 1,848 | 195 |
Derivative financial instruments | $ (15,840) | $ 14,950 | $ 17,673 |
Derivative financial instrume_6
Derivative financial instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans [Member] | Interest Rate Risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Line item in the statement of financial position | Loans | Loans |
Carrying amount, assets | $ 66,091 | $ 0 |
Loans [Member] | Interest Rate Risk [Member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Thereof accumulated fair value adjustments, assets | $ 97 | $ 0 |
Loans [Member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Line item in the statement of financial position | Loans | Loans |
Carrying amount, assets | $ 10,581 | $ 25,027 |
Loans [Member] | Currency risk [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Thereof accumulated fair value adjustments, assets | $ (1,097) | $ 744 |
Issuances [Member] | Interest Rate Risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Line item in the statement of financial position | Borrowings and debt, net | Borrowings and debt, net |
Carrying amount, liabilities | $ 349,428 | $ 355,000 |
Issuances [Member] | Interest Rate Risk [Member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Thereof accumulated fair value adjustments, liabilities | $ 5,266 | $ (4,411) |
Issuances [Member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Line item in the statement of financial position | Borrowings and debt, net | Borrowings and debt, net |
Carrying amount, liabilities | $ 199,356 | $ 249,328 |
Issuances [Member] | Currency risk [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Thereof accumulated fair value adjustments, liabilities | $ 15,024 | $ (2,301) |
Foreign exchange rate risk and FX [Member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Line item in the statement of financial position | Securities and other financial instruments, net | Securities and other financial instruments, net |
Carrying amount, assets | $ 12,221 | $ 12,369 |
Foreign exchange rate risk and FX [Member] | Currency risk [member] | Fair value hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Thereof accumulated fair value adjustments, assets | $ (527) | $ (32) |
Derivative financial instrume_7
Derivative financial instruments (Details 4) Unit_pure in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 1,325,775 | 1,527,117 |
Up to 1 month [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 27,458 | 69,459 |
31 to 60 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 131,977 | 26,104 |
61 to 90 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 56,908 | 203,550 |
91 to 180 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 190,682 | 154,067 |
181 to 365 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 258,313 | 279,579 |
1 to 2 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 491,186 | 273,024 |
2 to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 100,483 | 445,285 |
More than 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 68,768 | 76,049 |
Foreign Exchange risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 259,510 | 365,555 |
Foreign Exchange risk [member] | Up to 1 month [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 27,458 | 69,459 |
Foreign Exchange risk [member] | 31 to 60 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 16,977 | 26,104 |
Foreign Exchange risk [member] | 61 to 90 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 6,908 | 1,729 |
Foreign Exchange risk [member] | 91 to 180 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 100,489 | 16,567 |
Foreign Exchange risk [member] | 181 to 365 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 98,813 | 68,952 |
Foreign Exchange risk [member] | 1 to 2 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 5,161 | 178,331 |
Foreign Exchange risk [member] | 2 to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 3,704 | 4,413 |
Foreign Exchange risk [member] | More than 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Interest Rate Risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 893,500 | 962,500 |
Interest Rate Risk [Member] | Up to 1 month [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Interest Rate Risk [Member] | 31 to 60 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 115,000 | 0 |
Interest Rate Risk [Member] | 61 to 90 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 50,000 | 185,000 |
Interest Rate Risk [Member] | 91 to 180 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 17,000 | 137,500 |
Interest Rate Risk [Member] | 181 to 365 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 159,500 | 202,500 |
Interest Rate Risk [Member] | 1 to 2 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 463,000 | 21,500 |
Interest Rate Risk [Member] | 2 to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 89,000 | 416,000 |
Interest Rate Risk [Member] | More than 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 0 | 0 |
Foreign exchange and interest rate risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 172,765 | 199,062 |
Foreign exchange and interest rate risk [Member] | Up to 1 month [member] | ||
Disclosure of detailed information about 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 detailed information about 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 detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 0 | 16,821 |
Foreign exchange and interest rate risk [Member] | 91 to 180 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 73,193 | 0 |
Foreign exchange and interest rate risk [Member] | 181 to 365 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 0 | 8,127 |
Foreign exchange and interest rate risk [Member] | 1 to 2 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 23,025 | 73,193 |
Foreign exchange and interest rate risk [Member] | 2 to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 7,779 | 24,872 |
Foreign exchange and interest rate risk [Member] | More than 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount of hedging instrument | 68,768 | 76,049 |
Derivative financial instrume_8
Derivative financial instruments (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Gross amounts assets | $ 2,688 | $ 13,338 |
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of assets presented in the consolidated statement of financial position | 2,688 | 13,338 |
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 | (1,496) | (22,304) |
Gross amounts not offset in the consolidated statement of financial position Net Amount | 1,192 | (8,966) |
Derivative financial instruments hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
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 | (1,496) | (22,304) |
Gross amounts not offset in the consolidated statement of financial position Net Amount | 1,192 | (8,966) |
Gross amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amounts assets | 2,688 | 13,338 |
Gross amount [member] | Derivative financial instruments hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net amount of assets presented in the consolidated statement of financial position | $ 2,688 | $ 13,338 |
Derivative financial instrume_9
Derivative financial instruments (Details 6) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments - hedging | $ 34,043 | $ 34,943 |
Total | 34,043 | 34,943 |
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
Net amount of liabilities presented in the consolidated statement of financial position | 34,043 | 34,943 |
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 | (35,960) | (50,241) |
Gross amounts not offset in the consolidated statement of financial position Net Amount | (1,917) | (15,298) |
Derivative financial instruments hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross amounts offset in the consolidated statement of financial position | 0 | 0 |
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 | (35,960) | (50,241) |
Gross amounts not offset in the consolidated statement of financial position Net Amount | (1,917) | (15,298) |
Gross carrying amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments - hedging | 34,043 | 34,943 |
Gross carrying amount [member] | Derivative financial instruments hedging [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net amount of liabilities presented in the consolidated statement of financial position | $ 34,043 | $ 34,943 |
Derivative financial instrum_10
Derivative financial instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income, Hedged loans | $ 365 | ||
Interest expenses, Hedge financial assets for sale of securities | $ 3,100 | ||
Description of duration of hedging, financial assets | 5 years 2 months 12 days | 6 years 2 months 12 days |
Impairment loss on non - fina_3
Impairment loss on non - financial assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impairment loss on other assets | $ (3,464) | $ 0 | $ 0 |
Impairment loss on investment properties | (3,849) | 0 | 0 |
Write off on intangible assets | (2,705) | 0 | 0 |
Impairment losses on non-financial assets | $ (10,018) | $ 0 | $ 0 |
Impairment loss on non - fina_4
Impairment loss on non - financial assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Impairment loss recognised in profit or loss, intangible assets | $ (2,705) | $ 0 | $ 0 | |
Impairment loss recognised in profit or loss, investment property | (3,849) | 0 | $ 0 | |
Investment property under construction or development | [1] | (357) | $ (1,405) | |
Investment property under construction or development [member] | ||||
Investment property under construction or development | (1,700) | |||
Intangible assets under development [member] | ||||
Impairment loss recognised in profit or loss, intangible assets | $ (1,300) | |||
[1] | As of December 31, 2018, the Bank derecognized the amount of $0.8 million related to IT projects under development, outstanding as of December 31, 2017, in the consolidated financial statement of profit or loss as an impairment loss on non-financial assets. |
Equipment and leasehold impro_3
Equipment and leasehold improvements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning Balance | $ 7,420 | $ 8,549 | |
Ending Balance | 6,686 | 7,420 | $ 8,549 |
IT equipment [member] | |||
Beginning Balance | 1,300 | 1,644 | |
Ending Balance | 1,069 | 1,300 | 1,644 |
Furniture and fixtures [member] | |||
Beginning Balance | 244 | 2,133 | |
Ending Balance | 184 | 244 | 2,133 |
Leasehold improvement [member] | |||
Beginning Balance | 4,162 | 4,597 | |
Ending Balance | 3,840 | 4,162 | 4,597 |
Other equipment [member] | |||
Beginning Balance | 1,714 | 175 | |
Ending Balance | 1,593 | 1,714 | 175 |
Cost [member] | |||
Beginning Balance | 15,469 | 15,553 | 13,237 |
Additions | 603 | 2,654 | 3,973 |
Disposals | (492) | (2,738) | (1,657) |
Reclassifications | 10 | ||
Ending Balance | 15,590 | 15,469 | 15,553 |
Cost [member] | IT equipment [member] | |||
Beginning Balance | 4,170 | 4,386 | 3,366 |
Additions | 411 | 246 | 1,436 |
Disposals | (253) | (462) | (416) |
Reclassifications | 10 | ||
Ending Balance | 4,338 | 4,170 | 4,386 |
Cost [member] | Furniture and fixtures [member] | |||
Beginning Balance | 1,984 | 3,778 | 2,002 |
Additions | 12 | 461 | 2,137 |
Disposals | (97) | (2,255) | (361) |
Reclassifications | 0 | ||
Ending Balance | 1,899 | 1,984 | 3,778 |
Cost [member] | Leasehold improvement [member] | |||
Beginning Balance | 6,810 | 6,771 | 7,412 |
Additions | 111 | 39 | 239 |
Disposals | (80) | 0 | (880) |
Reclassifications | 0 | ||
Ending Balance | 6,841 | 6,810 | 6,771 |
Cost [member] | Other equipment [member] | |||
Beginning Balance | 2,505 | 618 | 457 |
Additions | 69 | 1,908 | 161 |
Disposals | (62) | (21) | 0 |
Reclassifications | 0 | ||
Ending Balance | 2,512 | 2,505 | 618 |
Accumulated amortization [member] | |||
Beginning Balance | 8,049 | 7,004 | 7,064 |
Amortisation for the year | 1,282 | 1,578 | 1,457 |
Disposals | (469) | (533) | (1,517) |
Reclassifications | 42 | ||
Ending Balance | 8,904 | 8,049 | 7,004 |
Accumulated amortization [member] | IT equipment [member] | |||
Beginning Balance | 2,870 | 2,742 | 2,671 |
Amortisation for the year | 516 | 587 | 483 |
Disposals | (159) | (459) | (412) |
Reclassifications | 42 | ||
Ending Balance | 3,269 | 2,870 | 2,742 |
Accumulated amortization [member] | Furniture and fixtures [member] | |||
Beginning Balance | 1,740 | 1,645 | 1,491 |
Amortisation for the year | 64 | 149 | 384 |
Disposals | (89) | (54) | (230) |
Reclassifications | 0 | ||
Ending Balance | 1,715 | 1,740 | 1,645 |
Accumulated amortization [member] | Leasehold improvement [member] | |||
Beginning Balance | 2,648 | 2,174 | 2,536 |
Amortisation for the year | 480 | 474 | 513 |
Disposals | (127) | 0 | (875) |
Reclassifications | 0 | ||
Ending Balance | 3,001 | 2,648 | 2,174 |
Accumulated amortization [member] | Other equipment [member] | |||
Beginning Balance | 791 | 443 | 366 |
Amortisation for the year | 222 | 368 | 77 |
Disposals | (94) | (20) | 0 |
Reclassifications | 0 | ||
Ending Balance | $ 919 | $ 791 | $ 443 |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning Balance | $ 5,425 | $ 2,909 | |
Ending Balance | 1,633 | 5,425 | $ 2,909 |
Intangible assets other than goodwill | 1,633 | 5,425 | 2,909 |
Gross amounts of assets [member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning Balance | 17,172 | 13,883 | 10,776 |
Additions other than through business combinations, intangible assets other than goodwill | 58 | 3,370 | 3,111 |
Disposals and retirements, intangible assets other than goodwill | (3,315) | (81) | (4) |
Reclassifications | (10) | ||
Ending Balance | 13,905 | 17,172 | 13,883 |
Intangible assets other than goodwill | 13,905 | 13,883 | 10,776 |
Accumulated amortization [member] | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning Balance | 11,747 | 10,974 | 10,349 |
Increase (decrease) through transfers, intangible assets other than goodwill | 1,176 | 838 | 629 |
Disposals and retirements, intangible assets other than goodwill | (609) | (65) | (4) |
Ending Balance | 12,272 | 11,747 | 10,974 |
Intangible assets other than goodwill | 11,747 | $ 10,974 | $ 10,974 |
Changes in intangible assets other than goodwill [abstract] | |||
Amortization expense of the year | $ (42) |
Investment properties (Details)
Investment properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about investment property [abstract] | ||
Balance at January 1, | $ 5,119 | $ 0 |
Additions | 0 | 5,119 |
Sale of investment properties | (1,270) | 0 |
Net change in fair value | (3,849) | 0 |
Balance at December 31, | $ 0 | $ 5,119 |
Investment properties (Details
Investment properties (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Type Of Asset | Investment properties at FVPL | ||
Investment property | $ 0 | $ 5,119 | $ 0 |
Fair Value Hierarchy | Level 3 | ||
Valuation Method | Discounted cash flows | ||
Fair value of Significant Unobservable Inputs | 1) Existing leasing contracts 2) Investments made to operate 3) Current operating expenses 4) Weighted average cost of capital WAC |
Other assets (Details)
Other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other assets [Abstract] | |||
Accounts receivable | [1] | $ 13,333 | $ 6,793 |
Interest receivable - deposits | 281 | 48 | |
IT projects under development | [2] | 357 | 1,405 |
Other | [3] | 3,003 | 5,510 |
Other assets | $ 16,974 | $ 13,756 | |
[1] | As of December 31, 2018, the sale of financial assets was executed for $ 12.4 million and related payment was received in January 2019. | ||
[2] | As of December 31, 2018, the Bank derecognized the amount of $0.8 million related to IT projects under development, outstanding as of December 31, 2017, in the consolidated financial statement of profit or loss as an impairment loss on non-financial assets. | ||
[3] | As of December 31, 2018, the Bank derecognized the amount of $1.7 million related to a leasing under development, outstanding as of December 31, 2017, in the consolidated financial statement of profit or loss as an impairment loss on non-financial assets. |
Other assets (Details Textual)
Other assets (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Leasing Property Under Development | $ 1.7 |
Financial assets available-for-sale | 12.4 |
Investment property under construction or development [member] | |
Decrease through derecognition, financial assets | $ 0.8 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | $ 2,970,822 | $ 2,928,844 |
Demand [Member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 211,381 | 82,064 |
Up to 1 month [Member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 1,192,252 | 1,147,772 |
From 1 year to 2 years [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 70,047 | 76,422 |
From 2 years to 5 years [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 89,213 | 147,722 |
From 1 month to 3 months [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 412,638 | 492,205 |
From 3 month to 6 months [member] | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 533,135 | 411,159 |
From 6 month to 1 year | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | $ 462,156 | $ 571,500 |
Deposits (Details 1)
Deposits (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other assets [Abstract] | |||
Aggregate amounts of time deposits of $100,000 or more | $ 2,970,438 | $ 2,928,425 | |
Aggregate amounts of deposits in the New York Agency | 265,349 | 266,158 | |
Interest expense to deposits in the New York Agency | $ 5,937 | $ 2,524 | $ 1,429 |
Securities sold under repurch_2
Securities sold under repurchase agreements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of repurchase and reverse repurchase agreements [Abstract] | ||
Repurchase agreements and cash collateral on securities lent | $ 39,767 | $ 0 |
Interest Expense Under Repurchase Agreements | $ 635 |
Borrowings and debt (Details)
Borrowings and debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Short-Term Borrowings | $ 1,975,174 | $ 1,062,223 | ||
Short-Term, Debt | 45,930 | 10,500 | ||
Long-term, Borrowings | 886,384 | 423,011 | ||
Long-term Debt | 614,505 | 720,044 | ||
Borrowings and debt, net | 3,518,446 | 2,211,567 | $ 3,246,813 | $ 4,312,170 |
Principal [member] | ||||
Short-Term Borrowings | 1,975,174 | 1,062,223 | ||
Short-Term, Debt | 45,930 | 10,500 | ||
Long-term, Borrowings | 886,384 | 423,011 | ||
Long-term Debt | 614,505 | 720,044 | ||
Borrowings and debt, net | 3,521,993 | 2,215,778 | ||
Prepaid commissions [member] | ||||
Short-Term Borrowings | 0 | 0 | ||
Short-Term, Debt | 0 | 0 | ||
Long-term, Borrowings | (2,790) | (2,790) | ||
Long-term Debt | (757) | (1,421) | ||
Borrowings and debt, net | $ (3,547) | $ (4,211) |
Borrowings and debt (Details 1)
Borrowings and debt (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings | $ 1,975,174 | $ 1,062,223 |
Total short-term debt | 45,930 | 10,500 |
Total short-term borrowings and debt | 2,021,104 | 1,072,723 |
Average outstanding balance during the year | 1,095,530 | 710,021 |
Maximum outstanding balance at any month - end | 2,021,104 | 1,072,723 |
US dollar [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | 1,926,000 | 1,044,500 |
Mexican peso [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings and debt | 95,104 | 28,223 |
Fixed interest rate [member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings | 695,500 | 429,069 |
Total short-term debt | 2,700 | $ 10,500 |
Fixed interest rate [member] | Mexican peso [Member] | Short-term borrowings [member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 7.92% | |
Floating interest rate [member] | ||
Disclosure of short term borrowings [Line Items] | ||
Total short-term borrowings | 1,279,674 | $ 633,154 |
Total short-term debt | $ 43,230 | $ 0 |
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 | 2.74% | 1.60% |
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 | 2.72% | 1.77% |
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 | 8.49% | 7.68% |
Weighted Average [Member] | Short term borrowings and debt [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 3.18% | 2.16% |
Weighted Average [Member] | During the Year [Member] | Short term borrowings and debt [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Borrowings, interest rate | 3.00% | 1.66% |
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 | 3.30% | 1.95% |
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 | 3.41% | 2.08% |
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 | 9.39% | 7.89% |
Borrowings and debt (Details 2)
Borrowings and debt (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings | $ 886,384 | $ 423,011 |
Total long-term debt | 614,505 | 720,044 |
Total long-term borrowings and debt | 1,500,889 | 1,143,055 |
Less: Prepaid commission | (3,547) | (4,211) |
Total long-term borrowings and debt, net | 1,497,342 | 1,138,844 |
Average outstanding balance during the year | 1,244,619 | 1,477,788 |
Maximum outstanding balance at any month - end | 1,500,889 | 2,010,078 |
US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings and debt | 1,203,101 | 753,981 |
Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings and debt | 143,661 | 206,750 |
Japanese Yen [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings and debt | 72,670 | 98,711 |
Euros Member [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings and debt | 60,315 | 60,178 |
Australian Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings and debt | 21,142 | 23,435 |
Fixed interest rate [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings | 63,367 | 44,011 |
Total long-term debt | $ 503,229 | $ 532,305 |
Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | Euros Member [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt 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] | ||
Debt interest rate | 3.33% | 3.33% |
Floating interest rate [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings | $ 823,017 | $ 379,000 |
Total long-term debt | $ 111,276 | $ 187,739 |
Bottom of range [member] | Fixed interest rate [member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing and debt interest rate | 1.35% | |
Bottom of range [member] | Fixed interest rate [member] | Japanese Yen [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.46% | 0.46% |
Bottom of range [member] | Fixed interest rate [member] | Long Term Borrowings And Debt [Member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing and debt interest rate | 2.25% | |
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 | 5.25% | 4.89% |
Bottom of range [member] | Floating interest rate [member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing and debt interest rate | 3.26% | 2.61% |
Bottom of range [member] | Floating interest rate [member] | Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing and debt interest rate | 9.19% | 7.99% |
Weighted Average [Member] | Long-term borrowings [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.60% | |
Weighted Average [Member] | Long Term Borrowings And Debt [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 4.35% | |
Weighted Average [Member] | During the Year [Member] | Long-term borrowings [member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 3.43% | |
Weighted Average [Member] | During the Year [Member] | Long Term Borrowings And Debt [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowings, interest rate | 4.09% | |
Top of range [member] | Fixed interest rate [member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing and debt interest rate | 3.25% | 3.25% |
Top of range [member] | Fixed interest rate [member] | Japanese Yen [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.81% | |
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% | 9.09% |
Top of range [member] | Floating interest rate [member] | US Dollar [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing and debt interest rate | 4.46% | 3.01% |
Top of range [member] | Floating interest rate [member] | Mexican Peso [Member] | ||
Disclosure of long-term borrowings [Line Items] | ||
Borrowing and debt interest rate | 9.71% | 8.00% |
Borrowings and debt (Details 3)
Borrowings and debt (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Long term borrowings Terms [Line Items] | ||
long-term borrowings and debt | $ 1,500,889 | $ 1,143,055 |
2019 Payments [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 257,393 | |
2020 Payments [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 488,237 | |
2021 Payments [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 558,265 | |
2022 Payments [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 74,179 | |
2023 Payments [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
long-term borrowings and debt | 62,500 | |
2024 Payments [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
long-term borrowings and debt | $ 60,315 |
Borrowings and debt (Details 4)
Borrowings and debt (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance as of January 1, | $ 2,211,567 | $ 3,246,813 | $ 4,312,170 |
Net increase (decrease) in short-term borrowings and debt | 950,259 | (396,205) | (961,095) |
Proceeds from long-term borrowings and debt | 609,017 | 219,905 | 406,149 |
Repayments of long-term borrowings and debt | (256,173) | (883,476) | (464,242) |
Change in foreign currency | 1,903 | 23,487 | (43,010) |
Adjustment of fair value for hedge accounting relationship | 753 | (483) | (5,945) |
Other adjustments | 1,120 | 1,525 | 2,786 |
Balance as of December 31, | $ 3,518,446 | $ 2,211,567 | $ 3,246,813 |
Borrowings and debt (Details Te
Borrowings and debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of short term borrowings [Line Items] | ||
Current prepaid expenses | $ 3,547 | $ 4,211 |
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 | |
Certificados Bursatiles Program [Member] | ||
Disclosure of short term borrowings [Line Items] | ||
Description Of Borrowings Terms | Short-and Long-Term Notes (“Certificados Bursatiles”) Program (the “Mexican Program”) in the Mexican local market, registered with the Mexican National Registry of Securities administered 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, 2018 | Dec. 31, 2017 |
Disclosure of other liabilities [Abstract] | ||
Accruals and other accumulated expenses | $ 8,602 | $ 8,018 |
Accounts payable | 453 | 9,307 |
Others | 4,560 | 3,226 |
Total | $ 13,615 | $ 20,551 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of earnings per share [Abstract] | |||
Profit for the year | $ 11,138 | $ 81,999 | $ 87,045 |
Basic earnings per share | $ 0.28 | $ 2.09 | $ 2.23 |
Diluted earnings per share | $ 0.28 | $ 2.08 | $ 2.22 |
Weighted average of common shares outstanding - applicable to basic EPS | 39,543 | 39,311 | 39,085 |
Effect of diluted securities: | |||
Stock options and restricted stock units plans | 0 | 18 | 125 |
Adjusted weighted average of common shares outstanding applicable to diluted EPS | 39,543 | 39,329 | 39,210 |
Capital and additional paid-i_3
Capital and additional paid-in capital (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Authorized | 280,000,000 | ||
Beginning Balance (in Shares) | 39,428,835 | 39,160,048 | 38,968,905 |
Conversions | 0 | 0 | 0 |
Repurchased common stock | (99,257) | (1,000) | 0 |
Restricted stock issued - directors | 57,000 | 57,000 | 57,000 |
Exercised stock options - compensation plans | 102,918 | 142,268 | 68,785 |
Restricted stock units - vested | 49,055 | 70,519 | 65,358 |
Ending Balance (in Shares) | 39,538,551 | 39,428,835 | 39,160,048 |
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 |
Repurchased common stock | 0 | 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) | 2,408,806 | 2,474,469 | 2,474,469 |
Conversions | (64,386) | (64,663) | 0 |
Repurchased common stock | (99,193) | (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) | 2,245,227 | 2,408,806 | 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) | 30,677,840 | 30,343,390 | 30,152,247 |
Conversions | 64,386 | 64,663 | 0 |
Repurchased common stock | (64) | 0 | 0 |
Restricted stock issued - directors | 57,000 | 57,000 | 57,000 |
Exercised stock options - compensation plans | 102,918 | 142,268 | 68,785 |
Restricted stock units - vested | 49,055 | 70,519 | 65,358 |
Ending Balance (in Shares) | 30,951,135 | 30,677,840 | 30,343,390 |
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 |
Repurchased common stock | 0 | 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 |
Treasury stock (Details)
Treasury stock (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 63,248 | ||
Beginning Balance (in Shares) | 39,428,835 | 39,160,048 | 38,968,905 |
Balance | $ 61,076 | $ 63,248 | |
Ending Balance (in Shares) | 39,538,551 | 39,428,835 | 39,160,048 |
Treasury shares [member] | |||
Balance | $ 63,248 | $ 69,176 | $ 73,397 |
Beginning Balance (in Shares) | 2,551,004 | 2,819,791 | 3,010,934 |
Repurchase of common stock | $ 2,442 | $ 28 | $ 0 |
Repurchase of common stock (in Shares) | 99,257 | 1,000 | 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 | $ (2,272) | $ (3,140) | $ (1,519) |
Exercised stock options - compensation plans (in Shares) | (102,918) | (142,268) | (68,785) |
Restricted stock units - vested | $ (1,083) | $ (1,557) | $ (1,443) |
Restricted stock units - vested (in Shares) | (49,055) | (70,519) | (65,358) |
Balance | $ 61,076 | $ 63,248 | $ 69,176 |
Ending Balance (in Shares) | 2,441,288 | 2,551,004 | 2,819,791 |
Class A shares [Member] | Treasury shares [member] | |||
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 shares [member] | |||
Balance | $ 16,270 | $ 16,242 | $ 16,242 |
Beginning Balance (in Shares) | 590,174 | 589,174 | 589,174 |
Repurchase of common stock | $ 2,441 | $ 28 | $ 0 |
Repurchase of common stock (in Shares) | 99,193 | 1,000 | 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 | $ 18,711 | $ 16,270 | $ 16,242 |
Ending Balance (in Shares) | 689,367 | 590,174 | 589,174 |
Class E shares [Member] | Treasury shares [member] | |||
Balance | $ 36,270 | $ 42,226 | $ 46,447 |
Beginning Balance (in Shares) | 1,642,690 | 1,912,477 | 2,103,620 |
Repurchase of common stock | $ 1 | $ 0 | $ 0 |
Repurchase of common stock (in Shares) | 64 | 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 | $ (2,272) | $ (3,140) | $ (1,519) |
Exercised stock options - compensation plans (in Shares) | (102,918) | (142,268) | (68,785) |
Restricted stock units - vested | $ (1,083) | $ (1,557) | $ (1,443) |
Restricted stock units - vested (in Shares) | (49,055) | (70,519) | (65,358) |
Balance | $ 31,657 | $ 36,270 | $ 42,226 |
Ending Balance (in Shares) | 1,433,781 | 1,642,690 | 1,912,477 |
Other comprehensive income (Det
Other comprehensive income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Beginning Balance | $ 1,963 | $ (2,801) | $ (10,681) | |
change in fair value of debt instruments net of hedging | (4,629) | 604 | 11,431 | |
Change in fair value on equity instrument at FVOCI, net of hedging | (1,224) | 187 | 0 | |
Reclassification of gains (losses) on financial instruments included in profit or loss | 194 | 249 | (356) | |
Exchange difference in conversion of foreign operating currency | (1,281) | 1,490 | ||
Other comprehensive income (loss) for the year | (1,543) | 4,764 | 7,880 | |
Ending Balance | 420 | 1,963 | (2,801) | |
Financial instruments at FVOCI | ||||
Beginning Balance | (385) | (853) | (8,931) | |
change in fair value of debt instruments net of hedging | (254) | 612 | 7,048 | |
Change in fair value on equity instrument at FVOCI, net of hedging | (2,074) | (228) | ||
Reclassification of gains (losses) on financial instruments included in profit or loss | [1] | (87) | 84 | 1,030 |
Exchange difference in conversion of foreign operating currency | 0 | 0 | ||
Other comprehensive income (loss) for the year | (2,415) | 468 | 8,078 | |
Ending Balance | (2,800) | (385) | (853) | |
Derivative financial instruments | ||||
Beginning Balance | 858 | (1,948) | (1,750) | |
change in fair value of debt instruments net of hedging | (4,375) | (8) | 4,383 | |
Change in fair value on equity instrument at FVOCI, net of hedging | 850 | 415 | ||
Reclassification of gains (losses) on financial instruments included in profit or loss | [1] | 5,678 | 2,399 | (4,581) |
Exchange difference in conversion of foreign operating currency | 0 | 0 | ||
Other comprehensive income (loss) for the year | 2,153 | 2,806 | (198) | |
Ending Balance | 3,011 | 858 | (1,948) | |
Foreign currency translation adjustment | ||||
Beginning Balance | 1,490 | 0 | 0 | |
change in fair value of debt instruments net of hedging | 0 | 0 | ||
Change in fair value on equity instrument at FVOCI, net of hedging | 0 | 0 | ||
Reclassification of gains (losses) on financial instruments included in profit or loss | [1] | 0 | 0 | 0 |
Exchange difference in conversion of foreign operating currency | (1,281) | 1,490 | ||
Other comprehensive income (loss) for the year | (1,281) | 1,490 | 0 | |
Ending Balance | $ 209 | $ 1,490 | $ 0 | |
[1] | Reclassification adjustments include amounts recognized in profit or loss of the year that had been part of other comprehensive income in this and previous years. |
Other comprehensive income (D_2
Other comprehensive income (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Accumulated other comprehensive income loss [Line Items] | |||
Realized gains (losses) on financial assets measured at fair value through other comprehensive income | $ (4,629) | $ 604 | $ 11,431 |
Interest expense - borrowings and deposits | (85,601) | (63,417) | (70,558) |
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 | 0 |
Net gain on sale of financial instruments at FVOCI | 0 | 24 | (7,243) |
Derivative financial instruments and hedging | 87 | (108) | 6,213 |
Realized gains (losses) on financial assets measured at fair value through other comprehensive income | 87 | (84) | (1,030) |
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 | (5,678) | (2,399) | 4,581 |
Interest income - loans at amortized cost | (2,502) | (7,611) | (4,750) |
Interest expense - borrowings and deposits | (1,650) | (2,102) | 1,679 |
Net gain (loss) on foreign currency exchange | (1,530) | 7,216 | 6,060 |
Net gain (loss) on interest rate swaps | 4 | 86 | 1,104 |
Net gain (loss) on cross-currency swaps | $ 0 | $ 12 | $ 488 |
Cash and stock-based compensa_3
Cash and stock-based compensation plans (Details) - Directors [Member] - Restricted Stocks [Member] | 12 Months Ended | ||
Dec. 31, 2018USD ($)NumberofShareshares | Dec. 31, 2017USD ($)NumberofShare | Dec. 31, 2016USD ($)NumberofShare | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of Shares, Outstanding at Beginning | NumberofShare | 91,950 | 96,900 | 96,321 |
Number of Shares, Granted | NumberofShare | 57,000 | 57,000 | 57,000 |
Number of Shares, Vested | NumberofShare | (45,300) | (61,950) | (56,421) |
Number of Shares, Outstanding at End | NumberofShare | 103,650 | 91,950 | 96,900 |
Number of Shares, Expected to vest | shares | 103,650 | ||
Weighted average grand date fair value Outstanding at beginning | $ | $ 27.40 | $ 27.86 | $ 30.62 |
Weighted average grand date fair value, Granted | $ | 28.70 | 27.80 | 24.14 |
Weighted average grand date fair value, Vested | $ | 28.07 | 28.50 | 28.80 |
Weighted average grand date fair value, Outstanding at End | $ | $ 27.82 | $ 27.40 | $ 27.86 |
Cash and stock-based compensa_4
Cash and stock-based compensation plans (Details 1) - Restricted Stocks [Member] | 12 Months Ended | ||
Dec. 31, 2018USD ($)NumberofShare | Dec. 31, 2017USD ($)NumberofShare | Dec. 31, 2016USD ($)NumberofShare | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Aggregate Intrinsic value, Outstanding | $ 0 | ||
Aggregate Intrinsic value, Expected to vest | $ 0 | ||
Key management personnel of entity or parent [member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of Shares, Outstanding at Beginning | NumberofShare | 50,805 | 167,436 | 162,748 |
Number of Shares, Granted | NumberofShare | 23,412 | 25,289 | 91,454 |
Number of Shares, Forfeited | NumberofShare | 0 | (71,401) | (21,408) |
Number of Shares, Vested | NumberofShare | (49,055) | (70,519) | (65,358) |
Number of Shares, Outstanding at End | NumberofShare | 25,162 | 50,805 | 167,436 |
Number of Shares, Expected to vest | NumberofShare | 25,162 | ||
Weighted average grand date fair value Outstanding at beginning | $ 21.07 | $ 19.35 | $ 19.74 |
Weighted average grand date fair value, Granted | 24.80 | 25.70 | 18.26 |
Weighted average grand date fair value, Forfeited | 0 | 18.61 | 17.69 |
Weighted average grand date fair value, Vested | 20.90 | 19.76 | 18.83 |
Weighted average grand date fair value, Outstanding at End | $ 24.86 | $ 21.07 | $ 19.35 |
Weighted average remaining contractual term, Outstanding | 2.99 years | ||
Weighted average grand date fair value, Expected to vest | $ 24.86 | ||
Weighted average remaining contractual term, Expected to vest | 2.99 years |
Cash and stock-based compensa_5
Cash and stock-based compensation plans (Details 3) - Stock options [Member] | 12 Months Ended | ||
Dec. 31, 2018USD ($)NumberofShare$ / sharesshares | Dec. 31, 2017USD ($)NumberofShare | Dec. 31, 2016USD ($)NumberofShare | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of Share Options Outstanding at Beginning | NumberofShare | 273,643 | 485,845 | 554,756 |
Number of share options Granted | NumberofShare | 0 | 0 | 0 |
Number of share options Forfeited | NumberofShare | (28,315) | (69,934) | (126) |
Number of share options Exercised | NumberofShare | (102,918) | (142,268) | (68,785) |
Number of Share Options Outstanding at End | NumberofShare | 142,410 | 273,643 | 485,845 |
Number of share options Exercisable | NumberofShare | 142,410 | ||
Number of share options Expected to vest | shares | 142,410 | ||
Weighted average exercise price, Outstanding at Beginning | $ 27.48 | $ 26.87 | $ 26.36 |
Weighted average exercise price, Granted | 0 | 0 | |
Weighted average exercise price, Forfeited | 29.25 | 28.63 | 18.93 |
Weighted average exercise price, Exercised | 24.55 | 24.84 | 22.78 |
Weighted average exercise price, Exercisable | 29.25 | ||
Weighted average exercise price, Outstanding at End | $ 29.25 | $ 27.48 | $ 26.87 |
Weighted average exercise price, Exercisable, Expected to vest | $ / shares | $ 29.25 | ||
Weighted Average Remaining Contractual Term of Outstanding | 3.11 years | ||
Weighted average remaining contractual term, Exercisable | 3.11 years | ||
Weighted average remaining contractual term, Expected to vest | 3.11​​​​​​​ years | ||
Aggregate Intrinsic value, Outstanding at End | $ 0 | ||
Aggregate Intrinsic value, Exercisable | 0 | ||
Aggregate Intrinsic value, Expected to vest | $ 0 |
Cash and stock-based compensa_6
Cash and stock-based compensation plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Fair value, Restricted shares granted | $ 1,600,000 | $ 1,600,000 | $ 1,400,000 |
Restricted shares, charged against income | 739,000 | 788,000 | 617,000 |
Restricted shares to Directors | 1,500,000 | 1,700,000 | 1,600,000 |
Cost pending amortization | 1,200,000 | ||
Duration of amortisation of restricted cash | 2.3 | ||
Vested shares, Fair value | 1,300,000 | 1,800,000 | |
Amortization cost, Restricted shares | 503,000 | 811,000 | 1,300,000 |
Balance outstanding, Restricted shares | 324,000 | ||
Weighted average fair value at measurement date, share options vested | $ 1,000,000 | 1,400,000 | |
Exercise rate of outstanding share options | 25.00% | ||
Amortisation cost charged against income | $ 14,000 | 118,000 | 251,000 |
compensation cost pending amortization | $ 16,000 | ||
Period of amortisation | 0.11 years | ||
Intrinsic value, exercised options | $ 406 | 593 | |
Exercise price, share options granted | 2,500,000 | 3,500,000 | |
Wages and salaries | $ 18,487,000 | 16,191,000 | 16,132,000 |
Restricted Shares Amortization Over the Year | 3.1 years | ||
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 | $ 581,000 | 650,000 | |
Wages and salaries | $ 102,000 | $ 163,000 | $ 121,000 |
Class E shares [Member] | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Description of lapse of restriction on shares | Restricted stock 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 |
Fees and commission Income (Det
Fees and commission Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fee and commission income | $ 17,185 |
Openning And Confirmation [Member] | |
Fee and commission income | 10,667 |
Negotiation And Acceptance [Member] | |
Fee and commission income | 479 |
Amendment [Member] | |
Fee and commission income | 1,276 |
Structuring [Member] | |
Fee and commission income | 4,950 |
Other [Member] | |
Fee and commission income | (187) |
Syndicated loans [Member] | |
Fee and commission income | 4,625 |
Syndicated loans [Member] | Openning And Confirmation [Member] | |
Fee and commission income | 0 |
Syndicated loans [Member] | Negotiation And Acceptance [Member] | |
Fee and commission income | 0 |
Syndicated loans [Member] | Amendment [Member] | |
Fee and commission income | 0 |
Syndicated loans [Member] | Structuring [Member] | |
Fee and commission income | 4,625 |
Syndicated loans [Member] | Other [Member] | |
Fee and commission income | 0 |
Documentary letter of credit [Member] | |
Fee and commission income | 7,754 |
Documentary letter of credit [Member] | Openning And Confirmation [Member] | |
Fee and commission income | 7,333 |
Documentary letter of credit [Member] | Negotiation And Acceptance [Member] | |
Fee and commission income | 379 |
Documentary letter of credit [Member] | Amendment [Member] | |
Fee and commission income | 46 |
Documentary letter of credit [Member] | Structuring [Member] | |
Fee and commission income | 0 |
Documentary letter of credit [Member] | Other [Member] | |
Fee and commission income | (4) |
Stand by letters of credit and guarantees [Member] | |
Fee and commission income | 3,790 |
Stand by letters of credit and guarantees [Member] | Openning And Confirmation [Member] | |
Fee and commission income | 2,460 |
Stand by letters of credit and guarantees [Member] | Negotiation And Acceptance [Member] | |
Fee and commission income | 100 |
Stand by letters of credit and guarantees [Member] | Amendment [Member] | |
Fee and commission income | 1,230 |
Stand by letters of credit and guarantees [Member] | Structuring [Member] | |
Fee and commission income | 0 |
Stand by letters of credit and guarantees [Member] | Other [Member] | |
Fee and commission income | 0 |
Credit commitments [Member] | |
Fee and commission income | 1,048 |
Credit commitments [Member] | Openning And Confirmation [Member] | |
Fee and commission income | 874 |
Credit commitments [Member] | Negotiation And Acceptance [Member] | |
Fee and commission income | 0 |
Credit commitments [Member] | Amendment [Member] | |
Fee and commission income | 0 |
Credit commitments [Member] | Structuring [Member] | |
Fee and commission income | 325 |
Credit commitments [Member] | Other [Member] | |
Fee and commission income | (151) |
Other [Member] | |
Fee and commission income | (32) |
Other [Member] | Openning And Confirmation [Member] | |
Fee and commission income | 0 |
Other [Member] | Negotiation And Acceptance [Member] | |
Fee and commission income | 0 |
Other [Member] | Amendment [Member] | |
Fee and commission income | 0 |
Other [Member] | Structuring [Member] | |
Fee and commission income | 0 |
Other [Member] | Other [Member] | |
Fee and commission income | $ (32) |
Fees and commission Income (D_2
Fees and commission Income (Details 1) $ in Thousands | Dec. 31, 2018USD ($) |
Accrued income | $ 2,793 |
Up to 1 year | |
Accrued income | 1,655 |
1 to 2 years | |
Accrued income | 377 |
More than 2 years | |
Accrued income | $ 761 |
Fees and commission Income (D_3
Fees and commission Income (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fee and commission income [abstract] | |||
Commission income - Loans & commitments, net | $ 476 | $ 1,126 | |
Commission income - Letters of credit | 10,430 | 7,458 | |
Commission income - Structuring | 6,608 | 5,722 | |
Total | $ 17,185 | $ 17,514 | $ 14,306 |
Business segment information (D
Business segment information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Reporting Segment [Line Items] | |||
Interest income | $ 258,490 | $ 226,079 | $ 245,898 |
Interest expense | (148,747) | (106,264) | (90,689) |
Inter-segment net interest income | 0 | 0 | 0 |
Net interest income | 109,743 | 119,815 | 155,209 |
Other income (expense), net | 17,846 | 18,498 | 12,765 |
Total income | 127,589 | 138,313 | 167,974 |
Impairment loss on financial assets | 57,515 | 9,439 | 35,115 |
Impairment loss on non-financial assets | (5,967) | 0 | 0 |
Operating expenses | (48,918) | (46,875) | (45,814) |
Segment profit (loss) for the year | 11,138 | 81,999 | 87,045 |
Segment Assets | 7,609,185 | 6,267,747 | 7,180,783 |
Segment Liabilities | 6,615,595 | 5,224,935 | 6,169,469 |
Reportable segments [member] | |||
Disclosure of Reporting Segment [Line Items] | |||
Segment profit (loss) for the year | 15,189 | 81,999 | 87,045 |
Segment Assets | 7,584,173 | 6,243,464 | 7,158,308 |
Segment Liabilities | 6,601,980 | 5,204,384 | 6,151,117 |
Commercial [Member] | |||
Disclosure of Reporting Segment [Line Items] | |||
Interest income | 239,976 | 213,326 | 236,392 |
Interest expense | 0 | 0 | 0 |
Inter-segment net interest income | (130,195) | (92,745) | (96,017) |
Net interest income | 109,781 | 120,581 | 140,375 |
Other income (expense), net | 18,002 | 18,926 | 16,333 |
Total income | 127,783 | 139,507 | 156,708 |
Impairment loss on financial assets | (57,621) | (9,928) | (35,112) |
Impairment loss on non-financial assets | (5,967) | 0 | 0 |
Operating expenses | (37,436) | (35,916) | (34,599) |
Commercial [Member] | Reportable segments [member] | |||
Disclosure of Reporting Segment [Line Items] | |||
Segment profit (loss) for the year | 26,759 | 93,663 | 86,997 |
Segment Assets | 5,726,977 | 5,470,947 | 5,969,902 |
Segment Liabilities | 12,985 | 13,214 | 25,163 |
Treasury [Member] | |||
Disclosure of Reporting Segment [Line Items] | |||
Interest income | 18,514 | 12,753 | 9,506 |
Interest expense | (148,747) | (106,264) | (90,689) |
Inter-segment net interest income | 130,195 | 92,745 | 96,017 |
Net interest income | (38) | (766) | 14,834 |
Other income (expense), net | (156) | (428) | (3,568) |
Total income | (194) | (1,194) | 11,266 |
Impairment loss on financial assets | 106 | 489 | (3) |
Impairment loss on non-financial assets | 0 | 0 | 0 |
Operating expenses | (11,482) | (10,959) | (11,215) |
Treasury [Member] | Reportable segments [member] | |||
Disclosure of Reporting Segment [Line Items] | |||
Segment profit (loss) for the year | (11,570) | (11,664) | 47 |
Segment Assets | 1,857,196 | 772,517 | 1,188,406 |
Segment Liabilities | $ 6,588,995 | $ 5,191,170 | $ 6,125,954 |
Business segment information _2
Business segment information (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Reporting Segment [Line Items] | |||
Total profit from reportable segments | $ 11,138 | $ 81,999 | $ 87,045 |
Impairment loss on non-financial assets - unallocated | (5,967) | 0 | 0 |
Assets | 7,609,185 | 6,267,747 | 7,180,783 |
Equipment and leasehold improvements, net - unallocated | 6,686 | 7,420 | 8,549 |
Intangibles, net - unallocated | 1,633 | 5,425 | 2,909 |
Other assets - unallocated | 16,974 | 13,756 | |
Liabilities | 6,615,595 | 5,224,935 | 6,169,469 |
Other Liabilities | 13,615 | 20,551 | |
Reportable segments [member] | |||
Disclosure of Reporting Segment [Line Items] | |||
Total profit from reportable segments | 15,189 | 81,999 | 87,045 |
Assets | 7,584,173 | 6,243,464 | 7,158,308 |
Liabilities | 6,601,980 | 5,204,384 | 6,151,117 |
Unallocated amounts [member] | |||
Disclosure of Reporting Segment [Line Items] | |||
Impairment loss on non-financial assets - unallocated | (4,051) | 0 | 0 |
Assets | 25,012 | 24,283 | 22,474 |
Equipment and leasehold improvements, net - unallocated | 6,686 | 7,420 | 8,549 |
Intangibles, net - unallocated | 1,633 | 5,425 | 2,909 |
Other assets - unallocated | 16,693 | 11,438 | 11,016 |
Liabilities | 13,615 | 20,551 | 18,352 |
Other Liabilities | $ 13,615 | $ 20,551 | $ 18,352 |
Business segment information _3
Business segment information (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | $ 127,589 | $ 138,313 | $ 167,974 | |
Non-current assets | [1] | 8,319 | 17,965 | 11,602 |
PANAMA | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 13,913 | 10,829 | 14,870 | |
Non-current assets | [1] | 6,520 | 15,934 | 9,346 |
MEXICO | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 14,577 | 17,451 | 21,197 | |
Non-current assets | [1] | 1,495 | 1,702 | 1,828 |
COLOMBIA | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 15,440 | 18,465 | 17,077 | |
Non-current assets | [1] | 7 | 16 | 23 |
BRAZIL | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 17,887 | 27,908 | 34,740 | |
Non-current assets | [1] | 126 | 88 | 90 |
COSTA RICA | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 11,115 | 11,814 | 9,752 | |
Non-current assets | [1] | 0 | 0 | 0 |
ECUADOR | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 10,414 | 9,545 | 7,229 | |
Non-current assets | [1] | 0 | 0 | 0 |
ARGENTINA | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 9,959 | 6,975 | 11,183 | |
Non-current assets | [1] | 37 | 33 | 51 |
Other [Member] | ||||
Disclosure of Reporting Segment [Line Items] | ||||
Revenue | 34,284 | 35,326 | 51,926 | |
Non-current assets | [1] | $ 134 | $ 192 | $ 264 |
[1] | Includes equipment and lesehold improvements, intangibles and investment properties. |
Business segment information _4
Business segment information (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Reporting Segment [Abstract] | |
Description of Percentage of Revenue that either of the segments had Exceeded | As of December 31, 2018, 2017, and 2016, respectively, the Bank has no customer, either individually or as group of companies, that represents more than 10% of the total revenues. |
Fair value of financial instr_3
Fair value of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | $ 21,798 | $ 16,733 | |||
Financial assets at fair value through profit or loss | 8,750 | 0 | |||
Securities and other financial assets | 123,598 | 95,484 | |||
Total derivative financial instrument -assets | 2,688 | 13,338 | |||
Total financial assets at fair value | 39,509 | 38,473 | |||
Total derivative financial instrument - liabilities | 34,043 | 34,943 | |||
Total financial liabilities at fair value | 34,043 | 34,943 | |||
Debt securities [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Financial assets at fair value through profit or loss | 8,750 | ||||
Level 1 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Securities and other financial assets | 0 | 25,135 | |||
Total derivative financial instrument -assets | 0 | 0 | |||
Total financial assets at fair value | 0 | 25,135 | |||
Total derivative financial instrument - liabilities | 0 | 0 | |||
Total financial liabilities at fair value | 0 | 0 | |||
Level 1 of fair value hierarchy [member] | Debt securities [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Financial assets at fair value through profit or loss | 0 | ||||
Level 2 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Securities and other financial assets | 28,071 | 0 | |||
Total derivative financial instrument -assets | 2,688 | 13,338 | |||
Total financial assets at fair value | 30,759 | 13,338 | |||
Total derivative financial instrument - liabilities | 34,043 | 34,943 | |||
Total financial liabilities at fair value | 34,043 | 34,943 | |||
Level 2 of fair value hierarchy [member] | Debt securities [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Financial assets at fair value through profit or loss | 0 | ||||
Level 3 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Securities and other financial assets | 8,750 | 0 | |||
Total derivative financial instrument -assets | 0 | 0 | |||
Total financial assets at fair value | 8,750 | 0 | |||
Total derivative financial instrument - liabilities | 0 | 0 | |||
Total financial liabilities at fair value | 0 | 0 | |||
Level 3 of fair value hierarchy [member] | Debt securities [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Financial assets at fair value through profit or loss | 8,750 | ||||
Interest rate swaps [Member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total derivative financial instrument -assets | 621 | 129 | |||
Total derivative financial instrument - liabilities | 9,410 | 4,789 | |||
Interest rate swaps [Member] | Level 1 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total derivative financial instrument -assets | 0 | 0 | |||
Total derivative financial instrument - liabilities | 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 -assets | 621 | 129 | |||
Total derivative financial instrument - liabilities | 9,410 | 4,789 | |||
Interest rate swaps [Member] | Level 3 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total derivative financial instrument -assets | 0 | 0 | |||
Total derivative financial instrument - liabilities | 0 | 0 | |||
Cross-currency interest rate swaps [Member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total derivative financial instrument -assets | 1,134 | 4,550 | |||
Total derivative financial instrument - liabilities | 17,378 | 30,154 | |||
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 -assets | 0 | 0 | |||
Total derivative financial instrument - liabilities | 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 -assets | 1,134 | 4,550 | |||
Total derivative financial instrument - liabilities | 17,378 | 30,154 | |||
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 -assets | 0 | 0 | |||
Total derivative financial instrument - liabilities | 0 | 0 | |||
Foreign exchange forward [Member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total derivative financial instrument -assets | 933 | 8,659 | |||
Total derivative financial instrument - liabilities | 7,255 | ||||
Foreign exchange forward [Member] | Level 1 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total derivative financial instrument -assets | 0 | 0 | |||
Total derivative financial instrument - liabilities | 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 -assets | 933 | 8,659 | |||
Total derivative financial instrument - liabilities | 7,255 | ||||
Foreign exchange forward [Member] | Level 3 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total derivative financial instrument -assets | 0 | 0 | |||
Total derivative financial instrument - liabilities | 0 | ||||
Corporate debt [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | [1] | 6,157 | |||
Corporate debt [member] | Level 1 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | [1] | 0 | |||
Corporate debt [member] | Level 2 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | [1] | 6,157 | |||
Corporate debt [member] | Level 3 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | [1] | 0 | |||
Sovereign debt [Member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | 15,641 | [1] | 16,733 | [2] | |
Sovereign debt [Member] | Level 1 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | 0 | [1] | 16,733 | [2] | |
Sovereign debt [Member] | Level 2 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | 15,641 | [1] | 0 | [2] | |
Sovereign debt [Member] | Level 3 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | 0 | [1] | 0 | [2] | |
Equity investments [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | 6,273 | [1] | 8,402 | ||
Equity investments [member] | Level 1 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | 0 | [1] | 8,402 | ||
Equity investments [member] | Level 2 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | 6,273 | [1] | 0 | ||
Equity investments [member] | Level 3 of fair value hierarchy [member] | |||||
Disclosure of Fair value of financial instruments [Line Items] | |||||
Total other financial assets | $ 0 | [1] | $ 0 | ||
[1] | At December 31, 2018, investment securities and equity instrument at FVOCI for $21.8 million and $6.3 million, respectively; were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. | ||||
[2] | At December 31, 2017, securities at FVOCI with a carrying amount of $3.0 million were reclassified from level 2 to level 1 of the fair value hierarchy, due to an upgrade valuation of Bloomberg “BVAL” from 7 to 10 during 2017. |
Fair value of financial instr_4
Fair value of financial instruments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||||||
Cash and deposits on banks | $ 1,745,652 | $ 672,048 | ||||
Securities at amortized cost | [2] | 86,326 | [1] | 69,974 | ||
Loans, net | [3] | 5,702,258 | 5,448,788 | |||
Customers' liabilities under acceptances | 9,696 | 6,369 | ||||
Deposits | 2,982,976 | 2,937,105 | ||||
Securities sold under repurchase agreements | 39,767 | 0 | ||||
Borrowings and debt, net | 3,518,446 | 2,211,567 | $ 3,246,813 | $ 4,312,170 | ||
Customers' liabilities under acceptances | 9,696 | 6,369 | ||||
Allowance for expected credit losses on loan commitments and financial guarantee contracts | 3,289 | 6,845 | ||||
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 deposits on banks | 1,745,652 | 672,048 | ||||
Securities at amortized cost | [2] | 85,036 | [1] | 69,006 | ||
Loans, net | [3] | 5,958,540 | 5,550,704 | |||
Customers' liabilities under acceptances | 9,696 | 6,369 | ||||
Deposits | 2,970,822 | 2,928,844 | ||||
Securities sold under repurchase agreements | 39,767 | |||||
Borrowings and debt, net | 3,558,763 | 2,231,017 | ||||
Customers' liabilities under acceptances | 9,696 | 6,369 | ||||
Allowance for expected credit losses on loan commitments and financial guarantee contracts | 3,289 | 6,845 | ||||
Level 1 of fair value hierarchy [member] | ||||||
Disclosure of Fair value of financial instruments [Line Items] | ||||||
Customers' liabilities under acceptances | 0 | 0 | ||||
Securities sold under repurchase agreements | 0 | |||||
Borrowings and debt, net | 0 | 0 | ||||
Customers' liabilities under acceptances | 0 | 0 | ||||
Allowance for expected credit losses on loan commitments and financial guarantee contracts | 0 | 0 | ||||
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 deposits on banks | 0 | 0 | ||||
Securities at amortized cost | [2] | 0 | [1] | 50,581 | ||
Loans, net | [3] | 0 | 0 | |||
Deposits | 0 | 0 | ||||
Level 2 of fair value hierarchy [member] | ||||||
Disclosure of Fair value of financial instruments [Line Items] | ||||||
Customers' liabilities under acceptances | 9,696 | 6,369 | ||||
Securities sold under repurchase agreements | 39,767 | |||||
Borrowings and debt, net | 3,558,763 | 2,231,017 | ||||
Customers' liabilities under acceptances | 9,696 | 6,369 | ||||
Allowance for expected credit losses on loan commitments and financial guarantee contracts | 3,289 | 6,845 | ||||
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 deposits on banks | 1,745,652 | 672,048 | ||||
Securities at amortized cost | [2] | 73,869 | [1] | 8,447 | ||
Loans, net | [3] | 5,884,527 | 5,550,704 | |||
Deposits | 2,970,822 | 2,928,844 | ||||
Level 3 of fair value hierarchy [member] | ||||||
Disclosure of Fair value of financial instruments [Line Items] | ||||||
Customers' liabilities under acceptances | 0 | 0 | ||||
Securities sold under repurchase agreements | 0 | |||||
Borrowings and debt, net | 0 | 0 | ||||
Customers' liabilities under acceptances | 0 | 0 | ||||
Allowance for expected credit losses on loan commitments and financial guarantee contracts | 0 | 0 | ||||
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 deposits on banks | 0 | 0 | ||||
Securities at amortized cost | [2] | 11,167 | [1] | 9,978 | ||
Loans, net | [3] | 74,013 | 0 | |||
Deposits | $ 0 | $ 0 | ||||
[1] | At December 31, 2018, investment securities at amortized cost were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. | |||||
[2] | The carrying value of securities at amortized cost is net of the accrued interest receivable of $1.1 million and the allowance for expected credit losses of $0.1 million as of December 31, 2018, and the accrued interest receivable of $1.0 million and the allowance for expected credit losses $0.2 million as of December 31, 2017. | |||||
[3] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Fair value of financial instr_5
Fair value of financial instruments (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of Fair value of financial instruments [Line Items] | |
Carrying amount | $ 6,267,747 |
Carrying amount | 7,609,185 |
Level 3 of fair value hierarchy [member] | |
Disclosure of Fair value of financial instruments [Line Items] | |
Carrying amount | 0 |
Origination | 8,750 |
Carrying amount | $ 8,750 |
Fair value of financial instr_6
Fair value of financial instruments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through profit or loss | $ 8,750 | $ 0 |
Discount rate used in current estimate of value in use | 18.28% | |
Probability of default, significant unobservable inputs, assets | 45.00% | |
Description of valuation techniques used in fair value measurement, assets | Discounted cash flows | |
Description of inputs used in fair value measurement, assets | Discount rate Premiun or liquidity rate | |
Discounted cash flow [member] | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Description of sensitivity of fair value measurement to changes in unobservable inputs, assets | Significant increases would lead to a lower fair value | |
Discounted cash flow [member] | Level 3 of fair value hierarchy [member] | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through profit or loss | $ 8,750 | |
Liquidity [Member] | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Description of sensitivity of fair value measurement to changes in unobservable inputs, assets | Significant increases would lead to a lower fair value |
Fair value of financial instr_7
Fair value of financial instruments (Details 4) - Other assets [member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | [1] | |
Negative effect | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ (659) | |
Positive effect | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Increase in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ 714 | |
[1] | Changes in +100 bps in the unobservable variables. |
Fair value of financial instr_8
Fair value of financial instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Fair value of financial instruments [Line Items] | ||||
Allowance for loans losses | $ 100,785 | $ 81,294 | $ 105,988 | |
Unearned interest and deferred fees | (16,525) | (4,985) | ||
Financial assets at fair value through other comprehensive income | 21,798 | 16,733 | ||
Interest receivable | 41,144 | 29,409 | ||
Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Non-current financial assets at fair value through other comprehensive income | 3,000 | |||
Securities [Member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Allowance for loans losses | 100 | 200 | ||
Interest receivable | 1,100 | 1,000 | ||
Securities [Member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 21,800 | |||
Equity investments [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 6,273 | [1] | 8,402 | |
Equity investments [member] | Level 2 of fair value hierarchy [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Financial assets at fair value through other comprehensive income | $ 6,273 | [1] | $ 0 | |
[1] | At December 31, 2018, investment securities and equity instrument at FVOCI for $21.8 million and $6.3 million, respectively; were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets [Abstract] | ||||
Loans | [1] | $ 5,702,258 | $ 5,448,788 | |
Allowance for loans losses | (100,785) | (81,294) | $ (105,988) | |
Securities at fair value through other comprehensive income | 21,798 | 16,733 | ||
Assets | 7,609,185 | 6,267,747 | 7,180,783 | |
Liabilities | ||||
Demand deposits | 211,381 | 82,064 | ||
Time deposits | 2,759,441 | 2,846,780 | ||
Liabilities | 6,615,595 | 5,224,935 | $ 6,169,469 | |
Related parties [member] | ||||
Assets [Abstract] | ||||
Demand Deposits | 5,179 | 1,809 | ||
Loans | 202,578 | 83,031 | ||
Allowance for loans losses | (1,837) | (204) | ||
Securities at fair value through other comprehensive income | 2,887 | 2,954 | ||
Assets | 208,807 | 87,590 | ||
Liabilities | ||||
Demand deposits | 200,000 | 50,000 | ||
Time deposits | 40,000 | 190,000 | ||
Liabilities | $ 240,000 | $ 240,000 | ||
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Related party transactions (D_2
Related party transactions (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income [Abstract] | |||
Loans | $ 239,976 | $ 213,326 | $ 236,392 |
Interest income | 258,490 | 226,079 | 245,898 |
Securities at amortized cost | 85,601 | 63,417 | 70,558 |
Interest Expenses [Abstract] | |||
Deposits | (63,146) | (42,847) | (20,131) |
Total interest expense | (148,747) | (106,264) | (90,689) |
Net interest income | 109,743 | 119,815 | 155,209 |
Other income expense [Abstract] | |||
Fees and commissions, net | 17,185 | 17,514 | 14,306 |
Total other income, net | 17,846 | 18,498 | 12,765 |
Operating Expense [Abstract] | |||
Other expenses | (18,471) | (16,806) | (18,532) |
Total operating expenses | (48,918) | (46,875) | (45,814) |
Net income from related parties | 11,138 | 81,999 | $ 87,045 |
Related parties [member] | |||
Interest income [Abstract] | |||
Loans | 2,751 | 985 | |
Interest income | 2,751 | 985 | |
Interest Expenses [Abstract] | |||
Deposits | (984) | (530) | |
Total interest expense | (984) | (530) | |
Net interest income | 1,767 | 455 | |
Other income expense [Abstract] | |||
Fees and commissions, net | 1 | 0 | |
Gain on financial instruments, net | 41 | 0 | |
Other income, net | 1 | 0 | |
Total other income, net | 43 | 0 | |
Operating Expense [Abstract] | |||
Other expenses | (2,287) | (2,149) | |
Total operating expenses | (2,287) | (2,149) | |
Net income from related parties | $ (477) | $ (1,694) |
Related party transactions (D_3
Related party transactions (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of related party [Abstract] | |||
Compensation costs paid to directors | $ 2,331 | $ 2,581 | $ 2,428 |
Compensation costs paid to executives | $ 4,943 | $ 3,299 | $ 5,601 |
Salaries and other employee e_3
Salaries and other employee expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of employee benefits [Abstract] | |||
Wages and salaries | $ 18,487 | $ 16,191 | $ 16,132 |
Payroll Taxes | 2,120 | 2,629 | 2,244 |
Personnel benefits | 6,732 | 8,644 | 5,231 |
Share-based payments | 650 | 189 | 1,589 |
Total | $ 27,989 | $ 27,653 | $ 25,196 |
Other expenses (Details)
Other expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other operating expense [Abstract] | |||
Advertising and marketing | $ 337 | $ 683 | $ 785 |
Regulatory Fees | 1,246 | 977 | 1,348 |
Rental - office premises and equipment | 2,913 | 2,394 | 2,681 |
Administrative | 6,391 | 6,846 | 7,468 |
Professional services | 4,293 | 3,911 | 4,255 |
Maintenance and repairs | 2,912 | 1,673 | 1,866 |
Other | 379 | 322 | 129 |
Total | $ 18,471 | $ 16,806 | $ 18,532 |
Commitments and contingencies_2
Commitments and contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | $ 16,790 | $ 18,155 | $ 19,984 |
Within 1 year | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | 2,120 | 2,006 | 1,984 |
After 1 year but not more than 5 years | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | 7,734 | 7,335 | 7,362 |
More than 5 years | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments payable under cancellable operating lease | $ 6,936 | $ 8,814 | $ 10,638 |
Commitments and contingencies_3
Commitments and contingencies (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments receivable under cancellable operating lease | $ 243 | $ 543 | $ 935 |
Within 1 year | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments receivable under cancellable operating lease | 243 | 300 | 289 |
After 1 year but not more than 5 years | |||
Disclosure of Commitments and contingencies [Line Items] | |||
Minimum lease payments receivable under cancellable operating lease | $ 0 | $ 243 | $ 646 |
Commitments and contingencies_4
Commitments and contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of commitments and contingent liabilities [Abstract] | |||
Minimum operating lease payments recognised as expense | $ 2,400 | $ 2,300 | $ 2,600 |
Operating lease income | $ 323 | $ 275 | $ 436 |
Risk management (Details)
Risk management (Details) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Central [Member] | 2018 [Member] | |||||
Gross Domestic Product Growth Rate | 1.20% | ||||
ComEX Growth Rate | 8.20% | ||||
Commodities Price Index | 136.4 | ||||
Interest Rate FED Rate | 2.40% | ||||
Currency Index | 94.6 | ||||
PMI Index | 51 | ||||
Central [Member] | 2019 [Member] | |||||
Gross Domestic Product Growth Rate | 2.20% | ||||
ComEX Growth Rate | 4.60% | ||||
Commodities Price Index | 134.6 | ||||
Interest Rate FED Rate | 3.00% | ||||
Currency Index | 99 | ||||
PMI Index | 50.5 | ||||
Central [Member] | 2020 [Member] | |||||
Gross Domestic Product Growth Rate | 2.70% | ||||
ComEX Growth Rate | 4.40% | ||||
Commodities Price Index | 130.7 | ||||
Interest Rate FED Rate | 3.10% | ||||
Currency Index | 101.5 | ||||
PMI Index | 50.4 | ||||
Central [Member] | 2021 [Member] | |||||
Gross Domestic Product Growth Rate | 2.70% | ||||
ComEX Growth Rate | 6.80% | ||||
Commodities Price Index | 128 | ||||
Interest Rate FED Rate | 3.60% | ||||
Currency Index | 103.5 | ||||
PMI Index | 50.3 | ||||
Central [Member] | 2022 [Member] | |||||
Gross Domestic Product Growth Rate | 2.80% | ||||
ComEX Growth Rate | 6.90% | ||||
Commodities Price Index | 126.1 | ||||
Interest Rate FED Rate | 4.30% | ||||
Currency Index | 105.6 | ||||
PMI Index | 50.1 | ||||
Upside [Member] | 2018 [Member] | |||||
Gross Domestic Product Growth Rate | 2.70% | ||||
ComEX Growth Rate | 11.80% | ||||
Commodities Price Index | 152.5 | ||||
Interest Rate FED Rate | 2.10% | ||||
Currency Index | 90.6 | ||||
PMI Index | 53.3 | ||||
Upside [Member] | 2019 [Member] | |||||
Gross Domestic Product Growth Rate | 3.50% | ||||
ComEX Growth Rate | 9.60% | ||||
Commodities Price Index | 149.8 | ||||
Interest Rate FED Rate | 2.70% | ||||
Currency Index | 95 | ||||
PMI Index | 54.5 | ||||
Upside [Member] | 2020 [Member] | |||||
Gross Domestic Product Growth Rate | 3.60% | ||||
ComEX Growth Rate | 10.20% | ||||
Commodities Price Index | 148.2 | ||||
Interest Rate FED Rate | 2.80% | ||||
Currency Index | 97.5 | ||||
PMI Index | 55.2 | ||||
Upside [Member] | 2021 [Member] | |||||
Gross Domestic Product Growth Rate | 3.80% | ||||
ComEX Growth Rate | 10.50% | ||||
Commodities Price Index | 148.7 | ||||
Interest Rate FED Rate | 3.40% | ||||
Currency Index | 99.5 | ||||
PMI Index | 55.7 | ||||
Upside [Member] | 2022 [Member] | |||||
Gross Domestic Product Growth Rate | 3.80% | ||||
ComEX Growth Rate | 10.60% | ||||
Commodities Price Index | 151 | ||||
Interest Rate FED Rate | 4.00% | ||||
Currency Index | 101.6 | ||||
PMI Index | 56.1 | ||||
Downside [Member] | 2018 [Member] | |||||
Gross Domestic Product Growth Rate | 0.40% | ||||
ComEX Growth Rate | 4.10% | ||||
Commodities Price Index | 109.3 | ||||
Interest Rate FED Rate | 2.60% | ||||
Currency Index | 98.6 | ||||
PMI Index | 50.1 | ||||
Downside [Member] | 2019 [Member] | |||||
Gross Domestic Product Growth Rate | 1.10% | ||||
ComEX Growth Rate | 1.80% | ||||
Commodities Price Index | 103 | ||||
Interest Rate FED Rate | 3.20% | ||||
Currency Index | 103 | ||||
PMI Index | 48.9 | ||||
Downside [Member] | 2020 [Member] | |||||
Gross Domestic Product Growth Rate | 1.30% | ||||
ComEX Growth Rate | 2.50% | ||||
Commodities Price Index | 97.8 | ||||
Interest Rate FED Rate | 3.30% | ||||
Currency Index | 105.5 | ||||
PMI Index | 48.4 | ||||
Downside [Member] | 2021 [Member] | |||||
Gross Domestic Product Growth Rate | 1.40% | ||||
ComEX Growth Rate | 2.70% | ||||
Commodities Price Index | 94.2 | ||||
Interest Rate FED Rate | 3.90% | ||||
Currency Index | 107.5 | ||||
PMI Index | 48 | ||||
Downside [Member] | 2022 [Member] | |||||
Gross Domestic Product Growth Rate | 1.50% | ||||
ComEX Growth Rate | 2.80% | ||||
Commodities Price Index | 91.9 | ||||
Interest Rate FED Rate | 4.50% | ||||
Currency Index | 109.6 | ||||
PMI Index | 47.7 |
Risk management (Details 1)
Risk management (Details 1) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | $ 1,706 | $ 619 |
UNITED STATES | ||
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | 1,650 | 612 |
Other O.E.C.D. [Member] | ||
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | 50 | 0 |
Latin America [Member] | ||
Statement of financial risk management [Line Items] | ||
Financial assets held for managing liquidity risk | $ 6 | $ 7 |
Risk management (Details 2)
Risk management (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||||
Cash and cash equivalent | $ 1,745,652 | $ 672,048 | |||
Securities and other financial assets, net | 123,598 | 95,484 | |||
Loans, net | [1] | 5,702,258 | 5,448,788 | ||
Derivative financial instruments - assets | 2,688 | 13,338 | |||
Total | 7,609,185 | 6,267,747 | $ 7,180,783 | ||
Liabilities | |||||
Borrowings and debt, net | (3,518,446) | (2,211,567) | (3,246,813) | $ (4,312,170) | |
Derivative financial instruments – liabilities | 34,043 | 34,943 | |||
Total | (6,615,595) | (5,224,935) | $ (6,169,469) | ||
Liquidity risk [member] | |||||
Assets | |||||
Cash and cash equivalent | 1,745,652 | 672,048 | |||
Securities and other financial assets, net | 123,598 | 95,484 | |||
Loans, net | 5,702,258 | 5,448,788 | |||
Derivative financial instruments - assets | 2,688 | 13,338 | |||
Total | 7,574,196 | 6,229,658 | |||
Liabilities | |||||
Deposits | (2,982,976) | (2,937,105) | |||
Securities sold under repurchase agreements | (39,767) | 0 | |||
Borrowings and debt, net | (3,532,209) | (2,219,122) | |||
Derivative financial instruments – liabilities | (34,043) | (34,943) | |||
Total | (6,588,995) | (5,191,170) | |||
Confirmed letters of credit | 218,988 | 273,449 | |||
Stand-by letters of credit and guaranteed - Commercial risk | 179,756 | 168,976 | |||
Credit commitments | 103,143 | 45,578 | |||
Total Contingencies | 501,886 | 488,003 | |||
Net position | 483,315 | 550,486 | |||
Up to 3 months [member] | Liquidity risk [member] | |||||
Assets | |||||
Cash and cash equivalent | 1,745,671 | 672,048 | |||
Securities and other financial assets, net | 14,870 | 2,431 | |||
Loans, net | 1,873,995 | 2,007,222 | |||
Derivative financial instruments - assets | (2,104) | 3,624 | |||
Total | 3,632,432 | 2,685,325 | |||
Liabilities | |||||
Deposits | (2,515,096) | (2,331,137) | |||
Securities sold under repurchase agreements | (11,604) | 0 | |||
Borrowings and debt, net | (956,634) | (788,085) | |||
Derivative financial instruments – liabilities | (4,421) | (4,421) | |||
Total | (3,487,755) | (3,123,643) | |||
Confirmed letters of credit | 75,720 | 169,042 | |||
Stand-by letters of credit and guaranteed - Commercial risk | 75,273 | 18,687 | |||
Credit commitments | 36,000 | 0 | |||
Total Contingencies | 186,993 | 187,729 | |||
Net position | (42,316) | (626,047) | |||
3 to 6 months [member] | Liquidity risk [member] | |||||
Assets | |||||
Cash and cash equivalent | 0 | 0 | |||
Securities and other financial assets, net | 5,152 | 7,556 | |||
Loans, net | 1,434,229 | 1,293,249 | |||
Derivative financial instruments - assets | 19 | 652 | |||
Total | 1,439,400 | 1,301,457 | |||
Liabilities | |||||
Deposits | (291,804) | (310,128) | |||
Securities sold under repurchase agreements | 0 | 0 | |||
Borrowings and debt, net | (402,871) | (143,589) | |||
Derivative financial instruments – liabilities | (8,516) | (8,516) | |||
Total | (703,191) | (462,233) | |||
Confirmed letters of credit | 141,985 | 101,403 | |||
Stand-by letters of credit and guaranteed - Commercial risk | 31,107 | 72,080 | |||
Credit commitments | 0 | 15,000 | |||
Total Contingencies | 173,092 | 188,483 | |||
Net position | 563,117 | 650,741 | |||
6 months to 1 year [member] | Liquidity risk [member] | |||||
Assets | |||||
Cash and cash equivalent | 0 | 0 | |||
Securities and other financial assets, net | 21,702 | 4,009 | |||
Loans, net | 972,201 | 1,081,319 | |||
Derivative financial instruments - assets | 78 | 5,134 | |||
Total | 993,981 | 1,090,462 | |||
Liabilities | |||||
Deposits | (184,360) | (199,423) | |||
Securities sold under repurchase agreements | (28,873) | 0 | |||
Borrowings and debt, net | (958,442) | (297,373) | |||
Derivative financial instruments – liabilities | (3,946) | (3,946) | |||
Total | (1,175,621) | (500,742) | |||
Confirmed letters of credit | 1,283 | 3,004 | |||
Stand-by letters of credit and guaranteed - Commercial risk | 73,176 | 77,952 | |||
Credit commitments | 0 | 0 | |||
Total Contingencies | 74,458 | 80,956 | |||
Net position | (256,098) | 508,765 | |||
1 to 5 years [member] | Liquidity risk [member] | |||||
Assets | |||||
Cash and cash equivalent | 0 | 0 | |||
Securities and other financial assets, net | 69,802 | 79,398 | |||
Loans, net | 1,611,558 | 1,176,532 | |||
Derivative financial instruments - assets | 1,111 | 3,090 | |||
Total | 1,682,471 | 1,259,020 | |||
Liabilities | |||||
Deposits | 0 | (102,107) | |||
Securities sold under repurchase agreements | 0 | 0 | |||
Borrowings and debt, net | (1,281,454) | (1,013,083) | |||
Derivative financial instruments – liabilities | (8,634) | (8,634) | |||
Total | (1,290,088) | (1,123,824) | |||
Confirmed letters of credit | 0 | 0 | |||
Stand-by letters of credit and guaranteed - Commercial risk | 200 | 257 | |||
Credit commitments | 67,143 | 30,000 | |||
Total Contingencies | 67,343 | 30,257 | |||
Net position | 325,040 | 104,939 | |||
More than 5 years [member] | Liquidity risk [member] | |||||
Assets | |||||
Cash and cash equivalent | 0 | 0 | |||
Securities and other financial assets, net | 13,993 | 0 | |||
Loans, net | 19,785 | 21,387 | |||
Derivative financial instruments - assets | 0 | 838 | |||
Total | 33,778 | 22,225 | |||
Liabilities | |||||
Deposits | 0 | 0 | |||
Securities sold under repurchase agreements | 0 | 0 | |||
Borrowings and debt, net | (68,464) | (76,078) | |||
Derivative financial instruments – liabilities | (3,260) | (3,260) | |||
Total | (71,724) | (79,338) | |||
Confirmed letters of credit | 0 | 0 | |||
Stand-by letters of credit and guaranteed - Commercial risk | 0 | 0 | |||
Credit commitments | 0 | 578 | |||
Total Contingencies | 0 | 578 | |||
Net position | (37,946) | (57,691) | |||
Without Maturity [Member] | Liquidity risk [member] | |||||
Assets | |||||
Cash and cash equivalent | 1,745,671 | 672,048 | |||
Securities and other financial assets, net | 125,519 | 93,394 | |||
Loans, net | 5,911,768 | 5,579,709 | |||
Derivative financial instruments - assets | (896) | 13,338 | |||
Total | 7,782,062 | 6,358,489 | |||
Liabilities | |||||
Deposits | (2,991,260) | (2,942,795) | |||
Securities sold under repurchase agreements | (40,477) | 0 | |||
Borrowings and debt, net | (3,667,865) | (2,318,208) | |||
Derivative financial instruments – liabilities | (28,777) | (28,777) | |||
Total | (6,728,379) | (5,289,780) | |||
Confirmed letters of credit | 218,988 | 273,449 | |||
Stand-by letters of credit and guaranteed - Commercial risk | 179,756 | 168,976 | |||
Credit commitments | 103,143 | 45,578 | |||
Total Contingencies | 501,886 | 488,003 | |||
Net position | $ 551,797 | $ 580,706 | |||
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Risk management (Details 3)
Risk management (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary quantitative data about entitys exposure to risk [Abstract] | ||
Change in interest rate, Increase | +200 bps | +200 bps |
Change in interest rate, Decrease | -200 bps | -200 bps |
Effect on income, Increase | $ 5,881 | $ 16,945 |
Effect on income,Decrease | (5,298) | (16,674) |
Effect on equity, Increase | 20,508 | 19,025 |
Effect on equity, Decrease | $ (20,508) | $ (19,025) |
Risk management (Details 4)
Risk management (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Assets | ||||||
Securities and other financial assets | $ 123,598 | $ 95,484 | ||||
Securities at amortized cost | [2] | 86,326 | [1] | 69,974 | ||
Loans | [3] | 5,702,258 | 5,448,788 | |||
Liabilities | ||||||
Deposits | (2,982,976) | (2,937,105) | ||||
Borrowings and debt | (3,518,446) | (2,211,567) | $ (3,246,813) | $ (4,312,170) | ||
1 to 5 years [member] | ||||||
Assets | ||||||
Securities at amortized cost | 8,084 | 16,962 | ||||
More than 5 years [member] | ||||||
Assets | ||||||
Securities at amortized cost | 5,926 | 0 | ||||
Interest Rate Risk [Member] | ||||||
Assets | ||||||
Time deposit | 50,000 | |||||
Securities and other financial assets | 107,124 | 85,864 | ||||
Securities at FVOCI | 21,798 | 17,811 | ||||
Securities at amortized cost | 85,326 | 68,053 | ||||
Loans | 5,778,424 | 5,505,658 | ||||
Total assets | 5,935,548 | 5,591,522 | ||||
Liabilities | ||||||
Deposits | (2,759,441) | (2,846,780) | ||||
Securities sold under repurchase agreements | (39,767) | |||||
Borrowings and debt | (3,518,446) | (2,211,567) | ||||
Total liabilities | (6,317,654) | (5,058,347) | ||||
Net Effect of Derivative Financial Instruments Held for Interest Risk Management | (22,889) | (38,169) | ||||
Total interest rate sensibility | (404,995) | 495,006 | ||||
Interest Rate Risk [Member] | Up to 3 months [member] | ||||||
Assets | ||||||
Time deposit | 50,000 | |||||
Securities and other financial assets | 12,833 | 706 | ||||
Securities at FVOCI | 0 | 6 | ||||
Securities at amortized cost | 12,833 | 700 | ||||
Loans | 4,002,558 | 4,067,639 | ||||
Total assets | 4,065,392 | 4,068,345 | ||||
Liabilities | ||||||
Deposits | (2,292,696) | (2,242,220) | ||||
Securities sold under repurchase agreements | (11,535) | |||||
Borrowings and debt | (2,827,219) | (1,585,145) | ||||
Total liabilities | (5,131,450) | (3,827,365) | ||||
Net Effect of Derivative Financial Instruments Held for Interest Risk Management | (139,362) | (114,739) | ||||
Total interest rate sensibility | (1,205,420) | 126,241 | ||||
Interest Rate Risk [Member] | 3 to 6 months [member] | ||||||
Assets | ||||||
Time deposit | 0 | |||||
Securities and other financial assets | 3,279 | 281 | ||||
Securities at FVOCI | 0 | 2 | ||||
Securities at amortized cost | 3,279 | 279 | ||||
Loans | 1,259,088 | 952,542 | ||||
Total assets | 1,262,367 | 952,823 | ||||
Liabilities | ||||||
Deposits | (285,492) | (305,415) | ||||
Securities sold under repurchase agreements | 0 | |||||
Borrowings and debt | (142,799) | (2,538) | ||||
Total liabilities | (428,291) | (307,953) | ||||
Net Effect of Derivative Financial Instruments Held for Interest Risk Management | 58,748 | (134,540) | ||||
Total interest rate sensibility | 892,824 | 510,330 | ||||
Interest Rate Risk [Member] | 6 months to 1 year [member] | ||||||
Assets | ||||||
Time deposit | 0 | |||||
Securities and other financial assets | 20,181 | 7,056 | ||||
Securities at FVOCI | 7,743 | 57 | ||||
Securities at amortized cost | 12,439 | 6,999 | ||||
Loans | 331,875 | 301,334 | ||||
Total assets | 352,056 | 308,390 | ||||
Liabilities | ||||||
Deposits | (181,253) | (197,060) | ||||
Securities sold under repurchase agreements | (28,232) | |||||
Borrowings and debt | (78,572) | (85,232) | ||||
Total liabilities | (288,057) | (282,292) | ||||
Net Effect of Derivative Financial Instruments Held for Interest Risk Management | (159,500) | (193,623) | ||||
Total interest rate sensibility | (95,500) | (167,525) | ||||
Interest Rate Risk [Member] | 1 to 5 years [member] | ||||||
Assets | ||||||
Time deposit | 0 | |||||
Securities and other financial assets | 64,673 | 77,821 | ||||
Securities at FVOCI | 7,898 | 17,746 | ||||
Securities at amortized cost | 56,775 | 60,075 | ||||
Loans | 177,301 | 173,550 | ||||
Total assets | 241,974 | 251,371 | ||||
Liabilities | ||||||
Deposits | 0 | (102,085) | ||||
Securities sold under repurchase agreements | 0 | |||||
Borrowings and debt | (409,541) | (482,814) | ||||
Total liabilities | (409,541) | (584,899) | ||||
Net Effect of Derivative Financial Instruments Held for Interest Risk Management | 160,037 | 344,683 | ||||
Total interest rate sensibility | (7,530) | 11,155 | ||||
Interest Rate Risk [Member] | More than 5 years [member] | ||||||
Assets | ||||||
Time deposit | 0 | |||||
Securities and other financial assets | 6,157 | 0 | ||||
Securities at FVOCI | 6,157 | 0 | ||||
Securities at amortized cost | 0 | 0 | ||||
Loans | 7,602 | 10,593 | ||||
Total assets | 13,759 | 10,593 | ||||
Liabilities | ||||||
Deposits | 0 | 0 | ||||
Securities sold under repurchase agreements | 0 | |||||
Borrowings and debt | (60,315) | (55,838) | ||||
Total liabilities | (60,315) | (55,838) | ||||
Net Effect of Derivative Financial Instruments Held for Interest Risk Management | 57,188 | 60,050 | ||||
Total interest rate sensibility | $ 10,632 | $ 14,805 | ||||
[1] | At December 31, 2018, investment securities at amortized cost were reclassified from level 1 to level 2 of the fair value hierarchy due to changes in market conditions causing that the quoted prices were no longer active for these financial instruments. | |||||
[2] | The carrying value of securities at amortized cost is net of the accrued interest receivable of $1.1 million and the allowance for expected credit losses of $0.1 million as of December 31, 2018, and the accrued interest receivable of $1.0 million and the allowance for expected credit losses $0.2 million as of December 31, 2017. | |||||
[3] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. |
Risk management (Details 5)
Risk management (Details 5) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Assets | |||||
Cash and cash equivalents | $ 1,745,652 | $ 672,048 | |||
Loans | [1] | 5,702,258 | 5,448,788 | ||
Total assets | 7,609,185 | 6,267,747 | $ 7,180,783 | ||
Liabilities | |||||
Borrowings and debt | (3,518,446) | (2,211,567) | (3,246,813) | $ (4,312,170) | |
Total liabilities | $ (6,615,595) | $ (5,224,935) | $ (6,169,469) | ||
Currency risk [member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 0 | 0 | |||
Assets | |||||
Cash and cash equivalents | $ 919 | $ 628 | |||
Securities and other financial assets | 168 | ||||
Loans | 173,953 | 143,182 | |||
Total assets | 174,872 | 143,978 | |||
Liabilities | |||||
Borrowings and debt | (173,577) | (143,661) | |||
Total liabilities | (173,577) | (143,661) | |||
Net currency position | $ 1,295 | $ 317 | |||
Currency risk [member] | Brazilian Real [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 3.87 | 3.31 | |||
Assets | |||||
Cash and cash equivalents | $ 291 | $ 87 | |||
Securities and other financial assets | 168 | ||||
Loans | 0 | 0 | |||
Total assets | 291 | 255 | |||
Liabilities | |||||
Borrowings and debt | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Net currency position | $ 291 | $ 255 | |||
Currency risk [member] | European Euro [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 1.14 | 1.20 | |||
Assets | |||||
Cash and cash equivalents | $ 16 | $ 2 | |||
Securities and other financial assets | 0 | ||||
Loans | 0 | 0 | |||
Total assets | 16 | 2 | |||
Liabilities | |||||
Borrowings and debt | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Net currency position | $ 16 | $ 2 | |||
Currency risk [member] | Japanese Yen [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 109.98 | 112.66 | |||
Assets | |||||
Cash and cash equivalents | $ 1 | $ 4 | |||
Securities and other financial assets | 0 | ||||
Loans | 0 | 0 | |||
Total assets | 1 | 4 | |||
Liabilities | |||||
Borrowings and debt | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Net currency position | $ 1 | $ 4 | |||
Currency risk [member] | Colombian Peso [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 3,253 | 2,985.78 | |||
Assets | |||||
Cash and cash equivalents | $ 62 | $ 91 | |||
Securities and other financial assets | 0 | ||||
Loans | 0 | 0 | |||
Total assets | 62 | 91 | |||
Liabilities | |||||
Borrowings and debt | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Net currency position | $ 62 | $ 91 | |||
Currency risk [member] | Mexican Peso [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | 19.66 | 19.67 | |||
Assets | |||||
Cash and cash equivalents | $ 505 | $ 369 | |||
Securities and other financial assets | 0 | ||||
Loans | 173,953 | 143,182 | |||
Total assets | 174,458 | 143,551 | |||
Liabilities | |||||
Borrowings and debt | (173,577) | (143,661) | |||
Total liabilities | (173,577) | (143,661) | |||
Net currency position | $ 881 | $ (110) | |||
Currency risk [member] | Other currencies [Member] | |||||
Statement of financial risk management [Line Items] | |||||
Exchange rate | [2] | 0 | 0 | ||
Assets | |||||
Cash and cash equivalents | [2] | $ 44 | $ 75 | ||
Securities and other financial assets | [2] | 0 | |||
Loans | [2] | 0 | 0 | ||
Total assets | [2] | 44 | 75 | ||
Liabilities | |||||
Borrowings and debt | [2] | 0 | 0 | ||
Total liabilities | [2] | 0 | 0 | ||
Net currency position | [2] | $ 44 | $ 75 | ||
[1] | The carrying value of loans at amortized cost is net of the accrued interest receivable of $41.1 million, the allowance for expected credit losses of $100.8 million and unearned interest and deferred fees of $16.5 million for December 31, 2018, and the accrued interest receivable of $29.4 million, the allowance for expected credit losses of $81.3 million and unearned interest and deferred fees of $5.0 million for December 31, 2017. | ||||
[2] | It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound, Peruvian soles and Renminbi. |
Risk management (Details Textua
Risk management (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of financial risk management [Line Items] | ||
Deposits from customers | $ 2,982,976 | $ 2,937,105 |
Deposits From Customers To Total Deposits Percentage | 24.00% | 16.00% |
Financial assets held for managing liquidity risk | $ 1,706,000 | $ 619,000 |
Liquid Assets To Total Deposits Percentage | 57.00% | 21.00% |
Financial assets held for managing liquidity risk deposited in bank | $ 1,648,000 | $ 609,000 |
Financial assets held for managing liquidity risk Percentage deposited in bank | 97.00% | 98.00% |
Customers' liabilities under acceptances | $ 9,696 | $ 6,369 |
Percentage of Coverage Ratio | 8.00% | 7.00% |
Percentage of Credit Loss Occurrence | 95.00% | |
Medium Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Loans and advances to customers,remaining maruity term | 0 days | 0 days |
Customers' liabilities under acceptances | $ 2,197,000 | $ 1,872,000 |
Investment Securities [Member] | Medium Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Customers' liabilities under acceptances | $ 98,000 | $ 86,000 |
Loans Portfolio [Member] | Short Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Loans and advances to customers,remaining maruity term | 118 days | 112 days |
Customers' liabilities under acceptances | $ 3,688 | $ 3,746 |
Loans And Advances To Customers Maturity Term | 226 days | 203 days |
Loans Portfolio [Member] | Medium Term [Member] | ||
Statement of financial risk management [Line Items] | ||
Customers' liabilities under acceptances | $ 2,099,000 | $ 1,786,000 |
Demand and Call Deposits [Member] | ||
Statement of financial risk management [Line Items] | ||
Deposits from customers | $ 725,000 | $ 478,000 |
Applicable laws and regulatio_3
Applicable laws and regulations (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Tier 1 capital | $ 995,743 | $ 1,048,304 |
Risk weighted assets | $ 5,830,875 | $ 5,601,518 |
Tier One Risk Based Capital Ratio | 17.08% | 18.71% |
Applicable laws and regulatio_4
Applicable laws and regulations (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Ordinary Capital | $ 859,725 | $ 939,548 |
Risk Weighted Assets | $ 7,779,919 | $ 6,478,314 |
Percentage of Leverage Coefficient | 11.05% | 14.50% |
Applicable laws and regulatio_5
Applicable laws and regulations (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Corporate debt instruments held | $ 5,778,424 | $ 5,505,658 | |
Loans and advances to banks | 3,082,791 | 2,395,999 | |
Allowance account for credit losses of financial assets | 100,785 | 81,294 | $ 105,988 |
Normal [Member] | |||
Corporate debt instruments held | 5,713,723 | 5,446,899 | |
Loans and advances to banks | 3,082,791 | 2,395,999 | |
Allowance account for credit losses of financial assets | 0 | 0 | |
Special Mentions [Member] | |||
Corporate debt instruments held | 0 | 0 | |
Loans and advances to banks | 0 | 0 | |
Allowance account for credit losses of financial assets | 0 | 0 | |
Substandard [Member] | |||
Corporate debt instruments held | 0 | 23,759 | |
Loans and advances to banks | 0 | 0 | |
Allowance account for credit losses of financial assets | 0 | 7,238 | |
Doubtful [Member] | |||
Corporate debt instruments held | 64,701 | 0 | |
Loans and advances to banks | 0 | 0 | |
Allowance account for credit losses of financial assets | 48,383 | 0 | |
Unrecoverable [Member] | |||
Corporate debt instruments held | 0 | 35,000 | |
Loans and advances to banks | 0 | 0 | |
Allowance account for credit losses of financial assets | 0 | 17,500 | |
Corporations [Member] | |||
Corporate debt instruments held | 2,695,633 | 3,109,659 | |
Corporations [Member] | Normal [Member] | |||
Corporate debt instruments held | 2,630,932 | 3,050,900 | |
Corporations [Member] | Special Mentions [Member] | |||
Corporate debt instruments held | 0 | 0 | |
Corporations [Member] | Substandard [Member] | |||
Corporate debt instruments held | 0 | 23,759 | |
Corporations [Member] | Doubtful [Member] | |||
Corporate debt instruments held | 64,701 | 0 | |
Corporations [Member] | Unrecoverable [Member] | |||
Corporate debt instruments held | 0 | 35,000 | |
Private [Member] | |||
Loans and advances to banks | 2,458,691 | 1,822,350 | |
Private [Member] | Normal [Member] | |||
Loans and advances to banks | 2,458,691 | 1,822,350 | |
Private [Member] | Special Mentions [Member] | |||
Loans and advances to banks | 0 | 0 | |
Private [Member] | Substandard [Member] | |||
Loans and advances to banks | 0 | 0 | |
Private [Member] | Doubtful [Member] | |||
Loans and advances to banks | 0 | 0 | |
Private [Member] | Unrecoverable [Member] | |||
Loans and advances to banks | 0 | 0 | |
State-owned [Member] | |||
Loans and advances to banks | 624,100 | 573,649 | |
State-owned [Member] | Normal [Member] | |||
Loans and advances to banks | 624,100 | 573,649 | |
State-owned [Member] | Special Mentions [Member] | |||
Loans and advances to banks | 0 | 0 | |
State-owned [Member] | Substandard [Member] | |||
Loans and advances to banks | 0 | 0 | |
State-owned [Member] | Doubtful [Member] | |||
Loans and advances to banks | 0 | 0 | |
State-owned [Member] | Unrecoverable [Member] | |||
Loans and advances to banks | 0 | 0 | |
Specific [Member] | |||
Allowance account for credit losses of financial assets | 48,383 | 24,738 | |
Specific [Member] | Normal [Member] | |||
Allowance account for credit losses of financial assets | 0 | 0 | |
Specific [Member] | Special Mentions [Member] | |||
Allowance account for credit losses of financial assets | 0 | 0 | |
Specific [Member] | Substandard [Member] | |||
Allowance account for credit losses of financial assets | 0 | 7,238 | |
Specific [Member] | Doubtful [Member] | |||
Allowance account for credit losses of financial assets | 48,383 | 0 | |
Specific [Member] | Unrecoverable [Member] | |||
Allowance account for credit losses of financial assets | $ 0 | $ 17,500 |
Applicable laws and regulatio_6
Applicable laws and regulations (Details 3) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current loans and receivables | $ 64,701 | $ 58,759 |
Financial assets impaired [member] | ||
Non-current loans and receivables | 64,701 | 58,759 |
Normal [Member] | ||
Non-current loans and receivables | 0 | 0 |
Normal [Member] | Financial assets impaired [member] | ||
Non-current loans and receivables | 0 | 0 |
Special Mentions [Member] | ||
Non-current loans and receivables | 0 | 0 |
Special Mentions [Member] | Financial assets impaired [member] | ||
Non-current loans and receivables | 0 | 0 |
Substandards [Member] | ||
Non-current loans and receivables | 0 | 23,759 |
Substandards [Member] | Financial assets impaired [member] | ||
Non-current loans and receivables | 0 | 23,759 |
Doubtful [Member] | ||
Non-current loans and receivables | 64,701 | 0 |
Doubtful [Member] | Financial assets impaired [member] | ||
Non-current loans and receivables | 64,701 | 0 |
Unrecoverable [Member] | ||
Non-current loans and receivables | 0 | 35,000 |
Unrecoverable [Member] | Financial assets impaired [member] | ||
Non-current loans and receivables | $ 0 | $ 35,000 |
Applicable laws and regulatio_7
Applicable laws and regulations (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Non-accruing loans: | ||
Fair value of assets representing continuing involvement in derecognised financial assets | $ 64,701 | $ 58,759 |
Interest that would be reversed if the loans had been classified as non-accruing loans | 1,056 | 3,257 |
Income from collected interest on non-accruing loans | 2,879 | 551 |
Private corporations [Member] | ||
Non-accruing loans: | ||
Fair value of assets representing continuing involvement in derecognised financial assets | $ 64,701 | $ 58,759 |
Applicable laws and regulatio_8
Applicable laws and regulations (Details 5) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statutory reserve | $ 136,019 | $ 129,254 |
Dynamic provision [Member] | ||
Statutory reserve | 136,019 | 108,756 |
Regulatory credit reserve [Member] | ||
Statutory reserve | $ 0 | $ 20,498 |
Applicable laws and regulatio_9
Applicable laws and regulations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructured Loans | $ 9,000 | $ 32,900 |
Provisions and Credit Reserves | 136,000 | 129,200 |
Capital reserve | $ 95,210 | $ 95,210 |
Bladex Ratio [Member] | ||
Maturity of Deposits in Overseas | 186 days | |
Bottom of range [member] | ||
Percentage of Capital Adequacy Index | 8.00% | |
Percentage of Ordinary Primary Capital | 4.50% | |
Percentage of Primary Capital | 6.00% | |
Bottom of range [member] | Ratio [Member] | ||
Percentage of Liquid Assets | 30.00% | |
Normal [Member] | ||
Percentage of Reserve For Credit Losses | 0.00% | |
Special Mentions [Member] | ||
Percentage of Reserve For Credit Losses | 2.00% | |
Substandards [Member] | ||
Percentage of Reserve For Credit Losses | 15.00% | |
Doubtful [Member] | ||
Percentage of Reserve For Credit Losses | 50.00% | |
Unrecoverable [Member] | ||
Percentage of Reserve For Credit Losses | 100.00% | |
Superintendence of Banks of Panama [Member] | ||
Percentage of Liquidity Coverage Ratio | 238.00% | |
Percentage of Liquidity Index | 124.39% | 88.78% |
Superintendence of Banks of Panama [Member] | Bottom of range [member] | ||
Percentage of Liquidity Coverage Ratio | 25.00% |
Subsequent Events (Details Text
Subsequent Events (Details Textual) | Dec. 31, 2018USD ($) |
Statement of events after reporting period [Line Items] | |
Dividend payables | $ 0.385 |