Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-11414 |
Entity Registrant Name | FOREIGN TRADE BANK OF LATIN AMERICA, INC. |
Entity Address, Address Line Three | Torre V, Business Park |
Entity Address, Address Line One | Avenida La Rotonda |
Entity Address, Address Line Two | Urb. Costa del Este |
Entity Address, Postal Zip Code | 08730 |
Entity Address, City or Town | Panama City |
Entity Address, Country | PA |
Title of 12(b) Security | Class E Common Stock |
Trading Symbol | BLX |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0000890541 |
Entity Incorporation, State or Country Code | PA |
Total Shares of Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 36,324,556 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line Three | Torre V, Business Park |
Entity Address, Address Line One | Avenida La Rotonda |
Entity Address, Address Line Two | Urb. Costa del Este |
Entity Address, Postal Zip Code | 08730 |
Entity Address, City or Town | Panama City |
Entity Address, Country | PA |
Contact Personnel Name | Ana Graciela de Méndez |
Contact Personnel Email Address | amendez@bladex.com |
Shares of Class A Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 6,342,189 |
Shares of Class B Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2,089,075 |
Shares of Class E Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 27,893,292 |
Shares of Class F Common Stock | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 0 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | KPMG |
Auditor Location | Panama City, Republic of Panama |
Auditor Firm ID | 1216 |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets [abstract] | ||
Cash and due from banks | $ 1,241,586 | $ 1,253,052 |
Securities, net | 1,023,632 | 831,913 |
Loans, net | 6,760,434 | 5,713,022 |
Customers' liabilities under acceptances | 163,345 | 201,515 |
Derivative financial instruments - assets | 68,159 | 10,805 |
Equipment and leasehold improvements, net | 17,282 | 17,779 |
Intangibles, net | 2,104 | 1,595 |
Other assets | 7,368 | 8,430 |
Total assets | 9,283,910 | 8,038,111 |
Liabilities: | ||
Demand deposits | 233,757 | 362,356 |
Time deposits | 2,956,959 | 2,673,872 |
Demand and time deposits excluding interest payable | 3,190,716 | 3,036,228 |
Interest payable | 14,670 | 1,229 |
Total deposits | 3,205,386 | 3,037,457 |
Securities sold under repurchase agreements | 300,498 | 427,497 |
Borrowings and debt, net | 4,416,511 | 3,304,178 |
Interest payable | 47,878 | 11,322 |
Lease liabilities | 16,745 | 17,733 |
Acceptances outstanding | 163,345 | 201,515 |
Derivative financial instruments - liabilities | 33,761 | 28,455 |
Allowance for losses on loan commitments and financial guarantee contract | 3,628 | 3,803 |
Other liabilities | 26,811 | 14,361 |
Total liabilities | 8,214,563 | 7,046,321 |
Equity: | ||
Common stock | 279,980 | 279,980 |
Treasury stock | (114,097) | (115,799) |
Additional paid-in capital in excess of value assigned to common stock | 120,498 | 120,043 |
Capital reserves | 95,210 | 95,210 |
Regulatory reserves | 136,019 | 136,019 |
Retained earnings | 543,612 | 487,885 |
Other comprehensive income (loss) | 8,125 | (11,548) |
Total equity | 1,069,347 | 991,790 |
Total liabilities and equity | $ 9,283,910 | $ 8,038,111 |
Consolidated statement of profi
Consolidated statement of profit or loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Deposits | $ 18,836 | $ 1,186 | $ 4,895 |
Securities | 24,000 | 9,939 | 3,531 |
Loans | 289,785 | 129,758 | 172,547 |
Total interest income | 332,621 | 140,883 | 180,973 |
Interest expense: | |||
Deposits | (66,044) | (12,846) | (25,800) |
Borrowings and debt | (117,987) | (40,445) | (61,861) |
Lease liabilities | (579) | (810) | (862) |
Total interest expense | (184,610) | (54,101) | (88,523) |
Net interest income | 148,011 | 86,782 | 92,450 |
Other income (expense): | |||
Fees and commissions, net | 19,791 | 18,298 | 10,418 |
Loss on financial instruments, net | (1,410) | (1,296) | (4,794) |
Other income, net | 280 | 422 | 1,083 |
Total other income, net | 18,661 | 17,424 | 6,707 |
Total revenues | 166,672 | 104,206 | 99,157 |
(Provision for) reversal of credit losses | (19,521) | (2,328) | 1,464 |
Gain on non-financial assets, net | 0 | 742 | 296 |
Operating expenses: | |||
Salaries and other employee expenses | (34,219) | (21,652) | (21,462) |
Depreciation of equipment, improvements to leased property and investment property | (2,154) | (2,749) | (3,587) |
Amortization of intangible assets | (561) | (742) | (753) |
Other expenses | (18,177) | (14,780) | (11,522) |
Total operating expenses | (55,111) | (39,923) | (37,324) |
Segment profit (loss) | $ 92,040 | $ 62,697 | $ 63,593 |
Per share data: | |||
Basic earnings per share (in US dollars) | $ 2.54 | $ 1.62 | $ 1.60 |
Diluted earnings per share (in US dollars) | $ 2.54 | $ 1.62 | $ 1.60 |
Weighted average basic shares (in thousands of shares) | 36,304 | 38,796 | 39,656 |
Weighted average diluted shares (in thousands of shares) | 36,304 | 38,796 | 39,656 |
Consolidated statement of compr
Consolidated statement of comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Profit for the year | $ 92,040 | $ 62,697 | $ 63,593 |
Items that will not be reclassified subsequently to profit or loss: | |||
Change in fair value of instruments at FVOCI, net of hedging | 0 | 0 | 546 |
Items that are or may be reclassified subsequently to profit or loss: | |||
Change in fair value on financial instruments, net of hedging | 19,613 | (12,252) | 2,265 |
Reclassification of gains (losses) on financial instruments to profit or loss | 60 | 48 | (425) |
Exchange difference in conversion of foreign currency operation | 0 | 448 | (360) |
Other comprehensive income (loss) | 19,673 | (11,756) | 2,026 |
Total comprehensive income for the year | $ 111,713 | $ 50,941 | $ 65,619 |
Consolidated statement of chang
Consolidated statement of changes in equity - USD ($) $ in Thousands | Total | Common stock | Treasury stock | Additional paid-in capital in excess of value assigned to common stock | Capital reserves | Regulatory reserves | Retained earnings | Other comprehensive income |
Beginning balance at Dec. 31, 2019 | $ 1,016,167 | $ 279,980 | $ (59,669) | $ 120,362 | $ 95,210 | $ 136,019 | $ 446,083 | $ (1,818) |
Profit for the year | 63,593 | 0 | 0 | 0 | 0 | 0 | 63,593 | 0 |
Other comprehensive income | 1,424 | 0 | 0 | 0 | 0 | 0 | 0 | 1,424 |
Transfer of fair value on equity instrument at FVOCI | 0 | 0 | 0 | 0 | 0 | 0 | (602) | 602 |
Issuance of restricted stock | 0 | 0 | 1,391 | (1,391) | 0 | 0 | 0 | 0 |
Compensation cost - stock options and stock units plans | 1,722 | 0 | 0 | 1,722 | 0 | 0 | 0 | 0 |
Exercised options and stock units vested | 0 | 0 | 279 | (279) | 0 | 0 | 0 | 0 |
Dividends declared | (44,986) | 0 | 0 | 0 | 0 | 0 | (44,986) | 0 |
Ending balance at Dec. 31, 2020 | 1,037,920 | 279,980 | (57,999) | 120,414 | 95,210 | 136,019 | 464,088 | 208 |
Profit for the year | 62,697 | 0 | 0 | 0 | 0 | 0 | 62,697 | 0 |
Other comprehensive income | (11,756) | 0 | 0 | 0 | 0 | 0 | 0 | (11,756) |
Issuance of restricted stock | 0 | 0 | 1,391 | (1,391) | 0 | 0 | 0 | 0 |
Compensation cost - stock options and stock units plans | 1,908 | 0 | 0 | 1,908 | 0 | 0 | 0 | 0 |
Exercised options and stock units vested | 0 | 0 | 888 | (888) | 0 | 0 | 0 | 0 |
Repurchase of "Class E" common stock | (60,079) | 0 | (60,079) | 0 | 0 | 0 | 0 | 0 |
Dividends declared | (38,900) | 0 | 0 | 0 | 0 | 0 | (38,900) | 0 |
Ending balance at Dec. 31, 2021 | 991,790 | 279,980 | (115,799) | 120,043 | 95,210 | 136,019 | 487,885 | (11,548) |
Profit for the year | 92,040 | 0 | 0 | 0 | 0 | 0 | 92,040 | 0 |
Other comprehensive income | 19,673 | 0 | 0 | 0 | 0 | 0 | 0 | 19,673 |
Issuance of restricted stock | 0 | 0 | 1,039 | (1,039) | 0 | 0 | 0 | 0 |
Compensation cost - stock options and stock units plans | 2,157 | 0 | 0 | 2,157 | 0 | 0 | 0 | 0 |
Exercised options and stock units vested | 0 | 0 | 663 | (663) | 0 | 0 | 0 | 0 |
Dividends declared | (36,313) | 0 | 0 | 0 | 0 | 0 | (36,313) | 0 |
Ending balance at Dec. 31, 2022 | $ 1,069,347 | $ 279,980 | $ (114,097) | $ 120,498 | $ 95,210 | $ 136,019 | $ 543,612 | $ 8,125 |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit for the year | $ 92,040 | $ 62,697 | $ 63,593 |
Adjustments to reconcile profit for the year to net cash (used in) provided by operating activities: | |||
Depreciation of investment property, equipment and leasehold improvements | 2,154 | 2,749 | 3,587 |
Amortization of intangible assets | 561 | 742 | 753 |
Gain on investment property - Right-of-use | 0 | (742) | 0 |
Gain on investment property - Fair value | 0 | 0 | (296) |
Provision for (reversal of) credit losses | 19,521 | 2,328 | (1,464) |
Unrealized (gain) loss on financial instruments at FVTPL | 0 | (227) | 806 |
Realized (gain) loss on financial instruments at FVTPL | (510) | 0 | 2,175 |
Net gain on financial instruments at FVOCI | 0 | (14) | 0 |
Gain on sale of financial instruments at amortized cost | 0 | (333) | 0 |
Compensation cost - share-based payment | 2,157 | 1,908 | 1,722 |
Net changes in hedging position and foreign currency | 719 | (428) | (194) |
Disposal of equipment and leasehold improvements | 6 | 255 | 30 |
Derecognition of intangible assets | 0 | 0 | 1 |
Interest income | (332,621) | (140,883) | (180,973) |
Interest expense | 184,610 | 54,101 | 88,523 |
Changes in operating assets and liabilities: | |||
Pledged deposits | (8,599) | (24,248) | 648 |
Loans | (1,053,888) | (821,531) | 911,073 |
Other assets | 1,709 | (1,705) | 2,321 |
Due to depositors | 154,488 | (102,672) | 250,564 |
Other liabilities | 12,284 | (4,677) | 1,432 |
Cash flows (used in) provided by operating activities | (925,369) | (972,680) | 1,144,301 |
Interest received | 296,131 | 154,293 | 194,129 |
Interest paid | (140,415) | (53,327) | (91,021) |
Net cash (used in) provided by operating activities | (769,653) | (871,714) | 1,247,409 |
Cash flows from investing activities: | |||
Acquisition of equipment and leasehold improvements | (1,651) | (453) | (997) |
Acquisition of intangible assets | (1,070) | (353) | (1,311) |
Proceeds from the sale of securities at amortized cost | 0 | 16,369 | 0 |
Proceeds from the sale of securities at FVOCI | 0 | 33,492 | 1,882 |
Proceeds from the sale of loans to FVTPL | 49,681 | 0 | 0 |
Proceeds from the redemption of securities at amortized cost | 132,524 | 123,302 | 52,576 |
Proceeds from the redemption of securities at FVOCI | 112,840 | 10,000 | 0 |
Purchase of securities at amortized cost | (458,983) | (618,440) | (143,594) |
Purchase of securities at FVOCI | 0 | (9,999) | (227,027) |
Purchase of investments at FVTPL | 0 | 0 | (1,433) |
Net cash used in investing activities | (166,659) | (446,082) | (319,904) |
Cash flows from financing activities: | |||
(Decrease) increase in securities sold under repurchase agreements | (127,000) | 416,835 | (29,867) |
Net increase (decrease) in short-term borrowings and debt | 579,065 | 1,196,710 | (1,212,023) |
Proceeds from long-term borrowings and debt | 1,038,110 | 266,640 | 827,732 |
Payments of long-term borrowings and debt | (536,792) | (97,520) | (781,274) |
Payments of lease liabilities | (995) | (1,227) | (1,114) |
Dividends paid | (36,141) | (38,570) | (44,669) |
Repurchase of common stock | 0 | (60,079) | 0 |
Net cash provided by (used in) financing activities | 916,247 | 1,682,789 | (1,241,215) |
(Decrease) increase net in cash and cash equivalents | (20,065) | 364,993 | (313,710) |
Cash and cash equivalents at beginning of the year | 1,211,001 | 846,008 | 1,159,718 |
Cash and cash equivalents at end of the year | $ 1,190,936 | $ 1,211,001 | $ 846,008 |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2022 | |
Corporate information | |
Corporate information | 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, liquidity and market risks, measures to prevent money laundering, the financing of terrorism and related illicit activities, and procedures for banking intervention and liquidation, among others. Bladex Head Office’s subsidiaries are the following: - Bladex Holdings Inc. is a wholly owned subsidiary, incorporated under the laws of the State of Delaware, United States of America (USA), on May 30, 2000. Bladex Holdings Inc. has ownership in Bladex Representaçao Ltda. - Bladex Representaçao Ltda, incorporated under the laws of Brazil on January 7, 2000, acts as the Bank’s representative office in Brazil. Bladex Representaçao Ltda. is 99.999% owned by Bladex Head Office and the remaining 0.001% is owned by Bladex Holdings Inc. - Bladex Development Corp. was incorporated under the laws of the Republic of Panama on June 5, 2014. Bladex Development Corp. is 100% 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 and suspended its operations on July 28, 2021. The company specializes in offering financial leasing and other financial products such as loans and factoring. BLX Soluciones is 99.9% owned by Bladex Head Office, and Bladex Development Corp. owns the remaining 0.1%. Bladex Head Office has an agency in New York City, USA (the “New York Agency”), which began operations on March 27, 1989. The New York Agency is principally engaged in financing transactions related to international trade, mostly the confirmation and financing of letters of credit for customers in the Region. The New York Agency also has authorization to book transactions through an International Banking Facility (“IBF”). The Bank has representative offices in Buenos Aires, Argentina; in Mexico City, Mexico; and in Bogota, Colombia, and has a representative license in Lima, Peru. These consolidated financial statements were authorized for issue by the Board of Directors on February 14, 2023. |
Basis of preparation of the con
Basis of preparation of the consolidated financial statements | 12 Months Ended |
Dec. 31, 2022 | |
Basis of preparation of the consolidated financial statements | |
Basis of preparation of the consolidated financial statements | 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 Functional and presentation currency All amounts presented in the consolidated financial statements and notes are expressed in United States of America dollars (US dollar), which is the functional currency of the Bank. 2.3 Basis of measurement The consolidated financial statements have been prepared on the historical cost basis, except for the following items: Items Basis of measurement Securities and other financial instruments at FVOCI and FVTPL Fair value Financial assets and financial liabilities designated as hedged items in qualifying fair value hedging relationships At amortized cost adjusted for the risk components associated to the hedging relationship Investment property Fair value Share-based payments Fair value 2.4 Reclassification As of December 31, 2022, the Bank segregates the lease liabilities carrying amount from borrowings and debt, net presented in the consolidated statement of financial position. Prior periods and other related disclosures have been reclassified to a comparable presentation. The reclassification in 2021 figures decreased borrowings and debt, net and increased lease liabilities carrying amount by $17.7 million. The reclassification had no impact on total liabilities nor total equity. 2.5 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 until the date on which control ceases. All intercompany balances and transactions have been eliminated on consolidation and, 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 and other components of equity, while any resulting gain or loss is recognized in profit or loss. Any investment retained in the former subsidiary is recognized at fair value. 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. 2.5 Basis of consolidation (continued) 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. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Significant accounting policies | 3. Significant accounting policies Significant accounting policies applied consistently by the Bank to all years presented in these consolidated financial statements, are presented as follows. 3.1 Foreign currency Foreign currency transactions The Bank determines the functional currency. For each subsidiary, the items included in the consolidated financial statements are measured using the functional currency of the Bank. 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-average exchange rates to translate revenues and expenses from local functional currency into presentation currency. The effects of those translation adjustments are reported as a component of other comprehensive income (loss) in the consolidated statement of changes in equity. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate effective at the date on which fair value is determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the exchange rate effective at the date of the transaction. Transactions whose terms are denominated in a currency other than the functional currency, including transactions denominated in local currency of foreign subsidiaries 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 dollars using month-end spot foreign exchange rates. The effects of translation of monetary assets and liabilities into US d ollar are included in current year’s earnings in the line item "gain (loss) on financial instruments, net" in the consolidated statement of profit or loss, except for those correspondin g to m onetary items that are designated as hedge items in qualifying cash flow or net investment hedges recognized in other comprehensive income until maturity or sale, at which time the carrying amount is reclassified to profit or loss, except for the carrying amount of equity instruments designated to be measured at fair value through other comprehensive income. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in accumulated other comprehensive income, if applicable. When a foreign operation is disposed of in its entirety or partially such that control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. 3.2 Interest Effective interest rate Interest income and expense are recognized in profit or loss using the effective interest method. The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument measured at amortized cost. When calculating the effective interest rate for financial instruments other than purchased or originated credit-impaired assets, the Bank estimates future cash flows considering all contractual terms of the financial instrument, but not the expected credit loss (ECL). For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated using estimated future cash flows including ECL. The calculation of the effective interest rate includes any amount directly attributable to the transaction such as origination fees (paid or received), premiums, discounts, and transaction costs. Amortized cost and gross carrying amount The ‘amortized cost’ of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any expected credit loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any expected credit loss allowance. Methodology for calculation of interest income and expense The effective interest rate of a financial asset or financial liability is calculated on initial recognition. In calculating interest income and expense, the effective interest rate is applied to the gross book balance of the asset, when the asset is not credit-impaired, or to the amortized cost of the liability. The effective interest rate is revised as a result of periodic re-estimation of cash flows of floating-rate instruments to reflect movements in market interest rates. For financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, the interest income calculation returns to the gross basis. For financial assets that were credit-impaired on initial recognition, interest income is calculated by applying the credit-adjusted effective interest rate to the amortized cost of the asset. The calculation of interest income does not return to the gross basis, even when it shows an improvement in the credit risk of the financial asset. Presentation Interest income and expense calculated using the effective interest rate presented in the consolidated statement of profit or loss include: - Interest on financial assets and financial liabilities measured at amortized cost. - Interest on securities measured at FVOCI. - Interest on loans measured at FVTPL. - Interest expense on lease liabilities. - The effective portion of the variability in interest flows from the hedge instruments, in the same period as the cash flows from the hedged item affect interest income or expense. 3.3 Fees and commissions Fees that are integral to the effective interest rate on a financial asset or financial liability are described in Note 3.2. Fees and commissions are determined based on considerations specified in a contract with the client. The Bank recognizes such income when control over the service is transferred to a customer. The following table describes the services, other than financial intermediation, from which the B ank generates its income: Type of services Nature of performance obligations Letters of credit Issuance Guarantee to honor the stipulated amount agreed to in the terms and conditions entered with the customer, upon presentation of required documentation. Negotiation Review of the shipping documents, by the beneficiary, upon presentation and acceptance of payment on demand or on the day the reimbursement is made by the designated bank. 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. Confirmation Commitment issued to the issuer bank and the beneficiary to honor or negotiate shipping documents. Amendment A request to amend the original letter of credit on behalf of the beneficiary modifying the original terms and conditions. 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. Other services Other Assignment of rights, transferability, reimbursements, payments, discrepancies, courier charges and transfers. 3.4 Financial assets and liabilities A. Date of recognition and initial measurement The Bank initially recognizes loans, deposits, securities and financial liabilities on settlement date. Other financial instruments are recognized on trade date, date on which the Bank becomes a party to the contractual provisions of the instrument. 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 liabilities, not measured at fair value through profit or loss (FVTPL), are added to or deducted from the fair value of the financial assets or 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. Financial assets and 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. 3.4 Financial assets and liabilities (continued) B. Classification of financial assets 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 Ban k’s business model for managing the financial assets and the contractual cash flow characteristics of these financial assets. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: - The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payment of principal and interest (SPPI). A financial asset is measured at fair value through other comprehensive income (FVOCI) only if it meets both of the following conditions and is not designated as at FVTPL: - The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - The contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI. Unrealized gains or losses for financial assets at FVOCI are reported as net increases or decreases in other comprehensive income until realized. Gains or losses realized on sale of financial asset are included in the line item gain (loss) on financial instruments, net. The rest of financial assets are classified at FVTPL, when the assessment of the financial instrument’s contractual terms and the cash flows derived from it determine that the SPPI criteria is not met for its classification at amortized cost or at FVOCI. At initial recognition, the following irrevocable election / designation for measurement of a financial asset on an asset-by-asset basis may be made: - It may irrevocably e lect 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, 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. For an equity instrument designated as measured at FVOCI, the cumulative gain or loss previously recognized in other comprehensive income is not subsequently reclassified to profit or loss, but is transferred within equity to retained earnings. C. Classification of financial liabilities 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 a t amortized cost adjusted for the hedge risk components associated to the hedging relationship. 3.4 Financial assets and liabilities (continued) D. Business model assessment The Bank assesses the objective of the business model at a level that reflects how the financial asset groups are managed to obtain a particular business objective and how information on those assets is provided to Management. The assessment considers the following: - The Bank’s policies and objectives for the portfolio and the operation of those policies in practice. In particular, if 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 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 business model does not depend on management’s 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 at each reporting date to determine whether business models have changed since the previous reporting date. For the current and previous reporting periods, the Bank has not identified a change in its business models. E. 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). 3.4 Financial assets and liabilities (continued) The Bank measures its financial assets and liabilities at FVTPL, when the assessment of the financial instrument’s contractual terms and the cash flows derived from it determines that the SPPI criteria is not met for its classification at amortized cost or at FVOCI. F. 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 fiscal year and previous accounting period there was no change in the business models under which the Bank holds the financial assets and therefore no reclassifications were made. Changes in contractual cash flows are considered under the accounting policies on derecogni tion and modification of financial assets and liabilities. G. Derecognition of financial assets and 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 risks 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. The Bank assesses the transfer of risks and benefits by comparing the entity’s exposure, before and after the transfer, with the variation in the amounts and timing of the net cash flows of the transferred asset; additionally, the continued participation in a transferred financial asset is measured by the lowest value between the original carrying amount of the asset and the maximum amount of the consideration that the Bank could be required to pay. In derecognizing the financial asset, the allowance for losses is deducted from the gross carrying amount of the financial asset; any accumulated gain or loss that has been recognized in other comprehensive income is recognized in profit or loss. Any accumulated gain or loss recognized in other comprehensive income regarding equity instruments designated at fair value through other comprehensive income is not recognized in the consolidated statement of profit or loss. Any interest in the transfer of a financial assets that qualifies for derecognition, booked or held by the Bank is recognized as a separate asset or liability. 3.4 Financial assets and liabilities (continued) 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 assets or a portion of them. In such cases, the transferred assets are not derecognized. Examples of such transactions are securities and transactions under repurchase agreements. 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 counterparty 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. H. Modified financial asset or liability Financial assets A modified financial asset is an instrument 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 financial asset 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 that 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 according to the original terms with the contractual cash flows of the revised terms; both amounts discounted at the original effective interest rate. 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 estimated based on data at initial recognition and the original contractual terms; with - The remaining lifetime probability of default at the reporting date based on the modified terms. In the renegotiation or modification of the contractual cash flows of the financial asset, the Bank shall: - Continue with its current accounting treatment for the existing financial asset 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 financial asset’s original effective interest rate. 3.4 Financial assets and liabilities (continued) - 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 financial asset 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. If the credit quality of the financial asset no longer exhibits a credit impairment, it will 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 the effect of such modifications (including the effect on the measurement of expected credit losses) and how the Bank monitors these financial assets that have been modified. When the modification of a financial asset results in the derecognition of an existing financial asset and the subsequent recognition of a modified financial asset, the modified asset is considered a new financial asset, at the time of derecognition, the reserve for expected credit losses (ECL) is recalculated to determine the net carrying value of the asset at that date. The new financial asset will have an allowance for losses measured based on 12-month for expected credit losses except for rare cases where the new financial asset is considered to be impaired, because a high risk of default remains, which has not been reduced in the modification. The Bank monitors the credit risk of the modified or renegotiated financial assets by assessing qualitative and quantitative information, considering them in the same way as customers with expired status under new terms. Financial Liabilities The Bank derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different. The Bank considers that the terms of a modified financial liability are substantially different if the present value of the cash flows under the new terms, including any fees paid net of any fees received, discounted at the original effective interest rate presents a difference greater than 10% of the discounted present value of the cash flows still remaining from the original financial liability. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability derecognized, and the consideration paid, is recognized in profit or loss. Consideration paid includes non-financial assets transferred, if any, and the assumption of liabilities, including the new modified financial liability. If the modification of a financial liability is not accounted for as derecognition, then the amortized cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and the resulting gain or loss is recognized in profit or loss. For floating-rate financial liabilities, the original effective interest rate used to calculate the modification gain or loss is adjusted to reflect current market terms at the time of the modification. Any costs and fees incurred are recognized as an adjustment to the carrying amount of the liability and amortized over the remaining term of the modified financial liability by re-computing the effective interest rate on the instrument. I. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Bank currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Generally, this is not the case with a contractual compensation agreement; therefore, related assets and liabilities are presented with their gross amounts in the consolidated statement of financial position. Income and expenses are presented on a net basis only when permitted under IFRS Standards, or for gains and losses arising from a group of similar transactions. 3.4 Financial assets and liabilities (continued) J. Fair value measurement Fair value of an instrument is 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 or, in its absence, the most advantageous market to which the Bank has access at that date. The fair value of a liability reflects its non-performance risk. When one is available, the Bank measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as “active” if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Bank uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price – i.e. the fair value of the consideration given or received. The Bank recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. K. Allowances for losses on financial instruments The allowances for losses on financial instruments are provided for losses derived from the expected credit losses (“ECL”), 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 (loss) depending on classification of the instrument. Incurred 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 of 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, as well as the ratings of international rating agencies, quality of information and other elements of an objective nature, including projections on 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 factors 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´s 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 consider added deterioration for the determination of the final country rating. 3.4 Financial assets and liabilities (continued) i) Measurement of expected credit losses Calculation of the allowance for expected credit losses for financial instruments is made based on the risk rating resulting from the Bank's internal model and considers, 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 12 - month average PD (1) % External rating (2) Description 1 - 4 0.09 Aaa – Ba1 Exposure in customers or countries with payment ability to satisfy their financial commitments. 5 - 6 2.28 Ba2 – B3 Exposure in customers or countries with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 7.81 Caa1 - Caa3 Exposure in customers whose primary source of payment (operating cash flows) 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 - 9 34.52 Ca Exposure in customers whose operating cash flows continuously show insufficiency to service the debt o |
New accounting standards
New accounting standards | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of initial application of standards or interpretations [abstract] | |
New accounting standards | 4. Accounting policies not yet effective at the reporting date The following amendments and modifications have not been applied early by the Bank and no significant impacts have been identified on the consolidated financial statements or on their disclosures: – Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2): The Board issued amendments to IAS 1 Presentation of Financial Statements and IFRS 2 Practice Statement to replace the term “significant” for “material” requiring entities to disclose material information about their accounting policies, rather than their significant accounting policies. – Classification of Liabilities as Current or Non-current ( Amendments to IAS 1): The amendments clarify that the classification of liabilities as current and non-current interacts with an unconditional right to defer settlement relative to having the discretion to refinance or extend an obligation. A clarification of liquidation is included. – Definition of Accounting Estimates (Amendments to IAS 8): The Board issued amendments to include the definition of accounting estimates. According to the new definition, accounting estimates are "monetary amounts in the financial statements that are subject to measurement uncertainty." – Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12): The Board issued amendments on deferred tax relating to assets and liabilities arising from a single transaction. The amendments reduced the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (Recognition Exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. – Lease Liability in a Sale and Leaseback (Amendments to IFRS 16): The amendments clarify how a seller-lessee accounts for variable lease payments arising in a sale and leaseback transaction. The amendments introduce a new accounting model for variable payments and will require seller-lessees to reassess and potentially restate sale-leaseback transactions. |
Financial risk
Financial risk | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of credit risk exposure [abstract] | |
Financial risk | 5. Financial risk review This note presents information about the Bank’s exposure to financial risks. A. Credit risk i. Credit quality analysis The following tables set out information about the credit quality of financial assets measured at amortized cost, and debt instruments at FVOCI. Unless specifically indicated, for financial assets the amounts in the table represent the outstanding gross balances. For loan commitments and financial guarantee contracts, the amounts in the table represent the amounts committed or guaranteed, respectively. Explanation of the terms ‘Stage 1’, ‘Stage 2’ and ‘Stage 3’ is included in Note 3.4 (K). Loans at amortized cost, outstanding balance December 31, 2022 PD Ranges Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 2,864,686 — — 2,864,686 Grades 5 - 6 0.75 - 3.80 3,645,901 50,625 — 3,696,526 Grades 7 - 8 3.81 - 34.51 123,603 48,098 20,000 191,701 Grades 9 - 10 34.52 - 100 — — 10,107 10,107 6,634,190 98,723 30,107 6,763,020 Loss allowance (28,589) (5,050) (21,561) (55,200) Total 6,605,601 93,673 8,546 6,707,820 December 31, 2021 PD Ranges Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 3,016,938 — — 3,016,938 Grades 5 - 6 0.75 - 3.80 2,466,348 57,799 — 2,524,147 Grades 7 - 8 3.81 - 34.51 99,807 83,120 10,593 193,520 5,583,093 140,919 10,593 5,734,605 Loss allowance (20,115) (16,175) (5,186) (41,476) Total 5,562,978 124,744 5,407 5,693,129 A. Credit risk (continued) Loan commitments, financial guarantees issued and customers’ liabilities under acceptances December 31, 2022 12-month PD Stage 1 Stage 2 Stage 3 Total Commitments and financial guarantees issued Grades 1 - 4 0.03 - 0.74 302,260 — — 302,260 Grades 5 - 6 0.75 - 3.80 279,550 1,700 — 281,250 Grades 7 - 8 3.81 - 34.51 195,864 — — 195,864 777,674 1,700 — 779,374 Customers' liabilities under acceptances Grades 1 - 4 0.03 - 0.74 34,258 — — 34,258 Grades 5 - 6 0.75 - 3.80 19,782 — — 19,782 Grades 7 - 8 3.81 - 34.51 109,305 — — 109,305 163,345 — — 163,345 941,019 1,700 — 942,719 Loss allowance (3,605) (23) — (3,628) Total 937,414 1,677 — 939,091 December 31, 2021 12-month PD Stage 1 Stage 2 Stage 3 Total Commitments and financial guarantees issued Grades 1 - 4 0.03 - 0.74 257,831 — — 257,831 Grades 5 - 6 0.75 - 3.80 172,993 21,400 — 194,393 Grades 7 - 8 3.81 - 34.51 151,535 — — 151,535 582,359 21,400 — 603,759 Customers' liabilities under acceptances Grades 1 - 4 0.03 - 0.74 54,185 — — 54,185 Grades 5 - 6 0.75 - 3.80 6,903 — — 6,903 Grades 7 - 8 3.81 - 34.51 140,427 — — 140,427 201,515 — — 201,515 783,874 21,400 — 805,274 Loss allowance (3,472) (331) — (3,803) Total 780,402 21,069 — 801,471 A. Credit risk (continued) Securities at amortized cost December 31, 2022 12-month DP Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 736,139 — — 736,139 Grades 5 - 6 0.75 - 3.80 154,248 46,589 — 200,837 Grades 7 - 8 3.81 - 34.51 — — 4,995 4,995 890,387 46,589 4,995 941,971 Loss allowance (2,170) (1,779) (4,002) (7,951) Total 888,217 44,810 993 934,020 December 31, 2021 12-month PD Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 453,627 — — 453,627 Grades 5 - 6 0.75 - 3.80 177,496 — — 177,496 631,123 — — 631,123 Loss allowance (1,790) — — (1,790) Total 629,333 — — 629,333 Securities at FVOCI December 31, 2022 12-month PD Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 77,972 — — 77,972 77,972 — — 77,972 Loss allowance (10) — — (10) Total 77,962 — — 77,962 December 31, 2021 12-month PD Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 193,488 — — 193,488 193,488 — — 193,488 Loss allowance (26) — — (26) Total 193,462 — — 193,462 A. Credit risk (continued) The following table presents information of the current and past due balances of loans at amortized cost in stages 1, 2 and 3: December 31, 2022 Stage 1 Stage 2 Stage 3 Total Current 6,634,190 98,723 — 6,732,913 Past Due — — 20,000 20,000 Delinquent — — 10,107 10,107 Total 6,634,190 98,723 30,107 6,763,020 December 31, 2021 Stage 1 Stage 2 Stage 3 Total Current 5,583,093 140,919 10,593 5,734,605 The following table presents an analysis of counterparty credit exposures arising from derivative transactions. The Bank's derivative fair values are generally secured by cash. December 31, 2022 Notional value Derivative Derivative Interest rate swaps 368,711 483 (544) Cross-currency swaps 1,175,570 45,806 (33,217) Foreign exchange forwards 189,173 21,870 — Total 1,733,454 68,159 (33,761) December 31, 2021 Notional value Derivative Derivative Interest rate swaps 60,000 1,282 (538) Cross-currency swaps 883,931 9,523 (27,917) Total 943,931 10,805 (28,455) A. Credit risk (continued) ii. 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. Derivatives and repurchase agreements In the ordinary course of business, the Bank enters into derivative financial instrument transactions and securities sold under repurchase agreements under industry standard 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. Such arrangements provide for single net settlement of all financial instruments covered only 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. Loans The main types of collateral obtained for commercial lending are as follows: - Liens on real estate property, 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 property in an orderly fashion. The proceeds are used to reduce or repay the outstanding claim. In general, the Bank does not occupy repossessed property or received in lieu of payment, for business use. The Bank holds guarantees and other financial credit enhancements against certain exposures in the loan portfolio. As of December 31, 2022, and 2021, the coverage ratio to the carrying amount of the loan portfolio was 12%. iii. Incorporation of forward-looking information The Bank incorporates information about forward-looking economic environment, when assessing whether the credit risk of a financial instrument has significantly increased since initial recognition applying customer and country risk rating models which include projections of the inputs under analysis. A. Credit risk (continued) Supplementary, for the expected credit loss measurement, the results of the “alert model” can be considered, through the assessment of a severity indicator to total risk resulting from the estimates and assumptions of several macroeconomic factors. These estimates and assumptions are supported by a base scenario. Other scenarios represent upside and downside results. The implementation and interpretation of the outcomes of the alert model are based on Management´s expert judgment, pondering on suggestions of areas such as Credit Risk, Economic Studies and Loan Recovery of the Bank. The external information could include economic data and projections published by governmental committees, monetary agencies (for example, the U.S. Federal Reserve and banking authorities from countries where the Bank operates), supranational organizations (International Monetary Fund, The World Bank, World Trade Organization), private sector, academic projections, credit rating agencies, among other. Main macroeconomic variables of the alert model with forward-looking scenarios are: Variables Description GDP Growth (Var. %) % Variation in the growth of the Gross Domestic Product (GDP) ComEx Growth Index (Var. %) % Variation in foreign trade growth (Export + Import) The model uses, as main inputs, the percentage variation of the gross domestic product and the percentage of the foreign trade growth index. The main movements and changes in the variables are analyzed, in general and in particular for each country in the region. The historical and projected information over a period of five years allows Management to estimate the macroeconomic effects in the Bank's portfolio. A. Credit risk (continued) The table below lists the alert model's macroeconomic assumptions for countries representing the higher exposures, for the base, upside and downside scenarios over the five-year forecasted average available for each reporting period. Variable GDP Growth ComEx Growth Index Scenario December 31, December 31, December 31, December 31, Base 1.9 % 2.7 % 7.1 % 9.5 % Brazil Upside 2.9 % 3.7 % 10.6 % 13.0 % Downside 0.5 % 1.3 % 3.1 % 5.5 % Base 1.7 % 3.4 % 3.1 % 12.4 % Chile Upside 2.8 % 4.5 % 6.6 % 15.9 % Downside 0.5 % 2.2 % -0.9 % 8.4 % Base 3.6 % 4.6 % 8.4 % 10.7 % Colombia Upside 4.7 % 5.7 % 11.4 % 13.7 % Downside 2.3 % 3.3 % 4.9 % 7.2 % Base 4.8 % 6.2 % 5.8 % 11.0 % Dominican Republic Upside 6.0 % 7.4 % 9.3 % 14.5 % Downside 3.5 % 4.9 % 1.8 % 7.0 % Base 3.5 % 3.5 % 5.8 % 8.1 % Guatemala Upside 4.5 % 4.5 % 8.8 % 11.1 % Downside 2.3 % 2.3 % 2.3 % 4.6 % Base 1.9 % 3.0 % 6.4 % 9.4 % Mexico Upside 2.9 % 4.0 % 10.4 % 13.4 % Downside 0.7 % 1.8 % 1.9 % 4.9 % Base 5.0 % 5.6 % 6.2 % 5.6 % Panama Upside 6.5 % 7.1 % 9.2 % 8.6 % Downside 3.6 % 4.2 % 2.7 % 2.1 % Base 2.9 % 4.9 % 4.9 % 11.7 % Peru Upside 3.9 % 5.9 % 8.4 % 15.2 % Downside 1.7 % 3.7 % 0.9 % 7.7 % iv. Loss allowances The following tables show reconciliations from the opening to the closing balances of the loss allowance by class of financial instrument. The basis for determining transfers due to changes in credit risk is set out in our accounting policy in Note 3.4 (K). A. Credit risk (continued) Loans at amortized cost Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 20,115 16,175 5,186 41,476 Transfer to lifetime expected credit losses (29) 29 — — Transfer to 12-month expected credit losses 176 (176) — — Transfer to credit-impaired financial instruments (130) — 130 — Net effect of changes in allowance for expected credit losses (1,718) (10,146) 16,072 4,208 Financial instruments that have been derecognized during the year (12,385) (832) — (13,217) New instruments originated or purchased 22,560 — — 22,560 Write-offs — — (893) (893) Recoveries — — 1,066 1,066 Allowance for expected credit losses as of December 31, 2022 28,589 5,050 21,561 55,200 Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 16,661 19,916 4,588 41,165 Transfer to lifetime expected credit losses (158) 158 — — Transfer to 12-month expected credit losses 243 (243) — — Net effect of changes in allowance for expected credit losses (874) (2,041) 438 (2,477) Financial instruments that have been derecognized during the year (13,100) (1,615) — (14,715) New instruments originated or purchased 17,343 — — 17,343 Recoveries — — 160 160 Allowance for expected credit losses as of December 31, 2021 20,115 16,175 5,186 41,476 A. Credit risk (continued) Loan commitments, financial guarantee contracts and customers’ liabilities under acceptances The allowance for expected credit losses on loan commitments and financial guarantee contracts reflects the Bank’s Management is estimate of expected credit losses of customers’ liabilities under acceptances and contingent liabilities such as: confirmed letters of credit, stand-by letters of credit, guarantees, and credit commitments. Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 3,472 331 — 3,803 Transfer to 12-month expected credit losses 133 (133) — — Net effect of changes in reserve for expected credit losses (160) (39) — (199) Financial instruments that have been derecognized during the year (2,981) (136) — (3,117) New instruments originated or purchased 3,141 — — 3,141 Allowance for expected credit losses as of December 31, 2022 3,605 23 — 3,628 Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 2,426 478 — 2,904 Transfer to lifetime expected credit losses (53) 53 — — Transfer to 12-month expected credit losses 87 (87) — — Net effect of changes in reserve for expected credit losses (96) 42 — (54) Financial instruments that have been derecognized during the year (1,793) (155) — (1,948) New instruments originated or purchased 2,901 — — 2,901 Allowance for expected credit losses as of December 31, 2021 3,472 331 — 3,803 Securities at amortized cost Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 1,790 — — 1,790 Transfer to lifetime expected credit losses (46) 46 — — Transfer to credit-impaired financial instruments (33) — 33 — Net effect of changes in allowance for expected credit losses (13) 941 3,969 4,897 Financial instruments that have been derecognized during the year (420) — — (420) New instruments originated or purchased 892 792 — 1,684 Allowance for expected credit losses as of December 31, 2022 2,170 1,779 4,002 7,951 A. Credit risk (continued) Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 462 33 — 495 Net effect of changes in allowance for expected credit losses (20) — — (20) Financial instruments that have been derecognized during the year (160) (33) — (193) New instruments originated or purchased 1,508 — — 1,508 Allowance for expected credit losses as of December 31, 2021 1,790 — — 1,790 Securities at FVOCI Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 26 — — 26 Financial instruments that have been derecognized during the year (16) — — (16) Allowance for expected credit losses as of December 31, 2022 10 — — 10 Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 43 — — 43 New instruments originated or purchased (17) — — (17) Allowance for expected credit losses as of December 31, 2021 26 — — 26 The following table provides a reconciliation between: - Amounts shown in the previous tables reconciling opening and closing balances of loss allowance per class of financial instrument; and - The (reversal) provision for credit losses’ line item in the consolidated statement of profit or loss. A. Credit risk (continued) Loans at amortized Loan commitments Securities December 31, 2022 At amortized cost FVOCI Total Net effect of changes in allowance for expected credit losses 4,208 (199) 4,897 — 8,906 Financial instruments that have been derecognized during the year (13,217) (3,117) (420) (16) (16,770) New financial assets originated or purchased 22,560 3,141 1,684 — 27,385 Total 13,551 (175) 6,161 (16) 19,521 Loans at amortized Loan commitments Securities December 31, 2021 At amortized cost FVOCI Total Net effect of changes in allowance for expected credit losses (2,477) (54) (20) — (2,551) Financial instruments that have been derecognized during the year (14,715) (1,948) (193) (17) (16,873) New financial assets originated or purchased 17,343 2,901 1,508 — 21,752 Total 151 899 1,295 (17) 2,328 Loans at amortized Loan commitments Securities December 31, 2020 At amortized cost FVOCI Total Net effect of changes in allowance for expected credit losses 13,459 79 38 — 13,576 Financial instruments that have been derecognized during the year (28,036) (1,885) (86) — (30,007) New financial assets originated or purchased 12,828 1,666 430 43 14,967 Total (1,749) (140) 382 43 (1,464) A. Credit risk (continued) v. Credit-impaired financial assets Credit-impaired loans and advances are graded 8 to 10 in the Bank’s internal credit risk grading system. The following table sets out a reconciliation of changes in the carrying amount of the allowance for credit losses for credit-impaired financial assets: December 31, 2022 2021 Credit-impaired loans at beginning of year 5,186 4,588 Classified as credit-impaired during the year 130 — Change in allowance for expected credit losses 14,606 191 Write-offs (893) — Recoveries of amounts previously written off 1,066 160 Interest income 1,466 247 Credit-impaired loans at end of year 21,561 5,186 December 31, 2022 Investments at amortized cost with credit impairment at beginning of year — Classified as credit-impaired during the year 33 Change in allowance for expected credit losses 3,717 Interest income 252 Investments at amortized cost with credit impairment at end of year 4,002 A. Credit risk (continued) vi. Concentrations of credit risk The Bank monitors concentrations of credit risk by sector, industry and country. An analysis of concentrations of credit risk from loans, loan commitments, financial guarantees and securities is as follows. Concentration by sector and industry Loans at Loan commitments Securities At amortized cost FVOCI December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, Carrying amount - principal 6,763,020 5,734,605 163,345 201,515 941,971 631,123 77,972 193,488 Amount committed/guaranteed — — 779,374 603,759 — — — — Concentration by sector Corporations: Private 2,553,193 1,934,056 409,139 336,181 543,381 362,085 24,773 59,096 State-owned 1,115,932 1,085,211 110,468 47,144 51,388 43,266 — — Financial institutions: Private 2,245,385 2,123,881 120,614 140,289 250,975 127,690 — — State-owned 719,882 567,847 302,498 281,660 31,902 46,496 53,199 134,392 Sovereign 128,628 23,610 — — 64,325 51,586 — — Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 Concentration by industry Financial institutions 2,965,266 2,691,728 423,112 421,949 282,878 174,186 53,199 134,392 Manufacturing 1,341,453 1,122,325 293,659 193,169 339,914 180,088 14,898 44,586 Oil and petroleum derived products 1,244,491 1,091,264 104,426 62,208 77,553 74,954 9,875 14,510 Agricultural 317,037 267,382 3,854 — — — — — Services 267,868 220,942 55,430 55,612 64,412 66,609 — — Mining 150,707 95,364 — — 24,381 9,912 — — Sovereign 128,628 23,610 — — 64,325 51,586 — — Other 347,570 221,990 62,238 72,336 88,508 73,788 — — Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 A. Credit risk (continued) Risk rating and concentration by country Loans at Loan commitments Securities At amortized cost FVOCI December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, Carrying amount - principal 6,763,020 5,734,605 163,345 201,515 941,971 631,123 77,972 193,488 Amount committed/guaranteed — — 779,374 603,759 — — — — Rating 1-4 2,864,685 3,016,938 336,519 312,016 736,139 453,627 77,972 193,488 5-6 3,696,527 2,524,147 301,031 201,296 200,837 177,496 — — 7-8 191,701 193,520 305,169 291,962 4,995 — — — 10 10,107 — — — — — — — Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 Concentration by country Argentina 55,598 74,252 — — — — — — Australia — — — — 9,628 9,900 — — Belgium 25,362 17,374 — — — — — — Bolivia — 3,000 3,759 2,983 — — — — Brazil 980,205 1,101,999 54,907 — 69,501 99,082 — — Canada — — — — 13,503 13,786 — — Chile 416,714 625,119 44,846 41,932 112,586 105,730 — — Colombia 702,409 795,467 54,333 50,630 54,484 38,038 — — Costa Rica 260,625 180,480 56,718 89,442 9,926 1,984 — — Denmark — — 11,880 — — — — — Dominican Republic 579,918 275,423 27,534 16,499 4,828 4,947 — — Ecuador 110,466 37,446 305,168 281,075 — — — — El Salvador 30,032 73,500 — 6,867 — — — — France 126,929 179,491 66,906 62,172 — — — — Germany — — 10,000 7,000 — — — — Guatemala 745,837 431,543 67,456 58,145 — 3,051 — — Honduras 176,270 32,192 3,615 18,286 — — — — Hong Kong 2,800 17,600 — — — — — — Ireland — — — — 9,579 — — — Israel — — — — 4,880 4,968 — — Jamaica 14,083 5,215 — — — — — — Japan 14,712 — — — 4,353 — — — Luxembourg 114,557 117,700 — — — — — — Mexico 823,028 726,922 69,080 4,000 100,870 55,620 — — Panama 533,452 203,115 19,240 66,973 29,065 22,807 — — Paraguay 151,287 98,112 3,430 9,430 — — — — Peru 478,998 343,485 114,941 65,091 60,575 64,134 — — Singapore 152,208 58,117 24,333 10,750 — — — — Trinidad and Tobago 128,846 140,537 — — — — — — United States of America 53,463 19,000 3,349 — 458,193 207,076 43,464 88,170 United Kingdom 51,221 42,700 — — — — — — Uruguay 34,000 134,816 1,224 13,999 — — — — Multilateral — — — — — — 34,508 105,318 Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 A. Credit risk (continued) vii. Offsetting financial assets and liabilities The following tables include financial assets and liabilities that are offset in the consolidated financial statement or subject to an enforceable master netting arrangement: a) Derivative financial instruments – assets December 31, 2022 Gross Gross amounts Net amount of Gross amounts not offset in Net Amount Financial Cash collateral Derivative financial instruments used for hedging 68,159 — 68,159 — (50,615) 17,544 Total 68,159 — 68,159 — (50,615) 17,544 December 31, 2021 Gross Gross amounts Net amount of Gross amounts not offset in Net Amount Financial Cash collateral Derivative financial instruments used for hedging 10,805 — 10,805 — (5,030) 5,775 Total 10,805 — 10,805 — (5,030) 5,775 A. Credit risk (continued) b) Securities sold under repurchase agreements and derivative financial instruments – liabilities December 31, 2022 Gross Gross amounts Net amount of Gross amounts not offset in the Net Financial Cash collateral Securities sold under repurchase agreements (300,498) — (300,498) 791,956 22,947 514,405 Derivative financial instruments used for hedging (33,761) — (33,761) — 17,702 (16,059) Total (334,259) — (334,259) 791,956 40,649 498,346 December 31, 2021 Gross Gross amounts Net amount of Gross amounts not offset in Net Financial Cash collateral Securities sold under repurchase agreements (427,497) — (427,497) 498,274 3,110 73,887 Derivative financial instruments used for hedging (28,455) — (28,455) — 28,942 487 Total (455,952) — (455,952) 498,274 32,052 74,374 i. Exposure to liquidity risk The key measure used by the Bank for managing liquidity risk is the ratio of net liquid assets to deposits from customers and short-term funding. For this purpose, ‘net liquid assets’ include cash and cash equivalents which consist of deposits from banks and customers, as well as corporate debt securities rated A- or above. B. Liquidity risk (continued) The following table details the Bank’s liquidity ratios, described in the previous paragraph, as of December 31, 2022 and 2021, respectively: December 31, 2022 2021 At the end of the year 167.46 % 199.19 % Year average 132.63 % 122.80 % Maximum of the year 276.86 % 306.82 % Minimun of the year 81.18 % 66.43 % The following table includes the Bank’s liquid assets by country risk: December 31, 2022 December 31, 2021 (in millions of USD dollars) Cash and due from Securities FVOCI Total Cash and due from Securities FVOCI Total United States of America 1,151 43 1,194 1,203 89 1,292 Latin America 15 — 15 8 — 8 Multilateral 25 35 60 — 105 105 Total 1,191 78 1,269 1,211 194 1,405 The following table includes the Bank’s demand deposits from customers and its ratio to total deposits from customers: December 31, 2022 2021 (in millions of USD dollars) Demand and "overnight" deposits 583 362 Demand and "overnight" deposits to total deposits 18.27 % 11.92 % The liquidity requirements resulting from the Bank’s demand deposits from customers is satisfied by the Bank’s liquid assets as follows: December 31, (in millions of USD dollars) 2022 2021 Total liquid assets 1,269 1,404 Total assets to total liabilities 39.77 % 46.26 % Total liquid assets in the Federal 90.23 % 85.52 % B. Liquidity risk (continued) Even though the average term of the Bank’s assets exceeds the average term of its liabilities, the associated liquidity risk is diminished by the short-term nature of a significant portion of the loan portfolio, since the Bank is primarily engaged in financing foreign trade. The following table includes the carrying amount for the Bank’s loans and securities short-term portfolio with maturity within one year based on their original contractual term along with its average remaining term: December 31, (in millions of USD dollars) 2022 2021 Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms 4,008 3,426 Average term (days) 200 191 The following table includes the carrying amount for the Bank’s loans and securities medium term portfolio with maturity over one year based on their original contractual terms along with their average remaining term: December 31, (in millions of USD dollars) 2022 2021 Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms 3,775 3,134 Average term (days) 1367 1365 B. Liquidity risk (continued) ii. Maturity analysis for financial liabilities and financial assets The following table details the future undiscounted cash flows of financial assets and liabilities grouped by their remaining maturity with respect to the contractual maturity: December 31, 2022 Up to 3 3 to 6 months 6 months to 1 1 to 5 years More than 5 Gross inflows Carrying Assets Cash and due from banks 1,241,779 — — — — 1,241,779 1,241,586 Securities 129,983 105,789 98,345 744,996 10,293 1,089,406 1,023,632 Loans 2,294,259 1,478,494 1,223,661 2,244,454 158,967 7,399,835 6,760,434 Derivative financial instruments - assets 4,216 10,831 14,015 39,097 — 68,159 68,159 Total 3,670,237 1,595,114 1,336,021 3,028,547 169,260 9,799,179 9,093,811 Liabilities Deposits (2,770,754) (256,989) (161,889) (39,805) — (3,229,437) (3,205,386) Securities sold under repurchase agreements (53,418) (64,513) (55,144) (138,286) — (311,361) (300,498) Borrowings and debt, net (776,584) (895,531) (934,288) (2,212,704) (41,523) (4,860,630) (4,464,389) Lease liabilities (384) (384) (738) (5,769) (13,771) (21,046) (16,745) Derivative financial instruments - liabilities (3,702) (764) (63) (26,882) (2,350) (33,761) (33,761) Total (3,604,842) (1,218,181) (1,152,122) (2,423,446) (57,644) (8,456,235) (8,020,779) Subtotal net position 65,395 376,933 183,899 605,101 111,616 1,342,944 1,073,032 Off-balance sheet contingencies Confirmed letters of credit 166,367 117,398 21,024 — — 304,789 Stand-by letters of credit and guarantees 132,353 117,750 92,750 8,772 — 351,625 Credit commitments — 13,102 32,906 76,952 — 122,960 Total 298,720 248,250 146,680 85,724 — 779,374 Total net position (233,325) 128,683 37,219 519,377 111,616 563,570 B. Liquidity risk (continued) December 31, 2021 Up to 3 3 to 6 6 months to 1 1 to 5 years More than 5 Gross inflows Carrying Assets Cash and due from banks 1,253,052 — — — — 1,253,052 1,253,052 Securities 36,984 44,743 179,219 599,397 — 860,343 831,913 Loans 1,936,018 1,040,765 1,349,286 1,568,311 151,529 6,045,909 5,713,022 Derivative financial instruments - assets 2,791 3,592 — 4,422 — 10,805 10,805 Total 3,228,845 1,089,100 1,528,505 2,172,130 151,529 8,170,109 7,808,792 Liabilities Deposits (2,641,995) (310,326) (79,034) (8,090) — (3,039,445) (3,037,457) Securities sold under repurchase agreements (333,031) (60,218) — (35,515) — (428,764) (427,497) Borrowings and debt, net (583,283) (726,715) (802,911) (1,348,323) (16,536) (3,477,768) (3,315,500) Lease liabilities (393) (393) (787) (5,819) (15,215) (22,607) (17,733) Derivative financial instruments - liabilities — (4,821) (7,773) (15,145) (716) (28,455) (28,455) Total (3,558,702) (1,102,473) (890,505) (1,412,892) (32,467) (6,997,039) (6,826,642) Subtotal net position (329,857) (13,373) 638,000 759,238 119,062 1,173,070 982,150 Off-balance sheet contingencies Confirmed letters of credit 149,672 62,123 2,435 — — 214,230 Stand-by letters of credit and guarantees 75,245 118,287 54,375 20,289 — 268,196 Credit commitments 35,000 — 45,000 41,333 — 121,333 Total 259,917 180,410 101,810 61,622 — 603,759 Total net position (589,774) (193,783) 536,190 697,616 119,062 569,311 The amounts in the tables above have been compiled as follows: Type of financial instrument Basis on which amounts are compiled Financial assets and liabilities Undiscounted cash flows, which include estimated interest payments. Issued financial guarantee contracts, and loan commitments Earliest possible contractual maturity. For issued financial guarantee contracts, the maximum amount of the guarantee is allocated to the earliest period in which the guarantee could be called. Derivative financial assets and financial liabilities Contractual undiscounted cash flows. The amounts shown are the gross nominal inflows and outflows for derivatives that simultaneously settle gross or net amounts. B. Liquidity risk (continued) iii. Liquidity reserves As part of the management of liquidity risk arising from financial liabilities, the Bank holds liquid assets comprising cash and cash equivalents. The following table sets out the components of the Banks’s liquidity reserves: December 31, 2022 December 31, 2021 Amount Fair value Amount Fair value Balances with Federal Reserve of the United 1,144,896 1,144,896 1,201,101 1,201,101 Cash and balances with other banks (1) 46,040 46,040 9,900 9,900 Total 1,190,936 1,190,936 1,211,001 1,211,001 (1) Excludes pledged deposits. iv. Financial assets available to support future funding The following table sets out the Bank’s financial assets available to support future funding: December 31, 2022 December 31, 2021 Pledged as collateral Available as collateral Pledged as collateral Available as collateral Cash and due from banks 50,649 1,190,936 42,051 1,211,001 Notional of investment securities 331,571 672,042 447,588 343,319 Loans at amortized cost — 6,763,020 — 5,734,605 Total 382,220 8,625,998 489,639 7,288,925 C. Market risk The Bank manages market risk by considering the consolidated financial situation of the Bank. For the definition of market risk and information on how the Bank manages the market risks of trading and non-trading portfolios, see Note 6. i. Interest rate risk The table below details the Bank's exposure based on interest rate repricing/maturity date on interest-bearing financial assets and liabilities: December 31, 2022 Up to 3 3 to 6 6 months to 1 to 5 years More than 5 Without interest Total Assets Cash and due from banks 1,233,700 — — — — 7,886 1,241,586 Securities, net 112,736 114,815 82,666 701,749 7,977 — 1,019,943 Loans 2,956,268 2,531,067 1,007,343 240,949 27,393 — 6,763,020 Total 4,302,704 2,645,882 1,090,009 942,698 35,370 7,886 9,024,549 Liabilities Demand deposits and time deposits (2,746,776) (250,299) (153,862) (35,082) — (4,697) (3,190,716) Securities sold under repurchase agreements (52,164) (62,968) (53,740) (131,626) — — (300,498) Borrowings and debt, net (1,354,457) (953,503) (1,083,543) (999,151) (25,857) — (4,416,511) Total (4,153,397) (1,266,770) (1,291,145) (1,165,859) (25,857) (4,697) (7,907,725) Net effect of derivative financial instruments held for interest risk management 476 41 2,145 12,215 (2,350) — 12,527 Total interest rate sensitivity 149,783 1,379,153 (198,991) (210,946) 7,163 3,189 1,129,351 C. Market risk (continued) December 31, 2021 Up to 3 3 to 6 6 months to 1 to 5 years More than 5 Without interest Total Assets Cash and due from banks 1,249,545 — — — — 3,507 1,253,052 Securities, net 26,693 28,906 121,834 647,178 — — 824,611 Loans 2,510,544 1,593,471 1,378,589 246,721 10,593 — 5,739, |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Financial risk management | |
Financial risk management | 6. Financial risk management The risk is inherent to the Bank’s activities. Risks are classified into two categories: financial and non-financial risks. Financial risks are those associated within the Bank’s business model, with impact in the Bank’s consolidated statements of financial position and profit or loss, as follows: country risk, credit risk, market risk and liquidity risk. Non-financial risks are those related to the Bank’s operating model and the regulatory environment that may affect the integrity of the information, the Bank’s reputation and also its profit or loss accounts, as follows: operational, technological, cybersecurity, compliance (know your customer, money laundering, terrorism financing), environmental, fraud, among others. Lead by the Head of Integrated Risk Management, an ongoing process of identification, measurement, monitoring, control, mitigation and reporting to all operating areas within the Bank is carried out continuously, considering the different types of risks to which the Bank is exposed to, according to the size and complexity of its operations, products and services. The Bank has in place policies, standards and procedures, structures, and manuals relating to integrated risk management, designed to identify potential events that may affect it, all of which are consistent with the risk profile of the business, considering the complexity and the volume of its operations. The Board of Directors is responsible for establishing the Bank’s acceptable risk profile, for which it has the knowledge and understanding of the risks to which the Bank is exposed to. The Board of Directors designate the members of the Risk Policy and Assessment Committee (CPER, for its acronym in Spanish), which is responsible for overseeing the overall risk process within the Bank. CPER oversees the assessment and recommendation for approval of the Board of Directors of all the policies relating to a prudent Integrated Risk Management. Furthermore, the Committee also reviews and assesses the exposure, within the risk levels stated in its policies, by which the Bank is willing to assume the various risks it faces through business management. The Head of Integrated Risk Management directly reports to the CEO and the CPER, and has as a main duty to ensure the integrated risk management of the Bank’s operating model and IT platform, as well as the financial and credit related risks, being responsible for implementing and maintaining risk-related procedures in place to ensure that an independent control process is kept, monitoring compliance of the risk principles, policies and limits at all levels throughout the Bank. The Head of Integrated Risk Management works closely with CPER to ensure that procedures are consistent with the integr ated risk management governance framework. Risk Management Committees: - Operational Risk Committee. - Country Risk Committee. - Credit Committee (Managemen t Credit Committee / Board of Director´s Delegated Credit Committee / CPER). - Management and Monitoring Committee. - Asset and Liability Committee (ALCO). The Bank emphasizes the awareness of its employees, promoting a Risk Management culture that has continuity over time and that allows them to understand and assimilate the importance of this concept from each of the processes that are executed within their areas. This is done throughout the training of all employees on an annual basis to raise their awareness in general terms of operational risks, which includes updates on applicable laws and regulations as required. A. Credit risk As part of the embedded risk, the Bank will incur in losses and/or its assets will be impaired as a result of the failure of its borrowers to comply in a timely manner or to meet the terms of credit agreements. The Bank’s customer base consists primarily of corporations, large companies, local and regional financial institutions, as well as state-owned enterprises. The Bank focuses its risk assessment on an in-depth analysis of the entity or economic group that involves: the nature of the business, the countries where it operates, types of products offered, duration of the relationship, track record and reputation, among others. A. Credit risk (continued) Credit risk management comprises two main stages: origination and monitoring. The credit origination process involves the activities of identifying and analyzing the customer's creditworthiness and approving the terms and conditions for credit extensions. The monitoring process consists of annual credit reviews of existing exposures, "ad hoc" reviews on a case-by-case basis when conditions so require, and portfolio reviews by the Bank's credit committees. The objective is to maximize the risk-adjusted rate of return by keeping credit risk exposures within acceptable parameters. This process involves the Risk and Business Units, as well as the Risk Policy and Assessment Committee (CPER). The Bank determines the appropriate level of allowances for expected credit losses based on a forward-looking process that estimates the probable loss inherent in its credit portfolio and is the result of a statistical analysis supported by the Bank’s historical portfolio performance, external sources, and the judgment of the Bank’s Management. This level of allowance reflects assumptions and estimations made in the context of changing political and economic conditions in the region, in which the Bank operates. The Bank periodically assesses the adequacy and the validity of the allowance for expected credit losses calculation model. When assessing if the calculation model remains valid, characteristics and behavior of the loan portfolio are considered as a fundamental factor, as well as periodic economic analysis that contribute to the active management of the portfolio. The Bank's business model holds a low-risk portfolio, which focuses on financial institutions and large leading corporations in the region, including "quasi-sovereign" entities in strategic sectors, with whom it mainly conducts foreign trade operations. Climate risk, like any other risk in general, implies the presence of an extreme natural event, but unpredictable, resulting in a human activity that may be damaged by such event. Consequently, the Bank incorporates into its risk assessment the possible impacts of climate risk that may affect its credit portfolio. Individually assessed reserves The Bank individually assesses the appropriate reserves for certain significant financial assets, by considering interest payment delays, credit rating downgrading or any breach of the original contractual terms. Factors considered when determining a reserve include the sustainability of the counterparty’s business plan, its ability to improve performance when facing a difficult financial situation, projected payments and expected results in the event of bankruptcy, the availability of other financial support, the realizable value of collateral, and the timing of expected cash flows. Impairment loss is assessed at each reporting date, unless unforeseen circumstances require special attention on other dates. Collectively assessed reserves Reserves are separately assessed at each reporting date for each portfolio. The collective assessment is made for groups of assets with similar risk characteristics, to determine whether it is appropriate to provide for, due to incurred loss events for which there is objective evidence, but the effects of which are not yet evident in individual loan assessments. The collective assessment considers either portfolio information (e.g. historical losses in the portfolio, delinquency levels, credit utilization, loan-to-collateral ratios and expected collections and recoveries after impairment) and economic data (such as current economic conditions, unemployment, local or industry-specific situations). The Bank generally supports its assessment on historical experience and forward-looking information. However, when significant market, regional and/or global events occur, the Bank includes these macroeconomic factors in its assessments. Depending on the characteristics of the individual or collective assessment, these factors include: unemployment rates, current levels of impaired debt, changes in law, changes in regulation, bankruptcy trends and other consumer data. The Bank may use the above factors, as appropriate, to adjust for impairment. The time elapsed since a loss is incurred and a specific individual reserve requirement is identified should be taken into consideration for the assessment. The impairment reserve is reviewed by credit risk management to ensure alignment with the Bank’s general policy. A. Credit risk (continued) Financial guarantees and letters of credit are assessed in a similar manner to loans at amortized cost. A supplemental qualitative review may result in adjustments to the level of provisions, based on prospective reviews of potential risk scenarios for businesses or loans not yet captured in the Bank’s historical information. The Bank has developed internal customer, counterparty and country rating models, which allow for proactive risk management in terms of exposure limits, transaction typology and time limits, among others. Derivative financial instruments Credit risk arising from derivative financial instruments is, at any time, limited to those with positive fair values, as recognized in the consolidated statement of financial position at fair value. With derivatives that are settled gross, the Bank is also exposed to settlement risk, which is the risk that the Bank will honor its obligation, but the counterparty will be unable to deliver the value of the consideration. Credit Commitments The Bank makes available to its customers guarantees that may require the Bank to make payments on behalf of these customers and to take on commitments to issue lines of credit to ensure their liquidity needs. Letters of credit and guarantees (including standby letters of credit) commit the Bank to make payments on behalf of customers for a specific event, usually related to the import or export of goods. Such commitments expose the Bank to risks similar to those for loans which are mitigated by the same controls established in processes and policies. B. Liquidity risk Liquidity risk is the possibility of an economic loss to the Bank due to the difficulty in liquidating assets or obtaining financial resources on normal terms. The Bank conducts daily reviews of the Liquidity Coverage Ratio (LCR). The LCR methodology follows local standards and guidelines recommended by the Basel Committee. The Bank also monitors the Net Stable Funding Ratio (NSFR), to maintain an adequate funding structure over the long term. Liquidity is controlled through the periodic review of: - The maturity schedule to identify maturity “gaps” in the various timeframes. - Deposit concentration report to identify possible increases in amounts and maturities that may affect the Bank’s liquidity. The Bank has a Liquidity Contingency Plan in place, which was designed to monitor a series of indicators that could trigger a liquidity event, with potential impact on the Bank’s operations and establishes an action plan so that the Bank’s liquidity is always assured. C. Market risk Market risk is the risk that the value of the Bank’s assets and liabilities will decline due to changes in market conditions that may adversely affect its income. The risk is inherent in the financial instruments associated with the Bank’s operations and activities, including: loans, securities, borrowings and debt, derivatives, among others. The main risks include: interest rate risk and foreign exchange risk, which can affect asset prices and result in losses for the Bank. With respect to interest rate risk management, the Bank’s policy requires Management to assess the asset and liability positions in order to reduce potential adverse impacts on net interest income due to market interest rate fluctuations. The Bank manages interest rate risk by closely monitoring the appreciation and decline in value of the assets and liabilities through hedging to reduce potential negative impacts on profit or loss for the period and equity. C. Market risk (continued) Management conducts periodic sensitivity analyses simulating market changes in interest rates to determine potential impacts on net interest income (both upward and downward). In addition, the Bank monitors the DV01 limit, for which a parallel 1-base point shock is applied to the interest rate curve and assesses if there is any impact on equity. Foreign exchange risk is the risk of change in the market value of a financial instrument due to fluctuations in the exchange rate of a given currency. Th e Bank operates primarily in U.S. dollars, so exposure to this type of risk is minimized. For transactions in currencies other than the US dollar, the Bank manages the exchange rate risk by arranging derivative instruments for hedging purposes, or by establishing natural hedges matching assets and liabilities expressed in the same currency. For liquidity positions, the Bank has established thresholds in order to limit the maximum level of exposure. Interest rate risk derived from the IBOR reference rate reform The main risks to which the Bank is exposed to as a result of the IBOR Reform are operational. Such operational risks include the renegotiation of credit agreements, updating of contractual terms and systems that use USD LIBOR curves, and review of operational controls related to the Reform. Financial risk is predominantly limited to interest rate risk. As of December 31, 2022, the Bank continues its process of reviewing and updating the model contracts to incorporate the transition clauses to the new reference rate. The Bank plans to complete the process of modifying the contracts before June 30, 2023, the date established by the Alternative Reference Rate Committee (ARRC) for the cessation of the LIBOR rate. All bond and debt contracts have been reviewed and updated to incorporate transition clauses to the new reference rate. D. Operational risk Operational risk is the possibility of incurring losses due to deficiencies, failures or inadequacies in human resources, processes, technology, infrastructure, management information, models used, or the occurrenc e of external events. If this occurs, it can damage the Bank’s reputation and result in regulatory sanctions, which can lead to financial losses. The Bank , like any other financial institution, is exposed to operational risks. The main objective with Operational Risk Management is to reduce losses generated from operational risk and maintain an adequate administration thereof through the use of established management tools such as: risk profile, risk mapping, global and specific limits, operational risk indicators, as well as the analysis of events and incidents recorded in a database in order to monitor action plans on actual or potential risks. As part of an adequate operational risk management, the Bank maintains a Business Continuity Plan to provide effective responses that guarantee the continuity of services and the banking business activities upon the occurrence of events that may create an interruption or instability in its operations. E. Fraud risk Fraud is any intentional act or omission designed to deceive others, resulting in a loss for the victim and/or a gain for the perpetrator. Identification of fraud risk considers both internal and external factors, and their impact on the achievement of the Bank’s objectives. Internal fraud is related to losses arising from any type of action, involving Bank employees, aimed at defrauding, misappropriating property or violating regulations, laws or internal policies. External fraud is related to losses arising from any type of action by a third party aimed at defrauding, misappropriating property or infringing the law. To manage this risk, the Bank has a general fraud risk management program in place, which includes: establishing fraud risk governance policies, evaluating fraud risk, designing and developing control activities to prevent and detect fraud, and investigating fraud, including monitoring and evaluating the fraud risk management program. F. Cyber security risk Cybersecurity or information technology security refers to the procedures designed, and measures implemented to protect technological appliances, networks, programs and data against cyber-attacks, in other words, unauthorized access or attacks aimed at operating, or misusing, the Bank’s technology platform to access the financial system. The Bank has approved policies and implemented procedures defining roles and responsibilities for managing information security as part of the IT security and technology risk management framework. These policies and procedures apply throughout the Bank and cover all relationships between the workforce, customers and suppliers, as well as any other individual who, on a permanent or temporary basis with the Bank, has some form of access to data, resource management and IT systems. To counter the risk arising from cyber attacks, the Bank maintains a comprehensive monitoring program of the main attack vectors: emails and end-user devices, as well as the continuous frequency of scans and vulnerability management. To address the risks arising under the hybrid model, the Bank maintains security platforms that provide an adequate level of protection, in order to keep the same security posture, regardless of the physical location of the employees. The Bank's Information Security Officer is responsible for ensuring compliance with policies and procedures by anyone with access to the Bank’s systems. The Bank's cybersecurity program has been developed with a holistic approach, allowing the Bank to encompass both technical and strategic measures in a single framework. This program is based on four fundamental pillars: Perimeter Security, Services and Infrastructure Security, User Security, and Data Security. |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair value of financial instruments | |
Fair value of financial instruments | 7. Fair value of financial instruments The Bank determines the fair value of its financial instruments using the fair value hierarchy, 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 (provided it is not due to impairment), the Bank uses the present value technique which considers market information to determine a representative fair value under usual market conditions. A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, including the general classification of such assets and liabilities under the fair value hierarchy is presented below: A. Recurring valuation Financial instruments at FVTPL or FVOCI For financial instruments at FVTPL or FVOCI, fair value is based upon quoted market prices, when available, or if quoted market prices are not available on discounted expected cash flows including interest rate yield curves and other market rates. When quoted prices are available in an active market, financial instruments at FVTPL and financial instruments at FVOCI 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 and hedged items that qualify as a fair value hedging relationship 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 flow 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 amounts 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 interest rate curves. Because not all counterparties have the same credit rating, valuation adjustments are necessary to incorporate the market view of both the counterparty's credit risk and the Bank's own credit risk ("Credit and Debit Value Adjustment" CVA / DVA). 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 assets and liabilities recognized and designated as hedged items that qualify as a fair value hedging relationship are measured at amortized cost and adjusted for the effect of the risks covered in the hedging relationship. A. Recurring valuation (continued) 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, 2022 Level 1 Level 2 Level 3 Total Assets Securities at FVOCI - Corporate debt — 78,372 — 78,372 Derivative financial instruments - assets: Interest rate swaps — 483 — 483 Cross-currency swaps — 45,806 — 45,806 Foreign exchange forwards — 21,870 — 21,870 Total derivative financial instrument assets — 68,159 — 68,159 Total assets at fair value — 146,531 — 146,531 Liabilities Derivative financial instruments - liabilities: Interest rate swaps — 544 — 544 Cross-currency swaps — 33,217 — 33,217 Total derivative financial instruments - liabilities — 33,761 — 33,761 Total liabilities at fair value — 33,761 — 33,761 A. Recurring valuation (continued) December 31, 2021 Level 1 Level 2 Level 3 Total Assets Securities at FVOCI - Corporate debt — 194,491 — 194,491 Loans at FVTPL — — 5,313 5,313 Total — 194,491 5,313 199,804 Derivative financial instruments - assets: Interest rate swaps — 1,282 — 1,282 Cross-currency swaps — 9,523 — 9,523 Total derivative financial instrument assets — 10,805 — 10,805 Total assets at fair value — 205,296 5,313 210,609 Liabilities Derivative financial instruments - liabilities: Interest rate swaps — 538 — 538 Cross-currency swaps — 27,917 — 27,917 Total derivative financial instruments - liabilities — 28,455 — 28,455 Total liabilities at fair value — 28,455 — 28,455 Fair value calculations are provided only for a limited portion of assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used for estimates, comparisons of fair value information disclosed by the Bank with those of other companies may not be meaningful for comparative analysis. B. 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’ l iabilities under acceptances and certain financial liabilities including customer’s demand and time deposits, securities sold under repurchase agreements and acceptances outstanding, due to their short-term nature, is considered to approximate their fair value. These instruments are classified in level 2. Financial instruments measured at amortized cost The fair value of financial instruments measured at amortized cost is valued using quoted market prices. If quoted market prices are not available, then fair values are estimated based upon quoted prices for similar instruments. When prices for similar instruments are not available, then fair values are estimated by using discounted cash flow models using interest rate yields curves and other market rates. Such instruments are classified in levels 2 and 3. B. Non-recurring valuation (continued) The following table provides information on the carrying value and the estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis: December 31, 2022 Carrying Fair Level 1 Level 2 Level 3 Assets Cash and deposits in banks 1,241,586 1,241,586 — 1,241,586 — Securities at amortized cost (1) 945,260 895,154 — 894,034 1,120 Loans at amortized cost (2) 6,760,434 6,785,652 — 6,785,652 — Customers' liabilities under acceptances 163,345 163,345 — 163,345 — Liabilities Deposits 3,205,386 3,205,386 — 3,205,386 — Securities sold under repurchase agreements 300,498 300,498 — 300,498 — Borrowings and debt, net 4,416,511 4,389,902 — 4,389,902 — Acceptances outstanding 163,345 163,345 — 163,345 — and unearned interest and deferred fees of December 31, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets Cash and deposits in banks 1,253,052 1,253,052 — 1,253,052 — Securities at amortized cost (1) 637,422 632,848 — 628,284 4,564 Loans at amortized cost, net (2) 5,707,709 5,806,915 — 5,806,915 — Customers' liabilities under acceptances 201,515 201,515 — 201,515 — Liabilities Deposits 3,037,457 3,037,457 — 3,037,457 — Securities sold under repurchase agreements 427,497 427,497 — 427,497 — Borrowings and debt, net 3,304,178 3,294,135 — 3,294,135 — Acceptances outstanding 201,515 201,515 — 201,515 — (1) The carrying value of securities at amortized cost is net of accrued interest receivable of $11.2 million and the allowance for expected credit losses of $8.0 million as of December 31, 2022 (accrued interest receivable of $8.1 million and the allowance for expected credit losses of $1.8 million as of December 31, 2021). (2) The carrying value of loans at amortized cost is net of accrued interest receivable of $70.0 million, the allowance for expected credit losses of $55.2 million and unearned interest and deferred fees of $17.3 million as of December 31, 2022 (accrued interest receivable of $23.3 million, the allowance for expected credit losses of $41.5 million and unearned interest and deferred fees of $8.7 million as of December 31, 2021). C. Level 3 - Fair value measurement The following table presents the movement of a level 3 financial instruments measured at fair value : Loans at At December 31, 2020 4,949 Net changes in fair value (1) 364 At December 31, 2021 5,313 Net changes in fair value (1) 437 Sales (5,750) At December 31, 2022 — (1) The fair value of the instrument includes interest receivable. The loan measured at FVTPL (level 3) was sold during the year 2022. The Bank has no new loans with this classification and measurement as of December 31, 2022. Loans at FVTPL - Level 3 For financial instruments measured at fair value classified in level 3 category, the Bank uses the following inputs for present value techniques. Inputs used in the fair value measurement are detailed as follows: Observable inputs Unobservable inputs Forward interest rate referenced to 12M USD Libor Discount rate or discount margin of floating rate bond "USD US composite B+" with credit risk similar to the instrument analyzed adjusted by the country risk premium. Fair value measurement sensitivity to unobservable inputs – discount rate 2021 A significant increase in volatility would result in a lower fair value 6.860% to 7.84% Management used market data published in Bloomberg for the construction of the discount curve, which allows for a more accurate measurement of the instrument. The effect on unobservable inputs Although the Bank believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different fair value measurements. For fair value measurements in level 3, changing one or more of the assumptions used would have the following effects. Loans at FVTPL Effect on profit or loss + 100 bps to the observable and unobservable inputs (108) - 100 bps to the observable and unobservable inputs 111 |
Cash and due from banks
Cash and due from banks | 12 Months Ended |
Dec. 31, 2022 | |
Cash and due from banks | |
Cash and due from banks | 8. Cash and due from banks The following table presents the details of interest-bearing deposits in banks and restricted deposits: December 31, 2022 2021 2020 Unrestricted deposits with the Federal Reserve of the United States of America 1,144,896 1,201,101 688,612 Cash and non-interest-bearing deposits in other banks 7,886 3,507 4,331 Cash and interest-bearing deposits in other banks (1) 88,804 48,444 170,869 Total cash and due from banks 1,241,586 1,253,052 863,812 Less: Time deposits with original maturity over 90 days and other restricted deposits (1) 50,650 42,051 17,804 Total cash and due from banks in the consolidated statement of cash flows 1,190,936 1,211,001 846,008 The following table presents the restricted deposits classified by country risk: December 31, 2022 2021 2020 Switzerland 16,797 9,787 3,027 Spain 12,814 4,011 18 United States of America (1) 11,387 12,615 11,515 Germany 5,380 449 — United Kingdom 4,272 309 130 France — 4,790 50 Netherlands — 3,870 334 Japan — 3,790 1,330 Mexico — 2,430 790 Canada — — 610 Total 50,650 42,051 17,804 (1) Includes restricted deposit of $10.0 million for both years with the New York State Department of Financial Services under March 1994 legislation and margin call deposits collateralizing derivative financial instrument transactions. |
Securities and other financial
Securities and other financial assets, net | 12 Months Ended |
Dec. 31, 2022 | |
Securities and other financial assets, net | |
Securities and other financial assets, net | 9. Securities, net Securities are presented as follows: December 31, 2022 Amortized cost FVOCI Total Principal 941,971 77,972 1,019,943 Interest receivable 11,240 400 11,640 Allowance (7,951) — (7,951) 945,260 78,372 1,023,632 December 31, 2021 Amortized cost FVOCI Total Principal 631,123 193,488 824,611 Interest receivable 8,089 1,003 9,092 Allowance (1,790) — (1,790) 637,422 194,491 831,913 Securities by contractual maturity are shown in the following table: December 31, 2022 Amortized cost FVOCI Total Due within 1 year 222,666 77,972 300,638 After 1 year but within 5 years 711,328 — 711,328 After 5 years but within 10 years 7,977 — 7,977 Balance - principal 941,971 77,972 1,019,943 December 31, 2021 Amortized cost FVOCI Total Due within 1 year 63,640 113,792 177,432 After 1 year but within 5 years 567,483 79,696 647,179 Balance - principal 631,123 193,488 824,611 The following table includes the securities pledged to secure repurchase transactions (see note 20): December 31, 2022 2021 Securities pledged to secure repurchase transactions 345,187 498,274 Securities sold under repurchase agreements (300,498) (427,497) |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Loans | 10. Loans The following table presents the loan portfolio according to its classification and subsequent measurement: December 31, 2022 2021 Loans, outstanding balance 6,763,020 5,734,605 Interest receivable 69,965 23,308 Loss allowance (55,200) (41,476) Unearned interest and deferred fees (17,351) (8,728) Loans at amortized cost 6,760,434 5,707,709 Loans at FVTPL (1) — 5,313 Loans, net 6,760,434 5,713,022 (1) The Bank sold financial instruments measured at FVTPL for $5.8 million, realizing a gain of $577 thousand recognized in the line item gain (loss) on financial instruments, net. The fixed and floating interest rate distribution of the loan portfolio is as follows: December 31, 2022 2021 Fixed interest rate 3,827,083 3,327,310 Floating interest rates 2,935,937 2,412,608 Total 6,763,020 5,739,918 As of December 31, 2022, and 2021, 79% and 71% of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. Interest rates on loans ranges from 1.27% to 15.32% (December 31, 2021 0.53% to 10.23%). The following table details information relating to loans granted to class A and B shareholders: December 31, 2022 2021 Loans to class A and B shareholders 834,768 467,000 % Loans to class A and B shareholders over total loan portfolio 12 % 8 % % Class A and B stockholders with loans over number of class A and B stockholders 11 % 10 % 10. Loans (continued) Modified financial assets As of December 31, 2022, the Bank does not have modified financial assets. The modified financial assets during 2021, where modification does not result in de-recognition, are presented below: December 31, 2021 Gross carrying amount before modification 65,000 Allowance loss before modification (1) (12,739) Net amortized cost before modification 52,261 Gross carrying amount after modification 65,000 Allowance loss after modification (2) (12,699) Net amortized cost after modification 52,301 (1) 12 - month ECL. (2) Lifetime ECL. |
Loan commitments and financial
Loan commitments and financial guarantee contracts | 12 Months Ended |
Dec. 31, 2022 | |
Loan commitments and financial guarantee contracts | |
Loan commitments and financial guarantee contracts | 11. 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, 2022 2021 Documentary letters of credit 304,789 214,230 Stand-by letters of credit and guarantees - commercial risk 351,625 268,196 Credit commitments 122,960 121,333 Total 779,374 603,759 The remaining maturity profile of the Bank’s outstanding loan commitments and financial guarantee contracts is as follows: December 31, 2022 2021 Up to 1 year 693,650 542,137 From 1 to 2 years 15,956 57,622 Over 2 to 5 years 69,768 4,000 Total 779,374 603,759 |
Gain (loss) on financial instru
Gain (loss) on financial instruments, net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Gain (loss) on financial instruments, net | 12. Gain (loss) on financial instruments, net The amounts that were recognized in profit or loss related to the results of financial instruments are detailed below: December 31, 2022 2021 2020 Loss on derivative financial instruments and foreign currency exchange, net (1,920) (1,870) (1,813) Unrealized gain (loss) on financial instruments at FVTPL — 227 (806) Realized gain (loss) on financial instruments at FVTPL 510 — (2,175) Gain on sale of financial instruments at amortized cost — 333 — Realized gain on financial instruments at FVOCI — 14 — (1,410) (1,296) (4,794) |
Derivative financial instrument
Derivative financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative financial instruments | |
Derivative financial instruments | 13. Derivative financial instruments The following table details quantitative information on the notional amounts and carrying amounts of the derivative instruments used for hedging by type of risk hedged and type of hedge: December 31, 2022 Nominal Carrying amount of hedging Asset (1) Liability (2) Interest rate risk Fair value hedges 293,711 340 (543) Cash flow hedges 75,000 143 (1) Interest rate and foreign exchange risk Fair value hedges 252,793 4,129 (16,237) Cash flow hedges 922,777 41,677 (16,980) Foreign exchange risk Cash flow hedges 189,173 21,870 — 1,733,454 68,159 (33,761) December 31, 2021 Nominal Carrying amount of hedging Asset (1) Liability (2) Interest rate risk Fair value hedges 40,000 1,282 — Cash flow hedges 20,000 — (538) Interest rate and foreign exchange risk Fair value hedges 428,067 783 (20,908) Cash flow hedges 455,864 8,740 (7,009) 943,931 10,805 (28,455) (1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets. (2) Included in the consolidated statement of financial position under the line Derivative financial instruments - liabilities. As part of financial risk management, the Bank has used the following hedging relationships: - Fair value hedges. - Cash flow hedges. - Net investment hedges. For control purposes, derivative instruments are recorded at their nominal amount in control 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 hedges by establishing counterparty credit limits by customer and by adopting policies that do not allow maintaining open positions in excess of the limits established by Management. The Bank also has used 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. A. Fair value hedges This type of hedge is used to mitigate the risk of changes in foreign exchange currency rates, as well as changes in interest rate risk. Within the derivative financial instruments used by the Bank for fair value hedging are interest rate swap contracts whereby a series of interest rate flows in a single currency are exchanged over a prescribed period and cross currency swaps contracts that generally involve the exchange of both interest and principal amounts in two different currencies. The Bank’s exposure to interest rate risk is disclosed in Note 5(C)(i). Interest rate risk to which the Bank applies hedge accounting arises from fixed and floating open positions, whose fair value fluctuates when benchmark interest rates change. The Bank hedges interest rate risk only to the extent of benchmark interest rates because the changes in fair value of a fixed-rate note or loan are significantly influenced by changes in the benchmark interest rate (USD Libor or SOFR). Hedge accounting is applied where economic hedging relationships meet the hedge accounting criteria. Before fair value hedge accounting is applied by the Bank, the Bank determines whether an economic relationship between the hedged item and the hedging instrument exists based on an assessment of the qualitative characteristics of these items and the hedged risk that is supported by quantitative analysis. The Bank considers whether the critical terms of the hedged item and hedging instrument closely align when assessing the presence of an economic relationship. The Bank assesses whether the fair value of the hedged item and the hedging instrument respond similarly to similar risks. The Bank further supports this qualitative assessment by using regression analysis to assess whether the hedging instrument is expected to be and has been highly effective in offsetting changes in the fair value of the hedged item. The sources of ineffectiveness mainly come from forward rates, discount rates and cross currency basis (cost of the operation). A. Fair value hedges (continued) The following table details the nominal amounts and carrying amounts of derivative instruments used in fair value hedges by type of risk and hedged item, along with the changes during the years used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Nominal amount Carrying amount of Changes in fair value used to calculate hedge ineffectiveness (3) Ineffectiveness recognized in profit or loss (3) Asset (1) Liability (2) Interest rate risk Loans 155,511 134 (543) 1,607 (18) Securities at amortized cost 10,000 178 — 167 (62) Borrowings and debt 128,200 28 — (3,457) (111) Interest rate and foreign exchange risk Loans 1,938 108 — (227) (129) Borrowings and debt 250,855 4,021 (16,237) 8,072 (1,548) Total 546,504 4,469 (16,780) 6,162 (1,868) December 31, 2021 Nominal amount Carrying amount of Changes in fair value used to calculate hedge ineffectiveness (3) Ineffectiveness recognized in profit or loss (3) Asset (1) Liability (2) Interest rate risk Borrowings and debt 40,000 1,282 — (19) 22 Interest rate and foreign exchange risk Loans 3,006 333 — (23) (119) Borrowings and debt 425,061 450 (20,908) (18,614) (1,283) Total 468,067 2,065 (20,908) (18,656) (1,380) (1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets. (2) Included in the consolidated statement of financial position under the line Derivative financial instruments - liabilities. (3) Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net. A. Fair value hedges (continued) The following table details the carrying amounts of the fair value hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Carrying amount of Line in the consolidated Accumulated amount of Changes in fair value of the hedged items used to calculate hedge ineffectiveness (1) Asset Liability Interest rate risk Loans 157,136 — Loans, net (1,625) (1,625) Securities at amortized cost 9,654 — Securities, net (229) (229) Borrowings and debt — (129,306) Borrowings and debt, net 3,350 3,346 Interest rate and foreign exchange risk Loans 1,839 — Loans, net (580) 98 Borrowings and debt — (243,851) Borrowings and debt, net 11,612 (9,620) Total 168,629 (373,157) 12,528 (8,030) December 31, 2021 Carrying amount of Line in the consolidated Accumulated amount of Changes in fair value of the hedged items used to calculate hedge ineffectiveness (1) Asset Liability Interest rate risk Borrowings and debt — (41,315) Borrowings and debt, net — 41 Interest rate and foreign exchange risk Loans 2,717 — Loans, net (751) (96) Borrowings and debt — (406,724) Borrowings and debt, net 18,919 17,331 Total 2,717 (448,039) 18,168 17,276 (1) Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net. A. Fair value hedges (continued) The following table details the maturity of the nominal amount for the derivative instruments used in fair value hedges: December 31, 2022 Interest rate Cross currency swaps Total Less than 1 year 145,511 1,937 147,448 Over 1 to 2 years 20,000 153,415 173,415 Over 2 to 5 years 128,200 87,316 215,516 More than 5 years — 10,125 10,125 Total 293,711 252,793 546,504 December 31, 2021 Interest rate Cross currency swaps Total Less than 1 year 40,000 271,646 311,646 Over 1 to 2 years — 3,006 3,006 Over 2 to 5 years — 153,415 153,415 Total 40,000 428,067 468,067 B. Cash flow hedges This type of hedge is used to mitigate the risk of changes in foreign exchange currency rates, as well as changes in interest rate risk, that could include variability in the future cash flows. Within the derivative financial instruments used by the Bank for cash flow hedging are interest rate swaps contracts whereby a series of interest rate flows in a single currency are exchanged over a prescribed period, cross currency swaps contracts that generally involve the exchange of both interest and principal amounts in two different currencies, and foreign exchange forward contracts, an agreement to purchase or sell foreign currency at a future date at agreed-upon terms. The Bank’s exposure to market risk is disclosed in Note 5 (C) (i) and (ii). The Bank determines the amount of the exposure to which it applies hedge accounting by assessing the potential impact of changes in interest rates and foreign currency exchange rates on the future cash flows. This assessment is performed using analytical techniques, such as cash flow sensitivity analysis. As noted above for fair value hedges, by using derivative financial instruments to hedge exposures to changes in interest rates and foreign currency exchange rates, the Bank exposes itself to credit risk of the counterparties to the derivatives, which is not offset by the hedged items. This exposure is managed similarly to that of fair value hedges. The Bank determines whether an economic relationship exists between the cash flows of the hedged item and the hedging instrument based on an assessment of the qualitative characteristics of these items and the hedged risk that is supported by quantitative analysis. The Bank considers whether the critical terms of the hedged item and the hedging instrument closely align when assessing the presence of an economic relationship. The Bank assesses whether the cash flows of the hedged item and the hedging instrument respond similarly to the hedged risk, such as the benchmark interest rate or foreign currency. The Bank further supports this qualitative assessment by using sensitivity analysis to assess whether the hedging instrument is expected to be and has been highly effective in offsetting changes in the present value of the hedged item. The Bank assesses hedge effectiveness using the hypothetical derivative method, which creates a derivative instrument to serve as a proxy for the hedged transaction. The terms of the hypothetical derivative match the critical terms of the hedged item and it has a fair value of zero at inception. The sources of ineffectiveness arise mainly from CVA/DVA counterparty risk made in the hedging instrument, which are not contemplated in the methodology of hypothetical derivative used to measure the ineffectiveness of the hedge. B. Cash flow hedges (continued) The maximum length of time over which the Bank has hedged its exposure to the variability in future cash flows on forecasted transactions is 6 years. The following table details the notional amounts and carrying amounts of derivative instruments used in cash flow hedges by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Carrying amount of Change in fair Changes in the OCI (3) Ineffectiveness (4) Amount or loss (4) Nominal Asset (1) Liability (2) Interest rate risk Borrowings and debt 75,000 143 (1) 550 551 1 — Interest rate and foreign exchange risk Borrowings and debt 922,777 41,677 (16,980) 28,211 27,061 (1,150) 4,914 Foreign exchange risk Deposits 8,534 37 — 37 37 — — Borrowings and debt 180,639 21,833 — 21,833 21,833 — — Total 1,186,950 63,690 (16,981) 50,631 49,482 (1,149) 4,914 December 31, 2021 Carrying amount of Change in fair Changes in the OCI (3) Ineffectiveness (4) Amount or loss (4) Nominal Asset (1) Liability (2) Interest rate risk Borrowings and debt 20,000 — (538) 562 560 (2) (423) Interest rate and foreign exchange risk Borrowings and debt 455,864 8,740 (7,009) (21,267) (20,920) 347 — Foreign exchange risk Loans — — — — — 0 (3,589) Total 475,864 8,740 (7,547) (20,705) (20,360) 345 (4,012) (1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets. (2) Included in the consolidated statement of financial position under the line Derivative financial instruments - liabilities. (3) Included in equity in the consolidated statement of financial position under the line Other comprehensive income (loss). (4) Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net. B. Cash flow hedges (continued) The following table details the carrying amounts of the cash flow hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Carrying amount of Line in the Changes in the fair value ineffectiveness Cash flow Asset Liability Interest rate risk Borrowings and debt — (75,695) Borrowings and debt, net (551) (97) Interest rate and foreign exchange risk Borrowings and debt — (943,942) Borrowings and debt, net (27,061) (8,836) Foreign exchange risk Deposits — (8,566) Demand deposits (37) (44) Borrowings and debt — (196,646) Borrowings and debt, net (21,833) 1,836 Total — (1,224,849) (49,482) (7,141) December 31, 2021 Carrying amount of Line in the Changes in the fair value ineffectiveness Cash flow Asset Liability Interest rate risk Borrowings and debt — (20,041) Borrowings and debt, net (560) — Interest rate and foreign exchange risk Borrowings and debt — (470,181) Borrowings and debt, net 20,920 10,756 Total — (490,222) 20,360 10,756 B. Cash flow hedges (continued) The following table details the maturity of the derivative instruments used in cash flow hedges: December 31, 2022 Foreign Interest Cross currency swaps Total Less than 1 year 189,173 75,000 388,035 652,208 Over 1 to 2 years — — 194,639 194,639 Over 2 to 5 years — — 322,817 322,817 More than 5 years — — 17,286 17,286 Total 189,173 75,000 922,777 1,186,950 December 31, 2021 Interest Cross currency swaps Total Less than 1 year — 108,779 108,779 Over 1 to 2 years 20,000 30,332 50,332 Over 2 to 5 years — 299,684 299,684 More than 5 years — 17,069 17,069 Total 20,000 455,864 475,864 |
Gain (loss) on non - financial
Gain (loss) on non - financial assets, net | 12 Months Ended |
Dec. 31, 2022 | |
Gain (loss) on non - financial assets, net | |
Gain (loss) in non - financial assets, net | 14. Gain on non - financial assets, net The gain or loss on non-financial assets is presented as follows: December 31, 2021 2020 Gain on investment property - Right-of-use 742 — Gain on investment property - Fair value — 296 742 296 At the end of 2021, the Bank's Management renegotiated the terms and conditions of the lease agreement relating to the Head Office. Such negotiation included the assignment to the lessor of the sublease agreement that was maintained as operating lease and classified as Investment Properties - Right-of-use. As the result of the assignment of the sublease agreement, the Bank derecognized the entire investment property arising from right-of-use assets, as well as its associated lease liability, originating a gain of $742 thousand. |
Equipment and leasehold improve
Equipment and leasehold improvements | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Equipment and leasehold improvements | 15. Equipment and leasehold improvements The following table provides a summary of the items included in equipment and leasehold improvements: December 31, 2022 2021 Equipment and leasehold improvements, net 4,441 3,841 Right-of-use assets 12,841 13,938 17,282 17,779 Equipment and leasehold improvements are detailed as follows: IT equipment Furniture and Leasehold Other Total Cost: Balance as of January 1, 2020 4,905 1,771 6,803 2,589 16,068 Additions 293 1 671 32 997 Disposals (1,045) (84) (26) (48) (1,203) Effect of changes in exchange rates (17) (11) (20) (1) (49) Balance as of December 31, 2020 4,136 1,677 7,428 2,572 15,813 Additions 402 4 26 21 453 Disposals (58) (3) — (1,906) (1,967) Effect of changes in exchange rates (5) (1) (4) — (10) Reclassifications 1 — — — 1 Balance as of December 31, 2021 4,476 1,677 7,450 687 14,290 Additions 599 165 852 35 1,651 Disposals (1,136) (36) (4) (6) (1,182) Effect of changes in exchange rates 2 2 3 1 8 Balance as of December 31, 2022 3,941 1,808 8,301 717 14,767 Accumulated depreciation: Balance as of January 1, 2020 3,754 1,627 3,299 1,158 9,838 Amortization 643 63 553 920 2,179 Disposals (1,043) (82) (8) (40) (1,173) Effect of changes in exchange rates (14) (7) (14) 14 (21) Balance as of December 31, 2020 3,340 1,601 3,830 2,052 10,823 Amortization 566 41 549 190 1,346 Disposals (57) (3) — (1,652) (1,712) Effect of changes in exchange rates (3) (2) (4) — (9) Reclassifications — 1 — — 1 Balance as of December 31, 2021 3,846 1,638 4,375 590 10,449 Amortization 430 32 531 57 1,050 Disposals (1,133) (35) (4) (4) (1,176) Effect of changes in exchange rates (1) 1 4 (1) 3 Balance as of December 31, 2022 3,142 1,636 4,906 642 10,326 Carrying amounts as of: December 31, 2022 799 172 3,395 75 4,441 December 31, 2021 630 39 3,075 97 3,841 December 31, 2020 796 76 3,598 520 4,990 15. Equipment and leasehold improvements (continued) Leases The following is the detail of the movement of right-of-use assets on the leases for which the Bank is a lessee: December 31, 2022 2021 Initial balance 13,938 11,223 Additions 7 3,161 Depreciation of right-of-use assets (1,104) (1,164) Transfer from investment property — 1,409 Decrease — (691) Ending balance 12,841 13,938 The Bank leases office spaces in buildings. The lease of head office space typically runs for a period of 15 years, and for the representative offices from 3 to 5 years. Some leases include an option to renew the lease for a similar additional period after the end of the contract term. At the end of 2021, the Bank renegotiated the terms and conditions of the lease agreement for its head office. The new terms and conditions contemplated changes in the leased space and term. With the contractual modification, the Bank remeasured and adjusted the lease liability and the right-of-use asset balances. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 16. Intangible assets A breakdown of software cost, accumulated amortization, additions, sales and disposals of intangible assets is as follows: Costs: Balance as of January 1, 2020 14,401 Additions 1,311 Disposals (1) Balance as of December 31, 2020 15,711 Additions 353 Disposals (6,278) Balance as of December 31, 2021 9,786 Additions 1,070 Balance as of December 31, 2022 10,856 Accumulated amortization: Balance as of January 1, 2020 12,974 Amortization 753 Balance as of December 31, 2020 13,727 Amortization 742 Disposals (6,278) Balance as of December 31, 2021 8,191 Amortization 561 Balance as of December 31, 2022 8,752 Carrying amounts as of: December 31, 2022 2,104 December 31, 2021 1,595 December 31, 2020 1,984 |
Investment properties
Investment properties | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | |
Investment properties | 17. Investment property The following is the movement of investment property arising from the reclassification of sublease agreements: Investment property - right of use (1) Balance as of December 31, 2020 3,214 Transfer to right-of-use asset (1,409) Derecognition of investment property (1,566) Amortization (239) Balance as of December 31, 2021 — |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other assets | 18. Other assets Following is a summary of other assets: December 31, 2022 2021 Accounts receivable 2,240 1,389 Prepaid expenses 1,120 3,485 Prepaid fees and commissions 325 349 Interest receivable - deposits 751 12 IT projects under development 425 510 Severance fund 2,026 1,981 Other 481 704 Total 7,368 8,430 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits | |
Deposits | 19. Deposits The maturity profile of the Bank’s deposits, excluding interest payable, is as follows: December 31, 2022 2021 Demand 233,757 362,356 Up to 1 month 999,043 842,472 From 1 month to 3 months 969,960 926,902 From 3 month to 6 months 385,972 641,526 From 6 month to 1 year 554,402 233,081 From 1 year to 2 years 31,287 29,891 From 2 years to 5 years 16,295 — Total 3,190,716 3,036,228 The following table presents additional information regarding the Bank’s deposits: December 31, 2022 2021 Aggregate amount of $100,000 or more 3,190,376 3,035,906 Aggregate amount of deposits in the New York Agency 526,474 515,852 December 31, 2022 2021 2020 Interest expense on deposits made in the New York Agency 12,334 3,852 5,035 |
Securities sold under repurchas
Securities sold under repurchase agreements | 12 Months Ended |
Dec. 31, 2022 | |
Securities sold under repurchase agreements | |
Securities sold under repurchase agreements | 20. Securities sold under repurchase agreements As of December 31, 2022, and 2021, the Bank had financing transactions under repurchase agreements for $300.5 million and $427.5 million, respectively. During the years ended December 31, 2022, 2021 and 2020, interest expense relating to financing transactions under repurchase agreements totaled $7.3 million, $956 thousand and $432 thousand, respectively. These expenses are included as interest expense – borrowings and debt in the consolidated statement of profit or loss. |
Borrowings and debt
Borrowings and debt | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings and debt | |
Borrowings and debt | 21. Borrowings and debt Borrowings consist of bilateral funding and syndicated loans obtained from international banks. Debt instruments consist of public and private issuances under the Bank's Euro Medium-Term Notes (“EMTN”) Program as well as the Short-and Long-Term Notes (“Certificados Bursatiles”) Program (the “Mexican Program”) in the Mexican local market. The Bank’s funding activities include: (i) EMTN, which may be used to issue notes for up to $2.250 million, 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 of Mexico (“CNBV”, for its acronym in Spanish), for an authorized aggregate principal amount of 25 billion Mexican pesos with maturities from 1 day to 30 years. Some borrowing agreements include various events of default and covenants relating 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, 2022, the Bank was in compliance with all those covenants. Carrying amount of borrowings and debt is detailed as follows: December 31, 2022 Short-Term Long-term Borrowings Debt Borrowings Debt Total Principal 2,153,351 42,255 650,275 1,580,727 4,426,608 Transaction costs (1,376) (5) (2,952) (5,764) (10,097) 2,151,975 42,250 647,323 1,574,963 4,416,511 December 31, 2021 Short-Term Long-term Borrowings Debt Borrowings Debt Total Principal 1,547,845 34,213 329,888 1,398,223 3,310,169 Transaction costs — — (498) (5,493) (5,991) 1,547,845 34,213 329,390 1,392,730 3,304,178 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, plus prepaid commissions, is as follows: December 31, 2022 2021 Short-term borrowings: At fixed interest rates 1,584,776 1,102,621 At floating interest rates 568,575 445,224 Principal 2,153,351 1,547,845 Less: Transaction costs (1,376) — Total short-term borrowings, net 2,151,975 1,547,845 Short-term debt: At floating interest rates 42,255 34,213 Principal 42,255 34,213 Less: Transaction costs (5) — Total short-term debt, net 42,250 34,213 Total short-term borrowings and debt 2,194,225 1,582,058 Range of fixed interest rates on borrowings and debt in U.S. dollars 1.53% to 6.52% 0.50% to 2.02% Range of floating interest rates on borrowings in U.S. dollars 4.90% to 5.72% 0.35% to 0.81% Range of floating interest rates on borrowings and debt in Mexican pesos 10.97% to 12.00% 5.39% to 6.56% Range of fixed interest rates on borrowings and debt in Japanese yen 0.84% to 1.23% — The outstanding balances of short-term borrowings and debt by currency, excluding prepaid commissions, are as follows: December 31, 2022 2021 US dollar 1,593,531 1,401,122 Mexican peso 405,830 180,936 Japanese yen 196,245 — Carrying amount - principal 2,195,606 1,582,058 Long-term borrowings and debt The breakdown of long-term borrowings and debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions are as follows: December 31, 2022 2021 Long-term borrowings: At fixed interest rates with due dates from May 2023 to September 2023 75,000 115,043 At floating interest rates with due dates from August 2023 to May 2026 575,275 214,845 Principal 650,275 329,888 Less: Transaction costs (2,952) (498) Total long-term borrowings, net 647,323 329,390 Long-term debt: At fixed interest rates with due dates from January 2023 to November 2034 1,136,743 927,550 At floating interest rates with due dates from January 2023 to February 2026 443,984 470,673 Principal 1,580,727 1,398,223 Less: Transaction costs (5,764) (5,493) Total long-term debt, net 1,574,963 1,392,730 Total long-term borrowings and debt, net 2,222,286 1,722,120 Range of fixed interest rates on borrowings and debt in U.S. dollars 0.80% to 5.81% 0.80% to 2.38% Range of floating interest rates on borrowings and debt in U.S. dollars 4.96% to 6.04% 0.97% to 1.80% Range of fixed interest rates on borrowings in Mexican pesos 6.50% to 9.20% 6.50% to 9.09% Range of floating interest rates on borrowings and debt in Mexican pesos 10.55% to 10.93% 5.43% to 6.87% Range of fixed interest rates on debt in Japanese yens 0.40% to 1.27% 0.40% to 0.95% Range of fixed interest rates on debt in Euros 0.23% to 3.75% 0.23% to 3.75% Range of fixed interest rates on debt in Australian dollars 1.41% to 6.81% 1.41 % Range of fixed interest rates on debt in Sterling pounds 1.50 % 1.50 % Range of fixed interest rates on debt in Swiss franc 0.35 % 0.35 % Long-term borrowings and debt (continued) The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows: December 31, 2022 2021 US dollar 1,155,275 812,496 Mexican peso 845,867 643,490 Euro 111,095 121,443 Japanese yen 76,513 116,518 Australian dollar 26,968 18,174 Swiss franc 10,820 10,979 Sterling pound 4,464 5,011 Carrying amount - principal 2,231,002 1,728,111 Future payments of long-term borrowings and debt outstanding as of December 31, 2022, are as follows: Year Outstanding 2023 211,175 2024 550,907 2025 928,246 2026 258,705 2027 256,756 2029 15,272 2034 9,941 Carrying amount - principal 2,231,002 The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the consolidated statement of cash flows : 2022 2021 2020 Balance as of January 1, 3,304,178 1,966,271 3,118,396 Net increase (decrease) in short-term borrowings and debt 579,065 1,196,710 (1,212,023) Proceeds from long-term borrowings and debt 1,038,110 266,640 827,732 Payments of long-term borrowings and debt (536,792) (97,520) (781,274) Change in foreign currency rates 45,460 (27,528) 15,902 Fair value adjustment due to hedge accounting relationship (9,334) (2,034) 826 Other adjustments (4,176) 1,639 (3,288) Balance as of December 31, 4,416,511 3,304,178 1,966,271 The reconciliation of the movements of the equity accounts that are part of the financing activities are presented in the consolidated statement of changes in equity. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Lease liabilities | 22. Lease liabilities Maturity analysis of contractual undiscounted cash flows of the lease liabilities is detailed below: December 31, 2022 2021 Due within 1 year 1,506 1,574 After 1 year but within 5 years 7,210 7,262 After 5 years but within 10 years 12,330 13,771 Total undiscounted lease liabilities 21,046 22,607 Short-term 965 996 Long-term 15,780 16,737 Lease liabilities included in the consolidated statement of financial position 16,745 17,733 Amounts recognized in the consolidated statement of cash flows: December 31, 2022 2021 Payments of lease liabilities 995 1,227 Amounts recognized in profit or loss: December 31, 2022 2021 2020 Interest on lease liabilities (579) (810) (862) Income from sub-leasing right-of-use assets — 227 265 At the end of 2021, the Bank’s Management renegotiated the terms and conditions of the lease agreement relating to the Head Office. Such negotiation included the assignment to the lessor of the sublease agreement that was maintained as operating lease and classified as Investment Property – Right-of-use. As the result of the assignment of the sublease agreement, the Bank derecognized the entire investment property arising from the right-of-use assets, as well as its associated lease liability, originating a gain of $742 thousand recognized in the consolidated statement of profit or loss within the line "Loss on non-financial assets, net". With the contractual modification, the Bank remeasured and adjusted the lease liability and the right-of-use asset balance. |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Other liabilities | 23. Other liabilities Following is a summary of other liabilities: December 31, 2022 2021 Accruals and other accumulated expenses 16,812 9,266 Accounts payable 7,269 2,311 Other 2,730 2,784 Total 26,811 14,361 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share | |
Earnings per share | 24. Earnings per share The following table presents a reconciliation of profit and share data used in the basic and diluted earnings per share (“EPS”) computations for the dates indicated: December 31, 2022 2021 2020 (Thousands of US$ dollars) Profit for the year 92,040 62,697 63,593 (U.S. dollars) Basic earnings per share 2.54 1.62 1.60 Diluted earnings per share 2.54 1.62 1.60 (Thousands of shares) Weighted average of common shares outstanding applicable to basic EPS 36,304 38,796 39,656 Adjusted weighted average of common shares outstanding applicable to diluted EPS 36,304 38,796 39,656 |
Capital and Reserves
Capital and Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Capital and Reserves | |
Capital and Reserves | 25. Capital and Reserves A. Common stock 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, 2022, 2021 and 2020: (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, 2020 6,342,189 2,182,426 31,077,662 — 39,602,277 Conversions — (4,060) 4,060 — — Repurchased common stock — (1) — — (1) Restricted stock issued – directors — — 63,000 — 63,000 Restricted stock units – vested — — 12,664 — 12,664 Outstanding at December 31, 2020 6,342,189 2,178,365 31,157,386 — 39,677,940 Conversions — (89,290) 89,290 — — Repurchased common stock — — (3,558,093) — (3,558,093) Restricted stock issued – directors — — 63,000 — 63,000 Restricted stock units – vested — — 48,299 — 48,299 Outstanding at December 31, 2021 6,342,189 2,089,075 27,799,882 — 36,231,146 Restricted stock issued – directors — — 57,000 — 57,000 Restricted stock units – vested — — 36,410 — 36,410 Outstanding at December 31, 2022 6,342,189 2,089,075 27,893,292 — 36,324,556 Additional paid-in capital As of December 31, 2022, 2021 and 2020, additional paid-in capital consists of additional cash contributions to the common capital paid by shareholders. B. 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, 2020 318,140 10,708 689,367 18,711 1,370,054 30,250 2,377,561 59,669 Restricted stock issued - directors — — — — (63,000) (1,391) (63,000) (1,391) Restricted stock units - vested — — — — (12,664) (279) (12,664) (279) Outstanding at December 31, 2020 318,140 10,708 689,367 18,711 1,294,390 28,580 2,301,897 57,999 Repurchase of common stock — — — — 3,558,093 60,079 3,558,093 60,079 Restricted stock issued - directors — — — — (63,000) (1,391) (63,000) (1,391) Restricted stock units - vested — — — — (48,299) (888) (48,299) (888) Outstanding at December 31, 2021 318,140 10,708 689,367 18,711 4,741,184 86,380 5,748,691 115,799 Restricted stock issued - directors — — — — (57,000) (1,039) (57,000) (1,039) Restricted stock units - vested — — — — (36,410) (663) (36,410) (663) Outstanding at December 31, 2022 318,140 10,708 689,367 18,711 4,647,774 84,678 5,655,281 114,097 In May 2021, the Bank announced a $60 million common stock repurchase program which ended in December 2021. Through the program, the Bank repurchased a total of 3,558,093 Class E shares, representing approximately 10% of the total outstanding shares at a volume-weighted average price per share of $16.86. |
Other comprehensive income
Other comprehensive income | 12 Months Ended |
Dec. 31, 2022 | |
Other comprehensive income [abstract] | |
Other comprehensive income | 26. 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 Financial Foreign Total Balance as of January 1, 2020 (613) (1,117) (88) (1,818) Change in fair value of debt instruments at FVOCI, net of hedging 264 2,001 — 2,265 Change in fair value of equity instruments at FVOCI, net of hedging 546 — — 546 Reclassification of gains (losses) on financial instruments to profit or loss (1) (56) (369) — (425) Exchange difference in conversion of foreign currency operation — — (360) (360) Other comprehensive income (loss) for the year 754 1,632 (360) 2,026 Balance as of December 31, 2020 141 515 (448) 208 Change in fair value of debt instruments at FVOCI, net of hedging (560) (11,692) — (12,252) Reclassification of gains (losses) on financial instruments to profit or loss (1) 24 24 — 48 Exchange difference in conversion of foreign currency operation — — 448 448 Other comprehensive income (loss) for the year (536) (11,668) 448 (11,756) Balance as of December 31, 2021 (395) (11,153) — (11,548) Change in fair value of debt instruments at FVOCI, net of hedging (467) 20,080 — 19,613 Reclassification of gains (losses) on financial instruments to profit or loss (1) — 60 — 60 Other comprehensive income (loss) for the year (467) 20,140 — 19,673 Balance as of December 31, 2022 (862) 8,987 — 8,125 (1) Reclassification adjustments include amounts recognized in profit or loss of the year that had been part of other comprehensive income in this and prior years. 26. Other comprehensive income (continued) The following table presents amounts reclassified from other comprehensive income to profit or loss: Details about other comprehensive income components Amounts reclassified from other Line item affected in the December 31, 2022 2021 2020 Realized gains (losses) on securities at FVOCI: — 24 (56) Net gain (loss) on financial instruments Gains (losses) on derivative financial instruments: Foreign exchange forwards (433) (2,167) (2,337) Interest income – loans 1,851 — — Interest expense – borrowings and deposits — 24 (369) Gain (loss) on financial instruments, net Interest rate and cross-currency swaps 60 — — Gain (loss) on financial instruments, net 1,478 (2,143) (2,706) |
Fee and commission income
Fee and commission income | 12 Months Ended |
Dec. 31, 2022 | |
Fee and commission income [abstract] | |
Fee and commission income | 27. Fee and commission income Fee and commission income from contracts with customers broken down by main types of services, are detailed as follows: December 31, 2022 Syndications Documentary and stand-by Other commissions, Total Opening and confirmation — 11,353 554 11,907 Negotiation and acceptance — 264 — 264 Amendment 254 2,248 (12) 2,490 Structuring 4,672 — 1,182 5,854 Other — 168 (892) (724) 4,926 14,033 832 19,791 27. Fee and commission income (continued) December 31, 2021 Syndications Documentary and stand-by Other commissions, Total Opening and confirmation — 10,506 2,668 13,174 Negotiation and acceptance — 45 — 45 Amendment — 1,527 (17) 1,510 Structuring 4,269 — — 4,269 Other — 41 (741) (700) 4,269 12,119 1,910 18,298 December 31, 2020 Syndications Documentary and stand-by Other commissions, Total Opening and confirmation — 8,090 1,400 9,490 Negotiation and acceptance — 183 — 183 Amendment — 688 — 688 Structuring 603 — — 603 Other — 39 (585) (546) 603 9,000 815 10,418 The following table provides information on the ordinary income that is expected to be recognized on the contracts in force: December 31, Up to 1 year 2,407 From 1 to 2 years 7 More than 2 years 231 Total 2,645 |
Business segment information
Business segment information | 12 Months Ended |
Dec. 31, 2022 | |
Business segment information | |
Business segment information | 28. Business segment information The following table provides certain information regarding the Bank’s operations by segment: December 31, 2022 Commercial Treasury Total Interest income 289,785 42,836 332,621 Interest expense (463) (184,147) (184,610) Inter-segment net interest income (155,968) 155,968 — Net interest income 133,354 14,657 148,011 Other income (expense), net 20,809 (2,148) 18,661 Total income 154,163 12,509 166,672 Provision for credit losses (13,376) (6,145) (19,521) Operating expenses (43,156) (11,955) (55,111) Segment profit (loss) 97,631 (5,591) 92,040 Segment assets 6,940,335 2,336,958 9,277,293 Segment liabilities 180,369 8,007,383 8,187,752 December 31, 2021 Commercial Treasury Total Interest income 129,758 11,125 140,883 Interest expense (648) (53,453) (54,101) Inter-segment net interest income (45,318) 45,318 — Net interest income 83,792 2,990 86,782 Other income (expense), net 19,188 (1,764) 17,424 Total income 102,980 1,226 104,206 Provision for credit losses (1,050) (1,278) (2,328) Gain on non-financial assets, net 742 — 742 Operating expenses (30,751) (9,172) (39,923) Segment profit (loss) 71,921 (9,224) 62,697 Segment assets 5,931,201 2,098,492 8,029,693 Segment liabilities 219,505 6,812,455 7,031,960 28. Business segment information (continued) December 31, 2020 Commercial Treasury Total Interest income 172,548 8,425 180,973 Interest expense (690) (87,833) (88,523) Inter-segment net interest income (83,937) 83,937 — Net interest income 87,921 4,529 92,450 Other income (expense), net 8,597 (1,890) 6,707 Total income 96,518 2,639 99,157 (Provision for) reversal of credit losses 1,889 (425) 1,464 Gain on non-financial assets, net 296 — 296 Operating expenses (28,021) (9,303) (37,324) Segment profit (loss) 70,682 (7,089) 63,593 Segment assets 4,989,009 1,293,081 6,282,090 Segment liabilities 92,309 5,139,955 5,232,264 The following table shows the reconciliation of information by business segment: December 31, 2022 2021 2020 Profit for the year 92,040 62,697 63,593 Assets: Assets from reportable segments 9,277,293 8,029,693 6,282,090 Other assets - unallocated 6,617 8,418 6,808 Total 9,283,910 8,038,111 6,288,898 Liabilities: Liabilities from reportable segments 8,187,752 7,031,960 5,232,264 Other liabilities - unallocated 26,811 14,361 18,714 Total 8,214,563 7,046,321 5,250,978 28. Business segment information (continued) Geographic information The geographic information analyzes the Bank’s income 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. 2022 Panama Brazil Mexico Colombia Guatemala Ecuador Argentina Other Total Total revenues 6,015 15,100 24,767 16,192 16,961 12,576 4,721 70,340 166,672 Non-current assets (1) 18,994 125 14 35 — — 117 101 19,386 2021 Panama Brazil Mexico Colombia Guatemala Ecuador Argentina Other Total Total revenues 5,872 9,802 17,318 12,116 10,862 8,990 5,454 33,792 104,206 Non-current assets (1) 18,795 138 75 51 — — 157 158 19,374 2020 Panama Brazil Mexico Colombia Guatemala Ecuador Argentina Other Total Total revenues 7,580 7,054 14,480 13,462 8,494 9,242 8,163 30,682 99,157 Non-current assets (1) 19,888 129 535 56 — — 212 591 21,411 (1) Includes equipment and leasehold improvements, intangible assets and investment properties. Information about the main clients As of December 31, 2022, 2021, and 2020, the Bank has no customer, either individually or as group of companies, that represents more than 10% of total revenues. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Related party transactions | 29. Related party transactions The detail of the assets and liabilities with related private corporations and financial institutions is as follows: December 31, 2022 2021 Assets: Demand deposits 5,986 2,680 Loans, net 242,024 29,857 Securities at amortized cost 19,593 — Total 267,603 32,537 Liabilities: Time deposits 567,451 150,000 Total 567,451 150,000 Contingencies: Stand-by letters of credit 3,350 9,130 Loss allowance (16) (37) The detail of income and expenses with related parties is as follows: December 31, 2022 2021 2020 Interest income: Loans 4,719 211 1,390 Securities at amortized cost 685 — — Total 5,404 211 1,390 Interest expense: Deposits (10,943) (1,866) (2,961) Net interest income (expenses) (5,539) (1,655) (1,571) Other income (expense): Fees and commissions, net 116 216 420 Loss on financial instruments, net 74 — — Total 190 216 420 Net income (loss) from related parties (5,349) (1,439) (1,151) The total compensation paid to directors and the executives as representatives of the Bank amounted to: December 31, 2022 2021 2020 Expenses: Compensation costs to directors 1,853 1,877 2,033 Compensation costs to executives 4,302 4,083 5,448 Compensation costs of Bank´s 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, 2022 | |
Salaries and other employee expenses | |
Salaries and other employee expenses | 30. Salaries and other employee expenses The following table details salaries and other employee expenses: December 31, 2022 2021 2020 Wages and salaries 18,135 13,803 13,717 Payroll taxes 2,196 1,731 1,722 Personnel benefits 12,344 5,134 5,383 Share-based payments 1,544 984 640 Total 34,219 21,652 21,462 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 and established service requirements as the sole condition of vesting. The maximum aggregate number of shares which may be granted under this plan is three million “Class E” common shares. The Stock Incentive Plan is administered by the Board of Directors who has the authority at its discretion to select the directors and executives to whom the awards may be granted to attract, retain, motivate, and compensate them for their contribution to the growth and profitability of the Bank; to determine whether and to what extent awards are granted, and to amend the terms of any outstanding award under this plan. Restricted stocks are issued at the grant date but are withheld by the Bank until the vesting date. Restricted 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 stock and delivers common stock on the date on which the restricted stock units become unrestricted. During 2022, 2021 and 2020, 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: A. 2015 Stock Incentive Plan – Directors and Executives (continued) Restricted stock – Directors During 2022, the Board of Directors granted the directors 57,000 “Class E” common shares and for the years 2021 and 2020, 63,000 in each year. 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 27, 2022, April 21, 2021 and April 29, 2020, respectively. The fair value of restricted stock granted totaled $835 thousand in 2022, $923 thousand in 2021, and $727 thousand in 2020, of which $354 thousand, $401 thousand and $306 thousand were recognized in profit or loss during 2022, 2021 and 2020, respectively. Total expense recognized in profit or loss during 2022, 2021 and 2020 of restricted stock granted to directors amounted to $895 thousand, $924 thousand and $1.1 million, respectively. The remaining cost pending amortization of $637 thousand at December 31, 2022 will be amortized over 2.33 years. Restricted stock loses their restriction from the year following the anniversary date, as follows: 35% in the first and second years, and 30% in the third year. A summary of restricted stock granted to directors is presented below: Shares Weighted average Outstanding at January 1, 2020 109,350 25.44 Granted 63,000 11.54 Vested (40,200) 26.26 Outstanding at December 31, 2020 132,150 18.56 Granted 63,000 14.65 Vested (49,350) 19.24 Outstanding at December 31, 2021 145,800 16.64 Granted 57,000 14.65 Vested (85,950) 18.71 Outstanding at December 31, 2022 116,850 14.15 Expected to vest 116,850 The fair value of vested stock during the years 2022, 2021 and 2020 was $1.6 million, $949 thousand and $1.1 million, respectively. Restricted stock units and stock purchase options granted to certain executives Restricted stock units The Board of Directors approved the grant of restricted stock units to certain executives of the Bank with a grant date fair value of $822 thousand in 2022, $1 million in 2021 and $902 thousand in 2020. The distribution of the fair value was in restricted stock units. A. 2015 Stock Incentive Plan – Directors and Executives (continued) The fair value of th e restricted stock units was based on the “Class E” stock closing price in the New York Stock Exchange on the grant date. As of December 31, 2022, 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. During 2022, 2021 and 2020, the cost recognized in profit or loss as a result of the amortization of these grants totaled $749 thousand, $984 thousand and $640 thousand, resp ectively. Fair value of vested stock during the years 2022, 2021 and 2020 is $581 thousand, $838 thousand, and $256 thousand, respectively. A summary of the restricted stock units granted through December 31, 2022, to certain executives is presented below: Shares Weighted Weighted Aggregate Outstanding at January 1, 2020 42,178 19.27 Granted 51,829 17.41 Vested (12,664) 20.24 Outstanding at December 31, 2020 81,343 17.94 Granted 75,796 13.33 Forfeited (1,311) 14.51 Vested (48,299) 17.35 Outstanding at December 31, 2021 107,529 14.99 Granted 63,056 13.03 Vested (36,410) 15.97 Outstanding at December 31, 2022 134,175 13.80 2.56 years 348 Expected to vest 134,175 17.94 2.56 years 348 For the restricted share units that are expected to be released, the compensation cost pending amortization is $666 thousand in 2022 and will be amortized over 3.17 years. Restricted stock units - Grant 2023 As of December 31, 2022, the Bank's management established a provision of $798 thousand, recognized in the consolidated statement of profit or loss, related to 25% of the restricted share units that were granted during the first quarter of 2023 and lost restriction after the 1st-month post-grant. In February 2023, the Board of Directors approved the grant restricted stock units to certain executives of the Bank with a grant date fair value of $4.6 million or 298,951 shares, out of which 74,744 shares were vested in March 2023. The remaining shares will be vested at a rate of 25% each year on the grant date´s anniversary. Stock purchase options The Board of Directors approved the grant of stock purchase options to certain executives of the Bank. 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. As of December 31, 2022 , there are no options to be exercised. 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 2022, 2021 and 2020, the Bank charged to salaries expense $62 thousand, $67 thousand and $75 thousand, respectively, that correspond to the Bank’s contributions to this plan. |
Other expenses
Other expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other expenses | |
Other expenses | 31. Other expenses The following table details other expenses: December 31, 2022 2021 2020 Administrative 5,587 4,484 3,060 Professional services 5,603 4,074 3,316 Maintenance and repairs 3,449 2,388 2,081 Share-based payments to directors 895 924 1,082 Regulatory fees 1,015 978 964 Operating lease of spaces and equipment 717 562 575 Advertising and marketing 557 179 100 Other 354 1,191 344 Total 18,177 14,780 11,522 |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2022 | |
Litigation | |
Litigation | 32. 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 consolidated financial performance. |
Applicable laws and regulations
Applicable laws and regulations | 12 Months Ended |
Dec. 31, 2022 | |
Applicable laws and regulations | |
Applicable laws and regulations | 33. Applicable laws and regulations Liquidity index 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 SBP has established a short-term liquidity coverage ratio known as “Liquidity 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, 2022, and 2021, the minimum LCR to be reported to the SBP was 100% and 80%, respectively. The Bank´s LCR as of December 31, 2022 and 2021 was 167.46% and 199.19%, respectively. Rule No. 4-2008 issued by the SBP establishes that every general license or international license bank must always maintain, 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 index) Liabilities (Deposits received) The liquidity index reported by the Bank to the regulator as of December 31, 2022, and 2021, was 100.49% and 80.80%, respectively. Capital adequacy The Banking Law in the Republic of Panama and 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 periods. However, they are under constant review by the Board. The information corresponding to the total capital adequacy index is as follows: December 31, 2022 2021 Capital funds 1,072,110 1,013,796 Risk-weighted assets 8,117,913 6,513,267 Capital adequacy index 13.21 % 15.57 % Leverage ratio Article No. 17 of the Rule No. 1-2015 establishes the leverage ratio of a regulated entity by means of the quotient between the ordinary primary capital and the total exposure for non-risk-weighted assets inside and outside the consolidated statement of financial position as established by the SBP . For the determination of the exposure of off-balance-sheet transactions, 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 they are recorded in the Bank’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. The table below presents the Bank´s leverage ratio in compliance with Article No.17 of Rule No. 1-2015: December 31, 2022 2021 Ordinary capital 936,092 877,777 Non-risk-weighted assets 9,606,970 8,107,810 Leverage ratio 9.74 % 10.83 % Specific provisions SBP Rule No. 4-2013, modified by Rule No. 8-2014, states that the specific credit 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 credit 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 No. 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 20%, substandard 50%, doubtful 80%, and unrecoverable 100%. If there is an excess in the specific credit 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, 2022 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Corporations 3,659,018 — — — 10,107 3,669,125 Financial institutions: Private 2,225,385 — 20,000 — — 2,245,385 State-owned 719,882 — — — — 719,882 2,945,267 — 20,000 — — 2,965,267 Sovereign 128,628 — — — — 128,628 Total 6,732,913 — 20,000 — 10,107 6,763,020 Allowance for loan losses under IFRS (1) : 33,639 — 16,141 — 5,420 55,200 December 31, 2021 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Corporations 2,943,125 68,668 10,593 — — 3,022,386 Financial institutions: Private 2,120,762 — — — — 2,120,762 State-owned 567,847 — — — — 567,847 2,688,609 — — — — 2,688,609 Sovereign 23,610 — — — — 23,610 Total 5,655,344 68,668 10,593 — — 5,734,605 Allowance for loan losses IFRS (1) : 22,713 13,577 5,186 — — 41,476 Loans at FVTPL Financial institutions: Private 5,313 — — — — 5,313 Total 5,660,657 68,668 10,593 — — 5,739,918 (1) As of December 31, 2022, and 2021, there is no excess in the specific provision calculated in accordance with Rule No. 8-2014 of the SBP, over the provision calculated in accordance with IFRS. As of December 31, 2022, and 2021, there are no restructured loans. Rule No.4-2013 defines as Past Due any credit facility for which payment of contractually agreed amounts present more than thirty (30) days in arrears, up to ninety (90) days; and as Delinquent, any credit facility for which payment of contractually agreed amounts present more than ninety (90) days in arrears, except for single-payment transactions and overdrafts, which will be considered Delinquent when payment exceeds thirty (30) days in arrears from the contractual payment date. Below is the classification of the loan portfolio by maturity profile based on Rule No. 4-2013 and modified by Rule No. 8-2014: December 31, 2022 Current Past due Delinquent Total Loans at amortized cost Corporations 3,659,018 — 10,107 3,669,125 Financial institutions: Private 2,225,385 20,000 — 2,245,385 State-owned 719,882 — — 719,882 2,945,267 20,000 — 2,965,267 Sovereign 128,628 — — 128,628 Total 6,732,913 20,000 10,107 6,763,020 December 31, 2021 Current Past due Delinquent Total Loans at amortized cost Corporations 3,022,386 — — 3,022,386 Financial institutions: Private 2,120,762 — — 2,120,762 State-owned 567,847 — — 567,847 2,688,609 — — 2,688,609 Sovereign 23,610 — — 23,610 5,734,605 — — 5,734,605 Loans at FVTPL Financial institutions: Private 5,313 — — 5,313 Total 5,739,918 — — 5,739,918 In accordance with Rule No. 4-2013, as amended by Rule No. 8-2014, non-accruing loans are presented by category as follows: December 31, 2022 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Impaired loans — — 20,000 — 10,107 30,107 Total — — 20,000 — 10,107 30,107 December 31, 2021 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Impaired loans — — 10,593 — — 10,593 Total — — 10,593 — — 10,593 December 31, 2022 2021 Non-accruing loans: Private corporations 30,107 10,593 Interest that would be reversed if the loans had been classified as non-accruing loans 1,173 598 As of December 31, 2022, and 2021, there was no interest income collected on loans in non-accrual status. Credit risk coverage - dynamic provision The SBP 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 tota l 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 SBP. Methodology for the constitution of the regulatory credit reserve The SBP 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 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: – The calculations of accounting balances in accordance with IFRS and the prudential standards issued by the SBP will be carried out and the respective figures will be compared. – When the calculation made in accordance with IFRS results in a higher 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. – When the impact of the use of prudential standards results in a higher 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. – The regulatory credit reserve mentioned in paragraph 3 of this Rule may not be reversed against retained earnings as long as there are differences between IFRS and the prudential standards. Considering that the Bank presents its consolidated financial statements under IFRS, specifically for its expected credit rese rves under IFRS 9, the line "Regulatory credit reserve" established by the SBP has been used to present the difference between the application of the accounting standard used and the prudential regulations of the SBP to comply with the requirements of Rule No. 4-2013. As of December 31, 2022, and 2021, the total amount of the dynamic provision calculated according to the guidelines of Rule No. 4-2013 of the SBP is $136 million for both years, appropriated from retained earnings for purposes of compliance with local regulatory requirements. This allocation is restricted for dividend distribution purposes. 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, 2022 | |
Subsequent events | |
Subsequent events | 34. Subsequent events The Bank announced a quarterly cash dividend of $0.25 US dollar cents per share corresponding to the fourth quarter of 2022. The cash dividend was approved by the Board of Directors on February 23, 2023 and was paid on March 28, 2023 to the Bank’s stockholders as of March 10 , 2023 record date. In February 2023, the Board of Directors approved the grant restricted stock units to certain executives of the Bank with a grant date fair value of $4.6 million or 298,951 shares, out of which 74,744 shares were vested in March 2023. The remaining shares will be vested at a rate of 25% each year on the grant date´s anniversary. |
Summary of accounting policies
Summary of accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Foreign currency | 3.1 Foreign currency Foreign currency transactions The Bank determines the functional currency. For each subsidiary, the items included in the consolidated financial statements are measured using the functional currency of the Bank. 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-average exchange rates to translate revenues and expenses from local functional currency into presentation currency. The effects of those translation adjustments are reported as a component of other comprehensive income (loss) in the consolidated statement of changes in equity. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate effective at the date on which fair value is determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the exchange rate effective at the date of the transaction. Transactions whose terms are denominated in a currency other than the functional currency, including transactions denominated in local currency of foreign subsidiaries 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 dollars using month-end spot foreign exchange rates. The effects of translation of monetary assets and liabilities into US d ollar are included in current year’s earnings in the line item "gain (loss) on financial instruments, net" in the consolidated statement of profit or loss, except for those correspondin g to m onetary items that are designated as hedge items in qualifying cash flow or net investment hedges recognized in other comprehensive income until maturity or sale, at which time the carrying amount is reclassified to profit or loss, except for the carrying amount of equity instruments designated to be measured at fair value through other comprehensive income. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in accumulated other comprehensive income, if applicable. |
Interests | 3.2 Interest Effective interest rate Interest income and expense are recognized in profit or loss using the effective interest method. The ‘effective interest rate’ is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument measured at amortized cost. When calculating the effective interest rate for financial instruments other than purchased or originated credit-impaired assets, the Bank estimates future cash flows considering all contractual terms of the financial instrument, but not the expected credit loss (ECL). For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated using estimated future cash flows including ECL. The calculation of the effective interest rate includes any amount directly attributable to the transaction such as origination fees (paid or received), premiums, discounts, and transaction costs. Amortized cost and gross carrying amount The ‘amortized cost’ of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any expected credit loss allowance. The gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any expected credit loss allowance. Methodology for calculation of interest income and expense The effective interest rate of a financial asset or financial liability is calculated on initial recognition. In calculating interest income and expense, the effective interest rate is applied to the gross book balance of the asset, when the asset is not credit-impaired, or to the amortized cost of the liability. The effective interest rate is revised as a result of periodic re-estimation of cash flows of floating-rate instruments to reflect movements in market interest rates. For financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, the interest income calculation returns to the gross basis. For financial assets that were credit-impaired on initial recognition, interest income is calculated by applying the credit-adjusted effective interest rate to the amortized cost of the asset. The calculation of interest income does not return to the gross basis, even when it shows an improvement in the credit risk of the financial asset. Presentation Interest income and expense calculated using the effective interest rate presented in the consolidated statement of profit or loss include: - Interest on financial assets and financial liabilities measured at amortized cost. - Interest on securities measured at FVOCI. - Interest on loans measured at FVTPL. - Interest expense on lease liabilities. - The effective portion of the variability in interest flows from the hedge instruments, in the same period as the cash flows from the hedged item affect interest income or expense. |
Fees and commissions | 3.3 Fees and commissions Fees that are integral to the effective interest rate on a financial asset or financial liability are described in Note 3.2. Fees and commissions are determined based on considerations specified in a contract with the client. The Bank recognizes such income when control over the service is transferred to a customer. The following table describes the services, other than financial intermediation, from which the B ank generates its income: Type of services Nature of performance obligations Letters of credit Issuance Guarantee to honor the stipulated amount agreed to in the terms and conditions entered with the customer, upon presentation of required documentation. Negotiation Review of the shipping documents, by the beneficiary, upon presentation and acceptance of payment on demand or on the day the reimbursement is made by the designated bank. 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. Confirmation Commitment issued to the issuer bank and the beneficiary to honor or negotiate shipping documents. Amendment A request to amend the original letter of credit on behalf of the beneficiary modifying the original terms and conditions. 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. Other services Other Assignment of rights, transferability, reimbursements, payments, discrepancies, courier charges and transfers. |
Financial assets and liabilities | 3.4 Financial assets and liabilities A. Date of recognition and initial measurement The Bank initially recognizes loans, deposits, securities and financial liabilities on settlement date. Other financial instruments are recognized on trade date, date on which the Bank becomes a party to the contractual provisions of the instrument. 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 liabilities, not measured at fair value through profit or loss (FVTPL), are added to or deducted from the fair value of the financial assets or 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. Financial assets and 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. 3.4 Financial assets and liabilities (continued) B. Classification of financial assets 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 Ban k’s business model for managing the financial assets and the contractual cash flow characteristics of these financial assets. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: - The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payment of principal and interest (SPPI). A financial asset is measured at fair value through other comprehensive income (FVOCI) only if it meets both of the following conditions and is not designated as at FVTPL: - The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - The contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI. Unrealized gains or losses for financial assets at FVOCI are reported as net increases or decreases in other comprehensive income until realized. Gains or losses realized on sale of financial asset are included in the line item gain (loss) on financial instruments, net. The rest of financial assets are classified at FVTPL, when the assessment of the financial instrument’s contractual terms and the cash flows derived from it determine that the SPPI criteria is not met for its classification at amortized cost or at FVOCI. At initial recognition, the following irrevocable election / designation for measurement of a financial asset on an asset-by-asset basis may be made: - It may irrevocably e lect 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, 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. For an equity instrument designated as measured at FVOCI, the cumulative gain or loss previously recognized in other comprehensive income is not subsequently reclassified to profit or loss, but is transferred within equity to retained earnings. C. Classification of financial liabilities 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 a t amortized cost adjusted for the hedge risk components associated to the hedging relationship. 3.4 Financial assets and liabilities (continued) D. Business model assessment The Bank assesses the objective of the business model at a level that reflects how the financial asset groups are managed to obtain a particular business objective and how information on those assets is provided to Management. The assessment considers the following: - The Bank’s policies and objectives for the portfolio and the operation of those policies in practice. In particular, if 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 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 business model does not depend on management’s 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 at each reporting date to determine whether business models have changed since the previous reporting date. For the current and previous reporting periods, the Bank has not identified a change in its business models. E. 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). 3.4 Financial assets and liabilities (continued) The Bank measures its financial assets and liabilities at FVTPL, when the assessment of the financial instrument’s contractual terms and the cash flows derived from it determines that the SPPI criteria is not met for its classification at amortized cost or at FVOCI. F. 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 fiscal year and previous accounting period there was no change in the business models under which the Bank holds the financial assets and therefore no reclassifications were made. Changes in contractual cash flows are considered under the accounting policies on derecogni tion and modification of financial assets and liabilities. G. Derecognition of financial assets and 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 risks 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. The Bank assesses the transfer of risks and benefits by comparing the entity’s exposure, before and after the transfer, with the variation in the amounts and timing of the net cash flows of the transferred asset; additionally, the continued participation in a transferred financial asset is measured by the lowest value between the original carrying amount of the asset and the maximum amount of the consideration that the Bank could be required to pay. In derecognizing the financial asset, the allowance for losses is deducted from the gross carrying amount of the financial asset; any accumulated gain or loss that has been recognized in other comprehensive income is recognized in profit or loss. Any accumulated gain or loss recognized in other comprehensive income regarding equity instruments designated at fair value through other comprehensive income is not recognized in the consolidated statement of profit or loss. Any interest in the transfer of a financial assets that qualifies for derecognition, booked or held by the Bank is recognized as a separate asset or liability. 3.4 Financial assets and liabilities (continued) 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 assets or a portion of them. In such cases, the transferred assets are not derecognized. Examples of such transactions are securities and transactions under repurchase agreements. 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 counterparty 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. H. Modified financial asset or liability Financial assets A modified financial asset is an instrument 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 financial asset 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 that 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 according to the original terms with the contractual cash flows of the revised terms; both amounts discounted at the original effective interest rate. 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 estimated based on data at initial recognition and the original contractual terms; with - The remaining lifetime probability of default at the reporting date based on the modified terms. In the renegotiation or modification of the contractual cash flows of the financial asset, the Bank shall: - Continue with its current accounting treatment for the existing financial asset 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 financial asset’s original effective interest rate. 3.4 Financial assets and liabilities (continued) - 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 financial asset 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. If the credit quality of the financial asset no longer exhibits a credit impairment, it will 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 the effect of such modifications (including the effect on the measurement of expected credit losses) and how the Bank monitors these financial assets that have been modified. When the modification of a financial asset results in the derecognition of an existing financial asset and the subsequent recognition of a modified financial asset, the modified asset is considered a new financial asset, at the time of derecognition, the reserve for expected credit losses (ECL) is recalculated to determine the net carrying value of the asset at that date. The new financial asset will have an allowance for losses measured based on 12-month for expected credit losses except for rare cases where the new financial asset is considered to be impaired, because a high risk of default remains, which has not been reduced in the modification. The Bank monitors the credit risk of the modified or renegotiated financial assets by assessing qualitative and quantitative information, considering them in the same way as customers with expired status under new terms. Financial Liabilities The Bank derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different. The Bank considers that the terms of a modified financial liability are substantially different if the present value of the cash flows under the new terms, including any fees paid net of any fees received, discounted at the original effective interest rate presents a difference greater than 10% of the discounted present value of the cash flows still remaining from the original financial liability. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability derecognized, and the consideration paid, is recognized in profit or loss. Consideration paid includes non-financial assets transferred, if any, and the assumption of liabilities, including the new modified financial liability. If the modification of a financial liability is not accounted for as derecognition, then the amortized cost of the liability is recalculated by discounting the modified cash flows at the original effective interest rate and the resulting gain or loss is recognized in profit or loss. For floating-rate financial liabilities, the original effective interest rate used to calculate the modification gain or loss is adjusted to reflect current market terms at the time of the modification. Any costs and fees incurred are recognized as an adjustment to the carrying amount of the liability and amortized over the remaining term of the modified financial liability by re-computing the effective interest rate on the instrument. I. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Bank currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Generally, this is not the case with a contractual compensation agreement; therefore, related assets and liabilities are presented with their gross amounts in the consolidated statement of financial position. Income and expenses are presented on a net basis only when permitted under IFRS Standards, or for gains and losses arising from a group of similar transactions. 3.4 Financial assets and liabilities (continued) J. Fair value measurement Fair value of an instrument is 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 or, in its absence, the most advantageous market to which the Bank has access at that date. The fair value of a liability reflects its non-performance risk. When one is available, the Bank measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as “active” if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Bank uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price – i.e. the fair value of the consideration given or received. The Bank recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. K. Allowances for losses on financial instruments The allowances for losses on financial instruments are provided for losses derived from the expected credit losses (“ECL”), 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 (loss) depending on classification of the instrument. Incurred 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 of 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, as well as the ratings of international rating agencies, quality of information and other elements of an objective nature, including projections on 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 factors 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´s 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 consider added deterioration for the determination of the final country rating. 3.4 Financial assets and liabilities (continued) i) Measurement of expected credit losses Calculation of the allowance for expected credit losses for financial instruments is made based on the risk rating resulting from the Bank's internal model and considers, 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 12 - month average PD (1) % External rating (2) Description 1 - 4 0.09 Aaa – Ba1 Exposure in customers or countries with payment ability to satisfy their financial commitments. 5 - 6 2.28 Ba2 – B3 Exposure in customers or countries with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 7.81 Caa1 - Caa3 Exposure in customers whose primary source of payment (operating cash flows) 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 - 9 34.52 Ca Exposure in customers whose operating cash flows continuously show 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. 10 100 C Exposure to customers with operating cash flows that do 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) Probability of default (2) 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: - Stage 1: 12-month ECL, which applies to all financial instruments (from initial recognition) as long as there is no significant increase in credit risk, and 3.4 Financial assets and liabilities (continued) - Stage 2 and 3: Lifetime ECL, 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 by applying the effective interest rate adjusted to the amortized cost of the impaired asset. 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 value of 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 transactions 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 credit risk 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 cash flows, discounted at the original effective rate of the credit transaction, with its current carrying amount and the amount of any loss is recognized as a provision for losses in the consolidated statement of profit or loss for those measured at amortized cost, and in equity for those operations measured at FVOCI. - Collectively assessed For 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 being assessed. 3.4 Financial assets and liabilities (continued) 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. ii) Definition of Default The Bank consi ders a financial asset to be in default when it presents any of the following characteristics: – The borrower is past due for more than 90 days in any of its financial obligations, either in the principal payment or interest; – Impairment 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. iii) 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 ri |
Derivative financial instruments for risk management purposes and hedge accounting | 3.5 Derivative financial instruments for risk management purposes and hedge accounting 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 immediately recognized in the consolidated statements of profit or loss 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 hedging relationship. Applicable standards for all hedging relationships 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 hedging 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. These derivatives contracts can be classified as fair value or 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 derivatives 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. 3.5 Derivative financial instruments for risk management purposes and hedge accounting (continued) Derivatives held for trading purposes include interest rate swaps, cross-cu rrency 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 in the consolidated statement of financial position. Changes in realized and unrealized gains and losses from these financial instruments are recognized as gain (loss) on financial instruments, net in the consolidated statements of profit or loss. Derivatives for hedging purposes primarily include US dollar interest rate swaps, cross currency swaps and foreign exchange forward contracts. 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. Hedging instruments should be assessed qualitatively and quantitatively, assessed on a quarterly basis in order to determine their effectiveness at achieving offsetting changes in fair value or cash flows. Any ineffectiveness must be reported in current-year profit or loss. i) 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 out 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. ii) Hedge ratio The hedge ratio is the ratio between the amount of the 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 a 1:1 relationship, the hedge ratio is generally set so as to adjust for the type of relationship in order to improve effectiveness. iii) 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. 3.5 Derivative financial instruments for risk management purposes and hedge accounting (continued) 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 in profit or loss for the fair value change attributable to the hedged risk. For financial instruments measured at FVOCI, the carrying amount is not adjusted as it is already at fair value, but the portion of the fair value 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 an adjustment to the yield in profit or loss. Cash flow hedges When a derivative is designated as a hedging instrument for 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 the change in fair value of the derivative is recognized in OCI and it is recognized in profit or loss when the hedged cash flows affect income. The ineffective portion is recognized in profit or loss in the line item gain (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 recognized in OCI are reclassified to profit or loss when hedged cash flows occur. The Bank recognizes the costs associated with foreign exchange forward contracts when the hedged item is an asset or liability, as interest income or expense, adjusting the yield of the underlying transaction in profit or loss, and accumulates a reserve in OCI in the consolidated statement of financial position, which is reclassified to profit or loss upon maturity. 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 foreign currency 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 investment in the foreign operation occurs. |
Cash and due from banks | 3.6 Cash and due from banks |
Loans | 3.7 Loans Loans reported in the consolidated statement of financial position include: - Loans at amortized cost. - Loans measured at FVTPL. 3.7 Loans (continued) Loans at amortized cost consider the principal outstanding amounts and interest receivable net of unearned interest, deferred fees and allowance for expected credit losses. Loans recognized and 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. Purchased loans are recognized at the acquisition cost. The difference between the outstanding amount 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. |
Securities and other financial assets | 3.8 Securities Securities presented in the consolidated statement of financial position include: - Debt investment securities measured at amortized cost; these are initially measured at fair value plus incremental direct transaction costs, and subsequently at their amortized cost using the effective interest method, except for those designated as hedged items in qualifying fair value hedging relationships which are measured at amortized cost adjusted for the hedged risk component associated with the hedging relationship. |
Deposits, borrowings and repurchase agreements | 3.9 Deposits, borrowings and repurchase agreements Liability deposits, 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. 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 consolidated 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. |
Loan commitments and financial guarantee contracts | 3.10 Loan commitments and financial guarantee contracts 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 customers 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. 3.10 Loan commitments and financial guarantee contracts (continued) Credit commitments Commitments to extend credit are binding legal agreements to lend to customers. Commitments generally have fixed expiration dates or other termination clauses and require payment of a fee to the Bank. As some commitments expire without being drawn down, the total commitment amounts do not necessarily represent future cash requirements. |
Leases | 3.11 Leases At inception of a contract, the Bank assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Bank assesses whether: - The contract involves the use of an identified asset –this may be specified explicitly or implicitly; and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. - The Bank has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use. - The Bank has the right to direct the use of the asset. The Bank has decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Bank has the right to direct the use of the asset if either: - The Bank has the right to operate the asset; or - The Bank designed the asset in a way that predetermines how and for what purpose it will be used. At inception or on reassessment of a contract that contains a lease component, the Bank allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for lease agreements of office spaces in buildings in which the Bank is a lessee, it chose not to separate the components of the contract that do not correspond to the lease and to account for all of them under a single lease component. The details of the lease policy are described as follows: A. Definition of a lease The Bank determines at the beginning of the contract if an agreement is or contains a lease according to IFRS 16. The Bank assesses if a contract is or contains a lease based on the definition of a lease. B. As a lessee The Bank recognizes right-of-use assets and lease liabilities for most leases. These leases are presented in the consolidated statement of financial position. Lease liabilities are measured at the present value of the lease payments, discounted at the Bank's internal funding cost rate, for the weighted average term of the contract. The right-of-use asset is recognized at cost from the initial measurement of lease liabilities, adjusted for any prepayment, incremental cost, dismantling cost and accumulated depreciation. Subsequently, it is depreciated using the straight-line method from the inception date until the end of the lease term. In addition, the right-of-use asset is reduced by impairment losses, if applicable, and is adjusted for certain new measurements of the lease liability. The Bank presents its right of use assets in the line item of equipment and improvements to leased property and the liability as lease liabilities, both in the consolidated statement of financial position. 3.11 Leases (continued) C. As a sublessor Sub-leases of assets for rights of use are classified as operating leases. The subleased portion is classified as investment property, which is subsequently measured by applying the cost model. Lease income is recognized in profit or loss in the period in which it is earned. The Bank applies IFRS 15 to revenue from contracts with customers to assign the consideration in the contract to each lease component and that is not a lease. D. Investment property - Right of use Rights-of-use assets that the Bank holds under sublease agreements for the purpose of obtaining lease income are classified as investment property in the consolidated statement of financial position. These assets are measured at initial recognition using the same criteria used to recognize other rights-of-use assets. After initial recognition, the carrying amount of these assets is amortized on a straight-line basis over their life. The estimated useful life of these investment property is closely related to the principal lease agreement. When the Bank disposes of an investment property – right of use, it writes off its original cost and its accumulated depreciation. Any resulting difference between the net asset and the associated lease liability is recognized in profit or loss. |
Equipment and leasehold improvements | 3.12 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, if applicable. Changes in the expected useful lives 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 over their estimated useful life, to write down the cost of assets and equipment to their residual values. The estimated useful lives are as follows: Useful life in years Furniture and equipment 3 to 5 years Hardware 3 years Other equipment 2 to 4 years Leasehold improvements 3 to 15 years or up to the lease term Equipment and le asehold improvements include right of use assets arising from leases. Recognition and subsequent measurement for lease contracts are set out in Note 3.11. Leasehold improvements 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. |
Investment property | 3.13 Investment property Property that is held with the intention of generating a return from rental, capital appreciation or both, as well as right-of-use assets that the Bank holds under sublease agreements and that are not occupied by the Bank, are classified as investment property in the consolidated statement of financial position and are initially measured at cost, including all transaction-related costs and, where applicable, costs associated with financing. 3.13 Investment property (continued) After initial recognition, investment property is measured at fair value, except for that recognized investment property – right of use that the Bank holds under sublease agreements which are subsequently measured at cost. 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 property is derecognized when disposed of. When the Bank disposes of an investment 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 non-financial assets, net. |
Intangible assets | 3.14 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 assess ed to be either finite or indefinite. Intangible assets with finite useful lives are amortized using the straight-line method reducing the cost of the intangible asset to their residual value 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, licenses, model design, among others. Gains or losses arising from the derecognition of an intangible asset are determined by the Bank as the difference betwe en proceeds from the sale or disposal and the net carrying amount of the intangible asset and recognized in profit or loss for the year in which the transaction occurs. |
Impairment of non-financial assets | 3.15 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. |
Provisions | 3.16 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. |
Share-based payments | 3.17 Share-based payments 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 stock options and restricted stock units vested are exercised, the Bank’s policy is to sell treasury stock, if available. |
Equity | 3.18 Equity Reserves Regulatory and capital reserves are established as appropriations from retained earnings and, as such, form part of retained earnings. Additions and reductions of regulatory and capital reserves require the approval of the Bank’s Board of Directors and the SBP, as applicable. Other capital reserves, presented as other comprehensive income include: - Translation reserve : The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations when the functional currency of the foreign operation is other than the US dollar, as well as the effective portion of any foreign currency differences ari sing from hedges of a net investment in a foreign operation. - Hedging reserve : The hedging reserve comprises the effective part of the cumulative net change in the fair value of the hedging instruments designated in a cash flow hedging relationship, as well as the offsetting effect of currency translation of the hedging items. - Fair value reserve : The fair value reserve comprises the cumulative net change in the fair value of investment securities measured at FVOCI, less the ECL allowance recognized in profit or loss less the risk hedged when an underlying was designated in a fair value hedging relationship. Treasury stock 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, but is recognized directly in equity. |
Earnings per share | 3.19 Earnings per share Basic earnings per share is computed by dividing the profit for the year (the numerator) by the weighted average number of common shares outstanding (the denominator) during the year. Diluted earnings per share measure performance incorporating the effect that potential common shares, such as stock options and restricted stock units outstanding during the same period, would have on 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. |
Taxes | 3.20 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 tax authorities. Tax laws and regulations used to compute those amounts are those 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. is 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. Current and deferred tax The current tax at the reporting date as well as for the deferred tax, result in a minimal amount, whereby the changes are presented in the consolidated statement of profit or loss as other expenses. The Bank performs an annual assessment of laws and regulations in its different jurisdictions together with its tax experts to determine uncertainty regarding income tax treatments, concluding that there is no uncertainty about tax treatments applied in each tax legislation. |
Segment reporting | 3.21 Segment reporting The Bank’s activities are managed and executed in two business segments: Commercial and Treasury. Information related to each reportable segment is set out below. Business segment results are based on the Bank’s managerial accounting process, 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, who periodically review the internal management reports for each division. 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 t he 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 FVOCI and financial instruments at FVTPL, which are included in other income, net. 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 other income, net. The Commercial Business Segment encompasses the Bank’s core business of financial intermediation and fee generating activities developed to cater 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 customers’ liabilities under acceptances. 3.21 Segment reporting (continued) Profits from the Commercial Business Segment include (i) net interest income from loans; (ii) fees and commissions from the issuance, negotiation, acceptance, confirmation and amendment 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 infrequent sales in the secondary market; (iv) gain (loss) on sale on financial instruments measured at FVTPL; (v) reversal of (provision) for credit losses, (vi) gain (loss) on other non-financial assets, net; and (vii) 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 consolidated statements of financial position, such as liquidity, interest rate and currency rate. Interest-earning assets managed by the Treasury Business Segment include liquidity positions in cash and cash equivalents, as well as highly liquid corporate debt securities rated above ‘A-’, and financial instruments related to the investment management activities, consisting of securities at FVOCI and securities at amortized cost (the “Credit Investment Portfolio”). The Treasury Business Segment also manages the Bank’s interest-bearing liabilities, which constitute its funding sources, mainly deposits, securities sold under repurchase agreements and borrowings and debt, net. Profits from the Treasury Business Segment include (i) net interest income derived from the above mentioned treasury assets and liabilities, (ii) gain (loss) on derivative financial instruments and foreign currency exchange, (iii) gain (loss) on financial instruments at FVOCI, (iv) reversal of (provision) for credit losses on such instruments and (v) direct and allocated operating expenses. |
Judgments, estimates and significant accounting assumptions | 3.22 Judgments, estimates and significant accounting assumptions The preparation of the consolidated financial statements requires management to make estimates and use assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the 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. A. 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: Determining the allowance for expected credit losses The Bank individually assesses all credit impaired loans at amortized cost at each reporting date to assess whether an impairment loss is required to be recognized. 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 credit risk characteristics. This is to determine whether a provision should be made due to expected loss events for which there is objective evidence, but which effects 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, among others), 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). 3.22 Judgments, estimates and significant accounting assumptions (continued) 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 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 risk has significantly increased since initial recognition, unless the circumstances indicate an assessment during the lifetime of the instrument is necessary. i. Significant increase in credit risk For the financial assets in stage 1, ECL are measured as an allowance equal to 12-month ECL and lifetime ECL on stage 2 or stage 3 assets. An asset moves to stage 2 or stage 3 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. ii. 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 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. Determining the fair value on financial instruments i. 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. ii. 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 7. 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. 3.22 Judgments, estimates and significant accounting assumptions (continued) B. 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. Therefore, the consolidated financial statements continue to be prepared on a going concern basis. |
Significant accounting polici_2
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Schedule of bank's internal credit risk grades to external ratings | The table below provides a mapping of the Bank’s internal credit risk grades to external ratings. Internal 12 - month average PD (1) % External rating (2) Description 1 - 4 0.09 Aaa – Ba1 Exposure in customers or countries with payment ability to satisfy their financial commitments. 5 - 6 2.28 Ba2 – B3 Exposure in customers or countries with payment ability to satisfy their financial commitments, but with more frequent reviews. 7 7.81 Caa1 - Caa3 Exposure in customers whose primary source of payment (operating cash flows) 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 - 9 34.52 Ca Exposure in customers whose operating cash flows continuously show 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. 10 100 C Exposure to customers with operating cash flows that do 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) Probability of default (2) Credit rating by Moody’s Investors Service. |
Schedule 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 to 5 years Hardware 3 years Other equipment 2 to 4 years Leasehold improvements 3 to 15 years or up to the lease term |
Financial risk (Tables)
Financial risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of credit risk exposure [abstract] | |
Schedule of credit risk exposure | Loans at amortized cost, outstanding balance December 31, 2022 PD Ranges Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 2,864,686 — — 2,864,686 Grades 5 - 6 0.75 - 3.80 3,645,901 50,625 — 3,696,526 Grades 7 - 8 3.81 - 34.51 123,603 48,098 20,000 191,701 Grades 9 - 10 34.52 - 100 — — 10,107 10,107 6,634,190 98,723 30,107 6,763,020 Loss allowance (28,589) (5,050) (21,561) (55,200) Total 6,605,601 93,673 8,546 6,707,820 December 31, 2021 PD Ranges Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 3,016,938 — — 3,016,938 Grades 5 - 6 0.75 - 3.80 2,466,348 57,799 — 2,524,147 Grades 7 - 8 3.81 - 34.51 99,807 83,120 10,593 193,520 5,583,093 140,919 10,593 5,734,605 Loss allowance (20,115) (16,175) (5,186) (41,476) Total 5,562,978 124,744 5,407 5,693,129 Loan commitments, financial guarantees issued and customers’ liabilities under acceptances December 31, 2022 12-month PD Stage 1 Stage 2 Stage 3 Total Commitments and financial guarantees issued Grades 1 - 4 0.03 - 0.74 302,260 — — 302,260 Grades 5 - 6 0.75 - 3.80 279,550 1,700 — 281,250 Grades 7 - 8 3.81 - 34.51 195,864 — — 195,864 777,674 1,700 — 779,374 Customers' liabilities under acceptances Grades 1 - 4 0.03 - 0.74 34,258 — — 34,258 Grades 5 - 6 0.75 - 3.80 19,782 — — 19,782 Grades 7 - 8 3.81 - 34.51 109,305 — — 109,305 163,345 — — 163,345 941,019 1,700 — 942,719 Loss allowance (3,605) (23) — (3,628) Total 937,414 1,677 — 939,091 December 31, 2021 12-month PD Stage 1 Stage 2 Stage 3 Total Commitments and financial guarantees issued Grades 1 - 4 0.03 - 0.74 257,831 — — 257,831 Grades 5 - 6 0.75 - 3.80 172,993 21,400 — 194,393 Grades 7 - 8 3.81 - 34.51 151,535 — — 151,535 582,359 21,400 — 603,759 Customers' liabilities under acceptances Grades 1 - 4 0.03 - 0.74 54,185 — — 54,185 Grades 5 - 6 0.75 - 3.80 6,903 — — 6,903 Grades 7 - 8 3.81 - 34.51 140,427 — — 140,427 201,515 — — 201,515 783,874 21,400 — 805,274 Loss allowance (3,472) (331) — (3,803) Total 780,402 21,069 — 801,471 Securities at amortized cost December 31, 2022 12-month DP Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 736,139 — — 736,139 Grades 5 - 6 0.75 - 3.80 154,248 46,589 — 200,837 Grades 7 - 8 3.81 - 34.51 — — 4,995 4,995 890,387 46,589 4,995 941,971 Loss allowance (2,170) (1,779) (4,002) (7,951) Total 888,217 44,810 993 934,020 December 31, 2021 12-month PD Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 453,627 — — 453,627 Grades 5 - 6 0.75 - 3.80 177,496 — — 177,496 631,123 — — 631,123 Loss allowance (1,790) — — (1,790) Total 629,333 — — 629,333 Securities at FVOCI December 31, 2022 12-month PD Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 77,972 — — 77,972 77,972 — — 77,972 Loss allowance (10) — — (10) Total 77,962 — — 77,962 December 31, 2021 12-month PD Stage 1 Stage 2 Stage 3 Total Grades 1 - 4 0.03 - 0.74 193,488 — — 193,488 193,488 — — 193,488 Loss allowance (26) — — (26) Total 193,462 — — 193,462 |
Schedule of financial assets that are either past due or impaired | The following table presents information of the current and past due balances of loans at amortized cost in stages 1, 2 and 3: December 31, 2022 Stage 1 Stage 2 Stage 3 Total Current 6,634,190 98,723 — 6,732,913 Past Due — — 20,000 20,000 Delinquent — — 10,107 10,107 Total 6,634,190 98,723 30,107 6,763,020 December 31, 2021 Stage 1 Stage 2 Stage 3 Total Current 5,583,093 140,919 10,593 5,734,605 |
Schedule of credit exposure of derivative transactions | The following table presents an analysis of counterparty credit exposures arising from derivative transactions. The Bank's derivative fair values are generally secured by cash. December 31, 2022 Notional value Derivative Derivative Interest rate swaps 368,711 483 (544) Cross-currency swaps 1,175,570 45,806 (33,217) Foreign exchange forwards 189,173 21,870 — Total 1,733,454 68,159 (33,761) December 31, 2021 Notional value Derivative Derivative Interest rate swaps 60,000 1,282 (538) Cross-currency swaps 883,931 9,523 (27,917) Total 943,931 10,805 (28,455) |
Schedule of macroeconomic assumptions used in the base, optimistic and pessimistic scenarios | The table below lists the alert model's macroeconomic assumptions for countries representing the higher exposures, for the base, upside and downside scenarios over the five-year forecasted average available for each reporting period. Variable GDP Growth ComEx Growth Index Scenario December 31, December 31, December 31, December 31, Base 1.9 % 2.7 % 7.1 % 9.5 % Brazil Upside 2.9 % 3.7 % 10.6 % 13.0 % Downside 0.5 % 1.3 % 3.1 % 5.5 % Base 1.7 % 3.4 % 3.1 % 12.4 % Chile Upside 2.8 % 4.5 % 6.6 % 15.9 % Downside 0.5 % 2.2 % -0.9 % 8.4 % Base 3.6 % 4.6 % 8.4 % 10.7 % Colombia Upside 4.7 % 5.7 % 11.4 % 13.7 % Downside 2.3 % 3.3 % 4.9 % 7.2 % Base 4.8 % 6.2 % 5.8 % 11.0 % Dominican Republic Upside 6.0 % 7.4 % 9.3 % 14.5 % Downside 3.5 % 4.9 % 1.8 % 7.0 % Base 3.5 % 3.5 % 5.8 % 8.1 % Guatemala Upside 4.5 % 4.5 % 8.8 % 11.1 % Downside 2.3 % 2.3 % 2.3 % 4.6 % Base 1.9 % 3.0 % 6.4 % 9.4 % Mexico Upside 2.9 % 4.0 % 10.4 % 13.4 % Downside 0.7 % 1.8 % 1.9 % 4.9 % Base 5.0 % 5.6 % 6.2 % 5.6 % Panama Upside 6.5 % 7.1 % 9.2 % 8.6 % Downside 3.6 % 4.2 % 2.7 % 2.1 % Base 2.9 % 4.9 % 4.9 % 11.7 % Peru Upside 3.9 % 5.9 % 8.4 % 15.2 % Downside 1.7 % 3.7 % 0.9 % 7.7 % |
Schedule of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments | The following tables show reconciliations from the opening to the closing balances of the loss allowance by class of financial instrument. The basis for determining transfers due to changes in credit risk is set out in our accounting policy in Note 3.4 (K). A. Credit risk (continued) Loans at amortized cost Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 20,115 16,175 5,186 41,476 Transfer to lifetime expected credit losses (29) 29 — — Transfer to 12-month expected credit losses 176 (176) — — Transfer to credit-impaired financial instruments (130) — 130 — Net effect of changes in allowance for expected credit losses (1,718) (10,146) 16,072 4,208 Financial instruments that have been derecognized during the year (12,385) (832) — (13,217) New instruments originated or purchased 22,560 — — 22,560 Write-offs — — (893) (893) Recoveries — — 1,066 1,066 Allowance for expected credit losses as of December 31, 2022 28,589 5,050 21,561 55,200 Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 16,661 19,916 4,588 41,165 Transfer to lifetime expected credit losses (158) 158 — — Transfer to 12-month expected credit losses 243 (243) — — Net effect of changes in allowance for expected credit losses (874) (2,041) 438 (2,477) Financial instruments that have been derecognized during the year (13,100) (1,615) — (14,715) New instruments originated or purchased 17,343 — — 17,343 Recoveries — — 160 160 Allowance for expected credit losses as of December 31, 2021 20,115 16,175 5,186 41,476 The allowance for expected credit losses on loan commitments and financial guarantee contracts reflects the Bank’s Management is estimate of expected credit losses of customers’ liabilities under acceptances and contingent liabilities such as: confirmed letters of credit, stand-by letters of credit, guarantees, and credit commitments. Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 3,472 331 — 3,803 Transfer to 12-month expected credit losses 133 (133) — — Net effect of changes in reserve for expected credit losses (160) (39) — (199) Financial instruments that have been derecognized during the year (2,981) (136) — (3,117) New instruments originated or purchased 3,141 — — 3,141 Allowance for expected credit losses as of December 31, 2022 3,605 23 — 3,628 Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 2,426 478 — 2,904 Transfer to lifetime expected credit losses (53) 53 — — Transfer to 12-month expected credit losses 87 (87) — — Net effect of changes in reserve for expected credit losses (96) 42 — (54) Financial instruments that have been derecognized during the year (1,793) (155) — (1,948) New instruments originated or purchased 2,901 — — 2,901 Allowance for expected credit losses as of December 31, 2021 3,472 331 — 3,803 Securities at amortized cost Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 1,790 — — 1,790 Transfer to lifetime expected credit losses (46) 46 — — Transfer to credit-impaired financial instruments (33) — 33 — Net effect of changes in allowance for expected credit losses (13) 941 3,969 4,897 Financial instruments that have been derecognized during the year (420) — — (420) New instruments originated or purchased 892 792 — 1,684 Allowance for expected credit losses as of December 31, 2022 2,170 1,779 4,002 7,951 A. Credit risk (continued) Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 462 33 — 495 Net effect of changes in allowance for expected credit losses (20) — — (20) Financial instruments that have been derecognized during the year (160) (33) — (193) New instruments originated or purchased 1,508 — — 1,508 Allowance for expected credit losses as of December 31, 2021 1,790 — — 1,790 Securities at FVOCI Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2021 26 — — 26 Financial instruments that have been derecognized during the year (16) — — (16) Allowance for expected credit losses as of December 31, 2022 10 — — 10 Stage 1 Stage 2 Stage 3 Total Allowance for expected credit losses as of December 31, 2020 43 — — 43 New instruments originated or purchased (17) — — (17) Allowance for expected credit losses as of December 31, 2021 26 — — 26 The following table provides a reconciliation between: - Amounts shown in the previous tables reconciling opening and closing balances of loss allowance per class of financial instrument; and - The (reversal) provision for credit losses’ line item in the consolidated statement of profit or loss. A. Credit risk (continued) Loans at amortized Loan commitments Securities December 31, 2022 At amortized cost FVOCI Total Net effect of changes in allowance for expected credit losses 4,208 (199) 4,897 — 8,906 Financial instruments that have been derecognized during the year (13,217) (3,117) (420) (16) (16,770) New financial assets originated or purchased 22,560 3,141 1,684 — 27,385 Total 13,551 (175) 6,161 (16) 19,521 Loans at amortized Loan commitments Securities December 31, 2021 At amortized cost FVOCI Total Net effect of changes in allowance for expected credit losses (2,477) (54) (20) — (2,551) Financial instruments that have been derecognized during the year (14,715) (1,948) (193) (17) (16,873) New financial assets originated or purchased 17,343 2,901 1,508 — 21,752 Total 151 899 1,295 (17) 2,328 Loans at amortized Loan commitments Securities December 31, 2020 At amortized cost FVOCI Total Net effect of changes in allowance for expected credit losses 13,459 79 38 — 13,576 Financial instruments that have been derecognized during the year (28,036) (1,885) (86) — (30,007) New financial assets originated or purchased 12,828 1,666 430 43 14,967 Total (1,749) (140) 382 43 (1,464) |
Schedule of reconciliation of changes in the net carrying amount of credit-impaired loans | The following table sets out a reconciliation of changes in the carrying amount of the allowance for credit losses for credit-impaired financial assets: December 31, 2022 2021 Credit-impaired loans at beginning of year 5,186 4,588 Classified as credit-impaired during the year 130 — Change in allowance for expected credit losses 14,606 191 Write-offs (893) — Recoveries of amounts previously written off 1,066 160 Interest income 1,466 247 Credit-impaired loans at end of year 21,561 5,186 December 31, 2022 Investments at amortized cost with credit impairment at beginning of year — Classified as credit-impaired during the year 33 Change in allowance for expected credit losses 3,717 Interest income 252 Investments at amortized cost with credit impairment at end of year 4,002 |
Schedule of concentrations of credit risk by sector and industry. | Concentration by sector and industry Loans at Loan commitments Securities At amortized cost FVOCI December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, Carrying amount - principal 6,763,020 5,734,605 163,345 201,515 941,971 631,123 77,972 193,488 Amount committed/guaranteed — — 779,374 603,759 — — — — Concentration by sector Corporations: Private 2,553,193 1,934,056 409,139 336,181 543,381 362,085 24,773 59,096 State-owned 1,115,932 1,085,211 110,468 47,144 51,388 43,266 — — Financial institutions: Private 2,245,385 2,123,881 120,614 140,289 250,975 127,690 — — State-owned 719,882 567,847 302,498 281,660 31,902 46,496 53,199 134,392 Sovereign 128,628 23,610 — — 64,325 51,586 — — Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 Concentration by industry Financial institutions 2,965,266 2,691,728 423,112 421,949 282,878 174,186 53,199 134,392 Manufacturing 1,341,453 1,122,325 293,659 193,169 339,914 180,088 14,898 44,586 Oil and petroleum derived products 1,244,491 1,091,264 104,426 62,208 77,553 74,954 9,875 14,510 Agricultural 317,037 267,382 3,854 — — — — — Services 267,868 220,942 55,430 55,612 64,412 66,609 — — Mining 150,707 95,364 — — 24,381 9,912 — — Sovereign 128,628 23,610 — — 64,325 51,586 — — Other 347,570 221,990 62,238 72,336 88,508 73,788 — — Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 |
Schedule of concentrations of credit risk by rating and country | Risk rating and concentration by country Loans at Loan commitments Securities At amortized cost FVOCI December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, Carrying amount - principal 6,763,020 5,734,605 163,345 201,515 941,971 631,123 77,972 193,488 Amount committed/guaranteed — — 779,374 603,759 — — — — Rating 1-4 2,864,685 3,016,938 336,519 312,016 736,139 453,627 77,972 193,488 5-6 3,696,527 2,524,147 301,031 201,296 200,837 177,496 — — 7-8 191,701 193,520 305,169 291,962 4,995 — — — 10 10,107 — — — — — — — Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 Concentration by country Argentina 55,598 74,252 — — — — — — Australia — — — — 9,628 9,900 — — Belgium 25,362 17,374 — — — — — — Bolivia — 3,000 3,759 2,983 — — — — Brazil 980,205 1,101,999 54,907 — 69,501 99,082 — — Canada — — — — 13,503 13,786 — — Chile 416,714 625,119 44,846 41,932 112,586 105,730 — — Colombia 702,409 795,467 54,333 50,630 54,484 38,038 — — Costa Rica 260,625 180,480 56,718 89,442 9,926 1,984 — — Denmark — — 11,880 — — — — — Dominican Republic 579,918 275,423 27,534 16,499 4,828 4,947 — — Ecuador 110,466 37,446 305,168 281,075 — — — — El Salvador 30,032 73,500 — 6,867 — — — — France 126,929 179,491 66,906 62,172 — — — — Germany — — 10,000 7,000 — — — — Guatemala 745,837 431,543 67,456 58,145 — 3,051 — — Honduras 176,270 32,192 3,615 18,286 — — — — Hong Kong 2,800 17,600 — — — — — — Ireland — — — — 9,579 — — — Israel — — — — 4,880 4,968 — — Jamaica 14,083 5,215 — — — — — — Japan 14,712 — — — 4,353 — — — Luxembourg 114,557 117,700 — — — — — — Mexico 823,028 726,922 69,080 4,000 100,870 55,620 — — Panama 533,452 203,115 19,240 66,973 29,065 22,807 — — Paraguay 151,287 98,112 3,430 9,430 — — — — Peru 478,998 343,485 114,941 65,091 60,575 64,134 — — Singapore 152,208 58,117 24,333 10,750 — — — — Trinidad and Tobago 128,846 140,537 — — — — — — United States of America 53,463 19,000 3,349 — 458,193 207,076 43,464 88,170 United Kingdom 51,221 42,700 — — — — — — Uruguay 34,000 134,816 1,224 13,999 — — — — Multilateral — — — — — — 34,508 105,318 Total 6,763,020 5,734,605 942,719 805,274 941,971 631,123 77,972 193,488 |
Schedule of offsetting financial assets and liabilities | The following tables include financial assets and liabilities that are offset in the consolidated financial statement or subject to an enforceable master netting arrangement: a) Derivative financial instruments – assets December 31, 2022 Gross Gross amounts Net amount of Gross amounts not offset in Net Amount Financial Cash collateral Derivative financial instruments used for hedging 68,159 — 68,159 — (50,615) 17,544 Total 68,159 — 68,159 — (50,615) 17,544 December 31, 2021 Gross Gross amounts Net amount of Gross amounts not offset in Net Amount Financial Cash collateral Derivative financial instruments used for hedging 10,805 — 10,805 — (5,030) 5,775 Total 10,805 — 10,805 — (5,030) 5,775 December 31, 2022 Gross Gross amounts Net amount of Gross amounts not offset in the Net Financial Cash collateral Securities sold under repurchase agreements (300,498) — (300,498) 791,956 22,947 514,405 Derivative financial instruments used for hedging (33,761) — (33,761) — 17,702 (16,059) Total (334,259) — (334,259) 791,956 40,649 498,346 December 31, 2021 Gross Gross amounts Net amount of Gross amounts not offset in Net Financial Cash collateral Securities sold under repurchase agreements (427,497) — (427,497) 498,274 3,110 73,887 Derivative financial instruments used for hedging (28,455) — (28,455) — 28,942 487 Total (455,952) — (455,952) 498,274 32,052 74,374 |
Schedule of Bank's liquid assets along with average information | The following table details the Bank’s liquidity ratios, described in the previous paragraph, as of December 31, 2022 and 2021, respectively: December 31, 2022 2021 At the end of the year 167.46 % 199.19 % Year average 132.63 % 122.80 % Maximum of the year 276.86 % 306.82 % Minimun of the year 81.18 % 66.43 % |
Schedule of Bank's liquid assets by geographical location | The following table includes the Bank’s liquid assets by country risk: December 31, 2022 December 31, 2021 (in millions of USD dollars) Cash and due from Securities FVOCI Total Cash and due from Securities FVOCI Total United States of America 1,151 43 1,194 1,203 89 1,292 Latin America 15 — 15 8 — 8 Multilateral 25 35 60 — 105 105 Total 1,191 78 1,269 1,211 194 1,405 |
Schedule of Bank's demand deposits ratio on total deposits | The following table includes the Bank’s demand deposits from customers and its ratio to total deposits from customers: December 31, 2022 2021 (in millions of USD dollars) Demand and "overnight" deposits 583 362 Demand and "overnight" deposits to total deposits 18.27 % 11.92 % |
Schedule of Bank's demand deposits from customers is satisfied by the Bank's liquid assets | The liquidity requirements resulting from the Bank’s demand deposits from customers is satisfied by the Bank’s liquid assets as follows: December 31, (in millions of USD dollars) 2022 2021 Total liquid assets 1,269 1,404 Total assets to total liabilities 39.77 % 46.26 % Total liquid assets in the Federal 90.23 % 85.52 % |
Schedule of Bank's loans and securities short-term portfolio with maturity within one year | The following table includes the carrying amount for the Bank’s loans and securities short-term portfolio with maturity within one year based on their original contractual term along with its average remaining term: December 31, (in millions of USD dollars) 2022 2021 Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms 4,008 3,426 Average term (days) 200 191 |
Schedule of Bank's loans and securities short-term portfolio with medium term maturity | The following table includes the carrying amount for the Bank’s loans and securities medium term portfolio with maturity over one year based on their original contractual terms along with their average remaining term: December 31, (in millions of USD dollars) 2022 2021 Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms 3,775 3,134 Average term (days) 1367 1365 |
Schedule of future cash flows between assets and liabilities grouped by its remaining maturity with respect to the contractual maturity | The following table details the future undiscounted cash flows of financial assets and liabilities grouped by their remaining maturity with respect to the contractual maturity: December 31, 2022 Up to 3 3 to 6 months 6 months to 1 1 to 5 years More than 5 Gross inflows Carrying Assets Cash and due from banks 1,241,779 — — — — 1,241,779 1,241,586 Securities 129,983 105,789 98,345 744,996 10,293 1,089,406 1,023,632 Loans 2,294,259 1,478,494 1,223,661 2,244,454 158,967 7,399,835 6,760,434 Derivative financial instruments - assets 4,216 10,831 14,015 39,097 — 68,159 68,159 Total 3,670,237 1,595,114 1,336,021 3,028,547 169,260 9,799,179 9,093,811 Liabilities Deposits (2,770,754) (256,989) (161,889) (39,805) — (3,229,437) (3,205,386) Securities sold under repurchase agreements (53,418) (64,513) (55,144) (138,286) — (311,361) (300,498) Borrowings and debt, net (776,584) (895,531) (934,288) (2,212,704) (41,523) (4,860,630) (4,464,389) Lease liabilities (384) (384) (738) (5,769) (13,771) (21,046) (16,745) Derivative financial instruments - liabilities (3,702) (764) (63) (26,882) (2,350) (33,761) (33,761) Total (3,604,842) (1,218,181) (1,152,122) (2,423,446) (57,644) (8,456,235) (8,020,779) Subtotal net position 65,395 376,933 183,899 605,101 111,616 1,342,944 1,073,032 Off-balance sheet contingencies Confirmed letters of credit 166,367 117,398 21,024 — — 304,789 Stand-by letters of credit and guarantees 132,353 117,750 92,750 8,772 — 351,625 Credit commitments — 13,102 32,906 76,952 — 122,960 Total 298,720 248,250 146,680 85,724 — 779,374 Total net position (233,325) 128,683 37,219 519,377 111,616 563,570 B. Liquidity risk (continued) December 31, 2021 Up to 3 3 to 6 6 months to 1 1 to 5 years More than 5 Gross inflows Carrying Assets Cash and due from banks 1,253,052 — — — — 1,253,052 1,253,052 Securities 36,984 44,743 179,219 599,397 — 860,343 831,913 Loans 1,936,018 1,040,765 1,349,286 1,568,311 151,529 6,045,909 5,713,022 Derivative financial instruments - assets 2,791 3,592 — 4,422 — 10,805 10,805 Total 3,228,845 1,089,100 1,528,505 2,172,130 151,529 8,170,109 7,808,792 Liabilities Deposits (2,641,995) (310,326) (79,034) (8,090) — (3,039,445) (3,037,457) Securities sold under repurchase agreements (333,031) (60,218) — (35,515) — (428,764) (427,497) Borrowings and debt, net (583,283) (726,715) (802,911) (1,348,323) (16,536) (3,477,768) (3,315,500) Lease liabilities (393) (393) (787) (5,819) (15,215) (22,607) (17,733) Derivative financial instruments - liabilities — (4,821) (7,773) (15,145) (716) (28,455) (28,455) Total (3,558,702) (1,102,473) (890,505) (1,412,892) (32,467) (6,997,039) (6,826,642) Subtotal net position (329,857) (13,373) 638,000 759,238 119,062 1,173,070 982,150 Off-balance sheet contingencies Confirmed letters of credit 149,672 62,123 2,435 — — 214,230 Stand-by letters of credit and guarantees 75,245 118,287 54,375 20,289 — 268,196 Credit commitments 35,000 — 45,000 41,333 — 121,333 Total 259,917 180,410 101,810 61,622 — 603,759 Total net position (589,774) (193,783) 536,190 697,616 119,062 569,311 |
Schedule of liquidity reserves | The following table sets out the components of the Banks’s liquidity reserves: December 31, 2022 December 31, 2021 Amount Fair value Amount Fair value Balances with Federal Reserve of the United 1,144,896 1,144,896 1,201,101 1,201,101 Cash and balances with other banks (1) 46,040 46,040 9,900 9,900 Total 1,190,936 1,190,936 1,211,001 1,211,001 |
Schedule of sensitivity analysis of fair value due to change in interest rate. | Following is an analysis of the Bank’s sensitivity to the most likely increase or decrease in market interest rates at the reporting date, assuming no asymmetrical movements in yield curves and a constant financial position: Change in Effect on Effect on December 31, 2022 +50 bps 4,559 676 -50 bps (4,629) (206) December 31, 2021 +50 bps (45) 17,232 -50 bps (2,297) 10,772 |
Schedule of financial assets available to support future funding | The following table sets out the Bank’s financial assets available to support future funding: December 31, 2022 December 31, 2021 Pledged as collateral Available as collateral Pledged as collateral Available as collateral Cash and due from banks 50,649 1,190,936 42,051 1,211,001 Notional of investment securities 331,571 672,042 447,588 343,319 Loans at amortized cost — 6,763,020 — 5,734,605 Total 382,220 8,625,998 489,639 7,288,925 The Bank has USD LIBOR exposures on floating-rate loans, borrowings and loan commitments. Disaggregated information of such financial instruments that have yet to transition to an alternative benchmark rate as at December 31, 2022 is the following. The information presented is the remaining exposure as at each reporting date. December 31, 2022 June 30, (Notional in US$ thousands) Financial assets Loans 1,357,407 1,178,782 Financial liabilities Borrowings 62,500 12,500 Loan commitments 92,188 92,188 |
Schedule of Bank's interest rate gap position | The table below details the Bank's exposure based on interest rate repricing/maturity date on interest-bearing financial assets and liabilities: December 31, 2022 Up to 3 3 to 6 6 months to 1 to 5 years More than 5 Without interest Total Assets Cash and due from banks 1,233,700 — — — — 7,886 1,241,586 Securities, net 112,736 114,815 82,666 701,749 7,977 — 1,019,943 Loans 2,956,268 2,531,067 1,007,343 240,949 27,393 — 6,763,020 Total 4,302,704 2,645,882 1,090,009 942,698 35,370 7,886 9,024,549 Liabilities Demand deposits and time deposits (2,746,776) (250,299) (153,862) (35,082) — (4,697) (3,190,716) Securities sold under repurchase agreements (52,164) (62,968) (53,740) (131,626) — — (300,498) Borrowings and debt, net (1,354,457) (953,503) (1,083,543) (999,151) (25,857) — (4,416,511) Total (4,153,397) (1,266,770) (1,291,145) (1,165,859) (25,857) (4,697) (7,907,725) Net effect of derivative financial instruments held for interest risk management 476 41 2,145 12,215 (2,350) — 12,527 Total interest rate sensitivity 149,783 1,379,153 (198,991) (210,946) 7,163 3,189 1,129,351 C. Market risk (continued) December 31, 2021 Up to 3 3 to 6 6 months to 1 to 5 years More than 5 Without interest Total Assets Cash and due from banks 1,249,545 — — — — 3,507 1,253,052 Securities, net 26,693 28,906 121,834 647,178 — — 824,611 Loans 2,510,544 1,593,471 1,378,589 246,721 10,593 — 5,739,918 Total 3,786,782 1,622,377 1,500,423 893,899 10,593 3,507 7,817,581 Liabilities Demand deposits and time deposits (2,634,776) (309,601) (78,439) (8,000) — (5,412) (3,036,228) Securities sold under repurchase agreements (332,417) (60,052) — (35,028) — — (427,497) Borrowings and debt (1,265,779) (653,454) (452,621) (915,938) (16,386) — (3,304,178) Total (4,232,972) (1,023,107) (531,060) (958,966) (16,386) (5,412) (6,767,903) Net effect of derivative financial instruments held for interest risk management 2,791 (1,230) (7,773) (10,722) (716) — (17,650) Total interest rate sensitivity (443,399) 598,040 961,590 (75,789) (6,509) (1,905) 1,032,028 Disaggregated information by derivative financial instruments based on floating USD LIBOR rate, that have yet to transition to an alternative benchmark rate as at December 31, 2022 is the following. The information presented is the remaining notional amount as at each reporting date. December 31, 2022 June 30, (Notional US$ thousands) Derivatives held for risk management Derivative financial instruments - assets 1,937 — Derivative financial instruments - liabilities 88,768 68,768 |
Schedule of risk arising from financial instruments | The following table presents the maximum exposure amount in foreign currency of the Bank’s carrying amount of total assets and liabilities, except for hedging relationships. C. Market risk (continued) December 31, 2022 Brazilian European Japanese Colombian Mexican Other currencies (1) Total Exchange rate 5.29 1.07 130.96 4,854.37 19.50 Assets Cash and due from banks 26 53 4 9 5,439 38 5,569 Loans — — — — 301,765 — 301,765 Total 26 53 4 9 307,204 38 307,334 Liabilities Borrowings and debt — — — — (306,603) — (306,603) Total — — — — (306,603) — (306,603) Net currency position 26 53 4 9 601 38 731 December 31, 2021 Brazilian European euro Japanese Colombian Mexican Other currencies (1) Total Exchange rate 5.57 1.14 115.15 4,072.94 20.46 Assets Cash and due from banks — 7 1 21 1,531 34 1,594 Loans — — — — 222,747 — 222,747 Total — 7 1 21 224,278 34 224,341 Liabilities Borrowings and debt — — — — (224,384) — (224,384) Total — — — — (224,384) — (224,384) Net currency position — 7 1 21 (106) 34 (43) (1) It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound, Peruvian soles, and Chinese renminbi. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair value of financial instruments | |
Schedule of financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial position using the fair value hierarchy | 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, 2022 Level 1 Level 2 Level 3 Total Assets Securities at FVOCI - Corporate debt — 78,372 — 78,372 Derivative financial instruments - assets: Interest rate swaps — 483 — 483 Cross-currency swaps — 45,806 — 45,806 Foreign exchange forwards — 21,870 — 21,870 Total derivative financial instrument assets — 68,159 — 68,159 Total assets at fair value — 146,531 — 146,531 Liabilities Derivative financial instruments - liabilities: Interest rate swaps — 544 — 544 Cross-currency swaps — 33,217 — 33,217 Total derivative financial instruments - liabilities — 33,761 — 33,761 Total liabilities at fair value — 33,761 — 33,761 A. Recurring valuation (continued) December 31, 2021 Level 1 Level 2 Level 3 Total Assets Securities at FVOCI - Corporate debt — 194,491 — 194,491 Loans at FVTPL — — 5,313 5,313 Total — 194,491 5,313 199,804 Derivative financial instruments - assets: Interest rate swaps — 1,282 — 1,282 Cross-currency swaps — 9,523 — 9,523 Total derivative financial instrument assets — 10,805 — 10,805 Total assets at fair value — 205,296 5,313 210,609 Liabilities Derivative financial instruments - liabilities: Interest rate swaps — 538 — 538 Cross-currency swaps — 27,917 — 27,917 Total derivative financial instruments - liabilities — 28,455 — 28,455 Total liabilities at fair value — 28,455 — 28,455 |
Schedule of carrying value and an estimated fair value of the bank's financial instruments that are not measured on a recurring basis | The following table provides information on the carrying value and the estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis: December 31, 2022 Carrying Fair Level 1 Level 2 Level 3 Assets Cash and deposits in banks 1,241,586 1,241,586 — 1,241,586 — Securities at amortized cost (1) 945,260 895,154 — 894,034 1,120 Loans at amortized cost (2) 6,760,434 6,785,652 — 6,785,652 — Customers' liabilities under acceptances 163,345 163,345 — 163,345 — Liabilities Deposits 3,205,386 3,205,386 — 3,205,386 — Securities sold under repurchase agreements 300,498 300,498 — 300,498 — Borrowings and debt, net 4,416,511 4,389,902 — 4,389,902 — Acceptances outstanding 163,345 163,345 — 163,345 — and unearned interest and deferred fees of December 31, 2021 Carrying Fair Level 1 Level 2 Level 3 Assets Cash and deposits in banks 1,253,052 1,253,052 — 1,253,052 — Securities at amortized cost (1) 637,422 632,848 — 628,284 4,564 Loans at amortized cost, net (2) 5,707,709 5,806,915 — 5,806,915 — Customers' liabilities under acceptances 201,515 201,515 — 201,515 — Liabilities Deposits 3,037,457 3,037,457 — 3,037,457 — Securities sold under repurchase agreements 427,497 427,497 — 427,497 — Borrowings and debt, net 3,304,178 3,294,135 — 3,294,135 — Acceptances outstanding 201,515 201,515 — 201,515 — (1) The carrying value of securities at amortized cost is net of accrued interest receivable of $11.2 million and the allowance for expected credit losses of $8.0 million as of December 31, 2022 (accrued interest receivable of $8.1 million and the allowance for expected credit losses of $1.8 million as of December 31, 2021). (2) The carrying value of loans at amortized cost is net of accrued interest receivable of $70.0 million, the allowance for expected credit losses of $55.2 million and unearned interest and deferred fees of $17.3 million as of December 31, 2022 (accrued interest receivable of $23.3 million, the allowance for expected credit losses of $41.5 million and unearned interest and deferred fees of $8.7 million as of December 31, 2021). |
Schedule of movement of instruments measured at level 3 fair value | The following table presents the movement of a level 3 financial instruments measured at fair value : Loans at At December 31, 2020 4,949 Net changes in fair value (1) 364 At December 31, 2021 5,313 Net changes in fair value (1) 437 Sales (5,750) At December 31, 2022 — |
Schedule of significant inputs used in the measurement of instruments at level 3 fair value | Inputs used in the fair value measurement are detailed as follows: Observable inputs Unobservable inputs Forward interest rate referenced to 12M USD Libor Discount rate or discount margin of floating rate bond "USD US composite B+" with credit risk similar to the instrument analyzed adjusted by the country risk premium. Fair value measurement sensitivity to unobservable inputs – discount rate 2021 A significant increase in volatility would result in a lower fair value 6.860% to 7.84% |
Schedule of changing one or more assumptions used can generate the following effect | For fair value measurements in level 3, changing one or more of the assumptions used would have the following effects. Loans at FVTPL Effect on profit or loss + 100 bps to the observable and unobservable inputs (108) - 100 bps to the observable and unobservable inputs 111 |
Cash and due from banks (Tables
Cash and due from banks (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and due from banks | |
Schedule of interest-bearing deposits in banks and pledged deposits and breakdown in banks and pledged deposits by country risk | The following table presents the details of interest-bearing deposits in banks and restricted deposits: December 31, 2022 2021 2020 Unrestricted deposits with the Federal Reserve of the United States of America 1,144,896 1,201,101 688,612 Cash and non-interest-bearing deposits in other banks 7,886 3,507 4,331 Cash and interest-bearing deposits in other banks (1) 88,804 48,444 170,869 Total cash and due from banks 1,241,586 1,253,052 863,812 Less: Time deposits with original maturity over 90 days and other restricted deposits (1) 50,650 42,051 17,804 Total cash and due from banks in the consolidated statement of cash flows 1,190,936 1,211,001 846,008 The following table presents the restricted deposits classified by country risk: December 31, 2022 2021 2020 Switzerland 16,797 9,787 3,027 Spain 12,814 4,011 18 United States of America (1) 11,387 12,615 11,515 Germany 5,380 449 — United Kingdom 4,272 309 130 France — 4,790 50 Netherlands — 3,870 334 Japan — 3,790 1,330 Mexico — 2,430 790 Canada — — 610 Total 50,650 42,051 17,804 (1) Includes restricted deposit of $10.0 million for both years with the New York State Department of Financial Services under March 1994 legislation and margin call deposits collateralizing derivative financial instrument transactions. |
Securities and other financia_2
Securities and other financial assets, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Securities and other financial assets, net | |
Schedule of all securities and other financial assets | December 31, 2022 Amortized cost FVOCI Total Principal 941,971 77,972 1,019,943 Interest receivable 11,240 400 11,640 Allowance (7,951) — (7,951) 945,260 78,372 1,023,632 December 31, 2021 Amortized cost FVOCI Total Principal 631,123 193,488 824,611 Interest receivable 8,089 1,003 9,092 Allowance (1,790) — (1,790) 637,422 194,491 831,913 |
Schedule of all securities and other financial assets by contractual maturity | December 31, 2022 Amortized cost FVOCI Total Due within 1 year 222,666 77,972 300,638 After 1 year but within 5 years 711,328 — 711,328 After 5 years but within 10 years 7,977 — 7,977 Balance - principal 941,971 77,972 1,019,943 December 31, 2021 Amortized cost FVOCI Total Due within 1 year 63,640 113,792 177,432 After 1 year but within 5 years 567,483 79,696 647,179 Balance - principal 631,123 193,488 824,611 |
Schedule of securities pledge to secure repurchase transactions | December 31, 2022 2021 Securities pledged to secure repurchase transactions 345,187 498,274 Securities sold under repurchase agreements (300,498) (427,497) |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Summary of loan portfolio according to classification and subsequent measurement | December 31, 2022 2021 Loans, outstanding balance 6,763,020 5,734,605 Interest receivable 69,965 23,308 Loss allowance (55,200) (41,476) Unearned interest and deferred fees (17,351) (8,728) Loans at amortized cost 6,760,434 5,707,709 Loans at FVTPL (1) — 5,313 Loans, net 6,760,434 5,713,022 (1) The Bank sold financial instruments measured at FVTPL for $5.8 million, realizing a gain of $577 thousand recognized in the line item gain (loss) on financial instruments, net. |
Schedule of fixed and floating interest rate distribution of the loan portfolio | The fixed and floating interest rate distribution of the loan portfolio is as follows: December 31, 2022 2021 Fixed interest rate 3,827,083 3,327,310 Floating interest rates 2,935,937 2,412,608 Total 6,763,020 5,739,918 |
Summary of information related to loans granted to shareholders | The following table details information relating to loans granted to class A and B shareholders: December 31, 2022 2021 Loans to class A and B shareholders 834,768 467,000 % Loans to class A and B shareholders over total loan portfolio 12 % 8 % % Class A and B stockholders with loans over number of class A and B stockholders 11 % 10 % |
Summary of modified financial assets | December 31, 2021 Gross carrying amount before modification 65,000 Allowance loss before modification (1) (12,739) Net amortized cost before modification 52,261 Gross carrying amount after modification 65,000 Allowance loss after modification (2) (12,699) Net amortized cost after modification 52,301 |
Loan commitments and financia_2
Loan commitments and financial guarantee contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loan commitments and financial guarantee contracts | |
Schedule of bank's outstanding loan commitments and financial guarantee contracts | The Bank’s outstanding loan commitments and financial guarantee contracts are as follows: December 31, 2022 2021 Documentary letters of credit 304,789 214,230 Stand-by letters of credit and guarantees - commercial risk 351,625 268,196 Credit commitments 122,960 121,333 Total 779,374 603,759 |
Schedule of remaining maturity profile of the bank's outstanding loan commitments and financial guarantee contracts | The remaining maturity profile of the Bank’s outstanding loan commitments and financial guarantee contracts is as follows: December 31, 2022 2021 Up to 1 year 693,650 542,137 From 1 to 2 years 15,956 57,622 Over 2 to 5 years 69,768 4,000 Total 779,374 603,759 |
Gain (loss) on financial inst_2
Gain (loss) on financial instruments, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of gain or loss on financial instrument recognized in the consolidated statements of profit or loss | The amounts that were recognized in profit or loss related to the results of financial instruments are detailed below: December 31, 2022 2021 2020 Loss on derivative financial instruments and foreign currency exchange, net (1,920) (1,870) (1,813) Unrealized gain (loss) on financial instruments at FVTPL — 227 (806) Realized gain (loss) on financial instruments at FVTPL 510 — (2,175) Gain on sale of financial instruments at amortized cost — 333 — Realized gain on financial instruments at FVOCI — 14 — (1,410) (1,296) (4,794) |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |
Notional amounts and carrying amounts of derivatives | The following table details quantitative information on the notional amounts and carrying amounts of the derivative instruments used for hedging by type of risk hedged and type of hedge: December 31, 2022 Nominal Carrying amount of hedging Asset (1) Liability (2) Interest rate risk Fair value hedges 293,711 340 (543) Cash flow hedges 75,000 143 (1) Interest rate and foreign exchange risk Fair value hedges 252,793 4,129 (16,237) Cash flow hedges 922,777 41,677 (16,980) Foreign exchange risk Cash flow hedges 189,173 21,870 — 1,733,454 68,159 (33,761) December 31, 2021 Nominal Carrying amount of hedging Asset (1) Liability (2) Interest rate risk Fair value hedges 40,000 1,282 — Cash flow hedges 20,000 — (538) Interest rate and foreign exchange risk Fair value hedges 428,067 783 (20,908) Cash flow hedges 455,864 8,740 (7,009) 943,931 10,805 (28,455) (1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets. (2) Included in the consolidated statement of financial position under the line Derivative financial instruments - liabilities. |
Cash flow hedges | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of notional amounts and carrying amounts of derivative instruments | The following table details the notional amounts and carrying amounts of derivative instruments used in cash flow hedges by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Carrying amount of Change in fair Changes in the OCI (3) Ineffectiveness (4) Amount or loss (4) Nominal Asset (1) Liability (2) Interest rate risk Borrowings and debt 75,000 143 (1) 550 551 1 — Interest rate and foreign exchange risk Borrowings and debt 922,777 41,677 (16,980) 28,211 27,061 (1,150) 4,914 Foreign exchange risk Deposits 8,534 37 — 37 37 — — Borrowings and debt 180,639 21,833 — 21,833 21,833 — — Total 1,186,950 63,690 (16,981) 50,631 49,482 (1,149) 4,914 December 31, 2021 Carrying amount of Change in fair Changes in the OCI (3) Ineffectiveness (4) Amount or loss (4) Nominal Asset (1) Liability (2) Interest rate risk Borrowings and debt 20,000 — (538) 562 560 (2) (423) Interest rate and foreign exchange risk Borrowings and debt 455,864 8,740 (7,009) (21,267) (20,920) 347 — Foreign exchange risk Loans — — — — — 0 (3,589) Total 475,864 8,740 (7,547) (20,705) (20,360) 345 (4,012) (1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets. (2) Included in the consolidated statement of financial position under the line Derivative financial instruments - liabilities. (3) Included in equity in the consolidated statement of financial position under the line Other comprehensive income (loss). (4) Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net. |
Schedule of nominal amounts and carrying amounts of the cash flow hedge | The following table details the carrying amounts of the cash flow hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Carrying amount of Line in the Changes in the fair value ineffectiveness Cash flow Asset Liability Interest rate risk Borrowings and debt — (75,695) Borrowings and debt, net (551) (97) Interest rate and foreign exchange risk Borrowings and debt — (943,942) Borrowings and debt, net (27,061) (8,836) Foreign exchange risk Deposits — (8,566) Demand deposits (37) (44) Borrowings and debt — (196,646) Borrowings and debt, net (21,833) 1,836 Total — (1,224,849) (49,482) (7,141) December 31, 2021 Carrying amount of Line in the Changes in the fair value ineffectiveness Cash flow Asset Liability Interest rate risk Borrowings and debt — (20,041) Borrowings and debt, net (560) — Interest rate and foreign exchange risk Borrowings and debt — (470,181) Borrowings and debt, net 20,920 10,756 Total — (490,222) 20,360 10,756 B. Cash flow hedges (continued) |
Schedule of maturity of financial instruments | The following table details the maturity of the derivative instruments used in cash flow hedges: December 31, 2022 Foreign Interest Cross currency swaps Total Less than 1 year 189,173 75,000 388,035 652,208 Over 1 to 2 years — — 194,639 194,639 Over 2 to 5 years — — 322,817 322,817 More than 5 years — — 17,286 17,286 Total 189,173 75,000 922,777 1,186,950 December 31, 2021 Interest Cross currency swaps Total Less than 1 year — 108,779 108,779 Over 1 to 2 years 20,000 30,332 50,332 Over 2 to 5 years — 299,684 299,684 More than 5 years — 17,069 17,069 Total 20,000 455,864 475,864 |
Fair value hedges | |
Disclosure of detailed information about financial instruments [line items] | |
Schedule of notional amounts and carrying amounts of derivative instruments | The following table details the nominal amounts and carrying amounts of derivative instruments used in fair value hedges by type of risk and hedged item, along with the changes during the years used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Nominal amount Carrying amount of Changes in fair value used to calculate hedge ineffectiveness (3) Ineffectiveness recognized in profit or loss (3) Asset (1) Liability (2) Interest rate risk Loans 155,511 134 (543) 1,607 (18) Securities at amortized cost 10,000 178 — 167 (62) Borrowings and debt 128,200 28 — (3,457) (111) Interest rate and foreign exchange risk Loans 1,938 108 — (227) (129) Borrowings and debt 250,855 4,021 (16,237) 8,072 (1,548) Total 546,504 4,469 (16,780) 6,162 (1,868) December 31, 2021 Nominal amount Carrying amount of Changes in fair value used to calculate hedge ineffectiveness (3) Ineffectiveness recognized in profit or loss (3) Asset (1) Liability (2) Interest rate risk Borrowings and debt 40,000 1,282 — (19) 22 Interest rate and foreign exchange risk Loans 3,006 333 — (23) (119) Borrowings and debt 425,061 450 (20,908) (18,614) (1,283) Total 468,067 2,065 (20,908) (18,656) (1,380) (1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets. (2) Included in the consolidated statement of financial position under the line Derivative financial instruments - liabilities. (3) Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net. |
Schedule of gains and losses resulting from activities of hedging derivative financial instruments recognized in the consolidated statements of profit or loss | The following table details the carrying amounts of the fair value hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge: December 31, 2022 Carrying amount of Line in the consolidated Accumulated amount of Changes in fair value of the hedged items used to calculate hedge ineffectiveness (1) Asset Liability Interest rate risk Loans 157,136 — Loans, net (1,625) (1,625) Securities at amortized cost 9,654 — Securities, net (229) (229) Borrowings and debt — (129,306) Borrowings and debt, net 3,350 3,346 Interest rate and foreign exchange risk Loans 1,839 — Loans, net (580) 98 Borrowings and debt — (243,851) Borrowings and debt, net 11,612 (9,620) Total 168,629 (373,157) 12,528 (8,030) December 31, 2021 Carrying amount of Line in the consolidated Accumulated amount of Changes in fair value of the hedged items used to calculate hedge ineffectiveness (1) Asset Liability Interest rate risk Borrowings and debt — (41,315) Borrowings and debt, net — 41 Interest rate and foreign exchange risk Loans 2,717 — Loans, net (751) (96) Borrowings and debt — (406,724) Borrowings and debt, net 18,919 17,331 Total 2,717 (448,039) 18,168 17,276 (1) Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net. |
Schedule of maturity of financial instruments | The following table details the maturity of the nominal amount for the derivative instruments used in fair value hedges: December 31, 2022 Interest rate Cross currency swaps Total Less than 1 year 145,511 1,937 147,448 Over 1 to 2 years 20,000 153,415 173,415 Over 2 to 5 years 128,200 87,316 215,516 More than 5 years — 10,125 10,125 Total 293,711 252,793 546,504 December 31, 2021 Interest rate Cross currency swaps Total Less than 1 year 40,000 271,646 311,646 Over 1 to 2 years — 3,006 3,006 Over 2 to 5 years — 153,415 153,415 Total 40,000 428,067 468,067 |
Gain (loss) on non - financia_2
Gain (loss) on non - financial assets, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Gain (loss) on non - financial assets, net | |
Schedule of impairment losses on non-financial assets | The gain or loss on non-financial assets is presented as follows: December 31, 2021 2020 Gain on investment property - Right-of-use 742 — Gain on investment property - Fair value — 296 742 296 |
Equipment and leasehold impro_2
Equipment and leasehold improvements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of items include in equipment and leasehold improvement | The following table provides a summary of the items included in equipment and leasehold improvements: December 31, 2022 2021 Equipment and leasehold improvements, net 4,441 3,841 Right-of-use assets 12,841 13,938 17,282 17,779 Equipment and leasehold improvements are detailed as follows: |
Schedule of breakdown of cost, accumulated depreciation, additions and disposals of equipment and leasehold improvements | IT equipment Furniture and Leasehold Other Total Cost: Balance as of January 1, 2020 4,905 1,771 6,803 2,589 16,068 Additions 293 1 671 32 997 Disposals (1,045) (84) (26) (48) (1,203) Effect of changes in exchange rates (17) (11) (20) (1) (49) Balance as of December 31, 2020 4,136 1,677 7,428 2,572 15,813 Additions 402 4 26 21 453 Disposals (58) (3) — (1,906) (1,967) Effect of changes in exchange rates (5) (1) (4) — (10) Reclassifications 1 — — — 1 Balance as of December 31, 2021 4,476 1,677 7,450 687 14,290 Additions 599 165 852 35 1,651 Disposals (1,136) (36) (4) (6) (1,182) Effect of changes in exchange rates 2 2 3 1 8 Balance as of December 31, 2022 3,941 1,808 8,301 717 14,767 Accumulated depreciation: Balance as of January 1, 2020 3,754 1,627 3,299 1,158 9,838 Amortization 643 63 553 920 2,179 Disposals (1,043) (82) (8) (40) (1,173) Effect of changes in exchange rates (14) (7) (14) 14 (21) Balance as of December 31, 2020 3,340 1,601 3,830 2,052 10,823 Amortization 566 41 549 190 1,346 Disposals (57) (3) — (1,652) (1,712) Effect of changes in exchange rates (3) (2) (4) — (9) Reclassifications — 1 — — 1 Balance as of December 31, 2021 3,846 1,638 4,375 590 10,449 Amortization 430 32 531 57 1,050 Disposals (1,133) (35) (4) (4) (1,176) Effect of changes in exchange rates (1) 1 4 (1) 3 Balance as of December 31, 2022 3,142 1,636 4,906 642 10,326 Carrying amounts as of: December 31, 2022 799 172 3,395 75 4,441 December 31, 2021 630 39 3,075 97 3,841 December 31, 2020 796 76 3,598 520 4,990 |
Schedule of movement of right-of-use assets on the leases | The following is the detail of the movement of right-of-use assets on the leases for which the Bank is a lessee: December 31, 2022 2021 Initial balance 13,938 11,223 Additions 7 3,161 Depreciation of right-of-use assets (1,104) (1,164) Transfer from investment property — 1,409 Decrease — (691) Ending balance 12,841 13,938 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of breakdown of software cost, accumulated amortization, additions, sales and disposals for intangible assets | A breakdown of software cost, accumulated amortization, additions, sales and disposals of intangible assets is as follows: Costs: Balance as of January 1, 2020 14,401 Additions 1,311 Disposals (1) Balance as of December 31, 2020 15,711 Additions 353 Disposals (6,278) Balance as of December 31, 2021 9,786 Additions 1,070 Balance as of December 31, 2022 10,856 Accumulated amortization: Balance as of January 1, 2020 12,974 Amortization 753 Balance as of December 31, 2020 13,727 Amortization 742 Disposals (6,278) Balance as of December 31, 2021 8,191 Amortization 561 Balance as of December 31, 2022 8,752 Carrying amounts as of: December 31, 2022 2,104 December 31, 2021 1,595 December 31, 2020 1,984 |
Investment properties (Tables)
Investment properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | |
Schedule of movement of investment properties | The following is the movement of investment property arising from the reclassification of sublease agreements: Investment property - right of use (1) Balance as of December 31, 2020 3,214 Transfer to right-of-use asset (1,409) Derecognition of investment property (1,566) Amortization (239) Balance as of December 31, 2021 — |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Schedule of other assets | Following is a summary of other assets: December 31, 2022 2021 Accounts receivable 2,240 1,389 Prepaid expenses 1,120 3,485 Prepaid fees and commissions 325 349 Interest receivable - deposits 751 12 IT projects under development 425 510 Severance fund 2,026 1,981 Other 481 704 Total 7,368 8,430 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits | |
Schedule of maturity profile of the bank's deposits, excluding interest payable | The maturity profile of the Bank’s deposits, excluding interest payable, is as follows: December 31, 2022 2021 Demand 233,757 362,356 Up to 1 month 999,043 842,472 From 1 month to 3 months 969,960 926,902 From 3 month to 6 months 385,972 641,526 From 6 month to 1 year 554,402 233,081 From 1 year to 2 years 31,287 29,891 From 2 years to 5 years 16,295 — Total 3,190,716 3,036,228 |
Schedule of additional information regarding the bank's deposits | The following table presents additional information regarding the Bank’s deposits: December 31, 2022 2021 Aggregate amount of $100,000 or more 3,190,376 3,035,906 Aggregate amount of deposits in the New York Agency 526,474 515,852 December 31, 2022 2021 2020 Interest expense on deposits made in the New York Agency 12,334 3,852 5,035 |
Borrowings and debt (Tables)
Borrowings and debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings and debt | |
Schedule of borrowings and debt | Carrying amount of borrowings and debt is detailed as follows: December 31, 2022 Short-Term Long-term Borrowings Debt Borrowings Debt Total Principal 2,153,351 42,255 650,275 1,580,727 4,426,608 Transaction costs (1,376) (5) (2,952) (5,764) (10,097) 2,151,975 42,250 647,323 1,574,963 4,416,511 December 31, 2021 Short-Term Long-term Borrowings Debt Borrowings Debt Total Principal 1,547,845 34,213 329,888 1,398,223 3,310,169 Transaction costs — — (498) (5,493) (5,991) 1,547,845 34,213 329,390 1,392,730 3,304,178 |
Schedule of breakdown of short-term (original maturity of less than one year) borrowings and debt, along with contractual interest rates | The breakdown of short-term (original maturity of less than one year) borrowings and debt, along with contractual interest rates, plus prepaid commissions, is as follows: December 31, 2022 2021 Short-term borrowings: At fixed interest rates 1,584,776 1,102,621 At floating interest rates 568,575 445,224 Principal 2,153,351 1,547,845 Less: Transaction costs (1,376) — Total short-term borrowings, net 2,151,975 1,547,845 Short-term debt: At floating interest rates 42,255 34,213 Principal 42,255 34,213 Less: Transaction costs (5) — Total short-term debt, net 42,250 34,213 Total short-term borrowings and debt 2,194,225 1,582,058 Range of fixed interest rates on borrowings and debt in U.S. dollars 1.53% to 6.52% 0.50% to 2.02% Range of floating interest rates on borrowings in U.S. dollars 4.90% to 5.72% 0.35% to 0.81% Range of floating interest rates on borrowings and debt in Mexican pesos 10.97% to 12.00% 5.39% to 6.56% Range of fixed interest rates on borrowings and debt in Japanese yen 0.84% to 1.23% — The outstanding balances of short-term borrowings and debt by currency, excluding prepaid commissions, are as follows: December 31, 2022 2021 US dollar 1,593,531 1,401,122 Mexican peso 405,830 180,936 Japanese yen 196,245 — Carrying amount - principal 2,195,606 1,582,058 |
Schedule of breakdown of borrowings and long-term debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions | December 31, 2022 2021 Long-term borrowings: At fixed interest rates with due dates from May 2023 to September 2023 75,000 115,043 At floating interest rates with due dates from August 2023 to May 2026 575,275 214,845 Principal 650,275 329,888 Less: Transaction costs (2,952) (498) Total long-term borrowings, net 647,323 329,390 Long-term debt: At fixed interest rates with due dates from January 2023 to November 2034 1,136,743 927,550 At floating interest rates with due dates from January 2023 to February 2026 443,984 470,673 Principal 1,580,727 1,398,223 Less: Transaction costs (5,764) (5,493) Total long-term debt, net 1,574,963 1,392,730 Total long-term borrowings and debt, net 2,222,286 1,722,120 Range of fixed interest rates on borrowings and debt in U.S. dollars 0.80% to 5.81% 0.80% to 2.38% Range of floating interest rates on borrowings and debt in U.S. dollars 4.96% to 6.04% 0.97% to 1.80% Range of fixed interest rates on borrowings in Mexican pesos 6.50% to 9.20% 6.50% to 9.09% Range of floating interest rates on borrowings and debt in Mexican pesos 10.55% to 10.93% 5.43% to 6.87% Range of fixed interest rates on debt in Japanese yens 0.40% to 1.27% 0.40% to 0.95% Range of fixed interest rates on debt in Euros 0.23% to 3.75% 0.23% to 3.75% Range of fixed interest rates on debt in Australian dollars 1.41% to 6.81% 1.41 % Range of fixed interest rates on debt in Sterling pounds 1.50 % 1.50 % Range of fixed interest rates on debt in Swiss franc 0.35 % 0.35 % Long-term borrowings and debt (continued) The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows: December 31, 2022 2021 US dollar 1,155,275 812,496 Mexican peso 845,867 643,490 Euro 111,095 121,443 Japanese yen 76,513 116,518 Australian dollar 26,968 18,174 Swiss franc 10,820 10,979 Sterling pound 4,464 5,011 Carrying amount - principal 2,231,002 1,728,111 |
Schedule of future payments of long-term borrowings and debt outstanding | Future payments of long-term borrowings and debt outstanding as of December 31, 2022, are as follows: Year Outstanding 2023 211,175 2024 550,907 2025 928,246 2026 258,705 2027 256,756 2029 15,272 2034 9,941 Carrying amount - principal 2,231,002 |
Schedule of reconciliation of movements of borrowings and debt arising financing activities explanatory | The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the consolidated statement of cash flows : 2022 2021 2020 Balance as of January 1, 3,304,178 1,966,271 3,118,396 Net increase (decrease) in short-term borrowings and debt 579,065 1,196,710 (1,212,023) Proceeds from long-term borrowings and debt 1,038,110 266,640 827,732 Payments of long-term borrowings and debt (536,792) (97,520) (781,274) Change in foreign currency rates 45,460 (27,528) 15,902 Fair value adjustment due to hedge accounting relationship (9,334) (2,034) 826 Other adjustments (4,176) 1,639 (3,288) Balance as of December 31, 4,416,511 3,304,178 1,966,271 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Maturity of Lease Liabilities | Maturity analysis of contractual undiscounted cash flows of the lease liabilities is detailed below: December 31, 2022 2021 Due within 1 year 1,506 1,574 After 1 year but within 5 years 7,210 7,262 After 5 years but within 10 years 12,330 13,771 Total undiscounted lease liabilities 21,046 22,607 Short-term 965 996 Long-term 15,780 16,737 Lease liabilities included in the consolidated statement of financial position 16,745 17,733 Amounts recognized in the consolidated statement of cash flows: December 31, 2022 2021 Payments of lease liabilities 995 1,227 Amounts recognized in profit or loss: December 31, 2022 2021 2020 Interest on lease liabilities (579) (810) (862) Income from sub-leasing right-of-use assets — 227 265 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities [Abstract] | |
Schedule of other liabilities | Following is a summary of other liabilities: December 31, 2022 2021 Accruals and other accumulated expenses 16,812 9,266 Accounts payable 7,269 2,311 Other 2,730 2,784 Total 26,811 14,361 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share | |
Schedule of reconciliation profit and share data used in the basic and diluted earnings per share ("EPS") computations | 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, 2022 2021 2020 (Thousands of US$ dollars) Profit for the year 92,040 62,697 63,593 (U.S. dollars) Basic earnings per share 2.54 1.62 1.60 Diluted earnings per share 2.54 1.62 1.60 (Thousands of shares) Weighted average of common shares outstanding applicable to basic EPS 36,304 38,796 39,656 Adjusted weighted average of common shares outstanding applicable to diluted EPS 36,304 38,796 39,656 |
Capital and Reserves (Tables)
Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital and Reserves | |
Schedule of movement of the shares by class for each of the years ended | The following table provides detailed information on the movement of the shares by class for each of the years ended December 31, 2022, 2021 and 2020: (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, 2020 6,342,189 2,182,426 31,077,662 — 39,602,277 Conversions — (4,060) 4,060 — — Repurchased common stock — (1) — — (1) Restricted stock issued – directors — — 63,000 — 63,000 Restricted stock units – vested — — 12,664 — 12,664 Outstanding at December 31, 2020 6,342,189 2,178,365 31,157,386 — 39,677,940 Conversions — (89,290) 89,290 — — Repurchased common stock — — (3,558,093) — (3,558,093) Restricted stock issued – directors — — 63,000 — 63,000 Restricted stock units – vested — — 48,299 — 48,299 Outstanding at December 31, 2021 6,342,189 2,089,075 27,799,882 — 36,231,146 Restricted stock issued – directors — — 57,000 — 57,000 Restricted stock units – vested — — 36,410 — 36,410 Outstanding at December 31, 2022 6,342,189 2,089,075 27,893,292 — 36,324,556 |
Schedule of information regarding shares repurchased but not retired by the bank and accordingly classified as 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, 2020 318,140 10,708 689,367 18,711 1,370,054 30,250 2,377,561 59,669 Restricted stock issued - directors — — — — (63,000) (1,391) (63,000) (1,391) Restricted stock units - vested — — — — (12,664) (279) (12,664) (279) Outstanding at December 31, 2020 318,140 10,708 689,367 18,711 1,294,390 28,580 2,301,897 57,999 Repurchase of common stock — — — — 3,558,093 60,079 3,558,093 60,079 Restricted stock issued - directors — — — — (63,000) (1,391) (63,000) (1,391) Restricted stock units - vested — — — — (48,299) (888) (48,299) (888) Outstanding at December 31, 2021 318,140 10,708 689,367 18,711 4,741,184 86,380 5,748,691 115,799 Restricted stock issued - directors — — — — (57,000) (1,039) (57,000) (1,039) Restricted stock units - vested — — — — (36,410) (663) (36,410) (663) Outstanding at December 31, 2022 318,140 10,708 689,367 18,711 4,647,774 84,678 5,655,281 114,097 |
Other comprehensive income (Tab
Other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other comprehensive income [abstract] | |
Schedule of breakdown of other comprehensive income (loss) relating to financial instruments at FVOCI, derivative financial instruments, and foreign currency translation | The breakdown of other comprehensive income (loss) relating to financial instruments at FVOCI, derivative financial instruments, and foreign currency translation is as follows: Financial Financial Foreign Total Balance as of January 1, 2020 (613) (1,117) (88) (1,818) Change in fair value of debt instruments at FVOCI, net of hedging 264 2,001 — 2,265 Change in fair value of equity instruments at FVOCI, net of hedging 546 — — 546 Reclassification of gains (losses) on financial instruments to profit or loss (1) (56) (369) — (425) Exchange difference in conversion of foreign currency operation — — (360) (360) Other comprehensive income (loss) for the year 754 1,632 (360) 2,026 Balance as of December 31, 2020 141 515 (448) 208 Change in fair value of debt instruments at FVOCI, net of hedging (560) (11,692) — (12,252) Reclassification of gains (losses) on financial instruments to profit or loss (1) 24 24 — 48 Exchange difference in conversion of foreign currency operation — — 448 448 Other comprehensive income (loss) for the year (536) (11,668) 448 (11,756) Balance as of December 31, 2021 (395) (11,153) — (11,548) Change in fair value of debt instruments at FVOCI, net of hedging (467) 20,080 — 19,613 Reclassification of gains (losses) on financial instruments to profit or loss (1) — 60 — 60 Other comprehensive income (loss) for the year (467) 20,140 — 19,673 Balance as of December 31, 2022 (862) 8,987 — 8,125 (1) Reclassification adjustments include amounts recognized in profit or loss of the year that had been part of other comprehensive income in this and prior years. |
Schedule of amounts reclassified from other comprehensive income to profit or loss | The following table presents amounts reclassified from other comprehensive income to profit or loss: Details about other comprehensive income components Amounts reclassified from other Line item affected in the December 31, 2022 2021 2020 Realized gains (losses) on securities at FVOCI: — 24 (56) Net gain (loss) on financial instruments Gains (losses) on derivative financial instruments: Foreign exchange forwards (433) (2,167) (2,337) Interest income – loans 1,851 — — Interest expense – borrowings and deposits — 24 (369) Gain (loss) on financial instruments, net Interest rate and cross-currency swaps 60 — — Gain (loss) on financial instruments, net 1,478 (2,143) (2,706) |
Fee and commission income (Tabl
Fee and commission income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fee and commission income [abstract] | |
Schedule of fees and commission income from contracts with customers broken down by main types of services according to the scope of IFRS 15 | Fee and commission income from contracts with customers broken down by main types of services, are detailed as follows: December 31, 2022 Syndications Documentary and stand-by Other commissions, Total Opening and confirmation — 11,353 554 11,907 Negotiation and acceptance — 264 — 264 Amendment 254 2,248 (12) 2,490 Structuring 4,672 — 1,182 5,854 Other — 168 (892) (724) 4,926 14,033 832 19,791 27. Fee and commission income (continued) December 31, 2021 Syndications Documentary and stand-by Other commissions, Total Opening and confirmation — 10,506 2,668 13,174 Negotiation and acceptance — 45 — 45 Amendment — 1,527 (17) 1,510 Structuring 4,269 — — 4,269 Other — 41 (741) (700) 4,269 12,119 1,910 18,298 December 31, 2020 Syndications Documentary and stand-by Other commissions, Total Opening and confirmation — 8,090 1,400 9,490 Negotiation and acceptance — 183 — 183 Amendment — 688 — 688 Structuring 603 — — 603 Other — 39 (585) (546) 603 9,000 815 10,418 |
Schedule of ordinary income that is expected to be recognized on the contracts in force | The following table provides information on the ordinary income that is expected to be recognized on the contracts in force: December 31, Up to 1 year 2,407 From 1 to 2 years 7 More than 2 years 231 Total 2,645 |
Business segment information (T
Business segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business segment information | |
Schedule of certain information regarding the bank's operations by segment | The following table provides certain information regarding the Bank’s operations by segment: December 31, 2022 Commercial Treasury Total Interest income 289,785 42,836 332,621 Interest expense (463) (184,147) (184,610) Inter-segment net interest income (155,968) 155,968 — Net interest income 133,354 14,657 148,011 Other income (expense), net 20,809 (2,148) 18,661 Total income 154,163 12,509 166,672 Provision for credit losses (13,376) (6,145) (19,521) Operating expenses (43,156) (11,955) (55,111) Segment profit (loss) 97,631 (5,591) 92,040 Segment assets 6,940,335 2,336,958 9,277,293 Segment liabilities 180,369 8,007,383 8,187,752 December 31, 2021 Commercial Treasury Total Interest income 129,758 11,125 140,883 Interest expense (648) (53,453) (54,101) Inter-segment net interest income (45,318) 45,318 — Net interest income 83,792 2,990 86,782 Other income (expense), net 19,188 (1,764) 17,424 Total income 102,980 1,226 104,206 Provision for credit losses (1,050) (1,278) (2,328) Gain on non-financial assets, net 742 — 742 Operating expenses (30,751) (9,172) (39,923) Segment profit (loss) 71,921 (9,224) 62,697 Segment assets 5,931,201 2,098,492 8,029,693 Segment liabilities 219,505 6,812,455 7,031,960 28. Business segment information (continued) December 31, 2020 Commercial Treasury Total Interest income 172,548 8,425 180,973 Interest expense (690) (87,833) (88,523) Inter-segment net interest income (83,937) 83,937 — Net interest income 87,921 4,529 92,450 Other income (expense), net 8,597 (1,890) 6,707 Total income 96,518 2,639 99,157 (Provision for) reversal of credit losses 1,889 (425) 1,464 Gain on non-financial assets, net 296 — 296 Operating expenses (28,021) (9,303) (37,324) Segment profit (loss) 70,682 (7,089) 63,593 Segment assets 4,989,009 1,293,081 6,282,090 Segment liabilities 92,309 5,139,955 5,232,264 |
Schedule of reconciliation of information on reportable segments | The following table shows the reconciliation of information by business segment: December 31, 2022 2021 2020 Profit for the year 92,040 62,697 63,593 Assets: Assets from reportable segments 9,277,293 8,029,693 6,282,090 Other assets - unallocated 6,617 8,418 6,808 Total 9,283,910 8,038,111 6,288,898 Liabilities: Liabilities from reportable segments 8,187,752 7,031,960 5,232,264 Other liabilities - unallocated 26,811 14,361 18,714 Total 8,214,563 7,046,321 5,250,978 |
Schedule of geographic information analyses the bank's revenue and non-current assets by the bank's country | The geographic information analyzes the Bank’s income 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. 2022 Panama Brazil Mexico Colombia Guatemala Ecuador Argentina Other Total Total revenues 6,015 15,100 24,767 16,192 16,961 12,576 4,721 70,340 166,672 Non-current assets (1) 18,994 125 14 35 — — 117 101 19,386 2021 Panama Brazil Mexico Colombia Guatemala Ecuador Argentina Other Total Total revenues 5,872 9,802 17,318 12,116 10,862 8,990 5,454 33,792 104,206 Non-current assets (1) 18,795 138 75 51 — — 157 158 19,374 2020 Panama Brazil Mexico Colombia Guatemala Ecuador Argentina Other Total Total revenues 7,580 7,054 14,480 13,462 8,494 9,242 8,163 30,682 99,157 Non-current assets (1) 19,888 129 535 56 — — 212 591 21,411 (1) Includes equipment and leasehold improvements, intangible assets and investment properties. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Schedule of assets and liabilities with related private corporations and financial institutions | The detail of the assets and liabilities with related private corporations and financial institutions is as follows: December 31, 2022 2021 Assets: Demand deposits 5,986 2,680 Loans, net 242,024 29,857 Securities at amortized cost 19,593 — Total 267,603 32,537 Liabilities: Time deposits 567,451 150,000 Total 567,451 150,000 Contingencies: Stand-by letters of credit 3,350 9,130 Loss allowance (16) (37) |
Schedule of income and expenses with related parties | The detail of income and expenses with related parties is as follows: December 31, 2022 2021 2020 Interest income: Loans 4,719 211 1,390 Securities at amortized cost 685 — — Total 5,404 211 1,390 Interest expense: Deposits (10,943) (1,866) (2,961) Net interest income (expenses) (5,539) (1,655) (1,571) Other income (expense): Fees and commissions, net 116 216 420 Loss on financial instruments, net 74 — — Total 190 216 420 Net income (loss) from related parties (5,349) (1,439) (1,151) |
Schedule of reporting periods, total compensation paid to directors and the executives of bladex | The total compensation paid to directors and the executives as representatives of the Bank amounted to: December 31, 2022 2021 2020 Expenses: Compensation costs to directors 1,853 1,877 2,033 Compensation costs to executives 4,302 4,083 5,448 |
Salaries and other employee e_2
Salaries and other employee expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Salaries and other employee expenses | |
Schedule of salaries and other employee expenses | The following table details salaries and other employee expenses: December 31, 2022 2021 2020 Wages and salaries 18,135 13,803 13,717 Payroll taxes 2,196 1,731 1,722 Personnel benefits 12,344 5,134 5,383 Share-based payments 1,544 984 640 Total 34,219 21,652 21,462 |
Schedule of restricted stock granted to directors | A summary of restricted stock granted to directors is presented below: Shares Weighted average Outstanding at January 1, 2020 109,350 25.44 Granted 63,000 11.54 Vested (40,200) 26.26 Outstanding at December 31, 2020 132,150 18.56 Granted 63,000 14.65 Vested (49,350) 19.24 Outstanding at December 31, 2021 145,800 16.64 Granted 57,000 14.65 Vested (85,950) 18.71 Outstanding at December 31, 2022 116,850 14.15 Expected to vest 116,850 |
Schedule of restricted stock units granted to certain executives | A summary of the restricted stock units granted through December 31, 2022, to certain executives is presented below: Shares Weighted Weighted Aggregate Outstanding at January 1, 2020 42,178 19.27 Granted 51,829 17.41 Vested (12,664) 20.24 Outstanding at December 31, 2020 81,343 17.94 Granted 75,796 13.33 Forfeited (1,311) 14.51 Vested (48,299) 17.35 Outstanding at December 31, 2021 107,529 14.99 Granted 63,056 13.03 Vested (36,410) 15.97 Outstanding at December 31, 2022 134,175 13.80 2.56 years 348 Expected to vest 134,175 17.94 2.56 years 348 |
Other expenses (Tables)
Other expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other expenses | |
Schedule Of Expenses | December 31, 2022 2021 2020 Administrative 5,587 4,484 3,060 Professional services 5,603 4,074 3,316 Maintenance and repairs 3,449 2,388 2,081 Share-based payments to directors 895 924 1,082 Regulatory fees 1,015 978 964 Operating lease of spaces and equipment 717 562 575 Advertising and marketing 557 179 100 Other 354 1,191 344 Total 18,177 14,780 11,522 |
Applicable laws and regulatio_2
Applicable laws and regulations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Applicable laws and regulations | |
Schedule of applicable laws and regulations | The information corresponding to the total capital adequacy index is as follows: December 31, 2022 2021 Capital funds 1,072,110 1,013,796 Risk-weighted assets 8,117,913 6,513,267 Capital adequacy index 13.21 % 15.57 % |
Schedule of 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 | 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. The table below presents the Bank´s leverage ratio in compliance with Article No.17 of Rule No. 1-2015: December 31, 2022 2021 Ordinary capital 936,092 877,777 Non-risk-weighted assets 9,606,970 8,107,810 Leverage ratio 9.74 % 10.83 % |
Schedule of based on the classification of risks, collateral and in compliance with SBP Rule No. 4 2013 | 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, 2022 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Corporations 3,659,018 — — — 10,107 3,669,125 Financial institutions: Private 2,225,385 — 20,000 — — 2,245,385 State-owned 719,882 — — — — 719,882 2,945,267 — 20,000 — — 2,965,267 Sovereign 128,628 — — — — 128,628 Total 6,732,913 — 20,000 — 10,107 6,763,020 Allowance for loan losses under IFRS (1) : 33,639 — 16,141 — 5,420 55,200 December 31, 2021 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Corporations 2,943,125 68,668 10,593 — — 3,022,386 Financial institutions: Private 2,120,762 — — — — 2,120,762 State-owned 567,847 — — — — 567,847 2,688,609 — — — — 2,688,609 Sovereign 23,610 — — — — 23,610 Total 5,655,344 68,668 10,593 — — 5,734,605 Allowance for loan losses IFRS (1) : 22,713 13,577 5,186 — — 41,476 Loans at FVTPL Financial institutions: Private 5,313 — — — — 5,313 Total 5,660,657 68,668 10,593 — — 5,739,918 (1) As of December 31, 2022, and 2021, there is no excess in the specific provision calculated in accordance with Rule No. 8-2014 of the SBP, over the provision calculated in accordance with IFRS. Below is the classification of the loan portfolio by maturity profile based on Rule No. 4-2013 and modified by Rule No. 8-2014: December 31, 2022 Current Past due Delinquent Total Loans at amortized cost Corporations 3,659,018 — 10,107 3,669,125 Financial institutions: Private 2,225,385 20,000 — 2,245,385 State-owned 719,882 — — 719,882 2,945,267 20,000 — 2,965,267 Sovereign 128,628 — — 128,628 Total 6,732,913 20,000 10,107 6,763,020 December 31, 2021 Current Past due Delinquent Total Loans at amortized cost Corporations 3,022,386 — — 3,022,386 Financial institutions: Private 2,120,762 — — 2,120,762 State-owned 567,847 — — 567,847 2,688,609 — — 2,688,609 Sovereign 23,610 — — 23,610 5,734,605 — — 5,734,605 Loans at FVTPL Financial institutions: Private 5,313 — — 5,313 Total 5,739,918 — — 5,739,918 |
Schedule of statutory purposes only, non-accruing loans | In accordance with Rule No. 4-2013, as amended by Rule No. 8-2014, non-accruing loans are presented by category as follows: December 31, 2022 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Impaired loans — — 20,000 — 10,107 30,107 Total — — 20,000 — 10,107 30,107 December 31, 2021 Normal Special Mention Substandard Doubtful Unrecoverable Total Loans at amortized cost Impaired loans — — 10,593 — — 10,593 Total — — 10,593 — — 10,593 December 31, 2022 2021 Non-accruing loans: Private corporations 30,107 10,593 Interest that would be reversed if the loans had been classified as non-accruing loans 1,173 598 As of December 31, 2022, and 2021, there was no interest income collected on loans in non-accrual status. |
Corporate information (Details)
Corporate information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Bladex Representacao Ltda. | Bladex Head Office | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 99.999% |
Bladex Representacao Ltda. | Bladex Holdings Inc. | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 0.001% |
Bladex Development Corp. | Bladex Head Office | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 100% |
BLX Soluciones | Bladex Head Office | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 99.90% |
BLX Soluciones | Bladex Development Corp. | |
Disclosure of notes and other explanatory information [Line Items] | |
Proportion of ownership interest in subsidiary | 0.10% |
Significant accounting polici_3
Significant accounting policies - Internal credit risk grades (Details) | Dec. 31, 2022 |
IFRS Statement [Line Items] | |
Discount rate for present value of the cash flows | 10% |
Current | Aaa – Ba1 | 1 - 4 | |
IFRS Statement [Line Items] | |
Percentage of credit loss rate | 0.09% |
Current | Ba2 – B3 | 5 - 6 | |
IFRS Statement [Line Items] | |
Percentage of credit loss rate | 2.28% |
Current | Caa1 - Caa3 | 7 | |
IFRS Statement [Line Items] | |
Percentage of credit loss rate | 7.81% |
Current | Ca | 8 - 9 | |
IFRS Statement [Line Items] | |
Percentage of credit loss rate | 34.52% |
Current | C | 10 | |
IFRS Statement [Line Items] | |
Percentage of credit loss rate | 100% |
Significant accounting polici_4
Significant accounting policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Number of business segments (in segments) | 2 |
Furniture and equipment | Minimum of the year | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Furniture and equipment | Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 5 years |
Hardware | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Other equipment | Minimum of the year | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 2 years |
Other equipment | Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 4 years |
Leasehold improvements | Minimum of the year | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 3 years |
Leasehold improvements | Top of range [member] | |
Disclosure Of Significant Accounting Policies [Line Items] | |
Useful lives or depreciation rates, property, plant and equipment | 15 years |
Financial risk - Loans at amort
Financial risk - Loans at amortized cost (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Securities at amortized cost | |||
Credit risk | |||
Financial assets | $ 941,971 | $ 631,123 | |
Costs: | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 941,971 | 631,123 | |
Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 7,951 | 1,790 | $ 495 |
Expected credit losses collectively assessed [member] | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 4,002 | 0 | 0 |
Current | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 2,170 | 1,790 | 462 |
Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 1,779 | 0 | 33 |
Loans at amortized cost | |||
Credit risk | |||
Financial assets | 6,763,020 | 5,734,605 | |
Loans at amortized cost | Costs: | |||
Credit risk | |||
Financial assets | 6,763,020 | 5,734,605 | |
Loans at amortized cost | Loss allowance | |||
Credit risk | |||
Financial assets | 55,200 | 41,476 | 41,165 |
Loans at amortized cost | Expected credit losses collectively assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 21,561 | 5,186 | 4,588 |
Loans at amortized cost | Current | Loss allowance | |||
Credit risk | |||
Financial assets | 28,589 | 20,115 | 16,661 |
Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 5,050 | 16,175 | $ 19,916 |
Credit risk | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 934,020 | 629,333 | |
Credit risk | Costs: | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 941,971 | 631,123 | |
Credit risk | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | (7,951) | (1,790) | |
Credit risk | Grades 1 - 4 | 0.03 - 0.74 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | $ 736,139 | $ 453,627 | |
Credit risk | Grades 1 - 4 | 0.03 - 0.74 | Minimum of the year | Securities at amortized cost | |||
Credit risk | |||
Probability of Default | 0.03% | 0.03% | |
Credit risk | Grades 1 - 4 | 0.03 - 0.74 | Top of range [member] | Securities at amortized cost | |||
Credit risk | |||
Probability of Default | 0.74% | 0.74% | |
Credit risk | Grades 5 - 6 | 0.75 - 3.80 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | $ 200,837 | $ 177,496 | |
Credit risk | Grades 5 - 6 | 0.75 - 3.80 | Minimum of the year | Securities at amortized cost | |||
Credit risk | |||
Probability of Default | 0.75% | 0.75% | |
Credit risk | Grades 5 - 6 | 0.75 - 3.80 | Top of range [member] | Securities at amortized cost | |||
Credit risk | |||
Probability of Default | 3.80% | 3.80% | |
Credit risk | Grades 7 - 8 | 3.81 - 34.51 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | $ 4,995 | ||
Credit risk | Grades 7 - 8 | 3.81 - 34.51 | Minimum of the year | Securities at amortized cost | |||
Credit risk | |||
Probability of Default | 3.81% | ||
Credit risk | Grades 7 - 8 | 3.81 - 34.51 | Top of range [member] | Securities at amortized cost | |||
Credit risk | |||
Probability of Default | 34.51% | ||
Credit risk | Expected credit losses individually assessed [member] | Securities at amortized cost | |||
Credit risk | |||
Financial assets | $ 993 | $ 0 | |
Credit risk | Expected credit losses individually assessed [member] | Costs: | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 4,995 | 0 | |
Credit risk | Expected credit losses individually assessed [member] | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | (4,002) | 0 | |
Credit risk | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 4,995 | ||
Credit risk | Current | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 888,217 | 629,333 | |
Credit risk | Current | Costs: | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 890,387 | 631,123 | |
Credit risk | Current | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | (2,170) | (1,790) | |
Credit risk | Current | Grades 1 - 4 | 0.03 - 0.74 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 736,139 | 453,627 | |
Credit risk | Current | Grades 5 - 6 | 0.75 - 3.80 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 154,248 | 177,496 | |
Credit risk | Current | Grades 7 - 8 | 3.81 - 34.51 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 0 | ||
Credit risk | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 44,810 | 0 | |
Credit risk | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Costs: | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 46,589 | 0 | |
Credit risk | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets | (1,779) | 0 | |
Credit risk | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 46,589 | 0 | |
Credit risk | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 0 | ||
Credit risk | Loans at amortized cost | |||
Credit risk | |||
Financial assets | 6,707,820 | 5,693,129 | |
Credit risk | Loans at amortized cost | Costs: | |||
Credit risk | |||
Financial assets | 6,763,020 | 5,734,605 | |
Credit risk | Loans at amortized cost | Loss allowance | |||
Credit risk | |||
Financial assets | (55,200) | (41,476) | |
Credit risk | Loans at amortized cost | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | $ 2,864,686 | $ 3,016,938 | |
Credit risk | Loans at amortized cost | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.03% | 0.03% | |
Credit risk | Loans at amortized cost | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 0.74% | 0.74% | |
Credit risk | Loans at amortized cost | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | $ 3,696,526 | $ 2,524,147 | |
Credit risk | Loans at amortized cost | Grades 5 - 6 | 0.75 - 3.80 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.75% | 0.75% | |
Credit risk | Loans at amortized cost | Grades 5 - 6 | 0.75 - 3.80 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 3.80% | 3.80% | |
Credit risk | Loans at amortized cost | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | $ 191,701 | $ 193,520 | |
Credit risk | Loans at amortized cost | Grades 7 - 8 | 3.81 - 34.51 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 3.81% | 3.81% | |
Credit risk | Loans at amortized cost | Grades 7 - 8 | 3.81 - 34.51 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 34.51% | 34.51% | |
Credit risk | Loans at amortized cost | Grades 9 - 10 | 34.52 - 100 | Costs: | |||
Credit risk | |||
Financial assets | $ 10,107 | ||
Credit risk | Loans at amortized cost | Grades 9 - 10 | 34.52 - 100 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 34.52% | ||
Credit risk | Loans at amortized cost | Grades 9 - 10 | 34.52 - 100 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 100% | ||
Credit risk | Loans at amortized cost | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | $ 8,546 | $ 5,407 | |
Credit risk | Loans at amortized cost | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 30,107 | 10,593 | |
Credit risk | Loans at amortized cost | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | (21,561) | (5,186) | |
Credit risk | Loans at amortized cost | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loans at amortized cost | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loans at amortized cost | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 20,000 | 10,593 | |
Credit risk | Loans at amortized cost | Expected credit losses individually assessed [member] | Grades 9 - 10 | 34.52 - 100 | Costs: | |||
Credit risk | |||
Financial assets | 10,107 | ||
Credit risk | Loans at amortized cost | Current | |||
Credit risk | |||
Financial assets | 6,605,601 | 5,562,978 | |
Credit risk | Loans at amortized cost | Current | Costs: | |||
Credit risk | |||
Financial assets | 6,634,190 | 5,583,093 | |
Credit risk | Loans at amortized cost | Current | Loss allowance | |||
Credit risk | |||
Financial assets | (28,589) | (20,115) | |
Credit risk | Loans at amortized cost | Current | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 2,864,686 | 3,016,938 | |
Credit risk | Loans at amortized cost | Current | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 3,645,901 | 2,466,348 | |
Credit risk | Loans at amortized cost | Current | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 123,603 | 99,807 | |
Credit risk | Loans at amortized cost | Current | Grades 9 - 10 | 34.52 - 100 | Costs: | |||
Credit risk | |||
Financial assets | 0 | ||
Credit risk | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | 93,673 | 124,744 | |
Credit risk | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 98,723 | 140,919 | |
Credit risk | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | (5,050) | (16,175) | |
Credit risk | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 50,625 | 57,799 | |
Credit risk | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 48,098 | $ 83,120 | |
Credit risk | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 9 - 10 | 34.52 - 100 | Costs: | |||
Credit risk | |||
Financial assets | $ 0 |
Financial risk - Loan commitmen
Financial risk - Loan commitments, financial guarantees issued and customers’ liabilities under acceptances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Financial assets | $ 942,719 | $ 805,274 | |
Loan commitments and financial guarantee contracts | Costs: | |||
Credit risk | |||
Financial assets | 163,345 | 201,515 | |
Loan commitments and financial guarantee contracts | Loss allowance | |||
Credit risk | |||
Financial assets | 3,628 | 3,803 | $ 2,904 |
Loan commitments and financial guarantee contracts | Expected credit losses collectively assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 0 | 0 | 0 |
Loan commitments and financial guarantee contracts | Current | Loss allowance | |||
Credit risk | |||
Financial assets | 3,605 | 3,472 | 2,426 |
Loan commitments and financial guarantee contracts | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 23 | 331 | $ 478 |
Credit risk | Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Financial assets | 939,091 | 801,471 | |
Credit risk | Loan commitments and financial guarantee contracts | Costs: | |||
Credit risk | |||
Financial assets | 942,719 | 805,274 | |
Credit risk | Loan commitments and financial guarantee contracts | Loss allowance | |||
Credit risk | |||
Financial assets | (3,628) | (3,803) | |
Credit risk | Loan commitments and financial guarantee contracts | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loan commitments and financial guarantee contracts | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loan commitments and financial guarantee contracts | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loan commitments and financial guarantee contracts | Current | |||
Credit risk | |||
Financial assets | 937,414 | 780,402 | |
Credit risk | Loan commitments and financial guarantee contracts | Current | Costs: | |||
Credit risk | |||
Financial assets | 941,019 | 783,874 | |
Credit risk | Loan commitments and financial guarantee contracts | Current | Loss allowance | |||
Credit risk | |||
Financial assets | (3,605) | (3,472) | |
Credit risk | Loan commitments and financial guarantee contracts | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | 1,677 | 21,069 | |
Credit risk | Loan commitments and financial guarantee contracts | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 1,700 | 21,400 | |
Credit risk | Loan commitments and financial guarantee contracts | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | (23) | (331) | |
Credit risk | Loan commitments [member] | Costs: | |||
Credit risk | |||
Financial assets | 779,374 | 603,759 | |
Credit risk | Loan commitments [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | $ 302,260 | $ 257,831 | |
Credit risk | Loan commitments [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.03% | 0.03% | |
Credit risk | Loan commitments [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 0.74% | 0.74% | |
Credit risk | Loan commitments [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | $ 281,250 | $ 194,393 | |
Credit risk | Loan commitments [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.75% | 0.75% | |
Credit risk | Loan commitments [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 3.80% | 3.80% | |
Credit risk | Loan commitments [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | $ 195,864 | $ 151,535 | |
Credit risk | Loan commitments [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 3.81% | 3.81% | |
Credit risk | Loan commitments [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 34.51% | 34.51% | |
Credit risk | Loan commitments [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | $ 0 | $ 0 | |
Credit risk | Loan commitments [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loan commitments [member] | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loan commitments [member] | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loan commitments [member] | Current | Costs: | |||
Credit risk | |||
Financial assets | 777,674 | 582,359 | |
Credit risk | Loan commitments [member] | Current | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 302,260 | 257,831 | |
Credit risk | Loan commitments [member] | Current | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 279,550 | 172,993 | |
Credit risk | Loan commitments [member] | Current | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 195,864 | 151,535 | |
Credit risk | Loan commitments [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 1,700 | 21,400 | |
Credit risk | Loan commitments [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Loan commitments [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 1,700 | 21,400 | |
Credit risk | Loan commitments [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Costs: | |||
Credit risk | |||
Financial assets | 163,345 | 201,515 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | $ 34,258 | $ 54,185 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.03% | 0.03% | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 0.74% | 0.74% | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | $ 19,782 | $ 6,903 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.75% | 0.75% | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 3.80% | 3.80% | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | $ 109,305 | $ 140,427 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 3.81% | 3.81% | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 34.51% | 34.51% | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | $ 0 | $ 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Current | Costs: | |||
Credit risk | |||
Financial assets | 163,345 | 201,515 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Current | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 34,258 | 54,185 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Current | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 19,782 | 6,903 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Current | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | 109,305 | 140,427 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Customers Liabilities Under Acceptances [Member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 7 - 8 | 3.81 - 34.51 | Costs: | |||
Credit risk | |||
Financial assets | $ 0 | $ 0 |
Financial risk - Securities at
Financial risk - Securities at amortized cost (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Securities at amortized cost | |||
Credit risk | |||
Financial assets | $ 941,971 | $ 631,123 | |
Securities at amortized cost | Costs: | |||
Credit risk | |||
Financial assets | 941,971 | 631,123 | |
Securities at amortized cost | Loss allowance | |||
Credit risk | |||
Financial assets | 7,951 | 1,790 | $ 495 |
Securities at amortized cost | Expected credit losses collectively assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 4,002 | 0 | 0 |
Securities at amortized cost | Current | Loss allowance | |||
Credit risk | |||
Financial assets | 2,170 | 1,790 | 462 |
Securities at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 1,779 | 0 | 33 |
Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Financial assets | 77,972 | 193,488 | |
Financial assets measured at fair value through other comprehensive income, category [member] | Costs: | |||
Credit risk | |||
Financial assets | 77,972 | 193,488 | |
Financial assets measured at fair value through other comprehensive income, category [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 10 | 26 | 43 |
Financial assets measured at fair value through other comprehensive income, category [member] | Expected credit losses collectively assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 0 | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | Current | Loss allowance | |||
Credit risk | |||
Financial assets | 10 | 26 | 43 |
Financial assets measured at fair value through other comprehensive income, category [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 0 | 0 | $ 0 |
Credit risk | Securities at amortized cost | |||
Credit risk | |||
Financial assets | 934,020 | 629,333 | |
Credit risk | Securities at amortized cost | Costs: | |||
Credit risk | |||
Financial assets | 941,971 | 631,123 | |
Credit risk | Securities at amortized cost | Loss allowance | |||
Credit risk | |||
Financial assets | (7,951) | (1,790) | |
Credit risk | Securities at amortized cost | Grades 1 - 4 | 0.03 - 0.74 | |||
Credit risk | |||
Financial assets | $ 736,139 | $ 453,627 | |
Credit risk | Securities at amortized cost | Grades 1 - 4 | 0.03 - 0.74 | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.03% | 0.03% | |
Credit risk | Securities at amortized cost | Grades 1 - 4 | 0.03 - 0.74 | Top of range [member] | |||
Credit risk | |||
Probability of Default | 0.74% | 0.74% | |
Credit risk | Securities at amortized cost | Grades 5 - 6 | 0.75 - 3.80 | |||
Credit risk | |||
Financial assets | $ 200,837 | $ 177,496 | |
Credit risk | Securities at amortized cost | Grades 5 - 6 | 0.75 - 3.80 | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.75% | 0.75% | |
Credit risk | Securities at amortized cost | Grades 5 - 6 | 0.75 - 3.80 | Top of range [member] | |||
Credit risk | |||
Probability of Default | 3.80% | 3.80% | |
Credit risk | Securities at amortized cost | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | $ 993 | $ 0 | |
Credit risk | Securities at amortized cost | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 4,995 | 0 | |
Credit risk | Securities at amortized cost | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | (4,002) | 0 | |
Credit risk | Securities at amortized cost | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Securities at amortized cost | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Securities at amortized cost | Current | |||
Credit risk | |||
Financial assets | 888,217 | 629,333 | |
Credit risk | Securities at amortized cost | Current | Costs: | |||
Credit risk | |||
Financial assets | 890,387 | 631,123 | |
Credit risk | Securities at amortized cost | Current | Loss allowance | |||
Credit risk | |||
Financial assets | (2,170) | (1,790) | |
Credit risk | Securities at amortized cost | Current | Grades 1 - 4 | 0.03 - 0.74 | |||
Credit risk | |||
Financial assets | 736,139 | 453,627 | |
Credit risk | Securities at amortized cost | Current | Grades 5 - 6 | 0.75 - 3.80 | |||
Credit risk | |||
Financial assets | 154,248 | 177,496 | |
Credit risk | Securities at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | 44,810 | 0 | |
Credit risk | Securities at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 46,589 | 0 | |
Credit risk | Securities at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | (1,779) | 0 | |
Credit risk | Securities at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Securities at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 5 - 6 | 0.75 - 3.80 | |||
Credit risk | |||
Financial assets | 46,589 | 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Financial assets | 77,962 | 193,462 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Costs: | |||
Credit risk | |||
Financial assets | 77,972 | 193,488 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Loss allowance | |||
Credit risk | |||
Financial assets | (10) | (26) | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | $ 77,972 | $ 193,488 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Minimum of the year | |||
Credit risk | |||
Probability of Default | 0.03% | 0.03% | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | Top of range [member] | |||
Credit risk | |||
Probability of Default | 0.74% | 0.74% | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | $ 0 | $ 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Current | |||
Credit risk | |||
Financial assets | 77,962 | 193,462 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Current | Costs: | |||
Credit risk | |||
Financial assets | 77,972 | 193,488 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Current | Loss allowance | |||
Credit risk | |||
Financial assets | (10) | (26) | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Current | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | 77,972 | 193,488 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Costs: | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | |||
Credit risk | |||
Financial assets | 0 | 0 | |
Credit risk | Financial assets measured at fair value through other comprehensive income, category [member] | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Grades 1 - 4 | 0.03 - 0.74 | Costs: | |||
Credit risk | |||
Financial assets | $ 0 | $ 0 |
Financial risk - Current and pa
Financial risk - Current and past due balances of loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | ||
Loans and receivables, gross | $ 6,763,020 | |
Stage 1 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 6,634,190 | |
Stage 2 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 98,723 | |
Stage 3 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 30,107 | |
Current | ||
Statement [Line Items] | ||
Loans and receivables, gross | 6,732,913 | $ 5,734,605 |
Current | Stage 1 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 6,634,190 | 5,583,093 |
Current | Stage 2 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 98,723 | 140,919 |
Current | Stage 3 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 0 | $ 10,593 |
Past Due | ||
Statement [Line Items] | ||
Loans and receivables, gross | 20,000 | |
Past Due | Stage 1 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 0 | |
Past Due | Stage 2 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 0 | |
Past Due | Stage 3 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 20,000 | |
Delinquent | ||
Statement [Line Items] | ||
Loans and receivables, gross | 10,107 | |
Delinquent | Stage 1 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 0 | |
Delinquent | Stage 2 | ||
Statement [Line Items] | ||
Loans and receivables, gross | 0 | |
Delinquent | Stage 3 | ||
Statement [Line Items] | ||
Loans and receivables, gross | $ 10,107 |
Financial risk - Counterparty c
Financial risk - Counterparty credit exposures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Derivative financial instruments - assets | $ 68,159 | $ 10,805 |
Derivative financial liabilities | (33,761) | (28,455) |
Derivatives | ||
Disclosure of financial assets [line items] | ||
Notional value | 1,733,454 | 943,931 |
Derivative financial instruments - assets | 68,159 | 10,805 |
Derivative financial liabilities | (33,761) | (28,455) |
Interest rate swap contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional value | 368,711 | 60,000 |
Derivative financial instruments - assets | 483 | 1,282 |
Derivative financial liabilities | (544) | (538) |
Currency swap contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional value | 1,175,570 | 883,931 |
Derivative financial instruments - assets | 45,806 | 9,523 |
Derivative financial liabilities | (33,217) | $ (27,917) |
Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional value | 189,173 | |
Derivative financial instruments - assets | 21,870 | |
Derivative financial liabilities | $ 0 | |
Guarantees and other financial credit enhancements | ||
Disclosure of financial assets [line items] | ||
Coverage ratio on loan portfolio | 12% | 12% |
Financial risk - Macroeconomic
Financial risk - Macroeconomic assumptions by country (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Base | BRAZIL | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 1.90% | 2.70% |
ComEx Growth Index (Var.%) | 7.10% | 9.50% |
Base | CHILE | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 1.70% | 3.40% |
ComEx Growth Index (Var.%) | 3.10% | 12.40% |
Base | COLOMBIA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 3.60% | 4.60% |
ComEx Growth Index (Var.%) | 8.40% | 10.70% |
Base | MEXICO | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 1.90% | 3% |
ComEx Growth Index (Var.%) | 6.40% | 9.40% |
Base | DOMINICAN REPUBLIC | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 4.80% | 6.20% |
ComEx Growth Index (Var.%) | 5.80% | 11% |
Base | GUATEMALA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 3.50% | 3.50% |
ComEx Growth Index (Var.%) | 5.80% | 8.10% |
Base | PANAMA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 5% | 5.60% |
ComEx Growth Index (Var.%) | 6.20% | 5.60% |
Base | PERU | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 2.90% | 4.90% |
ComEx Growth Index (Var.%) | 4.90% | 11.70% |
Upside | BRAZIL | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 2.90% | 3.70% |
ComEx Growth Index (Var.%) | 10.60% | 13% |
Upside | CHILE | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 2.80% | 4.50% |
ComEx Growth Index (Var.%) | 6.60% | 15.90% |
Upside | COLOMBIA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 4.70% | 5.70% |
ComEx Growth Index (Var.%) | 11.40% | 13.70% |
Upside | MEXICO | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 2.90% | 4% |
ComEx Growth Index (Var.%) | 10.40% | 13.40% |
Upside | DOMINICAN REPUBLIC | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 6% | 7.40% |
ComEx Growth Index (Var.%) | 9.30% | 14.50% |
Upside | GUATEMALA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 4.50% | 4.50% |
ComEx Growth Index (Var.%) | 8.80% | 11.10% |
Upside | PANAMA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 6.50% | 7.10% |
ComEx Growth Index (Var.%) | 9.20% | 8.60% |
Upside | PERU | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 3.90% | 5.90% |
ComEx Growth Index (Var.%) | 8.40% | 15.20% |
Downside | BRAZIL | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 0.50% | 1.30% |
ComEx Growth Index (Var.%) | 3.10% | 5.50% |
Downside | CHILE | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 0.50% | 2.20% |
ComEx Growth Index (Var.%) | (0.90%) | 8.40% |
Downside | COLOMBIA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 2.30% | 3.30% |
ComEx Growth Index (Var.%) | 4.90% | 7.20% |
Downside | MEXICO | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 0.70% | 1.80% |
ComEx Growth Index (Var.%) | 1.90% | 4.90% |
Downside | DOMINICAN REPUBLIC | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 3.50% | 4.90% |
ComEx Growth Index (Var.%) | 1.80% | 7% |
Downside | GUATEMALA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 2.30% | 2.30% |
ComEx Growth Index (Var.%) | 2.30% | 4.60% |
Downside | PANAMA | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 3.60% | 4.20% |
ComEx Growth Index (Var.%) | 2.70% | 2.10% |
Downside | PERU | ||
Disclosure of financial assets [line items] | ||
GDP Growth (Var.%) | 1.70% | 3.70% |
ComEx Growth Index (Var.%) | 0.90% | 7.70% |
Financial risk - Loss allowance
Financial risk - Loss allowance by class (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Credit risk | |||
Net effect of changes in allowance for expected credit losses | $ 8,906 | $ (2,551) | $ 13,576 |
Financial instruments that have been derecognized during the year | (16,770) | (16,873) | (30,007) |
New instruments originated or purchased | 27,385 | 21,752 | 14,967 |
Securities at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (631,123) | ||
Net effect of changes in allowance for expected credit losses | 4,897 | (20) | 38 |
Financial instruments that have been derecognized during the year | (420) | (193) | (86) |
New instruments originated or purchased | 1,684 | 1,508 | 430 |
Financial assets at end of period | (941,971) | (631,123) | |
Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Financial assets at beginning of period | (193,488) | ||
Net effect of changes in allowance for expected credit losses | 0 | 0 | 0 |
Financial instruments that have been derecognized during the year | (16) | (17) | 0 |
New instruments originated or purchased | 0 | 0 | 43 |
Financial assets at end of period | (77,972) | (193,488) | |
Loans at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (5,734,605) | ||
Net effect of changes in allowance for expected credit losses | 4,208 | (2,477) | 13,459 |
Financial instruments that have been derecognized during the year | (13,217) | (14,715) | (28,036) |
New instruments originated or purchased | 22,560 | 17,343 | 12,828 |
Financial assets at end of period | (6,763,020) | (5,734,605) | |
Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Financial assets at beginning of period | (805,274) | ||
Net effect of changes in allowance for expected credit losses | (199) | (54) | 79 |
Financial instruments that have been derecognized during the year | (3,117) | (1,948) | (1,885) |
New instruments originated or purchased | 3,141 | 2,901 | 1,666 |
Financial assets at end of period | (942,719) | (805,274) | |
Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (1,790) | (495) | |
Transfer to lifetime expected credit losses | 0 | ||
Transfer to credit-impaired financial instruments | 0 | ||
Net effect of changes in allowance for expected credit losses | 4,897 | (20) | |
Financial instruments that have been derecognized during the year | (420) | (193) | |
New instruments originated or purchased | 1,684 | 1,508 | |
Financial assets at end of period | (7,951) | (1,790) | (495) |
Loss allowance | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Financial assets at beginning of period | (26) | (43) | |
Financial instruments that have been derecognized during the year | (16) | ||
New instruments originated or purchased | 17 | ||
Financial assets at end of period | (10) | (26) | (43) |
Loss allowance | Loans at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (41,476) | (41,165) | |
Transfer to lifetime expected credit losses | 0 | 0 | |
Transfer to 12-month expected credit losses | 0 | 0 | |
Transfer to credit-impaired financial instruments | 0 | ||
Net effect of changes in allowance for expected credit losses | 4,208 | (2,477) | |
Financial instruments that have been derecognized during the year | (13,217) | (14,715) | |
New instruments originated or purchased | 22,560 | 17,343 | |
Write-offs | (893) | ||
Recoveries | 1,066 | 160 | |
Financial assets at end of period | (55,200) | (41,476) | (41,165) |
Loss allowance | Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Financial assets at beginning of period | (3,803) | (2,904) | |
Transfer to lifetime expected credit losses | 0 | ||
Transfer to 12-month expected credit losses | 0 | 0 | |
Net effect of changes in allowance for expected credit losses | (199) | (54) | |
Financial instruments that have been derecognized during the year | (3,117) | (1,948) | |
New instruments originated or purchased | 3,141 | 2,901 | |
Financial assets at end of period | (3,628) | (3,803) | (2,904) |
Expected credit losses collectively assessed [member] | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | 0 | 0 | |
Transfer to lifetime expected credit losses | 0 | ||
Transfer to credit-impaired financial instruments | 33 | ||
Net effect of changes in allowance for expected credit losses | 3,969 | 0 | |
Financial instruments that have been derecognized during the year | 0 | 0 | |
New instruments originated or purchased | 0 | 0 | |
Financial assets at end of period | (4,002) | 0 | 0 |
Expected credit losses collectively assessed [member] | Loss allowance | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Financial assets at beginning of period | 0 | 0 | |
Financial instruments that have been derecognized during the year | 0 | ||
New instruments originated or purchased | 0 | ||
Financial assets at end of period | 0 | 0 | 0 |
Expected credit losses collectively assessed [member] | Loss allowance | Loans at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (5,186) | (4,588) | |
Transfer to lifetime expected credit losses | 0 | 0 | |
Transfer to 12-month expected credit losses | 0 | 0 | |
Transfer to credit-impaired financial instruments | 130 | ||
Net effect of changes in allowance for expected credit losses | 16,072 | 438 | |
Financial instruments that have been derecognized during the year | 0 | 0 | |
New instruments originated or purchased | 0 | 0 | |
Write-offs | (893) | ||
Recoveries | 1,066 | 160 | |
Financial assets at end of period | (21,561) | (5,186) | (4,588) |
Expected credit losses collectively assessed [member] | Loss allowance | Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Financial assets at beginning of period | 0 | 0 | |
Transfer to lifetime expected credit losses | 0 | ||
Transfer to 12-month expected credit losses | 0 | 0 | |
Net effect of changes in allowance for expected credit losses | 0 | 0 | |
Financial instruments that have been derecognized during the year | 0 | 0 | |
New instruments originated or purchased | 0 | 0 | |
Financial assets at end of period | 0 | 0 | 0 |
Current | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (1,790) | (462) | |
Transfer to lifetime expected credit losses | (46) | ||
Transfer to credit-impaired financial instruments | (33) | ||
Net effect of changes in allowance for expected credit losses | (13) | (20) | |
Financial instruments that have been derecognized during the year | (420) | (160) | |
New instruments originated or purchased | 892 | 1,508 | |
Financial assets at end of period | (2,170) | (1,790) | (462) |
Current | Loss allowance | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Financial assets at beginning of period | (26) | (43) | |
Financial instruments that have been derecognized during the year | (16) | ||
New instruments originated or purchased | 17 | ||
Financial assets at end of period | (10) | (26) | (43) |
Current | Loss allowance | Loans at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (20,115) | (16,661) | |
Transfer to lifetime expected credit losses | (29) | (158) | |
Transfer to 12-month expected credit losses | 176 | 243 | |
Transfer to credit-impaired financial instruments | (130) | ||
Net effect of changes in allowance for expected credit losses | (1,718) | (874) | |
Financial instruments that have been derecognized during the year | (12,385) | (13,100) | |
New instruments originated or purchased | 22,560 | 17,343 | |
Write-offs | 0 | ||
Recoveries | 0 | 0 | |
Financial assets at end of period | (28,589) | (20,115) | (16,661) |
Current | Loss allowance | Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Financial assets at beginning of period | (3,472) | (2,426) | |
Transfer to lifetime expected credit losses | (53) | ||
Transfer to 12-month expected credit losses | 133 | 87 | |
Net effect of changes in allowance for expected credit losses | (160) | (96) | |
Financial instruments that have been derecognized during the year | (2,981) | (1,793) | |
New instruments originated or purchased | 3,141 | 2,901 | |
Financial assets at end of period | (3,605) | (3,472) | (2,426) |
Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | 0 | (33) | |
Transfer to lifetime expected credit losses | 46 | ||
Transfer to credit-impaired financial instruments | 0 | ||
Net effect of changes in allowance for expected credit losses | 941 | 0 | |
Financial instruments that have been derecognized during the year | 0 | (33) | |
New instruments originated or purchased | 792 | 0 | |
Financial assets at end of period | (1,779) | 0 | (33) |
Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Financial assets at beginning of period | 0 | 0 | |
Financial instruments that have been derecognized during the year | 0 | ||
New instruments originated or purchased | 0 | ||
Financial assets at end of period | 0 | 0 | 0 |
Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | Loans at amortized cost | |||
Credit risk | |||
Financial assets at beginning of period | (16,175) | (19,916) | |
Transfer to lifetime expected credit losses | 29 | 158 | |
Transfer to 12-month expected credit losses | (176) | (243) | |
Transfer to credit-impaired financial instruments | 0 | ||
Net effect of changes in allowance for expected credit losses | (10,146) | (2,041) | |
Financial instruments that have been derecognized during the year | (832) | (1,615) | |
New instruments originated or purchased | 0 | 0 | |
Write-offs | 0 | ||
Recoveries | 0 | 0 | |
Financial assets at end of period | (5,050) | (16,175) | (19,916) |
Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Loss allowance | Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Financial assets at beginning of period | (331) | (478) | |
Transfer to lifetime expected credit losses | 53 | ||
Transfer to 12-month expected credit losses | (133) | (87) | |
Net effect of changes in allowance for expected credit losses | (39) | 42 | |
Financial instruments that have been derecognized during the year | (136) | (155) | |
New instruments originated or purchased | 0 | 0 | |
Financial assets at end of period | $ (23) | $ (331) | $ (478) |
Financial risk - Change from al
Financial risk - Change from allowance for credit loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | $ 8,906 | $ (2,551) | $ 13,576 |
Decrease through derecognition, financial assets | 16,770 | 16,873 | 30,007 |
New instruments originated or purchased | 27,385 | 21,752 | 14,967 |
Total | 19,521 | 2,328 | (1,464) |
Securities at amortized cost | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 4,897 | (20) | 38 |
Decrease through derecognition, financial assets | 420 | 193 | 86 |
New instruments originated or purchased | 1,684 | 1,508 | 430 |
Total | 6,161 | 1,295 | 382 |
Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 0 | 0 | 0 |
Decrease through derecognition, financial assets | 16 | 17 | 0 |
New instruments originated or purchased | 0 | 0 | 43 |
Total | (16) | (17) | 43 |
Loans at amortized cost | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 4,208 | (2,477) | 13,459 |
Decrease through derecognition, financial assets | 13,217 | 14,715 | 28,036 |
New instruments originated or purchased | 22,560 | 17,343 | 12,828 |
Total | 13,551 | 151 | (1,749) |
Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | (199) | (54) | 79 |
Decrease through derecognition, financial assets | 3,117 | 1,948 | 1,885 |
New instruments originated or purchased | 3,141 | 2,901 | 1,666 |
Total | (175) | 899 | $ (140) |
Loss allowance | Securities at amortized cost | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 4,897 | (20) | |
Decrease through derecognition, financial assets | 420 | 193 | |
New instruments originated or purchased | 1,684 | 1,508 | |
Loss allowance | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Decrease through derecognition, financial assets | 16 | ||
New instruments originated or purchased | 17 | ||
Loss allowance | Expected credit losses collectively assessed [member] | Securities at amortized cost | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 3,969 | 0 | |
Decrease through derecognition, financial assets | 0 | 0 | |
New instruments originated or purchased | 0 | 0 | |
Loss allowance | Expected credit losses collectively assessed [member] | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Decrease through derecognition, financial assets | 0 | ||
New instruments originated or purchased | 0 | ||
Loss allowance | Current | Securities at amortized cost | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | (13) | (20) | |
Decrease through derecognition, financial assets | 420 | 160 | |
New instruments originated or purchased | 892 | 1,508 | |
Loss allowance | Current | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Decrease through derecognition, financial assets | 16 | ||
New instruments originated or purchased | 17 | ||
Loss allowance | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Securities at amortized cost | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 941 | 0 | |
Decrease through derecognition, financial assets | 0 | 33 | |
New instruments originated or purchased | 792 | 0 | |
Loss allowance | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Credit risk | |||
Decrease through derecognition, financial assets | 0 | ||
New instruments originated or purchased | 0 | ||
Loss allowance | Loans at amortized cost | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 4,208 | (2,477) | |
Decrease through derecognition, financial assets | 13,217 | 14,715 | |
New instruments originated or purchased | 22,560 | 17,343 | |
Loss allowance | Loans at amortized cost | Expected credit losses collectively assessed [member] | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 16,072 | 438 | |
Decrease through derecognition, financial assets | 0 | 0 | |
New instruments originated or purchased | 0 | 0 | |
Loss allowance | Loans at amortized cost | Current | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | (1,718) | (874) | |
Decrease through derecognition, financial assets | 12,385 | 13,100 | |
New instruments originated or purchased | 22,560 | 17,343 | |
Loss allowance | Loans at amortized cost | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | (10,146) | (2,041) | |
Decrease through derecognition, financial assets | 832 | 1,615 | |
New instruments originated or purchased | 0 | 0 | |
Loss allowance | Loan commitments and financial guarantee contracts | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | (199) | (54) | |
Decrease through derecognition, financial assets | 3,117 | 1,948 | |
New instruments originated or purchased | 3,141 | 2,901 | |
Loss allowance | Loan commitments and financial guarantee contracts | Expected credit losses collectively assessed [member] | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | 0 | 0 | |
Decrease through derecognition, financial assets | 0 | 0 | |
New instruments originated or purchased | 0 | 0 | |
Loss allowance | Loan commitments and financial guarantee contracts | Current | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | (160) | (96) | |
Decrease through derecognition, financial assets | 2,981 | 1,793 | |
New instruments originated or purchased | 3,141 | 2,901 | |
Loss allowance | Loan commitments and financial guarantee contracts | Lifetime expected credit losses [member] | Expected credit losses individually assessed [member] | |||
Credit risk | |||
Increase (decrease) through changes in models or risk parameters, financial assets | (39) | 42 | |
Decrease through derecognition, financial assets | 136 | 155 | |
New instruments originated or purchased | $ 0 | $ 0 |
Financial risk - Changes in the
Financial risk - Changes in the net carrying amount (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Securities at amortized cost | ||
Credit risk | ||
Financial assets at beginning of period | $ 631,123 | |
Financial assets at end of period | 941,971 | $ 631,123 |
Financial assets measured at fair value through other comprehensive income, category [member] | ||
Credit risk | ||
Financial assets at beginning of period | 193,488 | |
Financial assets at end of period | 77,972 | 193,488 |
Costs: | Securities at amortized cost | ||
Credit risk | ||
Financial assets at beginning of period | 631,123 | |
Financial assets at end of period | 941,971 | 631,123 |
Costs: | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Credit risk | ||
Financial assets at beginning of period | 193,488 | |
Financial assets at end of period | 77,972 | 193,488 |
Amount Committed Or Guaranteed [Member] | Securities at amortized cost | ||
Credit risk | ||
Financial assets at beginning of period | 0 | |
Financial assets at end of period | 0 | 0 |
Amount Committed Or Guaranteed [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Credit risk | ||
Financial assets at beginning of period | 0 | |
Financial assets at end of period | 0 | 0 |
Loss allowance | Securities at amortized cost | ||
Credit risk | ||
Financial assets at beginning of period | 1,790 | 495 |
Financial assets at end of period | 7,951 | 1,790 |
Loss allowance | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Credit risk | ||
Financial assets at beginning of period | 26 | 43 |
Financial assets at end of period | 10 | 26 |
Loans at amortized cost | ||
Credit risk | ||
Financial assets at beginning of period | 5,734,605 | |
Financial assets at end of period | 6,763,020 | 5,734,605 |
Loans at amortized cost | Costs: | ||
Credit risk | ||
Financial assets at beginning of period | 5,734,605 | |
Financial assets at end of period | 6,763,020 | 5,734,605 |
Loans at amortized cost | Amount Committed Or Guaranteed [Member] | ||
Credit risk | ||
Financial assets at beginning of period | 0 | |
Financial assets at end of period | 0 | 0 |
Loans at amortized cost | Loss allowance | ||
Credit risk | ||
Financial assets at beginning of period | 41,476 | 41,165 |
Write-offs | (893) | |
Recoveries of amounts previously written off | 1,066 | 160 |
Financial assets at end of period | 55,200 | 41,476 |
Investments at amortized cost with credit impairment at beginning of year | 0 | |
Classified as credit-impaired during the year | 33 | |
Change in allowance for expected credit losses | 3,717 | |
Interest income | 252 | |
Investments at amortized cost with credit impairment at end of year | 4,002 | 0 |
Loan commitments and financial guarantee contracts | ||
Credit risk | ||
Financial assets at beginning of period | 805,274 | |
Financial assets at end of period | 942,719 | 805,274 |
Loan commitments and financial guarantee contracts | Costs: | ||
Credit risk | ||
Financial assets at beginning of period | 201,515 | |
Financial assets at end of period | 163,345 | 201,515 |
Loan commitments and financial guarantee contracts | Amount Committed Or Guaranteed [Member] | ||
Credit risk | ||
Financial assets at beginning of period | 603,759 | |
Financial assets at end of period | 779,374 | 603,759 |
Loan commitments and financial guarantee contracts | Loss allowance | ||
Credit risk | ||
Financial assets at beginning of period | 3,803 | 2,904 |
Financial assets at end of period | 3,628 | 3,803 |
Financial instruments credit-impaired | Loans at amortized cost | Costs: | ||
Credit risk | ||
Financial assets at beginning of period | 5,186 | 4,588 |
Classified as credit-impaired during the year | 130 | 0 |
Change in allowance for expected credit losses | 14,606 | 191 |
Write-offs | (893) | 0 |
Recoveries of amounts previously written off | 1,066 | 160 |
Interest income | 1,466 | 247 |
Financial assets at end of period | $ 21,561 | $ 5,186 |
Financial risk - Concentration
Financial risk - Concentration by sector and industry (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities at amortized cost | ||
Financial Risk | ||
Loans, net | $ 941,971 | $ 631,123 |
Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 77,972 | 193,488 |
Costs: | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 941,971 | 631,123 |
Costs: | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 77,972 | 193,488 |
Amount Committed Or Guaranteed [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Amount Committed Or Guaranteed [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 6,763,020 | 5,734,605 |
Loans at amortized cost | Costs: | ||
Financial Risk | ||
Loans, net | 6,763,020 | 5,734,605 |
Loans at amortized cost | Amount Committed Or Guaranteed [Member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 942,719 | 805,274 |
Loan commitments and financial guarantee contracts | Costs: | ||
Financial Risk | ||
Loans, net | 163,345 | 201,515 |
Loan commitments and financial guarantee contracts | Amount Committed Or Guaranteed [Member] | ||
Financial Risk | ||
Loans, net | 779,374 | 603,759 |
Financial Institutions Industry [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 282,878 | 174,186 |
Financial Institutions Industry [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 53,199 | 134,392 |
Financial Institutions Industry [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 2,965,266 | 2,691,728 |
Financial Institutions Industry [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 423,112 | 421,949 |
Manufacturing [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 339,914 | 180,088 |
Manufacturing [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 14,898 | 44,586 |
Manufacturing [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 1,341,453 | 1,122,325 |
Manufacturing [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 293,659 | 193,169 |
Oil And Petroleum Derived Products Industry [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 77,553 | 74,954 |
Oil And Petroleum Derived Products Industry [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 9,875 | 14,510 |
Oil And Petroleum Derived Products Industry [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 1,244,491 | 1,091,264 |
Oil And Petroleum Derived Products Industry [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 104,426 | 62,208 |
Agricultural Industry [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Agricultural Industry [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Agricultural Industry [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 317,037 | 267,382 |
Agricultural Industry [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 3,854 | 0 |
Services Industry [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 64,412 | 66,609 |
Services Industry [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Services Industry [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 267,868 | 220,942 |
Services Industry [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 55,430 | 55,612 |
Mining Industry [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 24,381 | 9,912 |
Mining Industry [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Mining Industry [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 150,707 | 95,364 |
Mining Industry [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Sovereign [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 64,325 | 51,586 |
Sovereign [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Sovereign [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 128,628 | 23,610 |
Sovereign [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Other Industry [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 88,508 | 73,788 |
Other Industry [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Other Industry [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 347,570 | 221,990 |
Other Industry [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 62,238 | 72,336 |
Private Corporations [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 543,381 | 362,085 |
Private Corporations [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 24,773 | 59,096 |
Private Corporations [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 2,553,193 | 1,934,056 |
Private Corporations [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 409,139 | 336,181 |
State Owned Corporations [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 51,388 | 43,266 |
State Owned Corporations [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
State Owned Corporations [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 1,115,932 | 1,085,211 |
State Owned Corporations [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 110,468 | 47,144 |
Private financial institutions | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 250,975 | 127,690 |
Private financial institutions | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Private financial institutions | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 2,245,385 | 2,123,881 |
Private financial institutions | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 120,614 | 140,289 |
State-owned financial institutions | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 31,902 | 46,496 |
State-owned financial institutions | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 53,199 | 134,392 |
State-owned financial institutions | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 719,882 | 567,847 |
State-owned financial institutions | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 302,498 | 281,660 |
Sovereign [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 64,325 | 51,586 |
Sovereign [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Sovereign [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 128,628 | 23,610 |
Sovereign [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | $ 0 | $ 0 |
Financial risk - Risk rating an
Financial risk - Risk rating and concentration by country (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans at amortized cost | ||
Financial Risk | ||
Loans, net | $ 6,763,020 | $ 5,734,605 |
Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 942,719 | 805,274 |
ARGENTINA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 55,598 | 74,252 |
ARGENTINA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
AUSTRALIA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
AUSTRALIA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
BELGIUM | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 25,362 | 17,374 |
BELGIUM | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
BOLIVIA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 3,000 |
BOLIVIA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 3,759 | 2,983 |
BRAZIL | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 980,205 | 1,101,999 |
BRAZIL | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 54,907 | 0 |
CANADA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
CANADA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
CHILE | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 416,714 | 625,119 |
CHILE | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 44,846 | 41,932 |
COLOMBIA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 702,409 | 795,467 |
COLOMBIA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 54,333 | 50,630 |
COSTA RICA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 260,625 | 180,480 |
COSTA RICA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 56,718 | 89,442 |
DOMINICAN REPUBLIC | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 579,918 | 275,423 |
DOMINICAN REPUBLIC | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 27,534 | 16,499 |
ECUADOR | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 110,466 | 37,446 |
ECUADOR | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 305,168 | 281,075 |
EL SALVADOR | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 30,032 | 73,500 |
EL SALVADOR | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 6,867 |
FRANCE | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 126,929 | 179,491 |
FRANCE | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 66,906 | 62,172 |
GERMANY | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
GERMANY | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 10,000 | 7,000 |
GUATEMALA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 745,837 | 431,543 |
GUATEMALA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 67,456 | 58,145 |
HONDURAS | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 176,270 | 32,192 |
HONDURAS | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 3,615 | 18,286 |
HONG KONG | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 2,800 | 17,600 |
HONG KONG | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
ISRAEL | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
ISRAEL | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
LUXEMBOURG | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 114,557 | 117,700 |
LUXEMBOURG | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
MEXICO | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 823,028 | 726,922 |
MEXICO | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 69,080 | 4,000 |
PANAMA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 533,452 | 203,115 |
PANAMA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 19,240 | 66,973 |
PARAGUAY | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 151,287 | 98,112 |
PARAGUAY | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 3,430 | 9,430 |
PERU | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 478,998 | 343,485 |
PERU | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 114,941 | 65,091 |
SINGAPORE | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 152,208 | 58,117 |
SINGAPORE | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 24,333 | 10,750 |
TRINIDAD AND TOBAGO | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 128,846 | 140,537 |
TRINIDAD AND TOBAGO | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
UNITED STATES | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 53,463 | 19,000 |
UNITED STATES | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 3,349 | 0 |
UNITED KINGDOM | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 51,221 | 42,700 |
UNITED KINGDOM | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Uruguay | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 34,000 | 134,816 |
Uruguay | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 1,224 | 13,999 |
Multinational [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Multinational [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
JAMAICA | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 14,083 | 5,215 |
JAMAICA | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
DENMARK | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
DENMARK | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 11,880 | 0 |
IRELAND | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
IRELAND | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Japan | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 14,712 | 0 |
Japan | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
1 - 4 | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 2,864,685 | 3,016,938 |
1 - 4 | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 336,519 | 312,016 |
5 - 6 | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 3,696,527 | 2,524,147 |
5 - 6 | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 301,031 | 201,296 |
7-8 | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 191,701 | 193,520 |
7-8 | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 305,169 | 291,962 |
10 | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 10,107 | 0 |
10 | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 941,971 | 631,123 |
Securities at amortized cost | ARGENTINA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | AUSTRALIA | ||
Financial Risk | ||
Loans, net | 9,628 | 9,900 |
Securities at amortized cost | BELGIUM | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | BOLIVIA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | BRAZIL | ||
Financial Risk | ||
Loans, net | 69,501 | 99,082 |
Securities at amortized cost | CANADA | ||
Financial Risk | ||
Loans, net | 13,503 | 13,786 |
Securities at amortized cost | CHILE | ||
Financial Risk | ||
Loans, net | 112,586 | 105,730 |
Securities at amortized cost | COLOMBIA | ||
Financial Risk | ||
Loans, net | 54,484 | 38,038 |
Securities at amortized cost | COSTA RICA | ||
Financial Risk | ||
Loans, net | 9,926 | 1,984 |
Securities at amortized cost | DOMINICAN REPUBLIC | ||
Financial Risk | ||
Loans, net | 4,828 | 4,947 |
Securities at amortized cost | ECUADOR | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | EL SALVADOR | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | FRANCE | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | GERMANY | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | GUATEMALA | ||
Financial Risk | ||
Loans, net | 0 | 3,051 |
Securities at amortized cost | HONDURAS | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | HONG KONG | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | ISRAEL | ||
Financial Risk | ||
Loans, net | 4,880 | 4,968 |
Securities at amortized cost | LUXEMBOURG | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | MEXICO | ||
Financial Risk | ||
Loans, net | 100,870 | 55,620 |
Securities at amortized cost | PANAMA | ||
Financial Risk | ||
Loans, net | 29,065 | 22,807 |
Securities at amortized cost | PARAGUAY | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | PERU | ||
Financial Risk | ||
Loans, net | 60,575 | 64,134 |
Securities at amortized cost | SINGAPORE | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | TRINIDAD AND TOBAGO | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | UNITED STATES | ||
Financial Risk | ||
Loans, net | 458,193 | 207,076 |
Securities at amortized cost | UNITED KINGDOM | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | Uruguay | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | Multinational [Member] | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | JAMAICA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | DENMARK | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Securities at amortized cost | IRELAND | ||
Financial Risk | ||
Loans, net | 9,579 | 0 |
Securities at amortized cost | Japan | ||
Financial Risk | ||
Loans, net | 4,353 | 0 |
Securities at amortized cost | 1 - 4 | ||
Financial Risk | ||
Loans, net | 736,139 | 453,627 |
Securities at amortized cost | 5 - 6 | ||
Financial Risk | ||
Loans, net | 200,837 | 177,496 |
Securities at amortized cost | 7-8 | ||
Financial Risk | ||
Loans, net | 4,995 | 0 |
Securities at amortized cost | 10 | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 77,972 | 193,488 |
Financial assets measured at fair value through other comprehensive income, category [member] | ARGENTINA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | AUSTRALIA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | BELGIUM | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | BOLIVIA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | BRAZIL | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | CANADA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | CHILE | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | COLOMBIA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | COSTA RICA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | DOMINICAN REPUBLIC | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | ECUADOR | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | EL SALVADOR | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | FRANCE | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | GERMANY | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | GUATEMALA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | HONDURAS | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | HONG KONG | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | ISRAEL | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | LUXEMBOURG | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | MEXICO | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | PANAMA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | PARAGUAY | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | PERU | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | SINGAPORE | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | TRINIDAD AND TOBAGO | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | UNITED STATES | ||
Financial Risk | ||
Loans, net | 43,464 | 88,170 |
Financial assets measured at fair value through other comprehensive income, category [member] | UNITED KINGDOM | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | Uruguay | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | Multinational [Member] | ||
Financial Risk | ||
Loans, net | 34,508 | 105,318 |
Financial assets measured at fair value through other comprehensive income, category [member] | JAMAICA | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | DENMARK | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | IRELAND | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | Japan | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | 1 - 4 | ||
Financial Risk | ||
Loans, net | 77,972 | 193,488 |
Financial assets measured at fair value through other comprehensive income, category [member] | 5 - 6 | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | 7-8 | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Financial assets measured at fair value through other comprehensive income, category [member] | 10 | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Costs: | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 6,763,020 | 5,734,605 |
Costs: | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 163,345 | 201,515 |
Costs: | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 941,971 | 631,123 |
Costs: | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | 77,972 | 193,488 |
Amount Committed Or Guaranteed [Member] | Loans at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Amount Committed Or Guaranteed [Member] | Loan commitments and financial guarantee contracts | ||
Financial Risk | ||
Loans, net | 779,374 | 603,759 |
Amount Committed Or Guaranteed [Member] | Securities at amortized cost | ||
Financial Risk | ||
Loans, net | 0 | 0 |
Amount Committed Or Guaranteed [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Financial Risk | ||
Loans, net | $ 0 | $ 0 |
Financial risk - Offset financi
Financial risk - Offset financial assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of offsetting of financial assets [line items] | ||
Gross financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | $ 68,159 | $ 10,805 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 68,159 | 10,805 |
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial assets [abstract] | ||
Cash collateral received subject to enforceable master netting arrangement or similar agreement not set off against financial assets | (50,615) | (5,030) |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | 17,544 | 5,775 |
Derivative financial instruments used for hedging | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | 68,159 | 10,805 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 68,159 | 10,805 |
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial assets [abstract] | ||
Cash collateral received subject to enforceable master netting arrangement or similar agreement not set off against financial assets | (50,615) | (5,030) |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | $ 17,544 | $ 5,775 |
Financial risk - Securities sol
Financial risk - Securities sold under repurchase agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | $ (334,259) | $ (455,952) |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | (334,259) | (455,952) |
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract] | ||
Financial instruments subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities | 791,956 | 498,274 |
Cash collateral pledged subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities | 40,649 | 32,052 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 498,346 | 74,374 |
Securities sold under repurchase agreements | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | (300,498) | (427,497) |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | (300,498) | (427,497) |
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract] | ||
Financial instruments subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities | 791,956 | 498,274 |
Cash collateral pledged subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities | 22,947 | 3,110 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 514,405 | 73,887 |
Derivative financial instruments used for hedging | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | (33,761) | (28,455) |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | (33,761) | (28,455) |
Amounts subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities [abstract] | ||
Cash collateral pledged subject to enforceable master netting arrangement or similar agreement not set off against financial liabilities | 17,702 | 28,942 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | $ (16,059) | $ 487 |
Financial risk - Bank_s liquidi
Financial risk - Bank’s liquidity ratios (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Net liquid assets ratio | 167.46% | 199.19% |
Weighted average [member] | ||
Disclosure of financial assets [line items] | ||
Net liquid assets ratio | 132.63% | 122.80% |
Top of range [member] | ||
Disclosure of financial assets [line items] | ||
Net liquid assets ratio | 276.86% | 306.82% |
Minimum of the year | ||
Disclosure of financial assets [line items] | ||
Net liquid assets ratio | 81.18% | 66.43% |
Financial risk - Bank_s liquid
Financial risk - Bank’s liquid assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Liquid assets | $ 1,269 | $ 1,404 |
Cash And Due From Banks [Member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 1,191 | 1,211 |
Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 78 | 194 |
Total | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 1,269 | 1,405 |
UNITED STATES | Cash And Due From Banks [Member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 1,151 | 1,203 |
UNITED STATES | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 43 | 89 |
UNITED STATES | Total | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 1,194 | 1,292 |
Latin America [Member] | Cash And Due From Banks [Member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 15 | 8 |
Latin America [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 0 | 0 |
Latin America [Member] | Total | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 15 | 8 |
Multinational [Member] | Cash And Due From Banks [Member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 25 | 0 |
Multinational [Member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Liquid assets | 35 | 105 |
Multinational [Member] | Total | ||
Disclosure of financial assets [line items] | ||
Liquid assets | $ 60 | $ 105 |
Financial risk - Bank_s demand
Financial risk - Bank’s demand deposits (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of credit risk exposure [abstract] | ||
Demands Liabilities And Overnight | $ 583 | $ 362 |
Demands Liabilities And Overnight Of Total Deposits Percentage | 18.27% | 11.92% |
Liquid Assets | $ 1,269 | $ 1,404 |
Total Assets Percentage of Total Liabilities | 39.77% | 46.26% |
Total Liquid Assets Percentage | 90.23% | 85.52% |
Financial risk - Carrying amoun
Financial risk - Carrying amount for the bank’s loans and securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of credit risk exposure [abstract] | ||
Loan and Investment Portfolio Maturing Less than One Year | $ 4,008 | $ 3,426 |
Average Term of Short Term Maturing of Loan and Investment Portfolio | 200 days | 191 days |
Loan and Investment Portfolio Maturing Greater than One Year | $ 3,775 | $ 3,134 |
Average Term of Medium Term Maturing of Loan and Investment Portfolio | 1367 days | 1365 days |
Financial risk - Future undisco
Financial risk - Future undiscounted cash flows (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets [abstract] | ||||
Cash and due from banks | $ 1,241,586 | $ 1,253,052 | $ 863,812 | |
Securities, net | 1,023,632 | 831,913 | ||
Loans and receivables, gross | 6,763,020 | |||
Derivative financial instruments - assets | 68,159 | 10,805 | ||
Liabilities [abstract] | ||||
Deposits from customers | (3,205,386) | (3,037,457) | ||
Repurchase agreements and cash collateral on securities lent | (300,498) | (427,497) | ||
Borrowings | (4,416,511) | (3,304,178) | $ (1,966,271) | $ (3,118,396) |
Lease liabilities | (16,745) | (17,733) | ||
Derivative financial liabilities | (33,761) | (28,455) | ||
Liquidity risk | ||||
Assets [abstract] | ||||
Cash and due from banks | 1,241,586 | 1,253,052 | ||
Securities, net | 1,023,632 | 831,913 | ||
Loans and receivables, gross | 6,760,434 | 5,713,022 | ||
Derivative financial instruments - assets | 68,159 | 10,805 | ||
Total | 9,093,811 | 7,808,792 | ||
Liabilities [abstract] | ||||
Deposits from customers | (3,205,386) | (3,037,457) | ||
Repurchase agreements and cash collateral on securities lent | (300,498) | (427,497) | ||
Borrowings | (4,464,389) | (3,315,500) | ||
Lease liabilities | (16,745) | (17,733) | ||
Derivative financial liabilities | (33,761) | (28,455) | ||
Total Cash Flow Liabilities | (8,020,779) | (6,826,642) | ||
Subtotal net position | 1,073,032 | 982,150 | ||
Contingencies [Abstract] | ||||
Confirmed letters of credit | ||||
Stand-By Letters Of Credit And Guaranteed | ||||
Credit commitments | ||||
Total Contingencies | ||||
Assets (liabilities) | ||||
Not later than three months [member] | Liquidity risk | ||||
Assets [abstract] | ||||
Cash and due from banks | 1,241,779 | 1,253,052 | ||
Securities, net | 129,983 | 36,984 | ||
Loans and receivables, gross | 2,294,259 | 1,936,018 | ||
Derivative financial instruments - assets | 4,216 | 2,791 | ||
Total | 3,670,237 | 3,228,845 | ||
Liabilities [abstract] | ||||
Deposits from customers | (2,770,754) | (2,641,995) | ||
Repurchase agreements and cash collateral on securities lent | (53,418) | (333,031) | ||
Borrowings | (776,584) | (583,283) | ||
Lease liabilities | (384) | (393) | ||
Derivative financial liabilities | (3,702) | 0 | ||
Total Cash Flow Liabilities | (3,604,842) | (3,558,702) | ||
Subtotal net position | 65,395 | (329,857) | ||
Contingencies [Abstract] | ||||
Confirmed letters of credit | 166,367 | 149,672 | ||
Stand-By Letters Of Credit And Guaranteed | 132,353 | 75,245 | ||
Credit commitments | 0 | 35,000 | ||
Total Contingencies | 298,720 | 259,917 | ||
Assets (liabilities) | (233,325) | (589,774) | ||
Later than three months and not later than six months [member] | Liquidity risk | ||||
Assets [abstract] | ||||
Cash and due from banks | 0 | 0 | ||
Securities, net | 105,789 | 44,743 | ||
Loans and receivables, gross | 1,478,494 | 1,040,765 | ||
Derivative financial instruments - assets | 10,831 | 3,592 | ||
Total | 1,595,114 | 1,089,100 | ||
Liabilities [abstract] | ||||
Deposits from customers | (256,989) | (310,326) | ||
Repurchase agreements and cash collateral on securities lent | (64,513) | (60,218) | ||
Borrowings | (895,531) | (726,715) | ||
Lease liabilities | (384) | (393) | ||
Derivative financial liabilities | (764) | (4,821) | ||
Total Cash Flow Liabilities | (1,218,181) | (1,102,473) | ||
Subtotal net position | 376,933 | (13,373) | ||
Contingencies [Abstract] | ||||
Confirmed letters of credit | 117,398 | 62,123 | ||
Stand-By Letters Of Credit And Guaranteed | 117,750 | 118,287 | ||
Credit commitments | 13,102 | 0 | ||
Total Contingencies | 248,250 | 180,410 | ||
Assets (liabilities) | 128,683 | (193,783) | ||
Later than six months and not later than one year [member] | Liquidity risk | ||||
Assets [abstract] | ||||
Cash and due from banks | 0 | 0 | ||
Securities, net | 98,345 | 179,219 | ||
Loans and receivables, gross | 1,223,661 | 1,349,286 | ||
Derivative financial instruments - assets | 14,015 | 0 | ||
Total | 1,336,021 | 1,528,505 | ||
Liabilities [abstract] | ||||
Deposits from customers | (161,889) | (79,034) | ||
Repurchase agreements and cash collateral on securities lent | (55,144) | 0 | ||
Borrowings | (934,288) | (802,911) | ||
Lease liabilities | (738) | (787) | ||
Derivative financial liabilities | (63) | (7,773) | ||
Total Cash Flow Liabilities | (1,152,122) | (890,505) | ||
Subtotal net position | 183,899 | 638,000 | ||
Contingencies [Abstract] | ||||
Confirmed letters of credit | 21,024 | 2,435 | ||
Stand-By Letters Of Credit And Guaranteed | 92,750 | 54,375 | ||
Credit commitments | 32,906 | 45,000 | ||
Total Contingencies | 146,680 | 101,810 | ||
Assets (liabilities) | 37,219 | 536,190 | ||
Later than one year and not later than five years [member] | Liquidity risk | ||||
Assets [abstract] | ||||
Cash and due from banks | 0 | 0 | ||
Securities, net | 744,996 | 599,397 | ||
Loans and receivables, gross | 2,244,454 | 1,568,311 | ||
Derivative financial instruments - assets | 39,097 | 4,422 | ||
Total | 3,028,547 | 2,172,130 | ||
Liabilities [abstract] | ||||
Deposits from customers | (39,805) | (8,090) | ||
Repurchase agreements and cash collateral on securities lent | (138,286) | (35,515) | ||
Borrowings | (2,212,704) | (1,348,323) | ||
Lease liabilities | (5,769) | (5,819) | ||
Derivative financial liabilities | (26,882) | (15,145) | ||
Total Cash Flow Liabilities | (2,423,446) | (1,412,892) | ||
Subtotal net position | 605,101 | 759,238 | ||
Contingencies [Abstract] | ||||
Confirmed letters of credit | 0 | 0 | ||
Stand-By Letters Of Credit And Guaranteed | 8,772 | 20,289 | ||
Credit commitments | 76,952 | 41,333 | ||
Total Contingencies | 85,724 | 61,622 | ||
Assets (liabilities) | 519,377 | 697,616 | ||
Later than five years [member] | Liquidity risk | ||||
Assets [abstract] | ||||
Cash and due from banks | 0 | 0 | ||
Securities, net | 10,293 | 0 | ||
Loans and receivables, gross | 158,967 | 151,529 | ||
Derivative financial instruments - assets | 0 | 0 | ||
Total | 169,260 | 151,529 | ||
Liabilities [abstract] | ||||
Deposits from customers | 0 | 0 | ||
Repurchase agreements and cash collateral on securities lent | 0 | 0 | ||
Borrowings | (41,523) | (16,536) | ||
Lease liabilities | (13,771) | (15,215) | ||
Derivative financial liabilities | (2,350) | (716) | ||
Total Cash Flow Liabilities | (57,644) | (32,467) | ||
Subtotal net position | 111,616 | 119,062 | ||
Contingencies [Abstract] | ||||
Confirmed letters of credit | 0 | 0 | ||
Stand-By Letters Of Credit And Guaranteed | 0 | 0 | ||
Credit commitments | 0 | 0 | ||
Total Contingencies | 0 | 0 | ||
Assets (liabilities) | 111,616 | 119,062 | ||
Gross Inflow Outflow [Member] | Liquidity risk | ||||
Assets [abstract] | ||||
Cash and due from banks | 1,241,779 | 1,253,052 | ||
Securities, net | 1,089,406 | 860,343 | ||
Loans and receivables, gross | 7,399,835 | 6,045,909 | ||
Derivative financial instruments - assets | 68,159 | 10,805 | ||
Total | 9,799,179 | 8,170,109 | ||
Liabilities [abstract] | ||||
Deposits from customers | (3,229,437) | (3,039,445) | ||
Repurchase agreements and cash collateral on securities lent | (311,361) | (428,764) | ||
Borrowings | (4,860,630) | (3,477,768) | ||
Lease liabilities | (21,046) | (22,607) | ||
Derivative financial liabilities | (33,761) | (28,455) | ||
Total Cash Flow Liabilities | (8,456,235) | (6,997,039) | ||
Subtotal net position | 1,342,944 | 1,173,070 | ||
Contingencies [Abstract] | ||||
Confirmed letters of credit | 304,789 | 214,230 | ||
Stand-By Letters Of Credit And Guaranteed | 351,625 | 268,196 | ||
Credit commitments | 122,960 | 121,333 | ||
Total Contingencies | 779,374 | 603,759 | ||
Assets (liabilities) | $ 563,570 | $ 569,311 |
Financial risk - Banks_s liquid
Financial risk - Banks’s liquidity reserves (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | ||
Cash and bank balances at central banks | $ 1,144,896 | $ 1,201,101 |
Cash and balances with other banks | 46,040 | 9,900 |
Liquidity Reserves | 1,190,936 | 1,211,001 |
At fair value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Cash and bank balances at central banks | 1,144,896 | 1,201,101 |
Cash and balances with other banks | 46,040 | 9,900 |
Liquidity Reserves | $ 1,190,936 | $ 1,211,001 |
Financial risk - Bank_s financi
Financial risk - Bank’s financial assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets available to support future funding | ||
Availability of Bank Guaranteed Financial Assets | $ 382,220 | $ 489,639 |
Availability of Bank Financial Assets as Collateral | 8,625,998 | 7,288,925 |
Cash And Due From Banks [Member] | ||
Financial assets available to support future funding | ||
Availability of Bank Guaranteed Financial Assets | 50,649 | 42,051 |
Availability of Bank Financial Assets as Collateral | 1,190,936 | 1,211,001 |
Notional Of Investment Securities [Member] | ||
Financial assets available to support future funding | ||
Availability of Bank Guaranteed Financial Assets | 331,571 | 447,588 |
Availability of Bank Financial Assets as Collateral | 672,042 | 343,319 |
Loan Portfolio [Member] | ||
Financial assets available to support future funding | ||
Availability of Bank Guaranteed Financial Assets | 0 | 0 |
Availability of Bank Financial Assets as Collateral | $ 6,763,020 | $ 5,734,605 |
Financial risk - Bank_s interes
Financial risk - Bank’s interest rate gap position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets [abstract] | ||||
Securities and other financial assets | $ 1,023,632 | $ 831,913 | ||
Loans and receivables, gross | 6,763,020 | |||
Liabilities [abstract] | ||||
Repurchase agreements and cash collateral on securities lent | (300,498) | (427,497) | ||
Borrowings | (4,416,511) | (3,304,178) | $ (1,966,271) | $ (3,118,396) |
Interest rate and foreign exchange risk | ||||
Assets [abstract] | ||||
Demand Deposits and Time Deposits | 1,241,586 | 1,253,052 | ||
Securities and other financial assets | 1,019,943 | 824,611 | ||
Loans and receivables, gross | 6,763,020 | 5,739,918 | ||
Interest Rate Gap Position on Total Assets | 9,024,549 | 7,817,581 | ||
Liabilities [abstract] | ||||
Balances on Term Deposits And Time Deposits From Customers | (3,190,716) | (3,036,228) | ||
Repurchase agreements and cash collateral on securities lent | (300,498) | (427,497) | ||
Borrowings | (4,416,511) | (3,304,178) | ||
Interest Rate Gap Position on Total Liabilities | (7,907,725) | (6,767,903) | ||
Net effect of derivative financial instruments held for interest risk management | 12,527 | (17,650) | ||
Total Interest Rate Sensitivity | 1,129,351 | 1,032,028 | ||
Interest rate risk | Not later than three months [member] | ||||
Assets [abstract] | ||||
Demand Deposits and Time Deposits | 1,233,700 | 1,249,545 | ||
Securities and other financial assets | 112,736 | 26,693 | ||
Loans and receivables, gross | 2,956,268 | 2,510,544 | ||
Interest Rate Gap Position on Total Assets | 4,302,704 | 3,786,782 | ||
Liabilities [abstract] | ||||
Balances on Term Deposits And Time Deposits From Customers | (2,746,776) | (2,634,776) | ||
Repurchase agreements and cash collateral on securities lent | (52,164) | (332,417) | ||
Borrowings | (1,354,457) | (1,265,779) | ||
Interest Rate Gap Position on Total Liabilities | (4,153,397) | (4,232,972) | ||
Net effect of derivative financial instruments held for interest risk management | 476 | 2,791 | ||
Total Interest Rate Sensitivity | 149,783 | (443,399) | ||
Interest rate risk | Later than three months and not later than six months [member] | ||||
Assets [abstract] | ||||
Demand Deposits and Time Deposits | 0 | 0 | ||
Securities and other financial assets | 114,815 | 28,906 | ||
Loans and receivables, gross | 2,531,067 | 1,593,471 | ||
Interest Rate Gap Position on Total Assets | 2,645,882 | 1,622,377 | ||
Liabilities [abstract] | ||||
Balances on Term Deposits And Time Deposits From Customers | (250,299) | (309,601) | ||
Repurchase agreements and cash collateral on securities lent | (62,968) | (60,052) | ||
Borrowings | (953,503) | (653,454) | ||
Interest Rate Gap Position on Total Liabilities | (1,266,770) | (1,023,107) | ||
Net effect of derivative financial instruments held for interest risk management | 41 | (1,230) | ||
Total Interest Rate Sensitivity | 1,379,153 | 598,040 | ||
Interest rate risk | Later than six months and not later than one year [member] | ||||
Assets [abstract] | ||||
Demand Deposits and Time Deposits | 0 | 0 | ||
Securities and other financial assets | 82,666 | 121,834 | ||
Loans and receivables, gross | 1,007,343 | 1,378,589 | ||
Interest Rate Gap Position on Total Assets | 1,090,009 | 1,500,423 | ||
Liabilities [abstract] | ||||
Balances on Term Deposits And Time Deposits From Customers | (153,862) | (78,439) | ||
Repurchase agreements and cash collateral on securities lent | (53,740) | 0 | ||
Borrowings | (1,083,543) | (452,621) | ||
Interest Rate Gap Position on Total Liabilities | (1,291,145) | (531,060) | ||
Net effect of derivative financial instruments held for interest risk management | 2,145 | (7,773) | ||
Total Interest Rate Sensitivity | (198,991) | 961,590 | ||
Interest rate risk | Later than one year and not later than five years [member] | ||||
Assets [abstract] | ||||
Demand Deposits and Time Deposits | 0 | 0 | ||
Securities and other financial assets | 701,749 | 647,178 | ||
Loans and receivables, gross | 240,949 | 246,721 | ||
Interest Rate Gap Position on Total Assets | 942,698 | 893,899 | ||
Liabilities [abstract] | ||||
Balances on Term Deposits And Time Deposits From Customers | (35,082) | (8,000) | ||
Repurchase agreements and cash collateral on securities lent | (131,626) | (35,028) | ||
Borrowings | (999,151) | (915,938) | ||
Interest Rate Gap Position on Total Liabilities | (1,165,859) | (958,966) | ||
Net effect of derivative financial instruments held for interest risk management | 12,215 | (10,722) | ||
Total Interest Rate Sensitivity | (210,946) | (75,789) | ||
Interest rate risk | Later than five years [member] | ||||
Assets [abstract] | ||||
Demand Deposits and Time Deposits | 0 | 0 | ||
Securities and other financial assets | 7,977 | 0 | ||
Loans and receivables, gross | 27,393 | 10,593 | ||
Interest Rate Gap Position on Total Assets | 35,370 | 10,593 | ||
Liabilities [abstract] | ||||
Balances on Term Deposits And Time Deposits From Customers | 0 | 0 | ||
Repurchase agreements and cash collateral on securities lent | 0 | 0 | ||
Borrowings | (25,857) | (16,386) | ||
Interest Rate Gap Position on Total Liabilities | (25,857) | (16,386) | ||
Net effect of derivative financial instruments held for interest risk management | (2,350) | (716) | ||
Total Interest Rate Sensitivity | 7,163 | (6,509) | ||
Non Interest Rate Risk [Member] | ||||
Assets [abstract] | ||||
Demand Deposits and Time Deposits | 7,886 | 3,507 | ||
Securities and other financial assets | 0 | 0 | ||
Loans and receivables, gross | 0 | 0 | ||
Interest Rate Gap Position on Total Assets | 7,886 | 3,507 | ||
Liabilities [abstract] | ||||
Balances on Term Deposits And Time Deposits From Customers | (4,697) | (5,412) | ||
Repurchase agreements and cash collateral on securities lent | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Interest Rate Gap Position on Total Liabilities | (4,697) | (5,412) | ||
Net effect of derivative financial instruments held for interest risk management | 0 | 0 | ||
Total Interest Rate Sensitivity | $ 3,189 | $ (1,905) |
Financial risk - Bank_s sensiti
Financial risk - Bank’s sensitivity (Details) - Interest rate, measurement input - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Sensitivity to an increase or decrease in market interest rates | ||
Increase in interest rate | 50% | 50% |
Decrease in interest rate | (50.00%) | (50.00%) |
Increase in income | $ 4,559 | $ (45) |
Decrease in income | (4,629) | (2,297) |
Increase in equity | 676 | 17,232 |
Decrease in equity | $ (206) | $ 10,772 |
Financial risk - Maximum exposu
Financial risk - Maximum exposure amount (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) |
Assets [abstract] | ||||
Total cash and cash equivalents | $ 1,241,586 | $ 1,253,052 | $ 863,812 | |
Loans and receivables, gross | 6,763,020 | |||
Assets | 9,283,910 | 8,038,111 | 6,288,898 | |
Liabilities [abstract] | ||||
Borrowings | (4,416,511) | (3,304,178) | (1,966,271) | $ (3,118,396) |
Liabilities | (8,214,563) | (7,046,321) | $ (5,250,978) | |
Currency risk [member] | ||||
Assets [abstract] | ||||
Total cash and cash equivalents | 5,569 | 1,594 | ||
Loans and receivables, gross | 301,765 | 222,747 | ||
Assets | 307,334 | 224,341 | ||
Liabilities [abstract] | ||||
Borrowings | (306,603) | (224,384) | ||
Liabilities | (306,603) | (224,384) | ||
Risk exposure associated with instruments sharing characteristic | $ 731 | $ (43) | ||
Brazil, Brazil Real | Currency risk [member] | ||||
Exposure to currency risk | ||||
Closing foreign exchange rate | 5.29 | 5.57 | ||
Assets [abstract] | ||||
Total cash and cash equivalents | $ 26 | $ 0 | ||
Loans and receivables, gross | 0 | 0 | ||
Assets | 26 | 0 | ||
Liabilities [abstract] | ||||
Borrowings | 0 | 0 | ||
Liabilities | 0 | 0 | ||
Risk exposure associated with instruments sharing characteristic | $ 26 | $ 0 | ||
Euro Member Countries, Euro | Currency risk [member] | ||||
Exposure to currency risk | ||||
Closing foreign exchange rate | 1.07 | 1.14 | ||
Assets [abstract] | ||||
Total cash and cash equivalents | $ 53 | $ 7 | ||
Loans and receivables, gross | 0 | 0 | ||
Assets | 53 | 7 | ||
Liabilities [abstract] | ||||
Borrowings | 0 | 0 | ||
Liabilities | 0 | 0 | ||
Risk exposure associated with instruments sharing characteristic | $ 53 | $ 7 | ||
Japan, Yen | Currency risk [member] | ||||
Exposure to currency risk | ||||
Closing foreign exchange rate | 130.96 | 115.15 | ||
Assets [abstract] | ||||
Total cash and cash equivalents | $ 4 | $ 1 | ||
Loans and receivables, gross | 0 | 0 | ||
Assets | 4 | 1 | ||
Liabilities [abstract] | ||||
Borrowings | 0 | 0 | ||
Liabilities | 0 | 0 | ||
Risk exposure associated with instruments sharing characteristic | $ 4 | $ 1 | ||
Colombia, Pesos | Currency risk [member] | ||||
Exposure to currency risk | ||||
Closing foreign exchange rate | 4,854.37 | 4,072.94 | ||
Assets [abstract] | ||||
Total cash and cash equivalents | $ 9 | $ 21 | ||
Loans and receivables, gross | 0 | 0 | ||
Assets | 9 | 21 | ||
Liabilities [abstract] | ||||
Borrowings | 0 | 0 | ||
Liabilities | 0 | 0 | ||
Risk exposure associated with instruments sharing characteristic | $ 9 | $ 21 | ||
Mexico, Pesos | Currency risk [member] | ||||
Exposure to currency risk | ||||
Closing foreign exchange rate | 19.50 | 20.46 | ||
Assets [abstract] | ||||
Total cash and cash equivalents | $ 5,439 | $ 1,531 | ||
Loans and receivables, gross | 301,765 | 222,747 | ||
Assets | 307,204 | 224,278 | ||
Liabilities [abstract] | ||||
Borrowings | (306,603) | (224,384) | ||
Liabilities | (306,603) | (224,384) | ||
Risk exposure associated with instruments sharing characteristic | 601 | (106) | ||
Other Currencies | Currency risk [member] | ||||
Assets [abstract] | ||||
Total cash and cash equivalents | 38 | 34 | ||
Loans and receivables, gross | 0 | 0 | ||
Assets | 38 | 34 | ||
Liabilities [abstract] | ||||
Borrowings | 0 | 0 | ||
Liabilities | 0 | 0 | ||
Risk exposure associated with instruments sharing characteristic | $ 38 | $ 34 |
Financial risk - Derivatives he
Financial risk - Derivatives held for risk management (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Derivative financial instruments - assets | $ 68,159 | $ 10,805 | |
Derivative financial instruments - liabilities | 33,761 | $ 28,455 | |
USD LIBOR | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Derivative financial instruments - assets | $ 0 | 1,937 | |
Derivative financial instruments - liabilities | $ 68,768 | $ 88,768 |
Financial risk - Non-derivative
Financial risk - Non-derivative financial assets and liabilities (Details) - USD LIBOR - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Loans | ||
Disclosure of financial assets [line items] | ||
Non-derivative financial assets | $ 1,178,782 | $ 1,357,407 |
Borrowings and debt | ||
Disclosure of financial assets [line items] | ||
Non-derivative financial liabilities | 12,500 | 62,500 |
Commitments and contingencies | ||
Disclosure of financial assets [line items] | ||
Non-derivative financial liabilities | $ 92,188 | $ 92,188 |
Fair value of financial instr_3
Fair value of financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Fair value of financial instruments [Line Items] | ||
Total securities and other financial assets | $ 199,804 | |
Derivative financial instruments - assets | $ 68,159 | 10,805 |
Total financial assets at fair value | 146,531 | 210,609 |
Derivative financial instruments - liabilities | 33,761 | 28,455 |
Total financial liabilities at fair value | 33,761 | 28,455 |
Debt securities | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through profit or loss | 5,313 | |
Level 1 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Total securities and other financial assets | 0 | |
Derivative financial instruments - assets | 0 | 0 |
Total financial assets at fair value | 0 | 0 |
Derivative financial instruments - liabilities | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Level 1 | Debt securities | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Level 2 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Total securities and other financial assets | 194,491 | |
Derivative financial instruments - assets | 68,159 | 10,805 |
Total financial assets at fair value | 146,531 | 205,296 |
Derivative financial instruments - liabilities | 33,761 | 28,455 |
Total financial liabilities at fair value | 33,761 | 28,455 |
Level 2 | Debt securities | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Level 3 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Total securities and other financial assets | 5,313 | |
Derivative financial instruments - assets | 0 | 0 |
Total financial assets at fair value | 0 | 5,313 |
Derivative financial instruments - liabilities | 0 | 0 |
Total financial liabilities at fair value | 0 | 0 |
Level 3 | Debt securities | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through profit or loss | 5,313 | |
Interest rate swaps | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 483 | 1,282 |
Derivative financial instruments - liabilities | 544 | 538 |
Interest rate swaps | Level 1 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 0 | 0 |
Derivative financial instruments - liabilities | 0 | 0 |
Interest rate swaps | Level 2 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 483 | 1,282 |
Derivative financial instruments - liabilities | 544 | 538 |
Interest rate swaps | Level 3 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 0 | 0 |
Derivative financial instruments - liabilities | 0 | 0 |
Cross-currency swaps | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 45,806 | 9,523 |
Derivative financial instruments - liabilities | 33,217 | 27,917 |
Cross-currency swaps | Level 1 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 0 | 0 |
Derivative financial instruments - liabilities | 0 | 0 |
Cross-currency swaps | Level 2 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 45,806 | 9,523 |
Derivative financial instruments - liabilities | 33,217 | 27,917 |
Cross-currency swaps | Level 3 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 0 | 0 |
Derivative financial instruments - liabilities | 0 | 0 |
Foreign exchange forwards | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 21,870 | |
Foreign exchange forwards | Level 1 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 0 | |
Foreign exchange forwards | Level 2 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 21,870 | |
Foreign exchange forwards | Level 3 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Derivative financial instruments - assets | 0 | |
Securities at FVOCI - Corporate debt | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | 78,372 | 194,491 |
Securities at FVOCI - Corporate debt | Level 1 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | 0 | 0 |
Securities at FVOCI - Corporate debt | Level 2 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | 78,372 | 194,491 |
Securities at FVOCI - Corporate debt | Level 3 | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 0 | $ 0 |
Fair value of financial instr_4
Fair value of financial instruments - Carrying value and an estimated fair value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Fair value of financial instruments [Line Items] | ||||
Cash and deposits in banks | $ 1,241,586 | $ 1,253,052 | $ 863,812 | |
Loans at amortized cost, net | 6,760,434 | 5,713,022 | ||
Customers' liabilities under acceptances | 163,345 | 201,515 | ||
Investment property | 0 | 3,214 | ||
Deposits | 3,205,386 | 3,037,457 | ||
Securities sold under repurchase agreements | 300,498 | 427,497 | ||
Borrowings and debt, net | 4,416,511 | 3,304,178 | $ 1,966,271 | $ 3,118,396 |
Acceptances outstanding | 163,345 | 201,515 | ||
Not measured at fair value in statement of financial position but for which fair value is disclosed | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Cash and deposits in banks | 1,241,586 | 1,253,052 | ||
Securities at amortized cost | 945,260 | 637,422 | ||
Loans at amortized cost, net | 6,760,434 | 5,707,709 | ||
Customers' liabilities under acceptances | 163,345 | 201,515 | ||
Deposits | 3,205,386 | 3,037,457 | ||
Securities sold under repurchase agreements | 300,498 | 427,497 | ||
Borrowings and debt, net | 4,416,511 | 3,304,178 | ||
Acceptances outstanding | 163,345 | 201,515 | ||
At fair value [member] | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Cash and deposits in banks | 1,241,586 | 1,253,052 | ||
Securities at amortized cost | 895,154 | 632,848 | ||
Loans at amortized cost, net | 6,785,652 | 5,806,915 | ||
Customers' liabilities under acceptances | 163,345 | 201,515 | ||
Deposits | 3,205,386 | 3,037,457 | ||
Securities sold under repurchase agreements | 300,498 | 427,497 | ||
Borrowings and debt, net | 4,389,902 | 3,294,135 | ||
Acceptances outstanding | 163,345 | 201,515 | ||
Level 1 | Not measured at fair value in statement of financial position but for which fair value is disclosed | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Cash and deposits in banks | 0 | 0 | ||
Securities at amortized cost | 0 | 0 | ||
Loans at amortized cost, net | 0 | 0 | ||
Customers' liabilities under acceptances | 0 | 0 | ||
Deposits | 0 | 0 | ||
Securities sold under repurchase agreements | 0 | 0 | ||
Borrowings and debt, net | 0 | 0 | ||
Acceptances outstanding | 0 | 0 | ||
Level 2 | Not measured at fair value in statement of financial position but for which fair value is disclosed | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Cash and deposits in banks | 1,241,586 | 1,253,052 | ||
Securities at amortized cost | 894,034 | 628,284 | ||
Loans at amortized cost, net | 6,785,652 | 5,806,915 | ||
Customers' liabilities under acceptances | 163,345 | 201,515 | ||
Deposits | 3,205,386 | 3,037,457 | ||
Securities sold under repurchase agreements | 300,498 | 427,497 | ||
Borrowings and debt, net | 4,389,902 | 3,294,135 | ||
Acceptances outstanding | 163,345 | 201,515 | ||
Level 3 | Not measured at fair value in statement of financial position but for which fair value is disclosed | ||||
Disclosure of Fair value of financial instruments [Line Items] | ||||
Cash and deposits in banks | 0 | 0 | ||
Securities at amortized cost | 1,120 | 4,564 | ||
Loans at amortized cost, net | 0 | 0 | ||
Customers' liabilities under acceptances | 0 | 0 | ||
Deposits | 0 | 0 | ||
Securities sold under repurchase agreements | 0 | 0 | ||
Borrowings and debt, net | 0 | 0 | ||
Acceptances outstanding | $ 0 | $ 0 |
Fair value of financial instr_5
Fair value of financial instruments - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments and contingencies | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Interest receivable | $ 70 | $ 23.3 |
Allowance for loans losses | 55.2 | 41.5 |
Unearned interest and deferred fees | 17.3 | 8.7 |
Securities at amortized cost | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Interest receivable | 11.2 | 8.1 |
Allowance for loans losses | $ 8 | $ 1.8 |
Fair value of financial instr_6
Fair value of financial instruments - Level 3 (Details) - Loans at fair value through profit or loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of Fair value of financial instruments [Line Items] | ||
Balance at the beginning | $ 5,313 | |
Balance at the end | 0 | $ 5,313 |
At fair value through profit or loss | ||
Disclosure of Fair value of financial instruments [Line Items] | ||
Balance at the beginning | 5,313 | 4,949 |
Additions | 5,800 | |
Net changes in fair value(1) | 437 | 364 |
Write-offs | (5,750) | |
Balance at the end | $ 0 | $ 5,313 |
Fair value of financial instr_7
Fair value of financial instruments - Fair value measurement sensitivity to unobservable inputs (Details) | Dec. 31, 2021 |
Minimum of the year | |
Disclosure of Fair value of financial instruments [Line Items] | |
A significant increase would result in a lower fair value | 6.86% |
Top of range [member] | |
Disclosure of Fair value of financial instruments [Line Items] | |
A significant increase would result in a lower fair value | 7.84% |
Fair value of financial instr_8
Fair value of financial instruments - Effect of unobservable inputs on fair value measurement (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
+ 100 bps to the observable and unobservable inputs | |
Disclosure of Fair value of financial instruments [Line Items] | |
Change in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ (108) |
- 100 bps to the observable and unobservable inputs | |
Disclosure of Fair value of financial instruments [Line Items] | |
Change in fair value measurement due to change in one or more unobservable inputs to reflect reasonably possible alternative assumptions, assets | $ 111 |
Cash and due from banks - Inter
Cash and due from banks - Interest bearing deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and due from banks | ||||
Unrestricted deposits with the Federal Reserve of the United States of America | $ 1,144,896 | $ 1,201,101 | $ 688,612 | |
Cash and non-interest-bearing deposits in other banks | 7,886 | 3,507 | 4,331 | |
Cash and interest-bearing deposits in other banks | 88,804 | 48,444 | 170,869 | |
Total cash and cash equivalents | 1,241,586 | 1,253,052 | 863,812 | |
Less: | ||||
Time deposits with original maturity over 90 days and other restricted deposits | 50,650 | 42,051 | 17,804 | |
Total cash and due from banks in the consolidated statement of cash flows | $ 1,190,936 | $ 1,211,001 | $ 846,008 | $ 1,159,718 |
Cash and due from banks - Break
Cash and due from banks - Breakdown of pledged deposits by country risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Interest-Bearing Deposits In Banks | ||||
Unrestricted deposits with the Federal Reserve of the United States of America | $ 1,144,896 | $ 1,201,101 | $ 688,612 | |
Cash and non-interest-bearing deposits in other banks | 7,886 | 3,507 | 4,331 | |
Cash and interest-bearing deposits in other banks | 88,804 | 48,444 | 170,869 | |
Total cash and cash equivalents | 1,241,586 | 1,253,052 | 863,812 | |
Less: | ||||
Time deposits with original maturity over 90 days and other restricted deposits | 50,650 | 42,051 | 17,804 | |
Total cash and due from banks in the consolidated statement of cash flows | 1,190,936 | 1,211,001 | 846,008 | $ 1,159,718 |
Pledged deposits | ||||
Other cash and cash equivalents | 50,650 | 42,051 | 17,804 | |
UNITED STATES | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 11,387 | 12,615 | 11,515 | |
Other cash and cash equivalents, Restricted deposit | 10,000 | |||
SWITZERLAND | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 16,797 | 9,787 | 3,027 | |
FRANCE | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 0 | 4,790 | 50 | |
Spain | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 12,814 | 4,011 | 18 | |
Netherlands | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 0 | 3,870 | 334 | |
Japan | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 0 | 3,790 | 1,330 | |
MEXICO | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 0 | 2,430 | 790 | |
GERMANY | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 5,380 | 449 | 0 | |
UNITED KINGDOM | ||||
Pledged deposits | ||||
Other cash and cash equivalents | 4,272 | 309 | 130 | |
CANADA | ||||
Pledged deposits | ||||
Other cash and cash equivalents | $ 0 | $ 0 | $ 610 |
Securities and other financia_3
Securities and other financial assets, net - Schedule of all securities and other financial assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Amortised Cost | $ 945,260 | $ 637,422 |
At FVOCI recyclable to profit and loss | (78,372) | (194,491) |
Total | (1,023,632) | (831,913) |
Principal | ||
Statement [Line Items] | ||
Amortised Cost | 941,971 | 631,123 |
Amortized cost | (941,971) | (631,123) |
At FVOCI recyclable to profit and loss | (77,972) | (193,488) |
Total | (1,019,943) | (824,611) |
Interest receivable | ||
Statement [Line Items] | ||
Amortised Cost | 11,240 | 8,089 |
At FVOCI recyclable to profit and loss | (400) | (1,003) |
Total | (11,640) | (9,092) |
Allowance | ||
Statement [Line Items] | ||
Amortised Cost | 7,951 | 1,790 |
At FVOCI recyclable to profit and loss | 0 | 0 |
Total | $ (7,951) | $ (1,790) |
Securities and other financia_4
Securities and other financial assets, net - Schedule of all securities and other financial assets by contractual maturity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
At FVOCI recyclable to profit and loss | $ 78,372 | $ 194,491 |
Total | 1,023,632 | 831,913 |
Due within 1 year | ||
Statement [Line Items] | ||
Amortized cost | 222,666 | 63,640 |
At FVOCI recyclable to profit and loss | 77,972 | 113,792 |
Total | 300,638 | 177,432 |
After 1 year but within 5 years | ||
Statement [Line Items] | ||
Amortized cost | 711,328 | 567,483 |
At FVOCI recyclable to profit and loss | 0 | 79,696 |
Total | 711,328 | 647,179 |
Later than five years [member] | ||
Statement [Line Items] | ||
Amortized cost | 7,977 | |
At FVOCI recyclable to profit and loss | 0 | |
Total | 7,977 | |
Principal | ||
Statement [Line Items] | ||
Amortized cost | 941,971 | 631,123 |
At FVOCI recyclable to profit and loss | 77,972 | 193,488 |
Total | $ 1,019,943 | $ 824,611 |
Securities and other financia_5
Securities and other financial assets, net - Schedule of securities pledge to secure repurchase transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IFRS Statement [Line Items] | ||
Repurchase agreements and cash collateral on securities lent | $ (300,498) | $ (427,497) |
Financial assets at amortised cost, class [member] | ||
IFRS Statement [Line Items] | ||
Securities Pledge as Security for Repurchase Transactions | 345,187 | 498,274 |
Repurchase agreements and cash collateral on securities lent | $ (300,498) | $ (427,497) |
Loans - Summary of loan portfol
Loans - Summary of loan portfolio according to classification and subsequent measurement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables, gross | $ 6,763,020 | ||
Loans at fair value through profit or loss | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables, gross | $ 5,734,605 | 6,763,020 | |
Interest receivable | 23,308 | 69,965 | |
Loss allowance | (41,476) | (55,200) | |
Unearned interest and deferred fees | (8,728) | (17,351) | |
Loans at amortized cost | 5,707,709 | 6,760,434 | |
Loans at FVTPL | 5,313 | 0 | |
Loans, net | 5,713,022 | 6,760,434 | |
At fair value through profit or loss | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables, gross | 5,739,918 | ||
At fair value through profit or loss | Loans at fair value through profit or loss | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans at FVTPL | 5,313 | $ 0 | $ 4,949 |
Additions | 5,800 | ||
Gain Realized In Gain (Loss) On Financial Instruments, Net | $ 577 |
Loans - Schedule of fixed and f
Loans - Schedule of fixed and floating interest rate distribution of the loan portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans, net | $ 6,760,434 | $ 5,713,022 |
Costs: | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, net | 6,763,020 | 5,739,918 |
At fixed interest rates | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, net | 3,827,083 | 3,327,310 |
At floating interest rates | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, net | $ 2,935,937 | $ 2,412,608 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
At fixed interest rates | ||
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 eight days | 79% | 71% |
Annual interest rate | Minimum of the year | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest rate fluctuations of loans at amortized cost, financial assets | 1.27% | 0.53% |
Annual interest rate | Top of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest rate fluctuations of loans at amortized cost, financial assets | 15.32% | 10.23% |
Loans - Summary of information
Loans - Summary of information related to loans granted to shareholders (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Loans to class A and B shareholders | $ 6,760,434 | $ 5,713,022 |
Class A and B shareholders | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans to class A and B shareholders | $ 834,768 | $ 467,000 |
% Loans to class A and B shareholders over total loan portfolio | 12% | 8% |
% Class A and B stockholders with loans over number of class A and B stockholders | 11% | 10% |
Loans - Summary of modified fin
Loans - Summary of modified financial assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Borrowings [abstract] | |
Gross carrying amount before modification | $ 65,000 |
Allowance loss before modification | (12,739) |
Net amortized cost before modification | 52,261 |
Gross carrying amount after modification | 65,000 |
Allowance loss after modification | (12,699) |
Net amortized cost after modification | $ 52,301 |
Loan commitments and financia_3
Loan commitments and financial guarantees contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | $ 779,374 | $ 603,759 |
Documentary letters of credit | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | 304,789 | 214,230 |
Stand-by letters of credit and guarantees - commercial risk | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | 351,625 | 268,196 |
Credit commitments | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | $ 122,960 | $ 121,333 |
Loan commitments and financia_4
Loan commitments and financial guarantees contracts - Remaining maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | $ 779,374 | $ 603,759 |
Due within 1 year | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | 693,650 | 542,137 |
From 1 year to 2 years | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | 15,956 | 57,622 |
Over 2 to 5 years | ||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | ||
Loan commitments and financial guarantee contracts | $ 69,768 | $ 4,000 |
Gain (loss) on financial inst_3
Gain (loss) on financial instruments, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Loss on derivative financial instruments and foreign currency exchange, net | $ (1,920) | $ (1,870) | $ (1,813) |
Unrealized gain (loss) on financial instruments at FVTPL | 0 | 227 | (806) |
Realized gain (loss) on financial instruments at FVTPL | 510 | 0 | (2,175) |
Gain on sale of financial instruments at amortized cost | 0 | 333 | 0 |
Realized gain on financial instruments at FVOCI | 0 | 14 | 0 |
Totals | $ (1,410) | $ (1,296) | $ (4,794) |
Derivative financial instrume_3
Derivative financial instruments - Schedule of quantitative information on the notional and carrying amounts of derivative financial instruments used to hedge foreign exchange risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | $ 1,733,454 | $ 943,931 |
Derivative financial instruments - assets | 68,159 | 10,805 |
Carrying amount of the hedging instrument, Liability | (33,761) | (28,455) |
Fair value hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of the hedging instruments, Asset | 4,469 | 2,065 |
Carrying amount of the hedging instruments, Liability | (16,780) | (20,908) |
Fair value hedges | Interest rate risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 293,711 | 40,000 |
Carrying amount of the hedging instruments, Asset | 340 | 1,282 |
Carrying amount of the hedging instruments, Liability | (543) | 0 |
Fair value hedges | Interest rate and foreign exchange risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 252,793 | 428,067 |
Carrying amount of the hedging instruments, Asset | 4,129 | 783 |
Carrying amount of the hedging instruments, Liability | (16,237) | (20,908) |
Cash flow hedges | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount of the hedging instruments, Asset | 63,690 | 8,740 |
Carrying amount of the hedging instruments, Liability | (16,981) | (7,547) |
Cash flow hedges | Interest rate risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 75,000 | 20,000 |
Carrying amount of the hedging instruments, Asset | 143 | 0 |
Carrying amount of the hedging instruments, Liability | (1) | (538) |
Cash flow hedges | Interest rate and foreign exchange risk | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 922,777 | 455,864 |
Carrying amount of the hedging instruments, Asset | 41,677 | 8,740 |
Carrying amount of the hedging instruments, Liability | (16,980) | $ (7,009) |
Cash flow hedges | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Nominal amount | 189,173 | |
Carrying amount of the hedging instruments, Asset | 21,870 | |
Carrying amount of the hedging instruments, Liability | $ 0 |
Derivative financial instrume_4
Derivative financial instruments - Schedule of notional amounts and carrying amounts of derivative instruments (Details) - Fair value hedges number in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 546,504 | 468,067 |
Carrying amount of the hedging instruments, Asset | $ 4,469 | $ 2,065 |
Carrying amount of the hedging instruments, Liability | (16,780) | (20,908) |
Change in fair value used for calculating hedge ineffectiveness | 6,162 | (18,656) |
Ineffectiveness recognised in profit or loss | (1,868) | (1,380) |
Carrying amount of hedged items,Asset | 168,629 | 2,717 |
Carrying amount of hedged items , liabilities | (373,157) | (448,039) |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | 12,528 | 18,168 |
Change in the fair value of the hedged item used to recognise ineffectiveness | (8,030) | 17,276 |
Interest rate risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Asset | 340 | 1,282 |
Carrying amount of the hedging instruments, Liability | $ (543) | $ 0 |
Interest rate risk | Loans | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 155,511 | |
Carrying amount of the hedging instruments, Asset | $ 134 | |
Carrying amount of the hedging instruments, Liability | (543) | |
Change in fair value used for calculating hedge ineffectiveness | 1,607 | |
Ineffectiveness recognised in profit or loss | (18) | |
Carrying amount of hedged items,Asset | 157,136 | |
Carrying amount of hedged items , liabilities | 0 | |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | (1,625) | |
Change in the fair value of the hedged item used to recognise ineffectiveness | $ (1,625) | |
Interest rate risk | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 10,000 | |
Carrying amount of the hedging instruments, Asset | $ 178 | |
Carrying amount of the hedging instruments, Liability | 0 | |
Change in fair value used for calculating hedge ineffectiveness | 167 | |
Ineffectiveness recognised in profit or loss | (62) | |
Carrying amount of hedged items,Asset | 9,654 | |
Carrying amount of hedged items , liabilities | 0 | |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | (229) | |
Change in the fair value of the hedged item used to recognise ineffectiveness | $ (229) | |
Interest rate risk | Borrowings and debt | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 128,200 | 40,000 |
Carrying amount of the hedging instruments, Asset | $ 28 | $ 1,282 |
Carrying amount of the hedging instruments, Liability | 0 | 0 |
Change in fair value used for calculating hedge ineffectiveness | (3,457) | (19) |
Ineffectiveness recognised in profit or loss | (111) | 22 |
Carrying amount of hedged items,Asset | 0 | 0 |
Carrying amount of hedged items , liabilities | (129,306) | (41,315) |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | 3,350 | 0 |
Change in the fair value of the hedged item used to recognise ineffectiveness | 3,346 | 41 |
Interest rate and foreign exchange risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Asset | 4,129 | 783 |
Carrying amount of the hedging instruments, Liability | $ (16,237) | $ (20,908) |
Interest rate and foreign exchange risk | Loans | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 1,938 | 3,006 |
Carrying amount of the hedging instruments, Asset | $ 108 | $ 333 |
Carrying amount of the hedging instruments, Liability | 0 | 0 |
Change in fair value used for calculating hedge ineffectiveness | (227) | (23) |
Ineffectiveness recognised in profit or loss | (129) | (119) |
Carrying amount of hedged items,Asset | 1,839 | 2,717 |
Carrying amount of hedged items , liabilities | 0 | 0 |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | (580) | (751) |
Change in the fair value of the hedged item used to recognise ineffectiveness | $ 98 | $ (96) |
Interest rate and foreign exchange risk | Borrowings and debt | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 250,855 | 425,061 |
Carrying amount of the hedging instruments, Asset | $ 4,021 | $ 450 |
Carrying amount of the hedging instruments, Liability | (16,237) | (20,908) |
Change in fair value used for calculating hedge ineffectiveness | 8,072 | (18,614) |
Ineffectiveness recognised in profit or loss | (1,548) | (1,283) |
Carrying amount of hedged items,Asset | 0 | 0 |
Carrying amount of hedged items , liabilities | (243,851) | (406,724) |
Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | 11,612 | 18,919 |
Change in the fair value of the hedged item used to recognise ineffectiveness | $ (9,620) | $ 17,331 |
Derivative financial instrume_5
Derivative financial instruments - Schedule of maturity of financial instruments (Details) - Fair value hedges - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about hedging instruments [line items] | ||
Total | $ 546,504 | $ 468,067 |
Due within 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 147,448 | 311,646 |
Over 1 to 2 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 173,415 | 3,006 |
Over 2 to 5 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 215,516 | 153,415 |
Later than five years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 10,125 | |
Interest rate and foreign exchange risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 252,793 | 428,067 |
Interest rate and foreign exchange risk | Due within 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 1,937 | 271,646 |
Interest rate and foreign exchange risk | Over 1 to 2 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 153,415 | 3,006 |
Interest rate and foreign exchange risk | Over 2 to 5 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 87,316 | 153,415 |
Interest rate and foreign exchange risk | Later than five years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 10,125 | |
Interest rate swap contract [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 293,711 | 40,000 |
Interest rate swap contract [member] | Due within 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 145,511 | 40,000 |
Interest rate swap contract [member] | Over 1 to 2 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 20,000 | 0 |
Interest rate swap contract [member] | Over 2 to 5 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 128,200 | $ 0 |
Interest rate swap contract [member] | Later than five years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | $ 0 |
Derivative financial instrume_6
Derivative financial instruments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative financial instruments | |
Description of duration of hedging, financial assets | 6 years |
Derivative financial Instrume_7
Derivative financial Instruments - Schedule of carrying amounts of derivative instruments (Details) - Cash flow hedges - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 1,186,950 | 475,864 |
Carrying amount of the hedging instruments, Asset | $ 63,690 | $ 8,740 |
Carrying amount of the hedging instruments, Liability | (16,981) | (7,547) |
Change in fair value used for calculating hedge ineffectiveness | 50,631 | (20,705) |
Changes in the fair value of the hedging instrument recognised in OCI | 49,482 | (20,360) |
Ineffectiveness recognised in profit or loss | (1,149) | 345 |
Amount reclassified from the hedge reserve to profit or loss | 4,914 | 4,012 |
Carrying amount of hedged items,Asset | 0 | 0 |
Carrying amount of hedged items , liabilities | (1,224,849) | (490,222) |
Change in the fair value of the hedged item used to recognise ineffectiveness | (49,482) | 20,360 |
Cash flow hedge reserve | (7,141) | 10,756 |
Interest rate risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Asset | 143 | 0 |
Carrying amount of the hedging instruments, Liability | $ (1) | $ (538) |
Interest rate risk | Borrowings and debt | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 75,000 | 20,000 |
Carrying amount of the hedging instruments, Asset | $ 143 | $ 0 |
Carrying amount of the hedging instruments, Liability | (1) | (538) |
Change in fair value used for calculating hedge ineffectiveness | 550 | 562 |
Changes in the fair value of the hedging instrument recognised in OCI | 551 | 560 |
Ineffectiveness recognised in profit or loss | 1 | (2) |
Amount reclassified from the hedge reserve to profit or loss | 0 | 423 |
Carrying amount of hedged items,Asset | 0 | 0 |
Carrying amount of hedged items , liabilities | (75,695) | (20,041) |
Change in the fair value of the hedged item used to recognise ineffectiveness | (551) | (560) |
Cash flow hedge reserve | (97) | 0 |
Interest rate and foreign exchange risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Asset | 41,677 | 8,740 |
Carrying amount of the hedging instruments, Liability | $ (16,980) | $ (7,009) |
Interest rate and foreign exchange risk | Borrowings and debt | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 922,777 | 455,864 |
Carrying amount of the hedging instruments, Asset | $ 41,677 | $ 8,740 |
Carrying amount of the hedging instruments, Liability | (16,980) | (7,009) |
Change in fair value used for calculating hedge ineffectiveness | 28,211 | (21,267) |
Changes in the fair value of the hedging instrument recognised in OCI | 27,061 | (20,920) |
Ineffectiveness recognised in profit or loss | (1,150) | 347 |
Amount reclassified from the hedge reserve to profit or loss | 4,914 | 0 |
Carrying amount of hedged items,Asset | 0 | 0 |
Carrying amount of hedged items , liabilities | (943,942) | (470,181) |
Change in the fair value of the hedged item used to recognise ineffectiveness | (27,061) | 20,920 |
Cash flow hedge reserve | (8,836) | $ 10,756 |
Currency risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Asset | 21,870 | |
Carrying amount of the hedging instruments, Liability | $ 0 | |
Currency risk [member] | Borrowings and debt | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 180,639 | |
Carrying amount of the hedging instruments, Asset | $ 21,833 | |
Carrying amount of the hedging instruments, Liability | 0 | |
Change in fair value used for calculating hedge ineffectiveness | 21,833 | |
Changes in the fair value of the hedging instrument recognised in OCI | 21,833 | |
Ineffectiveness recognised in profit or loss | 0 | |
Amount reclassified from the hedge reserve to profit or loss | 0 | |
Carrying amount of hedged items,Asset | 0 | |
Carrying amount of hedged items , liabilities | (196,646) | |
Change in the fair value of the hedged item used to recognise ineffectiveness | (21,833) | |
Cash flow hedge reserve | $ 1,836 | |
Currency risk [member] | Loans at amortized cost | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 0 | |
Carrying amount of the hedging instruments, Asset | $ 0 | |
Carrying amount of the hedging instruments, Liability | 0 | |
Change in fair value used for calculating hedge ineffectiveness | 0 | |
Changes in the fair value of the hedging instrument recognised in OCI | 0 | |
Ineffectiveness recognised in profit or loss | 0 | |
Amount reclassified from the hedge reserve to profit or loss | $ 3,589 | |
Currency risk [member] | Time Deposits | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount | 8,534 | |
Carrying amount of the hedging instruments, Asset | $ 37 | |
Carrying amount of the hedging instruments, Liability | 0 | |
Change in fair value used for calculating hedge ineffectiveness | 37 | |
Changes in the fair value of the hedging instrument recognised in OCI | 37 | |
Ineffectiveness recognised in profit or loss | 0 | |
Amount reclassified from the hedge reserve to profit or loss | 0 | |
Carrying amount of hedged items,Asset | 0 | |
Carrying amount of hedged items , liabilities | (8,566) | |
Change in the fair value of the hedged item used to recognise ineffectiveness | (37) | |
Cash flow hedge reserve | $ (44) |
Derivative financial Instrume_8
Derivative financial Instruments - Schedule of maturity of financial instruments (Details) - Cash flow hedges - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about hedging instruments [line items] | ||
Total | $ 1,186,950 | $ 475,864 |
Due within 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 652,208 | 108,779 |
Over 1 to 2 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 194,639 | 50,332 |
Over 2 to 5 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 322,817 | 299,684 |
Later than five years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 17,286 | 17,069 |
Currency risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 189,173 | |
Currency risk [member] | Due within 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 189,173 | |
Currency risk [member] | Over 1 to 2 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 0 | |
Currency risk [member] | Over 2 to 5 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 0 | |
Currency risk [member] | Later than five years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 0 | |
Interest rate and foreign exchange risk | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 922,777 | 455,864 |
Interest rate and foreign exchange risk | Due within 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 388,035 | 108,779 |
Interest rate and foreign exchange risk | Over 1 to 2 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 194,639 | 30,332 |
Interest rate and foreign exchange risk | Over 2 to 5 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 322,817 | 299,684 |
Interest rate and foreign exchange risk | Later than five years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 17,286 | 17,069 |
Interest rate swap contract [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 75,000 | 20,000 |
Interest rate swap contract [member] | Due within 1 year | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 75,000 | 0 |
Interest rate swap contract [member] | Over 1 to 2 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 0 | 20,000 |
Interest rate swap contract [member] | Over 2 to 5 years | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | 0 | 0 |
Interest rate swap contract [member] | Later than five years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total | $ 0 | $ 0 |
Gain (loss) on non - financia_3
Gain (loss) on non - financial assets, net - Schedule of impairment losses on non-financial assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (loss) on non - financial assets, net | |||
Gain on investment property - Right-of-use | $ 742 | $ 0 | |
Gain on investment property - Fair value | 0 | 296 | |
Total | $ 0 | $ 742 | $ 296 |
Gain (loss) on non - financia_4
Gain (loss) on non - financial assets, net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gain (loss) on non - financial assets, net | |||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | $ 0 | $ (742) | $ (296) |
Gains on disposals of investment properties | $ 0 | $ 742 | $ 0 |
Equipment and leasehold impro_3
Equipment and leasehold improvements - Summary of items include in equipment and leasehold improvement (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Equipment and leasehold improvements, net | $ 17,282 | $ 17,779 |
Equipment and leasehold improvements, net | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Equipment and leasehold improvements, net | 4,441 | 3,841 |
Right-of-use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Equipment and leasehold improvements, net | $ 12,841 | $ 13,938 |
Equipment and leasehold impro_4
Equipment and leasehold improvements - Schedule of breakdown of cost, accumulated depreciation, additions and disposals of equipment and leasehold improvements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | $ 17,779 | ||
Ending balance | 17,282 | $ 17,779 | |
Equipment and leasehold improvements, net | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 3,841 | 4,990 | |
Ending balance | 4,441 | 3,841 | $ 4,990 |
IT equipment | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 630 | 796 | |
Ending balance | 799 | 630 | 796 |
Furniture and fixtures | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 39 | 76 | |
Ending balance | 172 | 39 | 76 |
Leasehold improvements | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 3,075 | 3,598 | |
Ending balance | 3,395 | 3,075 | 3,598 |
Other equipment | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 97 | 520 | |
Ending balance | 75 | 97 | 520 |
Costs: | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 14,290 | 15,813 | 16,068 |
Additions | 1,651 | 453 | 997 |
Disposals | (1,182) | (1,967) | (1,203) |
Effect of changes in exchange rates | 8 | (10) | (49) |
Reclassifications | 1 | ||
Ending balance | 14,767 | 14,290 | 15,813 |
Costs: | IT equipment | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 4,476 | 4,136 | 4,905 |
Additions | 599 | 402 | 293 |
Disposals | (1,136) | (58) | (1,045) |
Effect of changes in exchange rates | 2 | (5) | (17) |
Reclassifications | 1 | ||
Ending balance | 3,941 | 4,476 | 4,136 |
Costs: | Furniture and fixtures | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 1,677 | 1,677 | 1,771 |
Additions | 165 | 4 | 1 |
Disposals | (36) | (3) | (84) |
Effect of changes in exchange rates | 2 | (1) | (11) |
Reclassifications | 0 | ||
Ending balance | 1,808 | 1,677 | 1,677 |
Costs: | Leasehold improvements | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 7,450 | 7,428 | 6,803 |
Additions | 852 | 26 | 671 |
Disposals | (4) | 0 | (26) |
Effect of changes in exchange rates | 3 | (4) | (20) |
Reclassifications | 0 | ||
Ending balance | 8,301 | 7,450 | 7,428 |
Costs: | Other equipment | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 687 | 2,572 | 2,589 |
Additions | 35 | 21 | 32 |
Disposals | (6) | (1,906) | (48) |
Effect of changes in exchange rates | 1 | 0 | (1) |
Reclassifications | 0 | ||
Ending balance | 717 | 687 | 2,572 |
Accumulated amortization: | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 10,449 | 10,823 | 9,838 |
Amortization | 1,050 | 1,346 | 2,179 |
Disposals | (1,176) | (1,712) | (1,173) |
Effect of changes in exchange rates | 3 | (9) | (21) |
Reclassifications | 1 | ||
Ending balance | 10,326 | 10,449 | 10,823 |
Accumulated amortization: | IT equipment | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 3,846 | 3,340 | 3,754 |
Amortization | 430 | 566 | 643 |
Disposals | (1,133) | (57) | (1,043) |
Effect of changes in exchange rates | (1) | (3) | (14) |
Reclassifications | 0 | ||
Ending balance | 3,142 | 3,846 | 3,340 |
Accumulated amortization: | Furniture and fixtures | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 1,638 | 1,601 | 1,627 |
Amortization | 32 | 41 | 63 |
Disposals | (35) | (3) | (82) |
Effect of changes in exchange rates | 1 | (2) | (7) |
Reclassifications | 1 | ||
Ending balance | 1,636 | 1,638 | 1,601 |
Accumulated amortization: | Leasehold improvements | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 4,375 | 3,830 | 3,299 |
Amortization | 531 | 549 | 553 |
Disposals | (4) | 0 | (8) |
Effect of changes in exchange rates | 4 | (4) | (14) |
Reclassifications | 0 | ||
Ending balance | 4,906 | 4,375 | 3,830 |
Accumulated amortization: | Other equipment | |||
Disclosure of loans commitments and financial guarantees contracts [Line Items] | |||
Beginning balance | 590 | 2,052 | 1,158 |
Amortization | 57 | 190 | 920 |
Disposals | (4) | (1,652) | (40) |
Effect of changes in exchange rates | (1) | 0 | 14 |
Reclassifications | 0 | ||
Ending balance | $ 642 | $ 590 | $ 2,052 |
Equipment and leasehold impro_5
Equipment and leasehold improvements - Schedule of movement of right-of-use assets on the leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Main office space | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Lease term | 15 years | |
Representative office | Minimum of the year | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Lease term | 3 years | |
Representative office | Top of range [member] | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Lease term | 5 years | |
IFRS 16 | Increase (decrease) due to changes in accounting policy required by IFRSs | Buildings | ||
Disclosure of initial application of standards or interpretations [line items] | ||
Initial balance | $ 13,938 | $ 11,223 |
Additions | 7 | 3,161 |
Depreciation of right-of-use assets | (1,104) | (1,164) |
Transfer from investment property | 0 | 1,409 |
Decrease | 0 | (691) |
Ending balance | $ 12,841 | $ 13,938 |
Intangible assets (Details)
Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | $ 1,595 | $ 1,984 | |
Ending balance | 2,104 | 1,595 | $ 1,984 |
Costs: | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 9,786 | 15,711 | 14,401 |
Additions | 1,070 | 353 | 1,311 |
Disposals | (6,278) | (1) | |
Ending balance | 10,856 | 9,786 | 15,711 |
Accumulated amortization: | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Beginning balance | 8,191 | 13,727 | 12,974 |
Disposals | (6,278) | ||
Amortization | 561 | 742 | 753 |
Ending balance | $ 8,752 | $ 8,191 | $ 13,727 |
Investment properties (Details)
Investment properties (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Reconciliation of changes in investment property [abstract] | |
Beginning balance | $ 3,214 |
Transfer to right-of-use asset | (1,409) |
Derecognition of investment property | (1,566) |
Amortization | (239) |
Ending balance | $ 0 |
Other assets (Details)
Other assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | ||
Accounts receivable | $ 2,240 | $ 1,389 |
Prepaid expenses | 1,120 | 3,485 |
Prepaid fees and commissions | 325 | 349 |
Interest receivable - deposits | 751 | 12 |
IT projects under development | 425 | 510 |
Severance fund | 2,026 | 1,981 |
Other | 481 | 704 |
Other assets | $ 7,368 | $ 8,430 |
Deposits - Schedule of maturity
Deposits - Schedule of maturity profile of the bank's deposits, excluding interest payable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | $ 3,190,716 | $ 3,036,228 |
Demand | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 233,757 | 362,356 |
Up to 1 month | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 999,043 | 842,472 |
From 1 month to 3 months | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 969,960 | 926,902 |
From 3 month to 6 months | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 385,972 | 641,526 |
From 6 month to 1 year | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 554,402 | 233,081 |
From 1 year to 2 years | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | 31,287 | 29,891 |
From 2 years to 5 years | ||
Disclosure of deposits from customers [Line Items] | ||
Deposits from customers | $ 16,295 | $ 0 |
Deposits - Schedule of addition
Deposits - Schedule of additional information regarding the bank's deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deposits | |||
Aggregate amount of $100,000 or more | $ 3,190,376 | $ 3,035,906 | |
Aggregate amount of deposits in the New York Agency | 526,474 | 515,852 | |
Interest expense on deposits made in the New York Agency | $ 12,334 | $ 3,852 | $ 5,035 |
Securities sold under repurch_2
Securities sold under repurchase agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Securities sold under repurchase agreements | |||
Financing transactions under repurchase agreements | $ 300,498 | $ 427,497 | |
Interest expense related to financing transactions | $ 7,300 | $ 956 | $ 432 |
Borrowings and debt (Narrative)
Borrowings and debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of short term borrowings [Line Items] | |||
Impairment loss (impairment gain and reversal of impairment loss) determined in accordance with IFRS 9 | $ 0 | $ (742) | $ (296) |
Euro Medium Term Note Program | |||
Disclosure of short term borrowings [Line Items] | |||
Maximum borrowing capacity | $ 2,250 | ||
Euro Medium Term Note Program | Minimum of the year | |||
Disclosure of short term borrowings [Line Items] | |||
Maturity term | 7 days | ||
Euro Medium Term Note Program | Top of range [member] | |||
Disclosure of short term borrowings [Line Items] | |||
Maturity term | 30 years | ||
Certificados Bursatiles Program | |||
Disclosure of short term borrowings [Line Items] | |||
Aggregate principal amount | $ 25,000,000 | ||
Certificados Bursatiles Program | Minimum of the year | |||
Disclosure of short term borrowings [Line Items] | |||
Maturity term | 1 day | ||
Certificados Bursatiles Program | Top of range [member] | |||
Disclosure of short term borrowings [Line Items] | |||
Maturity term | 30 years |
Borrowings and debt - Schedule
Borrowings and debt - Schedule of borrowings and debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Short-term, borrowings | $ (2,151,975) | $ (1,547,845) |
Short-term, debt | 42,250 | 34,213 |
Long-term, borrowings | 647,323 | 329,390 |
Long-term debt | 1,574,963 | 1,392,730 |
Total | 4,416,511 | 3,304,178 |
Principal | ||
Statement [Line Items] | ||
Short-term, borrowings | (2,153,351) | (1,547,845) |
Short-term, debt | 42,255 | 34,213 |
Long-term, borrowings | 650,275 | 329,888 |
Long-term debt | 1,580,727 | 1,398,223 |
Total | 4,426,608 | 3,310,169 |
Transaction costs | ||
Statement [Line Items] | ||
Short-term, borrowings | (1,376) | 0 |
Short-term, debt | (5) | 0 |
Long-term, borrowings | (2,952) | (498) |
Long-term debt | (5,764) | (5,493) |
Total | $ (10,097) | $ (5,991) |
Borrowings and debt - Schedul_2
Borrowings and debt - Schedule of short-term borrowings and debt, along with contractual interest rates (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings and debts | ||
Principal | $ 2,151,975 | $ 1,547,845 |
Current debt instruments issued | 42,250 | 34,213 |
Total short-term borrowings and debt | 2,195,606 | 1,582,058 |
US dollar | ||
Borrowings and debts | ||
Total short-term borrowings and debt | 1,593,531 | 1,401,122 |
Mexican peso | ||
Borrowings and debts | ||
Total short-term borrowings and debt | 405,830 | 180,936 |
Japanese yen | ||
Borrowings and debts | ||
Total short-term borrowings and debt | 196,245 | 0 |
Short Term Borrowings And Debt | ||
Borrowings and debts | ||
Total short-term borrowings and debt | 2,194,225 | 1,582,058 |
Short Term Borrowings | ||
Borrowings and debts | ||
Principal | 2,151,975 | 1,547,845 |
Short Term Borrowings | Short-term borrowings | ||
Borrowings and debts | ||
Principal | 2,153,351 | 1,547,845 |
Short Term Debt | ||
Borrowings and debts | ||
Principal | 42,255 | 34,213 |
Total short-term borrowings and debt | 42,250 | 34,213 |
At fixed interest rates | Short Term Borrowings | ||
Borrowings and debts | ||
Principal | 1,584,776 | 1,102,621 |
At floating interest rates | Short Term Borrowings | ||
Borrowings and debts | ||
Principal | 568,575 | 445,224 |
Current debt instruments issued | (1,376) | 0 |
At floating interest rates | Short Term Debt | ||
Borrowings and debts | ||
Principal | 42,255 | 34,213 |
Current debt instruments issued | $ (5) | $ 0 |
Top of range [member] | At fixed interest rates | Short Term Borrowings And Debt | US dollar | ||
Borrowings and debts | ||
Borrowings, interest rate | 6.52% | 2.02% |
Top of range [member] | At floating interest rates | US dollar | ||
Borrowings and debts | ||
Borrowings, interest rate | 5.72% | 0.81% |
Top of range [member] | At floating interest rates | Mexican peso | ||
Borrowings and debts | ||
Borrowings, interest rate | 12% | 6.56% |
Top of range [member] | At floating interest rates | Japanese yen | ||
Borrowings and debts | ||
Borrowings, interest rate | 1.23% | |
Minimum of the year | At fixed interest rates | Short Term Borrowings And Debt | US dollar | ||
Borrowings and debts | ||
Borrowings, interest rate | 1.53% | 0.50% |
Minimum of the year | At floating interest rates | US dollar | ||
Borrowings and debts | ||
Borrowings, interest rate | 4.90% | 0.35% |
Minimum of the year | At floating interest rates | Mexican peso | ||
Borrowings and debts | ||
Borrowings, interest rate | 10.97% | 5.39% |
Minimum of the year | At floating interest rates | Japanese yen | ||
Borrowings and debts | ||
Borrowings, interest rate | 0.84% |
Borrowings and debt - Schedul_3
Borrowings and debt - Schedule of breakdown of borrowings and long-term debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | $ 2,231,002 | $ 1,728,111 |
Short-term, debt | 42,250 | 34,213 |
Short term borrowings and debt | 2,195,606 | 1,582,058 |
US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 1,155,275 | 812,496 |
Short term borrowings and debt | 1,593,531 | 1,401,122 |
Mexican peso | ||
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 845,867 | 643,490 |
Short term borrowings and debt | 405,830 | 180,936 |
Euro | ||
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 111,095 | 121,443 |
Japanese yen | ||
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 76,513 | 116,518 |
Short term borrowings and debt | 196,245 | 0 |
Australian dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 26,968 | 18,174 |
Sterling pound | ||
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 4,464 | 5,011 |
Swiss franc | ||
Disclosure of long-term borrowings [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 10,820 | 10,979 |
Long Term Borrowings And Debt | ||
Disclosure of long-term borrowings [Line Items] | ||
Total long-term borrowings and debt, net | 2,222,286 | 1,722,120 |
Long Term Borrowings | ||
Disclosure of long-term borrowings [Line Items] | ||
Principal | 650,275 | 329,888 |
The amount of long term borrowings and debt after adjusting prepaid commission. | (2,952) | (498) |
Less: Transaction costs | 647,323 | 329,390 |
Long Term Debt | ||
Disclosure of long-term borrowings [Line Items] | ||
Principal | 1,580,727 | 1,398,223 |
The amount of long term borrowings and debt after adjusting prepaid commission. | (5,764) | (5,493) |
Less: Transaction costs | 1,574,963 | 1,392,730 |
Short Term Borrowings And Debt | ||
Disclosure of long-term borrowings [Line Items] | ||
Short term borrowings and debt | $ 2,194,225 | $ 1,582,058 |
At fixed interest rates | Long Term Borrowings And Debt | Australian dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 1.41% | |
At fixed interest rates | Long Term Borrowings And Debt | Sterling pound | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 1.50% | 1.50% |
At fixed interest rates | Long Term Borrowings And Debt | Swiss franc | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.35% | 0.35% |
At fixed interest rates | Long Term Borrowings | ||
Disclosure of long-term borrowings [Line Items] | ||
Principal | $ 75,000 | $ 115,043 |
At fixed interest rates | Long Term Debt | ||
Disclosure of long-term borrowings [Line Items] | ||
Principal | 1,136,743 | 927,550 |
At floating interest rates | Long Term Borrowings | ||
Disclosure of long-term borrowings [Line Items] | ||
Principal | 575,275 | 214,845 |
At floating interest rates | Long Term Debt | ||
Disclosure of long-term borrowings [Line Items] | ||
Principal | $ 443,984 | $ 470,673 |
Minimum of the year | At fixed interest rates | Long Term Borrowings And Debt | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.80% | |
Minimum of the year | At fixed interest rates | Long Term Borrowings And Debt | Mexican peso | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 6.50% | 6.50% |
Minimum of the year | At fixed interest rates | Long Term Borrowings And Debt | Euro | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.23% | 0.23% |
Minimum of the year | At fixed interest rates | Long Term Borrowings And Debt | Japanese yen | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.40% | |
Minimum of the year | At fixed interest rates | Long Term Borrowings And Debt | Australian dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 1.41% | |
Minimum of the year | At fixed interest rates | Short Term Borrowings And Debt | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 1.53% | 0.50% |
Minimum of the year | At floating interest rates | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 4.90% | 0.35% |
Minimum of the year | At floating interest rates | Mexican peso | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 10.97% | 5.39% |
Minimum of the year | At floating interest rates | Japanese yen | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 0.84% | |
Minimum of the year | At floating interest rates | Long Term Borrowings And Debt | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 4.96% | 0.97% |
Minimum of the year | At floating interest rates | Long Term Borrowings And Debt | Mexican peso | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 10.55% | 5.43% |
Minimum of the year | At floating interest rates | Long Term Borrowings And Debt | Japanese yen | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.40% | |
Top of range [member] | At fixed interest rates | Long Term Borrowings And Debt | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 5.81% | 2.38% |
Top of range [member] | At fixed interest rates | Long Term Borrowings And Debt | Mexican peso | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 9.20% | 9.09% |
Top of range [member] | At fixed interest rates | Long Term Borrowings And Debt | Euro | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 3.75% | 3.75% |
Top of range [member] | At fixed interest rates | Long Term Borrowings And Debt | Japanese yen | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.95% | |
Top of range [member] | At fixed interest rates | Long Term Borrowings And Debt | Australian dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 6.81% | |
Top of range [member] | At fixed interest rates | Short Term Borrowings And Debt | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 6.52% | 2.02% |
Top of range [member] | At floating interest rates | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 5.72% | 0.81% |
Top of range [member] | At floating interest rates | Mexican peso | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 12% | 6.56% |
Top of range [member] | At floating interest rates | Japanese yen | ||
Disclosure of long-term borrowings [Line Items] | ||
Range of floating interest rates on borrowings | 1.23% | |
Top of range [member] | At floating interest rates | Long Term Borrowings And Debt | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 6.04% | 1.80% |
Top of range [member] | At floating interest rates | Long Term Borrowings And Debt | Mexican peso | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 10.93% | 6.87% |
Top of range [member] | At floating interest rates | Long Term Borrowings And Debt | Japanese yen | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 1.27% | |
At fixed interest rates | At fixed interest rates | Long Term Borrowings And Debt | US dollar | ||
Disclosure of long-term borrowings [Line Items] | ||
Debt interest rate | 0.80% |
Borrowings and debt - Schedul_4
Borrowings and debt - Schedule of future payments of long-term borrowings and debt outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | $ 2,231,002 | $ 1,728,111 |
Later than one year [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 211,175 | |
Later Than Two Years [Member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 550,907 | |
Later than three years [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 928,246 | |
Later Than Four Years [Member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 258,705 | |
Later than five years [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 256,756 | |
2029 | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | 15,272 | |
2034 | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
The amount of long term borrowings and debt after adjusting prepaid commission. | $ 9,941 |
Borrowings and debt - Schedul_5
Borrowings and debt - Schedule of reconciliation of movements of borrowings and debt arising financing activities explanatory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings and debt | |||
Balance as of january 1, | $ 3,304,178 | $ 1,966,271 | $ 3,118,396 |
Net increase (decrease) in short-term borrowings and debt | 579,065 | 1,196,710 | (1,212,023) |
Proceeds from long-term borrowings and debt | 1,038,110 | 266,640 | 827,732 |
Payments of long-term borrowings and debt | (536,792) | (97,520) | (781,274) |
Change in foreign currency rates | 45,460 | (27,528) | 15,902 |
Fair value adjustment due to hedge accounting relationship | (9,334) | (2,034) | 826 |
Other adjustments | (4,176) | 1,639 | (3,288) |
Balance as of december 31, | $ 4,416,511 | $ 3,304,178 | $ 1,966,271 |
Borrowings and debt - Schedul_6
Borrowings and debt - Schedule of maturity analysis contractual undiscounted cash flows of the lease liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Long term borrowings Terms [Line Items] | ||
Lease Liabilities Payments Due | $ 21,046 | $ 22,607 |
Current lease liabilities | 965 | 996 |
Non-current lease liabilities | 15,780 | 16,737 |
Total lease liabilities | 16,745 | 17,733 |
Later than one year [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
Lease Liabilities Payments Due | 1,506 | 1,574 |
Later than one year and not later than five years [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
Lease Liabilities Payments Due | 7,210 | 7,262 |
Later than five years and not later than ten years [member] | ||
Disclosure of Long term borrowings Terms [Line Items] | ||
Lease Liabilities Payments Due | $ 12,330 | $ 13,771 |
Borrowings and debt - Schedul_7
Borrowings and debt - Schedule of amounts recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Borrowings and debt | |||
Payments of lease liabilities, classified as financing activities | $ 995 | $ 1,227 | $ 1,114 |
Lease liabilities | (579) | (810) | (862) |
Income from subleasing right-of-use assets | $ 0 | $ 227 | $ 265 |
Lease liabilities (Details)
Lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Lease Liabilities Payments Due | $ 21,046 | $ 22,607 | |
Short-term, lease liabilities | 965 | 996 | |
Long-term, lease liabilities | 15,780 | 16,737 | |
Lease liabilities | 16,745 | 17,733 | |
Payment of lease liabilities | 995 | 1,227 | $ 1,114 |
Lease liabilities | (579) | (810) | (862) |
Income from subleasing right-of-use assets | 0 | 227 | $ 265 |
Other non-financial assets | 742 | ||
Later than one year [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Lease Liabilities Payments Due | 1,506 | 1,574 | |
After 1 year but within 5 years | |||
Disclosure of detailed information about financial instruments [line items] | |||
Lease Liabilities Payments Due | 7,210 | 7,262 | |
Later than five years and not later than ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Lease Liabilities Payments Due | $ 12,330 | $ 13,771 |
Other liabilities (Details)
Other liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [Abstract] | ||
Accruals and other accumulated expenses | $ 16,812 | $ 9,266 |
Trade payables | 7,269 | 2,311 |
Other payables | 2,730 | 2,784 |
Other liabilities | $ 26,811 | $ 14,361 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share | |||
Profit for the year | $ 92,040 | $ 62,697 | $ 63,593 |
Basic earnings per share (in dollars per share) | $ 2.54 | $ 1.62 | $ 1.60 |
Diluted earnings per share (in dollars per share) | $ 2.54 | $ 1.62 | $ 1.60 |
Weighted average of common shares outstanding applicable to basic EPS (in shares) | 36,304 | 38,796 | 39,656 |
Effect of diluted securities: | |||
Adjusted weighted average of common shares outstanding applicable to diluted EPS (in shares) | 36,304 | 38,796 | 39,656 |
Capital and Reserves - Common s
Capital and Reserves - Common stock and additional paid-in capital (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Number of shares authorized (in shares) | 280,000,000 | ||
Beginning balance (in shares) | 36,231,146 | 39,677,940 | 39,602,277 |
Conversion of shares (in shares) | 0 | 0 | |
Repurchased common stock (in shares) | (3,558,093) | (1) | |
Restricted shares issued, directors (in shares) | 57,000 | 63,000 | 63,000 |
Restricted shares vested (in shares) | 36,410 | 48,299 | 12,664 |
Ending balance (in shares) | 36,324,556 | 36,231,146 | 39,677,940 |
“Class A” | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Number of shares authorized (in shares) | 40,000,000 | ||
Beginning balance (in shares) | 6,342,189 | 6,342,189 | 6,342,189 |
Conversion of shares (in shares) | 0 | 0 | |
Repurchased common stock (in shares) | 0 | 0 | |
Restricted shares issued, directors (in shares) | 0 | 0 | 0 |
Restricted shares vested (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 6,342,189 | 6,342,189 | 6,342,189 |
“Class B” | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Number of shares authorized (in shares) | 40,000,000 | ||
Beginning balance (in shares) | 2,089,075 | 2,178,365 | 2,182,426 |
Conversion of shares (in shares) | (89,290) | (4,060) | |
Repurchased common stock (in shares) | 0 | (1) | |
Restricted shares issued, directors (in shares) | 0 | 0 | 0 |
Restricted shares vested (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 2,089,075 | 2,089,075 | 2,178,365 |
“Class E” | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Number of shares authorized (in shares) | 100,000,000 | ||
Beginning balance (in shares) | 27,799,882 | 31,157,386 | 31,077,662 |
Conversion of shares (in shares) | 89,290 | 4,060 | |
Repurchased common stock (in shares) | (3,558,093) | 0 | |
Restricted shares issued, directors (in shares) | 57,000 | 63,000 | 63,000 |
Restricted shares vested (in shares) | 36,410 | 48,299 | 12,664 |
Ending balance (in shares) | 27,893,292 | 27,799,882 | 31,157,386 |
“Class F” | |||
Disclosure of share capital, reserves and other equity interest [Line Items] | |||
Number of shares authorized (in shares) | 100,000,000 | ||
Beginning balance (in shares) | 0 | 0 | 0 |
Conversion of shares (in shares) | 0 | 0 | |
Repurchased common stock (in shares) | 0 | 0 | |
Restricted shares issued, directors (in shares) | 0 | 0 | 0 |
Restricted shares vested (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 0 | 0 | 0 |
Capital and Reserves - Treasury
Capital and Reserves - Treasury stock (Details) - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||
May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement [Line Items] | |||||
Beginning balance (in shares) | 36,231,146 | 39,677,940 | 39,602,277 | ||
Beginning balance | $ 115,799 | ||||
Ending balance (in shares) | 36,231,146 | 36,324,556 | 36,231,146 | 39,677,940 | |
Ending balance | $ 115,799 | $ 114,097 | $ 115,799 | ||
Treasury stock | |||||
Statement [Line Items] | |||||
Beginning balance (in shares) | 5,748,691 | 2,301,897 | 2,377,561 | ||
Beginning balance | $ 115,799 | $ 57,999 | $ 59,669 | ||
Repurchase of common stock (in shares) | (3,558,093) | ||||
Repurchase of common stock | $ (60,079) | ||||
Restricted stock issued - directors (in shares) | (57,000) | (63,000) | (63,000) | ||
Restricted stock issued - directors | $ (1,039) | $ (1,391) | $ (1,391) | ||
Restricted stock units - vested (in shares) | (36,410) | (48,299) | (12,664) | ||
Restricted stock units - vested | $ (663) | $ (888) | $ (279) | ||
Ending balance (in shares) | 5,748,691 | 5,655,281 | 5,748,691 | 2,301,897 | |
Ending balance | $ 115,799 | $ 114,097 | $ 115,799 | $ 57,999 | |
“Class A” | Treasury stock | |||||
Statement [Line Items] | |||||
Beginning balance (in shares) | 318,140 | 318,140 | 318,140 | ||
Beginning balance | $ 10,708 | $ 10,708 | $ 10,708 | ||
Repurchase of common stock (in shares) | 0 | ||||
Repurchase of common stock | $ 0 | ||||
Restricted stock issued - directors (in shares) | 0 | 0 | 0 | ||
Restricted stock issued - directors | $ 0 | $ 0 | $ 0 | ||
Restricted stock units - vested (in shares) | 0 | 0 | 0 | ||
Restricted stock units - vested | $ 0 | $ 0 | $ 0 | ||
Ending balance (in shares) | 318,140 | 318,140 | 318,140 | 318,140 | |
Ending balance | $ 10,708 | $ 10,708 | $ 10,708 | $ 10,708 | |
“Class B” | Treasury stock | |||||
Statement [Line Items] | |||||
Beginning balance (in shares) | 689,367 | 689,367 | 689,367 | ||
Beginning balance | $ 18,711 | $ 18,711 | $ 18,711 | ||
Repurchase of common stock (in shares) | 0 | ||||
Repurchase of common stock | $ 0 | ||||
Restricted stock issued - directors (in shares) | 0 | 0 | 0 | ||
Restricted stock issued - directors | $ 0 | $ 0 | $ 0 | ||
Restricted stock units - vested (in shares) | 0 | 0 | 0 | ||
Restricted stock units - vested | $ 0 | $ 0 | $ 0 | ||
Ending balance (in shares) | 689,367 | 689,367 | 689,367 | 689,367 | |
Ending balance | $ 18,711 | $ 18,711 | $ 18,711 | $ 18,711 | |
“Class E” | Treasury stock | |||||
Statement [Line Items] | |||||
Beginning balance (in shares) | 4,741,184 | 1,294,390 | 1,370,054 | ||
Beginning balance | $ 86,380 | $ 28,580 | $ 30,250 | ||
Repurchase of common stock (in shares) | 3,558,093 | (3,558,093) | |||
Repurchase of common stock | $ 60,000 | $ (60,079) | |||
Restricted stock issued - directors (in shares) | (57,000) | (63,000) | (63,000) | ||
Restricted stock issued - directors | $ (1,039) | $ (1,391) | $ (1,391) | ||
Restricted stock units - vested (in shares) | (36,410) | (48,299) | (12,664) | ||
Restricted stock units - vested | $ (663) | $ (888) | $ (279) | ||
Ending balance (in shares) | 4,741,184 | 4,647,774 | 4,741,184 | 1,294,390 | |
Ending balance | $ 86,380 | $ 84,678 | $ 86,380 | $ 28,580 |
Capital and Reserves - Narrativ
Capital and Reserves - Narrative (Details) - Treasury stock - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 8 Months Ended | 12 Months Ended |
May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | |
Statement [Line Items] | |||
Repurchase of common stock (in shares) | (3,558,093) | ||
Repurchase of common stock | $ (60,079) | ||
“Class E” | |||
Statement [Line Items] | |||
Repurchase of common stock (in shares) | 3,558,093 | (3,558,093) | |
Repurchase of common stock | $ 60,000 | $ (60,079) | |
Weighted average share price | $ 16.86 |
Other comprehensive income - Sc
Other comprehensive income - Schedule of breakdown of other comprehensive income (loss) relating to financial instruments at FVOCI, derivative financial instruments, and foreign currency translation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement [Line Items] | |||
Beginning balance | $ (11,548) | $ 208 | $ (1,818) |
Change in fair value of debt instruments at FVOCI, net of hedging | 19,613 | (12,252) | 2,265 |
Change in fair value of equity instruments at FVOCI, net of hedging | 0 | 0 | 546 |
Reclassification of gains (losses) on financial instruments included in profit or loss | 60 | 48 | (425) |
Exchange difference in conversion of foreign currency operation | 448 | (360) | |
Other comprehensive income (loss) for the year | 19,673 | (11,756) | 2,026 |
Ending balance | 8,125 | (11,548) | 208 |
Financial instruments FVH | |||
Statement [Line Items] | |||
Beginning balance | (395) | 141 | (613) |
Change in fair value of debt instruments at FVOCI, net of hedging | (467) | (560) | 264 |
Change in fair value of equity instruments at FVOCI, net of hedging | 546 | ||
Reclassification of gains (losses) on financial instruments included in profit or loss | 0 | 24 | (56) |
Exchange difference in conversion of foreign currency operation | 0 | 0 | |
Other comprehensive income (loss) for the year | (467) | (536) | 754 |
Ending balance | (862) | (395) | 141 |
Financial Instruments CFH | |||
Statement [Line Items] | |||
Beginning balance | (11,153) | 515 | (1,117) |
Change in fair value of debt instruments at FVOCI, net of hedging | 20,080 | (11,692) | 2,001 |
Change in fair value of equity instruments at FVOCI, net of hedging | 0 | ||
Reclassification of gains (losses) on financial instruments included in profit or loss | 60 | 24 | (369) |
Exchange difference in conversion of foreign currency operation | 0 | 0 | |
Other comprehensive income (loss) for the year | 20,140 | (11,668) | 1,632 |
Ending balance | 8,987 | (11,153) | 515 |
Foreign currency translation adjustment | |||
Statement [Line Items] | |||
Beginning balance | 0 | (448) | (88) |
Change in fair value of debt instruments at FVOCI, net of hedging | 0 | 0 | 0 |
Change in fair value of equity instruments at FVOCI, net of hedging | 0 | ||
Reclassification of gains (losses) on financial instruments included in profit or loss | 0 | 0 | 0 |
Exchange difference in conversion of foreign currency operation | 448 | (360) | |
Other comprehensive income (loss) for the year | 0 | 448 | (360) |
Ending balance | $ 0 | $ 0 | $ (448) |
Other comprehensive income - _2
Other comprehensive income - Schedule of amounts reclassified from other comprehensive income to profit or loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Accumulated other comprehensive income loss [Line Items] | |||
Interest expense – borrowings and deposits | $ (117,987) | $ (40,445) | $ (61,861) |
Realized gains (losses) on financial assets measured at fair value through other comprehensive income | (78,372) | (194,491) | |
Financial instruments FVH | |||
Disclosure of Accumulated other comprehensive income loss [Line Items] | |||
Net gain (loss) on financial instruments | 0 | 24 | (56) |
Financial Instruments CFH | |||
Disclosure of Accumulated other comprehensive income loss [Line Items] | |||
Interest income – loans | (433) | (2,167) | (2,337) |
Interest expense – borrowings and deposits | 1,851 | 0 | 0 |
Gain (loss) on financial instruments, net | 0 | 24 | (369) |
Gain (loss) on financial instruments, net | 60 | 0 | 0 |
Realized gains (losses) on financial assets measured at fair value through other comprehensive income | $ 1,478 | $ (2,143) | $ (2,706) |
Fee and commission income - Sch
Fee and commission income - Schedule of fees and commission income from contracts with customers broken down by main types of services according to the scope of IFRS 15 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement [Line Items] | |||
Fee and commission income (expense) | $ 19,791 | $ 18,298 | $ 10,418 |
Opening and confirmation | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 11,907 | 13,174 | 9,490 |
Negotiation and acceptance | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 264 | 45 | 183 |
Amendment | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 2,490 | 1,510 | 688 |
Structuring | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 5,854 | 4,269 | 603 |
Other | |||
Statement [Line Items] | |||
Fee and commission income (expense) | (724) | (700) | (546) |
Syndications | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 4,926 | 4,269 | 603 |
Syndications | Opening and confirmation | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 0 | 0 | 0 |
Syndications | Negotiation and acceptance | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 0 | 0 | 0 |
Syndications | Amendment | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 254 | 0 | 0 |
Syndications | Structuring | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 4,672 | 4,269 | 603 |
Syndications | Other | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 0 | 0 | 0 |
Documentary and stand-by letters of credit | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 14,033 | 12,119 | 9,000 |
Documentary and stand-by letters of credit | Opening and confirmation | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 11,353 | 10,506 | 8,090 |
Documentary and stand-by letters of credit | Negotiation and acceptance | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 264 | 45 | 183 |
Documentary and stand-by letters of credit | Amendment | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 2,248 | 1,527 | 688 |
Documentary and stand-by letters of credit | Structuring | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 0 | 0 | 0 |
Documentary and stand-by letters of credit | Other | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 168 | 41 | 39 |
Other commissions, net | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 832 | 1,910 | 815 |
Other commissions, net | Opening and confirmation | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 554 | 2,668 | 1,400 |
Other commissions, net | Negotiation and acceptance | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 0 | 0 | 0 |
Other commissions, net | Amendment | |||
Statement [Line Items] | |||
Fee and commission income (expense) | (12) | (17) | 0 |
Other commissions, net | Structuring | |||
Statement [Line Items] | |||
Fee and commission income (expense) | 1,182 | 0 | 0 |
Other commissions, net | Other | |||
Statement [Line Items] | |||
Fee and commission income (expense) | $ (892) | $ (741) | $ (585) |
Fee and commission income - S_2
Fee and commission income - Schedule of ordinary income that is expected to be recognized on the contracts in force (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Statement [Line Items] | |
Ordinary income expected to be recognized on the contracts | $ 2,645 |
Up to 1 year | |
Statement [Line Items] | |
Ordinary income expected to be recognized on the contracts | 2,407 |
From 1 to 2 years | |
Statement [Line Items] | |
Ordinary income expected to be recognized on the contracts | 7 |
More than 2 years | |
Statement [Line Items] | |
Ordinary income expected to be recognized on the contracts | $ 231 |
Business segment information -
Business segment information - Schedule of certain information regarding the bank's operations by segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Reporting Segment [Line Items] | |||
Interest income | $ 332,621 | $ 140,883 | $ 180,973 |
Interest expense | (184,610) | (54,101) | (88,523) |
Inter-segment net interest income | 0 | 0 | 0 |
Net interest income | 148,011 | 86,782 | 92,450 |
Other income (expense), net | 18,661 | 17,424 | 6,707 |
Total revenues | 166,672 | 104,206 | 99,157 |
Provision for credit losses | (19,521) | (2,328) | 1,464 |
Gain (loss) on non-financial assets, net | 742 | 296 | |
Operating expenses | (55,111) | (39,923) | (37,324) |
Segment profit (loss) | 92,040 | 62,697 | 63,593 |
Segment assets | 9,283,910 | 8,038,111 | 6,288,898 |
Total liabilities | 8,214,563 | 7,046,321 | 5,250,978 |
Reportable segments | |||
Disclosure of Reporting Segment [Line Items] | |||
Segment profit (loss) | 92,040 | 62,697 | 63,593 |
Segment assets | 9,277,293 | 8,029,693 | 6,282,090 |
Total liabilities | 8,187,752 | 7,031,960 | 5,232,264 |
Commercial | |||
Disclosure of Reporting Segment [Line Items] | |||
Interest income | 289,785 | 129,758 | 172,548 |
Interest expense | (463) | (648) | (690) |
Inter-segment net interest income | (155,968) | (45,318) | (83,937) |
Net interest income | 133,354 | 83,792 | 87,921 |
Other income (expense), net | 20,809 | 19,188 | 8,597 |
Total revenues | 154,163 | 102,980 | 96,518 |
Provision for credit losses | (13,376) | (1,050) | 1,889 |
Gain (loss) on non-financial assets, net | 742 | 296 | |
Operating expenses | (43,156) | (30,751) | (28,021) |
Commercial | Reportable segments | |||
Disclosure of Reporting Segment [Line Items] | |||
Segment profit (loss) | 97,631 | 71,921 | 70,682 |
Segment assets | 6,940,335 | 5,931,201 | 4,989,009 |
Total liabilities | 180,369 | 219,505 | 92,309 |
Treasury | |||
Disclosure of Reporting Segment [Line Items] | |||
Interest income | 42,836 | 11,125 | 8,425 |
Interest expense | (184,147) | (53,453) | (87,833) |
Inter-segment net interest income | 155,968 | 45,318 | 83,937 |
Net interest income | 14,657 | 2,990 | 4,529 |
Other income (expense), net | (2,148) | (1,764) | (1,890) |
Total revenues | 12,509 | 1,226 | 2,639 |
Provision for credit losses | (6,145) | (1,278) | (425) |
Gain (loss) on non-financial assets, net | 0 | 0 | |
Operating expenses | (11,955) | (9,172) | (9,303) |
Treasury | Reportable segments | |||
Disclosure of Reporting Segment [Line Items] | |||
Segment profit (loss) | (5,591) | (9,224) | (7,089) |
Segment assets | 2,336,958 | 2,098,492 | 1,293,081 |
Total liabilities | $ 8,007,383 | $ 6,812,455 | $ 5,139,955 |
Business segment information _2
Business segment information - Schedule of reconciliation of information on reportable segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Reporting Segment [Line Items] | |||
Profit for the year | $ 92,040 | $ 62,697 | $ 63,593 |
Assets | 9,283,910 | 8,038,111 | 6,288,898 |
Other assets - unallocated | 7,368 | 8,430 | |
Liabilities: | 8,214,563 | 7,046,321 | 5,250,978 |
Other liabilities - unallocated | 26,811 | 14,361 | |
Reportable segments | |||
Disclosure of Reporting Segment [Line Items] | |||
Profit for the year | 92,040 | 62,697 | 63,593 |
Assets | 9,277,293 | 8,029,693 | 6,282,090 |
Liabilities: | 8,187,752 | 7,031,960 | 5,232,264 |
Unallocated amounts | |||
Disclosure of Reporting Segment [Line Items] | |||
Other assets - unallocated | 6,617 | 8,418 | 6,808 |
Other liabilities - unallocated | $ 26,811 | $ 14,361 | $ 18,714 |
Business segment information _3
Business segment information - Schedule of geographic information analyses the bank's revenue and non-current assets by the bank's country (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | $ 166,672 | $ 104,206 | $ 99,157 |
Non-current assets | 19,386 | 19,374 | 21,411 |
PANAMA | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 6,015 | 5,872 | 7,580 |
Non-current assets | 18,994 | 18,795 | 19,888 |
BRAZIL | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 15,100 | 9,802 | 7,054 |
Non-current assets | 125 | 138 | 129 |
MEXICO | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 24,767 | 17,318 | 14,480 |
Non-current assets | 14 | 75 | 535 |
COLOMBIA | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 16,192 | 12,116 | 13,462 |
Non-current assets | 35 | 51 | 56 |
GUATEMALA | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 16,961 | 10,862 | 8,494 |
Non-current assets | 0 | 0 | 0 |
ECUADOR | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 12,576 | 8,990 | 9,242 |
Non-current assets | 0 | 0 | 0 |
ARGENTINA | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 4,721 | 5,454 | 8,163 |
Non-current assets | 117 | 157 | 212 |
Other | |||
Disclosure of Reporting Segment [Line Items] | |||
Total revenues | 70,340 | 33,792 | 30,682 |
Non-current assets | $ 101 | $ 158 | $ 591 |
Related party transactions - Sc
Related party transactions - Schedule of assets and liabilities with related private corporations and financial institutions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets [abstract] | |||
Loans, net | $ 6,760,434 | $ 5,713,022 | |
Assets | 9,283,910 | 8,038,111 | $ 6,288,898 |
Liabilities [abstract] | |||
Time deposits | 2,956,959 | 2,673,872 | |
Total liabilities | 8,214,563 | 7,046,321 | $ 5,250,978 |
Related parties | |||
Assets [abstract] | |||
Demand deposits | 5,986 | 2,680 | |
Loans, net | 242,024 | 29,857 | |
Securities At Amortized Cost | 19,593 | 0 | |
Assets | 267,603 | 32,537 | |
Liabilities [abstract] | |||
Time deposits | 567,451 | 150,000 | |
Total liabilities | 567,451 | 150,000 | |
Stand-by letters of credit | 3,350 | 9,130 | |
Loss allowance | $ (16) | $ (37) |
Related party transactions - _2
Related party transactions - Schedule of income and expenses with related parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Loans | $ 289,785 | $ 129,758 | $ 172,547 |
Interest expense: | |||
Deposits | (66,044) | (12,846) | (25,800) |
Borrowings and debt | (117,987) | (40,445) | (61,861) |
Total interest expense | (184,610) | (54,101) | (88,523) |
Net interest income (expenses) | 148,011 | 86,782 | 92,450 |
Other income (expense): | |||
Fees and commissions, net | 19,791 | 18,298 | 10,418 |
Total | 18,661 | 17,424 | 6,707 |
Operating expenses: | |||
Depreciation of equipment and leasehold improvements | (2,154) | (2,749) | (3,587) |
Other expenses | (18,177) | (14,780) | (11,522) |
Total operating expenses | (55,111) | (39,923) | (37,324) |
Net income (loss) from related parties | 92,040 | 62,697 | 63,593 |
Interest income | 332,621 | 140,883 | 180,973 |
Related parties | |||
Interest income: | |||
Loans | 4,719 | 211 | 1,390 |
Securities At Amortized Cost | 685 | 0 | 0 |
Interest expense: | |||
Deposits | (10,943) | (1,866) | (2,961) |
Net interest income (expenses) | (5,539) | (1,655) | (1,571) |
Other income (expense): | |||
Fees and commissions, net | 116 | 216 | 420 |
Loss on financial instruments, net | 74 | 0 | 0 |
Total | 190 | 216 | 420 |
Operating expenses: | |||
Net income (loss) from related parties | (5,349) | (1,439) | (1,151) |
Interest income | $ 5,404 | $ 211 | $ 1,390 |
Related party transactions - _3
Related party transactions - Schedule of reporting periods, total compensation paid to directors and the executives of bladex (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions | |||
Compensation costs to directors | $ 1,853 | $ 1,877 | $ 2,033 |
Compensation costs to executives | $ 4,302 | $ 4,083 | $ 5,448 |
Salaries and other employee e_3
Salaries and other employee expenses - Schedule of salaries and other employee expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Salaries and other employee expenses | |||
Wages and salaries | $ 18,135 | $ 13,803 | $ 13,717 |
Payroll taxes | 2,196 | 1,731 | 1,722 |
Personnel benefits | 12,344 | 5,134 | 5,383 |
Share-based payments | 1,544 | 984 | 640 |
Total | $ 34,219 | $ 21,652 | $ 21,462 |
Salaries and other employee e_4
Salaries and other employee expenses - Narrative (Details) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2023 USD ($) shares | Feb. 29, 2008 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Restricted shares, charged against income | $ 354,000 | $ 401,000 | $ 306,000 | ||
Restricted shares to directors | 895,000 | 924,000 | 1,100,000 | ||
Cost pending amortization | $ 637,000 | ||||
Duration of amortization of restricted cash | 2 years 3 months 29 days | ||||
Vested shares, fair value | $ 1,600,000 | 949,000 | 1,100,000 | ||
Amortization cost, restricted shares | 749,000 | 984,000 | 640,000 | ||
Balance outstanding, restricted shares | $ 666,000 | ||||
Duration of amortization of restricted cash | 3 years 2 months 1 day | ||||
Weighted average fair value at measurement date, share options vested | $ 581,000 | 838,000 | 256,000 | ||
Expiration period | 7 years | ||||
Exercise rate of outstanding share options | 25% | ||||
Wages and salaries | $ 18,135,000 | $ 13,803,000 | $ 13,717,000 | ||
Vesting rate | 25% | ||||
Grant date fair value | $ 4,600,000 | ||||
Grant date fair value (in shares) | shares | 298,951 | ||||
Shares vested (in shares) | shares | 74,744 | ||||
Provision Of Restricted Stock Units | $ 798,000 | ||||
“Class E” | |||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Granted (in shares) | 57,000 | 57,000 | 63,000 | ||
Percentage of vesting of restricted share | 25% | ||||
Key management personnel of entity or parent | |||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Value of granted restricted share options | $ 822,000 | $ 1,000,000 | $ 902,000 | ||
Wages and salaries | 62,000 | 67,000 | 75,000 | ||
Top of range [member] | Key management personnel of entity or parent | “Class E” | |||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Number of shares to be granted | shares | 3,000,000 | ||||
Restricted Stocks | |||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Fair value, restricted shares granted | $ 835,000 | $ 923,000 | $ 727,000 | ||
Restricted Stocks | Key management personnel of entity or parent | |||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Granted (in shares) | shares | 63,056 | 75,796 | 51,829 | ||
share-based payment arrangements, Tranche two | Restricted Stocks | |||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Percent of award vesting rights for share-based payment arrangement | 35% | ||||
share-based payment arrangements, Tranche three | Restricted Stocks | |||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||
Percent of award vesting rights for share-based payment arrangement | 30% |
Salaries and other employee e_5
Salaries and other employee expenses - Schedule of restricted stock granted to directors (Details) - Restricted Stocks - Directors | 12 Months Ended | ||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of shares, outstanding at beginning (in shares) | 145,800 | 132,150 | 109,350 |
Granted (in shares) | 57,000 | 63,000 | 63,000 |
Vested (in shares) | (85,950) | (49,350) | (40,200) |
Number of shares, outstanding at end (in shares) | 116,850 | 145,800 | 132,150 |
Expected to vest (in shares) | 116,850 | ||
Weighted average grand date fair value, outstanding at beginning (in usd per share) | $ / shares | $ 16.64 | $ 18.56 | $ 25.44 |
Granted (in usd per share) | $ / shares | 14.65 | 14.65 | 11.54 |
Vested (in usd per share) | $ / shares | 18.71 | 19.24 | 26.26 |
Weighted average grand date fair value, outstanding at end (in usd per share) | $ / shares | $ 14.15 | $ 16.64 | $ 18.56 |
Salaries and other employee e_6
Salaries and other employee expenses - Schedule of restricted stock units granted to certain executives (Details) - Restricted Stocks | 12 Months Ended | ||
Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Aggregate intrinsic value, outstanding | $ | $ 348 | ||
Aggregate intrinsic value, expected to vest | $ | $ 348 | ||
Key management personnel of entity or parent | |||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||
Number of shares, outstanding at beginning (in shares) | shares | 107,529 | 81,343 | 42,178 |
Granted (in shares) | shares | 63,056 | 75,796 | 51,829 |
Forfeited (in usd per share) | shares | (1,311) | ||
Vested (in shares) | shares | (36,410) | (48,299) | (12,664) |
Number of shares, outstanding at end (in shares) | shares | 134,175 | 107,529 | 81,343 |
Expected to vest (in shares) | shares | 134,175 | ||
Weighted average grand date fair value, outstanding at beginning (in usd per share) | $ / shares | $ 14.99 | $ 17.94 | $ 19.27 |
Granted (in usd per share) | $ / shares | 13.03 | 13.33 | 17.41 |
Forfeited (in usd per share) | $ / shares | 14.51 | ||
Vested (in usd per share) | $ / shares | 15.97 | 17.35 | 20.24 |
Weighted average grand date fair value, outstanding at end (in usd per share) | $ / shares | 13.80 | $ 14.99 | $ 17.94 |
Weighted average grand date fair value, expected to vest | $ / shares | $ 17.94 | ||
Weighted average remaining contractual term, outstanding | 2 years 6 months 21 days | ||
Weighted average remaining contractual term, expected to vest | 2 years 6 months 21 days |
Other expenses (Details)
Other expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other expenses | |||
Administrative | $ 5,587 | $ 4,484 | $ 3,060 |
Professional services | 5,603 | 4,074 | 3,316 |
Maintenance and repairs | 3,449 | 2,388 | 2,081 |
Share-based payments to directors | 895 | 924 | 1,082 |
Regulatory fees | 1,015 | 978 | 964 |
Operating lease of spaces and equipment | 717 | 562 | 575 |
Advertising and marketing | 557 | 179 | 100 |
Other | 354 | 1,191 | 344 |
Total | $ 18,177 | $ 14,780 | $ 11,522 |
Applicable laws and regulatio_3
Applicable laws and regulations - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Capital reserves | $ 95,210 | $ 95,210 |
Minimum of the year | ||
Statement [Line Items] | ||
Percentage of liquid assets | 30% | |
Percentage of capital adequacy index | 8% | |
Percentage of ordinary primary capital | 4.50% | |
Percentage of primary capital | 6% | |
Normal | ||
Statement [Line Items] | ||
Percentage of reserve for credit losses | 0% | |
Special Mentions [Member] | ||
Statement [Line Items] | ||
Percentage of reserve for credit losses | 20% | |
Substandard | ||
Statement [Line Items] | ||
Percentage of reserve for credit losses | 50% | |
Doubtful | ||
Statement [Line Items] | ||
Percentage of reserve for credit losses | 80% | |
Unrecoverable | ||
Statement [Line Items] | ||
Percentage of reserve for credit losses | 100% | |
Superintendence of Banks of Panama | ||
Statement [Line Items] | ||
Percentage of liquidity coverage ratio | 167.46% | 199.19% |
Maturity of deposits in overseas up | 186 days | |
Percentage of liquidity index | 100.49% | 80.80% |
Provisions and credit reserves | $ 136,000 | $ 136,000 |
Superintendence of Banks of Panama | Minimum of the year | ||
Statement [Line Items] | ||
Percentage of liquidity coverage ratio | 100% | 80% |
Applicable laws and regulatio_4
Applicable laws and regulations - Schedule of applicable laws and regulations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash [abstract] | ||
Capital funds | $ 1,072,110 | $ 1,013,796 |
Risk-weighted assets | $ 8,117,913 | $ 6,513,267 |
Capital adequacy index | 13.21% | 15.57% |
Applicable laws and regulatio_5
Applicable laws and regulations - Schedule of 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 (Details ) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash [abstract] | ||
Ordinary capital | $ 936,092 | $ 877,777 |
Non-risk-weighted assets | $ 9,606,970 | $ 8,107,810 |
Leverage ratio | 9.74% | 10.83% |
Applicable laws and regulatio_6
Applicable laws and regulations - Schedule of based on the classification of risks, collateral and in compliance with SBP Rule No. 4 2013 (Details ) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | ||
Total loans | $ 6,763,020 | |
Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 6,763,020 | $ 5,734,605 |
Loans and advances to banks | 2,965,267 | 2,688,609 |
Securities at amortized cost | Current | ||
Statement [Line Items] | ||
Corporation loan | 6,732,913 | 5,734,605 |
Loans and advances to banks | 2,945,267 | 2,688,609 |
Loans at FVTPL | 5,739,918 | |
Securities at amortized cost | Past due | ||
Statement [Line Items] | ||
Corporation loan | 20,000 | 0 |
Loans and advances to banks | 20,000 | 0 |
Loans at FVTPL | 0 | |
Securities at amortized cost | Delinquent | ||
Statement [Line Items] | ||
Corporation loan | 10,107 | 0 |
Loans and advances to banks | 0 | 0 |
Loans at FVTPL | 0 | |
Securities at amortized cost | Loans Portfolio | ||
Statement [Line Items] | ||
Corporation loan | 6,763,020 | 5,734,605 |
Loans and advances to banks | 2,965,267 | 2,688,609 |
Loans at FVTPL | 5,739,918 | |
At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 5,739,918 | |
Normal | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 6,732,913 | 5,655,344 |
Loans and advances to banks | 2,945,267 | 2,688,609 |
Normal | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 5,660,657 | |
Special Mentions [Member] | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 0 | 68,668 |
Loans and advances to banks | 0 | 0 |
Special Mentions [Member] | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 68,668 | |
Substandard | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 20,000 | 10,593 |
Loans and advances to banks | 20,000 | 0 |
Substandard | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 10,593 | |
Doubtful | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 0 | 0 |
Loans and advances to banks | 0 | 0 |
Doubtful | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 0 | |
Unrecoverable | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 10,107 | 0 |
Loans and advances to banks | 0 | 0 |
Unrecoverable | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 0 | |
Loans to corporate entities | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 3,669,125 | 3,022,386 |
Loans to corporate entities | Securities at amortized cost | Current | ||
Statement [Line Items] | ||
Corporation loan | 3,659,018 | 3,022,386 |
Loans to corporate entities | Securities at amortized cost | Past due | ||
Statement [Line Items] | ||
Corporation loan | 0 | 0 |
Loans to corporate entities | Securities at amortized cost | Delinquent | ||
Statement [Line Items] | ||
Corporation loan | 10,107 | 0 |
Loans to corporate entities | Securities at amortized cost | Loans Portfolio | ||
Statement [Line Items] | ||
Corporation loan | 3,669,125 | 3,022,386 |
Loans to corporate entities | Normal | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 3,659,018 | 2,943,125 |
Loans to corporate entities | Special Mentions [Member] | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 0 | 68,668 |
Loans to corporate entities | Substandard | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 0 | 10,593 |
Loans to corporate entities | Doubtful | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 0 | 0 |
Loans to corporate entities | Unrecoverable | Securities at amortized cost | ||
Statement [Line Items] | ||
Corporation loan | 10,107 | 0 |
Private | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 2,245,385 | 2,120,762 |
Private | Securities at amortized cost | Current | ||
Statement [Line Items] | ||
Loans and advances to banks | 2,225,385 | 2,120,762 |
Loans and advances to banks, Financial Institutions | 5,313 | |
Private | Securities at amortized cost | Past due | ||
Statement [Line Items] | ||
Loans and advances to banks | 20,000 | 0 |
Loans and advances to banks, Financial Institutions | 0 | |
Private | Securities at amortized cost | Delinquent | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Loans and advances to banks, Financial Institutions | 0 | |
Private | Securities at amortized cost | Loans Portfolio | ||
Statement [Line Items] | ||
Loans and advances to banks | 2,245,385 | 2,120,762 |
Loans and advances to banks, Financial Institutions | 5,313 | |
Private | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 5,313 | |
Private | Normal | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 2,225,385 | 2,120,762 |
Private | Normal | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 5,313 | |
Private | Special Mentions [Member] | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Private | Special Mentions [Member] | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 0 | |
Private | Substandard | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 20,000 | 0 |
Private | Substandard | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 0 | |
Private | Doubtful | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Private | Doubtful | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 0 | |
Private | Unrecoverable | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Private | Unrecoverable | At fair value through profit or loss | ||
Statement [Line Items] | ||
Total loans | 0 | |
State-owned | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 719,882 | 567,847 |
State-owned | Securities at amortized cost | Current | ||
Statement [Line Items] | ||
Loans and advances to banks | 719,882 | 567,847 |
State-owned | Securities at amortized cost | Past due | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
State-owned | Securities at amortized cost | Delinquent | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
State-owned | Securities at amortized cost | Loans Portfolio | ||
Statement [Line Items] | ||
Loans and advances to banks | 719,882 | 567,847 |
State-owned | Normal | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 719,882 | 567,847 |
State-owned | Special Mentions [Member] | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
State-owned | Substandard | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
State-owned | Doubtful | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
State-owned | Unrecoverable | Securities at amortized cost | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Sovereign [Member] | Securities at amortized cost | ||
Statement [Line Items] | ||
Sovereign | 128,628 | 23,610 |
Sovereign [Member] | Securities at amortized cost | Current | ||
Statement [Line Items] | ||
Sovereign | 128,628 | 23,610 |
Sovereign [Member] | Securities at amortized cost | Past due | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Sovereign [Member] | Securities at amortized cost | Delinquent | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Sovereign [Member] | Securities at amortized cost | Loans Portfolio | ||
Statement [Line Items] | ||
Sovereign | 128,628 | 23,610 |
Sovereign [Member] | Normal | Securities at amortized cost | ||
Statement [Line Items] | ||
Sovereign | 128,628 | 23,610 |
Sovereign [Member] | Special Mentions [Member] | Securities at amortized cost | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Sovereign [Member] | Substandard | Securities at amortized cost | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Sovereign [Member] | Doubtful | Securities at amortized cost | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Sovereign [Member] | Unrecoverable | Securities at amortized cost | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Allowance For Loan Losses IFRS | Securities at amortized cost | ||
Statement [Line Items] | ||
Total Allowance for loan losses IFRS | 55,200 | 41,476 |
Allowance For Loan Losses IFRS | Normal | Securities at amortized cost | ||
Statement [Line Items] | ||
Total Allowance for loan losses IFRS | 33,639 | 22,713 |
Allowance For Loan Losses IFRS | Special Mentions [Member] | Securities at amortized cost | ||
Statement [Line Items] | ||
Total Allowance for loan losses IFRS | 0 | 13,577 |
Allowance For Loan Losses IFRS | Substandard | Securities at amortized cost | ||
Statement [Line Items] | ||
Total Allowance for loan losses IFRS | 16,141 | 5,186 |
Allowance For Loan Losses IFRS | Doubtful | Securities at amortized cost | ||
Statement [Line Items] | ||
Total Allowance for loan losses IFRS | 0 | 0 |
Allowance For Loan Losses IFRS | Unrecoverable | Securities at amortized cost | ||
Statement [Line Items] | ||
Total Allowance for loan losses IFRS | $ 5,420 | $ 0 |
Applicable laws and regulatio_7
Applicable laws and regulations - Schedule of statutory purposes (Details) - Financial assets impaired - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | ||
Impaired loans | $ 30,107 | $ 10,593 |
Normal | ||
Statement [Line Items] | ||
Impaired loans | 0 | 0 |
Special Mentions [Member] | ||
Statement [Line Items] | ||
Impaired loans | 0 | 0 |
Substandard | ||
Statement [Line Items] | ||
Impaired loans | 20,000 | 10,593 |
Doubtful | ||
Statement [Line Items] | ||
Impaired loans | 0 | 0 |
Unrecoverable | ||
Statement [Line Items] | ||
Impaired loans | $ 10,107 | $ 0 |
Applicable laws and regulatio_8
Applicable laws and regulations - Schedule of non-accruing loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-accruing loans: | ||
Interest that would be reversed if the loans had been classified as non-accruing loans | $ 1,173 | $ 598 |
Securities at FVOCI - Corporate debt | ||
Non-accruing loans: | ||
Total non-accruing loans | $ 30,107 | $ 10,593 |
Applicable laws and regulatio_9
Applicable laws and regulations - Schedule of classification of the loan portfolio by maturity profile based on Rule No.4-2013 (Details) - Loans - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | ||
Corporation loan | $ 6,763,020 | $ 5,734,605 |
Loans and advances to banks | 2,965,267 | 2,688,609 |
Securities at FVOCI - Corporate debt | ||
Statement [Line Items] | ||
Corporation loan | 3,669,125 | 3,022,386 |
Private | ||
Statement [Line Items] | ||
Loans and advances to banks | 2,245,385 | 2,120,762 |
State-owned | ||
Statement [Line Items] | ||
Loans and advances to banks | 719,882 | 567,847 |
Sovereign [Member] | ||
Statement [Line Items] | ||
Sovereign | 128,628 | 23,610 |
Special Mentions [Member] | ||
Statement [Line Items] | ||
Corporation loan | 0 | 68,668 |
Loans and advances to banks | 0 | 0 |
Special Mentions [Member] | Securities at FVOCI - Corporate debt | ||
Statement [Line Items] | ||
Corporation loan | 0 | 68,668 |
Special Mentions [Member] | Private | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Special Mentions [Member] | State-owned | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Special Mentions [Member] | Sovereign [Member] | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Current | ||
Statement [Line Items] | ||
Corporation loan | 6,732,913 | 5,734,605 |
Loans at FVTPL | 5,739,918 | |
Loans and advances to banks | 2,945,267 | 2,688,609 |
Current | Securities at FVOCI - Corporate debt | ||
Statement [Line Items] | ||
Corporation loan | 3,659,018 | 3,022,386 |
Current | Private | ||
Statement [Line Items] | ||
Loans and advances to banks, Financial Institutions | 5,313 | |
Loans and advances to banks | 2,225,385 | 2,120,762 |
Current | State-owned | ||
Statement [Line Items] | ||
Loans and advances to banks | 719,882 | 567,847 |
Current | Sovereign [Member] | ||
Statement [Line Items] | ||
Sovereign | 128,628 | 23,610 |
Loans Portfolio | ||
Statement [Line Items] | ||
Corporation loan | 6,763,020 | 5,734,605 |
Loans at FVTPL | 5,739,918 | |
Loans and advances to banks | 2,965,267 | 2,688,609 |
Loans Portfolio | Securities at FVOCI - Corporate debt | ||
Statement [Line Items] | ||
Corporation loan | 3,669,125 | 3,022,386 |
Loans Portfolio | Private | ||
Statement [Line Items] | ||
Loans and advances to banks, Financial Institutions | 5,313 | |
Loans and advances to banks | 2,245,385 | 2,120,762 |
Loans Portfolio | State-owned | ||
Statement [Line Items] | ||
Loans and advances to banks | 719,882 | 567,847 |
Loans Portfolio | Sovereign [Member] | ||
Statement [Line Items] | ||
Sovereign | 128,628 | 23,610 |
Past due | ||
Statement [Line Items] | ||
Corporation loan | 20,000 | 0 |
Loans at FVTPL | 0 | |
Loans and advances to banks | 20,000 | 0 |
Past due | Securities at FVOCI - Corporate debt | ||
Statement [Line Items] | ||
Corporation loan | 0 | 0 |
Past due | Private | ||
Statement [Line Items] | ||
Loans and advances to banks, Financial Institutions | 0 | |
Loans and advances to banks | 20,000 | 0 |
Past due | State-owned | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Past due | Sovereign [Member] | ||
Statement [Line Items] | ||
Sovereign | 0 | 0 |
Delinquent | ||
Statement [Line Items] | ||
Corporation loan | 10,107 | 0 |
Loans at FVTPL | 0 | |
Loans and advances to banks | 0 | 0 |
Delinquent | Securities at FVOCI - Corporate debt | ||
Statement [Line Items] | ||
Corporation loan | 10,107 | 0 |
Delinquent | Private | ||
Statement [Line Items] | ||
Loans and advances to banks, Financial Institutions | 0 | |
Loans and advances to banks | 0 | 0 |
Delinquent | State-owned | ||
Statement [Line Items] | ||
Loans and advances to banks | 0 | 0 |
Delinquent | Sovereign [Member] | ||
Statement [Line Items] | ||
Sovereign | $ 0 | $ 0 |
Applicable laws and regulati_10
Applicable laws and regulations - Schedule of provision and reserve (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement [Line Items] | ||
Statutory reserve | $ 136,019 | $ 136,019 |
Subsequent events (Details)
Subsequent events (Details) - USD ($) | 1 Months Ended | |
Feb. 28, 2023 | Feb. 15, 2022 | |
Subsequent events | ||
Dividend payables | $ 0.25 | |
Grant date fair value | $ 4,600,000 | |
Grant date fair value (in shares) | 298,951 | |
Shares vested (in shares) | 74,744 | |
Vesting rate | 25% |