Unaudited condensed consolidated interim statement of financial position | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of profit or loss | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of comprehensive income | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of changes in equity | ||||||||||||||||||||
Unaudited condensed consolidated interim statement of cash flows | ||||||||||||||||||||
Notes to the unaudited condensed consolidated interim financial statements |
June 30, | December 31, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Notes | (Unaudited) | (Audit) | |||||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | 3,4,5 | 867,262 | 1,253,052 | ||||||||||||||
Securities, net | 3,4,6 | 1,111,070 | 831,913 | ||||||||||||||
Loans, net | 3,4,7 | 6,749,033 | 5,713,022 | ||||||||||||||
Customers' liabilities under acceptances | 3,4 | 149,299 | 201,515 | ||||||||||||||
Derivative financial instruments - assets | 3,4,10 | 20,002 | 10,805 | ||||||||||||||
Equipment and leasehold improvements, net | 17,176 | 17,779 | |||||||||||||||
Intangibles, net | 1,605 | 1,595 | |||||||||||||||
Other assets | 11 | 9,058 | 8,430 | ||||||||||||||
Total assets | 8,924,505 | 8,038,111 | |||||||||||||||
Liabilities and Equity | |||||||||||||||||
Liabilities: | |||||||||||||||||
Demand deposits | 324,237 | 362,356 | |||||||||||||||
Time deposits | 2,785,442 | 2,673,872 | |||||||||||||||
3,4,12 | 3,109,679 | 3,036,228 | |||||||||||||||
Interest payable | 4,963 | 1,229 | |||||||||||||||
Total deposits | 3,114,642 | 3,037,457 | |||||||||||||||
Securities sold under repurchase agreements | 3,4,13 | 687,039 | 427,497 | ||||||||||||||
Borrowings and debt, net | 3,4,14 | 3,861,960 | 3,321,911 | ||||||||||||||
Interest payable | 17,319 | 11,322 | |||||||||||||||
Acceptances outstanding | 3,4 | 149,299 | 201,515 | ||||||||||||||
Derivative financial instruments - liabilities | 3,4,10 | 41,164 | 28,455 | ||||||||||||||
Allowance for loan commitments and financial guarantee contract losses | 3,4 | 2,530 | 3,803 | ||||||||||||||
Other liabilities | 15 | 32,015 | 14,361 | ||||||||||||||
Total liabilities | 7,905,968 | 7,046,321 | |||||||||||||||
Equity: | |||||||||||||||||
Common stock | 279,980 | 279,980 | |||||||||||||||
Treasury stock | (113,988) | (115,799) | |||||||||||||||
Additional paid-in capital in excess of value assigned to common stock | 119,446 | 120,043 | |||||||||||||||
Capital reserves | 21 | 95,210 | 95,210 | ||||||||||||||
Regulatory reserves | 21 | 136,019 | 136,019 | ||||||||||||||
Retained earnings | 503,876 | 487,885 | |||||||||||||||
Other comprehensive income (loss) | (2,006) | (11,548) | |||||||||||||||
Total equity | 1,018,537 | 991,790 | |||||||||||||||
Total liabilities and equity | 8,924,505 | 8,038,111 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
Notes | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||
Deposits | 1,756 | 257 | 2,259 | 617 | |||||||||||||||||||||||||
Securities | 6,338 | 1,925 | 10,631 | 3,562 | |||||||||||||||||||||||||
Loans | 55,959 | 31,982 | 96,167 | 62,903 | |||||||||||||||||||||||||
Total interest income | 18 | 64,053 | 34,164 | 109,057 | 67,082 | ||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||
Deposits | (8,774) | (3,469) | (12,314) | (6,941) | |||||||||||||||||||||||||
Borrowings and debt | (22,580) | (9,697) | (38,323) | (20,248) | |||||||||||||||||||||||||
Total interest expense | 18 | (31,354) | (13,166) | (50,637) | (27,189) | ||||||||||||||||||||||||
Net interest income | 32,699 | 20,998 | 58,420 | 39,893 | |||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Fees and commissions, net | 17 | 4,269 | 4,271 | 8,218 | 7,311 | ||||||||||||||||||||||||
Gain (loss) on financial instruments, net | 9 | (74) | 234 | 492 | 163 | ||||||||||||||||||||||||
Other income, net | 24 | 87 | 40 | 184 | |||||||||||||||||||||||||
Total other income, net | 18 | 4,219 | 4,592 | 8,750 | 7,658 | ||||||||||||||||||||||||
Total revenues | 36,918 | 25,590 | 67,170 | 47,551 | |||||||||||||||||||||||||
Provision for credit losses | 3,18 | (833) | (1,384) | (8,944) | (1,384) | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Salaries and other employee expenses | (8,246) | (5,363) | (15,691) | (10,811) | |||||||||||||||||||||||||
Depreciation of investment property, equipment and improvements | (515) | (691) | (1,048) | (1,510) | |||||||||||||||||||||||||
Amortization of intangible assets | (126) | (253) | (250) | (524) | |||||||||||||||||||||||||
Other expenses | (4,176) | (3,815) | (7,096) | (6,422) | |||||||||||||||||||||||||
Total operating expenses | 18 | (13,063) | (10,122) | (24,085) | (19,267) | ||||||||||||||||||||||||
Profit for the period | 23,022 | 14,084 | 34,141 | 26,900 | |||||||||||||||||||||||||
Per share data: | |||||||||||||||||||||||||||||
Basic earnings per share (in US dollars) | 16 | 0.63 | 0.36 | 0.94 | 0.68 | ||||||||||||||||||||||||
Diluted earnings per share (in US dollars) | 16 | 0.63 | 0.36 | 0.94 | 0.68 | ||||||||||||||||||||||||
Weighted average basic shares (in thousands of shares) | 16 | 36,313 | 39,659 | 36,281 | 39,676 | ||||||||||||||||||||||||
Weighted average diluted shares (in thousands of shares) | 16 | 36,313 | 39,659 | 36,281 | 39,676 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Profit for the period | 23,022 | 14,084 | 34,141 | 26,900 | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: | |||||||||||||||||||||||
Change in fair value on equity instruments at FVOCI, net of hedging | — | 111 | — | — | |||||||||||||||||||
Items that are or may be reclassified subsequently to profit or loss: | |||||||||||||||||||||||
Change in fair value on financial debt, net of hedging | (538) | (4,933) | 9,447 | (9,350) | |||||||||||||||||||
Reclassification of gains (losses) on financial instruments to profit or loss | (217) | 457 | 95 | (36) | |||||||||||||||||||
Exchange difference in conversion of foreign currency operation | — | — | — | 448 | |||||||||||||||||||
Other comprehensive income (loss) | (755) | (4,365) | 9,542 | (8,938) | |||||||||||||||||||
Total comprehensive income for the period | 22,267 | 9,719 | 43,683 | 17,962 |
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 | Total equity | ||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2021 | 279,980 | (57,999) | 120,414 | 95,210 | 136,019 | 464,088 | 208 | 1,037,920 | |||||||||||||||||||||||||||||||||||||||
Profit for the period | — | — | — | — | — | 26,900 | — | 26,900 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | (8,938) | (8,938) | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 1,392 | (1,392) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 890 | — | — | — | — | 890 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 546 | (546) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Repurchase of "Class E" common stock | — | (6,203) | — | — | — | — | — | (6,203) | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (19,867) | — | (19,867) | |||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 279,980 | (62,264) | 119,366 | 95,210 | 136,019 | 471,121 | (8,730) | 1,030,702 | |||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2022 | 279,980 | (115,799) | 120,043 | 95,210 | 136,019 | 487,885 | (11,548) | 991,790 | |||||||||||||||||||||||||||||||||||||||
Profit for the period | — | — | — | — | — | 34,141 | — | 34,141 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 9,542 | 9,542 | |||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | — | 1,148 | (1,148) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Compensation cost - stock options and stock units plans | — | — | 1,214 | — | — | — | — | 1,214 | |||||||||||||||||||||||||||||||||||||||
Exercised options and stock units vested | — | 663 | (663) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | — | — | — | (18,150) | — | (18,150) | |||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 279,980 | (113,988) | 119,446 | 95,210 | 136,019 | 503,876 | (2,006) | 1,018,537 |
Notes | 2022 | 2021 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Profit for the period | 34,141 | 26,900 | ||||||||||||
Adjustments to reconcile profit for the year to net cash used in operating activities: | ||||||||||||||
Depreciation of investment property, equipment and leasehold improvements | 1,048 | 1,510 | ||||||||||||
Amortization of intangible assets | 250 | 524 | ||||||||||||
Provision for credit losses | 3 | 8,944 | 1,384 | |||||||||||
Unrealized loss (gain) on financial instruments at FVTPL | 9 | 101 | (113) | |||||||||||
Net gain on sale of financial assets at FVOCI | — | (14) | ||||||||||||
Compensation cost - share-based payment | 1,214 | 890 | ||||||||||||
Net changes in hedging position and foreign currency | (6,299) | (2,446) | ||||||||||||
Loss on disposal of equipment and leasehold improvements | — | 256 | ||||||||||||
Interest income | (109,057) | (67,082) | ||||||||||||
Interest expense | 50,637 | 27,189 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Restricted deposits | (25,400) | (7,098) | ||||||||||||
Loans | (1,029,219) | (310,398) | ||||||||||||
Other assets | (614) | 284 | ||||||||||||
Due to depositors | 73,451 | 207,289 | ||||||||||||
Other liabilities | 17,636 | (4,662) | ||||||||||||
Cash flows used in operating activities | (983,167) | (125,587) | ||||||||||||
Interest received | 103,561 | 78,347 | ||||||||||||
Interest paid | (40,689) | (28,550) | ||||||||||||
Net cash used in operating activities | (920,295) | (75,790) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisition of equipment and leasehold improvements | (443) | (252) | ||||||||||||
Acquisition of intangible assets | (260) | (96) | ||||||||||||
Proceeds from the sale of securities at FVOCI | — | 23,506 | ||||||||||||
Proceeds from the redemption of securities at FVOCI | 45,600 | — | ||||||||||||
Proceeds from the redemption of securities at amortized cost | 71,397 | 65,831 | ||||||||||||
Purchases of securities at amortized cost | (406,161) | (221,986) | ||||||||||||
Net cash used in investing activities | (289,867) | (132,997) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Increase in securities sold under repurchase agreements | 259,541 | 101,825 | ||||||||||||
Net increase in short-term borrowings and debt | 14 | 228,057 | 169,127 | |||||||||||
Proceeds from long-term borrowings and debt | 14 | 511,321 | 86,498 | |||||||||||
Payments of long-term borrowings and debt | 14 | (181,329) | (169,511) | |||||||||||
Payments of lease liabilities | 14 | (494) | (599) | |||||||||||
Dividends paid | (18,125) | (19,767) | ||||||||||||
Repurchase of common stock | — | (6,203) | ||||||||||||
Net cash provided by financing activities | 798,971 | 161,370 | ||||||||||||
Decrease net in cash and cash equivalents | (411,191) | (47,417) | ||||||||||||
Cash and cash equivalents at beginning of the period | 1,211,001 | 846,008 | ||||||||||||
Cash and cash equivalents at end of the period | 5 | 799,810 | 798,591 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||
PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 3,348,119 | — | — | 3,348,119 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 3,111,633 | 54,327 | — | 3,165,960 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 170,370 | 73,572 | 10,593 | 254,535 | ||||||||||||||||||||||||
6,630,122 | 127,899 | 10,593 | 6,768,614 | ||||||||||||||||||||||||||
Loss allowance | (29,971) | (15,294) | (5,319) | (50,584) | |||||||||||||||||||||||||
Total | 6,600,151 | 112,605 | 5,274 | 6,718,030 |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 331,461 | — | — | 331,461 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 143,216 | 29,700 | — | 172,916 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 160,960 | — | — | 160,960 | ||||||||||||||||||||||||
635,637 | 29,700 | — | 665,337 | ||||||||||||||||||||||||||
Customers' liabilities under acceptances | |||||||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 117,561 | — | — | 117,561 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 12,475 | — | — | 12,475 | ||||||||||||||||||||||||
Grades 7 - 8 | 3.81 - 34.51 | 19,263 | — | — | 19,263 | ||||||||||||||||||||||||
149,299 | — | — | 149,299 | ||||||||||||||||||||||||||
784,936 | 29,700 | — | 814,636 | ||||||||||||||||||||||||||
Loss allowance | (2,273) | (255) | — | (2,528) | |||||||||||||||||||||||||
Total | 782,663 | 29,445 | — | 812,108 |
December 31, 2021 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||||||
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||
12-month DP Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 743,663 | — | — | 743,663 | ||||||||||||||||||||||||
Grades 5 - 6 | 0.75 - 3.80 | 208,426 | 4,992 | — | 213,418 | ||||||||||||||||||||||||
952,089 | 4,992 | — | 957,081 | ||||||||||||||||||||||||||
Loss allowance | (2,541) | (366) | — | (2,907) | |||||||||||||||||||||||||
Total | 949,548 | 4,626 | — | 954,174 |
December 31, 2021 | |||||||||||||||||||||||||||||
12-month PD Ranges | 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 |
June 30, 2022 | |||||||||||||||||||||||||||||
12-month PD Ranges | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Grades 1 - 4 | 0.03 - 0.74 | 145,072 | — | — | 145,072 | ||||||||||||||||||||||||
145,072 | — | — | 145,072 | ||||||||||||||||||||||||||
Loss allowance | (20) | — | — | (20) | |||||||||||||||||||||||||
Total | 145,052 | — | — | 145,052 |
December 31, 2021 | |||||||||||||||||||||||||||||
12-month PD Ranges | 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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||
Notional value USD | Derivative financial instruments - fair value asset | Derivative financial instruments - fair value liabilities | |||||||||||||||
Interest rate swaps | 125,131 | 531 | (5) | ||||||||||||||
Cross-currency swaps | 1,085,206 | 19,471 | (41,159) | ||||||||||||||
Total | 1,210,337 | 20,002 | (41,164) |
December 31, 2021 | |||||||||||||||||
Notional value USD | Derivative financial instruments - fair value asset | Derivative financial instruments - fair value liabilities | |||||||||||||||
Interest rate swaps | 60,000 | 1,282 | (538) | ||||||||||||||
Cross-currency swaps | 883,931 | 9,523 | (27,917) | ||||||||||||||
Total | 943,931 | 10,805 | (28,455) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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 | (130) | 130 | — | — | |||||||||||||||||||
Transfer to 12-month expected credit losses | 498 | (498) | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,612) | (398) | 133 | (1,877) | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (8,025) | (115) | — | (8,140) | |||||||||||||||||||
New instruments originated or purchased | 19,125 | — | — | 19,125 | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2022 | 29,971 | 15,294 | 5,319 | 50,584 |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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 | (386) | 57 | — | (329) | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (2,569) | — | — | (2,569) | |||||||||||||||||||
New instruments originated or purchased | 1,623 | — | — | 1,623 | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2022 | 2,273 | 255 | — | 2,528 |
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 period | (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 |
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 | (33) | 33 | — | — | |||||||||||||||||||
Net effect of changes in allowance for expected credit losses | 104 | 333 | — | 437 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (255) | — | — | (255) | |||||||||||||||||||
New instruments originated or purchased | 935 | — | — | 935 | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2022 | 2,541 | 366 | — | 2,907 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
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 period | (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 |
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 period | (6) | — | — | (6) | |||||||||||||||||||
Allowance for expected credit losses as of June 30, 2022 | 20 | — | — | 20 |
Stage 1 | Stage 2 | Stage 3 | Total | ||||||||||||||||||||
Allowance for expected credit losses as of December 31, 2020 | 43 | — | — | 43 | |||||||||||||||||||
Financial instruments that have been derecognized during the period | (17) | — | — | (17) | |||||||||||||||||||
Allowance for expected credit losses as of December 31, 2021 | 26 | — | — | 26 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Securities | ||||||||||||||||||||||||||||||||
June 30, 2022 | Loans at amortized cost | Loan commitments and financial guarantee contracts | At amortized cost | FVOCI | Total | |||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,877) | (329) | 437 | — | (1,769) | |||||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (8,140) | (2,569) | (255) | (6) | (10,970) | |||||||||||||||||||||||||||
New financial assets originated or purchased | 19,125 | 1,623 | 935 | — | 21,683 | |||||||||||||||||||||||||||
Total | 9,108 | (1,275) | 1,117 | (6) | 8,944 |
Securities | ||||||||||||||||||||||||||||||||
June 30, 2021 | Loans at amortized cost | Loan commitments and financial guarantee contracts | At amortized cost | FVOCI | Total | |||||||||||||||||||||||||||
Net effect of changes in allowance for expected credit losses | (1,009) | 18 | 19 | — | (972) | |||||||||||||||||||||||||||
Financial instruments that have been derecognized during the period | (8,497) | (1,196) | (180) | — | (9,873) | |||||||||||||||||||||||||||
New financial assets originated or purchased | 9,625 | 2,064 | 555 | (15) | 12,229 | |||||||||||||||||||||||||||
Total | 119 | 886 | 394 | (15) | 1,384 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Credit-impaired loans and advances at beginning of period | 5,186 | 4,588 | |||||||||
Change in allowance for expected credit losses | — | 191 | |||||||||
Recoveries of amounts previously written off | — | 160 | |||||||||
Interest income | 133 | 247 | |||||||||
Credit-impaired loans and advances at end of period | 5,319 | 5,186 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Loans at amortized cost | Loan commitments and financial guarantee contracts | At amortized cost | FVOCI | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Carrying amount - principal | 6,768,614 | 5,734,605 | 149,299 | 201,515 | 957,081 | 631,123 | 145,072 | 193,488 | |||||||||||||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 665,337 | 603,759 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Concentration by sector | |||||||||||||||||||||||||||||||||||||||||||||||
Corporations: | |||||||||||||||||||||||||||||||||||||||||||||||
Private | 2,458,131 | 1,934,056 | 439,364 | 336,181 | 549,731 | 362,085 | 39,151 | 59,096 | |||||||||||||||||||||||||||||||||||||||
State-owned | 1,360,551 | 1,085,211 | 30,153 | 47,144 | 51,778 | 43,266 | — | — | |||||||||||||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||||||||||||||
Private | 2,246,644 | 2,123,881 | 80,041 | 140,289 | 244,374 | 127,690 | — | — | |||||||||||||||||||||||||||||||||||||||
State-owned | 553,182 | 567,847 | 265,078 | 281,660 | 51,512 | 46,496 | 105,921 | 134,392 | |||||||||||||||||||||||||||||||||||||||
Sovereign | 150,106 | 23,610 | — | — | 59,686 | 51,586 | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,768,614 | 5,734,605 | 814,636 | 805,274 | 957,081 | 631,123 | 145,072 | 193,488 | |||||||||||||||||||||||||||||||||||||||
Concentration by industry | |||||||||||||||||||||||||||||||||||||||||||||||
Financial institutions | 2,799,825 | 2,691,728 | 345,119 | 421,949 | 295,886 | 174,186 | 105,921 | 134,392 | |||||||||||||||||||||||||||||||||||||||
Manufacturing | 1,412,514 | 1,122,325 | 305,396 | 193,169 | 337,096 | 180,088 | 24,934 | 44,586 | |||||||||||||||||||||||||||||||||||||||
Oil and petroleum derived products | 1,504,898 | 1,091,264 | 33,181 | 62,208 | 78,259 | 74,954 | 14,217 | 14,510 | |||||||||||||||||||||||||||||||||||||||
Agricultural | 244,055 | 267,382 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Services | 217,648 | 220,942 | 55,705 | 55,612 | 65,397 | 66,609 | — | — | |||||||||||||||||||||||||||||||||||||||
Mining | 154,162 | 95,364 | — | — | 24,675 | 9,912 | — | — | |||||||||||||||||||||||||||||||||||||||
Sovereign | 150,106 | 23,610 | — | — | 59,686 | 51,586 | — | — | |||||||||||||||||||||||||||||||||||||||
Other | 285,406 | 221,990 | 75,235 | 72,336 | 96,082 | 73,788 | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,768,614 | 5,734,605 | 814,636 | 805,274 | 957,081 | 631,123 | 145,072 | 193,488 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Loans at amortized cost | Loan commitments and financial guarantee contracts | At amortized cost | FVOCI | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Carrying amount - principal | 6,768,614 | 5,734,605 | 149,299 | 201,515 | 957,081 | 631,123 | 145,072 | 193,488 | |||||||||||||||||||||||||||||||||||||||
Amount committed/guaranteed | — | — | 665,337 | 603,759 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Rating | |||||||||||||||||||||||||||||||||||||||||||||||
1-4 | 3,348,119 | 3,016,938 | 449,022 | 312,016 | 743,663 | 453,627 | 145,072 | 193,488 | |||||||||||||||||||||||||||||||||||||||
5-6 | 3,165,960 | 2,524,147 | 185,391 | 201,296 | 213,418 | 177,496 | — | — | |||||||||||||||||||||||||||||||||||||||
7-8 | 254,535 | 193,520 | 180,223 | 291,962 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total | 6,768,614 | 5,734,605 | 814,636 | 805,274 | 957,081 | 631,123 | 145,072 | 193,488 | |||||||||||||||||||||||||||||||||||||||
Concentration by country | |||||||||||||||||||||||||||||||||||||||||||||||
Argentina | 70,582 | 74,252 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Australia | — | — | — | — | 9,764 | 9,900 | — | — | |||||||||||||||||||||||||||||||||||||||
Belgium | 18,802 | 17,374 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Bolivia | 3,000 | 3,000 | 3,140 | 2,983 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Brazil | 1,196,241 | 1,101,999 | — | — | 94,228 | 99,082 | — | — | |||||||||||||||||||||||||||||||||||||||
Canada | — | — | — | — | 13,644 | 13,786 | — | — | |||||||||||||||||||||||||||||||||||||||
Chile | 636,839 | 625,119 | 39,560 | 41,932 | 113,104 | 105,730 | — | — | |||||||||||||||||||||||||||||||||||||||
Colombia | 797,664 | 795,467 | 26,457 | 50,630 | 54,811 | 38,038 | — | — | |||||||||||||||||||||||||||||||||||||||
Costa Rica | 236,047 | 180,480 | 57,801 | 89,442 | 9,936 | 1,984 | — | — | |||||||||||||||||||||||||||||||||||||||
Dominican Republic | 326,360 | 275,423 | 20,596 | 16,499 | 4,888 | 4,947 | — | — | |||||||||||||||||||||||||||||||||||||||
Ecuador | 111,713 | 37,446 | 210,015 | 281,075 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
El Salvador | 120,048 | 73,500 | 100 | 6,867 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
France | 141,179 | 179,491 | 87,825 | 62,172 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Germany | — | — | 7,000 | 7,000 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Guatemala | 560,454 | 431,543 | 71,031 | 58,145 | — | 3,051 | — | — | |||||||||||||||||||||||||||||||||||||||
Honduras | 258,294 | 32,192 | 3,685 | 18,286 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Hong Kong | 5,200 | 17,600 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Israel | — | — | — | — | 4,924 | 4,968 | — | — | |||||||||||||||||||||||||||||||||||||||
Jamaica | 5,945 | 5,215 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Japan | 16,049 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Luxembourg | 89,418 | 117,700 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Mexico | 760,516 | 726,922 | 54,000 | 4,000 | 100,081 | 55,620 | — | — | |||||||||||||||||||||||||||||||||||||||
Panama | 289,924 | 203,115 | 65,961 | 66,973 | 24,110 | 22,807 | — | — | |||||||||||||||||||||||||||||||||||||||
Paraguay | 111,493 | 98,112 | 8,230 | 9,430 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Peru | 472,953 | 343,485 | 124,106 | 65,091 | 70,567 | 64,134 | — | — | |||||||||||||||||||||||||||||||||||||||
Singapore | 149,230 | 58,117 | 10,181 | 10,750 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Switzerland | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Trinidad and Tobago | 135,867 | 140,537 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
United States of America | 45,897 | 19,000 | — | — | 457,024 | 207,076 | 67,744 | 88,170 | |||||||||||||||||||||||||||||||||||||||
United Kingdom | 45,943 | 42,700 | 19,990 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Uruguay | 162,956 | 134,816 | 4,958 | 13,999 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Multilateral | — | — | — | — | — | — | 77,328 | 105,318 | |||||||||||||||||||||||||||||||||||||||
Total | 6,768,614 | 5,734,605 | 814,636 | 805,274 | 957,081 | 631,123 | 145,072 | 193,488 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | |||||||||||||||||||||||||||||||||
Gross amounts of assets | Financial instruments | Cash collateral received | Net amount | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | 20,002 | — | 20,002 | — | (13,080) | 6,922 | |||||||||||||||||||||||||||||
Total | 20,002 | — | 20,002 | — | (13,080) | 6,922 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | |||||||||||||||||||||||||||||||||
Gross amounts of assets | Financial instruments | Cash collateral received | Net amount | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | 10,805 | — | 10,805 | — | (5,030) | 5,775 | |||||||||||||||||||||||||||||
Total | 10,805 | — | 10,805 | — | (5,030) | 5,775 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | ||||||||||||||||||||||||||||||||||||
Gross amounts of assets | Financial instruments | Cash collateral received | Net amount | |||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (687,039) | — | (687,039) | 791,956 | 22,470 | 127,387 | ||||||||||||||||||||||||||||||||
Derivative financial instruments used for hedging | (41,164) | — | (41,164) | — | 34,982 | (6,182) | ||||||||||||||||||||||||||||||||
Total | (728,203) | — | (728,203) | 791,956 | 57,452 | 121,205 |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Gross amounts offset in the consolidated statement of financial position | Net amount of assets presented in the consolidated statement of financial position | Gross amounts not offset in the consolidated statement of financial position | ||||||||||||||||||||||||||||||||||||
Gross amounts of assets | Financial instruments | Cash collateral received | Net amount | |||||||||||||||||||||||||||||||||||
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
At the end of the period | 137.55 | % | 199.19 | % | |||||||
Period average | 136.80 | % | 122.80 | % | |||||||
Maximum of the period | 276.86 | % | 306.82 | % | |||||||
Minimun of the period | 88.36 | % | 66.43 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(in millions of USD dollars) | Cash and due from banks | Securities FVOCI | Total | Cash and due from banks | Securities FVOCI | Total | |||||||||||||||||||||||||||||
United State of America | 759 | 68 | 827 | 1,203 | 89 | 1,292 | |||||||||||||||||||||||||||||
Latin America | 16 | — | 16 | 8 | — | 8 | |||||||||||||||||||||||||||||
Multilateral | 25 | 77 | 102 | — | 105 | 105 | |||||||||||||||||||||||||||||
Total | 800 | 145 | 945 | 1,211 | 194 | 1,405 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions of USD dollars) | |||||||||||
Demand and "overnight" deposits | 456 | 362 | |||||||||
Demand and "overnight" deposits to total deposits | 14.66 | % | 11.92 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions of USD dollars) | |||||||||||
Total liquid assets | 945 | 1,404 | |||||||||
Total assets to total liabilities | 30.38 | % | 46.26 | % | |||||||
Total liquid assets in the Federal Reserve of the United States of America | 78.66 | % | 85.52 | % |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions of USD dollars) | |||||||||||
Loan portfolio at amortized cost and investment portfolio less than/equal to 1 year according to its original terms | 4,000 | 3,426 | |||||||||
Average term (days) | 177 | 191 |
June 30, 2022 | December 31, 2021 | ||||||||||
(in millions of USD dollars) | |||||||||||
Loan portfolio at amortized cost and investment portfolio greater than/equal to 1 year according to its original terms | 3,871 | 3,134 | |||||||||
Average term (days) | 1,373 | 1,365 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Gross inflows (outflows) | Carrying amount | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 867,262 | — | — | — | — | 867,262 | 867,262 | ||||||||||||||||||||||||||||||||||
Securities and other financial assets, net | 78,895 | 65,743 | 225,386 | 797,339 | 10,567 | 1,177,930 | 1,111,070 | ||||||||||||||||||||||||||||||||||
Loans, net | 2,278,878 | 1,438,589 | 1,074,192 | 2,284,363 | 158,727 | 7,234,749 | 6,749,033 | ||||||||||||||||||||||||||||||||||
Derivative financial instruments - assets | 3,297 | 58 | 754 | 15,893 | — | 20,002 | 20,002 | ||||||||||||||||||||||||||||||||||
Total | 3,228,332 | 1,504,390 | 1,300,332 | 3,097,595 | 169,294 | 9,299,943 | 8,747,367 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Deposits | (2,556,537) | (210,255) | (355,757) | (2,126) | — | (3,124,675) | (3,114,642) | ||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (361,803) | (49,504) | (117,931) | (168,710) | — | (697,948) | (687,039) | ||||||||||||||||||||||||||||||||||
Borrowings and debt, net | (750,691) | (959,996) | (639,455) | (1,716,467) | (25,692) | (4,092,301) | (3,879,279) | ||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | (3,884) | (1,183) | (4,034) | (29,326) | (2,737) | (41,164) | (41,164) | ||||||||||||||||||||||||||||||||||
Total | (3,672,915) | (1,220,938) | (1,117,177) | (1,916,629) | (28,429) | (7,956,088) | (7,722,124) | ||||||||||||||||||||||||||||||||||
Contingencies | |||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 206,593 | 78,729 | 715 | — | — | 286,037 | 286,037 | ||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 27,951 | 21,404 | 197,371 | 7,010 | — | 253,736 | 253,736 | ||||||||||||||||||||||||||||||||||
Credit commitments | 45,000 | 50,000 | 3,231 | 27,333 | — | 125,564 | 125,564 | ||||||||||||||||||||||||||||||||||
Total | 279,544 | 150,133 | 201,317 | 34,343 | — | 665,337 | 665,337 | ||||||||||||||||||||||||||||||||||
Net position | (724,127) | 133,319 | (18,162) | 1,146,623 | 140,865 | 678,518 | 359,906 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Gross inflows (outflows) | Carrying amount | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,253,052 | — | — | — | — | 1,253,052 | 1,253,052 | ||||||||||||||||||||||||||||||||||
Securities and other financial assets, net | 36,984 | 44,743 | 179,219 | 599,397 | — | 860,343 | 831,913 | ||||||||||||||||||||||||||||||||||
Loans, net | 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) | (3,333,233) | ||||||||||||||||||||||||||||||||||
Derivative financial instruments - liabilities | — | (4,821) | (7,773) | (15,145) | (716) | (28,455) | (28,455) | ||||||||||||||||||||||||||||||||||
Total | (3,558,309) | (1,102,080) | (889,718) | (1,407,073) | (17,252) | (6,974,432) | (6,826,642) | ||||||||||||||||||||||||||||||||||
Contingencies | |||||||||||||||||||||||||||||||||||||||||
Confirmed letters of credit | 149,672 | 62,123 | 2,435 | — | — | 214,230 | 214,230 | ||||||||||||||||||||||||||||||||||
Stand-by letters of credit and guarantees | 75,245 | 118,287 | 54,375 | 20,289 | — | 268,196 | 268,196 | ||||||||||||||||||||||||||||||||||
Credit commitments | 35,000 | — | 45,000 | 41,333 | — | 121,333 | 121,333 | ||||||||||||||||||||||||||||||||||
Total | 259,917 | 180,410 | 101,810 | 61,622 | — | 603,759 | 603,759 | ||||||||||||||||||||||||||||||||||
Net position | (589,381) | (193,390) | 536,977 | 703,435 | 134,277 | 591,918 | 378,391 |
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. |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||
Balances with Federal Reserve of the United States of America | 743,205 | 743,205 | 1,201,101 | 1,201,101 | |||||||||||||||||||
Cash and balances with other bank (1) | 56,605 | 56,605 | 9,900 | 9,900 | |||||||||||||||||||
Total Liquidity reserves | 799,810 | 799,810 | 1,211,001 | 1,211,001 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
Guaranteed | Available as collateral | Guaranteed | Available as collateral | ||||||||||||||||||||
Cash and due from banks | 67,452 | 799,810 | 42,051 | 1,211,001 | |||||||||||||||||||
Notional of investment securities | 764,451 | 309,600 | 447,588 | 343,319 | |||||||||||||||||||
Loans at amortized cost | — | 6,768,615 | — | 5,734,605 | |||||||||||||||||||
Total assets | 831,903 | 7,878,025 | 489,639 | 7,288,925 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Non interest rate risk | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 849,881 | — | — | — | — | 17,381 | 867,262 | ||||||||||||||||||||||||||||||||||
Securities and other financial assets | 70,282 | 30,591 | 231,385 | 761,925 | 7,970 | — | 1,102,153 | ||||||||||||||||||||||||||||||||||
Loans | 4,063,880 | 1,729,056 | 615,519 | 327,125 | 38,319 | — | 6,773,899 | ||||||||||||||||||||||||||||||||||
Total assets | 4,984,043 | 1,759,647 | 846,904 | 1,089,050 | 46,289 | 17,381 | 8,743,314 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Demand deposits and time deposits | (2,548,751) | (208,309) | (349,272) | (2,000) | — | (1,347) | (3,109,679) | ||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | (361,218) | (49,067) | (115,132) | (161,622) | — | — | (687,039) | ||||||||||||||||||||||||||||||||||
Borrowings and debt | (1,683,394) | (827,881) | (450,628) | (857,725) | (42,332) | — | (3,861,960) | ||||||||||||||||||||||||||||||||||
Total liabilities | (4,593,363) | (1,085,257) | (915,032) | (1,021,347) | (42,332) | (1,347) | (7,658,678) | ||||||||||||||||||||||||||||||||||
Net effect of derivative financial instruments held for interest risk management | (587) | (1,125) | (3,279) | (14,326) | (1,845) | — | (21,162) | ||||||||||||||||||||||||||||||||||
Total interest rate sensitivity | 390,093 | 673,265 | (71,407) | 53,377 | 2,112 | 16,034 | 1,063,474 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Up to 3 months | 3 to 6 months | 6 months to 1 year | 1 to 5 years | More than 5 years | Non interest rate risk | Total | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 1,249,545 | — | — | — | — | 3,507 | 1,253,052 | ||||||||||||||||||||||||||||||||||
Securities and other financial assets | 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 assets | 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) | (933,671) | (16,386) | — | (3,321,911) | ||||||||||||||||||||||||||||||||||
Total liabilities | (4,232,972) | (1,023,107) | (531,060) | (976,699) | (16,386) | (5,412) | (6,785,636) | ||||||||||||||||||||||||||||||||||
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 | (93,522) | (6,509) | (1,905) | 1,014,295 |
Change in interest rate | Effect on profit or loss | Effect on equity | |||||||||||||||
June 30, 2022 | +50 bps | 3,069 | 925 | ||||||||||||||
-50 bps | (3,804) | 1,196 | |||||||||||||||
December 31, 2021 | +50 bps | (45) | 17,232 | ||||||||||||||
-50 bps | (2,297) | 10,772 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2022 | June 30, 2023 | |||||||||||||||
(Notional in US$ thousands) | |||||||||||||||||
Non-derivative financial assets | |||||||||||||||||
Loans | 1,877,140 | 1,455,727 | 1,257,812 | ||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||
Borrowings | 87,500 | 62,500 | 12,500 | ||||||||||||||
Loan commitments | 27,333 | 27,333 | 27,333 |
June 30, 2022 | December 31, 2022 | June 30, 2023 | |||||||||||||||
(Notional US$ thousands) | |||||||||||||||||
Derivatives held for risk management | |||||||||||||||||
Derivative financial instruments - assets | 2,472 | 1,937 | — | ||||||||||||||
Derivative financial instruments - liabilities | 291,480 | 88,768 | 68,768 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Brazilian Real | European Euro | Japanese Yen | Colombian Peso | Mexican Peso | Other Currencies (1) | Total | |||||||||||||||||||||||||||||||||||
Exchance rate | 5.25 | 1.05 | 135.74 | 4,149.38 | 20.10 | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | — | 34 | 0 | 24 | 9,095 | 18 | 9,171 | ||||||||||||||||||||||||||||||||||
Loans | — | — | — | — | 214,712 | — | 214,712 | ||||||||||||||||||||||||||||||||||
Total Assets | — | 34 | 0 | 24 | 223,807 | 18 | 223,883 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | — | — | — | (223,681) | — | (223,681) | ||||||||||||||||||||||||||||||||||
Total liabilities | — | — | — | — | (223,681) | — | (223,681) | ||||||||||||||||||||||||||||||||||
Net currency position | — | 34 | 0 | 24 | 126 | 18 | 202 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Brazilian Real | European Euro | Japanese Yen | Colombian Peso | Mexican Peso | Other Currencies (1) | Total | |||||||||||||||||||||||||||||||||||
Exchance 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 Assets | — | 7 | 1 | 21 | 224,278 | 34 | 224,341 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | — | — | — | — | (224,384) | — | (224,384) | ||||||||||||||||||||||||||||||||||
Total liabilities | — | — | — | — | (224,384) | — | (224,384) | ||||||||||||||||||||||||||||||||||
Net currency position | — | 7 | 1 | 21 | (106) | 34 | (43) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities and other financial assets: | |||||||||||||||||||||||
Securities at FVOCI - Corporate debt | — | 145,072 | — | 145,072 | |||||||||||||||||||
Loans at FVTPL | — | — | 5,285 | 5,285 | |||||||||||||||||||
Total securities and other financial assets | — | 145,072 | 5,285 | 150,357 | |||||||||||||||||||
Derivative financial instruments - assets: | |||||||||||||||||||||||
Interest rate swaps | — | 531 | — | 531 | |||||||||||||||||||
Cross-currency swaps | — | 19,471 | — | 19,471 | |||||||||||||||||||
Total derivative financial instrument assets | — | 20,002 | — | 20,002 | |||||||||||||||||||
Total assets at fair value | — | 165,074 | 5,285 | 170,359 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments - liabilities: | |||||||||||||||||||||||
Interest rate swaps | — | 5 | — | 5 | |||||||||||||||||||
Cross-currency swaps | — | 41,159 | — | 41,159 | |||||||||||||||||||
Total derivative financial instruments - liabilities | — | 41,164 | — | 41,164 | |||||||||||||||||||
Total liabilities at fair value | — | 41,164 | — | 41,164 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
December 31, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Securities and other financial assets: | |||||||||||||||||||||||
Securities at FVOCI - Corporate debt | — | 193,488 | — | 193,488 | |||||||||||||||||||
Loans at FVTPL | — | — | 5,313 | 5,313 | |||||||||||||||||||
Total securities and other financial assets | — | 193,488 | 5,313 | 198,801 | |||||||||||||||||||
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 | — | 204,293 | 5,313 | 209,606 | |||||||||||||||||||
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits on banks | 867,262 | 867,262 | — | 867,262 | — | ||||||||||||||||||||||||
Securities at amortized cost (1) | 965,254 | 908,604 | — | 907,486 | 1,118 | ||||||||||||||||||||||||
Loans at amortized cost, net (2) | 6,743,748 | 6,764,320 | — | 6,764,320 | — | ||||||||||||||||||||||||
Customers' liabilities under acceptances | 149,299 | 149,299 | — | 149,299 | — | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | 3,114,642 | 3,114,642 | — | 3,114,642 | — | ||||||||||||||||||||||||
Securities sold under repurchase agreements | 687,039 | 687,039 | — | 687,039 | — | ||||||||||||||||||||||||
Borrowings and debt, net (3) | 3,844,721 | 3,795,209 | — | 3,795,209 | — | ||||||||||||||||||||||||
Acceptances outstanding | 149,299 | 149,299 | — | 149,299 | — |
December 31, 2021 | |||||||||||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and deposits on 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) | 3,304,178 | 3,294,135 | — | 3,294,135 | — | ||||||||||||||||||||||||
Acceptances outstanding | 201,515 | 201,515 | — | 201,515 | — |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at fair value through profit or loss | |||||
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) | (28) | ||||
At June 30, 2022 | 5,285 |
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 | 2022 | 2021 | ||||||||||||
A significant increase in volatility would result in a lower fair value | 7.26% to 12.15% | 6.86% to 7.84% |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Loans at FVTPL | Effect on profit or loss | |||||||
+ 100 bps to the observable and unobservable inputs | (82.4) | |||||||
- 100 bps to the observable and unobservable inputs | 83.7 |
June 30, 2022 | December 31, 2021 | ||||||||||
Unrestricted deposits with the Federal Reserve of the United States of America | 743,205 | 1,201,101 | |||||||||
Cash and non-interest-bearing deposits in other banks | 17,381 | 3,507 | |||||||||
Cash and interest-bearing deposits in other banks(1) | 106,676 | 48,444 | |||||||||
Total cash and due from banks | 867,262 | 1,253,052 | |||||||||
Less: | |||||||||||
Time deposits with original maturity over 90 days and other restricted deposits (1) | 67,452 | 42,051 | |||||||||
Total cash and due from banks in the consolidated statement of cash flows | 799,810 | 1,211,001 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Switzerland | 17,087 | 9,787 | |||||||||
Spain | 13,919 | 4,011 | |||||||||
Japan | 13,190 | 3,790 | |||||||||
United States of America(1) | 12,478 | 12,615 | |||||||||
Germany | 4,308 | 449 | |||||||||
United Kingdom | 3,610 | 309 | |||||||||
Netherlands | 1,600 | 3,870 | |||||||||
Mexico | 1,260 | 2,430 | |||||||||
France | — | 4,790 | |||||||||
Total | 67,452 | 42,051 |
At June 30, 2022 | Amortized cost | At FVOCI | Total | ||||||||||||||
Principal | 957,081 | 145,072 | 1,102,153 | ||||||||||||||
Interest receivable | 11,080 | 744 | 11,824 | ||||||||||||||
Allowance (1) | (2,907) | — | (2,907) | ||||||||||||||
965,254 | 145,816 | 1,111,070 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
At December 31, 2021 | Amortized cost | At FVOCI | Total | ||||||||||||||
Principal | 631,123 | 193,488 | 824,611 | ||||||||||||||
Interest receivable | 8,089 | 1,003 | 9,092 | ||||||||||||||
Allowance (1) | (1,790) | — | (1,790) | ||||||||||||||
637,422 | 194,491 | 831,913 |
At June 30, 2022 | Amortized cost | At FVOCI | Total | |||||||||||||||||
Due within 1 year | 187,186 | 145,072 | 332,258 | |||||||||||||||||
After 1 year but within 5 years | 761,925 | — | 761,925 | |||||||||||||||||
After 5 years but within 10 years | 7,970 | — | 7,970 | |||||||||||||||||
Balance - principal | 957,081 | 145,072 | 1,102,153 |
At December 31, 2021 | Amortized cost | At 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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Securities at amortized cost pledged to secure repurchase transactions | 791,956 | 498,274 | |||||||||
Securities sold under repurchase agreements | (687,039) | (427,497) |
June 30, 2022 | December 31, 2021 | ||||||||||
Loans, outstanding balance | 6,768,614 | 5,734,605 | |||||||||
Interest receivable | 37,029 | 23,308 | |||||||||
Loss allowances | (50,584) | (41,476) | |||||||||
Unearned interest and deferred fees | (11,311) | (8,728) | |||||||||
Loans at amortized cost | 6,743,748 | 5,707,709 | |||||||||
Loans at FVTPL | 5,285 | 5,313 | |||||||||
Loans, net | 6,749,033 | 5,713,022 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Fixed interest rate | 4,157,007 | 3,327,310 | |||||||||
Floating interest rates | 2,616,892 | 2,412,608 | |||||||||
Total | 6,773,899 | 5,739,918 |
June 30, 2022 | December 31, 2021 | ||||||||||
Class A and B shareholder loans | 507,000 | 467,000 | |||||||||
% Loans to class A and B shareholders over total loan portfolio | 4 | % | 8 | % | |||||||
% Class A and B stockholders with loans over number of class A and B stockholders | 11 | % | 10 | % |
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Documentary letters of credit | 286,037 | 214,230 | |||||||||
Stand-by letters of credit and guarantees - commercial risk | 253,736 | 268,196 | |||||||||
Credit commitments | 125,564 | 121,333 | |||||||||
Total | 665,337 | 603,759 |
June 30, 2022 | December 31, 2021 | ||||||||||
Up to 1 year | 636,929 | 542,137 | |||||||||
From 1 to 2 years | 24,408 | 57,622 | |||||||||
Over 2 to 5 years | 4,000 | 4,000 | |||||||||
Total | 665,337 | 603,759 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Gain (loss) on derivative financial instruments and foreign currency exchange, net | (192) | 681 | 593 | 1,319 | |||||||||||||||||||
Unrealized gain (loss) on financial instruments at FVTPL | 118 | (393) | (101) | (337) | |||||||||||||||||||
Unrealized loss on financial instruments at FVTPL | — | (68) | — | (833) | |||||||||||||||||||
Realized gain on financial instruments at FVOCI | — | 14 | — | 14 | |||||||||||||||||||
Total | (74) | 234 | 492 | 163 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | ||||||||||||||||
Asset (1) | Liability (2) | ||||||||||||||||
Interest rate risk | |||||||||||||||||
Fair value hedges | 105,131 | 531 | — | ||||||||||||||
Cash flow hedges | 20,000 | — | (5) | ||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||
Fair value hedges | 358,599 | 1,994 | (19,933) | ||||||||||||||
Cash flow hedges | 726,607 | 17,477 | (21,226) | ||||||||||||||
1,210,337 | 20,002 | (41,164) |
December 31, 2021 | |||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | ||||||||||||||||
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) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | 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 | 105,131 | 531 | — | 657 | (55) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | 2,471 | 223 | — | (110) | (69) | ||||||||||||||||||||||||
Borrowings and debt | 356,128 | 1,771 | (19,933) | (687) | 526 | ||||||||||||||||||||||||
Total | 463,730 | 2,525 | (19,933) | (140) | 402 |
December 31, 2021 | |||||||||||||||||||||||||||||
Nominal amount | Carrying amount of hedging instruments | 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) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | Change in fair value of the hedged items used to calculate hedge ineffectiveness(1) | ||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Loans | 104,893 | — | Loans, net | (686) | (712) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Loans | 2,274 | — | Loans, net | (710) | 41 | ||||||||||||||||||||||||
Borrowings and debt | — | (339,607) | Borrowings and debt, net | 15,448 | 1,213 | ||||||||||||||||||||||||
Total | 107,167 | (339,607) | 14,052 | 542 |
December 31, 2021 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Accumulated amount of fair value hedge adjustments included in the carrying amount of the hedged items | Change 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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||
Interest rate swaps | Cross currency swaps | Total | |||||||||||||||
Less than 1 year | 105,131 | 205,185 | 310,316 | ||||||||||||||
Over 1 to 2 years | — | 68,768 | 68,768 | ||||||||||||||
Over 2 to 5 years | — | 84,646 | 84,646 | ||||||||||||||
Total | 105,131 | 358,599 | 463,730 |
December 31, 2021 | |||||||||||||||||
Interest rate swaps | 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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount of hedging instruments | Change in fair value used for calculating hedge ineffectiveness | Changes in the fair value of the hedging instruments recognized in OCI (3) | Ineffectiveness recognized in profit or loss (4) | Amount reclassified from the hedge reserve to profit or loss (4) | |||||||||||||||||||||||||||||||||||||
Nominal amount | Asset (1) | Liability (2) | |||||||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 20,000 | — | (5) | 493 | 494 | 1 | 4,914 | ||||||||||||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||||||||||||||
Borrowings and debt | 726,607 | 17,477 | (21,226) | (147) | (1,244) | (1,097) | — | ||||||||||||||||||||||||||||||||||
Total | 746,607 | 17,477 | (21,231) | 346 | (750) | (1,096) | 4,914 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Carrying amount of hedging instruments | Change in fair value used for calculating hedge ineffectiveness | Changes in the fair value of the hedging instruments recognized in OCI (3) | Ineffectiveness recognized in profit or loss (4) | Amount reclassified from the hedge reserve to profit or loss (4) | |||||||||||||||||||||||||||||||||||||
Nominal amount | 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 | — | — | — | — | — | — | (3,589) | ||||||||||||||||||||||||||||||||||
Total | 475,864 | 8,740 | (7,547) | (20,705) | (20,360) | 345 | (4,012) |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Change in the fair value of the hedged items used to calculate the hedge ineffectiveness | Cash flow hedge reserve | ||||||||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (20,079) | Borrowings and debt, net | (494) | (40) | ||||||||||||||||||||||||
Interest rate and foreign exchange risk | |||||||||||||||||||||||||||||
Borrowings and debt | — | (726,166) | Borrowings and debt, net | 1,244 | 262 | ||||||||||||||||||||||||
Total | — | (746,245) | 750 | 222 |
December 31, 2021 | |||||||||||||||||||||||||||||
Carrying amount of hedged items | Line in the consolidated statement of financial position that includes the carrying amount of the hedged items | Change in the fair value of the hedged items used to calculate the hedge ineffectiveness | Cash flow hedge reserve | ||||||||||||||||||||||||||
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 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||
Interest rate swaps | Cross currency swaps | Total | |||||||||||||||
Less than 1 year | 20,000 | 262,602 | 282,602 | ||||||||||||||
Over 1 to 2 years | — | 19,090 | 19,090 | ||||||||||||||
Over 2 to 5 years | — | 415,611 | 415,611 | ||||||||||||||
More than 5 years | — | 29,304 | 29,304 | ||||||||||||||
Total | 20,000 | 726,607 | 746,607 |
December 31, 2021 | |||||||||||||||||
Interest rate swaps | 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 |
June 30, 2022 | December 31, 2021 | ||||||||||
Accounts receivable | 905 | 1,389 | |||||||||
Prepaid expenses | 3,415 | 3,485 | |||||||||
Prepaid fees and commissions | 524 | 349 | |||||||||
Interest receivable - deposits | 83 | 12 | |||||||||
IT projects under development | 938 | 510 | |||||||||
Improvement project under development | 538 | — | |||||||||
Severance fund | 2,001 | 1,981 | |||||||||
Other | 654 | 704 | |||||||||
Total | 9,058 | 8,430 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Demand | 324,237 | 362,356 | |||||||||
Up to 1 month | 807,680 | 842,472 | |||||||||
From 1 month to 3 months | 1,087,200 | 926,902 | |||||||||
From 3 month to 6 months | 374,666 | 641,526 | |||||||||
From 6 month to 1 year | 483,904 | 233,081 | |||||||||
From 1 year to 2 years | 31,992 | 29,891 | |||||||||
Total | 3,109,679 | 3,036,228 |
June 30, 2022 | December 31, 2021 | ||||||||||
Aggregate amount of $100,000 or more | 3,109,253 | 3,035,906 | |||||||||
Aggregate amount of deposits in the New York Agency | 619,298 | 515,852 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest expense on deposits made in the New York Agency | 2,136 | 1,254 | 3,221 | 2,818 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||||||||||||||
Borrowings | Debt | Lease Liabilities | Borrowings | Debt | Lease Liabilities | Total | |||||||||||||||||||||||||||||||||||
Principal | 1,755,156 | 59,688 | 993 | 552,500 | 1,485,119 | 16,246 | 3,869,702 | ||||||||||||||||||||||||||||||||||
Transaction costs | (670) | (21) | — | (2,021) | (5,030) | — | (7,742) | ||||||||||||||||||||||||||||||||||
1,754,486 | 59,667 | 993 | 550,479 | 1,480,089 | 16,246 | 3,861,960 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Short-Term | Long-term | ||||||||||||||||||||||||||||||||||||||||
Borrowings | Debt | Lease Liabilities | Borrowings | Debt | Lease Liabilities | Total | |||||||||||||||||||||||||||||||||||
Principal | 1,547,845 | 34,213 | 996 | 329,888 | 1,398,223 | 16,737 | 3,327,902 | ||||||||||||||||||||||||||||||||||
Transaction costs | — | — | — | (498) | (5,493) | — | (5,991) | ||||||||||||||||||||||||||||||||||
1,547,845 | 34,213 | 996 | 329,390 | 1,392,730 | 16,737 | 3,321,911 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Short-term borrowings: | |||||||||||
At fixed interest rates | 1,539,682 | 1,102,621 | |||||||||
At floating interest rates | 215,474 | 445,224 | |||||||||
Principal | 1,755,156 | 1,547,845 | |||||||||
Less: Transaction costs | (670) | — | |||||||||
Total short-term borrowings, net | 1,754,486 | 1,547,845 | |||||||||
Short-term debt: | |||||||||||
At floating interest rates | 59,688 | 34,213 | |||||||||
Principal | 59,688 | 34,213 | |||||||||
Less: Transaction costs | (21) | — | |||||||||
Total short-term debt, net | 59,667 | 34,213 | |||||||||
Total short-term borrowings and debt,net | 1,814,153 | 1,582,058 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 0.60% to 2.97% | 0.50% to 2.02% | |||||||||
Range of floating interest rates on borrowings in U.S. dollars | — | 0.35% to 0.81% | |||||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 7.36% to 8.90% | 5.39% to 6.56% |
June 30, 2022 | December 31, 2021 | ||||||||||
US dollar | 1,539,682 | 1,401,122 | |||||||||
Mexican peso | 275,162 | 180,936 | |||||||||
Carrying amount - principal | 1,814,844 | 1,582,058 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 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 March 2026 | 477,500 | 214,845 | |||||||||
Principal | 552,500 | 329,888 | |||||||||
Less: Transaction costs | (2,021) | — | |||||||||
Total long-term borrowings, net | 550,479 | 329,888 | |||||||||
Long-term debt: | |||||||||||
At fixed interest rates with due dates from April 2024 to September 2025 | 867,545 | 927,550 | |||||||||
At floating interest rates with due dates from January 2023 to June 2023 | 617,574 | 470,673 | |||||||||
Principal | 1,485,119 | 1,398,223 | |||||||||
Less: Transaction costs | (5,030) | (5,991) | |||||||||
Total long-term debt, net | 1,480,089 | 1,392,232 | |||||||||
Total long-term borrowings and debt, net | 2,030,568 | 1,722,120 | |||||||||
Range of fixed interest rates on borrowings and debt in U.S. dollars | 0.80% to 2.38% | 0.80% to 2.38% | |||||||||
Range of floating interest rates on borrowings and debt in U.S. dollars | 2.23% to 3.38% | 0.97% to 1.80% | |||||||||
Range of fixed interest rates on borrowings in Mexican pesos | 6.50% to 6.97% | 6.50% to 9.09% | |||||||||
Range of floating interest rates on borrowings and debt in Mexican pesos | 7.42% to 8.61% | 5.43% to 6.87% | |||||||||
Range of fixed interest rates on debt in Japanese yens | 0.40% to 1.27% | 0.4% 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 | % | 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 | % |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
US dollar | 1,027,501 | 812,496 | |||||||||
Mexican peso | 801,520 | 643,490 | |||||||||
Euro | 109,910 | 121,443 | |||||||||
Japanese yen | 66,450 | 116,518 | |||||||||
Australian dollar | 17,260 | 18,174 | |||||||||
Swiss franc | 10,472 | 10,979 | |||||||||
Sterling pound | 4,506 | 5,011 | |||||||||
Carrying amount - principal | 2,037,619 | 1,728,111 |
Outstanding | |||||
2022 | 248,650 | ||||
2023 | 309,220 | ||||
2024 | 457,865 | ||||
2025 | 921,574 | ||||
2026 | 70,587 | ||||
2027 | 14,989 | ||||
2029 | 14,734 | ||||
Carrying amount - principal | 2,037,619 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
2022 | 2021 | ||||||||||
Principal as of January 1, | 3,321,911 | 1,985,070 | |||||||||
Net increase (decrease) in short-term borrowings and debt | 228,057 | 169,127 | |||||||||
Proceeds from long-term borrowings and debt | 511,321 | 86,498 | |||||||||
Payments of long-term borrowings and debt | (181,329) | (169,511) | |||||||||
Payment of lease liabilities | (494) | (599) | |||||||||
Change in foreign currency | (13,486) | (11,185) | |||||||||
Adjustment of fair value for hedge accounting relationship | (2,229) | (1,083) | |||||||||
Other adjustments | (1,791) | 1,692 | |||||||||
Principal as of June 30, | 3,861,960 | 2,060,009 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Due within 1 year | 1,556 | 1,574 | |||||||||
After 1 year but within 5 years | 7,215 | 7,262 | |||||||||
After 5 years but within 10 years | 13,050 | 13,771 | |||||||||
Total undiscounted lease liabilities | 21,821 | 22,607 | |||||||||
Short-term | 993 | 996 | |||||||||
Long-term | 16,246 | 16,737 | |||||||||
Total lease liabilities included in the condensed consolidated interim statement of financial position | 17,239 | 17,733 |
June 30, 2022 | June 30, 2021 | ||||||||||
Payments of lease liabilities | 494 | 599 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest on lease liabilities | (146) | (205) | (294) | (413) | |||||||||||||||||||
Income from sub-leasing right-of-use assets | — | 66 | — | 133 |
June 30, 2022 | December 31, 2021 | ||||||||||
Accruals and other accumulated expenses | 11,496 | 9,266 | |||||||||
Accounts payable | 17,684 | 2,311 | |||||||||
Others | 2,835 | 2,784 | |||||||||
Total | 32,015 | 14,361 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Thousands of U.S. dollars) | |||||||||||||||||||||||
Profit for the period | 23,022 | 14,084 | 34,141 | 26,900 | |||||||||||||||||||
(U.S. dollars) | |||||||||||||||||||||||
Basic earnings per share | 0.63 | 0.36 | 0.94 | 0.68 | |||||||||||||||||||
Diluted earnings per share | 0.63 | 0.36 | 0.94 | 0.68 | |||||||||||||||||||
(Thousands of shares) | |||||||||||||||||||||||
Weighted average of common shares outstanding applicable to basic EPS | 36,313 | 39,659 | 36,281 | 39,676 | |||||||||||||||||||
Weighted average of common shares outstanding applicable to diluted EPS | 36,313 | 39,659 | 36,281 | 39,676 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, 2022 | |||||||||||||||||||||||
Syndications | Documentary and standby letters of credit | Other commissions, net | Total | ||||||||||||||||||||
Openning and confirmation | — | 2,799 | 129 | 2,928 | |||||||||||||||||||
Negotiation and acceptance | — | 119 | — | 119 | |||||||||||||||||||
Amendment | 253 | 533 | — | 786 | |||||||||||||||||||
Structuring | 343 | — | 296 | 639 | |||||||||||||||||||
Other | — | 40 | (243) | (203) | |||||||||||||||||||
596 | 3,491 | 182 | 4,269 |
Six months ended June 30, 2022 | |||||||||||||||||||||||
Syndications | Documentary and standby letters of credit | Other commissions, net | Total | ||||||||||||||||||||
Openning and confirmation | — | 5,360 | 251 | 5,611 | |||||||||||||||||||
Negotiation and acceptance | — | 212 | — | 212 | |||||||||||||||||||
Amendment | 253 | 1,167 | — | 1,420 | |||||||||||||||||||
Structuring | 773 | — | 559 | 1,332 | |||||||||||||||||||
Other | — | 81 | (438) | (357) | |||||||||||||||||||
1,026 | 6,820 | 372 | 8,218 |
Three months ended June 30, 2021 | |||||||||||||||||||||||
Syndications | Documentary and standby letters of credit | Other commissions, net | Total | ||||||||||||||||||||
Openning and confirmation | — | 3,013 | 646 | 3,659 | |||||||||||||||||||
Negotiation and acceptance | — | 13 | — | 13 | |||||||||||||||||||
Amendment | — | 372 | (16) | 356 | |||||||||||||||||||
Structuring | 400 | — | — | 400 | |||||||||||||||||||
Other | — | 3 | (160) | (157) | |||||||||||||||||||
400 | 3,401 | 470 | 4,271 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Six months ended June 30, 2021 | |||||||||||||||||||||||
Syndications | Documentary and standby letters of credit | Other commissions, net | Total | ||||||||||||||||||||
Openning and confirmation | — | 5,257 | 1,200 | 6,457 | |||||||||||||||||||
Negotiation and acceptance | — | 29 | — | 29 | |||||||||||||||||||
Amendment | — | 626 | (16) | 610 | |||||||||||||||||||
Structuring | 501 | — | — | 501 | |||||||||||||||||||
Other | — | 30 | (316) | (286) | |||||||||||||||||||
501 | 5,942 | 868 | 7,311 |
June 30, 2022 | |||||
Up to 1 year | 2,406 | ||||
From 1 to 2 years | 51 | ||||
More than 2 years | 294 | ||||
Total | 2,751 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, 2022 | Six months ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
Interest income | 55,959 | 8,094 | 64,053 | 96,167 | 12,890 | 109,057 | |||||||||||||||||||||||||||||
Interest expense | (117) | (31,237) | (31,354) | (235) | (50,402) | (50,637) | |||||||||||||||||||||||||||||
Inter-segment net interest income | (27,151) | 27,151 | — | (41,987) | 41,987 | — | |||||||||||||||||||||||||||||
Net interest income | 28,691 | 4,008 | 32,699 | 53,945 | 4,475 | 58,420 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,504 | (285) | 4,219 | 8,637 | 113 | 8,750 | |||||||||||||||||||||||||||||
Total income | 33,195 | 3,723 | 36,918 | 62,582 | 4,588 | 67,170 | |||||||||||||||||||||||||||||
Provision for credit losses | (472) | (361) | (833) | (7,834) | (1,110) | (8,944) | |||||||||||||||||||||||||||||
Operating expenses | (10,283) | (2,780) | (13,063) | (19,083) | (5,002) | (24,085) | |||||||||||||||||||||||||||||
Segment profit (loss) | 22,440 | 582 | 23,022 | 35,665 | (1,524) | 34,141 | |||||||||||||||||||||||||||||
Segment assets | 6,914,479 | 2,001,050 | 8,915,529 | ||||||||||||||||||||||||||||||||
Segment liabilities | 165,620 | 7,708,333 | 7,873,953 |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Commercial | Treasury | Total | Commercial | Treasury | Total | ||||||||||||||||||||||||||||||
Interest income | 31,982 | 2,182 | 34,164 | 62,903 | 4,179 | 67,082 | |||||||||||||||||||||||||||||
Interest expense | (164) | (13,002) | (13,166) | (330) | (26,859) | (27,189) | |||||||||||||||||||||||||||||
Inter-segment net interest income | (11,339) | 11,339 | — | (23,361) | 23,361 | — | |||||||||||||||||||||||||||||
Net interest income | 20,479 | 519 | 20,998 | 39,212 | 681 | 39,893 | |||||||||||||||||||||||||||||
Other income (expense), net | 4,479 | 113 | 4,592 | 7,735 | (77) | 7,658 | |||||||||||||||||||||||||||||
Total income | 24,958 | 632 | 25,590 | 46,947 | 604 | 47,551 | |||||||||||||||||||||||||||||
Provision for credit losses | (1,042) | (342) | (1,384) | (1,005) | (379) | (1,384) | |||||||||||||||||||||||||||||
Operating expenses | (7,880) | (2,242) | (10,122) | (15,028) | (4,239) | (19,267) | |||||||||||||||||||||||||||||
Segment profit (loss) | 16,036 | (1,952) | 14,084 | 30,914 | (4,014) | 26,900 | |||||||||||||||||||||||||||||
Segment assets | 5,349,392 | 1,367,318 | 6,716,710 | ||||||||||||||||||||||||||||||||
Segment liabilities | 147,752 | 5,530,625 | 5,678,377 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Profit for the period | 23,022 | 14,084 | 34,141 | 26,900 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Assets from reportable segments | 8,915,529 | 6,716,710 | |||||||||||||||||||||
Other assets - unallocated | 8,976 | 6,522 | |||||||||||||||||||||
Total assets | 8,924,505 | 6,723,232 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Liabilities from reportable segments | 7,873,953 | 5,678,377 | |||||||||||||||||||||
Other liabilities - unallocated | 32,015 | 14,153 | |||||||||||||||||||||
Total liabilities | 7,905,968 | 5,692,530 |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Demand deposits | 4,529 | 2,680 | |||||||||
Loans, net | 172,669 | 29,857 | |||||||||
Securities | 15,016 | — | |||||||||
Total asset | 192,214 | 32,537 | |||||||||
Liabilities | |||||||||||
Time deposits | 641,500 | 150,000 | |||||||||
Total liabilities | 641,500 | 150,000 | |||||||||
Contingencies | |||||||||||
"Stand-by" letters of credit | 8,150 | 9,130 | |||||||||
Loss allowance | (34) | (37) | |||||||||
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans | 673 | 60 | 1,057 | 161 | |||||||||||||||||||
Securities | 119 | — | 221 | — | |||||||||||||||||||
Total interest income | 792 | 60 | 1,278 | 161 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | (2,327) | (637) | (3,280) | (1,260) | |||||||||||||||||||
Net interest income (expenses) | (1,535) | (577) | (2,002) | (1,099) | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Fees and commissions, net | 43 | 59 | 81 | 118 | |||||||||||||||||||
Loss on financial instruments, net | 92 | — | 54 | — | |||||||||||||||||||
Total other income, net | 135 | 59 | 135 | 118 | |||||||||||||||||||
Net income from related parties | (1,400) | (518) | (1,867) | (981) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Compensation costs to directors | 499 | 466 | 722 | 706 | |||||||||||||||||||
Compensation costs to executives | 786 | 687 | 2,488 | 2,289 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | December 31, 2021 | ||||||||||
Capital funds | 1,029,721 | 1,013,796 | |||||||||
Risk-weighted assets | 7,972,748 | 6,513,267 | |||||||||
Capital adequacy index | 12.92% | 15.57% |
June 30, 2022 | December 31, 2021 | ||||||||||
Ordinary capital | 893,702 | 877,777 | |||||||||
Non-risk-weighted assets | 9,062,774 | 8,107,810 | |||||||||
Leverage ratio | 9.86% | 10.83% |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Corporations | 3,742,998 | 65,091 | 10,593 | — | — | 3,818,682 | |||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 2,246,644 | — | — | — | — | 2,246,644 | |||||||||||||||||||||||||||||
State-owned | 553,182 | — | — | — | — | 553,182 | |||||||||||||||||||||||||||||
2,799,826 | — | — | — | — | 2,799,826 | ||||||||||||||||||||||||||||||
Sovereign | 150,106 | — | — | — | — | 150,106 | |||||||||||||||||||||||||||||
Total | 6,692,930 | 65,091 | 10,593 | — | — | 6,768,614 | |||||||||||||||||||||||||||||
Allowance for loan | |||||||||||||||||||||||||||||||||||
losses under IFRS (*): | 32,808 | 12,457 | 5,319 | — | — | 50,584 | |||||||||||||||||||||||||||||
Loans at FVTPL | |||||||||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 5,285 | — | — | — | — | 5,285 | |||||||||||||||||||||||||||||
Total loans | 6,698,215 | 65,091 | 10,593 | — | — | 6,773,899 |
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 (*): | 22,713 | 13,577 | 5,186 | — | — | 41,476 | |||||||||||||||||||||||||||||
Loans at FVTPL | |||||||||||||||||||||||||||||||||||
Financial institutions: | |||||||||||||||||||||||||||||||||||
Private | 5,313 | — | — | — | — | 5,313 | |||||||||||||||||||||||||||||
Total loans | 5,660,657 | 68,668 | 10,593 | — | — | 5,739,918 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Normal | Special mention | Substandard | Doubtful | Unrecoverable | Total | ||||||||||||||||||||||||||||||
Loans at amortized cost | |||||||||||||||||||||||||||||||||||
Impaired loans | — | — | 10,593 | — | — | 10,593 | |||||||||||||||||||||||||||||
Total | — | — | 10,593 | — | — | 10,593 |
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 |
June 30, 2022 | December 31, 2021 | ||||||||||
Non-accruing loans: | |||||||||||
Private corporations | 10,593 | 10,593 | |||||||||
Total non-accruing loans | 10,593 | 10,593 | |||||||||
Interest that would be reversed if the loans had been classified as non-accruing loans | 731 | 598 | |||||||||
Income from collected interest on non-accruing loans | — | — |
June 30, 2022 | December 31, 2021 | ||||||||||
Dynamic provision | 136,019 | 136,019 |
(Amounts expressed in thousands of U.S. dollars, unless otherwise indicated) |