Financial Results: Second Quarter 2023
I want to take a few minutes to share Bladex's solid second quarter results that have just been published.
All relevant financial indicators showed, once again, a clear positive trend and many of them show record numbers.
Bladex has undergone a profound transformation. We have strengthened our management team, reinforced our project execution capabilities, and completely redesigned our staff's variable compensation scheme to align it even more closely with our strategic plan.
In this second quarter of the year, our interest income reached US$160 million, reflecting a remarkable expansion of almost 150% year-over-year.
This growth was supported by a 7% year-over-year increase in the commercial portfolio, along with an extraordinary 32% increase in deposits during the same period.
In addition, our fee income showed a considerable increase, 35% quarter-over-quarter and 52% year-over-year.
On the net income side, we reached over $37 million for the quarter, representing a 61% year-over-year increase and a quarterly return on equity of 13.4%.
These exceptional results, in the first half of the year, not only outperformed the same period last year, but were achieved in a more challenging environment. An environment characterized by declining commodity prices, intensifying competition and a complex fiscal and political landscape in many countries in the region.
Finally, I would like to highlight a special achievement of our Investor Relations team, which has ensured that after years without specialized analyst coverage, Bladex's stock is now followed by three respected financial institutions; one regional, Bancolombia, and two global, Barclays and Jefferies.
I am convinced that Bladex is well positioned to meet not only the goals set for this year, but also our 2026 targets.
I want to thank our employees, clients and investors for their support and for their trust. Let's keep going!