Bladex (BLX) Reports Q1 EPS of $0.32, Revenues Miss

Bladex (NYSE: BLX) reported Q1 EPS of $0.32, versus $0.40 reported last year. Revenue for the quarter came in at $22 million versus the consensus estimate of $24.85 million.

Mr. Jorge Salas, Bladex's Chief Executive Officer said: "We entered 2021 with a sound credit portfolio with almost zero NPLs, a robust funding structure and a comfortable liquidity position. This is our third consecutive quarter of growth without relaxing credit underwriting standards. The level of our Commercial Portfolio as of March 2021 was close to that of a year ago, but still more than $800 million below the level of December 2019. On the other hand, despite the uncertainty generated by the delayed vaccination campaigns in some of the countries in the Region, we are starting to see clear signals of recovery for the Region. Recently, the International Monetary Fund revised its 2021 growth estimates for Latin America, from 3% to 4.6% and, what is even more relevant for Bladex, the growth estimates for trade have also been revised upwards from 8.2% to 16.2%, mainly driven by higher volumes and higher commodity prices."

Mr. Salas added: "Bladex's first quarter results do not yet reflect this recovery, but we are confident that this will happen as the Region's economies continue on this upward path. The Board's decision to carry out a Stock Repurchase for up to $60 million, under an Open Market Program, is a testament to that conviction, while, at the same time, providing us with the financial flexibility to respond to both opportunities and challenges in the Region. In addition, the Board maintained the quarterly dividend at $0.25 cents per share, which also reflects Bladex's financial strength and earnings quality."

Mr. Salas concluded: "A year later after I joined the Bank, we have an even cleaner balance sheet, an even more committed team and the Board's mandate to explore different avenues to grow the Bank and return more value to shareholders remains unchanged. Although the Pandemic continues to pose significant challenges for the Region, we believe that the Bank has many opportunities to grow and to increase its products and services offerings. Bladex is well-prepared to navigate 2021 and we look forward to reporting our progress to you in future quarters."

For earnings history and earnings-related data on Bladex (BLX) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Hydrofarm Holdings Group, Inc. (HYFM) Misses Q2 EPS by 134c
• Algorhythm Holdings (RIME) Tops Q2 EPS by 54c