Banco Latinoamericano de Comercio Exterior S A : and Subsidiaries Unaudited condensed consolidated interim statements of financial position March 31, 2024 and December 31, 2023 - Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2024

Commission File Number 1-11414

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

(Exact name of Registrant as specified in its Charter)

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

(Translation of Registrant's name into English)

Business Park Torre V, Ave. La Rotonda, Costa del Este

P.O. Box 0819-08730

Panama City, Republic of Panama

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Banco Latinoamericano

de Comercio Exterior, S.A.

and Subsidiaries

Unaudited condensed consolidated interim financial statements as of March 31, 2024, and for the three months ended March 31, 2024 and 2023

Banco Latinoamericano de Comercio Exterior, S.A.

and Subsidiaries

Contents

Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries

Unaudited condensed consolidated interim statements of financial position

March 31, 2024 and December 31, 2023

(In thousands of US dollars)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

3

Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries

Unaudited condensed consolidated interim statement of profit or loss

For the three months ended March 31, 2024 and 2023

(In thousands of US dollars, except per share data and number of shares)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

4

Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries

Unaudited condensed consolidated interim statement of comprehensive income

For the three months ended March 31, 2024 and 2023

(In thousands of US dollars)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

5

Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries

Unaudited condensed consolidated interim statement of changes in equity

For the three months ended March 31, 2024 and 2023

(In thousands of US dollars)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

6

Banco Latinoamericano de Comercio Exterior, S. A. and Subsidiaries

Unaudited condensed consolidated interim statement of cash flows

For the three months ended March 31, 2024 and 2023

(In thousands of US dollars)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

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1.Corporate information

Banco Latinoamericano de Comercio Exterior, S. A. ("Bladex Head Office" and together with its subsidiaries "Bladex" or the "Bank"), headquartered in Panama City, Republic of Panama, is a specialized multinational bank established to support the financing of foreign trade and economic integration in Latin America and the Caribbean (the "Region"). The Bank was established pursuant to a May 1975 proposal presented to the Assembly of Governors of Central Banks in the Region, which recommended the creation of a multinational organization to increase the foreign trade financing capacity of the Region. The Bank was organized in 1977, incorporated in 1978 as a corporation pursuant to the laws of the Republic of Panama, and initiated operations on January 2, 1979. Under a contract law signed in 1978 between the Republic of Panama and Bladex, the Bank was granted certain privileges by the Republic of Panama, including an exemption from payment of income taxes in Panama.

The Bank operates under a general banking license issued by the National Banking Commission of Panama, predecessor of the Superintendence of Banks of Panama (the "SBP").

In the Republic of Panama, banks are regulated by the SBP through Executive Decree No. 52 of April 30, 2008, which adopts the unique text of Law Decree No. 9 of February 26, 1998, modified by Law Decree No. 2 of February 22, 2008. Banks are also regulated by resolutions and agreements issued by this entity. The main aspects of this law and its regulations include: the authorization of banking licenses, minimum capital and liquidity requirements, consolidated supervision, procedures for management of credit, liquidity and market risks, measures to prevent money laundering, the financing of terrorism and related illicit activities, and procedures for banking intervention and liquidation, among others.

Bladex Head Office's subsidiaries are the following:

- Bladex Holdings Inc. is a wholly owned subsidiary, incorporated under the laws of the State of Delaware, United States of America (USA), on May 30, 2000. Bladex Holdings Inc. has ownership in Bladex Representaçao Ltda.

- Bladex Representaçao Ltda, incorporated under the laws of Brazil on January 7, 2000, acts as the Bank's representative office in Brazil. Bladex Representaçao Ltda. is 99.999% owned by Bladex Head Office and the remaining 0.001% is owned by Bladex Holdings Inc.

- Bladex Development Corp. was incorporated under the laws of the Republic of Panama on June 5, 2014. Bladex Development Corp. is 100% owned by Bladex Head Office.

- BLX Soluciones, S.A. de C.V., SOFOM, E.N.R. ("BLX Soluciones") was incorporated under the laws of Mexico on June 13, 2014 and suspended its operations on July 28, 2021. The company specializes in offering financial leasing and other financial products such as loans and factoring. BLX Soluciones is 99.9% owned by Bladex Head Office, and Bladex Development Corp. owns the remaining 0.1%.

Bladex Head Office has an agency in New York City, USA (the "New York Agency"), which began operations on March 27, 1989. The New York Agency is principally engaged in financing transactions related to international trade, mostly the confirmation and financing of letters of credit for customers in the Region. The New York Agency also has authorization to book transactions through an International Banking Facility ("IBF").

The Bank has representative offices in Buenos Aires, Argentina; in Mexico City, Mexico; and in Bogota, Colombia, and has a representative license in Lima, Peru.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on April 16, 2024.

8

2.Basis of preparation of the consolidated financial statements

These condensed consolidated interim financial statements of Banco Latinoamericano de Comercio Exterior, S. A. and its subsidiaries have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) issued by the International Accounting Standards Board ("IASB").

As all the disclosures required by IFRS for annual period consolidated financial statements are not included herein, these condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2023, contained in the Bank's annual audited consolidated financial statements. The condensed consolidated interim statements of profit or loss, other comprehensive income, changes in equity and cash flows for the periods presented are not necessarily indicative of results expected for any future period.

3.Financial risk review

This note presents information about the Bank's exposure to financial risks:

A. Credit risk

i.Credit quality analysis

The following tables set out information about the credit quality of financial assets measured at amortized cost, and debt instruments at FVOCI. Unless specifically indicated, for financial assets the amounts in the table represent the outstanding gross balances. For loan commitments and financial guarantee contracts, the amounts in the table represent the amounts committed or guaranteed, respectively.

Loans at amortized cost, outstanding balance

9

3.Financial risk review (continued)

A.Credit risk (continued)

Loan commitments, financial guarantees issued and customers' liabilities under acceptances

10

3.Financial risk review (continued)

A.Credit risk (continued)

Securities at amortized cost

Securities at FVOCI

11

3.Financial risk review (continued)

A. Credit risk (continued)

The following table presents information of the current and past due balances of loans at amortized cost in stages 1, 2 and 3:

The following table presents an analysis of counterparty credit exposures arising from derivative transactions. The Bank's derivative fair values are generally secured by cash.

12

3.Financial risk review (continued)

A. Credit risk (continued)

ii.Loss allowances

The following tables show reconciliations from the opening to the closing balance of the loss allowance by class of financial instrument.

Loans at amortized cost

13

3.Financial risk review (continued)

A. Credit risk (continued)

Loan commitments, financial guarantee contracts and customers' liabilities under acceptances

The allowance for expected credit losses on loan commitments and financial guarantee contracts reflects the Bank's Management is estimate of expected credit losses of customers' liabilities under acceptances and contingent liabilities such as: confirmed letters of credit, stand-by letters of credit, guarantees, and credit commitments.

14

3.Financial risk review (continued)

A. Credit risk (continued)

Securities at amortized cost

Securities at FVOCI

15

3.Financial risk review (continued)

A. Credit risk (continued)

The following table provides a reconciliation between:

- Amounts shown in the previous tables reconciling opening and closing balances of loss allowance per class of financial instrument; and

- The (reversal) provision for credit losses' line item in the consolidated statement of profit or loss.

16

3.Financial risk review (continued)

A. Credit risk (continued)

iii.Credit-impaired financial assets

Financial instruments with credit-impaired are graded 8 to 10 in the Bank's internal credit risk grading system.

The following table sets out a reconciliation of changes in the carrying amount of the allowance for credit losses for credit-impaired financial assets:

17

3.Financial risk review (continued)

A. Credit risk (continued)

iv.Concentrations of credit risk

The Bank monitors concentrations of credit risk by sector, industry and country. An analysis of concentrations of credit risk from loans, loan commitments, financial guarantees and securities is as follows.

Concentration by sector and industry

18

3.Financial risk review (continued)

A. Credit risk (continued)

Risk rating and concentration by country

Loans at amortized cost	Loan commitments and financial guarantee contracts	Securities
At amortized cost	FVOCI
March 31, 2024	December 31, 2023	March 31, 2024	December 31, 2023	March 31, 2024	December 31, 2023	March 31, 2024	December 31, 2023
Carrying amount - principal	7,349,732	7,195,567	235,344	261,428	1,000,915	999,544	97,608	11,824
Amount committed/guaranteed	-	-	1,104,925	1,063,706	-	-	-	-
Rating
1-4	2,954,393	2,893,562	449,124	621,339	924,963	913,524	97,608	11,824
5-6	3,993,735	3,918,848	449,400	443,791	75,952	86,020	-	-
7-8	391,497	373,050	441,745	260,004	-	-	-	-
10	10,107	10,107	-	-	-	-	-	-
Total	7,349,732	7,195,567	1,340,269	1,325,134	1,000,915	999,544	97,608	11,824
Concentration by country
Argentina	54,956	52,264	115,000	-	-	-	-	-
Australia	-	-	-	-	4,817	4,803	-	-
Belgium	11,013	14,223	-	-	-	-	-	-
Bolivia	-	-	3,930	4,270	-	-	-	-
Brazil	968,822	1,008,633	92,460	83,932	30,889	31,009	-	-
Canada	22,684	22,599	10,338	24,996	38,583	38,508	-	-
Chile	428,512	454,885	23,902	16,423	65,154	79,495	-	-
China	15,000	-
Colombia	919,132	938,897	32,225	67,545	15,042	23,837	-	-
Korea	-	-	-	-	1,852	1,839	-	-
Costa Rica	311,915	284,709	54,823	51,895	7,991	7,988	-	-
Dominican Republic	577,254	637,199	160,157	157,986	4,674	4,705	-	-
Ecuador	190,890	190,628	323,919	259,597	-	-	-	-
El Salvador	74,500	82,500	-	-	-	-	-	-
France	68,225	27,454	46,250	96,249	-	-	-	-
Germany	-	-	15,000	15,000	14,766	14,750	-	-
Guatemala	746,636	704,012	98,731	100,227	-	-	-	-
Honduras	243,288	221,672	975	975	-	-	-	-
Hong Kong	-	15,000	-	-	-	-	-	-
Ireland	-	-	-	-	14,977	14,976	-	-
Israel	-	-	-	-	4,765	4,788	-	-
Italy	-	-	-	-	14,622	14,660	-	-
Jamaica	98,433	101,858	-	-	-	-	-	-
Japan	11,368	12,037	-	-	38,775	38,548	-	-
Luxembourg	74,902	89,833	-	-	-	-	-	-
Mexico	859,176	838,495	97,837	83,561	62,006	62,229	-	-
Netherlands	-	-	-	800	-	-	-	-
Norway	-	-	-	-	-	9,838	-	-
Panama	433,263	374,364	35,212	29,301	33,933	33,977	-	-
Paraguay	181,567	186,426	230	230	-	-	-	-
Peru	521,446	536,236	136,215	223,460	30,589	30,635	-	-
Singapore	182,365	145,807	8,172	7,057	-	-	-	-
Trinidad and Tobago	156,391	132,783	30,500	-	-	-	-	-
United States of America	107,893	74,139	1,240	-	559,448	539,727	-	-
United Kingdom	48,501	37,314	-	-	48,214	43,232	-	-
Uruguay	41,600	11,600	39,393	101,630	-	-	-	-
Multilateral	-	-	-	-	-	-	97,608	11,824
Total	7,349,732	7,195,567	1,340,269	1,325,134	1,000,915	999,544	97,608	11,824

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3.Financial risk review (continued)

A. Credit risk (continued)

v.Offsetting financial assets and liabilities

The following tables include financial assets and liabilities that are offset in the consolidated financial statement or subject to an enforceable master netting arrangement:

a)Derivative financial instruments - assets

20

3.Financial risk review (continued)

A. Credit risk (continued)

b)Securities sold under repurchase agreements and derivative financial instruments - liabilities

21

3.Financial risk review (continued)

B.Liquidity risk

i.Exposure to liquidity risk

The key measure used by the Bank for managing liquidity risk is the ratio of net liquid assets to deposits from customers and funding with a a remaining tenor of 30 days. For this purpose, 'net liquid assets' include cash and cash equivalents which consist of deposits from banks and customers, as well as corporate debt securities with investment grade. The following table details the Bank's liquidity ratios:

The following table includes the Bank's liquid assets by country risk:

The following table includes the Bank's demand deposits from customers and its ratio to total deposits from customers:

The liquidity requirements resulting from the Bank's demand deposits from customers is satisfied by the Bank's liquid assets as follows:

22

3.Financial risk review (continued)

B.Liquidity risk (continued)

Even though the average term of the Bank's assets exceeds the average term of its liabilities, the associated liquidity risk is diminished by the short-term nature of a material portion of the loan portfolio, since the Bank is primarily engaged in financing foreign trade.

The following table includes the carrying amount for the Bank's loans and securities short-term portfolio with maturity within one year based on their original contractual term along with its average remaining term:

The following table includes the carrying amount for the Bank's loans and securities medium term portfolio with maturity over one year based on their original contractual terms along with their average remaining term:

23

3.Financial risk review (continued)

B.Liquidity risk (continued)

ii.Maturity analysis for financial liabilities and financial assets

The following table details the future undiscounted cash flows of financial assets and liabilities grouped by their remaining maturity with respect to the contractual maturity:

24

3.Financial risk review (continued)

B.Liquidity risk (continued)

The amounts in the tables above have been compiled as follows:

25

3.Financial risk review (continued)

B.Liquidity risk (continued)

Future undiscounted cash flow presented in the table above on some financial assets and financial liabilities vary materially from contractual cash flows. The principal difference is that the undiscounted future cash flows of floating rate assets and liabilities are calculated using projected market rates.

iii.Liquidity reserves

As part of the management of liquidity risk arising from financial liabilities, the Bank holds liquid assets comprising cash and cash equivalents.

The following table sets out the components of the Banks's liquidity reserves:

(1)Excludes pledged deposits.

iv.Financial assets available to support future funding

The following table sets out the Bank's financial assets available to support future funding:

The total financial assets recognized in the statement of financial position that had been pledged as collateral for liabilities as of March 31, 2024, and December 31, 2023, are shown in the table above.

26

3.Financial risk review (continued)

C.Market risk

The Bank manages market risk by considering the consolidated financial situation of the Bank.

i.Interest rate risk

The table below details the Bank's exposure based on interest rate repricing/maturity date for the notional amount of the interest bearing financial assets and liabilities on interest-bearing financial assets and liabilities:

27

3.Financial risk review (continued)

C.Market risk (continued)

Interest rate sensitivity analysis affect reported equity in the following ways:

- Retained earnings: increases or decreases in net interest income and in fair values of derivatives reported in profit or loss;

- Fair value reserve: increases or decreases in fair values of financial assets at FVOCI reported directly in equity; and

- Hedging reserve: increases or decreases in fair values of hedging instruments designated in qualifying cash flow hedge relationships.

This sensitivity provides an analysis of changes in interest rates, considering the previous year´s interest rate volatility.

28

3.Financial risk review (continued)

C.Market risk (continued)

Additionally, the Bank measures the sensitivity of the equity value (EVE) following the methodology described by the Basel Committee on Banking Supervision, which measures the interest rate risk embedded in the equity value, which for interest rate risk purposes is defined as the difference between the net present value of assets less the net present value of liabilities due, based on the impact of a change in interest rates on such present values.

The following table presents the sensitivity analysis performed for the Bank:

29

3.Financial risk review (continued)

C.Market risk (continued)

ii. Foreign exchange risk

The following table presents the maximum exposure amount in foreign currency of the Bank's carrying amount of total assets and liabilities, except for hedging relationships.

(1)It includes other currencies such as: Argentine pesos, Australian dollar, Swiss franc, Sterling pound and Peruvian soles.

.

30

4.Fair value of financial instruments

A.Recurring valuation

Financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial position using the fair value hierarchy are described below:

31

4.Fair value of financial instruments (continued)

B.Not measured at fair value

The following table provides information on the carrying value and the estimated fair value of the Bank's financial instruments that are not measured at fair value:

(1)The carrying value of securities at amortized cost is net of accrued interest receivable of $11.6 million and the allowance for expected credit losses of $1.3 million as of March 31, 2024 (accrued interest receivable of $12.4 million and the allowance for expected credit losses of $1.6 million as of December 31, 2023).

(2)The carrying value of loans at amortized cost is net of accrued interest receivable of $114 million, the allowance for expected credit losses of $59.6 million and unearned interest and deferred fees of $20.7 million as of March 31, 2024 (accrued interest receivable of $109 million, the allowance for expected credit losses of $59.4 million and unearned interest and deferred fees of $24.7 million as of December 31, 2023).

32

5.Cash and due from banks

The following table presents the details of interest-bearing deposits in banks and restricted deposits:

The following table presents the restricted deposits classified by country risk:

(1)As of March 31, 2024 includes restricted deposit of $25.0 million (December 31, 2023: $18.0 million) with the New York State Department of Financial Services under March 1994 legislation and margin call deposits collateralizing derivative financial instrument transactions.

33

6.Securities

Securities are presented as follows:

(1)As of March 31, 2024 and December 31, 2023, the loss allowance for losses for securities at FVOCI for $23 thousand and $1 thousand, respectively are included in equity in the consolidated statement of financial position in the line Other comprehensive income.

Securities by contractual maturity are shown in the following table:

The following table includes the securities pledged to secure repurchase transactions (see note 13):

As of December 31, 2023, sales were made for $63.5 million of investments at amortized cost classified as Stage 2 with a significant increase in their credit risk. These sales resulted in write-off against reserves of $7.0 million and losses on sale of $3.9 million attributable to market risk. These sales were made based on compliance with the Bank's strategy to manage the credit risk of its investment portfolio.

34

7.Loans

The following table presents the loan portfolio according to its classification and subsequent measurement:

The fixed and floating interest rate distribution of the loan portfolio is as follows:

As of March 31, 2024, and December 31, 2023, 75% and 71% of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. Interest rates on loans ranges from 1.95% to 15.17% (December 31, 2023: 1.95% to 16.01%).

The following table details information relating to loans granted to class A and B shareholders:

8.Loan commitments and financial guarantee contracts

The Bank's outstanding loan commitments and financial guarantee contracts are as follows:

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8.Loan commitments and financial guarantee contracts (continued)

The remaining maturity profile of the Bank's outstanding loan commitments and financial guarantee contracts is as follows:

9.Gain (loss) on financial instruments, net

The amounts that were recognized in profit or loss related to the results of financial instruments are detailed below:

36

10. Derivative financial instruments

The following table details quantitative information on the notional amounts and carrying amounts of the derivative instruments used for hedging by type of risk hedged and type of hedge:

(1)Included in the consolidated statement of financial position under the line Derivative financial instruments - assets or liabilities.

37

10.Derivative financial instruments (continued)

A.Fair value hedges

The following table details the notional amounts and carrying amounts of derivative instruments used in fair value hedges by type of risk and hedged item, along with the changes during the years used to determine and recognize the ineffectiveness of the hedge:

(1)Included in the consolidated statement of financial position under the line Derivative financial instruments - assets or liabilities.

(2)Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net.

38

10.Derivative financial instruments (continued)

A.Fair value hedges (continued)

The following table details the notional amounts and carrying amounts of the fair value hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:

(1)Included in the consolidated statement of profit or loss under the line Loss on financial instruments, net.

39

10.Derivative financial instruments (continued)

A.Fair value hedges (continued)

The following table details the maturity of the notional amount for the derivative instruments used in fair value hedges:

The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in fair value hedges:

40

10.Derivative financial instruments (continued)

A.Fair value hedges (continued)

B.Cash flow hedges

The following table details the notional amounts and carrying amounts of derivative instruments used in cash flow hedges by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:

(1) Included in the consolidated statement of financial position under the line Derivative financial instruments - assets or liabilities.

(2) Included in equity in the consolidated statement of financial position under the line Other comprehensive income (loss).

(3) Hedge ineffectiveness attributable to matured hedges included in the consolidated statement of profit or loss in the line Loss on financial instruments, net.

(4) Hedging reserve attributable to expired hedges reclassified to the consolidated statement of profit or loss in the line Loss on financial instruments, net.

41

10.Derivative financial instruments (continued)

B.Cash flow hedges (continued)

The following table details the carrying amounts of the cash flow hedged items by type of risk and hedged item, along with the changes during the period used to determine and recognize the ineffectiveness of the hedge:

The following table details the maturity of the derivative instruments used in cash flow hedges:

42

10.Derivative financial instruments (continued)

B.Cash flow hedges (continued)

The following table details the ineffectiveness recognized in profit or loss for the derivative instruments used in cash flow hedges:

11.Other assets

Following is a summary of other assets:

43

12. Deposits

The maturity profile of the Bank's deposits, excluding interest payable, is as follows:

The following table presents additional information regarding the Bank's deposits:

13.Securities sold under repurchase agreements

The following table details the financing under repurchase agreement:

44

14. Borrowings and debt

Some borrowing agreements include various events of default and covenants relating to minimum capital adequacy ratios, incurrence of additional liens, and asset sales, as well as other customary covenants, representations and warranties. As of March 31, 2024, the Bank was in compliance with all those covenants.

Carrying amount of borrowings and debt is detailed as follows:

45

14.Borrowings and debt (continued)

Short-term borrowings and debt

The breakdown of short-term (original maturity of less than one year, excluding lease liabilities) borrowings and debt, along with contractual interest rates, is as follows:

The outstanding balances of short-term borrowings and debt by currency, excluding prepaid commissions, are as follows:

46

14.Borrowings and debt (continued)

Long-term borrowings and debt

The breakdown of long-term borrowings and debt (original maturity of more than one year), along with contractual interest rates, plus prepaid commissions are as follows:

47

14.Borrowings and debt (continued)

Long-term borrowings and debt (continued)

The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows:

Future payments of long-term borrowings and debt outstanding as of March 31, 2024, are as follows:

The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the condensed consolidated interim statement of cash flows:

The reconciliation of the movements of the equity accounts that are part of the financing activities are presented in the condensed consolidated interim statement of changes in equity.

48

15. Lease liabilities

Maturity analysis of contractual undiscounted cash flows of the lease liabilities is detailed below: