Modest beat on revenue and net income is offset by credit quality deterioration and slightly lower H1 EPS attributable to common. Monitor next quarter for trends in non-accruing loans and the impact of AT1 coupon payments on common EPS. Dividend yield remains supported at current rate.
Price Chart
Executive Summary
Bladex reported Q2 2026 total revenues of $98.9M (+9.8% YoY) and net income of $66.5M (+3.5% YoY), with EPS of $1.77 (+2.3% YoY). Strong loan growth of 14.5% YTD was partially offset by a doubling of non-accruing loans to $75.1M and a higher impairment charge of $13.3M (+30% YoY). The capital adequacy ratio declined to 14.3% but remains well above regulatory minimums.
Key Facts
- Q2 2026 total revenues of $98.9M, up 9.8% YoY from $90.0M
- Q2 2026 net income of $66.5M, up 3.5% YoY from $64.2M
- Q2 2026 EPS of $1.77, up 2.3% YoY from $1.73
- H1 2026 EPS attributable to ordinary shareholders of $3.08 vs $3.13 in H1 2025, a 1.6% decline after AT1 coupon deduction
- Loan portfolio grew 14.5% to $10.5B from $9.1B at Dec 2025
- Non-accruing loans increased to $75.1M from $38.7M at Dec 2025
- Impairment losses on financial instruments of $13.3M vs $10.2M in H1 2025, up 30%
- Capital adequacy ratio of 14.3%, down from 15.5% at Dec 2025
- Quarterly dividend of $0.6875 per share declared for Q2 2026, payable Aug 25
Financial Impact
Q2 revenue grew $8.9M YoY; net income up $2.3M. Credit quality deterioration adds ~$3.1M in incremental impairment YoY. Capital buffer remains strong with $1.76B equity.
Risk Factors
- Doubling of non-accruing loans to $75.1M signals potential credit stress in the portfolio
- Capital adequacy declining from 15.5% to 14.3% reduces buffer above regulatory minimums
- H1 EPS attributable to common shares declined 1.6% YoY due to AT1 coupon
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-051633 |
| Document: 0001628280-26-051633-index-headers.html | 0001628280-26-051633 |
| Document: 0001628280-26-051633-index.html | 0001628280-26-051633 |
| Document: 0001628280-26-051633.txt | 0001628280-26-051633 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 4w ago | Insider Cluster | $53.92 $56.33 | ▲ +4.47% | ▲ +4.61% | $54.78 (+1.59%) |
Aug 3, 2026 8w ago | 6-K | $59.83 $56.01 | ▼ −6.38% | ▼ −8.41% | $54.78 (−8.44%) |
Jun 6, 2026 16w ago | 6-K | $56.04 $58.67 | ▲ +4.69% | ▲ +2.58% | $54.78 (−2.25%) |
Apr 20, 2026 23w ago | 20-F | $55.56 $53.29 | ▼ −4.08% | ▼ −5.16% | $54.78 (−1.40%) |
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