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Achieved a record commercial portfolio of $12 billion, driven by medium-term transactions in Colombia, Brazil, and Guatemala following last year's AT1 capital issuance.

Maintained a resilient Net Interest Margin (NIM) of 2.34% through disciplined balance sheet management, offsetting pressures from 2025 rate cuts and high market liquidity.

Leveraged record deposit levels of $7.3 billion to optimize funding costs, with Yankee CDs surpassing $1.7 billion as a key diversification tool.

Attributed strong asset quality to proactive risk management, noting that the increase in Stage 2 loans reflects cautious monitoring of specific Brazilian exposures rather than systemic deterioration.

Benefited from Latin America's resilience as a net commodity exporter, where higher oil prices increased trade finance ticket sizes and improved the credit profiles of regional producers.

Advanced the 'next phase' strategy by onboarding the first correspondent banking client in a pilot phase to grow transactional deposit volumes.

Reaffirmed full-year 2026 guidance for NIM at approximately 2.30% and efficiency levels around 28%, despite expectations for slightly higher expenses in coming quarters.

Expects the Basel III Tier 1 ratio to gradually normalize toward a 15% to 16% target range as capital is deployed to support disciplined portfolio expansion.

Anticipates a pickup in fee income during the second and third quarters as seasonal trade patterns normalize and transactions delayed from Q1 reach closing.

Assumes a 'higher-for-longer' interest rate environment will act as a neutral 'wash,' where higher yields are largely offset by intense competition for high-quality loan originations.

Maintains a zero-exposure stance on Venezuela in current projections, though management is actively assessing the country as a potential long-term upside opportunity.

Introduced a tactical $234 million bond position of LatAm issuers (Fair Value through OCI) to capture selective credit opportunities while maintaining liquidity flexibility.

Noted a 70 bps sequential increase in Stage 2 loans to 2.2%, primarily driven by proactive internal risk assessments in a more challenging operating environment.

Reported a divergence between Basel III and Panama regulatory capital ratios due to different sensitivities to risk-weighted asset intensity and country-specific upgrades like Ecuador.

Identified potential headwinds for net commodity importers in Central America and the Caribbean due to sustained high energy prices.

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Management explained that the Basel III ratio is more risk-sensitive to borrower quality and country risk, benefiting from the Ecuador upgrade and lower RWA intensity.

The Panama regulatory ratio follows a standardized approach that does not differentiate between investment-grade ratings, making it less sensitive to the bank's specific portfolio mix.

Fees from commitments (30-40% of loan margins) are expected to grow alongside project finance and syndicated loans as CapEx is deployed over time.

Management clarified these are not liquidity backstop facilities, which they avoid due to higher risk profiles during credit deterioration.

Higher oil prices are viewed as a net tailwind, increasing demand for short-term trade finance and improving the profitability of low-cost regional producers.

The bank utilizes the short duration of its portfolio to quickly reprice and reposition exposures if geopolitical shocks transmit into trade flows.

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