Banco Latinoamericano DE Comerci Up 9.73% To $26.96 After Earnings Beat

Foreign Trade Bank of Latin America Inc Class E (BLX) beat out earnings estimates for Q4 2023 this afternoon.

Banco Latinoamericano DE Comerci's earnings came in at an EPS of $1.27 per share, 6.00% higher than estimates for an EPS of $1.2 per share. The firm's earnings are up 49% since reporting $0.85 per share in the same period a year ago.

Revenues were upbeat at $77.8 million. That is an increase of 46.24% in revenues from the year-ago report and is 30.25% higher than consensus estimates set at $59.7 million.

The stock is up 9.73% to $26.96 after the report.

Banco Latinoamericano DE Comerci's earnings expanded faster than revenues, signaling widening profit margins.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Banco Latinoamericano DE Comerci a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 71. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Foreign Trade Bank of Latin America, known as Bladex, its commercial trademark is a multinational bank. Founded in 1977 as Banco Latinoamericano de Exportaciones, S.A. and renamed in June 2009, the company is headquartered in Panama City and finances Latin America and the Caribbean foreign trade. In May 1975, the Republic of Panama proposed to the Central Bank Governors of Latin America for export finance, it was approved in 1976, organized in 1977, incoporporated in 1978, and opened for business on January 2, 1979. It was the first Latin American to be listed on the NYSE in 1992. It was one of the tenants in One World Trade Center.[citation needed] It is one of the Companies listed on the New York Stock Exchange.