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

Long Form of Press Release

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 Registrant’s Principal Executive Offices)

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 ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

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.

Date: February 15, 2021

BLADEX ANNOUNCES 9% FOURTH QUARTER COMMERCIAL PORTFOLIO GROWTH

AND QUARTERLY PROFIT OF $15.7 MILLION, OR $0.40 PER SHARE

PANAMA CITY, REPUBLIC OF PANAMA, February 12, 2021

Banco Latinoamericano de Comercio Exterior, S.A. (NYSE: BLX, “Bladex”, or “the Bank”), a Panama-based multinational bank originally established by the central banks of 23 Latin-American and Caribbean countries to promote foreign trade and economic integration in the region, today announced its results for the Fourth Quarter (“4Q20”) and Full-Year (“FY20”) ended December 31, 2020.

The consolidated financial information in this document has been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

"n.m." means not meaningful.

Mr. Jorge Salas, Bladex’s Chief Executive Officer said: “2020 proved to be a very challenging year for Bladex’s markets, as Latin American economic growth was severely impacted from high uncertainty and volatility derived from the deep effects of the Covid-19 pandemic, evidenced by the estimates of 7.4% GDP regional contraction. Notwithstanding, Bladex’s unique business model – characterized by its short-term trade nature and high-quality borrower base – proved to be a fundamental and differentiating advantage throughout the year, allowing us to swiftly recompose the risk in our portfolio, while working closely and attending our clients’ needs under tighter credit underwriting standards, as we also strengthen our liquidity levels, supported by broad access to debt capital markets and the continued support of deposits from our Class A shareholders.”

Mr. Salas added: “During the fourth quarter, we continued the preceding quarterly trend of higher disbursements, resulting in a Commercial Portfolio growth of 13% compared to the lowest level at the end of the first half of the year, complemented by the increase of our credit investments with good quality LatAm bond instruments and by the creation of a highly liquid corporate debt securities portfolio, allowing us to gradually reduce the cash balances while still preserving a solid liquidity level. Bladex’s solid financial position remains, despite all the challenges faced throughout a very complex economic year, and is underlined by the Bank’s ability to deliver sustainable and quality results, with a healthier and well-diversified asset composition, and a stronger funding structure with increased tenors and diversification.”

Mr. Salas concluded: “We remain prudently cautious in the face of the uncertainty that still lies ahead for this year 2021. I am extremely proud of and thankful to all my colleagues at Bladex, and of the way they have come together to navigate the storm so far, quickly adapting to the unprecedented circumstances, working from home and keeping safe, while remaining strongly committed and successfully serving our clients, standing by them during these trying times. We will continue to promote foreign trade and economic integration in our Region, committed to the best long-term interest of our shareholders.”

RESULTS BY BUSINESS SEGMENT

The Bank’s activities are managed and executed through two business segments, Commercial and Treasury. Information related to each reportable segment is set out below. Business segment results are based on the Bank’s managerial accounting process, which assigns assets, liabilities, revenue and expense items to each business segment on a systemic basis.

COMMERCIAL BUSINESS SEGMENT

The Commercial Business Segment encompasses the Bank’s core business of financial intermediation and fee generation activities developed to cater to corporations, financial institutions and investors in Latin America. These activities include the origination of bilateral short-term and medium- term loans, structured and syndicated credits, loan commitments, and financial guarantee contracts such as issued and confirmed letters of credit, stand-by letters of credit, guarantees covering commercial risk, and other assets consisting of customers’ liabilities under acceptances.

Profits from the Commercial Business Segment include (i) net interest income from loans; (ii) fees and commissions from the issuance, confirmation and negotiation of letters of credit, guarantees and loan commitments, as well as through loan structuring and syndication activities; (iii) gain on sale of loans generated through loan intermediation activities, such as sales and distribution in the primary market; (iv) gain (loss) on sale of financial instruments measured at FVTPL; (v) reversal (provision) for credit losses, (vi) reversal (impairment) on non-financial assets; and (vii) direct and allocated operating expenses.

Bladex’s Commercial Portfolio reached $5.6 billion at the end of 4Q20, a 9% QoQ increase compared to $5.1 billion a quarter ago, and a 15% YoY decrease compared to pre-Covid levels from a year ago. The 9% QoQ increase was driven by higher loan origination (+18% QoQ), with a continued emphasis on defensive sectors and under stricter credit underwriting standards. Meanwhile, during 4Q20 the Bank sustained preceding quarterly trend in collecting virtually all loan maturities (99% during the 4Q20 and since the onset of Covid-19), evidencing the high quality of the Bank’s borrower base and short-term nature of its business. On an average basis, Commercial Portfolio balances reached $5.2 billion for the 4Q20 (+5% QoQ; -16% YoY) and $5.4 billion for FY20 (-11% YoY), also evidencing the growth during the quarter, but still trailing pre-Covid levels on the Bank’s defensive approach to favor liquidity over loan growth during most part of the year.

As of December 31, 2020, 75% of the Commercial Portfolio was scheduled to mature within a year, up 2 pp compared to 73% from a quarter and year ago. Trade finance transactions represented 57% of the short-term origination, also up 2 pp compared 55% a quarter ago and up 4 pp compared to 53% a year ago.

The following graphs illustrate the geographic distribution of the Bank’s Commercial Portfolio, highlighting the portfolio´s risk diversification by country and across industry segments:

As of December 31, 2020, 59% of the portfolio remained geographically distributed in investment grade countries, unchanged from the previous quarter and up 5 pp from a year ago, as the Bank weighted during the year its portfolio towards lower-risk countries, taking advantage of good risk/return opportunities. On a country-risk basis, Brazil represented the largest country-risk exposure at 18% of the total Commercial Portfolio, of which 91% were with financial institutions. Other relevant country-risk exposures were to investment grade countries such as Colombia at 14%, Mexico at 11%, Chile at 10%, and top-rated countries outside of Latin America (which relates to transactions carried out in Latin America) at 9% of the total portfolio. The Bank also continued adjusting its exposure towards lower-risk countries, evidenced by a $184 million, or 135% increase in Peru, now representing 6% of total Commercial Portfolio, while continuing to decrease exposure in Argentina, down 10% QoQ now representing 2% of the total Commercial Portfolio.

The Commercial Portfolio by industries remained well-diversified and focused on high quality borrowers, as exposure to the Bank’s traditional client base of financial institutions increased $308 million QoQ, or 12%, now representing 54% of the total Commercial Portfolio, up 1 pp QoQ, while exposure to sovereign and state-owned corporations increased 2 pp QoQ to reach 16% of the total portfolio at the end of 4Q20, and the remainder remains with top tier corporates throughout the Region. Across corporate sectors, most industries represented 5% or less of the total Commercial Portfolio, except for certain sectors that the Bank considers as defensive under the current context, such as Oil & Gas (Downstream) at 7%, and Electric Power and Food and Beverage, each at 6% of the Commercial Portfolio at the end of 4Q20. In addition, the Bank maintained minimal exposure to higher risk sectors, such as the airline and sugar industries, which together have decreased by $156 million or 56% since March 31, 2020, now representing 0.9% and 1% of the total portfolio at the end of 4Q20.

Refer to Exhibit IX for additional information related to the Bank’s Commercial Portfolio distribution by country, and Exhibit XI for the Bank’s distribution of loan disbursements by country.

The Commercial Business Segment’s Profit was $17.1 million for 4Q20 (+4% QoQ; -33% YoY) and $70.7 million for FY20 (-24% YoY). The QoQ 4% increase was mainly attributable to a $0.5 million reversal for credit losses versus a $1.4 million provision for credit losses recorded in the previous quarter, while total revenues remained stable QoQ. The YoY Profit decrease was mainly due to lower core income generation from interest and commission income, as total revenues decreased 25% YoY for 4Q20 and 22% YoY for FY20, impacted by the Bank’s defensive approach to favor liquidity over loan growth during most part of the year, coupled with the impact of decreased market rates, and the absence of mandated structured transactions in 2020 given the market uncertainty.

TREASURY BUSINESS SEGMENT

The Treasury Business Segment focuses on managing the Bank’s investment portfolio and the overall structure of its assets and liabilities to achieve more efficient funding and liquidity positions for the Bank, mitigating the traditional financial risks associated with the balance sheet, such as interest rate, liquidity, price and currency risks. Interest-earning assets managed by the Treasury Business Segment include liquidity positions in cash and cash equivalents, as well as highly liquid corporate debt securities rated above ‘A-‘, and financial instruments related to the investment management activities, consisting of securities at fair value through other comprehensive income (“FVOCI”) and securities at amortized cost (the “Investment Portfolio”). The Treasury Business Segment also manages the Bank’s interest-bearing liabilities, which constitute its funding sources, mainly deposits, short- and long-term borrowings and debt.

Profits from the Treasury Business Segment include net interest income derived from the above-mentioned treasury assets and liabilities, and related net other income (net results from derivative financial instruments and foreign currency exchange, gain (loss) per financial instruments at fair value through profit or loss (“FVTPL”), gain (loss) on sale of securities at FVOCI, and other income), recovery or impairment loss on financial instruments, and direct and allocated operating expenses.

The Bank’s liquid assets, mostly consisting of cash and due from banks, and most recently, highly rated corporate debt securities (above ‘A-‘), totaled $1,048 million at the end of 4Q20, down from $1,465 million a quarter ago and $1,160 million a year ago, as the Bank gradually returns its liquidity position to a prudent level similar to pre-Covid from a year ago. As of December 31, 2020, $689 million, or 66% of total liquid assets represented deposits placed with the Federal Reserve Bank of New York, while $202 million, or 19% of total liquid assets represented corporate debt securities classified as high quality liquid assets (“HQLA”) in accordance with the specifications of the Basel Committee. As of the end of 4Q20, 3Q20, and 4Q19, liquidity balances to total assets represented 17%, 23% and 16%, respectively, while the liquidity balances to total deposits ratio was 33%, 48% and 40%, respectively.

In addition, financial instruments related to the Treasury’s investment management activities continued to gradually increase to $193 million at the end of 4Q20, compared to $127 million a quarter ago and $80 million a year ago. Consequently, the total Investment Portfolio balances amounted to $395 million as of December 31, 2020, up 69% from $234 million a quarter ago, and up 394% from $80 million a year ago. Overall, the Investment Portfolio mostly consisted of readily-quoted Latin American and Multilateral securities, out of which 62% represented sovereign or state-owned risk at the end of the 4Q20, compared to 54% a quarter ago and 72% a year ago (refer to Exhibit X for a per-country risk distribution of the Investment Portfolio).

On the funding side, deposit balances increased to $3.1 billion at the end of 4Q20, up 3% QoQ and 9% YoY. The continued growth in the Bank’s deposit base denotes the growth of its new Yankee CD program which complements the short-term funding structure, and the steady support from the Bank’s Class A shareholders (i.e.: central banks and their designees), which represented 50% of total deposits at the end of 4Q20, compared to 51% and 61% of total deposits a quarter and year ago, respectively. As of December 31, 2020, total deposits represented 61% of total funding sources, up from 48% a year ago. Consequently, short- and medium-term borrowings and debt totaled $2.0 billion at the end of 4Q20 (-4% QoQ and -37% YoY). Weighted average funding costs improved to 1.11% in 4Q20 (-15 bps QoQ; -158 bps YoY), and 1.59% for FY20 (-151 bps YoY), benefiting from the impact of lower market rates on its narrow, liability-sensitive interest rate gap position, and on a higher average deposit base.

The Treasury Business Segment’s results were a $1.3 million loss for 4Q20 and a $7.1 million loss for FY20. 4Q20 results were mainly impacted by increased seasonal allocated operating expenses, while revenues remained relatively stable on absolute terms QoQ. Annual FY20 results reflect increased NII benefiting from the Bank’s liability sensitive interest rate gap in a declining interest rate environment, coupled with increased bond portfolio driving higher yields of assets managed by the Treasury Division. These effects were offset in FY20 by losses on financial instruments related to ineffectiveness from its hedging derivatives position.

NET INTEREST INCOME AND MARGINS

NII and NIM were $22.3 million and 1.37% for 4Q20, and $92.5 million and 1.41% for FY20, respectively. Compared to the previous quarter, NII decreased 1% QoQ on a 5 bps decrease in NIM, mainly associated to the continued downward repricing of loans at lower market (Libor) rates. On a YoY comparison, NII and NIM were impacted by the Bank’s defensive approach to favor liquidity over loan growth during most part of the year, as evidenced by higher average cash position levels (24% and 23% of average interest-earning assets in 4Q20 and FY20, respectively), coupled with the impact of lower market (Libor) rates on the Bank’s assets financed by its ample equity base. These effects were partly compensated by the widening of the Bank’s net lending spread differential throughout FY20, as liabilities repriced faster than loans in a decreasing market rate environment, and as the Bank was able to increase lending spreads in its origination to top quality borrowers as Covid-19 crisis emerged.

FEES AND COMMISSIONS

Fees and Commissions, net, includes the fee income associated with letters of credit and the fee income derived from loan structuring and syndication activities, together with loan intermediation and distribution activities in the primary market, and other commissions, mostly from other contingent credits, such as guarantees and credit commitments, net of fee expenses.

Fees and Commissions income totaled $2.8 million for 4Q20 and $10.4 million for FY20. The 7% QoQ increase was mostly driven by higher fees from the Bank’s letters of credit business, performing similarly to pre-Covid levels. The YoY reductions in fees and commissions were mainly attributable to the absence of mandated structured transactions impacted by market uncertainty.

PORTFOLIO QUALITY AND TOTAL ALLOWANCE FOR LOSSES

The total allowance for credit losses decreased to $44.6 million, representing a coverage ratio to the Credit Portfolio of 75 bps as of December 31, 2020, compared to $44.9 million, or 84 bps, a quarter ago and compared to $102.5 million, or 156 bps, a year ago. The quarterly decrease was mainly related to lower provision requirements in Stage 1, notwithstanding increased portfolio, due to high quality origination during the quarter (i.e. increased high quality liquid bonds and loan growth in investment grade countries), more than offsetting higher provision requirement for an $11 million credit impaired loan classified in Stage 3 from Stage 2. The YoY decrease was associated to the sale of a former credit-impaired loan and watchlist loan, totaling $56.5 million in write-offs against previously constituted reserves, coupled with the Bank’s improved mix of its Credit Portfolio exposure.

As of December 31, 2020, asset quality remained sound, with credit-impaired loans (“NPL”) representing 0.22% of the total Loan Portfolio, compared to zero in the previous quarter and to 1.05% of the total Loan Portfolio a year ago.

OPERATING EXPENSES

The Bank’s 4Q20 and FY20 operating expenses totaled $10.2 million (+22% QoQ; -10% YoY) and $37.3 million (-8% YoY), respectively. The 22% QoQ increase was mainly related to higher personnel expenses and other seasonal operating expenses. The YoY decreases were primarily related to lower personnel expenses, mostly due to a lower performance-based variable compensation provision, and other cost savings in the current context.

4Q20 and FY20 Efficiency Ratio stood at 40.2% and 37.6%, respectively. The quarterly increase was mainly associated to seasonal higher operating expenses as total revenues remained relatively stable. The YoY increases in Efficiency Ratios were mostly attributed to lower income generation on the account of the Bank’s implemented measures to mitigate the risks associated to Covid-19 pandemic.

CAPITAL RATIOS AND CAPITAL MANAGEMENT

The following table shows capital amounts and ratios as of the dates indicated:

The Bank’s equity consists entirely of issued and fully paid ordinary common stock, with 39.7 million common shares outstanding as of December 31, 2020. At the same date, the Bank’s ratio of total assets to total equity stood at 6.1 times, and the Bank’s Tier 1 Basel III Capital Ratio stood at 26.0%, as risk-weighted assets calculated with an advanced internal ratings-based approach (IRB) for credit risk, increased QoQ due to the Bank’s portfolio growth, with an equity base slightly up 1% QoQ.

RECENT EVENTS

Notes:

Footnotes:

SAFE HARBOR STATEMENT

This press release contains forward-looking statements of expected future developments within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods. The forward-looking statements in this press release include the Bank’s financial position, asset quality and profitability, among others. These forward-looking statements reflect the expectations of the Bank’s management and are based on currently available data; however, actual performance and results are subject to future events and uncertainties, which could materially impact the Bank’s expectations. Among the factors that can cause actual performance and results to differ materially are as follows: the coronavirus (COVID-19) pandemic and government actions intended to limit its spread; the anticipated changes in the Bank’s credit portfolio; the continuation of the Bank’s preferred creditor status; the impact of increasing/decreasing interest rates and of the macroeconomic environment in the Region on the Bank’s financial condition; the execution of the Bank’s strategies and initiatives, including its revenue diversification strategy; the adequacy of the Bank’s allowance for expected credit losses; the need for additional allowance for expected credit losses; the Bank’s ability to achieve future growth, to reduce its liquidity levels and increase its leverage; the Bank’s ability to maintain its investment-grade credit ratings; the availability and mix of future sources of funding for the Bank’s lending operations; potential trading losses; the possibility of fraud; and the adequacy of the Bank’s sources of liquidity to replace deposit withdrawals. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

ABOUT BLADEX

Bladex, a multinational bank originally established by the central banks of Latin-American and Caribbean countries, began operations in 1979 to promote foreign trade and economic integration in the Region. The Bank, headquartered in Panama, also has offices in Argentina, Brazil, Colombia, Mexico, and the United States of America, and a Representative License in Peru, supporting the regional expansion and servicing its customer base, which includes financial institutions and corporations.

Bladex is listed on the NYSE in the United States of America (NYSE: BLX), since 1992, and its shareholders include: central banks and state-owned banks and entities representing 23 Latin American countries; commercial banks and financial institutions; and institutional and retail investors through its public listing.

CONFERENCE CALL INFORMATION

There will be a conference call to discuss the Bank’s quarterly results on Friday, February 12, 2021 at 11:00 a.m. New York City time (Eastern Time). For those interested in participating, please dial 1-877-271-1828 in the United States or, if outside the United States, 1-334-323-9871. Participants should use conference passcode 51834133, and dial in five minutes before the call is set to begin. There will also be a live audio webcast of the conference at http://www.bladex.com. The webcast presentation will be available for viewing and downloads on http://www.bladex.com.

The conference call will become available for review on Conference Replay one hour after its conclusion and will remain available for 60 days. Please dial (877) 919-4059 or (334) 323-0140 and follow the instructions. The replay passcode is: 17239100.

For more information, please access http://www.bladex.com or contact:

Mrs. Ana Graciela de Méndez

Chief Financial Officer

Tel: +507 210-8563

E-mail address: amendez@bladex.com

EXHIBIT I

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION