Edgar Filing: LATIN AMERICAN EXPORT BANK

Unassociated Document

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 Or 15d-16 Of The

Securities Exchange Act of 1934

For the month of February, 2008

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

(Exact name of Registrant as specified in its Charter)

LATIN AMERICAN EXPORT BANK

(Translation of Registrant’s name into English)

Calle 50 y Aquilino de la Guardia

Apartado 0819-08730

El Dorado, 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 o

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)

Yes o No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82__.)

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, thereto duly authorized.

February 15, 2008

	Banco Latinoamericano de Exportaciones, S.A.




	By: /s/ Pedro Toll
	Name: Pedro Toll
	Title: Deputy Manager

12 de Febrero de 2008

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2006 Y ENERO - DICIEMBRE 2007

(En Balboas)

					2006		2007
Descripción	Absoluta		%		Diciembre		Enero		Febrero		Marzo		Abril		Mayo
ACTIVOS LIQUIDOS		97,677,362.80		32.17		303,650,422.83		216,202,094.20		242,982,598.61		229,046,233.80		122,698,746.25		208,986,133.47
Depositos Locales en Bancos		111,863.50		64.33		173,891.04		171,541.89		211,225.69		198,143.77		164,062.71		162,204.31
A la Vista		111,863.50		64.33		173,891.04		171,541.89		211,225.69		198,143.77		164,062.71		162,204.31
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		97,571,008.24		32.15		303,465,330.82		216,015,706.64		242,755,699.36		228,836,963.32		122,369,664.85		208,813,623.54
A la Vista		-3,028,991.76		-67.83		4,465,330.82		2,715,706.64		1,255,699.36		30,836,963.32		1,769,664.85		1,313,623.54
A Plazo		100,600,000.00		33.65		299,000,000.00		213,300,000.00		241,500,000.00		198,000,000.00		120,600,000.00		207,500,000.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otros		-5,508.94		-49.18		11,200.97		14,845.67		15,673.56		11,126.71		165,018.69		10,305.62
CARTERA CREDITICIA		732,688,646.10		25.01		2,929,506,047.77		3,036,256,324.76		3,027,768,900.81		3,245,204,307.99		3,206,861,456.42		3,196,112,772.51
Locales		58,666,790.22		30.27		193,815,776.27		190,803,578.31		185,116,953.31		158,897,133.10		141,613,868.24		150,123,300.86
Extranjero		692,399,524.84		24.84		2,786,955,793.50		2,896,713,920.80		2,893,913,101.85		3,142,920,079.84		3,121,860,493.13		3,102,571,114.20
Menos Provisiones		18,377,668.96		35.85		51,265,522.00		51,261,174.35		51,261,154.35		56,612,904.95		56,612,904.95		56,581,642.55
Locales		628,548.42		68.94		911,727.70		911,727.70		911,727.70		811,234.26		811,234.26		779,971.86
Extranjero		17,749,120.54		35.25		50,353,794.30		50,349,446.65		50,349,426.65		55,801,670.69		55,801,670.69		55,801,670.69
INVERSIONES EN VALORES		-2,349,494.94		-0.41		577,658,363.67		391,817,270.05		380,907,417.40		632,092,664.10		307,221,604.46		298,088,861.31
Locales		52,273,600.00		262.39		19,922,400.00		19,804,200.00		20,027,600.00		20,085,000.00		20,043,400.00		19,836,600.00
Extranjero		-54,623,094.94		-9.79		557,735,963.67		372,013,070.05		360,879,817.40		612,007,664.10		287,178,204.46		278,252,261.31
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS ACTIVOS		-26,719,562.04		-22.70		117,717,130.43		116,329,379.94		97,215,886.49		78,834,911.65		68,502,497.68		70,730,858.41
Locales		-13,340,155.91		-75.73		17,614,809.32		20,511,965.87		10,276,743.98		5,315,339.04		5,574,415.85		2,523,285.04
Extranjero		-13,379,406.13		-13.37		100,102,321.11		95,817,414.07		86,939,142.51		73,519,572.61		62,928,081.83		68,207,573.37
TOTAL DE ACTIVOS		801,296,951.92		20.40		3,928,531,964.70		3,760,605,068.95		3,748,874,803.31		4,185,178,117.54		3,705,284,304.81		3,773,918,625.70
DEPOSITOS		456,367,180.79		43.19		1,056,674,083.42		1,169,378,225.85		1,222,705,231.77		1,380,142,876.22		1,283,560,136.96		1,286,109,030.56
Locales		85,186,614.41		60.62		140,528,292.38		151,114,593.65		149,223,722.63		188,400,415.96		195,234,364.45		209,426,258.81
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		85,186,614.41		60.62		140,528,292.38		151,114,593.65		149,223,722.63		188,400,415.96		195,234,364.45		209,426,258.81
A la Vista		11,051,449.06		89.19		12,390,382.81		9,751,662.28		13,366,002.78		10,542,777.13		9,856,408.16		7,495,530.19
A Plazo		74,135,165.35		57.86		128,137,909.57		141,362,931.37		135,857,719.85		177,857,638.83		185,377,956.29		201,930,728.62
Extranjero		371,180,566.38		40.52		916,145,791.04		1,018,263,632.20		1,073,481,509.14		1,191,742,460.26		1,088,325,772.51		1,076,682,771.75
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		3,800,394.75		10.04		37,843,681.20		98,076,330.45		99,415,948.70		100,671,771.92		102,886,296.40		101,494,940.09
A la Vista		-552,105.25		-27.38		2,016,181.20		2,248,830.45		1,738,448.70		1,744,271.92		2,258,796.40		3,867,440.09
A Plazo		4,352,500.00		12.15		35,827,500.00		95,827,500.00		97,677,500.00		98,927,500.00		100,627,500.00		97,627,500.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		367,380,171.63		41.83		878,302,109.84		920,187,301.75		974,065,560.44		1,091,070,688.34		985,439,476.11		975,187,831.66
A la Vista		-31,132,110.11		-26.36		118,120,039.83		82,782,206.23		95,490,878.75		90,198,396.99		44,057,196.58		91,161,295.26
A Plazo		398,512,281.74		52.42		760,182,070.01		837,405,095.52		878,574,681.69		1,000,872,291.35		941,382,279.53		884,026,536.40
OBLIGACIONES		358,628,334.58		16.63		2,156,397,179.46		1,881,473,358.26		1,831,833,854.46		2,128,903,579.48		1,752,199,110.42		1,815,010,696.69
Locales		10,000,000.00		33.33		30,000,000.00		30,000,000.00		31,868,459.90		30,000,000.00		30,000,000.00		30,000,000.00
Extranjero		348,628,334.58		16.40		2,126,397,179.46		1,851,473,358.26		1,799,965,394.56		2,098,903,579.48		1,722,199,110.42		1,785,010,696.69
OTROS PASIVOS		-18,939,513.76		-14.59		129,840,855.71		120,909,042.64		102,899,898.91		86,564,035.26		74,537,253.46		73,908,965.33
Locales		-18,980,388.64		-77.75		24,411,519.37		11,702,379.03		10,338,688.73		8,310,708.32		5,536,711.21		6,037,289.13
Extranjero		40,874.88		0.04		105,429,336.34		109,206,663.61		92,561,210.18		78,253,326.94		69,000,542.25		67,871,676.20
PATRIMONIO		5,240,950.34		0.89		585,619,846.11		588,844,442.19		591,435,818.14		589,567,626.62		594,987,803.98		598,889,933.12
Capital		1,764,603.59		0.63		280,157,273.47		280,212,949.00		280,263,236.58		280,318,912.11		280,393,029.99		280,682,393.61
Reservas de Capital		0.00		0.00		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67
Otras Reservas		-1,937,126.07		2671.73		-72,504.59		68,218.00		22,274.00		-58,735.00		-76,326.00		-163,652.00
Utilidad de Periodos Anteriores		22,690,425.46		14.91		152,204,116.93		207,009,182.67		206,924,182.67		198,931,786.98		198,931,786.98		198,931,786.98
Utilidad de Periodo		-6,245,241.37		-11.41		54,720,070.12		6,125,153.63		8,967,061.66		12,674,036.97		19,848,605.49		23,305,800.64
Ganancia o Perdida en Valores Disponible para la venta		-11,031,711.27		-324.39		3,400,736.51		218,785.22		48,909.56		2,491,471.89		680,553.85		923,450.22
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		801,296,951.95		20.40		3,928,531,964.70		3,760,605,068.94		3,748,874,803.28		4,185,178,117.58		3,705,284,304.82		3,773,918,625.70

12 de Febrero de 2008

	2007
Descripción	Junio		Julio		Agosto		Septiembre		Octubre		Noviembre		Diciembre
ACTIVOS LIQUIDOS		230,906,612.74		225,251,357.81		231,990,414.31		328,253,847.36		358,007,469.49		330,872,505.32		401,327,785.63
Depositos Locales en Bancos		249,374.70		200,575.94		1,024,617.91		216,112.64		181,776.22		790,201.75		285,754.54
A la Vista		249,374.70		200,575.94		1,024,617.91		216,112.64		181,776.22		790,201.75		285,754.54
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		230,648,229.85		225,046,711.62		230,945,655.81		328,026,999.30		357,793,916.39		330,008,630.12		401,036,339.06
A la Vista		17,748,229.85		6,846,711.62		645,655.81		1,426,999.30		1,593,916.39		7,008,630.12		1,436,339.06
A Plazo		212,900,000.00		218,200,000.00		230,300,000.00		326,600,000.00		356,200,000.00		323,000,000.00		399,600,000.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otros		9,008.19		4,070.25		20,140.59		10,735.42		31,776.88		73,673.45		5,692.03
CARTERA CREDITICIA		3,346,318,289.23		3,399,513,093.81		3,421,795,432.16		3,421,910,735.89		3,494,616,265.71		3,662,392,709.04		3,662,194,693.87
Locales		156,246,011.28		159,018,174.47		162,985,851.56		164,112,736.38		172,491,410.40		207,770,985.83		252,482,566.49
Extranjero		3,259,046,607.73		3,309,575,019.73		3,328,051,394.60		3,330,420,732.99		3,394,747,886.93		3,527,244,754.83		3,479,355,318.34
Menos Provisiones		68,974,329.78		69,080,100.39		69,241,814.00		72,622,733.48		72,623,031.62		72,623,031.62		69,643,190.96
Locales		800,616.34		800,616.34		800,616.34		912,163.62		912,163.62		912,163.62		1,540,276.12
Extranjero		68,173,713.44		68,279,484.05		68,441,197.66		71,710,569.86		71,710,868.00		71,710,868.00		68,102,914.84
INVERSIONES EN VALORES		275,295,067.05		330,636,735.82		567,230,391.38		575,647,505.69		474,146,029.77		473,960,294.84		575,308,868.73
Locales		19,807,400.00		20,009,800.00		58,968,900.00		59,430,550.00		59,970,800.00		60,277,662.44		72,196,000.00
Extranjero		255,487,667.05		310,626,935.82		508,261,491.38		516,216,955.69		414,175,229.77		413,682,632.40		503,112,868.73
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS ACTIVOS		91,679,069.89		103,815,193.71		82,443,761.38		75,772,870.23		77,367,058.32		134,620,582.33		90,997,568.39
Locales		7,040,979.90		1,314,560.20		2,665,403.63		2,483,389.38		3,532,479.11		3,519,644.58		4,274,653.41
Extranjero		84,638,089.99		102,500,633.51		79,778,357.75		73,289,480.85		73,834,579.21		131,100,937.75		86,722,914.98
TOTAL DE ACTIVOS		3,944,199,038.91		4,059,216,381.15		4,303,459,999.23		4,401,584,959.17		4,404,136,823.29		4,601,846,091.53		4,729,828,916.62
DEPOSITOS		1,380,740,164.51		1,433,042,487.41		1,366,022,118.75		1,448,903,599.98		1,368,413,624.67		1,343,997,126.47		1,513,041,264.21
Locales		267,002,901.04		277,920,926.83		233,790,842.82		194,008,656.32		172,752,810.93		172,220,482.60		225,714,906.79
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		0.00		0.00		1,500,000.00		7,300,000.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		1,500,000.00		7,300,000.00		0.00		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		267,002,901.04		277,920,926.83		232,290,842.82		186,708,656.32		172,752,810.93		172,220,482.60		225,714,906.79
A la Vista		18,201,829.30		16,078,149.99		14,556,815.17		14,619,997.53		14,678,236.17		15,929,338.51		23,441,831.87
A Plazo		248,801,071.74		261,842,776.84		217,734,027.65		172,088,658.79		158,074,574.76		156,291,144.09		202,273,074.92
Extranjero		1,113,737,263.47		1,155,121,560.58		1,132,231,275.93		1,254,894,943.66		1,195,660,813.74		1,171,776,643.87		1,287,326,357.42
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		72,649,022.78		67,948,910.47		64,376,677.08		62,012,147.78		49,366,376.44		59,149,077.99		41,644,075.95
A la Vista		4,921,522.78		6,048,910.47		6,876,677.08		4,412,147.78		1,676,376.44		1,459,077.99		1,464,075.95
A Plazo		67,727,500.00		61,900,000.00		57,500,000.00		57,600,000.00		47,690,000.00		57,690,000.00		40,180,000.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		1,041,088,240.69		1,087,172,650.11		1,067,854,598.85		1,192,882,795.88		1,146,294,437.30		1,112,627,565.88		1,245,682,281.47
A la Vista		85,912,030.44		68,686,710.76		38,376,124.31		74,712,469.73		44,014,506.01		65,882,365.85		86,987,929.72
A Plazo		955,176,210.25		1,018,485,939.35		1,029,478,474.54		1,118,170,326.15		1,102,279,931.29		1,046,745,200.03		1,158,694,351.75
OBLIGACIONES		1,872,529,067.84		1,932,074,675.59		2,264,160,050.93		2,267,009,639.47		2,350,378,746.58		2,518,394,407.99		2,515,025,514.04
Locales		30,000,000.00		30,003,495.42		30,000,000.00		15,000,000.00		30,000,000.00		30,000,000.00		40,000,000.00
Extranjero		1,842,529,067.84		1,902,071,180.17		2,234,160,050.93		2,252,009,639.47		2,320,378,746.58		2,488,394,407.99		2,475,025,514.04
OTROS PASIVOS		97,932,784.34		102,225,519.63		80,857,276.05		89,829,185.67		83,764,502.03		143,784,743.19		110,901,341.95
Locales		13,645,489.19		6,679,482.59		4,690,207.91		3,872,784.14		3,934,065.41		5,230,386.13		5,431,130.73
Extranjero		84,287,295.15		95,546,037.04		76,167,068.14		85,956,401.53		79,830,436.62		138,554,357.06		105,470,211.22
PATRIMONIO		592,997,022.26		591,873,698.49		592,420,553.46		595,842,534.05		601,579,950.08		595,669,813.87		590,860,796.45
Capital		280,780,245.67		281,329,619.86		281,410,170.05		281,482,315.39		281,556,865.58		281,853,030.03		281,921,877.06
Reservas de Capital		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67
Otras Reservas		-185,426.66		-239,865.66		-467,361.66		-484,165.66		-530,564.66		-1,839,667.66		-2,009,630.66
Utilidad de Periodos Anteriores		190,897,408.07		190,897,408.07		190,897,408.07		182,895,975.23		182,895,975.23		182,895,975.23		174,894,542.39
Utilidad de Periodo		26,750,808.21		29,401,075.86		32,935,593.05		36,328,138.99		42,079,090.42		45,227,270.50		48,474,828.75
Ganancia o Perdida en Valores Disponible para la venta		-456,166.70		-4,724,693.31		-7,565,409.72		410,116.43		368,429.84		-7,676,947.90		-7,630,974.76
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		3,944,199,038.95		4,059,216,381.12		4,303,459,999.19		4,401,584,959.17		4,404,136,823.36		4,601,846,091.52		4,729,828,916.65

12 de Febrero de 2008

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

ENERO - DICIEMBRE 2007

(En Balboas)

Descripcion	Enero		Febrero		Marzo		Trimestre I		Abril		Mayo		Junio		Trimestre II
Ingresos Por Intereses		19,655,049.68		17,737,463.67		20,683,853.26		58,076,366.61		20,058,754.09		20,588,522.78		19,794,528.99		60,441,805.86
Préstamos		16,952,273.81		15,700,845.01		17,395,096.07		50,048,214.89		17,561,997.10		18,564,562.05		17,925,837.23		54,052,396.38
Depósitos		868,382.96		769,848.68		996,685.10		2,634,916.74		930,193.10		947,201.26		960,774.98		2,838,169.34
Inversiones		1,834,392.91		1,266,769.98		2,292,072.09		5,393,234.98		1,566,563.89		1,076,759.47		907,916.78		3,551,240.14
Egresos de Operaciones		14,530,876.98		12,967,599.32		15,468,817.28		42,967,293.58		15,028,135.92		15,439,705.90		14,664,128.13		45,131,969.95
Intereses Pagados		14,529,189.99		12,965,836.71		15,461,564.58		42,956,591.28		15,022,210.56		15,433,623.24		14,661,042.64		45,116,876.44
Comisiones		1,686.99		1,762.61		7,252.70		10,702.30		5,925.36		6,082.66		3,085.49		15,093.51
Ingreso Neto de Intereses		5,124,172.70		4,769,864.35		5,215,035.98		15,109,073.03		5,030,618.17		5,148,816.88		5,130,400.86		15,309,835.91
Otros Ingresos		3,252,247.96		263,977.66		-5,382.34		3,510,843.28		3,971,172.09		721,461.97		29,892.44		4,722,526.50
Comisiones		532,215.31		345,294.45		369,807.89		1,247,317.65		339,094.38		465,924.72		548,985.88		1,354,004.98
Operaciones con Divisas		-31,867.58		-61,017.34		101,256.36		8,371.44		-27,051.00		13,600.37		-27,484.49		-40,935.12
Otros ingresos		2,751,900.23		-20,299.45		-476,446.59		2,255,154.19		3,659,128.71		241,936.88		-491,608.95		3,409,456.64
Ingresos de Operaciones		8,376,420.66		5,033,842.01		5,209,653.64		18,619,916.31		9,001,790.26		5,870,278.85		5,160,293.30		20,032,362.41
Egresos Generales		2,251,267.03		2,191,933.98		-3,851,437.28		591,763.73		1,827,221.74		2,413,083.70		-4,519,727.26		-279,421.82
Gastos Administrativos		1,389,320.94		1,152,761.57		1,378,644.88		3,920,727.39		876,276.06		1,379,731.65		2,133,608.72		4,389,616.43
Gastos Generales		230,861.37		393,847.95		424,127.86		1,048,837.18		423,230.11		511,507.00		415,011.34		1,349,748.45
Gastos de Depreciación		228,406.64		164,173.56		213,327.01		605,907.21		202,702.28		199,719.24		214,359.49		616,781.01
Otros Gastos		402,678.08		481,150.90		-5,867,537.03		-4,983,708.05		325,013.29		322,125.81		-7,282,706.81		-6,635,567.71
Utilidad antes de Provisiones		6,125,153.63		2,841,908.03		9,061,090.92		18,028,152.58		7,174,568.52		3,457,195.15		9,680,020.56		20,311,784.23
Provisiones por Cuentas Malas		0.00		0.00		5,354,115.61		5,354,115.61		0.00		0.00		6,235,012.99		6,235,012.99
Utilidad del Periodo		6,125,153.63		2,841,908.03		3,706,975.31		12,674,036.97		7,174,568.52		3,457,195.15		3,445,007.57		14,076,771.24

12 de Febrero de 2008

Descripcion	Julio		Agosto		Septiembre		Trimestre III		Octubre		Noviembre		Diciembre		Trimestre IV		Acumulado Anual
Ingresos Por Intereses		20,732,440.03		23,291,729.77		22,507,429.64		66,531,599.44		23,301,713.86		22,706,909.95		24,223,755.72		70,232,379.53		255,282,151.44
Préstamos		18,786,542.10		19,800,525.97		18,767,199.66		57,354,267.73		19,825,208.69		19,468,053.01		20,872,727.50		60,165,989.20		221,620,868.20
Depósitos		1,006,987.43		1,216,478.78		1,369,171.35		3,592,637.56		1,311,747.17		1,406,844.72		944,622.68		3,663,214.57		12,728,938.21
Inversiones		938,910.50		2,274,725.02		2,371,058.63		5,584,694.15		2,164,758.00		1,832,012.22		2,406,405.54		6,403,175.76		20,932,345.03
Egresos de Operaciones		15,472,983.06		17,563,471.24		17,094,666.87		50,131,121.17		17,548,861.38		16,929,730.80		18,111,221.66		52,589,813.84		190,820,198.54
Intereses Pagados		15,455,164.59		17,557,775.67		17,104,136.16		50,117,076.42		17,546,581.10		16,926,858.82		17,888,589.71		52,362,029.63		190,552,573.77
Comisiones		17,818.47		5,695.57		-9,469.29		14,044.75		2,280.28		2,871.98		222,631.95		227,784.21		267,624.77
Ingreso Neto de Intereses		5,259,456.97		5,728,258.53		5,412,762.77		16,400,478.27		5,752,852.48		5,777,179.15		6,112,534.06		17,642,565.69		64,461,952.90
Otros Ingresos		185,405.00		246,831.66		749,296.33		1,181,532.99		2,528,060.38		706,882.43		806,275.39		4,041,218.20		13,456,120.97
Comisiones		452,907.06		370,131.65		361,314.18		1,184,352.89		460,875.51		515,367.12		611,692.80		1,587,935.43		5,373,610.95
Operaciones con Divisas		-22,866.71		-26,519.09		53,518.52		4,132.72		-56,737.21		97,736.12		147,696.82		188,695.73		160,264.77
Otros ingresos		-244,635.35		-96,780.90		334,463.63		-6,952.62		2,123,922.08		93,779.19		46,885.77		2,264,587.04		7,922,245.25
Ingresos de Operaciones		5,444,861.97		5,975,090.19		6,162,059.10		17,582,011.26		8,280,912.86		6,484,061.58		6,918,809.45		21,683,783.89		77,918,073.87
Egresos Generales		2,794,594.32		2,440,573.00		-614,871.30		4,620,296.02		2,529,961.43		3,335,881.49		6,651,091.87		12,516,934.79		17,449,572.72
Gastos Administrativos		1,403,245.40		1,361,234.98		1,432,429.71		4,196,910.09		1,382,032.12		2,164,405.07		2,106,152.14		5,652,589.33		18,159,843.24
Gastos Generales		881,574.41		535,317.02		377,165.15		1,794,056.58		570,118.97		625,214.10		523,837.34		1,719,170.41		5,911,812.62
Gastos de Depreciación		176,484.52		220,534.77		198,709.51		595,728.80		202,887.71		214,780.10		223,366.43		641,034.24		2,459,451.26
Otros Gastos		333,289.99		323,486.23		-2,623,175.67		-1,966,399.45		374,922.63		331,482.22		3,797,735.96		4,504,140.81		-9,081,534.40
Utilidad antes de Provisiones		2,650,267.65		3,534,517.19		6,776,930.40		12,961,715.24		5,750,951.43		3,148,180.09		267,717.58		9,166,849.10		60,468,501.15
Provisiones por Cuentas Malas		0.00		0.00		3,384,384.47		3,384,384.47		0.00		0.00		-2,979,840.67		-2,979,840.67		11,993,672.40
Utilidad del Periodo		2,650,267.65		3,534,517.19		3,392,545.93		9,577,330.77		5,750,951.43		3,148,180.09		3,247,558.25		12,146,689.77		48,474,828.75

February 12, 2008

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2006 AND JANUARY - DECEMBER 2007

(In Balboas)**

					2006		2007
Description	Absolute		%		December		January		February		March		April		May
LIQUID ASSETS		97,677,362.80		32.17		303,650,422.83		216,202,094.20		242,982,598.61		229,046,233.80		122,698,746.25		208,986,133.47
Local Deposits in Banks		111,863.50		64.33		173,891.04		171,541.89		211,225.69		198,143.77		164,062.71		162,204.31
Demand		111,863.50		64.33		173,891.04		171,541.89		211,225.69		198,143.77		164,062.71		162,204.31
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		97,571,008.24		32.15		303,465,330.82		216,015,706.64		242,755,699.36		228,836,963.32		122,369,664.85		208,813,623.54
Demand		-3,028,991.76		-67.83		4,465,330.82		2,715,706.64		1,255,699.36		30,836,963.32		1,769,664.85		1,313,623.54
Time		100,600,000.00		33.65		299,000,000.00		213,300,000.00		241,500,000.00		198,000,000.00		120,600,000.00		207,500,000.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Others		-5,508.94		-49.18		11,200.97		14,845.67		15,673.56		11,126.71		165,018.69		10,305.62
CREDIT PORTFOLIO		732,688,646.10		25.01		2,929,506,047.77		3,036,256,324.76		3,027,768,900.81		3,245,204,307.99		3,206,861,456.42		3,196,112,772.51
Local		58,666,790.22		30.27		193,815,776.27		190,803,578.31		185,116,953.31		158,897,133.10		141,613,868.24		150,123,300.86
Foreign		692,399,524.84		24.84		2,786,955,793.50		2,896,713,920.80		2,893,913,101.85		3,142,920,079.84		3,121,860,493.13		3,102,571,114.20
Less Allowance		18,377,668.96		35.85		51,265,522.00		51,261,174.35		51,261,154.35		56,612,904.95		56,612,904.95		56,581,642.55
Local		628,548.42		68.94		911,727.70		911,727.70		911,727.70		811,234.26		811,234.26		779,971.86
Foreign		17,749,120.54		35.25		50,353,794.30		50,349,446.65		50,349,426.65		55,801,670.69		55,801,670.69		55,801,670.69
INVESTMENT SECURITIES		-2,349,494.94		-0.41		577,658,363.67		391,817,270.05		380,907,417.40		632,092,664.10		307,221,604.46		298,088,861.31
Local		52,273,600.00		262.39		19,922,400.00		19,804,200.00		20,027,600.00		20,085,000.00		20,043,400.00		19,836,600.00
Foreign		-54,623,094.94		-9.79		557,735,963.67		372,013,070.05		360,879,817.40		612,007,664.10		287,178,204.46		278,252,261.31
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER ASSETS		-26,719,562.04		-22.70		117,717,130.43		116,329,379.94		97,215,886.49		78,834,911.65		68,502,497.68		70,730,858.41
Local		-13,340,155.91		-75.73		17,614,809.32		20,511,965.87		10,276,743.98		5,315,339.04		5,574,415.85		2,523,285.04
Foreign		-13,379,406.13		-13.37		100,102,321.11		95,817,414.07		86,939,142.51		73,519,572.61		62,928,081.83		68,207,573.37
TOTAL ASSETS		801,296,951.92		20.40		3,928,531,964.70		3,760,605,068.95		3,748,874,803.31		4,185,178,117.54		3,705,284,304.81		3,773,918,625.70
DEPOSITS		456,367,180.79		43.19		1,056,674,083.42		1,169,378,225.85		1,222,705,231.77		1,380,142,876.22		1,283,560,136.96		1,286,109,030.56
Local		85,186,614.41		60.62		140,528,292.38		151,114,593.65		149,223,722.63		188,400,415.96		195,234,364.45		209,426,258.81
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		85,186,614.41		60.62		140,528,292.38		151,114,593.65		149,223,722.63		188,400,415.96		195,234,364.45		209,426,258.81
Demand		11,051,449.06		89.19		12,390,382.81		9,751,662.28		13,366,002.78		10,542,777.13		9,856,408.16		7,495,530.19
Time		74,135,165.35		57.86		128,137,909.57		141,362,931.37		135,857,719.85		177,857,638.83		185,377,956.29		201,930,728.62
Foreign		371,180,566.38		40.52		916,145,791.04		1,018,263,632.20		1,073,481,509.14		1,191,742,460.26		1,088,325,772.51		1,076,682,771.75
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		3,800,394.75		10.04		37,843,681.20		98,076,330.45		99,415,948.70		100,671,771.92		102,886,296.40		101,494,940.09
Demand		-552,105.25		-27.38		2,016,181.20		2,248,830.45		1,738,448.70		1,744,271.92		2,258,796.40		3,867,440.09
Time		4,352,500.00		12.15		35,827,500.00		95,827,500.00		97,677,500.00		98,927,500.00		100,627,500.00		97,627,500.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		367,380,171.63		41.83		878,302,109.84		920,187,301.75		974,065,560.44		1,091,070,688.34		985,439,476.11		975,187,831.66
Demand		-31,132,110.11		-26.36		118,120,039.83		82,782,206.23		95,490,878.75		90,198,396.99		44,057,196.58		91,161,295.26
Time		398,512,281.74		52.42		760,182,070.01		837,405,095.52		878,574,681.69		1,000,872,291.35		941,382,279.53		884,026,536.40
BORROWINGS		358,628,334.58		16.63		2,156,397,179.46		1,881,473,358.26		1,831,833,854.46		2,128,903,579.48		1,752,199,110.42		1,815,010,696.69
Local		10,000,000.00		33.33		30,000,000.00		30,000,000.00		31,868,459.90		30,000,000.00		30,000,000.00		30,000,000.00
Foreign		348,628,334.58		16.40		2,126,397,179.46		1,851,473,358.26		1,799,965,394.56		2,098,903,579.48		1,722,199,110.42		1,785,010,696.69
OTHER LIABILITIES		-18,939,513.76		-14.59		129,840,855.71		120,909,042.64		102,899,898.91		86,564,035.26		74,537,253.46		73,908,965.33
Local		-18,980,388.64		-77.75		24,411,519.37		11,702,379.03		10,338,688.73		8,310,708.32		5,536,711.21		6,037,289.13
Foreign		40,874.88		0.04		105,429,336.34		109,206,663.61		92,561,210.18		78,253,326.94		69,000,542.25		67,871,676.20
STOCKHOLDERS´ EQUITY		5,240,950.34		0.89		585,619,846.11		588,844,442.19		591,435,818.14		589,567,626.62		594,987,803.98		598,889,933.12
Capital		1,764,603.59		0.63		280,157,273.47		280,212,949.00		280,263,236.58		280,318,912.11		280,393,029.99		280,682,393.61
Capital Reserves		0.00		0.00		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67
Other Reserves		-1,937,126.07		2,671.73		-72,504.59		68,218.00		22,274.00		-58,735.00		-76,326.00		-163,652.00
Retained Earnings		22,690,425.46		14.91		152,204,116.93		207,009,182.67		206,924,182.67		198,931,786.98		198,931,786.98		198,931,786.98
Net Income		-6,245,241.37		-11.41		54,720,070.12		6,125,153.63		8,967,061.66		12,674,036.97		19,848,605.49		23,305,800.64
Gain or Loss in Securities available for sale		-11,031,711.27		-324.39		3,400,736.51		218,785.22		48,909.56		2,491,471.89		680,553.85		923,450.22
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER'S EQUITY		801,296,951.95		20.40		3,928,531,964.70		3,760,605,068.94		3,748,874,803.28		4,185,178,117.58		3,705,284,304.82		3,773,918,625.70

February 12, 2008

	2007
Description	June		July		August		September		October		November		December
LIQUID ASSETS		230,906,612.74		225,251,357.81		231,990,414.31		328,253,847.36		358,007,469.49		330,872,505.32		401,327,785.63
Local Deposits in Banks		249,374.70		200,575.94		1,024,617.91		216,112.64		181,776.22		790,201.75		285,754.54
Demand		249,374.70		200,575.94		1,024,617.91		216,112.64		181,776.22		790,201.75		285,754.54
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		230,648,229.85		225,046,711.62		230,945,655.81		328,026,999.30		357,793,916.39		330,008,630.12		401,036,339.06
Demand		17,748,229.85		6,846,711.62		645,655.81		1,426,999.30		1,593,916.39		7,008,630.12		1,436,339.06
Time		212,900,000.00		218,200,000.00		230,300,000.00		326,600,000.00		356,200,000.00		323,000,000.00		399,600,000.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Others		9,008.19		4,070.25		20,140.59		10,735.42		31,776.88		73,673.45		5,692.03
CREDIT PORTFOLIO		3,346,318,289.23		3,399,513,093.81		3,421,795,432.16		3,421,910,735.89		3,494,616,265.71		3,662,392,709.04		3,662,194,693.87
Local		156,246,011.28		159,018,174.47		162,985,851.56		164,112,736.38		172,491,410.40		207,770,985.83		252,482,566.49
Foreign		3,259,046,607.73		3,309,575,019.73		3,328,051,394.60		3,330,420,732.99		3,394,747,886.93		3,527,244,754.83		3,479,355,318.34
Less Allowance		68,974,329.78		69,080,100.39		69,241,814.00		72,622,733.48		72,623,031.62		72,623,031.62		69,643,190.96
Local		800,616.34		800,616.34		800,616.34		912,163.62		912,163.62		912,163.62		1,540,276.12
Foreign		68,173,713.44		68,279,484.05		68,441,197.66		71,710,569.86		71,710,868.00		71,710,868.00		68,102,914.84
INVESTMENT SECURITIES		275,295,067.05		330,636,735.82		567,230,391.38		575,647,505.69		474,146,029.77		473,960,294.84		575,308,868.73
Local		19,807,400.00		20,009,800.00		58,968,900.00		59,430,550.00		59,970,800.00		60,277,662.44		72,196,000.00
Foreign		255,487,667.05		310,626,935.82		508,261,491.38		516,216,955.69		414,175,229.77		413,682,632.40		503,112,868.73
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER ASSETS		91,679,069.89		103,815,193.71		82,443,761.38		75,772,870.23		77,367,058.32		134,620,582.33		90,997,568.39
Local		7,040,979.90		1,314,560.20		2,665,403.63		2,483,389.38		3,532,479.11		3,519,644.58		4,274,653.41
Foreign		84,638,089.99		102,500,633.51		79,778,357.75		73,289,480.85		73,834,579.21		131,100,937.75		86,722,914.98
TOTAL ASSETS		3,944,199,038.91		4,059,216,381.15		4,303,459,999.23		4,401,584,959.17		4,404,136,823.29		4,601,846,091.53		4,729,828,916.62
DEPOSITS		1,380,740,164.51		1,433,042,487.41		1,366,022,118.75		1,448,903,599.98		1,368,413,624.67		1,343,997,126.47		1,513,041,264.21
Local		267,002,901.04		277,920,926.83		233,790,842.82		194,008,656.32		172,752,810.93		172,220,482.60		225,714,906.79
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		0.00		0.00		1,500,000.00		7,300,000.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		1,500,000.00		7,300,000.00		0.00		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		267,002,901.04		277,920,926.83		232,290,842.82		186,708,656.32		172,752,810.93		172,220,482.60		225,714,906.79
Demand		18,201,829.30		16,078,149.99		14,556,815.17		14,619,997.53		14,678,236.17		15,929,338.51		23,441,831.87
Time		248,801,071.74		261,842,776.84		217,734,027.65		172,088,658.79		158,074,574.76		156,291,144.09		202,273,074.92
Foreign		1,113,737,263.47		1,155,121,560.58		1,132,231,275.93		1,254,894,943.66		1,195,660,813.74		1,171,776,643.87		1,287,326,357.42
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		72,649,022.78		67,948,910.47		64,376,677.08		62,012,147.78		49,366,376.44		59,149,077.99		41,644,075.95
Demand		4,921,522.78		6,048,910.47		6,876,677.08		4,412,147.78		1,676,376.44		1,459,077.99		1,464,075.95
Time		67,727,500.00		61,900,000.00		57,500,000.00		57,600,000.00		47,690,000.00		57,690,000.00		40,180,000.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		1,041,088,240.69		1,087,172,650.11		1,067,854,598.85		1,192,882,795.88		1,146,294,437.30		1,112,627,565.88		1,245,682,281.47
Demand		85,912,030.44		68,686,710.76		38,376,124.31		74,712,469.73		44,014,506.01		65,882,365.85		86,987,929.72
Time		955,176,210.25		1,018,485,939.35		1,029,478,474.54		1,118,170,326.15		1,102,279,931.29		1,046,745,200.03		1,158,694,351.75
BORROWINGS		1,872,529,067.84		1,932,074,675.59		2,264,160,050.93		2,267,009,639.47		2,350,378,746.58		2,518,394,407.99		2,515,025,514.04
Local		30,000,000.00		30,003,495.42		30,000,000.00		15,000,000.00		30,000,000.00		30,000,000.00		40,000,000.00
Foreign		1,842,529,067.84		1,902,071,180.17		2,234,160,050.93		2,252,009,639.47		2,320,378,746.58		2,488,394,407.99		2,475,025,514.04
OTHER LIABILITIES		97,932,784.34		102,225,519.63		80,857,276.05		89,829,185.67		83,764,502.03		143,784,743.19		110,901,341.95
Local		13,645,489.19		6,679,482.59		4,690,207.91		3,872,784.14		3,934,065.41		5,230,386.13		5,431,130.73
Foreign		84,287,295.15		95,546,037.04		76,167,068.14		85,956,401.53		79,830,436.62		138,554,357.06		105,470,211.22
STOCKHOLDERS´ EQUITY		592,997,022.26		591,873,698.49		592,420,553.46		595,842,534.05		601,579,950.08		595,669,813.87		590,860,796.45
Capital		280,780,245.67		281,329,619.86		281,410,170.05		281,482,315.39		281,556,865.58		281,853,030.03		281,921,877.06
Capital Reserves		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67
Other Reserves		-185,426.66		-239,865.66		-467,361.66		-484,165.66		-530,564.66		-1,839,667.66		-2,009,630.66
Retained Earnings		190,897,408.07		190,897,408.07		190,897,408.07		182,895,975.23		182,895,975.23		182,895,975.23		174,894,542.39
Net Income		26,750,808.21		29,401,075.86		32,935,593.05		36,328,138.99		42,079,090.42		45,227,270.50		48,474,828.75
Gain or Loss in Securities available for sale		-456,166.70		-4,724,693.31		-7,565,409.72		410,116.43		368,429.84		-7,676,947.90		-7,630,974.76
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER'S EQUITY		3,944,199,038.95		4,059,216,381.12		4,303,459,999.19		4,401,584,959.17		4,404,136,823.36		4,601,846,091.52		4,729,828,916.65

* Includes only Panama - New York accounts.

**Monetary unit at par and equivalent with US$ dollars.

This is a free translation from Spanish original version, taken from the monthly publication of the Republica de Panamá

Superintendencia de Bancos (website: http://www.superbancos.gob.pa).

February 12, 2008

STATEMENTS OF INCOME *

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

JANUARY - DECEMBER 2007

(In Balboas)**

Description	January		February		March		I Quarter		April		May		June		II Quarter
Interest Income		19,655,049.68		17,737,463.67		20,683,853.26		58,076,366.61		20,058,754.09		20,588,522.78		19,794,528.99		60,441,805.86
Loans		16,952,273.81		15,700,845.01		17,395,096.07		50,048,214.89		17,561,997.10		18,564,562.05		17,925,837.23		54,052,396.38
Deposits		868,382.96		769,848.68		996,685.10		2,634,916.74		930,193.10		947,201.26		960,774.98		2,838,169.34
Investments		1,834,392.91		1,266,769.98		2,292,072.09		5,393,234.98		1,566,563.89		1,076,759.47		907,916.78		3,551,240.14
Interest Expense		14,530,876.98		12,967,599.32		15,468,817.28		42,967,293.58		15,028,135.92		15,439,705.90		14,664,128.13		45,131,969.95
Interest		14,529,189.99		12,965,836.71		15,461,564.58		42,956,591.28		15,022,210.56		15,433,623.24		14,661,042.64		45,116,876.44
Commissions		1,686.99		1,762.61		7,252.70		10,702.30		5,925.36		6,082.66		3,085.49		15,093.51
Net Interest Income		5,124,172.70		4,769,864.35		5,215,035.98		15,109,073.03		5,030,618.17		5,148,816.88		5,130,400.86		15,309,835.91
Other Income		3,252,247.96		263,977.66		-5,382.34		3,510,843.28		3,971,172.09		721,461.97		29,892.44		4,722,526.50
Commissions		532,215.31		345,294.45		369,807.89		1,247,317.65		339,094.38		465,924.72		548,985.88		1,354,004.98
Foreign currency operations		-31,867.58		-61,017.34		101,256.36		8,371.44		-27,051.00		13,600.37		-27,484.49		-40,935.12
Other Income		2,751,900.23		-20,299.45		-476,446.59		2,255,154.19		3,659,128.71		241,936.88		-491,608.95		3,409,456.64
Operating Income		8,376,420.66		5,033,842.01		5,209,653.64		18,619,916.31		9,001,790.26		5,870,278.85		5,160,293.30		20,032,362.41
Operating Expenses		2,251,267.03		2,191,933.98		-3,851,437.28		591,763.73		1,827,221.74		2,413,083.70		-4,519,727.26		-279,421.82
Administrative expenses		1,389,320.94		1,152,761.57		1,378,644.88		3,920,727.39		876,276.06		1,379,731.65		2,133,608.72		4,389,616.43
General expenses		230,861.37		393,847.95		424,127.86		1,048,837.18		423,230.11		511,507.00		415,011.34		1,349,748.45
Depreciation		228,406.64		164,173.56		213,327.01		605,907.21		202,702.28		199,719.24		214,359.49		616,781.01
Other expenses		402,678.08		481,150.90		-5,867,537.03		-4,983,708.05		325,013.29		322,125.81		-7,282,706.81		-6,635,567.71
Net Income before provision for loan losses		6,125,153.63		2,841,908.03		9,061,090.92		18,028,152.58		7,174,568.52		3,457,195.15		9,680,020.56		20,311,784.23
Provision for loan losses		0.00		0.00		5,354,115.61		5,354,115.61		0.00		0.00		6,235,012.99		6,235,012.99
Net Income		6,125,153.63		2,841,908.03		3,706,975.31		12,674,036.97		7,174,568.52		3,457,195.15		3,445,007.57		14,076,771.24

February 12, 2008

Description	July		August		September		III Quarter		October		November		December		IV Quarter		Year to date
Interest Income		20,732,440.03		23,291,729.77		22,507,429.64		66,531,599.44		23,301,713.86		22,706,909.95		24,223,755.72		70,232,379.53		255,282,151.44
Loans		18,786,542.10		19,800,525.97		18,767,199.66		57,354,267.73		19,825,208.69		19,468,053.01		20,872,727.50		60,165,989.20		221,620,868.20
Deposits		1,006,987.43		1,216,478.78		1,369,171.35		3,592,637.56		1,311,747.17		1,406,844.72		944,622.68		3,663,214.57		12,728,938.21
Investments		938,910.50		2,274,725.02		2,371,058.63		5,584,694.15		2,164,758.00		1,832,012.22		2,406,405.54		6,403,175.76		20,932,345.03
Interest Expense		15,472,983.06		17,563,471.24		17,094,666.87		50,131,121.17		17,548,861.38		16,929,730.80		18,111,221.66		52,589,813.84		190,820,198.54
Interest		15,455,164.59		17,557,775.67		17,104,136.16		50,117,076.42		17,546,581.10		16,926,858.82		17,888,589.71		52,362,029.63		190,552,573.77
Commissions		17,818.47		5,695.57		-9,469.29		14,044.75		2,280.28		2,871.98		222,631.95		227,784.21		267,624.77
Net Interest Income		5,259,456.97		5,728,258.53		5,412,762.77		16,400,478.27		5,752,852.48		5,777,179.15		6,112,534.06		17,642,565.69		64,461,952.90
Other Income		185,405.00		246,831.66		749,296.33		1,181,532.99		2,528,060.38		706,882.43		806,275.39		4,041,218.20		13,456,120.97
Commissions		452,907.06		370,131.65		361,314.18		1,184,352.89		460,875.51		515,367.12		611,692.80		1,587,935.43		5,373,610.95
Foreign currency operations		-22,866.71		-26,519.09		53,518.52		4,132.72		-56,737.21		97,736.12		147,696.82		188,695.73		160,264.77
Other Income		-244,635.35		-96,780.90		334,463.63		-6,952.62		2,123,922.08		93,779.19		46,885.77		2,264,587.04		7,922,245.25
Operating Income		5,444,861.97		5,975,090.19		6,162,059.10		17,582,011.26		8,280,912.86		6,484,061.58		6,918,809.45		21,683,783.89		77,918,073.87
Operating Expenses		2,794,594.32		2,440,573.00		-614,871.30		4,620,296.02		2,529,961.43		3,335,881.49		6,651,091.87		12,516,934.79		17,449,572.72
Administrative expenses		1,403,245.40		1,361,234.98		1,432,429.71		4,196,910.09		1,382,032.12		2,164,405.07		2,106,152.14		5,652,589.33		18,159,843.24
General expenses		881,574.41		535,317.02		377,165.15		1,794,056.58		570,118.97		625,214.10		523,837.34		1,719,170.41		5,911,812.62
Depreciation		176,484.52		220,534.77		198,709.51		595,728.80		202,887.71		214,780.10		223,366.43		641,034.24		2,459,451.26
Other expenses		333,289.99		323,486.23		-2,623,175.67		-1,966,399.45		374,922.63		331,482.22		3,797,735.96		4,504,140.81		-9,081,534.40
Net Income before provision for loan losses		2,650,267.65		3,534,517.19		6,776,930.40		12,961,715.24		5,750,951.43		3,148,180.09		267,717.58		9,166,849.10		60,468,501.15
Provision for loan losses		0.00		0.00		3,384,384.47		3,384,384.47		0.00		0.00		-2,979,840.67		-2,979,840.67		11,993,672.40
Net Income		2,650,267.65		3,534,517.19		3,392,545.93		9,577,330.77		5,750,951.43		3,148,180.09		3,247,558.25		12,146,689.77		48,474,828.75

* Includes only Panama - New York accounts.

**Monetary unit at par and equivalent with US$ dollars.

This is a free translation from Spanish original version, taken from the monthly publication of the Republica de Panamá

Superintendencia de Bancos (website: http://www.superbancos.gob.pa).