FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Foreign Filer Report • Dec 7, 2007

6-K 1 v096638_6k.htm

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 December, 2007

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. |

| December
4,
2007 | |
| --- | --- |
| Banco
Latinoamericano de Exportaciones, S.A. | |
| By: | /s/ Pedro
Toll |
| | Name:
Pedro Toll |
| | Title:
Deputy
Manager |

27 de Noviembre de 2007

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2006 Y ENERO - OCTUBRE 2007

(En Balboas)

Descripción	Absoluta %	Diciembre	Enero	Febrero	Marzo	Abril	Mayo
ACTIVOS
LIQUIDOS	54,357,046.66	17.90	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	7,885.18	4.53	173,891.04	171,541.89	211,225.69	198,143.77	164,062.71	162,204.31
A
la Vista	7,885.18	4.53	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	54,328,585.57	17.90	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	-2,871,414.43	-64.30	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	57,200,000.00	19.13	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	20,575.91	183.70	11,200.97	14,845.67	15,673.56	11,126.71	165,018.69	10,305.62
CARTERA
CREDITICIA	565,110,217.94	19.29	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	-21,324,365.87	-11.00	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	607,792,093.43	21.81	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	21,357,509.62	41.66	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	435.92	0.05	911,727.70	911,727.70	911,727.70	811,234.26	811,234.26	779,971.86
Extranjero	21,357,073.70	42.41	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	-03,512,333.90	-17.92	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	40,048,400.00	201.02	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	-43,560,733.90	-25.74	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	-40,350,072.11	-34.28	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	-14,082,330.21	-79.95	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	-26,267,741.90	-26.24	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	475,604,858.59	12.11	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	311,739,541.25	29.50	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	32,224,518.55	22.93	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	32,224,518.55	22.93	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	2,287,853.36	18.46	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	29,936,665.19	23.36	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	279,515,022.70	30.51	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	11,522,695.24	30.45	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	-339,804.76	-16.85	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	11,862,500.00	33.11	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	267,992,327.46	30.51	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	-74,105,533.82	-62.74	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	342,097,861.28	45.00	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	193,981,567.12	9.00	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	0.00	0.00	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	193,981,567.12	9.12	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	-46,076,353.68	-35.49	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	-20,477,453.96	-83.88	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	-25,598,899.72	-24.28	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	15,960,103.97	2.73	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	1,399,592.11	0.50	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	-458,060.07	631.77	-72,504.59	68,218.00	22,274.00	-58,735.00	-76,326.00	-163,652.00
Utilidad
de Periodos Anteriores	30,691,858.30	20.16	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	-12,640,979.70	-23.10	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	-3,032,306.67	-89.17	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	475,604,858.66	12.11	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

27 de Noviembre de 2007

Descripción	2007 — 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	0.00	0.00
Depositos
Locales en Bancos	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	0.00	0.00
A
la Vista	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	0.00	0.00
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	0.00	0.00
A
la Vista	17,748,229.85	6,846,711.62	645,655.81	1,426,999.30	1,593,916.39	0.00	0.00
A
Plazo	212,900,000.00	218,200,000.00	230,300,000.00	326,600,000.00	356,200,000.00	0.00	0.00
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	0.00	0.00
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	0.00	0.00
Locales	156,246,011.28	159,018,174.47	162,985,851.56	164,112,736.38	172,491,410.40	0.00	0.00
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	0.00	0.00
Menos
Provisiones	68,974,329.78	69,080,100.39	69,241,814.00	72,622,733.48	72,623,031.62	0.00	0.00
Locales	800,616.34	800,616.34	800,616.34	912,163.62	912,163.62	0.00	0.00
Extranjero	68,173,713.44	68,279,484.05	68,441,197.66	71,710,569.86	71,710,868.00	0.00	0.00
INVERSIONES
EN VALORES	275,295,067.05	330,636,735.82	567,230,391.38	575,647,505.69	474,146,029.77	0.00	0.00
Locales	19,807,400.00	20,009,800.00	58,968,900.00	59,430,550.00	59,970,800.00	0.00	0.00
Extranjero	255,487,667.05	310,626,935.82	508,261,491.38	516,216,955.69	414,175,229.77	0.00	0.00
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
ACTIVOS	91,679,069.89	103,815,193.71	82,443,761.38	75,772,870.23	77,367,058.32	0.00	0.00
Locales	7,040,979.90	1,314,560.20	2,665,403.63	2,483,389.38	3,532,479.11	0.00	0.00
Extranjero	84,638,089.99	102,500,633.51	79,778,357.75	73,289,480.85	73,834,579.21	0.00	0.00
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	0.00	0.00
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	0.00	0.00
Locales	267,002,901.04	277,920,926.83	233,790,842.82	194,008,656.32	172,752,810.93	0.00	0.00
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	0.00	0.00
A
la Vista	18,201,829.30	16,078,149.99	14,556,815.17	14,619,997.53	14,678,236.17	0.00	0.00
A
Plazo	248,801,071.74	261,842,776.84	217,734,027.65	172,088,658.79	158,074,574.76	0.00	0.00
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	0.00	0.00
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	0.00	0.00
A
la Vista	4,921,522.78	6,048,910.47	6,876,677.08	4,412,147.78	1,676,376.44	0.00	0.00
A
Plazo	67,727,500.00	61,900,000.00	57,500,000.00	57,600,000.00	47,690,000.00	0.00	0.00
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	0.00	0.00
A
la Vista	85,912,030.44	68,686,710.76	38,376,124.31	74,712,469.73	44,014,506.01	0.00	0.00
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	0.00	0.00
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	0.00	0.00
Locales	30,000,000.00	30,003,495.42	30,000,000.00	15,000,000.00	30,000,000.00	0.00	0.00
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	0.00	0.00
OTROS
PASIVOS	97,932,784.34	102,225,519.63	80,857,276.05	89,829,185.67	83,764,502.03	0.00	0.00
Locales	13,645,489.19	6,679,482.59	4,690,207.91	3,872,784.14	3,934,065.41	0.00	0.00
Extranjero	84,287,295.15	95,546,037.04	76,167,068.14	85,956,401.53	79,830,436.62	0.00	0.00
PATRIMONIO	592,997,022.26	591,873,698.49	592,420,553.46	595,842,534.05	601,579,950.08	0.00	0.00
Capital	280,780,245.67	281,329,619.86	281,410,170.05	281,482,315.39	281,556,865.58	0.00	0.00
Reservas
de Capital	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	0.00	0.00
Otras
Reservas	-185,426.66	-239,865.66	-467,361.66	-484,165.66	-530,564.66	0.00	0.00
Utilidad
de Periodos Anteriores	190,897,408.07	190,897,408.07	190,897,408.07	182,895,975.23	182,895,975.23	0.00	0.00
Utilidad
de Periodo	26,750,808.21	29,401,075.86	32,935,593.05	36,328,138.99	42,079,090.42	0.00	0.00
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	0.00	0.00
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	0.00	0.00

27 de Noviembre de 2007

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

ENERO - OCTUBRE 2007

(En Balboas)

| Descripcion — 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 |

27 de Noviembre de 2007

| Descripcion — Ingresos
Por Intereses | 20,732,440.03 | 23,291,729.77 | 22,507,429.64 | 66,531,599.44 | 23,301,713.86 | 0.00 | 0.00 | 23,301,713.86 | 89,833,313.30 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Préstamos | 18,786,542.10 | 19,800,525.97 | 18,767,199.66 | 57,354,267.73 | 19,825,208.69 | 0.00 | 0.00 | 19,825,208.69 | 77,179,476.42 |
| Depósitos | 1,006,987.43 | 1,216,478.78 | 1,369,171.35 | 3,592,637.56 | 1,311,747.17 | 0.00 | 0.00 | 1,311,747.17 | 4,904,384.73 |
| Inversiones | 938,910.50 | 2,274,725.02 | 2,371,058.63 | 5,584,694.15 | 2,164,758.00 | 0.00 | 0.00 | 2,164,758.00 | 7,749,452.15 |
| Egresos
de Operaciones | 15,472,983.06 | 17,563,471.24 | 17,094,666.87 | 50,131,121.17 | 17,548,861.38 | 0.00 | 0.00 | 17,548,861.38 | 67,679,982.55 |
| Intereses
Pagados | 15,455,164.59 | 17,557,775.67 | 17,104,136.16 | 50,117,076.42 | 17,546,581.10 | 0.00 | 0.00 | 17,546,581.10 | 67,663,657.52 |
| Comisiones | 17,818.47 | 5,695.57 | -9,469.29 | 14,044.75 | 2,280.28 | 0.00 | 0.00 | 2,280.28 | 16,325.03 |
| Ingreso
Neto de Intereses | 5,259,456.97 | 5,728,258.53 | 5,412,762.77 | 16,400,478.27 | 5,752,852.48 | 0.00 | 0.00 | 5,752,852.48 | 22,153,330.75 |
| Otros
Ingresos | 185,405.00 | 246,831.66 | 749,296.33 | 1,181,532.99 | 2,528,060.38 | 0.00 | 0.00 | 2,528,060.38 | 3,709,593.37 |
| Comisiones | 452,907.06 | 370,131.65 | 361,314.18 | 1,184,352.89 | 460,875.51 | 0.00 | 0.00 | 460,875.51 | 1,645,228.40 |
| Operaciones
con Divisas | -22,866.71 | -26,519.09 | 53,518.52 | 4,132.72 | -56,737.21 | 0.00 | 0.00 | -56,737.21 | -52,604.49 |
| Otros
ingresos | -244,635.35 | -96,780.90 | 334,463.63 | -6,952.62 | 2,123,922.08 | 0.00 | 0.00 | 2,123,922.08 | 2,116,969.46 |
| Ingresos
de Operaciones | 5,444,861.97 | 5,975,090.19 | 6,162,059.10 | 17,582,011.26 | 8,280,912.86 | 0.00 | 0.00 | 8,280,912.86 | 25,862,924.12 |
| Egresos
Generales | 2,794,594.32 | 2,440,573.00 | -614,871.30 | 4,620,296.02 | 2,529,961.43 | 0.00 | 0.00 | 2,529,961.43 | 7,150,257.45 |
| Gastos
Administrativos | 1,403,245.40 | 1,361,234.98 | 1,432,429.71 | 4,196,910.09 | 1,382,032.12 | 0.00 | 0.00 | 1,382,032.12 | 5,578,942.21 |
| Gastos
Generales | 881,574.41 | 535,317.02 | 377,165.15 | 1,794,056.58 | 570,118.97 | 0.00 | 0.00 | 570,118.97 | 2,364,175.55 |
| Gastos
de Depreciación | 176,484.52 | 220,534.77 | 198,709.51 | 595,728.80 | 202,887.71 | 0.00 | 0.00 | 202,887.71 | 798,616.51 |
| Otros
Gastos | 333,289.99 | 323,486.23 | -2,623,175.67 | -1,966,399.45 | 374,922.63 | 0.00 | 0.00 | 374,922.63 | -1,591,476.82 |
| Utilidad
antes de Provisiones | 2,650,267.65 | 3,534,517.19 | 6,776,930.40 | 12,961,715.24 | 5,750,951.43 | 0.00 | 0.00 | 5,750,951.43 | 18,712,666.67 |
| Provisiones
por Cuentas Malas | 0.00 | 0.00 | 3,384,384.47 | 3,384,384.47 | 0.00 | 0.00 | 0.00 | 0.00 | 3,384,384.47 |
| Utilidad
del Periodo | 2,650,267.65 | 3,534,517.19 | 3,392,545.93 | 9,577,330.77 | 5,750,951.43 | 0.00 | 0.00 | 5,750,951.43 | 15,328,282.20 |

November 27, 2007

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2006 AND JANUARY - OCTOBER 2007

(In Balboas)**

Description	Absolute %	December	January	February	March	April	May
LIQUID
ASSETS	54,357,046.66	17.90	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	7,885.18	4.53	173,891.04	171,541.89	211,225.69	198,143.77	164,062.71	162,204.31
Demand	7,885.18	4.53	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	54,328,585.57	17.90	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	-2,871,414.43	-64.30	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	57,200,000.00	19.13	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	20,575.91	183.70	11,200.97	14,845.67	15,673.56	11,126.71	165,018.69	10,305.62
CREDIT
PORTFOLIO	565,110,217.94	19.29	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	-21,324,365.87	-11.00	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	607,792,093.43	21.81	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	21,357,509.62	41.66	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	435.92	0.05	911,727.70	911,727.70	911,727.70	811,234.26	811,234.26	779,971.86
Foreign	21,357,073.70	42.41	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	-103,512,333.90	-17.92	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	40,048,400.00	201.02	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	-143,560,733.90	-25.74	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	-40,350,072.11	-34.28	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	-14,082,330.21	-79.95	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	-26,267,741.90	-26.24	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	475,604,858.59	12.11	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	311,739,541.25	29.50	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	32,224,518.55	22.93	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	32,224,518.55	22.93	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	2,287,853.36	18.46	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	29,936,665.19	23.36	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	279,515,022.70	30.51	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	11,522,695.24	30.45	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	-339,804.76	-16.85	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	11,862,500.00	33.11	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	267,992,327.46	30.51	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	-74,105,533.82	-62.74	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	342,097,861.28	45.00	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	193,981,567.12	9.00	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	0.00	0.00	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	193,981,567.12	9.12	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	-46,076,353.68	-35.49	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	-20,477,453.96	-83.88	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	-25,598,899.72	-24.28	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	15,960,103.97	2.73	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	1,399,592.11	0.50	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	-458,060.07	631.77	-72,504.59	68,218.00	22,274.00	-58,735.00	-76,326.00	-163,652.00
Retained
Earnings	30,691,858.30	20.16	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	-12,640,979.70	-23.10	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	-3,032,306.67	-89.17	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	475,604,858.66	12.11	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

November 27, 2007

Description	2007 — 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	0.00	0.00
Local
Deposits in Banks	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	0.00	0.00
Demand	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	0.00	0.00
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	0.00	0.00
Demand	17,748,229.85	6,846,711.62	645,655.81	1,426,999.30	1,593,916.39	0.00	0.00
Time	212,900,000.00	218,200,000.00	230,300,000.00	326,600,000.00	356,200,000.00	0.00	0.00
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	0.00	0.00
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	0.00	0.00
Local	156,246,011.28	159,018,174.47	162,985,851.56	164,112,736.38	172,491,410.40	0.00	0.00
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	0.00	0.00
Less
Allowance	68,974,329.78	69,080,100.39	69,241,814.00	72,622,733.48	72,623,031.62	0.00	0.00
Local	800,616.34	800,616.34	800,616.34	912,163.62	912,163.62	0.00	0.00
Foreign	68,173,713.44	68,279,484.05	68,441,197.66	71,710,569.86	71,710,868.00	0.00	0.00
INVESTMENT
SECURITIES	275,295,067.05	330,636,735.82	567,230,391.38	575,647,505.69	474,146,029.77	0.00	0.00
Local	19,807,400.00	20,009,800.00	58,968,900.00	59,430,550.00	59,970,800.00	0.00	0.00
Foreign	255,487,667.05	310,626,935.82	508,261,491.38	516,216,955.69	414,175,229.77	0.00	0.00
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
OTHER
ASSETS	91,679,069.89	103,815,193.71	82,443,761.38	75,772,870.23	77,367,058.32	0.00	0.00
Local	7,040,979.90	1,314,560.20	2,665,403.63	2,483,389.38	3,532,479.11	0.00	0.00
Foreign	84,638,089.99	102,500,633.51	79,778,357.75	73,289,480.85	73,834,579.21	0.00	0.00
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	0.00	0.00
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	0.00	0.00
Local	267,002,901.04	277,920,926.83	233,790,842.82	194,008,656.32	172,752,810.93	0.00	0.00
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	0.00	0.00
Demand	18,201,829.30	16,078,149.99	14,556,815.17	14,619,997.53	14,678,236.17	0.00	0.00
Time	248,801,071.74	261,842,776.84	217,734,027.65	172,088,658.79	158,074,574.76	0.00	0.00
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	0.00	0.00
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	0.00	0.00
Demand	4,921,522.78	6,048,910.47	6,876,677.08	4,412,147.78	1,676,376.44	0.00	0.00
Time	67,727,500.00	61,900,000.00	57,500,000.00	57,600,000.00	47,690,000.00	0.00	0.00
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	0.00	0.00
Demand	85,912,030.44	68,686,710.76	38,376,124.31	74,712,469.73	44,014,506.01	0.00	0.00
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	0.00	0.00
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	0.00	0.00
Local	30,000,000.00	30,003,495.42	30,000,000.00	15,000,000.00	30,000,000.00	0.00	0.00
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	0.00	0.00
OTHER
LIABILITIES	97,932,784.34	102,225,519.63	80,857,276.05	89,829,185.67	83,764,502.03	0.00	0.00
Local	13,645,489.19	6,679,482.59	4,690,207.91	3,872,784.14	3,934,065.41	0.00	0.00
Foreign	84,287,295.15	95,546,037.04	76,167,068.14	85,956,401.53	79,830,436.62	0.00	0.00
STOCKHOLDERS´
EQUITY	592,997,022.26	591,873,698.49	592,420,553.46	595,842,534.05	601,579,950.08	0.00	0.00
Capital	280,780,245.67	281,329,619.86	281,410,170.05	281,482,315.39	281,556,865.58	0.00	0.00
Capital
Reserves	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	0.00	0.00
Other
Reserves	-185,426.66	-239,865.66	-467,361.66	-484,165.66	-530,564.66	0.00	0.00
Retained
Earnings	190,897,408.07	190,897,408.07	190,897,408.07	182,895,975.23	182,895,975.23	0.00	0.00
Net
Income	26,750,808.21	29,401,075.86	32,935,593.05	36,328,138.99	42,079,090.42	0.00	0.00
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	0.00	0.00
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	0.00	0.00

*** 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).

November 27, 2007

**STATEMENTS OF INCOME ***

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

JANUARY - OCTOBER 2007

(In Balboas)**

| Description — 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 |

November 27, 2007

| Description — Interest
Income | 20,732,440.03 | 23,291,729.77 | 22,507,429.64 | 66,531,599.44 | 23,301,713.86 | 0.00 | 0.00 | 23,301,713.86 | 89,833,313.30 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loans | 18,786,542.10 | 19,800,525.97 | 18,767,199.66 | 57,354,267.73 | 19,825,208.69 | 0.00 | 0.00 | 19,825,208.69 | 77,179,476.42 |
| Deposits | 1,006,987.43 | 1,216,478.78 | 1,369,171.35 | 3,592,637.56 | 1,311,747.17 | 0.00 | 0.00 | 1,311,747.17 | 4,904,384.73 |
| Investments | 938,910.50 | 2,274,725.02 | 2,371,058.63 | 5,584,694.15 | 2,164,758.00 | 0.00 | 0.00 | 2,164,758.00 | 7,749,452.15 |
| Interest
Expense | 15,472,983.06 | 17,563,471.24 | 17,094,666.87 | 50,131,121.17 | 17,548,861.38 | 0.00 | 0.00 | 17,548,861.38 | 67,679,982.55 |
| Interest | 15,455,164.59 | 17,557,775.67 | 17,104,136.16 | 50,117,076.42 | 17,546,581.10 | 0.00 | 0.00 | 17,546,581.10 | 67,663,657.52 |
| Commissions | 17,818.47 | 5,695.57 | -9,469.29 | 14,044.75 | 2,280.28 | 0.00 | 0.00 | 2,280.28 | 16,325.03 |
| Net
Interest Income | 5,259,456.97 | 5,728,258.53 | 5,412,762.77 | 16,400,478.27 | 5,752,852.48 | 0.00 | 0.00 | 5,752,852.48 | 22,153,330.75 |
| Other
Income | 185,405.00 | 246,831.66 | 749,296.33 | 1,181,532.99 | 2,528,060.38 | 0.00 | 0.00 | 2,528,060.38 | 3,709,593.37 |
| Commissions | 452,907.06 | 370,131.65 | 361,314.18 | 1,184,352.89 | 460,875.51 | 0.00 | 0.00 | 460,875.51 | 1,645,228.40 |
| Foreign
currency operations | -22,866.71 | -26,519.09 | 53,518.52 | 4,132.72 | -56,737.21 | 0.00 | 0.00 | -56,737.21 | -52,604.49 |
| Other
Income | -244,635.35 | -96,780.90 | 334,463.63 | -6,952.62 | 2,123,922.08 | 0.00 | 0.00 | 2,123,922.08 | 2,116,969.46 |
| Operating
Income | 5,444,861.97 | 5,975,090.19 | 6,162,059.10 | 17,582,011.26 | 8,280,912.86 | 0.00 | 0.00 | 8,280,912.86 | 25,862,924.12 |
| Operating
Expenses | 2,794,594.32 | 2,440,573.00 | -614,871.30 | 4,620,296.02 | 2,529,961.43 | 0.00 | 0.00 | 2,529,961.43 | 7,150,257.45 |
| Administrative
expenses | 1,403,245.40 | 1,361,234.98 | 1,432,429.71 | 4,196,910.09 | 1,382,032.12 | 0.00 | 0.00 | 1,382,032.12 | 5,578,942.21 |
| General
expenses | 881,574.41 | 535,317.02 | 377,165.15 | 1,794,056.58 | 570,118.97 | 0.00 | 0.00 | 570,118.97 | 2,364,175.55 |
| Depreciation | 176,484.52 | 220,534.77 | 198,709.51 | 595,728.80 | 202,887.71 | 0.00 | 0.00 | 202,887.71 | 798,616.51 |
| Other
expenses | 333,289.99 | 323,486.23 | -2,623,175.67 | -1,966,399.45 | 374,922.63 | 0.00 | 0.00 | 374,922.63 | -1,591,476.82 |
| 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 | 0.00 | 0.00 | 5,750,951.43 | 18,712,666.67 |
| Provision
for loan losses | 0.00 | 0.00 | 3,384,384.47 | 3,384,384.47 | 0.00 | 0.00 | 0.00 | 0.00 | 3,384,384.47 |
| Net
Income | 2,650,267.65 | 3,534,517.19 | 3,392,545.93 | 9,577,330.77 | 5,750,951.43 | 0.00 | 0.00 | 5,750,951.43 | 15,328,282.20 |

*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).