FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Foreign Filer Report • Feb 14, 2007

6-K 1 bl8949.htm FORM 6-K

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, 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.

February 13, 2007

Banco Latinoamericano de Exportaciones, S.A.
By:	/s/ Pedro Toll
Name:	Pedro Toll
Title:	Deputy Manager

BANCO LATINOAMERICANO DE EXPORTACIONES BALANCE DE SITUACIÓN DE DICIEMBRE 2005 Y ENERO-DICIEMBRE 2006 (En Balboas) 18 de Enero de 2007

Descripción	Absoluta	%	2005 — Diciembre	2006 — Enero	Febrero	Marzo	Abril	Mayo
ACTIVOS LIQUIDOS	73,800,404.45	32.11	229,850,018.38	196,721,923.53	168,261,614.37	149,386,765.87	114,881,933.56	60,162,287.02
Depositos Locales en Bancos	60,760.11	53.71	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
A la Vista	60,760.11	53.71	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
A Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depositos Extranjeros en Bancos	73,740,786.10	32.10	229,724,544.72	196,570,119.96	168,050,799.58	149,157,158.27	114,656,067.29	59,063,750.11
A la Vista	3,940,786.10	751.28	524,544.72	570,119.96	550,799.58	357,158.27	1,456,067.29	1,888,750.11
A Plazo	69,800,000.00	30.45	229,200,000.00	196,000,000.00	167,500,000.00	148,800,000.00	113,200,000.00	57,175,000.00
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	-1,141.76	-9.25	12,342.73	8,800.51	11,209.67	11,389.27	30,631.97	12,266.23
CARTERA CREDITICIA	358,935,035.62	13.96	2,570,571,012.15	2,432,060,734.87	2,493,605,033.89	2,546,352,925.93	2,445,451,397.17	2,604,011,689.70
Locales	11,235,440.56	6.15	182,580,335.71	170,060,870.91	178,503,679.16	178,749,183.50	164,433,954.00	185,744,889.15
Extranjero	359,517,167.11	14.81	2,427,438,626.39	2,301,441,680.16	2,351,554,768.98	2,410,814,109.78	2,324,227,810.52	2,461,479,184.50
Menos Provisiones	11,817,572.05	29.96	39,447,949.95	39,441,816.20	36,453,414.25	43,210,367.35	43,210,367.35	43,212,383.95
Locales	-4,475,616.08	-83.08	5,387,343.78	291,203.74	338,183.72	313,430.15	313,430.15	315,546.75
Extranjero	16,293,188.13	47.84	34,060,606.17	39,150,612.46	36,115,230.53	42,896,937.20	42,896,937.20	42,896,837.20
INVERSIONES EN VALORES	364,133,420.26	170.53	213,524,943.41	161,836,319.12	190,137,048.43	318,379,517.19	479,437,671.90	573,108,488.02
Locales	14,837,400.00	291.79	5,085,000.00	5,025,000.00	15,037,500.00	19,900,000.00	19,538,600.00	19,563,200.00
Extranjero	349,296,020.26	167.58	208,439,943.41	156,811,319.12	175,099,548.43	298,479,517.19	459,899,071.90	553,545,288.02
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	-39,024,847.77	-25.07	155,673,189.23	155,484,220.45	95,131,234.53	100,419,407.34	87,097,768.59	105,497,201.35
Locales	9,079,836.82	106.38	8,534,972.50	8,432,445.42	10,482,015.63	11,111,967.66	11,733,718.79	20,227,217.91
Extranjero	-48,104,684.59	-32.69	147,138,216.73	147,051,775.03	84,649,218.90	89,307,439.68	75,364,049.80	85,269,983.44
TOTAL DE ACTIVOS	757,844,012.56	23.91	3,169,619,163.17	2,946,103,197.97	2,947,134,931.22	3,114,538,616.33	3,126,868,771.22	3,342,779,666.09
DEPOSITOS	10,056,541.62	0.96	1,046,617,541.80	961,172,366.75	1,002,054,391.61	1,144,205,445.24	1,032,514,380.51	1,159,561,113.48
Locales	64,022,313.23	83.68	76,505,979.15	75,068,841.87	75,112,324.52	78,590,621.48	58,392,301.66	89,225,963.62
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
A la Vista	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
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	64,090,868.70	83.85	76,437,423.68	74,997,315.57	75,037,830.67	78,513,117.54	58,311,793.08	89,142,372.04
A la Vista	-6,999,164.27	-36.10	19,389,547.08	13,970,578.97	7,493,199.52	12,950,393.85	11,941,026.48	3,545,875.39
A Plazo	71,090,032.97	124.61	57,047,876.60	61,026,736.60	67,544,631.15	65,562,723.69	46,370,766.60	85,596,496.65
Extranjero	-53,965,771.61	-5.56	970,111,562.65	886,103,524.88	926,942,067.09	1,065,614,823.76	974,122,078.85	1,070,335,149.86
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	-51,506,232.57	-57.65	89,349,913.77	39,358,612.33	97,190,392.35	97,195,213.72	37,233,638.70	91,547,352.83
A la Vista	666,267.43	49.36	1,349,913.77	1,358,612.33	1,362,892.35	1,367,713.72	1,406,138.70	1,412,160.83
A Plazo	-52,172,500.00	-59.29	88,000,000.00	38,000,000.00	95,827,500.00	95,827,500.00	35,827,500.00	90,135,192.00
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	-2,459,539.04	-0.28	880,761,648.88	846,744,912.55	829,751,674.74	968,419,610.04	936,888,440.15	978,787,797.03
A la Vista	110,543,527.78	1,459.03	7,576,512.05	7,754,593.37	7,608,750.38	7,348,714.04	7,996,262.90	10,032,821.49
A Plazo	-113,003,066.82	-12.94	873,185,136.83	838,990,319.18	822,142,924.36	961,070,896.00	928,892,177.25	968,754,975.54
OBLIGACIONES	856,689,524.93	65.91	1,299,707,654.53	1,160,813,511.50	1,183,159,426.71	1,211,745,735.01	1,394,790,637.04	1,471,665,605.17
Locales	-817,393.24	-2.65	30,817,393.24	30,827,326.53	30,816,373.24	20,942,674.80	20,942,674.80	106,430.00
Extranjero	857,506,918.17	67.58	1,268,890,261.29	1,129,986,184.97	1,152,343,053.47	1,190,803,060.21	1,373,847,962.24	1,471,559,175.17
OTROS PASIVOS	-72,763,216.11	-36.09	201,606,063.96	199,075,894.63	156,632,231.45	171,422,070.35	111,750,663.85	128,125,704.85
Locales	19,224,960.31	436.64	4,402,882.06	5,071,759.57	3,546,629.00	5,323,286.18	3,901,354.19	4,511,613.14
Extranjero	-91,988,176.42	-46.65	197,203,181.90	194,004,135.06	153,085,602.45	166,098,784.17	107,849,309.66	123,614,091.71
PATRIMONIO	-36,138,838.33	-5.81	621,687,903.33	625,041,425.18	605,288,881.81	587,165,366.10	587,813,089.79	583,427,242.69
Capital	-27,879,243.04	-9.05	308,036,516.51	308,008,142.60	308,036,320.80	303,325,174.12	301,606,289.18	299,135,300.36
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	-72,504.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Utilidad de Periodos Anteriores	14,404,734.31	10.45	137,799,382.62	217,639,221.93	172,581,437.12	172,689,499.62	172,677,109.59	172,689,499.62
Utilidad de Periodo	-25,801,347.89	-32.24	80,021,975.18	3,718,273.75	29,376,513.45	16,586,452.24	19,543,853.03	21,633,608.45
Ganancia o Perdida en Valores Disponible para la venta	3,209,522.88	517.77	619,875.35	465,633.23	84,456.77	-645,913.55	-1,224,315.68	-5,241,319.41
Deuda Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO Y PATRIMONIO	757,844,012.11	23.91	3,169,619,163.62	2,946,103,198.06	2,947,134,931.58	3,114,538,616.70	3,126,868,771.19	3,342,779,666.19

Descripción	2006 — Junio	Julio	Agosto	Septiembre	Octubre	Noviembre	Diciembre
ACTIVOS LIQUIDOS	116,681,698.17	82,969,590.27	127,421,667.76	56,709,302.87	11,214,707.49	148,101,329.00	303,650,422.83
Depositos Locales en Bancos	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	173,891.04
A la Vista	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	173,891.04
A Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depositos Extranjeros en Bancos	116,477,736.13	82,808,317.66	127,236,818.01	56,535,787.49	11,017,519.31	147,927,204.56	303,465,330.82
A la Vista	4,402,736.13	633,317.66	2,261,818.01	535,787.49	1,317,519.31	1,827,204.56	4,465,330.82
A Plazo	112,075,000.00	82,175,000.00	124,975,000.00	56,000,000.00	9,700,000.00	146,100,000.00	299,000,000.00
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	11,505.06	10,134.85	11,583.88	12,145.00	9,997.49	10,339.90	11,200.97
CARTERA CREDITICIA	2,663,474,110.09	2,779,175,556.53	2,692,301,632.05	2,744,098,182.87	3,065,891,647.97	3,004,038,172.57	2,929,506,047.77
Locales	222,817,921.62	234,290,022.97	238,832,235.22	236,116,354.43	230,826,475.52	215,753,688.18	193,815,776.27
Extranjero	2,485,840,093.12	2,590,069,682.32	2,498,651,865.32	2,557,734,675.59	2,884,818,316.31	2,838,030,283.25	2,786,955,793.50
Menos Provisiones	45,183,904.65	45,184,148.76	45,182,468.49	49,752,847.15	49,753,143.86	49,745,798.86	51,265,522.00
Locales	597,780.08	597,780.08	597,780.08	1,844,809.88	1,844,809.88	1,844,809.88	911,727.70
Extranjero	44,586,124.57	44,586,368.68	44,584,688.41	47,908,037.27	47,908,333.98	47,900,988.98	50,353,794.30
INVERSIONES EN VALORES	579,605,171.05	576,347,033.50	569,969,790.92	570,688,819.04	563,672,162.47	564,437,705.35	577,658,363.67
Locales	19,393,800.00	20,032,000.00	19,905,000.00	19,985,800.00	20,002,000.00	20,093,800.00	19,922,400.00
Extranjero	560,211,371.05	556,315,033.50	550,064,790.92	550,703,019.04	543,670,162.47	544,343,905.35	557,735,963.67
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	171,450,723.28	159,590,841.09	209,511,513.25	80,647,513.08	84,571,401.73	105,535,763.51	116,648,341.46
Locales	15,624,063.27	12,561,653.14	7,581,940.26	22,362,568.32	19,150,981.07	24,376,477.02	17,614,809.32
Extranjero	155,826,660.01	147,029,187.95	201,929,572.99	58,284,944.76	65,420,420.66	81,159,286.49	99,033,532.14
TOTAL DE ACTIVOS	3,531,211,702.59	3,598,083,021.39	3,599,204,603.98	3,452,143,817.86	3,725,349,919.66	3,822,112,970.43	3,927,463,175.73
DEPOSITOS	1,234,729,283.82	1,257,224,332.24	1,154,109,843.93	1,104,024,174.77	1,171,903,445.93	980,296,129.29	1,056,674,083.42
Locales	115,759,239.50	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	140,528,292.38
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	86,671.61	0.00	0.00	0.00	0.00	0.00	0.00
A la Vista	86,671.61	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
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	115,672,567.89	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	140,528,292.38
A la Vista	13,583,815.60	14,807,923.93	6,644,393.20	7,373,502.54	3,431,718.80	8,434,514.70	12,390,382.81
A Plazo	102,088,752.29	62,094,239.81	47,174,887.23	70,021,350.17	161,713,926.73	131,310,844.73	128,137,909.57
Extranjero	1,118,970,044.32	1,180,322,168.50	1,100,290,563.50	1,026,629,322.06	1,006,757,800.40	840,550,769.86	916,145,791.04
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	76,552,805.35	116,343,763.76	77,161,676.02	77,169,048.08	37,180,047.77	37,185,552.36	37,843,681.20
A la Vista	1,417,613.35	1,328,571.76	1,334,176.02	1,341,548.08	1,352,547.77	1,358,052.36	2,016,181.20
A Plazo	75,135,192.00	115,015,192.00	75,827,500.00	75,827,500.00	35,827,500.00	35,827,500.00	35,827,500.00
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	1,042,417,238.97	1,063,978,404.74	1,023,128,887.48	949,460,273.98	969,577,752.63	803,365,217.50	878,302,109.84
A la Vista	122,341,936.99	214,245,470.26	237,379,519.14	96,416,405.82	69,345,352.56	93,471,697.66	118,120,039.83
A Plazo	920,075,301.98	849,732,934.48	785,749,368.34	853,043,868.16	900,232,400.07	709,893,519.84	760,182,070.01
OBLIGACIONES	1,522,873,425.19	1,585,675,401.98	1,639,074,204.57	1,672,395,777.56	1,881,935,352.31	2,148,587,319.19	2,156,397,179.46
Locales	15,000,000.00	15,000,000.00	17,600,390.00	32,382,309.90	30,000,000.00	30,000,000.00	30,000,000.00
Extranjero	1,507,873,425.19	1,570,675,401.98	1,621,473,814.57	1,640,013,467.66	1,851,935,352.31	2,118,587,319.19	2,126,397,179.46
OTROS PASIVOS	208,715,158.78	186,005,931.96	232,770,034.08	103,302,909.19	93,613,599.36	113,650,877.18	128,842,847.85
Locales	13,804,435.58	4,699,583.58	12,592,553.49	24,037,677.23	18,630,117.83	17,362,014.02	23,627,842.37
Extranjero	194,910,723.20	181,306,348.38	220,177,480.59	79,265,231.96	74,983,481.53	96,288,863.16	105,215,005.48
PATRIMONIO	564,893,834.82	569,177,355.54	573,250,521.50	572,420,956.65	577,897,522.02	579,578,644.75	585,549,065.00
Capital	283,000,957.06	279,854,931.19	279,911,058.24	279,964,951.46	280,047,648.83	280,101,528.38	280,157,273.47
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	0.00	0.00	0.00	0.00	0.00	0.00	-72,504.59
Utilidad de Periodos Anteriores	165,647,006.59	165,789,753.85	165,802,421.31	158,990,908.25	159,015,817.84	159,015,817.84	152,204,116.93
Utilidad de Periodo	26,988,400.09	29,450,665.83	33,099,910.65	39,370,813.67	42,613,964.44	44,880,117.94	54,220,627.29
Ganancia o Perdida en Valores Disponible para la venta	-5,952,682.59	-1,128,149.00	-773,022.37	-1,115,870.40	1,009,937.24	371,026.92	3,829,398.23
Deuda Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO Y PATRIMONIO	3,531,211,702.61	3,598,083,021.72	3,599,204,604.08	3,452,143,818.17	3,725,349,919.62	3,822,112,970.41	3,927,463,175.73

ESTADO DE RESULTADO BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. ENERO - DICIEMBRE 2006 (En Balboas) 18 de Enero de 2007

Descripcion	Enero	Febrero	Marzo	Trimestre I	Abril	Mayo	Junio	Trimestre II
Ingresos Por Intereses	12,678,643.01	11,735,785.49	13,694,425.38	38,108,853.88	14,340,235.97	14,884,912.63	17,108,210.46	46,333,359.06
Préstamos	11,020,922.80	10,226,602.75	11,799,182.05	33,046,707.60	12,304,064.12	12,476,384.73	14,324,195.00	39,104,643.85
Depósitos	789,894.27	661,530.80	588,141.77	2,039,566.84	503,510.75	406,992.44	438,295.24	1,348,798.43
Inversiones	867,825.94	847,651.94	1,307,101.56	3,022,579.44	1,532,661.10	2,001,535.46	2,345,720.22	5,879,916.78
Egresos de Operaciones	8,639,458.79	8,118,406.15	9,777,362.52	26,535,227.46	9,933,807.74	10,964,453.99	11,408,542.15	32,306,803.88
Intereses Pagados	8,636,503.50	8,115,643.98	9,775,323.24	26,527,470.72	9,931,415.53	10,961,376.28	11,406,490.21	32,299,282.02
Comisiones	2,955.29	2,762.17	2,039.28	7,756.74	2,392.21	3,077.71	2,051.94	7,521.86
Ingreso Neto de Intereses	4,039,184.22	3,617,379.34	3,917,062.86	11,573,626.42	4,406,428.23	3,920,458.64	5,699,668.31	14,026,555.18
Otros Ingresos	1,471,926.38	1,827,715.16	706,827.75	4,006,469.29	412,524.76	397,246.14	261,229.69	1,071,000.59
Comisiones	570,307.09	419,914.87	589,629.53	1,579,851.49	400,162.87	500,054.36	417,367.94	1,317,585.17
Operaciones con Divisas	26,483.68	6,742.92	-4,812.84	28,413.76	12,266.89	-68,123.53	-190,970.26	-246,826.90
Otros ingresos	875,135.61	1,401,057.37	122,011.06	2,398,204.04	95.00	-34,684.69	34,832.01	242.32
Ingresos de Operaciones	5,511,110.60	5,445,094.50	4,623,890.61	15,580,095.71	4,818,952.99	4,317,704.78	5,960,898.00	15,097,555.77
Egresos Generales	1,792,836.85	-17,226,892.28	10,656,125.67	-4,777,929.76	1,861,552.20	-1,427,714.82	-1,367,224.99	-933,387.61
Gastos Administrativos	1,319,974.99	1,411,330.71	1,556,443.36	4,287,749.06	1,285,024.60	1,388,920.02	1,541,321.58	4,215,266.20
Gastos Generales	182,304.16	387,471.05	555,731.14	1,125,506.35	269,046.17	502,611.54	275,776.63	1,047,434.34
Gastos de Depreciación	57,834.52	50,228.67	56,994.63	165,057.82	55,561.62	93,366.69	62,848.57	211,776.88
Otros Gastos	232,723.18	-19,075,922.71	8,486,956.54	-10,356,242.99	251,919.81	-3,412,613.07	-3,247,171.77	-6,407,865.03
Utilidad antes de Provisiones	3,718,273.75	22,671,986.78	-6,032,235.06	20,358,025.47	2,957,400.79	5,745,419.60	7,328,122.99	16,030,943.38
Provisiones por Cuentas Malas	0.00	-2,986,252.92	6,757,826.15	3,771,573.23	0.00	3,655,664.17	1,973,331.36	5,628,995.53
Utilidad del Periodo	3,718,273.75	25,658,239.70	-12,790,061.21	16,586,452.24	2,957,400.79	2,089,755.43	5,354,791.63	10,401,947.85

Descripcion	Julio	Agosto	Septiembre	Trimestre III	Octubre	Noviembre	Diciembre	Trimestre IV	Acumulado Anual
Ingresos Por Intereses	17,340,697.57	18,127,420.84	17,250,699.90	52,718,818.31	18,325,686.10	19,172,811.41	19,940,999.03	57,439,496.54	194,600,527.79
Préstamos	14,492,515.68	15,272,357.02	14,639,499.31	44,404,372.01	15,711,927.28	16,616,164.85	16,917,702.63	49,245,794.76	165,801,518.22
Depósitos	524,744.22	512,986.63	325,722.43	1,363,453.28	292,936.09	303,227.82	686,189.53	1,282,353.44	6,034,171.99
Inversiones	2,323,437.67	2,342,077.19	2,285,478.16	6,950,993.02	2,320,822.73	2,253,418.74	2,337,106.87	6,911,348.34	22,764,837.58
Egresos de Operaciones	12,874,950.71	12,955,694.24	12,507,678.74	38,338,323.69	13,518,219.25	14,370,853.86	14,829,500.65	42,718,573.76	139,898,928.79
Intereses Pagados	12,872,745.21	12,954,552.57	12,506,656.12	38,333,953.90	13,517,685.63	14,366,110.16	14,828,991.90	42,712,787.69	139,873,494.33
Comisiones	2,205.50	1,141.67	1,022.62	4,369.79	533.62	4,743.70	508.75	5,786.07	25,434.46
Ingreso Neto de Intereses	4,465,746.86	5,171,726.60	4,743,021.16	14,380,494.62	4,807,466.85	4,801,957.55	5,111,498.38	14,720,922.78	54,701,599.00
Otros Ingresos	519,407.16	823,168.23	357,470.46	1,700,045.85	492,242.32	41,931.96	1,034,136.38	1,568,310.66	8,345,826.39
Comisiones	628,524.98	717,641.25	448,590.92	1,794,757.15	471,598.19	367,273.41	888,996.01	1,727,867.61	6,420,061.42
Operaciones con Divisas	-17,722.19	-27,914.43	-15,348.03	-60,984.65	-33,939.61	-52,793.46	124,482.77	37,749.70	-241,648.09
Otros ingresos	-91,395.63	133,441.41	-75,772.43	-33,726.65	54,583.74	-272,547.99	20,657.60	-197,306.65	2,167,413.06
Ingresos de Operaciones	4,985,154.02	5,994,894.83	5,100,491.62	16,080,540.47	5,299,709.17	4,843,889.51	6,145,634.76	16,289,233.44	63,047,425.39
Egresos Generales	2,522,888.27	2,345,650.01	-5,745,848.19	-877,309.91	2,056,558.40	2,577,736.01	-4,720,581.54	-86,287.13	-6,674,914.41
Gastos Administrativos	1,510,014.26	1,050,298.66	778,351.23	3,338,664.15	1,276,318.90	1,293,256.05	2,313,377.83	4,882,952.78	16,724,632.19
Gastos Generales	476,154.36	363,262.05	231,649.54	1,071,065.95	377,832.14	478,679.13	419,477.54	1,275,988.81	4,519,995.45
Gastos de Depreciación	152,820.07	140,589.47	149,131.68	442,541.22	147,257.73	144,927.21	233,050.83	525,235.77	1,344,611.69
Otros Gastos	383,899.58	791,499.83	-6,904,980.64	-5,729,581.23	255,149.63	660,873.62	-7,686,487.54	-6,770,464.29	-29,264,153.54
Utilidad antes de Provisiones	2,462,265.75	3,649,244.82	10,846,339.81	16,957,850.38	3,243,150.77	2,266,153.50	10,866,216.30	16,375,520.57	69,722,339.80
Provisiones por Cuentas Malas	0.00	0.00	4,575,436.79	4,575,436.79	0.00	0.00	1,525,706.95	1,525,706.95	15,501,712.50
Utilidad del Periodo	2,462,265.75	3,649,244.82	6,270,903.02	12,382,413.59	3,243,150.77	2,266,153.50	9,340,509.35	14,849,813.62	54,220,627.30

●
BANCO LATINOAMERICANO DE EXPORTACIONES BALANCE SHEETS December 2005 and JANUARY-DECEMBER 2006 (In Balboas)*

Descripción	Absolute	%	2005 — December	2006 — January	February	March	April	May
LIQUID ASSETS	73,800,404.45	32.11	229,850,018.38	196,721,923.53	168,261,614.37	149,386,765.87	114,881,933.56	60,162,287.02
Local Deposits in Banks	60,760.11	53.71	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
Demand	60,760.11	53.71	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
Time	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign Deposits in Banks	73,740,786.10	32.10	229,724,544.72	196,570,119.96	168,050,799.58	149,157,158.27	114,656,067.29	59,063,750.11
Demand	3,940,786.10	751.28	524,544.72	570,119.96	550,799.58	357,158.27	1,456,067.29	1,888,750.11
Time	69,800,000.00	30.45	229,200,000.00	196,000,000.00	167,500,000.00	148,800,000.00	113,200,000.00	57,175,000.00
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	-1,141.76	-9.25	12,342.73	8,800.51	11,209.67	11,389.27	30,631.97	12,266.23
CREDIT PORTFOLIO	358,935,035.62	13.96	2,570,571,012.15	2,432,060,734.87	2,493,605,033.89	2,546,352,925.93	2,445,451,397.17	2,604,011,689.70
Local	11,235,440.56	6.15	182,580,335.71	170,060,870.91	178,503,679.16	178,749,183.50	164,433,954.00	185,744,889.15
Foreign	359,517,167.11	14.81	2,427,438,626.39	2,301,441,680.16	2,351,554,768.98	2,410,814,109.78	2,324,227,810.52	2,461,479,184.50
Less Allowance	11,817,572.05	29.96	39,447,949.95	39,441,816.20	36,453,414.25	43,210,367.35	43,210,367.35	43,212,383.95
Local	-4,475,616.08	-83.08	5,387,343.78	291,203.74	338,183.72	313,430.15	313,430.15	315,546.75
Foreign	16,293,188.13	47.84	34,060,606.17	39,150,612.46	36,115,230.53	42,896,937.20	42,896,937.20	42,896,837.20
INVESTMENT SECURITIES	364,133,420.26	170.53	213,524,943.41	161,836,319.12	190,137,048.43	318,379,517.19	479,437,671.90	573,108,488.02
Local	14,837,400.00	291.79	5,085,000.00	5,025,000.00	15,037,500.00	19,900,000.00	19,538,600.00	19,563,200.00
Foreign	349,296,020.26	167.58	208,439,943.41	156,811,319.12	175,099,548.43	298,479,517.19	459,899,071.90	553,545,288.02
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	-39,024,847.77	-25.07	155,673,189.23	155,484,220.45	95,131,234.53	100,419,407.34	87,097,768.59	105,497,201.35
Local	9,079,836.82	106.38	8,534,972.50	8,432,445.42	10,482,015.63	11,111,967.66	11,733,718.79	20,227,217.91
Foreign	-48,104,684.59	-32.69	147,138,216.73	147,051,775.03	84,649,218.90	89,307,439.68	75,364,049.80	85,269,983.44
TOTAL ASSETS	757,844,012.56	23.91	3,169,619,163.17	2,946,103,197.97	2,947,134,931.22	3,114,538,616.33	3,126,868,771.22	3,342,779,666.09
DEPOSITS	10,056,541.62	0.96	1,046,617,541.80	961,172,366.75	1,002,054,391.61	1,144,205,445.24	1,032,514,380.51	1,159,561,113.48
Local	64,022,313.23	83.68	76,505,979.15	75,068,841.87	75,112,324.52	78,590,621.48	58,392,301.66	89,225,963.62
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
Demand	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
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	64,090,868.70	83.85	76,437,423.68	74,997,315.57	75,037,830.67	78,513,117.54	58,311,793.08	89,142,372.04
Demand	-6,999,164.27	-36.10	19,389,547.08	13,970,578.97	7,493,199.52	12,950,393.85	11,941,026.48	3,545,875.39
Time	71,090,032.97	124.61	57,047,876.60	61,026,736.60	67,544,631.15	65,562,723.69	46,370,766.60	85,596,496.65
Foreign	-53,965,771.61	-5.56	970,111,562.65	886,103,524.88	926,942,067.09	1,065,614,823.76	974,122,078.85	1,070,335,149.86
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	-51,506,232.57	-57.65	89,349,913.77	39,358,612.33	97,190,392.35	97,195,213.72	37,233,638.70	91,547,352.83
Demand	666,267.43	49.36	1,349,913.77	1,358,612.33	1,362,892.35	1,367,713.72	1,406,138.70	1,412,160.83
Time	-52,172,500.00	-59.29	88,000,000.00	38,000,000.00	95,827,500.00	95,827,500.00	35,827,500.00	90,135,192.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From Banks	-2,459,539.04	-0.28	880,761,648.88	846,744,912.55	829,751,674.74	968,419,610.04	936,888,440.15	978,787,797.03
Demand	110,543,527.78	1,459.03	7,576,512.05	7,754,593.37	7,608,750.38	7,348,714.04	7,996,262.90	10,032,821.49
Time	-113,003,066.82	-12.94	873,185,136.83	838,990,319.18	822,142,924.36	961,070,896.00	928,892,177.25	968,754,975.54
BORROWINGS	856,689,524.93	65.91	1,299,707,654.53	1,160,813,511.50	1,183,159,426.71	1,211,745,735.01	1,394,790,637.04	1,471,665,605.17
Local	-817,393.24	-2.65	30,817,393.24	30,827,326.53	30,816,373.24	20,942,674.80	20,942,674.80	106,430.00
Foreign	857,506,918.17	67.58	1,268,890,261.29	1,129,986,184.97	1,152,343,053.47	1,190,803,060.21	1,373,847,962.24	1,471,559,175.17
OTHER LIABILITIES	-72,763,216.11	-36.09	201,606,063.96	199,075,894.63	156,632,231.45	171,422,070.35	111,750,663.85	128,125,704.85
Local	19,224,960.31	436.64	4,402,882.06	5,071,759.57	3,546,629.00	5,323,286.18	3,901,354.19	4,511,613.14
Foreign	-91,988,176.42	-46.65	197,203,181.90	194,004,135.06	153,085,602.45	166,098,784.17	107,849,309.66	123,614,091.71
STOCKHOLDERS´ EQUITY	-36,138,838.33	-5.81	621,687,903.33	625,041,425.18	605,288,881.81	587,165,366.10	587,813,089.79	583,427,242.69
Capital	-27,879,243.04	-9.05	308,036,516.51	308,008,142.60	308,036,320.80	303,325,174.12	301,606,289.18	299,135,300.36
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	-72,504.59	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	14,404,734.31	10.45	137,799,382.62	217,639,221.93	172,581,437.12	172,689,499.62	172,677,109.59	172,689,499.62
Net Income	-25,801,347.89	-32.24	80,021,975.18	3,718,273.75	29,376,513.45	16,586,452.24	19,543,853.03	21,633,608.45
Gain or Loss in Securities available for sale	3,209,522.88	517.77	619,875.35	465,633.23	84,456.77	-645,913.55	-1,224,315.68	-5,241,319.41
Subordinated Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LIABILITIES AND STOCKHOLDER’S EQUITY	757,844,012.11	23.91	3,169,619,163.62	2,946,103,198.06	2,947,134,931.58	3,114,538,616.70	3,126,868,771.19	3,342,779,666.19

Descripción	2006 — June	July	August	September	October	November	December
LIQUID ASSETS	116,681,698.17	82,969,590.27	127,421,667.76	56,709,302.87	11,214,707.49	148,101,329.00	303,650,422.83
Local Deposits in Banks	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	173,891.04
Demand	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	173,891.04
Time	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign Deposits in Banks	116,477,736.13	82,808,317.66	127,236,818.01	56,535,787.49	11,017,519.31	147,927,204.56	303,465,330.82
Demand	4,402,736.13	633,317.66	2,261,818.01	535,787.49	1,317,519.31	1,827,204.56	4,465,330.82
Time	112,075,000.00	82,175,000.00	124,975,000.00	56,000,000.00	9,700,000.00	146,100,000.00	299,000,000.00
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	11,505.06	10,134.85	11,583.88	12,145.00	9,997.49	10,339.90	11,200.97
CREDIT PORTFOLIO	2,663,474,110.09	2,779,175,556.53	2,692,301,632.05	2,744,098,182.87	3,065,891,647.97	3,004,038,172.57	2,929,506,047.77
Local	222,817,921.62	234,290,022.97	238,832,235.22	236,116,354.43	230,826,475.52	215,753,688.18	193,815,776.27
Foreign	2,485,840,093.12	2,590,069,682.32	2,498,651,865.32	2,557,734,675.59	2,884,818,316.31	2,838,030,283.25	2,786,955,793.50
Less Allowance	45,183,904.65	45,184,148.76	45,182,468.49	49,752,847.15	49,753,143.86	49,745,798.86	51,265,522.00
Local	597,780.08	597,780.08	597,780.08	1,844,809.88	1,844,809.88	1,844,809.88	911,727.70
Foreign	44,586,124.57	44,586,368.68	44,584,688.41	47,908,037.27	47,908,333.98	47,900,988.98	50,353,794.30
INVESTMENT SECURITIES	579,605,171.05	576,347,033.50	569,969,790.92	570,688,819.04	563,672,162.47	564,437,705.35	577,658,363.67
Local	19,393,800.00	20,032,000.00	19,905,000.00	19,985,800.00	20,002,000.00	20,093,800.00	19,922,400.00
Foreign	560,211,371.05	556,315,033.50	550,064,790.92	550,703,019.04	543,670,162.47	544,343,905.35	557,735,963.67
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	171,450,723.28	159,590,841.09	209,511,513.25	80,647,513.08	84,571,401.73	105,535,763.51	116,648,341.46
Local	15,624,063.27	12,561,653.14	7,581,940.26	22,362,568.32	19,150,981.07	24,376,477.02	17,614,809.32
Foreign	155,826,660.01	147,029,187.95	201,929,572.99	58,284,944.76	65,420,420.66	81,159,286.49	99,033,532.14
TOTAL ASSETS	3,531,211,702.59	3,598,083,021.39	3,599,204,603.98	3,452,143,817.86	3,725,349,919.66	3,822,112,970.43	3,927,463,175.73
DEPOSITS	1,234,729,283.82	1,257,224,332.24	1,154,109,843.93	1,104,024,174.77	1,171,903,445.93	980,296,129.29	1,056,674,083.42
Local	115,759,239.50	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	140,528,292.38
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	86,671.61	0.00	0.00	0.00	0.00	0.00	0.00
Demand	86,671.61	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
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From Banks	115,672,567.89	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	140,528,292.38
Demand	13,583,815.60	14,807,923.93	6,644,393.20	7,373,502.54	3,431,718.80	8,434,514.70	12,390,382.81
Time	102,088,752.29	62,094,239.81	47,174,887.23	70,021,350.17	161,713,926.73	131,310,844.73	128,137,909.57
Foreign	1,118,970,044.32	1,180,322,168.50	1,100,290,563.50	1,026,629,322.06	1,006,757,800.40	840,550,769.86	916,145,791.04
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	76,552,805.35	116,343,763.76	77,161,676.02	77,169,048.08	37,180,047.77	37,185,552.36	37,843,681.20
Demand	1,417,613.35	1,328,571.76	1,334,176.02	1,341,548.08	1,352,547.77	1,358,052.36	2,016,181.20
Time	75,135,192.00	115,015,192.00	75,827,500.00	75,827,500.00	35,827,500.00	35,827,500.00	35,827,500.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From Banks	1,042,417,238.97	1,063,978,404.74	1,023,128,887.48	949,460,273.98	969,577,752.63	803,365,217.50	878,302,109.84
Demand	122,341,936.99	214,245,470.26	237,379,519.14	96,416,405.82	69,345,352.56	93,471,697.66	118,120,039.83
Time	920,075,301.98	849,732,934.48	785,749,368.34	853,043,868.16	900,232,400.07	709,893,519.84	760,182,070.01
BORROWINGS	1,522,873,425.19	1,585,675,401.98	1,639,074,204.57	1,672,395,777.56	1,881,935,352.31	2,148,587,319.19	2,156,397,179.46
Local	15,000,000.00	15,000,000.00	17,600,390.00	32,382,309.90	30,000,000.00	30,000,000.00	30,000,000.00
Foreign	1,507,873,425.19	1,570,675,401.98	1,621,473,814.57	1,640,013,467.66	1,851,935,352.31	2,118,587,319.19	2,126,397,179.46
OTHER LIABILITIES	208,715,158.78	186,005,931.96	232,770,034.08	103,302,909.19	93,613,599.36	113,650,877.18	128,842,847.85
Local	13,804,435.58	4,699,583.58	12,592,553.49	24,037,677.23	18,630,117.83	17,362,014.02	23,627,842.37
Foreign	194,910,723.20	181,306,348.38	220,177,480.59	79,265,231.96	74,983,481.53	96,288,863.16	105,215,005.48
STOCKHOLDERS´ EQUITY	564,893,834.82	569,177,355.54	573,250,521.50	572,420,956.65	577,897,522.02	579,578,644.75	585,549,065.00
Capital	283,000,957.06	279,854,931.19	279,911,058.24	279,964,951.46	280,047,648.83	280,101,528.38	280,157,273.47
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	0.00	0.00	0.00	0.00	0.00	0.00	-72,504.59
Retained Earnings	165,647,006.59	165,789,753.85	165,802,421.31	158,990,908.25	159,015,817.84	159,015,817.84	152,204,116.93
Net Income	26,988,400.09	29,450,665.83	33,099,910.65	39,370,813.67	42,613,964.44	44,880,117.94	54,220,627.29
Gain or Loss in Securities available for sale	-5,952,682.59	-1,128,149.00	-773,022.37	-1,115,870.40	1,009,937.24	371,026.92	3,829,398.23
Subordinated Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LIABILITIES AND STOCKHOLDER’S EQUITY	3,531,211,702.61	3,598,083,021.72	3,599,204,604.08	3,452,143,818.17	3,725,349,919.62	3,822,112,970.41	3,927,463,175.73

* 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).

●
STATEMENTS OF INCOME * BANCO
LATINOAMERICANO DE EXPORTACIONES, S.A. January - December 2006
(In Balboas)**

Description	January	February	March	I Quarter	April	May	June	II Quarter
Interest Income	12,678,643.01	11,735,785.49	13,694,425.38	38,108,853.88	14,340,235.97	14,884,912.63	17,108,210.46	46,333,359.06
Loans	11,020,922.80	10,226,602.75	11,799,182.05	33,046,707.60	12,304,064.12	12,476,384.73	14,324,195.00	39,104,643.85
Deposits	789,894.27	661,530.80	588,141.77	2,039,566.84	503,510.75	406,992.44	438,295.24	1,348,798.43
Investments	867,825.94	847,651.94	1,307,101.56	3,022,579.44	1,532,661.10	2,001,535.46	2,345,720.22	5,879,916.78
Interest Expense	8,639,458.79	8,118,406.15	9,777,362.52	26,535,227.46	9,933,807.74	10,964,453.99	11,408,542.15	32,306,803.88
Interest	8,636,503.50	8,115,643.98	9,775,323.24	26,527,470.72	9,931,415.53	10,961,376.28	11,406,490.21	32,299,282.02
Commissions	2,955.29	2,762.17	2,039.28	7,756.74	2,392.21	3,077.71	2,051.94	7,521.86
Net Interest Income	4,039,184.22	3,617,379.34	3,917,062.86	11,573,626.42	4,406,428.23	3,920,458.64	5,699,668.31	14,026,555.18
Other Income	1,471,926.38	1,827,715.16	706,827.75	4,006,469.29	412,524.76	397,246.14	261,229.69	1,071,000.59
Commissions	570,307.09	419,914.87	589,629.53	1,579,851.49	400,162.87	500,054.36	417,367.94	1,317,585.17
Foreign currency operations	26,483.68	6,742.92	-4,812.84	28,413.76	12,266.89	-68,123.53	-190,970.26	-246,826.90
Other Income	875,135.61	1,401,057.37	122,011.06	2,398,204.04	95.00	-34,684.69	34,832.01	242.32
Operating Income	5,511,110.60	5,445,094.50	4,623,890.61	15,580,095.71	4,818,952.99	4,317,704.78	5,960,898.00	15,097,555.77
Operating Expenses	1,792,836.85	-17,226,892.28	10,656,125.67	-4,777,929.76	1,861,552.20	-1,427,714.82	-1,367,224.99	-933,387.61
Administrative expenses	1,319,974.99	1,411,330.71	1,556,443.36	4,287,749.06	1,285,024.60	1,388,920.02	1,541,321.58	4,215,266.20
General expenses	182,304.16	387,471.05	555,731.14	1,125,506.35	269,046.17	502,611.54	275,776.63	1,047,434.34
Depreciation	57,834.52	50,228.67	56,994.63	165,057.82	55,561.62	93,366.69	62,848.57	211,776.88
Other expenses	232,723.18	-19,075,922.71	8,486,956.54	-10,356,242.99	251,919.81	-3,412,613.07	-3,247,171.77	-6,407,865.03
Net Income before provision for loan losses	3,718,273.75	22,671,986.78	-6,032,235.06	20,358,025.47	2,957,400.79	5,745,419.60	7,328,122.99	16,030,943.38
Provision for loan losses	0.00	-2,986,252.92	6,757,826.15	3,771,573.23	0.00	3,655,664.17	1,973,331.36	5,628,995.53
Net Income	3,718,273.75	25,658,239.70	-12,790,061.21	16,586,452.24	2,957,400.79	2,089,755.43	5,354,791.63	10,401,947.85

Description	July	August	September	III Quarter	October	November	December	IV Quarter	Year to date
Interest Income	17,340,697.57	18,127,420.84	17,250,699.90	52,718,818.31	18,325,686.10	19,172,811.41	19,940,999.03	57,439,496.54	194,600,527.79
Loans	14,492,515.68	15,272,357.02	14,639,499.31	44,404,372.01	15,711,927.28	16,616,164.85	16,917,702.63	49,245,794.76	165,801,518.22
Deposits	524,744.22	512,986.63	325,722.43	1,363,453.28	292,936.09	303,227.82	686,189.53	1,282,353.44	6,034,171.99
Investments	2,323,437.67	2,342,077.19	2,285,478.16	6,950,993.02	2,320,822.73	2,253,418.74	2,337,106.87	6,911,348.34	22,764,837.58
Interest Expense	12,874,950.71	12,955,694.24	12,507,678.74	38,338,323.69	13,518,219.25	14,370,853.86	14,829,500.65	42,718,573.76	139,898,928.79
Interest	12,872,745.21	12,954,552.57	12,506,656.12	38,333,953.90	13,517,685.63	14,366,110.16	14,828,991.90	42,712,787.69	139,873,494.33
Commissions	2,205.50	1,141.67	1,022.62	4,369.79	533.62	4,743.70	508.75	5,786.07	25,434.46
Net Interest Income	4,465,746.86	5,171,726.60	4,743,021.16	14,380,494.62	4,807,466.85	4,801,957.55	5,111,498.38	14,720,922.78	54,701,599.00
Other Income	519,407.16	823,168.23	357,470.46	1,700,045.85	492,242.32	41,931.96	1,034,136.38	1,568,310.66	8,345,826.39
Commissions	628,524.98	717,641.25	448,590.92	1,794,757.15	471,598.19	367,273.41	888,996.01	1,727,867.61	6,420,061.42
Foreign currency operations	-17,722.19	-27,914.43	-15,348.03	-60,984.65	-33,939.61	-52,793.46	124,482.77	37,749.70	-241,648.09
Other Income	-91,395.63	133,441.41	-75,772.43	-33,726.65	54,583.74	-272,547.99	20,657.60	-197,306.65	2,167,413.06
Operating Income	4,985,154.02	5,994,894.83	5,100,491.62	16,080,540.47	5,299,709.17	4,843,889.51	6,145,634.76	16,289,233.44	63,047,425.39
Operating Expenses	2,522,888.27	2,345,650.01	-5,745,848.19	-877,309.91	2,056,558.40	2,577,736.01	-4,720,581.54	-86,287.13	-6,674,914.41
Administrative expenses	1,510,014.26	1,050,298.66	778,351.23	3,338,664.15	1,276,318.90	1,293,256.05	2,313,377.83	4,882,952.78	16,724,632.19
General expenses	476,154.36	363,262.05	231,649.54	1,071,065.95	377,832.14	478,679.13	419,477.54	1,275,988.81	4,519,995.45
Depreciation	152,820.07	140,589.47	149,131.68	442,541.22	147,257.73	144,927.21	233,050.63	525,235.57	1,344,611.49
Other expenses	383,899.58	791,499.83	-6,904,980.64	-5,729,581.23	255,149.63	660,873.62	-7,686,487.54	-6,770,464.29	-29,264,153.54
Net Income before provision for loan losses	2,462,265.75	3,649,244.82	10,846,339.81	16,957,850.38	3,243,150.77	2,266,153.50	10,866,216.30	16,375,520.57	69,722,339.80
Provision for loan losses	0.00	0.00	4,575,436.79	4,575,436.79	0.00	0.00	1,525,706.95	1,525,706.95	15,501,712.50
Net Income	2,462,265.75	3,649,244.82	6,270,903.02	12,382,413.59	3,243,150.77	2,266,153.50	9,340,509.35	14,849,813.62	54,220,627.30

* 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).