FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Foreign Filer Report • Dec 17, 2008

6-K 1 v134887_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, 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.

| December
15, 2008 |
| --- |
| 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 2007 Y ENERO - OCTUBRE 2008
(En
Balboas)

Descripción	Absoluta %	Diciembre	Enero	Febrero	Marzo	Abril
ACTIVOS
LIQUIDOS	130,499,196.38	32.52	401,327,785.63	294,054,753.39	403,828,804.69	487,583,782.85	337,155,177.39
Depositos
Locales en Bancos	104,438.19	36.55	285,754.54	233,625.57	225,027.61	257,527.62	256,156.02
A
la Vista	104,438.19	36.55	285,754.54	233,625.57	225,027.61	257,527.62	256,156.02
A
Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depositos
Extranjeros en Bancos	130,395,162.75	32.51	401,036,339.06	293,816,988.13	403,599,292.09	487,320,706.18	336,892,774.62
A
la Vista	309,495,162.75	21,547.50	1,436,339.06	6,216,988.13	5,099,292.09	3,720,706.18	5,592,774.62
A
Plazo	-179,100,000.00	-44.82	399,600,000.00	287,600,000.00	398,500,000.00	483,600,000.00	331,300,000.00
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	-404.56	-7.11	5,692.03	4,139.69	4,484.99	5,549.05	6,246.75
CARTERA
CREDITICIA	-333,730,053.96	-9.11	3,662,194,693.87	3,548,971,499.30	3,683,948,745.67	3,704,904,162.38	3,866,918,998.90
Locales	-36,842,912.06	-14.59	252,482,566.49	259,592,677.23	259,887,677.23	398,281,443.48	394,568,729.90
Extranjero	-297,417,776.57	-8.55	3,479,355,318.34	3,359,260,301.18	3,493,942,547.55	3,376,494,824.39	3,542,222,722.64
Menos
Provisiones	-530,634.67	-0.76	69,643,190.96	69,881,479.11	69,881,479.11	69,872,105.49	69,872,453.64
Locales	409,420.74	26.58	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12
Extranjero	-940,055.41	-1.38	68,102,914.84	68,341,202.99	68,341,202.99	68,331,829.37	68,332,177.52
INVERSIONES
EN VALORES	288,507,478.97	50.15	575,308,868.73	720,927,339.13	752,313,401.97	802,295,101.08	879,029,360.69
Locales	6,514,000.00	9.02	72,196,000.00	72,611,200.00	78,024,276.58	78,098,235.64	78,001,617.06
Extranjero	281,993,478.97	56.05	503,112,868.73	648,316,139.13	674,289,125.39	724,196,865.44	801,027,743.63
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	13,715,468.96	15.07	90,992,888.72	107,647,561.41	108,664,901.06	109,454,265.51	79,599,768.90
Locales	8,656,062.42	202.50	4,274,653.41	3,776,255.93	4,822,408.82	4,493,961.80	6,599,230.09
Extranjero	5,059,406.54	5.83	86,718,235.31	103,871,305.48	103,842,492.24	104,960,303.71	73,000,538.81
TOTAL
DE ACTIVOS	98,992,090.35	2.09	4,729,824,236.95	4,671,601,153.23	4,948,755,853.39	5,104,237,311.82	5,162,703,305.88
DEPOSITOS	-192,631,557.77	-12.73	1,513,036,584.54	1,311,034,546.15	1,437,684,538.56	1,423,205,733.93	1,559,535,216.31
Locales	-100,090,051.21	-44.34	225,714,906.79	218,952,787.47	246,914,642.04	184,800,521.54	250,159,467.73
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Particulares	10,000,000.00	0.00	0.00	0.00	1,400,838.44	0.00	0.00
A
la Vista	0.00	0.00	0.00	0.00	0.00	0.00	0.00
A
Plazo	10,000,000.00	0.00	0.00	0.00	1,400,838.44	0.00	0.00
De
Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Bancos	-110,090,051.21	-48.77	225,714,906.79	218,952,787.47	245,513,803.60	184,800,521.54	250,159,467.73
A
la Vista	-21,978,144.48	-93.76	23,441,831.87	22,583,638.33	17,629,784.93	13,046,533.96	11,162,032.63
A
Plazo	-88,111,906.73	-43.56	202,273,074.92	196,369,149.14	227,884,018.67	171,753,987.58	238,997,435.10
Extranjero	-92,541,506.56	-7.19	1,287,321,677.75	1,092,081,758.68	1,190,769,896.52	1,238,405,212.39	1,309,375,748.58
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Particulares	-37,455,487.77	-89.94	41,644,075.95	51,474,906.67	46,727,501.29	12,455,066.51	65,565,271.04
A
la Vista	224,512.23	15.33	1,464,075.95	1,474,906.67	2,727,501.29	3,441,152.62	6,535,806.67
A
Plazo	-37,680,000.00	-93.78	40,180,000.00	50,000,000.00	44,000,000.00	9,013,913.89	59,029,464.37
De
Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Bancos	-55,086,018.79	-4.42	1,245,677,601.80	1,040,606,852.01	1,144,042,395.23	1,225,950,145.88	1,243,810,477.54
A
la Vista	24,038,244.02	27.64	86,983,250.05	94,067,907.24	104,019,526.16	78,317,765.09	37,444,518.18
A
Plazo	-79,124,262.81	-6.83	1,158,694,351.75	946,538,944.77	1,040,022,869.07	1,147,632,380.79	1,206,365,959.36
OBLIGACIONES	279,551,108.53	11.12	2,515,038,597.04	2,646,362,875.95	2,787,614,144.91	2,952,332,271.03	2,902,534,161.46
Locales	-10,000,000.00	-25.00	40,000,000.00	40,000,000.00	50,000,000.00	50,000,126.79	50,000,000.00
Extranjero	289,551,108.53	11.70	2,475,038,597.04	2,606,362,875.95	2,737,614,144.91	2,902,332,144.24	2,852,534,161.46
OTROS
PASIVOS	74,990,940.40	67.23	111,537,872.66	132,364,806.35	134,356,889.45	147,344,908.68	98,317,207.28
Locales	9,856,360.37	181.48	5,431,130.73	4,769,284.35	3,269,484.25	2,468,745.74	11,591,562.43
Extranjero	65,134,580.03	61.39	106,106,741.93	127,595,522.00	131,087,405.20	144,876,162.94	86,725,644.85
PATRIMONIO	-62,918,400.81	-10.66	590,211,182.74	581,838,924.86	589,100,280.61	581,354,398.29	602,316,720.95
Capital	1,198,112.57	0.43	281,334,661.62	281,418,007.88	281,495,976.96	281,612,180.17	281,778,127.62
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
Otras
Reservas	-4,402,178.00	219.05	-2,009,630.66	-3,992,368.66	-2,735,809.66	-3,981,842.66	-3,232,388.66
Utilidad
de Periodos Anteriores	24,391,648.98	13.95	174,894,542.39	223,306,964.95	223,306,964.95	215,305,532.21	215,305,532.21
Utilidad
de Periodo	-2,138,603.69	-4.42	48,412,430.48	4,793,662.04	8,998,568.04	14,168,698.56	18,196,171.43
Ganancia
o Perdida en Valores Disponible para la venta	-81,967,380.67	1074.14	-7,630,974.76	-18,897,495.02	-17,175,573.35	-20,960,323.66	-4,940,875.32
Deuda
Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO
Y PATRIMONIO	98,992,090.35	2.09	4,729,824,236.98	4,671,601,153.31	4,948,755,853.53	5,104,237,311.93	5,162,703,306.00

●
BANCO
LATINOAMERICANO DE EXPORTACIONES
BALANCE
DE SITUACIÓN DE DICIEMBRE 2007 Y ENERO - OCTUBRE 2008
(En
Balboas)

Descripción	2008 — Mayo	Junio	Julio	Agosto	Septiembre	Octubre	Noviembre	Diciembre
ACTIVOS
LIQUIDOS	336,767,457.10	348,888,538.19	336,729,056.48	473,204,059.94	445,219,951.04	531,826,982.01	0.00	0.00
Depositos
Locales en Bancos	206,238.55	165,920.03	540,189.06	579,066.57	157,675.75	390,192.73	0.00	0.00
A
la Vista	206,238.55	165,920.03	540,189.06	579,066.57	157,675.75	390,192.73	0.00	0.00
A
Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depositos
Extranjeros en Bancos	336,554,858.90	348,717,340.66	336,183,524.53	472,620,428.43	445,058,874.57	531,431,501.81	0.00	0.00
A
la Vista	18,354,858.90	14,817,340.66	19,283,524.53	19,120,428.43	204,558,874.57	310,931,501.81	0.00	0.00
A
Plazo	318,200,000.00	333,900,000.00	316,900,000.00	453,500,000.00	240,500,000.00	220,500,000.00	0.00	0.00
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	6,359.65	5,277.50	5,342.89	4,564.94	3,400.72	5,287.47	0.00	0.00
CARTERA
CREDITICIA	4,027,295,445.25	4,034,845,678.96	4,030,880,094.26	3,883,016,311.03	3,799,062,214.29	3,328,464,639.91	0.00	0.00
Locales	377,524,734.90	374,402,937.57	333,249,279.25	345,509,524.58	223,752,461.29	215,639,654.43	0.00	0.00
Extranjero	3,720,115,663.99	3,730,203,493.47	3,767,410,459.07	3,607,419,585.84	3,644,395,741.92	3,181,937,541.77	0.00	0.00
Menos
Provisiones	70,344,953.64	69,760,752.08	69,779,644.06	69,912,799.39	69,085,988.92	69,112,556.29	0.00	0.00
Locales	1,540,276.12	1,445,815.41	1,445,815.41	1,445,815.41	1,949,696.86	1,949,696.86	0.00	0.00
Extranjero	68,804,677.52	68,314,936.67	68,333,828.65	68,466,983.98	67,136,292.06	67,162,859.43	0.00	0.00
INVERSIONES
EN VALORES	919,509,561.07	872,542,626.81	933,310,470.20	944,886,873.58	909,160,095.80	863,816,347.70	0.00	0.00
Locales	77,805,900.00	76,693,917.46	93,139,600.00	93,634,400.00	91,316,750.00	78,710,000.00	0.00	0.00
Extranjero	841,703,661.07	795,848,709.35	840,170,870.20	851,252,473.58	817,843,345.80	785,106,347.70	0.00	0.00
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
ACTIVOS	122,065,321.83	119,856,242.53	79,637,068.31	78,010,455.22	160,345,706.26	104,708,357.68	0.00	0.00
Locales	6,329,473.83	6,292,165.21	6,742,934.69	8,037,614.17	3,567,555.69	12,930,715.83	0.00	0.00
Extranjero	115,735,848.00	113,564,077.32	72,894,133.62	69,972,841.05	156,778,150.57	91,777,641.85	0.00	0.00
TOTAL
DE ACTIVOS	5,405,637,785.25	5,376,133,086.49	5,380,556,689.25	5,379,117,699.77	5,313,787,967.39	4,828,816,327.30	0.00	0.00
DEPOSITOS	1,696,862,977.95	1,737,019,470.86	1,702,694,840.47	1,676,054,486.53	1,551,939,765.43	1,320,405,026.77	0.00	0.00
Locales	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	103,558,711.21	125,624,855.58	0.00	0.00
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	10,000,000.00	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	10,000,000.00	0.00	0.00
De
Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Bancos	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	103,558,711.21	115,624,855.58	0.00	0.00
A
la Vista	3,465,682.55	3,457,172.14	2,209,452.24	2,443,821.28	2,346,935.70	1,463,687.39	0.00	0.00
A
Plazo	195,007,371.75	151,024,845.54	152,293,491.44	149,482,048.29	101,211,775.51	114,161,168.19	0.00	0.00
Extranjero	1,498,389,923.65	1,582,537,453.18	1,548,191,896.79	1,524,128,616.96	1,448,381,054.22	1,194,780,171.19	0.00	0.00
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Particulares	56,743,505.02	57,231,388.96	32,261,643.77	35,886,258.47	31,786,972.68	4,188,588.18	0.00	0.00
A
la Vista	1,716,278.67	2,204,162.61	2,261,643.77	1,886,258.47	1,786,972.68	1,688,588.18	0.00	0.00
A
Plazo	55,027,226.35	55,027,226.35	30,000,000.00	34,000,000.00	30,000,000.00	2,500,000.00	0.00	0.00
De
Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Bancos	1,441,646,418.63	1,525,306,064.22	1,515,930,253.02	1,488,242,358.49	1,416,594,081.54	1,190,591,583.01	0.00	0.00
A
la Vista	48,574,467.01	98,552,979.88	74,617,789.92	64,833,685.46	92,309,121.29	111,021,494.07	0.00	0.00
A
Plazo	1,393,071,951.62	1,426,753,084.34	1,441,312,463.10	1,423,408,673.03	1,324,284,960.25	1,079,570,088.94	0.00	0.00
OBLIGACIONES	2,957,623,261.78	2,890,331,322.68	2,970,814,739.59	2,982,894,717.09	2,969,352,466.44	2,794,589,705.57	0.00	0.00
Locales	50,000,000.00	40,000,000.00	40,000,000.00	30,000,000.00	30,000,000.00	30,000,000.00	0.00	0.00
Extranjero	2,907,623,261.78	2,850,331,322.68	2,930,814,739.59	2,952,894,717.09	2,939,352,466.44	2,764,589,705.57	0.00	0.00
OTROS
PASIVOS	131,949,109.68	140,789,924.01	100,150,278.79	107,921,733.96	215,115,888.25	186,528,813.06	0.00	0.00
Locales	15,822,145.54	13,469,233.20	13,558,890.22	13,703,018.47	14,679,835.60	15,287,491.10	0.00	0.00
Extranjero	116,126,964.14	127,320,690.81	86,591,388.57	94,218,715.49	200,436,052.65	171,241,321.96	0.00	0.00
PATRIMONIO	619,202,435.86	607,992,368.94	606,896,830.42	612,246,762.17	577,379,847.28	527,292,781.93	0.00	0.00
Capital	281,874,453.37	281,978,936.94	282,074,942.15	282,179,267.52	282,430,010.26	282,532,774.19	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	95,210,153.67	0.00	0.00
Otras
Reservas	-1,697,897.66	-3,231,218.66	-5,087,832.66	-4,805,686.66	-4,549,729.66	-6,411,808.66	0.00	0.00
Utilidad
de Periodos Anteriores	215,305,532.21	206,212,995.01	207,297,070.69	207,297,070.69	199,288,609.17	199,286,191.37	0.00	0.00
Utilidad
de Periodo	22,898,759.63	30,347,344.27	34,538,167.77	39,193,777.89	44,599,197.68	46,273,826.79	0.00	0.00
Ganancia
o Perdida en Valores Disponible para la venta	5,611,434.64	-2,525,842.29	-7,135,671.20	-6,827,820.94	-39,598,393.84	-89,598,355.43	0.00	0.00
Deuda
Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO
Y PATRIMONIO	5,405,637,785.27	5,376,133,086.49	5,380,556,689.27	5,379,117,699.75	5,313,787,967.40	4,828,816,327.33	0.00	0.00

●
ESTADO
DE RESULTADO
BANCO LATINOAMERICANO
DE EXPORTACIONES, S.A.
ENERO
- OCTUBRE 2008
(En
Balboas)

| Descripcion — Ingresos
Por Intereses | 23,820,708.96 | 21,140,086.39 | 21,895,027.77 | 66,855,823.12 | 20,071,956.67 | 20,586,557.84 | 19,811,416.20 | 60,469,930.71 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Préstamos | 19,873,381.83 | 17,551,077.63 | 17,945,101.32 | 55,369,560.78 | 16,406,376.06 | 16,855,184.26 | 16,428,422.51 | 49,689,982.83 |
| Depósitos | 963,411.63 | 977,905.19 | 941,932.87 | 2,883,249.69 | 837,802.82 | 546,334.03 | 588,824.44 | 1,972,961.29 |
| Inversiones | 2,983,915.50 | 2,611,103.57 | 3,007,993.58 | 8,603,012.65 | 2,827,777.79 | 3,185,039.55 | 2,794,169.25 | 8,806,986.59 |
| Egresos
de Operaciones | 17,086,045.88 | 14,888,086.90 | 14,537,221.74 | 46,511,354.52 | 13,622,203.52 | 13,641,604.47 | 13,275,828.98 | 40,539,636.97 |
| Intereses
Pagados | 17,082,770.67 | 14,884,099.03 | 14,533,425.06 | 46,500,294.76 | 13,619,325.35 | 13,640,583.03 | 13,269,954.94 | 40,529,863.32 |
| Comisiones | 3,275.21 | 3,987.87 | 3,796.68 | 11,059.76 | 2,878.17 | 1,021.44 | 5,874.04 | 9,773.65 |
| Ingreso
Neto de Intereses | 6,734,663.08 | 6,251,999.49 | 7,357,806.03 | 20,344,468.60 | 6,449,753.15 | 6,944,953.37 | 6,535,587.22 | 19,930,293.74 |
| Otros
Ingresos | 341,795.80 | 520,165.53 | 1,053,306.84 | 1,915,268.17 | 626,820.04 | 549,721.64 | 3,174,145.45 | 4,350,687.13 |
| Comisiones | 541,754.03 | 505,491.03 | 686,481.33 | 1,733,726.39 | 495,604.65 | 714,567.17 | 711,322.28 | 1,921,494.10 |
| Operaciones
con Divisas | -75.15 | 48,830.21 | 136,961.92 | 185,716.98 | 76,334.70 | 207,625.59 | 307,173.63 | 591,133.92 |
| Otros
ingresos | -199,883.08 | -34,155.71 | 229,863.59 | -4,175.20 | 54,880.69 | -372,471.12 | 2,155,649.54 | 1,838,059.11 |
| Ingresos
de Operaciones | 7,076,458.88 | 6,772,165.02 | 8,411,112.87 | 22,259,736.77 | 7,076,573.19 | 7,494,675.01 | 9,709,732.67 | 24,280,980.87 |
| Egresos
Generales | 2,282,796.84 | 2,567,259.02 | 3,240,982.36 | 8,091,038.22 | 3,049,100.32 | 2,792,086.81 | 5,464,680.21 | 11,305,867.34 |
| Gastos
Administrativos | 1,326,096.44 | 1,600,317.40 | 1,839,856.93 | 4,766,270.77 | 1,601,121.41 | 1,651,783.11 | 2,046,553.55 | 5,299,458.07 |
| Gastos
Generales | 285,612.41 | 386,276.73 | 433,369.71 | 1,105,258.85 | 833,429.96 | 424,247.42 | 203,223.21 | 1,460,900.59 |
| Gastos
de Depreciación | 217,222.95 | 215,560.48 | 219,552.46 | 652,335.89 | 218,210.99 | 216,082.99 | 215,173.57 | 649,467.55 |
| Otros
Gastos | 453,865.04 | 365,104.41 | 748,203.26 | 1,567,172.71 | 396,337.96 | 499,973.29 | 2,999,729.88 | 3,896,041.13 |
| Utilidad
antes de Provisiones | 4,793,662.04 | 4,204,906.00 | 5,170,130.51 | 14,168,698.55 | 4,027,472.87 | 4,702,588.20 | 4,245,052.46 | 12,975,113.53 |
| Provisiones
por Cuentas Malas | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3,203,532.18 | -3,203,532.18 |
| Utilidad
del Periodo | 4,793,662.04 | 4,204,906.00 | 5,170,130.51 | 14,168,698.55 | 4,027,472.87 | 4,702,588.20 | 7,448,584.64 | 16,178,645.71 |

●
ESTADO
DE RESULTADO
BANCO LATINOAMERICANO
DE EXPORTACIONES, S.A.
ENERO
- OCTUBRE 2008
(En
Balboas)

| Descripcion — Ingresos
Por Intereses | 21,130,985.34 | 21,151,257.10 | 20,473,547.60 | 62,755,790.04 | 19,481,571.86 | 0.00 | 0.00 | 19,481,571.86 | 209,563,115.73 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Préstamos | 17,476,993.31 | 17,454,381.24 | 16,774,582.97 | 51,705,957.52 | 16,148,830.19 | 0.00 | 0.00 | 16,148,830.19 | 172,914,331.32 |
| Depósitos | 625,901.60 | 630,691.09 | 835,810.05 | 2,092,402.74 | 185,328.46 | 0.00 | 0.00 | 185,328.46 | 7,133,942.18 |
| Inversiones | 3,028,090.43 | 3,066,184.77 | 2,863,154.58 | 8,957,429.78 | 3,147,413.21 | 0.00 | 0.00 | 3,147,413.21 | 29,514,842.23 |
| Egresos
de Operaciones | 13,846,560.26 | 13,849,429.24 | 13,766,096.79 | 41,462,086.29 | 14,374,259.69 | 0.00 | 0.00 | 14,374,259.69 | 142,887,337.47 |
| Intereses
Pagados | 13,840,419.39 | 13,846,169.64 | 13,765,254.37 | 41,451,843.40 | 14,370,803.22 | 0.00 | 0.00 | 14,370,803.22 | 142,852,804.70 |
| Comisiones | 6,140.87 | 3,259.60 | 842.42 | 10,242.89 | 3,456.47 | 0.00 | 0.00 | 3,456.47 | 34,532.77 |
| Ingreso
Neto de Intereses | 7,284,425.08 | 7,301,827.86 | 6,707,450.81 | 21,293,703.75 | 5,107,312.17 | 0.00 | 0.00 | 5,107,312.17 | 66,675,778.26 |
| Otros
Ingresos | 604,109.33 | 257,732.15 | 1,222,751.72 | 2,084,593.20 | -705,559.47 | 0.00 | 0.00 | -705,559.47 | 7,644,989.03 |
| Comisiones | 616,679.69 | 733,982.73 | 791,961.98 | 2,142,624.40 | 394,111.92 | 0.00 | 0.00 | 394,111.92 | 6,191,956.81 |
| Operaciones
con Divisas | -92,191.98 | -937,077.63 | 77,243.66 | -952,025.95 | -1,058,730.18 | 0.00 | 0.00 | -1,058,730.18 | -1,233,905.23 |
| Otros
ingresos | 79,621.62 | 460,827.05 | 353,546.08 | 893,994.75 | -40,941.21 | 0.00 | 0.00 | -40,941.21 | 2,686,937.45 |
| Ingresos
de Operaciones | 7,888,534.41 | 7,559,560.01 | 7,930,202.53 | 23,378,296.95 | 4,401,752.70 | 0.00 | 0.00 | 4,401,752.70 | 74,320,767.29 |
| Egresos
Generales | 3,697,710.91 | 2,903,949.89 | 3,366,436.50 | 9,968,097.30 | 2,727,123.60 | 0.00 | 0.00 | 2,727,123.60 | 32,092,126.46 |
| Gastos
Administrativos | 1,601,643.09 | 1,622,459.65 | 1,639,168.75 | 4,863,271.49 | 1,632,885.90 | 0.00 | 0.00 | 1,632,885.90 | 16,561,886.23 |
| Gastos
Generales | 438,014.96 | 518,195.08 | 415,716.97 | 1,371,927.01 | 476,628.05 | 0.00 | 0.00 | 476,628.05 | 4,414,714.50 |
| Gastos
de Depreciación | 1,185,152.20 | 280,025.81 | 200,351.64 | 1,665,529.65 | 213,881.46 | 0.00 | 0.00 | 213,881.46 | 3,181,214.55 |
| Otros
Gastos | 472,900.66 | 483,269.35 | 1,111,199.14 | 2,067,369.15 | 403,728.19 | 0.00 | 0.00 | 403,728.19 | 7,934,311.18 |
| Utilidad
antes de Provisiones | 4,190,823.50 | 4,655,610.12 | 4,563,766.03 | 13,410,199.65 | 1,674,629.10 | 0.00 | 0.00 | 1,674,629.10 | 42,228,640.83 |
| Provisiones
por Cuentas Malas | 0.00 | 0.00 | -841,653.76 | -841,653.76 | 0.00 | 0.00 | 0.00 | 0.00 | -4,045,185.94 |
| Utilidad
del Periodo | 4,190,823.50 | 4,655,610.12 | 5,405,419.79 | 14,251,853.41 | 1,674,629.10 | 0.00 | 0.00 | 1,674,629.10 | 46,273,826.77 |

●
BANCO
LATINOAMERICANO DE EXPORTACIONES
BALANCE
SHEETS* DECEMBER 2007 AND JANUARY - OCTOBER 2008
(In
Balboas)**

Description	Absolute %	December	January	February	March	April
LIQUID
ASSETS	130,499,196.38	32.52	401,327,785.63	294,054,753.39	403,828,804.69	487,583,782.85	337,155,177.39
Local
Deposits in Banks	104,438.19	36.55	285,754.54	233,625.57	225,027.61	257,527.62	256,156.02
Demand	104,438.19	36.55	285,754.54	233,625.57	225,027.61	257,527.62	256,156.02
Time	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign
Deposits in Banks	130,395,162.75	32.51	401,036,339.06	293,816,988.13	403,599,292.09	487,320,706.18	336,892,774.62
Demand	309,495,162.75	21,547.50	1,436,339.06	6,216,988.13	5,099,292.09	3,720,706.18	5,592,774.62
Time	-179,100,000.00	-44.82	399,600,000.00	287,600,000.00	398,500,000.00	483,600,000.00	331,300,000.00
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	-404.56	-7.11	5,692.03	4,139.69	4,484.99	5,549.05	6,246.75
CREDIT
PORTFOLIO	-333,730,053.96	-9.11	3,662,194,693.87	3,548,971,499.30	3,683,948,745.67	3,704,904,162.38	3,866,918,998.90
Local	-36,842,912.06	-14.59	252,482,566.49	259,592,677.23	259,887,677.23	398,281,443.48	394,568,729.90
Foreign	-297,417,776.57	-8.55	3,479,355,318.34	3,359,260,301.18	3,493,942,547.55	3,376,494,824.39	3,542,222,722.64
Less
Allowance	-530,634.67	-0.76	69,643,190.96	69,881,479.11	69,881,479.11	69,872,105.49	69,872,453.64
Local	409,420.74	26.58	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12
Foreign	-940,055.41	-1.38	68,102,914.84	68,341,202.99	68,341,202.99	68,331,829.37	68,332,177.52
INVESTMENT
SECURITIES	288,507,478.97	50.15	575,308,868.73	720,927,339.13	752,313,401.97	802,295,101.08	879,029,360.69
Local	6,514,000.00	9.02	72,196,000.00	72,611,200.00	78,024,276.58	78,098,235.64	78,001,617.06
Foreign	281,993,478.97	56.05	503,112,868.73	648,316,139.13	674,289,125.39	724,196,865.44	801,027,743.63
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	13,715,468.96	15.07	90,992,888.72	107,647,561.41	108,664,901.06	109,454,265.51	79,599,768.90
Local	8,656,062.42	202.50	4,274,653.41	3,776,255.93	4,822,408.82	4,493,961.80	6,599,230.09
Foreign	5,059,406.54	5.83	86,718,235.31	103,871,305.48	103,842,492.24	104,960,303.71	73,000,538.81
TOTAL
ASSETS	98,992,090.35	2.09	4,729,824,236.95	4,671,601,153.23	4,948,755,853.39	5,104,237,311.82	5,162,703,305.88
DEPOSITS	-192,631,557.77	-12.73	1,513,036,584.54	1,311,034,546.15	1,437,684,538.56	1,423,205,733.93	1,559,535,216.31
Local	-100,090,051.21	-44.34	225,714,906.79	218,952,787.47	246,914,642.04	184,800,521.54	250,159,467.73
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	10,000,000.00	0.00	0.00	0.00	1,400,838.44	0.00	0.00
Demand	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Time	10,000,000.00	0.00	0.00	0.00	1,400,838.44	0.00	0.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From
Banks	-110,090,051.21	-48.77	225,714,906.79	218,952,787.47	245,513,803.60	184,800,521.54	250,159,467.73
Demand	-21,978,144.48	-93.76	23,441,831.87	22,583,638.33	17,629,784.93	13,046,533.96	11,162,032.63
Time	-88,111,906.73	-43.56	202,273,074.92	196,369,149.14	227,884,018.67	171,753,987.58	238,997,435.10
Foreign	-92,541,506.56	-7.19	1,287,321,677.75	1,092,081,758.68	1,190,769,896.52	1,238,405,212.39	1,309,375,748.58
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	-37,455,487.77	-89.94	41,644,075.95	51,474,906.67	46,727,501.29	12,455,066.51	65,565,271.04
Demand	224,512.23	15.33	1,464,075.95	1,474,906.67	2,727,501.29	3,441,152.62	6,535,806.67
Time	-37,680,000.00	-93.78	40,180,000.00	50,000,000.00	44,000,000.00	9,013,913.89	59,029,464.37
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From
Banks	-55,086,018.79	-4.42	1,245,677,601.80	1,040,606,852.01	1,144,042,395.23	1,225,950,145.88	1,243,810,477.54
Demand	24,038,244.02	27.64	86,983,250.05	94,067,907.24	104,019,526.16	78,317,765.09	37,444,518.18
Time	-79,124,262.81	-6.83	1,158,694,351.75	946,538,944.77	1,040,022,869.07	1,147,632,380.79	1,206,365,959.36
BORROWINGS	279,551,108.53	11.12	2,515,038,597.04	2,646,362,875.95	2,787,614,144.91	2,952,332,271.03	2,902,534,161.46
Local	-10,000,000.00	-25.00	40,000,000.00	40,000,000.00	50,000,000.00	50,000,126.79	50,000,000.00
Foreign	289,551,108.53	11.70	2,475,038,597.04	2,606,362,875.95	2,737,614,144.91	2,902,332,144.24	2,852,534,161.46
OTHER
LIABILITIES	74,990,940.40	67.23	111,537,872.66	132,364,806.35	134,356,889.45	147,344,908.68	98,317,207.28
Local	9,856,360.37	181.48	5,431,130.73	4,769,284.35	3,269,484.25	2,468,745.74	11,591,562.43
Foreign	65,134,580.03	61.39	106,106,741.93	127,595,522.00	131,087,405.20	144,876,162.94	86,725,644.85
STOCKHOLDERS´
EQUITY	-62,918,400.81	-10.66	590,211,182.74	581,838,924.86	589,100,280.61	581,354,398.29	602,316,720.95
Capital	1,198,112.57	0.43	281,334,661.62	281,418,007.88	281,495,976.96	281,612,180.17	281,778,127.62
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
Other
Reserves	-4,402,178.00	219.05	-2,009,630.66	-3,992,368.66	-2,735,809.66	-3,981,842.66	-3,232,388.66
Retained
Earnings	24,391,648.98	13.95	174,894,542.39	223,306,964.95	223,306,964.95	215,305,532.21	215,305,532.21
Net
Income	-2,138,603.69	-4.42	48,412,430.48	4,793,662.04	8,998,568.04	14,168,698.56	18,196,171.43
Gain
or Loss in Securities available for sale	-81,967,380.67	1074.14	-7,630,974.76	-18,897,495.02	-17,175,573.35	-20,960,323.66	-4,940,875.32
Subordinated
Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LIABILITIES
AND STOCKHOLDER'S EQUITY	98,992,090.35	2.09	4,729,824,236.98	4,671,601,153.31	4,948,755,853.53	5,104,237,311.93	5,162,703,306.00

• 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).

●
BANCO
LATINOAMERICANO DE EXPORTACIONES
BALANCE
SHEETS* DECEMBER 2007 AND JANUARY - OCTOBER 2008
(In
Balboas)**

Description	2008 — May	June	July	August	September	October	November	December
LIQUID
ASSETS	336,767,457.10	348,888,538.19	336,729,056.48	473,204,059.94	445,219,951.04	531,826,982.01	0.00	0.00
Local
Deposits in Banks	206,238.55	165,920.03	540,189.06	579,066.57	157,675.75	390,192.73	0.00	0.00
Demand	206,238.55	165,920.03	540,189.06	579,066.57	157,675.75	390,192.73	0.00	0.00
Time	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign
Deposits in Banks	336,554,858.90	348,717,340.66	336,183,524.53	472,620,428.43	445,058,874.57	531,431,501.81	0.00	0.00
Demand	18,354,858.90	14,817,340.66	19,283,524.53	19,120,428.43	204,558,874.57	310,931,501.81	0.00	0.00
Time	318,200,000.00	333,900,000.00	316,900,000.00	453,500,000.00	240,500,000.00	220,500,000.00	0.00	0.00
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	6,359.65	5,277.50	5,342.89	4,564.94	3,400.72	5,287.47	0.00	0.00
CREDIT
PORTFOLIO	4,027,295,445.25	4,034,845,678.96	4,030,880,094.26	3,883,016,311.03	3,799,062,214.29	3,328,464,639.91	0.00	0.00
Local	377,524,734.90	374,402,937.57	333,249,279.25	345,509,524.58	223,752,461.29	215,639,654.43	0.00	0.00
Foreign	3,720,115,663.99	3,730,203,493.47	3,767,410,459.07	3,607,419,585.84	3,644,395,741.92	3,181,937,541.77	0.00	0.00
Less
Allowance	70,344,953.64	69,760,752.08	69,779,644.06	69,912,799.39	69,085,988.92	69,112,556.29	0.00	0.00
Local	1,540,276.12	1,445,815.41	1,445,815.41	1,445,815.41	1,949,696.86	1,949,696.86	0.00	0.00
Foreign	68,804,677.52	68,314,936.67	68,333,828.65	68,466,983.98	67,136,292.06	67,162,859.43	0.00	0.00
INVESTMENT
SECURITIES	919,509,561.07	872,542,626.81	933,310,470.20	944,886,873.58	909,160,095.80	863,816,347.70	0.00	0.00
Local	77,805,900.00	76,693,917.46	93,139,600.00	93,634,400.00	91,316,750.00	78,710,000.00	0.00	0.00
Foreign	841,703,661.07	795,848,709.35	840,170,870.20	851,252,473.58	817,843,345.80	785,106,347.70	0.00	0.00
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
OTHER
ASSETS	122,065,321.83	119,856,242.53	79,637,068.31	78,010,455.22	160,345,706.26	104,708,357.68	0.00	0.00
Local	6,329,473.83	6,292,165.21	6,742,934.69	8,037,614.17	3,567,555.69	12,930,715.83	0.00	0.00
Foreign	115,735,848.00	113,564,077.32	72,894,133.62	69,972,841.05	156,778,150.57	91,777,641.85	0.00	0.00
TOTAL
ASSETS	5,405,637,785.25	5,376,133,086.49	5,380,556,689.25	5,379,117,699.77	5,313,787,967.39	4,828,816,327.30	0.00	0.00
DEPOSITS	1,696,862,977.95	1,737,019,470.86	1,702,694,840.47	1,676,054,486.53	1,551,939,765.43	1,320,405,026.77	0.00	0.00
Local	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	103,558,711.21	125,624,855.58	0.00	0.00
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	10,000,000.00	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	10,000,000.00	0.00	0.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From
Banks	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	103,558,711.21	115,624,855.58	0.00	0.00
Demand	3,465,682.55	3,457,172.14	2,209,452.24	2,443,821.28	2,346,935.70	1,463,687.39	0.00	0.00
Time	195,007,371.75	151,024,845.54	152,293,491.44	149,482,048.29	101,211,775.51	114,161,168.19	0.00	0.00
Foreign	1,498,389,923.65	1,582,537,453.18	1,548,191,896.79	1,524,128,616.96	1,448,381,054.22	1,194,780,171.19	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	56,743,505.02	57,231,388.96	32,261,643.77	35,886,258.47	31,786,972.68	4,188,588.18	0.00	0.00
Demand	1,716,278.67	2,204,162.61	2,261,643.77	1,886,258.47	1,786,972.68	1,688,588.18	0.00	0.00
Time	55,027,226.35	55,027,226.35	30,000,000.00	34,000,000.00	30,000,000.00	2,500,000.00	0.00	0.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From
Banks	1,441,646,418.63	1,525,306,064.22	1,515,930,253.02	1,488,242,358.49	1,416,594,081.54	1,190,591,583.01	0.00	0.00
Demand	48,574,467.01	98,552,979.88	74,617,789.92	64,833,685.46	92,309,121.29	111,021,494.07	0.00	0.00
Time	1,393,071,951.62	1,426,753,084.34	1,441,312,463.10	1,423,408,673.03	1,324,284,960.25	1,079,570,088.94	0.00	0.00
BORROWINGS	2,957,623,261.78	2,890,331,322.68	2,970,814,739.59	2,982,894,717.09	2,969,352,466.44	2,794,589,705.57	0.00	0.00
Local	50,000,000.00	40,000,000.00	40,000,000.00	30,000,000.00	30,000,000.00	30,000,000.00	0.00	0.00
Foreign	2,907,623,261.78	2,850,331,322.68	2,930,814,739.59	2,952,894,717.09	2,939,352,466.44	2,764,589,705.57	0.00	0.00
OTHER
LIABILITIES	131,949,109.68	140,789,924.01	100,150,278.79	107,921,733.96	215,115,888.25	186,528,813.06	0.00	0.00
Local	15,822,145.54	13,469,233.20	13,558,890.22	13,703,018.47	14,679,835.60	15,287,491.10	0.00	0.00
Foreign	116,126,964.14	127,320,690.81	86,591,388.57	94,218,715.49	200,436,052.65	171,241,321.96	0.00	0.00
STOCKHOLDERS´
EQUITY	619,202,435.86	607,992,368.94	606,896,830.42	612,246,762.17	577,379,847.28	527,292,781.93	0.00	0.00
Capital	281,874,453.37	281,978,936.94	282,074,942.15	282,179,267.52	282,430,010.26	282,532,774.19	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	95,210,153.67	0.00	0.00
Other
Reserves	-1,697,897.66	-3,231,218.66	-5,087,832.66	-4,805,686.66	-4,549,729.66	-6,411,808.66	0.00	0.00
Retained
Earnings	215,305,532.21	206,212,995.01	207,297,070.69	207,297,070.69	199,288,609.17	199,286,191.37	0.00	0.00
Net
Income	22,898,759.63	30,347,344.27	34,538,167.77	39,193,777.89	44,599,197.68	46,273,826.79	0.00	0.00
Gain
or Loss in Securities available for sale	5,611,434.64	-2,525,842.29	-7,135,671.20	-6,827,820.94	-39,598,393.84	-89,598,355.43	0.00	0.00
Subordinated
Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LIABILITIES
AND STOCKHOLDER'S EQUITY	5,405,637,785.27	5,376,133,086.49	5,380,556,689.27	5,379,117,699.75	5,313,787,967.40	4,828,816,327.33	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).

●
STATEMENTS
OF INCOME *
BANCO LATINOAMERICANO
DE EXPORTACIONES, S.A.
JANUARY
- OCTOBER 2008
(In
Balboas)**

| Description — Interest
Income | 23,820,708.96 | 21,140,086.39 | 21,895,027.77 | 66,855,823.12 | 20,071,956.67 | 20,586,557.84 | 19,811,416.20 | 60,469,930.71 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loans | 19,873,381.83 | 17,551,077.63 | 17,945,101.32 | 55,369,560.78 | 16,406,376.06 | 16,855,184.26 | 16,428,422.51 | 49,689,982.83 |
| Deposits | 963,411.63 | 977,905.19 | 941,932.87 | 2,883,249.69 | 837,802.82 | 546,334.03 | 588,824.44 | 1,972,961.29 |
| Investments | 2,983,915.50 | 2,611,103.57 | 3,007,993.58 | 8,603,012.65 | 2,827,777.79 | 3,185,039.55 | 2,794,169.25 | 8,806,986.59 |
| Interest
Expense | 17,086,045.88 | 14,888,086.90 | 14,537,221.74 | 46,511,354.52 | 13,622,203.52 | 13,641,604.47 | 13,275,828.98 | 40,539,636.97 |
| Interest | 17,082,770.67 | 14,884,099.03 | 14,533,425.06 | 46,500,294.76 | 13,619,325.35 | 13,640,583.03 | 13,269,954.94 | 40,529,863.32 |
| Commissions | 3,275.21 | 3,987.87 | 3,796.68 | 11,059.76 | 2,878.17 | 1,021.44 | 5,874.04 | 9,773.65 |
| Net
Interest Income | 6,734,663.08 | 6,251,999.49 | 7,357,806.03 | 20,344,468.60 | 6,449,753.15 | 6,944,953.37 | 6,535,587.22 | 19,930,293.74 |
| Other
Income | 341,795.80 | 520,165.53 | 1,053,306.84 | 1,915,268.17 | 626,820.04 | 549,721.64 | 3,174,145.45 | 4,350,687.13 |
| Commissions | 541,754.03 | 505,491.03 | 686,481.33 | 1,733,726.39 | 495,604.65 | 714,567.17 | 711,322.28 | 1,921,494.10 |
| Foreign
currency operations | -75.15 | 48,830.21 | 136,961.92 | 185,716.98 | 76,334.70 | 207,625.59 | 307,173.63 | 591,133.92 |
| Other
Income | -199,883.08 | -34,155.71 | 229,863.59 | -4,175.20 | 54,880.69 | -372,471.12 | 2,155,649.54 | 1,838,059.11 |
| Operating
Income | 7,076,458.88 | 6,772,165.02 | 8,411,112.87 | 22,259,736.77 | 7,076,573.19 | 7,494,675.01 | 9,709,732.67 | 24,280,980.87 |
| Operating
Expenses | 2,282,796.84 | 2,567,259.02 | 3,240,982.36 | 8,091,038.22 | 3,049,100.32 | 2,792,086.81 | 5,464,680.21 | 11,305,867.34 |
| Administrative
expenses | 1,326,096.44 | 1,600,317.40 | 1,839,856.93 | 4,766,270.77 | 1,601,121.41 | 1,651,783.11 | 2,046,553.55 | 5,299,458.07 |
| General
expenses | 285,612.41 | 386,276.73 | 433,369.71 | 1,105,258.85 | 833,429.96 | 424,247.42 | 203,223.21 | 1,460,900.59 |
| Depreciation | 217,222.95 | 215,560.48 | 219,552.46 | 652,335.89 | 218,210.99 | 216,082.99 | 215,173.57 | 649,467.55 |
| Other
expenses | 453,865.04 | 365,104.41 | 748,203.26 | 1,567,172.71 | 396,337.96 | 499,973.29 | 2,999,729.88 | 3,896,041.13 |
| Net
Income before provision for loan losses | 4,793,662.04 | 4,204,906.00 | 5,170,130.51 | 14,168,698.55 | 4,027,472.87 | 4,702,588.20 | 4,245,052.46 | 12,975,113.53 |
| Provision
for loan losses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3,203,532.18 | -3,203,532.18 |
| Net
Income | 4,793,662.04 | 4,204,906.00 | 5,170,130.51 | 14,168,698.55 | 4,027,472.87 | 4,702,588.20 | 7,448,584.64 | 16,178,645.71 |

• 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
- OCTOBER 2008
(In
Balboas)**

| Description — Interest
Income | 21,130,985.34 | 21,151,257.10 | 20,473,547.60 | 62,755,790.04 | 19,481,571.86 | 0.00 | 0.00 | 19,481,571.86 | 209,563,115.73 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loans | 17,476,993.31 | 17,454,381.24 | 16,774,582.97 | 51,705,957.52 | 16,148,830.19 | 0.00 | 0.00 | 16,148,830.19 | 172,914,331.32 |
| Deposits | 625,901.60 | 630,691.09 | 835,810.05 | 2,092,402.74 | 185,328.46 | 0.00 | 0.00 | 185,328.46 | 7,133,942.18 |
| Investments | 3,028,090.43 | 3,066,184.77 | 2,863,154.58 | 8,957,429.78 | 3,147,413.21 | 0.00 | 0.00 | 3,147,413.21 | 29,514,842.23 |
| Interest
Expense | 13,846,560.26 | 13,849,429.24 | 13,766,096.79 | 41,462,086.29 | 14,374,259.69 | 0.00 | 0.00 | 14,374,259.69 | 142,887,337.47 |
| Interest | 13,840,419.39 | 13,846,169.64 | 13,765,254.37 | 41,451,843.40 | 14,370,803.22 | 0.00 | 0.00 | 14,370,803.22 | 142,852,804.70 |
| Commissions | 6,140.87 | 3,259.60 | 842.42 | 10,242.89 | 3,456.47 | 0.00 | 0.00 | 3,456.47 | 34,532.77 |
| Net
Interest Income | 7,284,425.08 | 7,301,827.86 | 6,707,450.81 | 21,293,703.75 | 5,107,312.17 | 0.00 | 0.00 | 5,107,312.17 | 66,675,778.26 |
| Other
Income | 604,109.33 | 257,732.15 | 1,222,751.72 | 2,084,593.20 | -705,559.47 | 0.00 | 0.00 | -705,559.47 | 7,644,989.03 |
| Commissions | 616,679.69 | 733,982.73 | 791,961.98 | 2,142,624.40 | 394,111.92 | 0.00 | 0.00 | 394,111.92 | 6,191,956.81 |
| Foreign
currency operations | -92,191.98 | -937,077.63 | 77,243.66 | -952,025.95 | -1,058,730.18 | 0.00 | 0.00 | -1,058,730.18 | -1,233,905.23 |
| Other
Income | 79,621.62 | 460,827.05 | 353,546.08 | 893,994.75 | -40,941.21 | 0.00 | 0.00 | -40,941.21 | 2,686,937.45 |
| Operating
Income | 7,888,534.41 | 7,559,560.01 | 7,930,202.53 | 23,378,296.95 | 4,401,752.70 | 0.00 | 0.00 | 4,401,752.70 | 74,320,767.29 |
| Operating
Expenses | 3,697,710.91 | 2,903,949.89 | 3,366,436.50 | 9,968,097.30 | 2,727,123.60 | 0.00 | 0.00 | 2,727,123.60 | 32,092,126.46 |
| Administrative
expenses | 1,601,643.09 | 1,622,459.65 | 1,639,168.75 | 4,863,271.49 | 1,632,885.90 | 0.00 | 0.00 | 1,632,885.90 | 16,561,886.23 |
| General
expenses | 438,014.96 | 518,195.08 | 415,716.97 | 1,371,927.01 | 476,628.05 | 0.00 | 0.00 | 476,628.05 | 4,414,714.50 |
| Depreciation | 1,185,152.20 | 280,025.81 | 200,351.64 | 1,665,529.65 | 213,881.46 | 0.00 | 0.00 | 213,881.46 | 3,181,214.55 |
| Other
expenses | 472,900.66 | 483,269.35 | 1,111,199.14 | 2,067,369.15 | 403,728.19 | 0.00 | 0.00 | 403,728.19 | 7,934,311.18 |
| Net
Income before provision for loan losses | 4,190,823.50 | 4,655,610.12 | 4,563,766.03 | 13,410,199.65 | 1,674,629.10 | 0.00 | 0.00 | 1,674,629.10 | 42,228,640.83 |
| Provision
for loan losses | 0.00 | 0.00 | -841,653.76 | -841,653.76 | 0.00 | 0.00 | 0.00 | 0.00 | -4,045,185.94 |
| Net
Income | 4,190,823.50 | 4,655,610.12 | 5,405,419.79 | 14,251,853.41 | 1,674,629.10 | 0.00 | 0.00 | 1,674,629.10 | 46,273,826.77 |

• 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).