FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Foreign Filer Report • Oct 1, 2008

6-K 1 v127749_6k.htm Licensed to: quest Document Created using EDGARizer HTML 3.0.4.0 Copyright 2006 EDGARfilings, Ltd., an IEC company. All rights reserved EDGARfilings.com

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 September, 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.

September 30, 2008

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

29 de Septiembre de 2008

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

Descripción	Absoluta %	Diciembre	Enero	Febrero	Marzo	Abril
ACTIVOS
LIQUIDOS	71,876,274.31	17.91	401,327,785.63	294,054,753.39	403,828,804.69	487,583,782.85	337,155,177.39
Depositos
Locales en Bancos	293,312.03	102.64	285,754.54	233,625.57	225,027.61	257,527.62	256,156.02
A
la
Vista	293,312.03	102.64	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	71,584,089.37	17.85	401,036,339.06	293,816,988.13	403,599,292.09	487,320,706.18	336,892,774.62
A
la
Vista	17,684,089.37	1,231.19	1,436,339.06	6,216,988.13	5,099,292.09	3,720,706.18	5,592,774.62
A
Plazo	53,900,000.00	13.49	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	-1,127.09	-19.80	5,692.03	4,139.69	4,484.99	5,549.05	6,246.75
CARTERA
CREDITICIA	220,821,617.16	6.03	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	93,026,958.09	36.84	252,482,566.49	259,592,677.23	259,887,677.23	398,281,443.48	394,568,729.90
Extranjero	128,064,267.50	3.68	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	269,608.43	0.39	69,643,190.96	69,881,479.11	69,881,479.11	69,872,105.49	69,872,453.64
Locales	-94,460.71	-6.13	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12
Extranjero	364,069.14	0.53	68,102,914.84	68,341,202.99	68,341,202.99	68,331,829.37	68,332,177.52
INVERSIONES
EN VALORES	369,578,004.85	64.24	575,308,868.73	720,927,339.13	752,313,401.97	802,295,101.08	879,029,360.69
Locales	21,438,400.00	29.69	72,196,000.00	72,611,200.00	78,024,276.58	78,098,235.64	78,001,617.06
Extranjero	348,139,604.85	69.20	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	-12,982,433.50	-14.27	90,992,888.72	107,647,561.41	108,664,901.06	109,454,265.51	79,599,768.90
Locales	3,762,960.76	88.03	4,274,653.41	3,776,255.93	4,822,408.82	4,493,961.80	6,599,230.09
Extranjero	-16,745,394.26	-19.31	86,718,235.31	103,871,305.48	103,842,492.24	104,960,303.71	73,000,538.81
TOTAL
DE ACTIVOS	649,293,462.82	13.73	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	163,017,901.99	10.77	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	-73,789,037.22	-32.69	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	0.00	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	0.00	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	-73,789,037.22	-32.69	225,714,906.79	218,952,787.47	245,513,803.60	184,800,521.54	250,159,467.73
A
la
Vista	-20,998,010.59	-89.57	23,441,831.87	22,583,638.33	17,629,784.93	13,046,533.96	11,162,032.63
A
Plazo	-52,791,026.63	-26.10	202,273,074.92	196,369,149.14	227,884,018.67	171,753,987.58	238,997,435.10
Extranjero	236,806,939.21	18.40	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	-5,757,817.48	-13.83	41,644,075.95	51,474,906.67	46,727,501.29	12,455,066.51	65,565,271.04
A
la
Vista	422,182.52	28.84	1,464,075.95	1,474,906.67	2,727,501.29	3,441,152.62	6,535,806.67
A
Plazo	-6,180,000.00	-15.38	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	242,564,756.69	19.47	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	-22,149,564.59	-25.46	86,983,250.05	94,067,907.24	104,019,526.16	78,317,765.09	37,444,518.18
A
Plazo	264,714,321.28	22.85	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	467,856,120.05	18.60	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	477,856,120.05	19.31	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	-3,616,138.70	-3.24	111,537,872.66	132,364,806.35	134,356,889.45	147,344,908.68	98,317,207.28
Locales	8,271,887.74	152.31	5,431,130.73	4,769,284.35	3,269,484.25	2,468,745.74	11,591,562.43
Extranjero	-11,888,026.44	-11.20	106,106,741.93	127,595,522.00	131,087,405.20	144,876,162.94	86,725,644.85
PATRIMONIO	22,035,579.43	3.73	590,211,182.74	581,838,924.86	589,100,280.61	581,354,398.29	602,316,720.95
Capital	844,605.90	0.30	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	-2,796,056.00	139.13	-2,009,630.66	-3,992,368.66	-2,735,809.66	-3,981,842.66	-3,232,388.66
Utilidad
de Periodos Anteriores	32,402,528.30	18.53	174,894,542.39	223,306,964.95	223,306,964.95	215,305,532.21	215,305,532.21
Utilidad
de Periodo	-9,218,652.59	-19.04	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	803,153.82	-10.52	-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	649,293,462.77	13.73	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

29 de Septiembre de 2008

BANCO LATINOAMERICANO DE EXPORTACIONES BALANCE DE SITUACIÓN DE DICIEMBRE 2007 Y ENERO - AGOSTO 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	0.00	0.00	0.00	0.00
Depositos
Locales en Bancos	206,238.55	165,920.03	540,189.06	579,066.57	0.00	0.00	0.00	0.00
A
la
Vista	206,238.55	165,920.03	540,189.06	579,066.57	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
Depositos
Extranjeros en Bancos	336,554,858.90	348,717,340.66	336,183,524.53	472,620,428.43	0.00	0.00	0.00	0.00
A
la
Vista	18,354,858.90	14,817,340.66	19,283,524.53	19,120,428.43	0.00	0.00	0.00	0.00
A
Plazo	318,200,000.00	333,900,000.00	316,900,000.00	453,500,000.00	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
Locales	377,524,734.90	374,402,937.57	333,249,279.25	345,509,524.58	0.00	0.00	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	0.00	0.00	0.00	0.00
Menos
Provisiones	70,344,953.64	69,760,752.08	69,779,644.06	69,912,799.39	0.00	0.00	0.00	0.00
Locales	1,540,276.12	1,445,815.41	1,445,815.41	1,445,815.41	0.00	0.00	0.00	0.00
Extranjero	68,804,677.52	68,314,936.67	68,333,828.65	68,466,983.98	0.00	0.00	0.00	0.00
INVERSIONES
EN VALORES	919,509,561.07	872,542,626.81	933,310,470.20	944,886,873.58	0.00	0.00	0.00	0.00
Locales	77,805,900.00	76,693,917.46	93,139,600.00	93,634,400.00	0.00	0.00	0.00	0.00
Extranjero	841,703,661.07	795,848,709.35	840,170,870.20	851,252,473.58	0.00	0.00	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
ACTIVOS	122,065,321.83	119,856,242.53	79,637,068.31	78,010,455.22	0.00	0.00	0.00	0.00
Locales	6,329,473.83	6,292,165.21	6,742,934.69	8,037,614.17	0.00	0.00	0.00	0.00
Extranjero	115,735,848.00	113,564,077.32	72,894,133.62	69,972,841.05	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
Locales	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	0.00	0.00	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	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	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	0.00	0.00	0.00	0.00
A
la
Vista	3,465,682.55	3,457,172.14	2,209,452.24	2,443,821.28	0.00	0.00	0.00	0.00
A
Plazo	195,007,371.75	151,024,845.54	152,293,491.44	149,482,048.29	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
A
la
Vista	1,716,278.67	2,204,162.61	2,261,643.77	1,886,258.47	0.00	0.00	0.00	0.00
A
Plazo	55,027,226.35	55,027,226.35	30,000,000.00	34,000,000.00	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	1,441,646,418.63	1,525,306,064.22	1,515,930,253.02	1,488,242,358.49	0.00	0.00	0.00	0.00
A
la
Vista	48,574,467.01	98,552,979.88	74,617,789.92	64,833,685.46	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
Locales	50,000,000.00	40,000,000.00	40,000,000.00	30,000,000.00	0.00	0.00	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	0.00	0.00	0.00	0.00
OTROS
PASIVOS	131,949,109.68	140,789,924.01	100,150,278.79	107,921,733.96	0.00	0.00	0.00	0.00
Locales	15,822,145.54	13,469,233.20	13,558,890.22	13,703,018.47	0.00	0.00	0.00	0.00
Extranjero	116,126,964.14	127,320,690.81	86,591,388.57	94,218,715.49	0.00	0.00	0.00	0.00
PATRIMONIO	619,202,435.86	607,992,368.94	606,896,830.42	612,246,762.17	0.00	0.00	0.00	0.00
Capital	281,874,453.37	281,978,936.94	282,074,942.15	282,179,267.52	0.00	0.00	0.00	0.00
Reservas
de Capital	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	0.00	0.00	0.00	0.00
Otras
Reservas	-1,697,897.66	-3,231,218.66	-5,087,832.66	-4,805,686.66	0.00	0.00	0.00	0.00
Utilidad
de Periodos Anteriores	215,305,532.21	206,212,995.01	207,297,070.69	207,297,070.69	0.00	0.00	0.00	0.00
Utilidad
de Periodo	22,898,759.63	30,347,344.27	34,538,167.77	39,193,777.89	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00

	29 de Septiembre de 2008
●	ESTADO DE RESULTADO BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. ENERO - AGOSTO 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 |

	29 de Septiembre de 2008
●	ESTADO DE RESULTADO BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. ENERO - AGOSTO 2008 (En Balboas)

| Descripcion — Ingresos
Por Intereses | 21,130,985.34 | 21,151,257.10 | 0.00 | 42,282,242.44 | 0.00 | 0.00 | 0.00 | 0.00 | 169,607,996.27 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Préstamos | 17,476,993.31 | 17,454,381.24 | 0.00 | 34,931,374.55 | 0.00 | 0.00 | 0.00 | 0.00 | 139,990,918.16 |
| Depósitos | 625,901.60 | 630,691.09 | 0.00 | 1,256,592.69 | 0.00 | 0.00 | 0.00 | 0.00 | 6,112,803.67 |
| Inversiones | 3,028,090.43 | 3,066,184.77 | 0.00 | 6,094,275.20 | 0.00 | 0.00 | 0.00 | 0.00 | 23,504,274.44 |
| Egresos
de Operaciones | 13,846,560.26 | 13,849,429.24 | 0.00 | 27,695,989.50 | 0.00 | 0.00 | 0.00 | 0.00 | 114,746,980.99 |
| Intereses
Pagados | 13,840,419.39 | 13,846,169.64 | 0.00 | 27,686,589.03 | 0.00 | 0.00 | 0.00 | 0.00 | 114,716,747.11 |
| Comisiones | 6,140.87 | 3,259.60 | 0.00 | 9,400.47 | 0.00 | 0.00 | 0.00 | 0.00 | 30,233.88 |
| Ingreso
Neto de Intereses | 7,284,425.08 | 7,301,827.86 | 0.00 | 14,586,252.94 | 0.00 | 0.00 | 0.00 | 0.00 | 54,861,015.28 |
| Otros
Ingresos | 604,109.33 | 257,732.15 | 0.00 | 861,841.48 | 0.00 | 0.00 | 0.00 | 0.00 | 7,127,796.78 |
| Comisiones | 616,679.69 | 733,982.73 | 0.00 | 1,350,662.42 | 0.00 | 0.00 | 0.00 | 0.00 | 5,005,882.91 |
| Operaciones
con Divisas | -92,191.98 | -937,077.63 | 0.00 | -1,029,269.61 | 0.00 | 0.00 | 0.00 | 0.00 | -252,418.71 |
| Otros
ingresos | 79,621.62 | 460,827.05 | 0.00 | 540,448.67 | 0.00 | 0.00 | 0.00 | 0.00 | 2,374,332.58 |
| Ingresos
de Operaciones | 7,888,534.41 | 7,559,560.01 | 0.00 | 15,448,094.42 | 0.00 | 0.00 | 0.00 | 0.00 | 61,988,812.06 |
| Egresos
Generales | 3,697,710.91 | 2,903,949.89 | 0.00 | 6,601,660.80 | 0.00 | 0.00 | 0.00 | 0.00 | 25,998,566.36 |
| Gastos
Administrativos | 1,601,643.09 | 1,622,459.65 | 0.00 | 3,224,102.74 | 0.00 | 0.00 | 0.00 | 0.00 | 13,289,831.58 |
| Gastos
Generales | 438,014.96 | 518,195.08 | 0.00 | 956,210.04 | 0.00 | 0.00 | 0.00 | 0.00 | 3,522,369.48 |
| Gastos
de Depreciación | 1,185,152.20 | 280,025.81 | 0.00 | 1,465,178.01 | 0.00 | 0.00 | 0.00 | 0.00 | 2,766,981.45 |
| Otros
Gastos | 472,900.66 | 483,269.35 | 0.00 | 956,170.01 | 0.00 | 0.00 | 0.00 | 0.00 | 6,419,383.85 |
| Utilidad
antes de Provisiones | 4,190,823.50 | 4,655,610.12 | 0.00 | 8,846,433.62 | 0.00 | 0.00 | 0.00 | 0.00 | 35,990,245.70 |
| Provisiones
por Cuentas Malas | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3,203,532.18 |
| Utilidad
del Periodo | 4,190,823.50 | 4,655,610.12 | 0.00 | 8,846,433.62 | 0.00 | 0.00 | 0.00 | 0.00 | 39,193,777.88 |

September 29, 2008

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

Description	Absolute %	December	January	February	March	April
LIQUID
ASSETS	71,876,274.31	17.91	401,327,785.63	294,054,753.39	403,828,804.69	487,583,782.85	337,155,177.39
Local
Deposits in Banks	293,312.03	102.64	285,754.54	233,625.57	225,027.61	257,527.62	256,156.02
Demand	293,312.03	102.64	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	71,584,089.37	17.85	401,036,339.06	293,816,988.13	403,599,292.09	487,320,706.18	336,892,774.62
Demand	17,684,089.37	1,231.19	1,436,339.06	6,216,988.13	5,099,292.09	3,720,706.18	5,592,774.62
Time	53,900,000.00	13.49	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	-1,127.09	-19.80	5,692.03	4,139.69	4,484.99	5,549.05	6,246.75
CREDIT
PORTFOLIO	220,821,617.16	6.03	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	93,026,958.09	36.84	252,482,566.49	259,592,677.23	259,887,677.23	398,281,443.48	394,568,729.90
Foreign	128,064,267.50	3.68	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	269,608.43	0.39	69,643,190.96	69,881,479.11	69,881,479.11	69,872,105.49	69,872,453.64
Local	-94,460.71	-6.13	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12	1,540,276.12
Foreign	364,069.14	0.53	68,102,914.84	68,341,202.99	68,341,202.99	68,331,829.37	68,332,177.52
INVESTMENT
SECURITIES	369,578,004.85	64.24	575,308,868.73	720,927,339.13	752,313,401.97	802,295,101.08	879,029,360.69
Local	21,438,400.00	29.69	72,196,000.00	72,611,200.00	78,024,276.58	78,098,235.64	78,001,617.06
Foreign	348,139,604.85	69.20	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	-12,982,433.50	-14.27	90,992,888.72	107,647,561.41	108,664,901.06	109,454,265.51	79,599,768.90
Local	3,762,960.76	88.03	4,274,653.41	3,776,255.93	4,822,408.82	4,493,961.80	6,599,230.09
Foreign	-16,745,394.26	-19.31	86,718,235.31	103,871,305.48	103,842,492.24	104,960,303.71	73,000,538.81
TOTAL
ASSETS	649,293,462.82	13.73	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	163,017,901.99	10.77	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	-73,789,037.22	-32.69	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	0.00	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	0.00	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	-73,789,037.22	-32.69	225,714,906.79	218,952,787.47	245,513,803.60	184,800,521.54	250,159,467.73
Demand	-20,998,010.59	-89.57	23,441,831.87	22,583,638.33	17,629,784.93	13,046,533.96	11,162,032.63
Time	-52,791,026.63	-26.10	202,273,074.92	196,369,149.14	227,884,018.67	171,753,987.58	238,997,435.10
Foreign	236,806,939.21	18.40	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	-5,757,817.48	-13.83	41,644,075.95	51,474,906.67	46,727,501.29	12,455,066.51	65,565,271.04
Demand	422,182.52	28.84	1,464,075.95	1,474,906.67	2,727,501.29	3,441,152.62	6,535,806.67
Time	-6,180,000.00	-15.38	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	242,564,756.69	19.47	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	-22,149,564.59	-25.46	86,983,250.05	94,067,907.24	104,019,526.16	78,317,765.09	37,444,518.18
Time	264,714,321.28	22.85	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	467,856,120.05	18.60	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	477,856,120.05	19.31	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	-3,616,138.70	-3.24	111,537,872.66	132,364,806.35	134,356,889.45	147,344,908.68	98,317,207.28
Local	8,271,887.74	152.31	5,431,130.73	4,769,284.35	3,269,484.25	2,468,745.74	11,591,562.43
Foreign	-11,888,026.44	-11.20	106,106,741.93	127,595,522.00	131,087,405.20	144,876,162.94	86,725,644.85
STOCKHOLDERS´
EQUITY	22,035,579.43	3.73	590,211,182.74	581,838,924.86	589,100,280.61	581,354,398.29	602,316,720.95
Capital	844,605.90	0.30	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	-2,796,056.00	139.13	-2,009,630.66	-3,992,368.66	-2,735,809.66	-3,981,842.66	-3,232,388.66
Retained
Earnings	32,402,528.30	18.53	174,894,542.39	223,306,964.95	223,306,964.95	215,305,532.21	215,305,532.21
Net
Income	-9,218,652.59	-19.04	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	803,153.82	-10.52	-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	649,293,462.77	13.73	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).

September 29, 2008

BANCO LATINOAMERICANO DE EXPORTACIONES BALANCE SHEETS DECEMBER 2007 AND JANUARY - AUGUST 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	0.00	0.00	0.00	0.00
Local
Deposits in Banks	206,238.55	165,920.03	540,189.06	579,066.57	0.00	0.00	0.00	0.00
Demand	206,238.55	165,920.03	540,189.06	579,066.57	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
Foreign
Deposits in Banks	336,554,858.90	348,717,340.66	336,183,524.53	472,620,428.43	0.00	0.00	0.00	0.00
Demand	18,354,858.90	14,817,340.66	19,283,524.53	19,120,428.43	0.00	0.00	0.00	0.00
Time	318,200,000.00	333,900,000.00	316,900,000.00	453,500,000.00	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
Local	377,524,734.90	374,402,937.57	333,249,279.25	345,509,524.58	0.00	0.00	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	0.00	0.00	0.00	0.00
Less
Allowance	70,344,953.64	69,760,752.08	69,779,644.06	69,912,799.39	0.00	0.00	0.00	0.00
Local	1,540,276.12	1,445,815.41	1,445,815.41	1,445,815.41	0.00	0.00	0.00	0.00
Foreign	68,804,677.52	68,314,936.67	68,333,828.65	68,466,983.98	0.00	0.00	0.00	0.00
INVESTMENT
SECURITIES	919,509,561.07	872,542,626.81	933,310,470.20	944,886,873.58	0.00	0.00	0.00	0.00
Local	77,805,900.00	76,693,917.46	93,139,600.00	93,634,400.00	0.00	0.00	0.00	0.00
Foreign	841,703,661.07	795,848,709.35	840,170,870.20	851,252,473.58	0.00	0.00	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
OTHER
ASSETS	122,065,321.83	119,856,242.53	79,637,068.31	78,010,455.22	0.00	0.00	0.00	0.00
Local	6,329,473.83	6,292,165.21	6,742,934.69	8,037,614.17	0.00	0.00	0.00	0.00
Foreign	115,735,848.00	113,564,077.32	72,894,133.62	69,972,841.05	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
Local	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	0.00	0.00	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	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	198,473,054.30	154,482,017.68	154,502,943.68	151,925,869.57	0.00	0.00	0.00	0.00
Demand	3,465,682.55	3,457,172.14	2,209,452.24	2,443,821.28	0.00	0.00	0.00	0.00
Time	195,007,371.75	151,024,845.54	152,293,491.44	149,482,048.29	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
Demand	1,716,278.67	2,204,162.61	2,261,643.77	1,886,258.47	0.00	0.00	0.00	0.00
Time	55,027,226.35	55,027,226.35	30,000,000.00	34,000,000.00	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	1,441,646,418.63	1,525,306,064.22	1,515,930,253.02	1,488,242,358.49	0.00	0.00	0.00	0.00
Demand	48,574,467.01	98,552,979.88	74,617,789.92	64,833,685.46	0.00	0.00	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	0.00	0.00	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	0.00	0.00	0.00	0.00
Local	50,000,000.00	40,000,000.00	40,000,000.00	30,000,000.00	0.00	0.00	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	0.00	0.00	0.00	0.00
OTHER
LIABILITIES	131,949,109.68	140,789,924.01	100,150,278.79	107,921,733.96	0.00	0.00	0.00	0.00
Local	15,822,145.54	13,469,233.20	13,558,890.22	13,703,018.47	0.00	0.00	0.00	0.00
Foreign	116,126,964.14	127,320,690.81	86,591,388.57	94,218,715.49	0.00	0.00	0.00	0.00
STOCKHOLDERS´
EQUITY	619,202,435.86	607,992,368.94	606,896,830.42	612,246,762.17	0.00	0.00	0.00	0.00
Capital	281,874,453.37	281,978,936.94	282,074,942.15	282,179,267.52	0.00	0.00	0.00	0.00
Capital
Reserves	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	0.00	0.00	0.00	0.00
Other
Reserves	-1,697,897.66	-3,231,218.66	-5,087,832.66	-4,805,686.66	0.00	0.00	0.00	0.00
Retained
Earnings	215,305,532.21	206,212,995.01	207,297,070.69	207,297,070.69	0.00	0.00	0.00	0.00
Net
Income	22,898,759.63	30,347,344.27	34,538,167.77	39,193,777.89	0.00	0.00	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	0.00	0.00	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	0.00	0.00	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).

September 29, 2008

STATEMENTS OF INCOME * BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. JANUARY -AUGUST 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).

September 29, 2008

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

| Description — Interest
Income | 21,130,985.34 | 21,151,257.10 | 0.00 | 42,282,242.44 | 0.00 | 0.00 | 0.00 | 0.00 | 169,607,996.27 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loans | 17,476,993.31 | 17,454,381.24 | 0.00 | 34,931,374.55 | 0.00 | 0.00 | 0.00 | 0.00 | 139,990,918.16 |
| Deposits | 625,901.60 | 630,691.09 | 0.00 | 1,256,592.69 | 0.00 | 0.00 | 0.00 | 0.00 | 6,112,803.67 |
| Investments | 3,028,090.43 | 3,066,184.77 | 0.00 | 6,094,275.20 | 0.00 | 0.00 | 0.00 | 0.00 | 23,504,274.44 |
| Interest
Expense | 13,846,560.26 | 13,849,429.24 | 0.00 | 27,695,989.50 | 0.00 | 0.00 | 0.00 | 0.00 | 114,746,980.99 |
| Interest | 13,840,419.39 | 13,846,169.64 | 0.00 | 27,686,589.03 | 0.00 | 0.00 | 0.00 | 0.00 | 114,716,747.11 |
| Commissions | 6,140.87 | 3,259.60 | 0.00 | 9,400.47 | 0.00 | 0.00 | 0.00 | 0.00 | 30,233.88 |
| Net
Interest Income | 7,284,425.08 | 7,301,827.86 | 0.00 | 14,586,252.94 | 0.00 | 0.00 | 0.00 | 0.00 | 54,861,015.28 |
| Other
Income | 604,109.33 | 257,732.15 | 0.00 | 861,841.48 | 0.00 | 0.00 | 0.00 | 0.00 | 7,127,796.78 |
| Commissions | 616,679.69 | 733,982.73 | 0.00 | 1,350,662.42 | 0.00 | 0.00 | 0.00 | 0.00 | 5,005,882.91 |
| Foreign
currency operations | -92,191.98 | -937,077.63 | 0.00 | -1,029,269.61 | 0.00 | 0.00 | 0.00 | 0.00 | -252,418.71 |
| Other
Income | 79,621.62 | 460,827.05 | 0.00 | 540,448.67 | 0.00 | 0.00 | 0.00 | 0.00 | 2,374,332.58 |
| Operating
Income | 7,888,534.41 | 7,559,560.01 | 0.00 | 15,448,094.42 | 0.00 | 0.00 | 0.00 | 0.00 | 61,988,812.06 |
| Operating
Expenses | 3,697,710.91 | 2,903,949.89 | 0.00 | 6,601,660.80 | 0.00 | 0.00 | 0.00 | 0.00 | 25,998,566.36 |
| Administrative
expenses | 1,601,643.09 | 1,622,459.65 | 0.00 | 3,224,102.74 | 0.00 | 0.00 | 0.00 | 0.00 | 13,289,831.58 |
| General
expenses | 438,014.96 | 518,195.08 | 0.00 | 956,210.04 | 0.00 | 0.00 | 0.00 | 0.00 | 3,522,369.48 |
| Depreciation | 1,185,152.20 | 280,025.81 | 0.00 | 1,465,178.01 | 0.00 | 0.00 | 0.00 | 0.00 | 2,766,981.45 |
| Other
expenses | 472,900.66 | 483,269.35 | 0.00 | 956,170.01 | 0.00 | 0.00 | 0.00 | 0.00 | 6,419,383.85 |
| Net
Income before provision for loan losses | 4,190,823.50 | 4,655,610.12 | 0.00 | 8,846,433.62 | 0.00 | 0.00 | 0.00 | 0.00 | 35,990,245.70 |
| Provision
for loan losses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3,203,532.18 |
| Net
Income | 4,190,823.50 | 4,655,610.12 | 0.00 | 8,846,433.62 | 0.00 | 0.00 | 0.00 | 0.00 | 39,193,777.88 |

*** 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).