FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Foreign Filer Report • Feb 15, 2008

6-K 1 v104014_6-k.htm Unassociated Document Licensed to: VF 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 February, 2008

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

(Exact name of Registrant as specified in its Charter)

LATIN AMERICAN EXPORT BANK

(Translation of Registrant’s name into English)

Calle 50 y Aquilino de la Guardia

Apartado 0819-08730

El Dorado, Panama City

Republic of Panama

(Address of Registrant’s Principal Executive Offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F x Form 40-F o

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

Yes o No x

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

February 15, 2008

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

12 de Febrero de 2008

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2006 Y ENERO - DICIEMBRE 2007

(En Balboas)

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

12 de Febrero de 2008

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

12 de Febrero de 2008

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

ENERO - DICIEMBRE 2007

(En Balboas)

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

12 de Febrero de 2008

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

February 12, 2008

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2006 AND JANUARY - DECEMBER 2007

(In Balboas)**

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

February 12, 2008

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

*** Includes only Panama - New York accounts.**

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

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

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

February 12, 2008

**STATEMENTS OF INCOME ***

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

JANUARY - DECEMBER 2007

(In Balboas)**

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

February 12, 2008

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

*** Includes only Panama - New York accounts.**

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

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

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