FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Foreign Filer Report • Jan 3, 2008

6-K 1 v098762_6-k.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 January, 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.

January 4, 2008

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

27 de Diciembre de 2007

| BANCO
LATINOAMERICANO DE EXPORTACIONES |
| --- |
| BALANCE
DE SITUACIÓN DE DICIEMBRE 2006 Y ENERO - NOVIEMBRE
2007 |
| (En
Balboas) |

Descripción	Absoluta %	Diciembre	Enero	Febrero	Marzo	Abril	Mayo
ACTIVOS
LIQUIDOS	27,222,082.49	8.96	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	616,310.71	354.42	173,891.04	171,541.89	211,225.69	198,143.77	164,062.71	162,204.31
A
la
Vista	616,310.71	354.42	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	26,543,299.30	8.75	303,465,330.82	216,015,706.64	242,755,699.36	228,836,963.32	122,369,664.85	208,813,623.54
A
la
Vista	2,543,299.30	56.96	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	24,000,000.00	8.03	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	62,472.48	557.74	11,200.97	14,845.67	15,673.56	11,126.71	165,018.69	10,305.62
CARTERA
CREDITICIA	732,886,661.27	25.02	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	13,955,209.56	7.20	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	740,288,961.33	26.56	2,786,955,793.50	2,896,713,920.80	2,893,913,101.85	3,142,920,079.84	3,121,860,493.13	3,102,571,114.20
Menos
Provisiones	21,357,509.62	41.66	51,265,522.00	51,261,174.35	51,261,154.35	56,612,904.95	56,612,904.95	56,581,642.55
Locales	435.92	0.05	911,727.70	911,727.70	911,727.70	811,234.26	811,234.26	779,971.86
Extranjero	21,357,073.70	42.41	50,353,794.30	50,349,446.65	50,349,426.65	55,801,670.69	55,801,670.69	55,801,670.69
INVERSIONES
EN VALORES	-103,698,068.83	-17.95	577,658,363.67	391,817,270.05	380,907,417.40	632,092,664.10	307,221,604.46	298,088,861.31
Locales	40,355,262.44	202.56	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	-144,053,331.27	-25.83	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	16,903,451.90	14.36	117,717,130.43	116,329,379.94	97,215,886.49	78,834,911.65	68,502,497.68	70,730,858.41
Locales	-14,095,164.74	-80.02	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	30,998,616.64	30.97	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	673,314,126.83	17.14	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	287,323,043.05	27.19	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	31,692,190.22	22.55	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	31,692,190.22	22.55	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	3,538,955.70	28.56	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	28,153,234.52	21.97	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	255,630,852.83	27.90	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	21,305,396.79	56.30	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	-557,103.21	-27.63	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	21,862,500.00	61.02	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	234,325,456.04	26.68	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	-52,237,673.98	-44.22	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	286,563,130.02	37.70	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	361,997,228.53	16.79	2,156,397,179.46	1,881,473,358.26	1,831,833,854.46	2,128,903,579.48	1,752,199,110.42	1,815,010,696.69
Locales	0.00	0.00	30,000,000.00	30,000,000.00	31,868,459.90	30,000,000.00	30,000,000.00	30,000,000.00
Extranjero	361,997,228.53	17.02	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	13,943,887.48	10.74	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	-19,181,133.24	-78.57	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	33,125,020.72	31.42	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	10,049,967.76	1.72	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	1,695,756.56	0.61	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	-1,767,163.07	2437.31	-72,504.59	68,218.00	22,274.00	-58,735.00	-76,326.00	-163,652.00
Utilidad
de Periodos Anteriores	30,691,858.30	20.16	152,204,116.93	207,009,182.67	206,924,182.67	198,931,786.98	198,931,786.98	198,931,786.98
Utilidad
de Periodo	-9,492,799.62	-17.35	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	-11,077,684.41	-325.74	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	673,314,126.82	17.14	3,928,531,964.70	3,760,605,068.94	3,748,874,803.28	4,185,178,117.58	3,705,284,304.82	3,773,918,625.70

27 de Diciembre de 2007

Descripción	2007 — Junio	Julio	Agosto	Septiembre	Octubre	Noviembre	Diciembre
ACTIVOS
LIQUIDOS	230,906,612.74	225,251,357.81	231,990,414.31	328,253,847.36	358,007,469.49	330,872,505.32	0.00
Depositos
Locales en Bancos	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	790,201.75	0.00
A
la
Vista	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	790,201.75	0.00
A
Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depositos
Extranjeros en Bancos	230,648,229.85	225,046,711.62	230,945,655.81	328,026,999.30	357,793,916.39	330,008,630.12	0.00
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	0.00
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	0.00
Menos
Provisiones	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Locales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Extranjero	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Otros	9,008.19	4,070.25	20,140.59	10,735.42	31,776.88	73,673.45	0.00
CARTERA
CREDITICIA	3,346,318,289.23	3,399,513,093.81	3,421,795,432.16	3,421,910,735.89	3,494,616,265.71	3,662,392,709.04	0.00
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	0.00
Extranjero	3,259,046,607.73	3,309,575,019.73	3,328,051,394.60	3,330,420,732.99	3,394,747,886.93	3,527,244,754.83	0.00
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	0.00
Locales	800,616.34	800,616.34	800,616.34	912,163.62	912,163.62	912,163.62	0.00
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	0.00
INVERSIONES
EN VALORES	275,295,067.05	330,636,735.82	567,230,391.38	575,647,505.69	474,146,029.77	473,960,294.84	0.00
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	0.00
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	0.00
Menos
Provisiones	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Locales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Extranjero	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OTROS
ACTIVOS	91,679,069.89	103,815,193.71	82,443,761.38	75,772,870.23	77,367,058.32	134,620,582.33	0.00
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	0.00
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	0.00
TOTAL
DE ACTIVOS	3,944,199,038.91	4,059,216,381.15	4,303,459,999.23	4,401,584,959.17	4,404,136,823.29	4,601,846,091.53	0.00
DEPOSITOS	1,380,740,164.51	1,433,042,487.41	1,366,022,118.75	1,448,903,599.98	1,368,413,624.67	1,343,997,126.47	0.00
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	0.00
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Particulares	0.00	0.00	1,500,000.00	7,300,000.00	0.00	0.00	0.00
A
la
Vista	0.00	0.00	0.00	0.00	0.00	0.00	0.00
A
Plazo	0.00	0.00	1,500,000.00	7,300,000.00	0.00	0.00	0.00
De
Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Bancos	267,002,901.04	277,920,926.83	232,290,842.82	186,708,656.32	172,752,810.93	172,220,482.60	0.00
A
la
Vista	18,201,829.30	16,078,149.99	14,556,815.17	14,619,997.53	14,678,236.17	15,929,338.51	0.00
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	0.00
Extranjero	1,113,737,263.47	1,155,121,560.58	1,132,231,275.93	1,254,894,943.66	1,195,660,813.74	1,171,776,643.87	0.00
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Particulares	72,649,022.78	67,948,910.47	64,376,677.08	62,012,147.78	49,366,376.44	59,149,077.99	0.00
A
la
Vista	4,921,522.78	6,048,910.47	6,876,677.08	4,412,147.78	1,676,376.44	1,459,077.99	0.00
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	0.00
De
Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De
Bancos	1,041,088,240.69	1,087,172,650.11	1,067,854,598.85	1,192,882,795.88	1,146,294,437.30	1,112,627,565.88	0.00
A
la
Vista	85,912,030.44	68,686,710.76	38,376,124.31	74,712,469.73	44,014,506.01	65,882,365.85	0.00
A
Plazo	955,176,210.25	1,018,485,939.35	1,029,478,474.54	1,118,170,326.15	1,102,279,931.29	1,046,745,200.03	0.00
OBLIGACIONES	1,872,529,067.84	1,932,074,675.59	2,264,160,050.93	2,267,009,639.47	2,350,378,746.58	2,518,394,407.99	0.00
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	0.00
Extranjero	1,842,529,067.84	1,902,071,180.17	2,234,160,050.93	2,252,009,639.47	2,320,378,746.58	2,488,394,407.99	0.00
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	0.00
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	0.00
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	0.00
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	0.00
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	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
Otras
Reservas	-185,426.66	-239,865.66	-467,361.66	-484,165.66	-530,564.66	-1,839,667.66	0.00
Utilidad
de Periodos Anteriores	190,897,408.07	190,897,408.07	190,897,408.07	182,895,975.23	182,895,975.23	182,895,975.23	0.00
Utilidad
de Periodo	26,750,808.21	29,401,075.86	32,935,593.05	36,328,138.99	42,079,090.42	45,227,270.50	0.00
Ganancia
o Perdida en Valores Disponible para la venta	-456,166.70	-4,724,693.31	-7,565,409.72	410,116.43	368,429.84	-7,676,947.90	0.00
Deuda
Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO
Y PATRIMONIO	3,944,199,038.95	4,059,216,381.12	4,303,459,999.19	4,401,584,959.17	4,404,136,823.36	4,601,846,091.52	0.00

27 de Diciembre de 2007

| ESTADO
DE RESULTADO |
| --- |
| BANCO
LATINOAMERICANO DE EXPORTACIONES, S.A. |
| ENERO
- NOVIEMBRE 2007 |
| (En
Balboas) |

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

27 de Diciembre de 2007

| Descripcion — Ingresos
Por Intereses | 20,732,440.03 | 23,291,729.77 | 22,507,429.64 | 66,531,599.44 | 23,301,713.86 | 22,706,909.95 | 0.00 | 46,008,623.81 | 231,058,395.72 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | 0.00 | 39,293,261.70 | 200,748,140.70 |
| 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 | 0.00 | 2,718,591.89 | 11,784,315.53 |
| Inversiones | 938,910.50 | 2,274,725.02 | 2,371,058.63 | 5,584,694.15 | 2,164,758.00 | 1,832,012.22 | 0.00 | 3,996,770.22 | 18,525,939.49 |
| 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 | 0.00 | 34,478,592.18 | 172,708,976.88 |
| 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 | 0.00 | 34,473,439.92 | 172,663,984.06 |
| Comisiones | 17,818.47 | 5,695.57 | -9,469.29 | 14,044.75 | 2,280.28 | 2,871.98 | 0.00 | 5,152.26 | 44,992.82 |
| 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 | 0.00 | 11,530,031.63 | 58,349,418.84 |
| Otros
Ingresos | 185,405.00 | 246,831.66 | 749,296.33 | 1,181,532.99 | 2,528,060.38 | 706,882.43 | 0.00 | 3,234,942.81 | 12,649,845.58 |
| Comisiones | 452,907.06 | 370,131.65 | 361,314.18 | 1,184,352.89 | 460,875.51 | 515,367.12 | 0.00 | 976,242.63 | 4,761,918.15 |
| Operaciones
con Divisas | -22,866.71 | -26,519.09 | 53,518.52 | 4,132.72 | -56,737.21 | 97,736.12 | 0.00 | 40,998.91 | 12,567.95 |
| Otros
ingresos | -244,635.35 | -96,780.90 | 334,463.63 | -6,952.62 | 2,123,922.08 | 93,779.19 | 0.00 | 2,217,701.27 | 7,875,359.48 |
| 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 | 0.00 | 14,764,974.44 | 70,999,264.42 |
| 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 | 0.00 | 5,865,842.92 | 10,798,480.85 |
| 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 | 0.00 | 3,546,437.19 | 16,053,691.10 |
| Gastos
Generales | 881,574.41 | 535,317.02 | 377,165.15 | 1,794,056.58 | 570,118.97 | 625,214.10 | 0.00 | 1,195,333.07 | 5,387,975.28 |
| Gastos
de Depreciación | 176,484.52 | 220,534.77 | 198,709.51 | 595,728.80 | 202,887.71 | 214,780.10 | 0.00 | 417,667.81 | 2,236,084.83 |
| Otros
Gastos | 333,289.99 | 323,486.23 | -2,623,175.67 | -1,966,399.45 | 374,922.63 | 331,482.22 | 0.00 | 706,404.85 | -12,879,270.36 |
| 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 | 0.00 | 8,899,131.52 | 60,200,783.57 |
| Provisiones
por Cuentas Malas | 0.00 | 0.00 | 3,384,384.47 | 3,384,384.47 | 0.00 | 0.00 | 0.00 | 0.00 | 14,973,513.07 |
| 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 | 0.00 | 8,899,131.52 | 45,227,270.50 |

December 27, 2007

| BANCO
LATINOAMERICANO DE EXPORTACIONES |
| --- |
| BALANCE
SHEETS DECEMBER 2006 AND JANUARY - NOVEMBER
2007 |
| (In
Balboas)* |

Description	Absolute %	December	January	February	March	April	May
LIQUID
ASSETS	27,222,082.49	8.96	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	616,310.71	354.42	173,891.04	171,541.89	211,225.69	198,143.77	164,062.71	162,204.31
Demand	616,310.71	354.42	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	26,543,299.30	8.75	303,465,330.82	216,015,706.64	242,755,699.36	228,836,963.32	122,369,664.85	208,813,623.54
Demand	2,543,299.30	56.96	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	24,000,000.00	8.03	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	62,472.48	557.74	11,200.97	14,845.67	15,673.56	11,126.71	165,018.69	10,305.62
CREDIT
PORTFOLIO	732,886,661.27	25.02	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	13,955,209.56	7.20	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	740,288,961.33	26.56	2,786,955,793.50	2,896,713,920.80	2,893,913,101.85	3,142,920,079.84	3,121,860,493.13	3,102,571,114.20
Less
Allowance	21,357,509.62	41.66	51,265,522.00	51,261,174.35	51,261,154.35	56,612,904.95	56,612,904.95	56,581,642.55
Local	435.92	0.05	911,727.70	911,727.70	911,727.70	811,234.26	811,234.26	779,971.86
Foreign	21,357,073.70	42.41	50,353,794.30	50,349,446.65	50,349,426.65	55,801,670.69	55,801,670.69	55,801,670.69
INVESTMENT
SECURITIES	-103,698,068.83	-17.95	577,658,363.67	391,817,270.05	380,907,417.40	632,092,664.10	307,221,604.46	298,088,861.31
Local	40,355,262.44	202.56	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	-144,053,331.27	-25.83	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	16,903,451.90	14.36	117,717,130.43	116,329,379.94	97,215,886.49	78,834,911.65	68,502,497.68	70,730,858.41
Local	-14,095,164.74	-80.02	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	30,998,616.64	30.97	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	673,314,126.83	17.14	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	287,323,043.05	27.19	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	31,692,190.22	22.55	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	31,692,190.22	22.55	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	3,538,955.70	28.56	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	28,153,234.52	21.97	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	255,630,852.83	27.90	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	21,305,396.79	56.30	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	-557,103.21	-27.63	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	21,862,500.00	61.02	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	234,325,456.04	26.68	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	-52,237,673.98	-44.22	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	286,563,130.02	37.70	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	361,997,228.53	16.79	2,156,397,179.46	1,881,473,358.26	1,831,833,854.46	2,128,903,579.48	1,752,199,110.42	1,815,010,696.69
Local	0.00	0.00	30,000,000.00	30,000,000.00	31,868,459.90	30,000,000.00	30,000,000.00	30,000,000.00
Foreign	361,997,228.53	17.02	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	13,943,887.48	10.74	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	-19,181,133.24	-78.57	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	33,125,020.72	31.42	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	10,049,967.76	1.72	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	1,695,756.56	0.61	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	-1,767,163.07	2,437.31	-72,504.59	68,218.00	22,274.00	-58,735.00	-76,326.00	-163,652.00
Retained
Earnings	30,691,858.30	20.16	152,204,116.93	207,009,182.67	206,924,182.67	198,931,786.98	198,931,786.98	198,931,786.98
Net
Income	-9,492,799.62	-17.35	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	-11,077,684.41	-325.74	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	673,314,126.82	17.14	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

December 27, 2007

Description	2007 — June	July	August	September	October	November	December
LIQUID
ASSETS	230,906,612.74	225,251,357.81	231,990,414.31	328,253,847.36	358,007,469.49	330,872,505.32	0.00
Local
Deposits in Banks	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	790,201.75	0.00
Demand	249,374.70	200,575.94	1,024,617.91	216,112.64	181,776.22	790,201.75	0.00
Time	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign
Deposits in Banks	230,648,229.85	225,046,711.62	230,945,655.81	328,026,999.30	357,793,916.39	330,008,630.12	0.00
Demand	17,748,229.85	6,846,711.62	645,655.81	1,426,999.30	1,593,916.39	7,008,630.12	0.00
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	0.00
Less
Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Local	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others	9,008.19	4,070.25	20,140.59	10,735.42	31,776.88	73,673.45	0.00
CREDIT
PORTFOLIO	3,346,318,289.23	3,399,513,093.81	3,421,795,432.16	3,421,910,735.89	3,494,616,265.71	3,662,392,709.04	0.00
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	0.00
Foreign	3,259,046,607.73	3,309,575,019.73	3,328,051,394.60	3,330,420,732.99	3,394,747,886.93	3,527,244,754.83	0.00
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	0.00
Local	800,616.34	800,616.34	800,616.34	912,163.62	912,163.62	912,163.62	0.00
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	0.00
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	0.00
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	0.00
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	0.00
Less
Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Local	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OTHER
ASSETS	91,679,069.89	103,815,193.71	82,443,761.38	75,772,870.23	77,367,058.32	134,620,582.33	0.00
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	0.00
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	0.00
TOTAL
ASSETS	3,944,199,038.91	4,059,216,381.15	4,303,459,999.23	4,401,584,959.17	4,404,136,823.29	4,601,846,091.53	0.00
DEPOSITS	1,380,740,164.51	1,433,042,487.41	1,366,022,118.75	1,448,903,599.98	1,368,413,624.67	1,343,997,126.47	0.00
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	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	0.00	0.00	1,500,000.00	7,300,000.00	0.00	0.00	0.00
Demand	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Time	0.00	0.00	1,500,000.00	7,300,000.00	0.00	0.00	0.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From
Banks	267,002,901.04	277,920,926.83	232,290,842.82	186,708,656.32	172,752,810.93	172,220,482.60	0.00
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	0.00
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	0.00
Foreign	1,113,737,263.47	1,155,121,560.58	1,132,231,275.93	1,254,894,943.66	1,195,660,813.74	1,171,776,643.87	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	72,649,022.78	67,948,910.47	64,376,677.08	62,012,147.78	49,366,376.44	59,149,077.99	0.00
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	0.00
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	0.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From
Banks	1,041,088,240.69	1,087,172,650.11	1,067,854,598.85	1,192,882,795.88	1,146,294,437.30	1,112,627,565.88	0.00
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	0.00
Time	955,176,210.25	1,018,485,939.35	1,029,478,474.54	1,118,170,326.15	1,102,279,931.29	1,046,745,200.03	0.00
BORROWINGS	1,872,529,067.84	1,932,074,675.59	2,264,160,050.93	2,267,009,639.47	2,350,378,746.58	2,518,394,407.99	0.00
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	0.00
Foreign	1,842,529,067.84	1,902,071,180.17	2,234,160,050.93	2,252,009,639.47	2,320,378,746.58	2,488,394,407.99	0.00
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	0.00
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	0.00
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	0.00
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	0.00
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	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
Other
Reserves	-185,426.66	-239,865.66	-467,361.66	-484,165.66	-530,564.66	-1,839,667.66	0.00
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	0.00
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	0.00
Gain
or Loss in Securities available for sale	-456,166.70	-4,724,693.31	-7,565,409.72	410,116.43	368,429.84	-7,676,947.90	0.00
Subordinated
Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LIABILITIES
AND STOCKHOLDER'S EQUITY	3,944,199,038.95	4,059,216,381.12	4,303,459,999.19	4,401,584,959.17	4,404,136,823.36	4,601,846,091.52	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). |

December 27, 2007

| STATEMENTS
OF INCOME * |
| --- |
| BANCO
LATINOAMERICANO DE EXPORTACIONES, S.A. |
| JANUARY
- NOVEMBER 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 |

December 27, 2007

| Description — Interest
Income | 20,732,440.03 | 23,291,729.77 | 22,507,429.64 | 66,531,599.44 | 23,301,713.86 | 22,706,909.95 | 0.00 | 46,008,623.81 | 231,058,395.72 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 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 | 0.00 | 39,293,261.70 | 200,748,140.70 |
| 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 | 0.00 | 2,718,591.89 | 11,784,315.53 |
| Investments | 938,910.50 | 2,274,725.02 | 2,371,058.63 | 5,584,694.15 | 2,164,758.00 | 1,832,012.22 | 0.00 | 3,996,770.22 | 18,525,939.49 |
| 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 | 0.00 | 34,478,592.18 | 172,708,976.88 |
| 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 | 0.00 | 34,473,439.92 | 172,663,984.06 |
| Commissions | 17,818.47 | 5,695.57 | -9,469.29 | 14,044.75 | 2,280.28 | 2,871.98 | 0.00 | 5,152.26 | 44,992.82 |
| 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 | 0.00 | 11,530,031.63 | 58,349,418.84 |
| Other
Income | 185,405.00 | 246,831.66 | 749,296.33 | 1,181,532.99 | 2,528,060.38 | 706,882.43 | 0.00 | 3,234,942.81 | 12,649,845.58 |
| Commissions | 452,907.06 | 370,131.65 | 361,314.18 | 1,184,352.89 | 460,875.51 | 515,367.12 | 0.00 | 976,242.63 | 4,761,918.15 |
| Foreign
currency operations | -22,866.71 | -26,519.09 | 53,518.52 | 4,132.72 | -56,737.21 | 97,736.12 | 0.00 | 40,998.91 | 12,567.95 |
| Other
Income | -244,635.35 | -96,780.90 | 334,463.63 | -6,952.62 | 2,123,922.08 | 93,779.19 | 0.00 | 2,217,701.27 | 7,875,359.48 |
| 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 | 0.00 | 14,764,974.44 | 70,999,264.42 |
| 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 | 0.00 | 5,865,842.92 | 10,798,480.85 |
| 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 | 0.00 | 3,546,437.19 | 16,053,691.10 |
| General
expenses | 881,574.41 | 535,317.02 | 377,165.15 | 1,794,056.58 | 570,118.97 | 625,214.10 | 0.00 | 1,195,333.07 | 5,387,975.28 |
| Depreciation | 176,484.52 | 220,534.77 | 198,709.51 | 595,728.80 | 202,887.71 | 214,780.10 | 0.00 | 417,667.81 | 2,236,084.83 |
| Other
expenses | 333,289.99 | 323,486.23 | -2,623,175.67 | -1,966,399.45 | 374,922.63 | 331,482.22 | 0.00 | 706,404.85 | -12,879,270.36 |
| 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 | 0.00 | 8,899,131.52 | 60,200,783.57 |
| Provision
for loan losses | 0.00 | 0.00 | 3,384,384.47 | 3,384,384.47 | 0.00 | 0.00 | 0.00 | 0.00 | 14,973,513.07 |
| 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 | 0.00 | 8,899,131.52 | 45,227,270.50 |

| *
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). |