FOREIGN TRADE BANK OF LATIN AMERICA, INC.

Foreign Filer Report • Mar 14, 2014

6-K 1 v371739_6k.htm FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2014

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

(Exact name of Registrant as specified in its Charter)

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

(Translation of Registrant’s name into English)

Business Park Torre V, Ave. La Rotonda, Costa del Este

P.O. Box 0819-08730

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 ¨

(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 ¨ No x

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

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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.

March 14, 2014

FOREIGN TRADE BANK OF LATIN AMERICA, INC.
By: /s/ Pedro Toll
Name: Pedro Toll
Title: General Manager

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NOTA: LA INFORMACION INCLUIDA EN EL PRESENTE REPORTE 6-K FUE PREPARADA EN UNA BASE NO CONSOLIDADA Y EXCLUYE LA INFORMACION FINANCIERA DE BLADEX ASSET MANAGEMENT INC., BLADEX HOLDINGS INC., CLAVEX S.A., BLADEX OFFSHORE FEEDER FUND, BLADEX REPRESENTACAO LTDA., BLADEX INVESTIMENTOS LTDA., AND BLX BRAZIL, LTD., SEGUN LO EXIGIDO POR LAS LEYES Y REGULACIONES A LAS CUALES ESTAMOS SUJETOS EN PANAMA, EL PAIS DONDE LA SOCIEDA SE ENCUENTRA CONSTITUIDA Y DONDE ESTAMOS REGULADOS COMO UNA INSTITUCION FINANCIERA. PROPORCIONAMOS LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS EN EL REPORTE 20-F QUE SE PRESENTA PARA CADA AÑO FISCAL ANTE EL SECURITIES AND EXCHANGE COMMISSION. LA INFORMACION FINANCIERA NO CONSOLIDADA CONTENIDA EN EL PRESENTE PODRA SER SUBSTANCIALMENTE DIFERENTE DE NUESTROS RESULTADOS FINANCIEROS CONSOLIDADOS PARA EL MISMO PERIODO.

BALANCE DE SITUACION BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A. DE DICIEMBRE 2012 A DICIEMBRE 2013 (En Miles de Balboas) * 18 de febrero 2014

Absoluta	%	Diciembre	Enero	Febrero	Marzo	Abril	Mayo	Junio	Julio	Agosto	Septiembre	Octubre	Noviembre	Diciembre
ACTIVOS LIQUIDOS	135,553.51	19.27	703,614.10	794,987.92	431,392.25	578,378.26	602,280.00	779,668.89	625,855.32	541,237.53	777,988.99	890,260.45	680,426.59	328,231.84	839,167.61
Depósitos Locales en Bancos	-69.15	-16.74	413.18	367.40	654.74	878.41	975.27	1,526.68	597.84	835.16	467.29	921.22	482.16	212.92	344.03
A la Vista	-69.15	-16.74	413.18	367.40	654.74	878.41	975.27	1,526.68	597.84	835.16	467.29	921.22	482.16	212.92	344.03
A Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depósitos Extranjeros en Bancos	135,624.94	19.29	703,191.21	794,612.22	430,729.56	577,490.28	601,297.20	778,133.59	625,251.02	540,395.04	777,513.41	889,329.94	679,933.97	328,010.78	838,816.16
A la Vista	105,624.94	15.69	673,191.21	724,612.22	350,729.56	507,490.28	521,297.20	718,133.59	565,251.02	540,395.04	777,513.41	844,329.94	634,933.97	283,010.78	778,816.16
A Plazo	30,000.00	100.00	30,000.00	70,000.00	80,000.00	70,000.00	80,000.00	60,000.00	60,000.00	0.00	0.00	45,000.00	45,000.00	45,000.00	60,000.00
Menos Provisiones	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Otros	-2.28	-23.53	9.71	8.29	7.95	9.57	7.53	8.62	6.46	7.33	8.30	9.30	10.46	8.13	7.43
CARTERA CREDITICIA	432,967.40	7.67	5,642,579.86	5,420,311.14	5,447,249.69	5,777,967.75	5,497,397.42	5,514,696.28	5,961,432.80	6,330,107.47	6,217,351.65	6,118,507.59	5,955,991.94	6,252,193.30	6,075,547.26
Locales	40,746.04	14.53	280,433.92	282,516.30	269,186.51	187,624.02	159,787.79	147,098.48	178,496.66	256,706.71	251,639.35	247,179.15	263,249.44	252,219.60	321,179.95
Extranjero	391,996.34	7.21	5,435,122.10	5,210,768.00	5,251,041.95	5,661,151.24	5,408,417.14	5,438,405.31	5,851,092.57	6,141,557.19	6,033,868.74	5,943,386.48	5,765,465.75	6,073,402.21	5,827,118.44
Menos Provisiones	-225.02	-0.31	72,976.16	72,973.17	72,978.77	70,807.51	70,807.51	70,807.51	68,156.43	68,156.43	68,156.43	72,058.04	72,723.25	73,428.51	72,751.13
Locales	1,552.09	101.93	1,522.71	1,611.61	1,414.60	733.62	655.24	679.11	1,038.07	1,533.84	1,842.23	2,240.57	2,530.98	2,203.10	3,074.81
Extranjero	-1,777.12	-2.49	71,453.44	71,361.56	71,564.17	70,073.89	70,152.28	70,128.40	67,118.36	66,622.59	66,314.20	69,817.47	70,192.27	71,225.42	69,676.32
INVERSIONES EN VALORES	118,970.01	35.86	331,747.14	364,332.35	402,067.29	453,014.37	485,848.48	478,293.10	450,009.43	450,723.50	436,242.89	444,063.11	467,718.82	450,741.25	450,717.16
Locales	-20,616.66	-37.94	54,333.30	55,098.22	65,043.00	68,433.46	68,540.72	54,169.69	53,272.81	53,435.53	51,112.19	54,214.13	52,395.19	33,647.37	33,716.64
Extranjero	139,586.67	50.32	277,413.84	309,234.13	337,024.29	384,580.91	417,307.75	424,123.41	396,736.62	397,287.97	385,130.70	389,848.98	415,323.63	417,093.88	417,000.51
Menos Provisiones	0.00	0.00	0.00	0.00	0.00	0.00	0.00	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	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OTROS ACTIVOS	-9,218.39	-10.82	85,191.63	88,490.68	125,061.05	91,193.61	95,031.81	76,904.94	161,879.64	166,362.58	75,714.87	123,822.19	147,998.78	82,604.84	75,973.24
Locales	-3,414.79	-15.36	22,235.96	22,368.69	22,224.58	22,658.58	22,619.31	19,248.84	17,539.14	19,500.97	18,222.51	20,353.37	20,875.35	21,886.78	18,821.17
Extranjero	-5,803.60	-9.22	62,955.68	66,121.99	102,836.47	68,535.02	72,412.50	57,656.10	144,340.50	146,861.61	57,492.36	103,468.83	127,123.43	60,718.06	57,152.08
TOTAL DE ACTIVOS	678,272.53	10.03	6,763,132.74	6,668,122.08	6,405,770.28	6,900,553.99	6,680,557.71	6,849,563.20	7,199,177.19	7,488,431.08	7,507,298.41	7,576,653.35	7,252,136.13	7,113,771.23	7,441,405.28
DEPOSITOS	43,844.64	1.89	2,317,491.33	2,364,357.27	2,238,450.48	2,591,661.52	2,623,012.89	2,595,969.91	2,773,704.38	2,633,083.54	2,557,961.02	2,814,709.01	2,488,788.73	2,240,696.95	2,361,335.97
Locales	107,674.62	28.12	382,943.61	434,954.78	402,856.08	422,860.86	474,275.15	481,885.79	495,874.29	475,885.01	436,527.67	419,525.62	452,623.82	523,103.90	490,618.23
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	10,044.72	6.70	150,000.00	150,000.00	150,000.00	150,000.00	150,000.00	150,020.00	150,020.00	150,019.35	157,167.14	150,160.98	160,072.45	159,045.28	160,044.72
A la Vista	44.72	0.00	0.00	0.00	0.00	0.00	0.00	20.00	20.00	19.35	167.14	160.98	66.05	44.72	44.72
A Plazo	10,000.00	6.67	150,000.00	150,000.00	150,000.00	150,000.00	150,000.00	150,000.00	150,000.00	150,000.00	157,000.00	150,000.00	160,006.40	159,000.56	160,000.00
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	97,629.90	41.91	232,943.61	284,954.78	252,856.08	272,860.86	324,275.15	331,865.79	345,854.29	325,865.66	279,360.53	269,364.64	292,551.37	364,058.62	330,573.51
A la Vista	-38.51	-71.97	53.51	54.91	40.99	42.41	49.87	38.02	15.09	15.09	15.00	15.00	15.00	15.00	15.00
A Plazo	97,668.40	41.94	232,890.10	284,899.87	252,815.09	272,818.44	324,225.27	331,827.77	345,839.20	325,850.57	279,345.53	269,349.64	292,536.37	364,043.62	330,558.51
Extranjero	-63,829.98	-3.30	1,934,547.72	1,929,402.49	1,835,594.40	2,168,800.67	2,148,737.74	2,114,084.12	2,277,830.09	2,157,198.54	2,121,433.35	2,395,183.38	2,036,164.91	1,717,593.05	1,870,717.74
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	-12,661.05	-22.88	55,325.98	39,413.73	44,501.62	104,833.29	19,822.33	20,611.38	33,368.43	52,170.58	13,095.31	143,269.71	63,236.40	20,104.92	42,664.93
A la Vista	19.00	1.26	1,502.77	1,501.72	1,511.43	1,762.47	6,656.44	7,367.34	3,587.51	3,301.26	4,147.84	4,232.06	4,114.44	3,904.86	1,521.77
A Plazo	-12,680.05	-23.56	53,823.21	37,912.00	42,990.19	103,070.82	13,165.88	13,244.04	29,780.92	48,869.32	8,947.47	139,037.65	59,121.96	16,200.06	41,143.16
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	-51,168.93	-2.72	1,879,221.74	1,889,988.76	1,791,092.78	2,063,967.38	2,128,915.42	2,093,472.74	2,244,461.66	2,105,027.96	2,108,338.04	2,251,913.67	1,972,928.51	1,697,488.13	1,828,052.81
A la Vista	-69,084.41	-52.92	130,550.43	166,501.08	87,549.45	158,193.32	82,626.44	55,663.17	58,896.24	43,435.87	21,650.78	42,747.40	40,465.94	93,622.21	61,466.02
A Plazo	17,915.49	1.02	1,748,671.30	1,723,487.68	1,703,543.33	1,905,774.05	2,046,288.97	2,037,809.57	2,185,565.41	2,061,592.09	2,086,687.26	2,209,166.27	1,932,462.57	1,603,865.92	1,766,586.79
OBLIGACIONES	632,460.54	18.00	3,512,937.07	3,365,678.14	3,213,888.52	3,395,135.01	3,121,620.15	3,345,486.67	3,423,084.80	3,847,242.11	4,031,124.22	3,791,797.45	3,766,810.46	3,952,275.83	4,145,397.61
Locales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Extranjero	632,460.54	18.00	3,512,937.07	3,365,678.14	3,213,888.52	3,395,135.01	3,121,620.15	3,345,486.67	3,423,084.80	3,847,242.11	4,031,124.22	3,791,797.45	3,766,810.46	3,952,275.83	4,145,397.61
OTROS PASIVOS	-39,883.58	-39.43	101,157.05	100,767.48	109,883.43	63,954.48	87,768.88	57,914.64	154,826.35	161,436.83	63,899.53	105,677.98	130,745.98	48,039.03	61,273.47
Locales	1,051.97	15.98	6,580.98	6,314.37	4,153.61	3,161.85	25,395.87	9,576.64	7,442.79	8,627.31	7,459.21	8,409.18	27,075.34	8,823.27	7,632.95
Extranjero	-40,935.54	-43.28	94,576.07	94,453.11	105,729.82	60,792.63	62,373.00	48,338.00	147,383.57	152,809.52	56,440.32	97,268.79	103,670.64	39,215.76	53,640.53
PATRIMONIO	41,850.93	5.03	831,547.29	837,319.19	843,547.86	849,802.97	848,155.80	850,191.98	847,561.66	846,668.59	854,313.63	864,468.92	865,790.96	872,759.42	873,398.22
Capital	6,671.75	2.15	309,947.29	310,205.64	310,419.97	312,811.80	313,157.64	313,830.76	314,129.35	314,426.46	315,005.26	315,233.48	315,734.37	316,037.61	316,619.03
Reservas de Capital	0.00	0.00	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15	95,210.15
Otras Reservas	146.24	483.06	30.27	635.73	670.55	316.13	-440.08	-833.16	-1,964.39	-1,537.72	-456.62	-1,964.65	-2,109.03	-1,490.22	176.51
Utilidad de Periodos Anteriores	55,716.55	17.35	321,162.26	425,426.62	425,426.62	425,426.62	413,906.02	413,905.84	413,460.35	401,931.44	401,931.12	401,931.12	390,369.22	390,369.54	376,878.81
Utilidad de Periodo	-9,556.44	-9.17	104,264.37	5,357.32	10,804.53	15,714.41	25,099.54	33,080.49	39,935.47	48,582.42	57,210.46	67,019.66	76,458.71	84,026.79	94,707.92
Ganancia o Perdida en Valores Disponible para
la venta	-11,127.17	-1192.67	932.96	483.72	1,016.04	323.85	1,222.53	-5,002.10	-13,209.27	-11,944.18	-14,586.75	-12,960.84	-9,872.48	-11,394.45	-10,194.21
Deuda Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO Y PATRIMONIO	678,272.53	10.03	6,763,132.74	6,668,122.08	6,405,770.28	6,900,553.99	6,680,557.71	6,849,563.20	7,199,177.19	7,488,431.08	7,507,298.41	7,576,653.35	7,252,136.13	7,113,771.23	7,441,405.27

*La unidad monetaria es par y equivalentes con el US$ dólar.

Esta es una copia de la versión original, tomada de la publicación mensual de la Superintendencia de Bancos de Panamá.

(sitioweb: http://www.superbancos.gob.pa).

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NOTA: LA INFORMACION INCLUIDA EN EL PRESENTE REPORTE 6-K FUE PREPARADA EN UNA BASE NO CONSOLIDADA Y EXCLUYE LA INFORMACION FINANCIERA DE BLADEX ASSET MANAGEMENT INC., BLADEX HOLDINGS INC., CLAVEX S.A., BLADEX OFFSHORE FEEDER FUND, BLADEX REPRESENTACAO LTDA., BLADEX INVESTIMENTOS LTDA., AND BLX BRAZIL, LTD., SEGUN LO EXIGIDO POR LAS LEYES Y REGULACIONES A LAS CUALES ESTAMOS SUJETOS EN PANAMA, EL PAIS DONDE LA SOCIEDA SE ENCUENTRA CONSTITUIDA Y DONDE ESTAMOS REGULADOS COMO UNA INSTITUCION FINANCIERA. PROPORCIONAMOS LOS ESTADOS FINANCIEROS ANUALES CONSOLIDADOS EN EL REPORTE 20-F QUE SE PRESENTA PARA CADA AÑO FISCAL ANTE EL SECURITIES AND EXCHANGE COMMISSION. LA INFORMACION FINANCIERA NO CONSOLIDADA CONTENIDA EN EL PRESENTE PODRA SER SUBSTANCIALMENTE DIFERENTE DE NUESTROS RESULTADOS FINANCIEROS CONSOLIDADOS PARA EL MISMO PERIODO.

ESTADO DE RESULTADO BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A. DE DICIEMBRE 2012 A DICIEMBRE 2013 (En Miles de Balboas) * 18 de febrero 2014

Diciembre	Enero	Febrero	Marzo	Abril	Mayo	Junio	Julio	Agosto	Septiembre	Octubre	Noviembre	Diciembre	Acumulado
Ingresos Por Intereses	191,557.11	16,766.38	14,883.36	16,690.34	16,467.89	17,018.28	16,995.33	18,390.93	17,952.22	17,940.19	17,078.26	15,924.34	16,894.09	203,001.61
Préstamos	183,215.76	16,231.74	14,330.90	15,966.03	15,666.52	15,903.92	16,092.63	17,473.12	17,086.25	17,076.20	16,120.33	15,048.75	15,982.37	192,978.77
Depósitos	1,875.88	81.26	126.48	87.76	93.22	207.44	116.31	133.71	98.70	145.12	181.21	127.16	127.35	1,525.71
Inversiones	6,465.48	453.38	425.99	636.55	708.15	906.92	786.39	784.10	767.28	718.87	776.72	748.42	784.37	8,497.13
Arrendamiento Financiero	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Otros Ingresos	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Egresos de Operaciones	87,437.11	8,685.97	6,640.41	7,058.82	8,188.60	6,917.28	5,903.45	6,154.82	6,384.94	6,138.50	6,104.93	5,888.56	6,404.53	80,470.80
Intereses Pagados	87,350.68	8,678.69	6,631.17	7,045.40	8,181.34	6,908.31	5,894.13	6,138.42	6,377.43	6,131.43	6,097.70	5,881.45	6,400.78	80,366.24
Comisiones	86.43	7.28	9.24	13.42	7.26	8.98	9.32	16.40	7.51	7.07	7.23	7.11	3.75	104.56
Ingreso Neto de Intereses	104,120.00	8,080.41	8,242.95	9,631.51	8,279.29	10,101.00	11,091.88	12,236.11	11,567.28	11,801.69	10,973.34	10,035.78	10,489.56	122,530.81
Otros Ingresos	181,461.75	3,650.21	8,506.98	11,697.84	13,483.01	26,962.42	12,775.70	10,277.94	17,936.48	16,829.99	7,476.68	9,967.89	7,147.43	146,712.58
Comisiones	10,090.68	604.05	661.02	1,138.37	611.67	1,196.32	1,048.19	1,422.68	1,088.18	1,269.29	2,309.35	866.80	1,516.32	13,732.24
Operaciones con Divisas	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividendos	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Otros ingresos	171,371.07	3,046.16	7,845.96	10,559.48	12,871.34	25,766.10	11,727.51	8,855.26	16,848.30	15,560.70	5,167.32	9,101.09	5,631.11	132,980.34
Ingresos de Operaciones	285,581.76	11,730.63	16,749.93	21,329.36	21,762.30	37,063.42	23,867.58	22,514.06	29,503.76	28,631.68	18,450.01	20,003.67	17,636.99	269,243.39
Egresos Generales	193,706.10	6,373.30	11,302.72	16,154.20	12,377.18	29,082.47	14,551.90	13,867.10	20,875.72	20,057.09	9,010.96	12,435.58	9,664.60	175,752.84
Gastos Administrativos	33,312.79	1,913.38	1,930.37	1,985.90	2,610.82	2,871.23	3,134.31	2,628.11	2,753.82	3,121.67	2,632.57	2,656.10	2,715.02	30,953.30
Gastos Generales	6,706.34	437.37	522.19	516.94	541.57	514.61	494.08	724.91	501.87	397.54	721.31	407.57	746.14	6,526.09
Gastos de Depreciación	2,195.71	229.48	228.72	230.94	231.21	223.17	197.31	224.76	223.92	223.92	219.97	220.18	215.96	2,669.53
Otros Gastos	151,491.26	3,793.08	8,621.43	13,420.43	8,993.58	25,473.45	10,726.21	10,289.33	17,396.11	16,313.96	5,437.12	9,151.73	5,987.47	135,603.91
Utilidad antes de Provisiones	91,875.66	5,357.32	5,447.21	5,175.15	9,385.13	7,980.95	9,315.68	8,646.95	8,628.04	8,574.59	9,439.05	7,568.08	7,972.39	93,490.55
Provisiones por Cuentas Malas	-12,388.71	0.00	0.00	265.27	0.00	0.00	2,460.69	0.00	0.00	-1,234.61	0.00	0.00	-2,708.73	-1,217.37
Utilidad del Periodo	104,264.37	5,357.32	5,447.21	4,909.88	9,385.13	7,980.95	6,854.98	8,646.95	8,628.04	9,809.20	9,439.05	7,568.08	10,681.13	94,707.92

*La unidad monetaria es par y equivalentes con el US$ dólar.

Esta es una copia de la versión original, tomada de la publicación mensual de la Superintendencia de Bancos de Panamá.

(sitioweb: http://www.superbancos.gob.pa).

Field: Page; Sequence: 4

Field: /Page

NOTE: THE FINANCIAL INFORMATION INCLUDED IN THIS FORM 6-K HAS BEEN PREPARED ON A NON-CONSOLIDATED BASIS AND EXCLUDES FINANCIAL INFORMATION FOR BLADEX ASSET MANAGEMENT INC., BLADEX HOLDINGS INC., CLAVEX S.A., BLADEX OFFSHORE FEEDER FUND, BLADEX REPRESENTACAO LTDA., BLADEX INVESTIMENTOS LTDA., AND BLX BRAZIL, LTD., AS REQUIRED BY THE LAWS AND REGULATIONS TO WHICH WE ARE SUBJECT IN PANAMA, OUR COUNTRY OF INCORPORATION AND IN WHICH WE ARE REGULATED AS A FINANCIAL INSTITUTION. WE PROVIDE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS IN OUR ANNUAL REPORT ON FORM 20-F FOR EACH FISCAL YEAR. THE NON-CONSOLIDATED FINANCIAL INFORMATION CONTAINED HEREIN MAY DIFFER MATERIALLY FROM OUR CONSOLIDATED FINANCIAL RESULTS FOR THE SAME PERIOD.

BALANCE SHEET BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A. DECEMBER 2012 - DECEMBER 2013 (In Thousand Balboas) * February 18, 2014

| Absolute
Variation | % | December | January | February | March | April | May | June | July | August | September | October | November | December | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| LIQUID ASSETS | 135,553.51 | 19.27 | 703,614.10 | 794,987.92 | 431,392.25 | 578,378.26 | 602,280.00 | 779,668.89 | 625,855.32 | 541,237.53 | 777,988.99 | 890,260.45 | 680,426.59 | 328,231.84 | 839,167.61 |
| Local Deposits in Banks | -69.15 | -16.74 | 413.18 | 367.40 | 654.74 | 878.41 | 975.27 | 1,526.68 | 597.84 | 835.16 | 467.29 | 921.22 | 482.16 | 212.92 | 344.03 |
| Demand | -69.15 | -16.74 | 413.18 | 367.40 | 654.74 | 878.41 | 975.27 | 1,526.68 | 597.84 | 835.16 | 467.29 | 921.22 | 482.16 | 212.92 | 344.03 |
| Time | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign Deposits in Banks | 135,624.94 | 19.29 | 703,191.21 | 794,612.22 | 430,729.56 | 577,490.28 | 601,297.20 | 778,133.59 | 625,251.02 | 540,395.04 | 777,513.41 | 889,329.94 | 679,933.97 | 328,010.78 | 838,816.16 |
| Demand | 105,624.94 | 15.69 | 673,191.21 | 724,612.22 | 350,729.56 | 507,490.28 | 521,297.20 | 718,133.59 | 565,251.02 | 540,395.04 | 777,513.41 | 844,329.94 | 634,933.97 | 283,010.78 | 778,816.16 |
| Time | 30,000.00 | 100.00 | 30,000.00 | 70,000.00 | 80,000.00 | 70,000.00 | 80,000.00 | 60,000.00 | 60,000.00 | 0.00 | 0.00 | 45,000.00 | 45,000.00 | 45,000.00 | 60,000.00 |
| Less Allowance | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 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 | 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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Others | -2.28 | -23.53 | 9.71 | 8.29 | 7.95 | 9.57 | 7.53 | 8.62 | 6.46 | 7.33 | 8.30 | 9.30 | 10.46 | 8.13 | 7.43 |
| CREDIT PORTFOLIO | 432,967.40 | 7.67 | 5,642,579.86 | 5,420,311.14 | 5,447,249.69 | 5,777,967.75 | 5,497,397.42 | 5,514,696.28 | 5,961,432.80 | 6,330,107.47 | 6,217,351.65 | 6,118,507.59 | 5,955,991.94 | 6,252,193.30 | 6,075,547.26 |
| Local | 40,746.04 | 14.53 | 280,433.92 | 282,516.30 | 269,186.51 | 187,624.02 | 159,787.79 | 147,098.48 | 178,496.66 | 256,706.71 | 251,639.35 | 247,179.15 | 263,249.44 | 252,219.60 | 321,179.95 |
| Foreign | 391,996.34 | 7.21 | 5,435,122.10 | 5,210,768.00 | 5,251,041.95 | 5,661,151.24 | 5,408,417.14 | 5,438,405.31 | 5,851,092.57 | 6,141,557.19 | 6,033,868.74 | 5,943,386.48 | 5,765,465.75 | 6,073,402.21 | 5,827,118.44 |
| Less Allowance | -225.02 | -0.31 | 72,976.16 | 72,973.17 | 72,978.77 | 70,807.51 | 70,807.51 | 70,807.51 | 68,156.43 | 68,156.43 | 68,156.43 | 72,058.04 | 72,723.25 | 73,428.51 | 72,751.13 |
| Local | 1,552.09 | 101.93 | 1,522.71 | 1,611.61 | 1,414.60 | 733.62 | 655.24 | 679.11 | 1,038.07 | 1,533.84 | 1,842.23 | 2,240.57 | 2,530.98 | 2,203.10 | 3,074.81 |
| Foreign | -1,777.12 | -2.49 | 71,453.44 | 71,361.56 | 71,564.17 | 70,073.89 | 70,152.28 | 70,128.40 | 67,118.36 | 66,622.59 | 66,314.20 | 69,817.47 | 70,192.27 | 71,225.42 | 69,676.32 |
| INVESTMENT SECURITIES | 118,970.01 | 35.86 | 331,747.14 | 364,332.35 | 402,067.29 | 453,014.37 | 485,848.48 | 478,293.10 | 450,009.43 | 450,723.50 | 436,242.89 | 444,063.11 | 467,718.82 | 450,741.25 | 450,717.16 |
| Local | -20,616.66 | -37.94 | 54,333.30 | 55,098.22 | 65,043.00 | 68,433.46 | 68,540.72 | 54,169.69 | 53,272.81 | 53,435.53 | 51,112.19 | 54,214.13 | 52,395.19 | 33,647.37 | 33,716.64 |
| Foreign | 139,586.67 | 50.32 | 277,413.84 | 309,234.13 | 337,024.29 | 384,580.91 | 417,307.75 | 424,123.41 | 396,736.62 | 397,287.97 | 385,130.70 | 389,848.98 | 415,323.63 | 417,093.88 | 417,000.51 |
| Less Allowance | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 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 | 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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| OTHER ASSETS | -9,218.39 | -10.82 | 85,191.63 | 88,490.68 | 125,061.05 | 91,193.61 | 95,031.81 | 76,904.94 | 161,879.64 | 166,362.58 | 75,714.87 | 123,822.19 | 147,998.78 | 82,604.84 | 75,973.24 |
| Local | -3,414.79 | -15.36 | 22,235.96 | 22,368.69 | 22,224.58 | 22,658.58 | 22,619.31 | 19,248.84 | 17,539.14 | 19,500.97 | 18,222.51 | 20,353.37 | 20,875.35 | 21,886.78 | 18,821.17 |
| Foreign | -5,803.60 | -9.22 | 62,955.68 | 66,121.99 | 102,836.47 | 68,535.02 | 72,412.50 | 57,656.10 | 144,340.50 | 146,861.61 | 57,492.36 | 103,468.83 | 127,123.43 | 60,718.06 | 57,152.08 |
| TOTAL ASSETS | 678,272.53 | 10.03 | 6,763,132.74 | 6,668,122.08 | 6,405,770.28 | 6,900,553.99 | 6,680,557.71 | 6,849,563.20 | 7,199,177.19 | 7,488,431.08 | 7,507,298.41 | 7,576,653.35 | 7,252,136.13 | 7,113,771.23 | 7,441,405.28 |
| DEPOSITS | 43,844.64 | 1.89 | 2,317,491.33 | 2,364,357.27 | 2,238,450.48 | 2,591,661.52 | 2,623,012.89 | 2,595,969.91 | 2,773,704.38 | 2,633,083.54 | 2,557,961.02 | 2,814,709.01 | 2,488,788.73 | 2,240,696.95 | 2,361,335.97 |
| Local | 107,674.62 | 28.12 | 382,943.61 | 434,954.78 | 402,856.08 | 422,860.86 | 474,275.15 | 481,885.79 | 495,874.29 | 475,885.01 | 436,527.67 | 419,525.62 | 452,623.82 | 523,103.90 | 490,618.23 |
| Government | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Customers | 10,044.72 | 6.70 | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | 150,020.00 | 150,020.00 | 150,019.35 | 157,167.14 | 150,160.98 | 160,072.45 | 159,045.28 | 160,044.72 |
| Demand | 44.72 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | 20.00 | 19.35 | 167.14 | 160.98 | 66.05 | 44.72 | 44.72 |
| Time | 10,000.00 | 6.67 | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | 157,000.00 | 150,000.00 | 160,006.40 | 159,000.56 | 160,000.00 |
| Savings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| From Banks | 97,629.90 | 41.91 | 232,943.61 | 284,954.78 | 252,856.08 | 272,860.86 | 324,275.15 | 331,865.79 | 345,854.29 | 325,865.66 | 279,360.53 | 269,364.64 | 292,551.37 | 364,058.62 | 330,573.51 |
| Demand | -38.51 | -71.97 | 53.51 | 54.91 | 40.99 | 42.41 | 49.87 | 38.02 | 15.09 | 15.09 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 |
| Time | 97,668.40 | 41.94 | 232,890.10 | 284,899.87 | 252,815.09 | 272,818.44 | 324,225.27 | 331,827.77 | 345,839.20 | 325,850.57 | 279,345.53 | 269,349.64 | 292,536.37 | 364,043.62 | 330,558.51 |
| Foreign | -63,829.98 | -3.30 | 1,934,547.72 | 1,929,402.49 | 1,835,594.40 | 2,168,800.67 | 2,148,737.74 | 2,114,084.12 | 2,277,830.09 | 2,157,198.54 | 2,121,433.35 | 2,395,183.38 | 2,036,164.91 | 1,717,593.05 | 1,870,717.74 |
| Government | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Customers | -12,661.05 | -22.88 | 55,325.98 | 39,413.73 | 44,501.62 | 104,833.29 | 19,822.33 | 20,611.38 | 33,368.43 | 52,170.58 | 13,095.31 | 143,269.71 | 63,236.40 | 20,104.92 | 42,664.93 |
| Demand | 19.00 | 1.26 | 1,502.77 | 1,501.72 | 1,511.43 | 1,762.47 | 6,656.44 | 7,367.34 | 3,587.51 | 3,301.26 | 4,147.84 | 4,232.06 | 4,114.44 | 3,904.86 | 1,521.77 |
| Time | -12,680.05 | -23.56 | 53,823.21 | 37,912.00 | 42,990.19 | 103,070.82 | 13,165.88 | 13,244.04 | 29,780.92 | 48,869.32 | 8,947.47 | 139,037.65 | 59,121.96 | 16,200.06 | 41,143.16 |
| Savings | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| From Banks | -51,168.93 | -2.72 | 1,879,221.74 | 1,889,988.76 | 1,791,092.78 | 2,063,967.38 | 2,128,915.42 | 2,093,472.74 | 2,244,461.66 | 2,105,027.96 | 2,108,338.04 | 2,251,913.67 | 1,972,928.51 | 1,697,488.13 | 1,828,052.81 |
| Demand | -69,084.41 | -52.92 | 130,550.43 | 166,501.08 | 87,549.45 | 158,193.32 | 82,626.44 | 55,663.17 | 58,896.24 | 43,435.87 | 21,650.78 | 42,747.40 | 40,465.94 | 93,622.21 | 61,466.02 |
| Time | 17,915.49 | 1.02 | 1,748,671.30 | 1,723,487.68 | 1,703,543.33 | 1,905,774.05 | 2,046,288.97 | 2,037,809.57 | 2,185,565.41 | 2,061,592.09 | 2,086,687.26 | 2,209,166.27 | 1,932,462.57 | 1,603,865.92 | 1,766,586.79 |
| BORROWINGS | 632,460.54 | 18.00 | 3,512,937.07 | 3,365,678.14 | 3,213,888.52 | 3,395,135.01 | 3,121,620.15 | 3,345,486.67 | 3,423,084.80 | 3,847,242.11 | 4,031,124.22 | 3,791,797.45 | 3,766,810.46 | 3,952,275.83 | 4,145,397.61 |
| Local | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign | 632,460.54 | 18.00 | 3,512,937.07 | 3,365,678.14 | 3,213,888.52 | 3,395,135.01 | 3,121,620.15 | 3,345,486.67 | 3,423,084.80 | 3,847,242.11 | 4,031,124.22 | 3,791,797.45 | 3,766,810.46 | 3,952,275.83 | 4,145,397.61 |
| OTHER LIABILITIES | -39,883.58 | -39.43 | 101,157.05 | 100,767.48 | 109,883.43 | 63,954.48 | 87,768.88 | 57,914.64 | 154,826.35 | 161,436.83 | 63,899.53 | 105,677.98 | 130,745.98 | 48,039.03 | 61,273.47 |
| Local | 1,051.97 | 15.98 | 6,580.98 | 6,314.37 | 4,153.61 | 3,161.85 | 25,395.87 | 9,576.64 | 7,442.79 | 8,627.31 | 7,459.21 | 8,409.18 | 27,075.34 | 8,823.27 | 7,632.95 |
| Foreign | -40,935.54 | -43.28 | 94,576.07 | 94,453.11 | 105,729.82 | 60,792.63 | 62,373.00 | 48,338.00 | 147,383.57 | 152,809.52 | 56,440.32 | 97,268.79 | 103,670.64 | 39,215.76 | 53,640.53 |
| STOCKHOLDERS´ EQUITY | 41,850.93 | 5.03 | 831,547.29 | 837,319.19 | 843,547.86 | 849,802.97 | 848,155.80 | 850,191.98 | 847,561.66 | 846,668.59 | 854,313.63 | 864,468.92 | 865,790.96 | 872,759.42 | 873,398.22 |
| Capital | 6,671.75 | 2.15 | 309,947.29 | 310,205.64 | 310,419.97 | 312,811.80 | 313,157.64 | 313,830.76 | 314,129.35 | 314,426.46 | 315,005.26 | 315,233.48 | 315,734.37 | 316,037.61 | 316,619.03 |
| Capital Reserves | 0.00 | 0.00 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 | 95,210.15 |
| Other Reserves | 146.24 | 483.06 | 30.27 | 635.73 | 670.55 | 316.13 | -440.08 | -833.16 | -1,964.39 | -1,537.72 | -456.62 | -1,964.65 | -2,109.03 | -1,490.22 | 176.51 |
| Retained Earnings | 55,716.55 | 17.35 | 321,162.26 | 425,426.62 | 425,426.62 | 425,426.62 | 413,906.02 | 413,905.84 | 413,460.35 | 401,931.44 | 401,931.12 | 401,931.12 | 390,369.22 | 390,369.54 | 376,878.81 |
| Net Income | -9,556.44 | -9.17 | 104,264.37 | 5,357.32 | 10,804.53 | 15,714.41 | 25,099.54 | 33,080.49 | 39,935.47 | 48,582.42 | 57,210.46 | 67,019.66 | 76,458.71 | 84,026.79 | 94,707.92 |
| Gain or Loss in Securities available for sale | -11,127.17 | -1,192.67 | 932.96 | 483.72 | 1,016.04 | 323.85 | 1,222.53 | -5,002.10 | -13,209.27 | -11,944.18 | -14,586.75 | -12,960.84 | -9,872.48 | -11,394.45 | -10,194.21 |
| Subordinated Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| LIABILITIES AND STOCKHOLDER'S EQUITY | 678,272.53 | 10.03 | 6,763,132.74 | 6,668,122.08 | 6,405,770.28 | 6,900,553.99 | 6,680,557.71 | 6,849,563.20 | 7,199,177.19 | 7,488,431.08 | 7,507,298.41 | 7,576,653.35 | 7,252,136.13 | 7,113,771.23 | 7,441,405.27 |

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

This is a translation from Spanish original version, taken from the monthly publication of the Superintendency of Banks of Panama

(website: http://www.superbancos.gob.pa).

Field: Page; Sequence: 5

Field: /Page

NOTE: THE FINANCIAL INFORMATION INCLUDED IN THIS FORM 6-K HAS BEEN PREPARED ON A NON-CONSOLIDATED BASIS AND EXCLUDES FINANCIAL INFORMATION FOR BLADEX ASSET MANAGEMENT INC., BLADEX HOLDINGS INC., CLAVEX S.A., BLADEX OFFSHORE FEEDER FUND, BLADEX REPRESENTACAO LTDA., BLADEX INVESTIMENTOS LTDA., AND BLX BRAZIL, LTD., AS REQUIRED BY THE LAWS AND REGULATIONS TO WHICH WE ARE SUBJECT IN PANAMA, OUR COUNTRY OF INCORPORATION AND IN WHICH WE ARE REGULATED AS A FINANCIAL INSTITUTION. WE PROVIDE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS IN OUR ANNUAL REPORT ON FORM 20-F FOR EACH FISCAL YEAR. THE NON-CONSOLIDATED FINANCIAL INFORMATION CONTAINED HEREIN MAY DIFFER MATERIALLY FROM OUR CONSOLIDATED FINANCIAL RESULTS FOR THE SAME PERIOD.

STATEMENT OF INCOME BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A. DECEMBER 2012 - DECEMBER 2013 (In Thousand Balboas) * February 18, 2014

| December | January | February | March | April | May | June | July | August | September | October | November | December | Year
to date | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Interest Income | 191,557.11 | 16,766.38 | 14,883.36 | 16,690.34 | 16,467.89 | 17,018.28 | 16,995.33 | 18,390.93 | 17,952.22 | 17,940.19 | 17,078.26 | 15,924.34 | 16,894.09 | 203,001.61 |
| Loans | 183,215.76 | 16,231.74 | 14,330.90 | 15,966.03 | 15,666.52 | 15,903.92 | 16,092.63 | 17,473.12 | 17,086.25 | 17,076.20 | 16,120.33 | 15,048.75 | 15,982.37 | 192,978.77 |
| Deposits | 1,875.88 | 81.26 | 126.48 | 87.76 | 93.22 | 207.44 | 116.31 | 133.71 | 98.70 | 145.12 | 181.21 | 127.16 | 127.35 | 1,525.71 |
| Investments | 6,465.48 | 453.38 | 425.99 | 636.55 | 708.15 | 906.92 | 786.39 | 784.10 | 767.28 | 718.87 | 776.72 | 748.42 | 784.37 | 8,497.13 |
| Financial Leases | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Expense | 87,437.11 | 8,685.97 | 6,640.41 | 7,058.82 | 8,188.60 | 6,917.28 | 5,903.45 | 6,154.82 | 6,384.94 | 6,138.50 | 6,104.93 | 5,888.56 | 6,404.53 | 80,470.80 |
| Interest | 87,350.68 | 8,678.69 | 6,631.17 | 7,045.40 | 8,181.34 | 6,908.31 | 5,894.13 | 6,138.42 | 6,377.43 | 6,131.43 | 6,097.70 | 5,881.45 | 6,400.78 | 80,366.24 |
| Commissions | 86.43 | 7.28 | 9.24 | 13.42 | 7.26 | 8.98 | 9.32 | 16.40 | 7.51 | 7.07 | 7.23 | 7.11 | 3.75 | 104.56 |
| Net Interest Income | 104,120.00 | 8,080.41 | 8,242.95 | 9,631.51 | 8,279.29 | 10,101.00 | 11,091.88 | 12,236.11 | 11,567.28 | 11,801.69 | 10,973.34 | 10,035.78 | 10,489.56 | 122,530.81 |
| Other Income | 181,461.75 | 3,650.21 | 8,506.98 | 11,697.84 | 13,483.01 | 26,962.42 | 12,775.70 | 10,277.94 | 17,936.48 | 16,829.99 | 7,476.68 | 9,967.89 | 7,147.43 | 146,712.58 |
| Commissions | 10,090.68 | 604.05 | 661.02 | 1,138.37 | 611.67 | 1,196.32 | 1,048.19 | 1,422.68 | 1,088.18 | 1,269.29 | 2,309.35 | 866.80 | 1,516.32 | 13,732.24 |
| Foreign currency operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Income | 171,371.07 | 3,046.16 | 7,845.96 | 10,559.48 | 12,871.34 | 25,766.10 | 11,727.51 | 8,855.26 | 16,848.30 | 15,560.70 | 5,167.32 | 9,101.09 | 5,631.11 | 132,980.34 |
| Operating Income | 285,581.76 | 11,730.63 | 16,749.93 | 21,329.36 | 21,762.30 | 37,063.42 | 23,867.58 | 22,514.06 | 29,503.76 | 28,631.68 | 18,450.01 | 20,003.67 | 17,636.99 | 269,243.39 |
| Operating Expenses | 193,706.10 | 6,373.30 | 11,302.72 | 16,154.20 | 12,377.18 | 29,082.47 | 14,551.90 | 13,867.10 | 20,875.72 | 20,057.09 | 9,010.96 | 12,435.58 | 9,664.60 | 175,752.84 |
| Administrative expenses | 33,312.79 | 1,913.38 | 1,930.37 | 1,985.90 | 2,610.82 | 2,871.23 | 3,134.31 | 2,628.11 | 2,753.82 | 3,121.67 | 2,632.57 | 2,656.10 | 2,715.02 | 30,953.30 |
| General expenses | 6,706.34 | 437.37 | 522.19 | 516.94 | 541.57 | 514.61 | 494.08 | 724.91 | 501.87 | 397.54 | 721.31 | 407.57 | 746.14 | 6,526.09 |
| Depreciation | 2,195.71 | 229.48 | 228.72 | 230.94 | 231.21 | 223.17 | 197.31 | 224.76 | 223.92 | 223.92 | 219.97 | 220.18 | 215.96 | 2,669.53 |
| Other expenses | 151,491.26 | 3,793.08 | 8,621.43 | 13,420.43 | 8,993.58 | 25,473.45 | 10,726.21 | 10,289.33 | 17,396.11 | 16,313.96 | 5,437.12 | 9,151.73 | 5,987.47 | 135,603.91 |
| Net Income before provision for loan losses | 91,875.66 | 5,357.32 | 5,447.21 | 5,175.15 | 9,385.13 | 7,980.95 | 9,315.68 | 8,646.95 | 8,628.04 | 8,574.59 | 9,439.05 | 7,568.08 | 7,972.39 | 93,490.55 |
| Provision for loan losses | -12,388.71 | 0.00 | 0.00 | 265.27 | 0.00 | 0.00 | 2,460.69 | 0.00 | 0.00 | -1,234.61 | 0.00 | 0.00 | -2,708.73 | -1,217.37 |
| Net Income | 104,264.37 | 5,357.32 | 5,447.21 | 4,909.88 | 9,385.13 | 7,980.95 | 6,854.98 | 8,646.95 | 8,628.04 | 9,809.20 | 9,439.05 | 7,568.08 | 10,681.13 | 94,707.92 |

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

This is a translation from Spanish original version, taken from the monthly publication of the Superintendency of Banks of Panama

(website: http://www.superbancos.gob.pa).

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