Edgar Filing: LATIN AMERICAN EXPORT BANK

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, 2009

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 ¨

(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__.)

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 7, 2009

	Banco Latinoamericano de Exportaciones, S.A.

		By: /s/ Pedro Toll

		Name: Pedro Toll
		Title: Deputy Manager

5 de Enero de 2009

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2007 Y ENERO - NOVIEMBRE 2008

(En Balboas)

					2007		2008
Descripción	Absoluta		%		Diciembre		Enero		Febrero		Marzo		Abril
ACTIVOS LIQUIDOS		116,205,295.95		28.96		401,327,785.63		294,054,753.39		403,828,804.69		487,583,782.85		337,155,177.39
Depositos Locales en Bancos		-53,657.01		-18.78		285,754.54		233,625.57		225,027.61		257,527.62		256,156.02
A la Vista		-53,657.01		-18.78		285,754.54		233,625.57		225,027.61		257,527.62		256,156.02
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		116,253,976.91		28.99		401,036,339.06		293,816,988.13		403,599,292.09		487,320,706.18		336,892,774.62
A la Vista		170,853,976.91		11,895.10		1,436,339.06		6,216,988.13		5,099,292.09		3,720,706.18		5,592,774.62
A Plazo		-54,600,000.00		-13.66		399,600,000.00		287,600,000.00		398,500,000.00		483,600,000.00		331,300,000.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otros		4,976.05		87.42		5,692.03		4,139.69		4,484.99		5,549.05		6,246.75
CARTERA CREDITICIA		-714,102,500.99		-19.50		3,662,194,693.87		3,548,971,499.30		3,683,948,745.67		3,704,904,162.38		3,866,918,998.90
Locales		-65,772,046.68		-26.05		252,482,566.49		259,592,677.23		259,887,677.23		398,281,443.48		394,568,729.90
Extranjero		-648,830,546.81		-18.65		3,479,355,318.34		3,359,260,301.18		3,493,942,547.55		3,376,494,824.39		3,542,222,722.64
Menos Provisiones		-500,092.50		-0.72		69,643,190.96		69,881,479.11		69,881,479.11		69,872,105.49		69,872,453.64
Locales		409,768.89		26.60		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12
Extranjero		-909,861.39		-1.34		68,102,914.84		68,341,202.99		68,341,202.99		68,331,829.37		68,332,177.52
INVERSIONES EN VALORES		346,080,790.11		60.16		575,308,868.73		720,927,339.13		752,313,401.97		802,295,101.08		879,029,360.69
Locales		13,194,000.00		18.28		72,196,000.00		72,611,200.00		78,024,276.58		78,098,235.64		78,001,617.06
Extranjero		332,886,790.11		66.17		503,112,868.73		648,316,139.13		674,289,125.39		724,196,865.44		801,027,743.63
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS ACTIVOS		-12,777,100.31		-14.04		90,992,888.72		107,647,561.41		108,664,901.06		109,454,265.51		79,599,768.90
Locales		9,294,113.60		217.42		4,274,653.41		3,776,255.93		4,822,408.82		4,493,961.80		6,599,230.09
Extranjero		-22,071,213.91		-25.45		86,718,235.31		103,871,305.48		103,842,492.24		104,960,303.71		73,000,538.81
TOTAL DE ACTIVOS		-264,593,515.24		-5.59		4,729,824,236.95		4,671,601,153.23		4,948,755,853.39		5,104,237,311.82		5,162,703,305.88
DEPOSITOS		-277,086,783.93		-18.31		1,513,036,584.54		1,311,034,546.15		1,437,684,538.56		1,423,205,733.93		1,559,535,216.31
Locales		-137,036,191.38		-60.71		225,714,906.79		218,952,787.47		246,914,642.04		184,800,521.54		250,159,467.73
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		10,000,000.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		10,000,000.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		-147,036,191.38		-65.14		225,714,906.79		218,952,787.47		245,513,803.60		184,800,521.54		250,159,467.73
A la Vista		-20,974,559.07		-89.47		23,441,831.87		22,583,638.33		17,629,784.93		13,046,533.96		11,162,032.63
A Plazo		-126,061,632.31		-62.32		202,273,074.92		196,369,149.14		227,884,018.67		171,753,987.58		238,997,435.10
Extranjero		-140,050,592.55		-10.88		1,287,321,677.75		1,092,081,758.68		1,190,769,896.52		1,238,405,212.39		1,309,375,748.58
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		-35,608,001.23		-85.51		41,644,075.95		51,474,906.67		46,727,501.29		12,455,066.51		65,565,271.04
A la Vista		67,004.33		4.58		1,464,075.95		1,474,906.67		2,727,501.29		3,441,152.62		6,535,806.67
A Plazo		-35,675,005.56		-88.79		40,180,000.00		50,000,000.00		44,000,000.00		9,013,913.89		59,029,464.37
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		-104,442,591.32		-8.38		1,245,677,601.80		1,040,606,852.01		1,144,042,395.23		1,225,950,145.88		1,243,810,477.54
A la Vista		33,361,713.36		38.35		86,983,250.05		94,067,907.24		104,019,526.16		78,317,765.09		37,444,518.18
A Plazo		-137,804,304.68		-11.89		1,158,694,351.75		946,538,944.77		1,040,022,869.07		1,147,632,380.79		1,206,365,959.36
OBLIGACIONES		29,443,770.18		1.17		2,515,038,597.04		2,646,362,875.95		2,787,614,144.91		2,952,332,271.03		2,902,534,161.46
Locales		-10,000,000.00		-25.00		40,000,000.00		40,000,000.00		50,000,000.00		50,000,126.79		50,000,000.00
Extranjero		39,443,770.18		1.59		2,475,038,597.04		2,606,362,875.95		2,737,614,144.91		2,902,332,144.24		2,852,534,161.46
OTROS PASIVOS		76,686,051.09		68.75		111,537,872.66		132,364,806.35		134,356,889.45		147,344,908.68		98,317,207.28
Locales		10,019,342.35		184.48		5,431,130.73		4,769,284.35		3,269,484.25		2,468,745.74		11,591,562.43
Extranjero		66,666,708.74		62.83		106,106,741.93		127,595,522.00		131,087,405.20		144,876,162.94		86,725,644.85
PATRIMONIO		-93,636,552.62		-15.86		590,211,182.74		581,838,924.86		589,100,280.61		581,354,398.29		602,316,720.95
Capital		1,296,232.76		0.46		281,334,661.62		281,418,007.88		281,495,976.96		281,612,180.17		281,778,127.62
Reservas de Capital		0.00		0.00		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67
Otras Reservas		-4,935,630.00		245.60		-2,009,630.66		-3,992,368.66		-2,735,809.66		-3,981,842.66		-3,232,388.66
Utilidad de Periodos Anteriores		19,051,062.78		10.89		174,894,542.39		223,306,964.95		223,306,964.95		215,305,532.21		215,305,532.21
Utilidad de Periodo		909,599.53		1.88		48,412,430.48		4,793,662.04		8,998,568.04		14,168,698.56		18,196,171.43
Ganancia o Perdida en Valores Disponible para la venta		-109,957,817.69		1440.94		-7,630,974.76		-18,897,495.02		-17,175,573.35		-20,960,323.66		-4,940,875.32
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		-264,593,515.28		-5.59		4,729,824,236.98		4,671,601,153.31		4,948,755,853.53		5,104,237,311.93		5,162,703,306.00

5 de Enero de 2009

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2007 Y ENERO - NOVIEMBRE 2008

(En Balboas)

	2008
Descripción	Mayo		Junio		Julio		Agosto		Septiembre		Octubre		Noviembre		Diciembre
ACTIVOS LIQUIDOS		336,767,457.10		348,888,538.19		336,729,056.48		473,204,059.94		445,219,951.04		531,826,982.01		517,533,081.58		0.00
Depositos Locales en Bancos		206,238.55		165,920.03		540,189.06		579,066.57		157,675.75		390,192.73		232,097.53		0.00
A la Vista		206,238.55		165,920.03		540,189.06		579,066.57		157,675.75		390,192.73		232,097.53		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		336,554,858.90		348,717,340.66		336,183,524.53		472,620,428.43		445,058,874.57		531,431,501.81		517,290,315.97		0.00
A la Vista		18,354,858.90		14,817,340.66		19,283,524.53		19,120,428.43		204,558,874.57		310,931,501.81		172,290,315.97		0.00
A Plazo		318,200,000.00		333,900,000.00		316,900,000.00		453,500,000.00		240,500,000.00		220,500,000.00		345,000,000.00		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otros		6,359.65		5,277.50		5,342.89		4,564.94		3,400.72		5,287.47		10,668.08		0.00
CARTERA CREDITICIA		4,027,295,445.25		4,034,845,678.96		4,030,880,094.26		3,883,016,311.03		3,799,062,214.29		3,328,464,639.91		2,948,092,192.88		0.00
Locales		377,524,734.90		374,402,937.57		333,249,279.25		345,509,524.58		223,752,461.29		215,639,654.43		186,710,519.81		0.00
Extranjero		3,720,115,663.99		3,730,203,493.47		3,767,410,459.07		3,607,419,585.84		3,644,395,741.92		3,181,937,541.77		2,830,524,771.53		0.00
Menos Provisiones		70,344,953.64		69,760,752.08		69,779,644.06		69,912,799.39		69,085,988.92		69,112,556.29		69,143,098.46		0.00
Locales		1,540,276.12		1,445,815.41		1,445,815.41		1,445,815.41		1,949,696.86		1,949,696.86		1,950,045.01		0.00
Extranjero		68,804,677.52		68,314,936.67		68,333,828.65		68,466,983.98		67,136,292.06		67,162,859.43		67,193,053.45		0.00
INVERSIONES EN VALORES		919,509,561.07		872,542,626.81		933,310,470.20		944,886,873.58		909,160,095.80		863,816,347.70		921,389,658.84		0.00
Locales		77,805,900.00		76,693,917.46		93,139,600.00		93,634,400.00		91,316,750.00		78,710,000.00		85,390,000.00		0.00
Extranjero		841,703,661.07		795,848,709.35		840,170,870.20		851,252,473.58		817,843,345.80		785,106,347.70		835,999,658.84		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS ACTIVOS		122,065,321.83		119,856,242.53		79,637,068.31		78,010,455.22		160,345,706.26		104,708,357.68		78,215,788.41		0.00
Locales		6,329,473.83		6,292,165.21		6,742,934.69		8,037,614.17		3,567,555.69		12,930,715.83		13,568,767.01		0.00
Extranjero		115,735,848.00		113,564,077.32		72,894,133.62		69,972,841.05		156,778,150.57		91,777,641.85		64,647,021.40		0.00
TOTAL DE ACTIVOS		5,405,637,785.25		5,376,133,086.49		5,380,556,689.25		5,379,117,699.77		5,313,787,967.39		4,828,816,327.30		4,465,230,721.71		0.00
DEPOSITOS		1,696,862,977.95		1,737,019,470.86		1,702,694,840.47		1,676,054,486.53		1,551,939,765.43		1,320,405,026.77		1,235,949,800.61		0.00
Locales		198,473,054.30		154,482,017.68		154,502,943.68		151,925,869.57		103,558,711.21		125,624,855.58		88,678,715.41		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		0.00		0.00		0.00		0.00		0.00		10,000,000.00		10,000,000.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		10,000,000.00		10,000,000.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		198,473,054.30		154,482,017.68		154,502,943.68		151,925,869.57		103,558,711.21		115,624,855.58		78,678,715.41		0.00
A la Vista		3,465,682.55		3,457,172.14		2,209,452.24		2,443,821.28		2,346,935.70		1,463,687.39		2,467,272.80		0.00
A Plazo		195,007,371.75		151,024,845.54		152,293,491.44		149,482,048.29		101,211,775.51		114,161,168.19		76,211,442.61		0.00
Extranjero		1,498,389,923.65		1,582,537,453.18		1,548,191,896.79		1,524,128,616.96		1,448,381,054.22		1,194,780,171.19		1,147,271,085.20		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		56,743,505.02		57,231,388.96		32,261,643.77		35,886,258.47		31,786,972.68		4,188,588.18		6,036,074.72		0.00
A la Vista		1,716,278.67		2,204,162.61		2,261,643.77		1,886,258.47		1,786,972.68		1,688,588.18		1,531,080.28		0.00
A Plazo		55,027,226.35		55,027,226.35		30,000,000.00		34,000,000.00		30,000,000.00		2,500,000.00		4,504,994.44		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		1,441,646,418.63		1,525,306,064.22		1,515,930,253.02		1,488,242,358.49		1,416,594,081.54		1,190,591,583.01		1,141,235,010.48		0.00
A la Vista		48,574,467.01		98,552,979.88		74,617,789.92		64,833,685.46		92,309,121.29		111,021,494.07		120,344,963.41		0.00
A Plazo		1,393,071,951.62		1,426,753,084.34		1,441,312,463.10		1,423,408,673.03		1,324,284,960.25		1,079,570,088.94		1,020,890,047.07		0.00
OBLIGACIONES		2,957,623,261.78		2,890,331,322.68		2,970,814,739.59		2,982,894,717.09		2,969,352,466.44		2,794,589,705.57		2,544,482,367.22		0.00
Locales		50,000,000.00		40,000,000.00		40,000,000.00		30,000,000.00		30,000,000.00		30,000,000.00		30,000,000.00		0.00
Extranjero		2,907,623,261.78		2,850,331,322.68		2,930,814,739.59		2,952,894,717.09		2,939,352,466.44		2,764,589,705.57		2,514,482,367.22		0.00
OTROS PASIVOS		131,949,109.68		140,789,924.01		100,150,278.79		107,921,733.96		215,115,888.25		186,528,813.06		188,223,923.75		0.00
Locales		15,822,145.54		13,469,233.20		13,558,890.22		13,703,018.47		14,679,835.60		15,287,491.10		15,450,473.08		0.00
Extranjero		116,126,964.14		127,320,690.81		86,591,388.57		94,218,715.49		200,436,052.65		171,241,321.96		172,773,450.67		0.00
PATRIMONIO		619,202,435.86		607,992,368.94		606,896,830.42		612,246,762.17		577,379,847.28		527,292,781.93		496,574,630.12		0.00
Capital		281,874,453.37		281,978,936.94		282,074,942.15		282,179,267.52		282,430,010.26		282,532,774.19		282,630,894.38		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		95,210,153.67		0.00
Otras Reservas		-1,697,897.66		-3,231,218.66		-5,087,832.66		-4,805,686.66		-4,549,729.66		-6,411,808.66		-6,945,260.66		0.00
Utilidad de Periodos Anteriores		215,305,532.21		206,212,995.01		207,297,070.69		207,297,070.69		199,288,609.17		199,286,191.37		193,945,605.17		0.00
Utilidad de Periodo		22,898,759.63		30,347,344.27		34,538,167.77		39,193,777.89		44,599,197.68		46,273,826.79		49,322,030.01		0.00
Ganancia o Perdida en Valores Disponible para la venta		5,611,434.64		-2,525,842.29		-7,135,671.20		-6,827,820.94		-39,598,393.84		-89,598,355.43		-117,588,792.45		0.00
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		5,405,637,785.27		5,376,133,086.49		5,380,556,689.27		5,379,117,699.75		5,313,787,967.40		4,828,816,327.33		4,465,230,721.70		0.00

5 de Enero de 2009

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

ENERO - NOVIEMBRE 2008

(En Balboas)

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

5 de Enero de 2009

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

ENERO - NOVIEMBRE 2008

(En Balboas)

Descripcion	Julio		Agosto		Septiembre		Trimestre III		Octubre		Noviembre		Diciembre		Trimestre IV		Acumulado Anual
Ingresos Por Intereses		21,130,985.34		21,151,257.10		20,473,547.60		62,755,790.04		19,481,571.86		17,573,066.60		0.00		37,054,638.46		227,136,182.33
Préstamos		17,476,993.31		17,454,381.24		16,774,582.97		51,705,957.52		16,148,830.19		14,397,452.53		0.00		30,546,282.72		187,311,783.85
Depósitos		625,901.60		630,691.09		835,810.05		2,092,402.74		185,328.46		240,935.33		0.00		426,263.79		7,374,877.51
Inversiones		3,028,090.43		3,066,184.77		2,863,154.58		8,957,429.78		3,147,413.21		2,934,678.74		0.00		6,082,091.95		32,449,520.97
Egresos de Operaciones		13,846,560.26		13,849,429.24		13,766,096.79		41,462,086.29		14,374,259.69		12,183,576.33		0.00		26,557,836.02		155,070,913.80
Intereses Pagados		13,840,419.39		13,846,169.64		13,765,254.37		41,451,843.40		14,370,803.22		12,182,905.84		0.00		26,553,709.06		155,035,710.54
Comisiones		6,140.87		3,259.60		842.42		10,242.89		3,456.47		670.49		0.00		4,126.96		35,203.26
Ingreso Neto de Intereses		7,284,425.08		7,301,827.86		6,707,450.81		21,293,703.75		5,107,312.17		5,389,490.27		0.00		10,496,802.44		72,065,268.53
Otros Ingresos		604,109.33		257,732.15		1,222,751.72		2,084,593.20		-705,559.47		425,630.64		0.00		-279,928.83		8,070,619.67
Comisiones		616,679.69		733,982.73		791,961.98		2,142,624.40		394,111.92		332,089.21		0.00		726,201.13		6,524,046.02
Operaciones con Divisas		-92,191.98		-937,077.63		77,243.66		-952,025.95		-1,058,730.18		671,958.22		0.00		-386,771.96		-561,947.01
Otros ingresos		79,621.62		460,827.05		353,546.08		893,994.75		-40,941.21		-578,416.79		0.00		-619,358.00		2,108,520.66
Ingresos de Operaciones		7,888,534.41		7,559,560.01		7,930,202.53		23,378,296.95		4,401,752.70		5,815,120.91		0.00		10,216,873.61		80,135,888.20
Egresos Generales		3,697,710.91		2,903,949.89		3,366,436.50		9,968,097.30		2,727,123.60		2,766,917.69		0.00		5,494,041.29		34,859,044.15
Gastos Administrativos		1,601,643.09		1,622,459.65		1,639,168.75		4,863,271.49		1,632,885.90		1,635,771.20		0.00		3,268,657.10		18,197,657.43
Gastos Generales		438,014.96		518,195.08		415,716.97		1,371,927.01		476,628.05		591,836.80		0.00		1,068,464.85		5,006,551.30
Gastos de Depreciación		1,185,152.20		280,025.81		200,351.64		1,665,529.65		213,881.46		207,292.73		0.00		421,174.19		3,388,507.28
Otros Gastos		472,900.66		483,269.35		1,111,199.14		2,067,369.15		403,728.19		332,016.96		0.00		735,745.15		8,266,328.14
Utilidad antes de Provisiones		4,190,823.50		4,655,610.12		4,563,766.03		13,410,199.65		1,674,629.10		3,048,203.22		0.00		4,722,832.32		45,276,844.05
Provisiones por Cuentas Malas		0.00		0.00		-841,653.76		-841,653.76		0.00		0.00		0.00		0.00		-4,045,185.94
Utilidad del Periodo		4,190,823.50		4,655,610.12		5,405,419.79		14,251,853.41		1,674,629.10		3,048,203.22		0.00		4,722,832.32		49,322,029.99

January 5, 2009

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2007 AND JANUARY - NOVEMBER 2008

(In Balboas)**

					2007		2008
Description	Absolute		%		December		January		February		March		April
LIQUID ASSETS		116,205,295.95		28.96		401,327,785.63		294,054,753.39		403,828,804.69		487,583,782.85		337,155,177.39
Local Deposits in Banks		-53,657.01		-18.78		285,754.54		233,625.57		225,027.61		257,527.62		256,156.02
Demand		-53,657.01		-18.78		285,754.54		233,625.57		225,027.61		257,527.62		256,156.02
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		116,253,976.91		28.99		401,036,339.06		293,816,988.13		403,599,292.09		487,320,706.18		336,892,774.62
Demand		170,853,976.91		11,895.10		1,436,339.06		6,216,988.13		5,099,292.09		3,720,706.18		5,592,774.62
Time		-54,600,000.00		-13.66		399,600,000.00		287,600,000.00		398,500,000.00		483,600,000.00		331,300,000.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Others		4,976.05		87.42		5,692.03		4,139.69		4,484.99		5,549.05		6,246.75
CREDIT PORTFOLIO		-714,102,500.99		-19.50		3,662,194,693.87		3,548,971,499.30		3,683,948,745.67		3,704,904,162.38		3,866,918,998.90
Local		-65,772,046.68		-26.05		252,482,566.49		259,592,677.23		259,887,677.23		398,281,443.48		394,568,729.90
Foreign		-648,830,546.81		-18.65		3,479,355,318.34		3,359,260,301.18		3,493,942,547.55		3,376,494,824.39		3,542,222,722.64
Less Allowance		-500,092.50		-0.72		69,643,190.96		69,881,479.11		69,881,479.11		69,872,105.49		69,872,453.64
Local		409,768.89		26.60		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12
Foreign		-909,861.39		-1.34		68,102,914.84		68,341,202.99		68,341,202.99		68,331,829.37		68,332,177.52
INVESTMENT SECURITIES		346,080,790.11		60.16		575,308,868.73		720,927,339.13		752,313,401.97		802,295,101.08		879,029,360.69
Local		13,194,000.00		18.28		72,196,000.00		72,611,200.00		78,024,276.58		78,098,235.64		78,001,617.06
Foreign		332,886,790.11		66.17		503,112,868.73		648,316,139.13		674,289,125.39		724,196,865.44		801,027,743.63
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER ASSETS		-12,777,100.31		-14.04		90,992,888.72		107,647,561.41		108,664,901.06		109,454,265.51		79,599,768.90
Local		9,294,113.60		217.42		4,274,653.41		3,776,255.93		4,822,408.82		4,493,961.80		6,599,230.09
Foreign		-22,071,213.91		-25.45		86,718,235.31		103,871,305.48		103,842,492.24		104,960,303.71		73,000,538.81
TOTAL ASSETS		-264,593,515.24		-5.59		4,729,824,236.95		4,671,601,153.23		4,948,755,853.39		5,104,237,311.82		5,162,703,305.88
DEPOSITS		-277,086,783.93		-18.31		1,513,036,584.54		1,311,034,546.15		1,437,684,538.56		1,423,205,733.93		1,559,535,216.31
Local		-137,036,191.38		-60.71		225,714,906.79		218,952,787.47		246,914,642.04		184,800,521.54		250,159,467.73
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		10,000,000.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		10,000,000.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		-147,036,191.38		-65.14		225,714,906.79		218,952,787.47		245,513,803.60		184,800,521.54		250,159,467.73
Demand		-20,974,559.07		-89.47		23,441,831.87		22,583,638.33		17,629,784.93		13,046,533.96		11,162,032.63
Time		-126,061,632.31		-62.32		202,273,074.92		196,369,149.14		227,884,018.67		171,753,987.58		238,997,435.10
Foreign		-140,050,592.55		-10.88		1,287,321,677.75		1,092,081,758.68		1,190,769,896.52		1,238,405,212.39		1,309,375,748.58
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		-35,608,001.23		-85.51		41,644,075.95		51,474,906.67		46,727,501.29		12,455,066.51		65,565,271.04
Demand		67,004.33		4.58		1,464,075.95		1,474,906.67		2,727,501.29		3,441,152.62		6,535,806.67
Time		-35,675,005.56		-88.79		40,180,000.00		50,000,000.00		44,000,000.00		9,013,913.89		59,029,464.37
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		-104,442,591.32		-8.38		1,245,677,601.80		1,040,606,852.01		1,144,042,395.23		1,225,950,145.88		1,243,810,477.54
Demand		33,361,713.36		38.35		86,983,250.05		94,067,907.24		104,019,526.16		78,317,765.09		37,444,518.18
Time		-137,804,304.68		-11.89		1,158,694,351.75		946,538,944.77		1,040,022,869.07		1,147,632,380.79		1,206,365,959.36
BORROWINGS		29,443,770.18		1.17		2,515,038,597.04		2,646,362,875.95		2,787,614,144.91		2,952,332,271.03		2,902,534,161.46
Local		-10,000,000.00		-25.00		40,000,000.00		40,000,000.00		50,000,000.00		50,000,126.79		50,000,000.00
Foreign		39,443,770.18		1.59		2,475,038,597.04		2,606,362,875.95		2,737,614,144.91		2,902,332,144.24		2,852,534,161.46
OTHER LIABILITIES		76,686,051.09		68.75		111,537,872.66		132,364,806.35		134,356,889.45		147,344,908.68		98,317,207.28
Local		10,019,342.35		184.48		5,431,130.73		4,769,284.35		3,269,484.25		2,468,745.74		11,591,562.43
Foreign		66,666,708.74		62.83		106,106,741.93		127,595,522.00		131,087,405.20		144,876,162.94		86,725,644.85
STOCKHOLDERS´ EQUITY		-93,636,552.62		-15.86		590,211,182.74		581,838,924.86		589,100,280.61		581,354,398.29		602,316,720.95
Capital		1,296,232.76		0.46		281,334,661.62		281,418,007.88		281,495,976.96		281,612,180.17		281,778,127.62
Capital Reserves		0.00		0.00		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67		95,210,153.67
Other Reserves		-4,935,630.00		245.60		-2,009,630.66		-3,992,368.66		-2,735,809.66		-3,981,842.66		-3,232,388.66
Retained Earnings		19,051,062.78		10.89		174,894,542.39		223,306,964.95		223,306,964.95		215,305,532.21		215,305,532.21
Net Income		909,599.53		1.88		48,412,430.48		4,793,662.04		8,998,568.04		14,168,698.56		18,196,171.43
Gain or Loss in Securities available for sale		-109,957,817.69		1440.94		-7,630,974.76		-18,897,495.02		-17,175,573.35		-20,960,323.66		-4,940,875.32
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER'S EQUITY		-264,593,515.28		-5.59		4,729,824,236.98		4,671,601,153.31		4,948,755,853.53		5,104,237,311.93		5,162,703,306.00

* Includes only Panama - New York accounts.

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

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

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

January 5, 2009

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2007 AND JANUARY - NOVEMBER 2008

(In Balboas)**

	2008
Description	May		June		July		August		September		October		November		December
LIQUID ASSETS		336,767,457.10		348,888,538.19		336,729,056.48		473,204,059.94		445,219,951.04		531,826,982.01		517,533,081.58		0.00
Local Deposits in Banks		206,238.55		165,920.03		540,189.06		579,066.57		157,675.75		390,192.73		232,097.53		0.00
Demand		206,238.55		165,920.03		540,189.06		579,066.57		157,675.75		390,192.73		232,097.53		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		336,554,858.90		348,717,340.66		336,183,524.53		472,620,428.43		445,058,874.57		531,431,501.81		517,290,315.97		0.00
Demand		18,354,858.90		14,817,340.66		19,283,524.53		19,120,428.43		204,558,874.57		310,931,501.81		172,290,315.97		0.00
Time		318,200,000.00		333,900,000.00		316,900,000.00		453,500,000.00		240,500,000.00		220,500,000.00		345,000,000.00		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Others		6,359.65		5,277.50		5,342.89		4,564.94		3,400.72		5,287.47		10,668.08		0.00
CREDIT PORTFOLIO		4,027,295,445.25		4,034,845,678.96		4,030,880,094.26		3,883,016,311.03		3,799,062,214.29		3,328,464,639.91		2,948,092,192.88		0.00
Local		377,524,734.90		374,402,937.57		333,249,279.25		345,509,524.58		223,752,461.29		215,639,654.43		186,710,519.81		0.00
Foreign		3,720,115,663.99		3,730,203,493.47		3,767,410,459.07		3,607,419,585.84		3,644,395,741.92		3,181,937,541.77		2,830,524,771.53		0.00
Less Allowance		70,344,953.64		69,760,752.08		69,779,644.06		69,912,799.39		69,085,988.92		69,112,556.29		69,143,098.46		0.00
Local		1,540,276.12		1,445,815.41		1,445,815.41		1,445,815.41		1,949,696.86		1,949,696.86		1,950,045.01		0.00
Foreign		68,804,677.52		68,314,936.67		68,333,828.65		68,466,983.98		67,136,292.06		67,162,859.43		67,193,053.45		0.00
INVESTMENT SECURITIES		919,509,561.07		872,542,626.81		933,310,470.20		944,886,873.58		909,160,095.80		863,816,347.70		921,389,658.84		0.00
Local		77,805,900.00		76,693,917.46		93,139,600.00		93,634,400.00		91,316,750.00		78,710,000.00		85,390,000.00		0.00
Foreign		841,703,661.07		795,848,709.35		840,170,870.20		851,252,473.58		817,843,345.80		785,106,347.70		835,999,658.84		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER ASSETS		122,065,321.83		119,856,242.53		79,637,068.31		78,010,455.22		160,345,706.26		104,708,357.68		78,215,788.41		0.00
Local		6,329,473.83		6,292,165.21		6,742,934.69		8,037,614.17		3,567,555.69		12,930,715.83		13,568,767.01		0.00
Foreign		115,735,848.00		113,564,077.32		72,894,133.62		69,972,841.05		156,778,150.57		91,777,641.85		64,647,021.40		0.00
TOTAL ASSETS		5,405,637,785.25		5,376,133,086.49		5,380,556,689.25		5,379,117,699.77		5,313,787,967.39		4,828,816,327.30		4,465,230,721.71		0.00
DEPOSITS		1,696,862,977.95		1,737,019,470.86		1,702,694,840.47		1,676,054,486.53		1,551,939,765.43		1,320,405,026.77		1,235,949,800.61		0.00
Local		198,473,054.30		154,482,017.68		154,502,943.68		151,925,869.57		103,558,711.21		125,624,855.58		88,678,715.41		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		0.00		0.00		0.00		0.00		0.00		10,000,000.00		10,000,000.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		10,000,000.00		10,000,000.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		198,473,054.30		154,482,017.68		154,502,943.68		151,925,869.57		103,558,711.21		115,624,855.58		78,678,715.41		0.00
Demand		3,465,682.55		3,457,172.14		2,209,452.24		2,443,821.28		2,346,935.70		1,463,687.39		2,467,272.80		0.00
Time		195,007,371.75		151,024,845.54		152,293,491.44		149,482,048.29		101,211,775.51		114,161,168.19		76,211,442.61		0.00
Foreign		1,498,389,923.65		1,582,537,453.18		1,548,191,896.79		1,524,128,616.96		1,448,381,054.22		1,194,780,171.19		1,147,271,085.20		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		56,743,505.02		57,231,388.96		32,261,643.77		35,886,258.47		31,786,972.68		4,188,588.18		6,036,074.72		0.00
Demand		1,716,278.67		2,204,162.61		2,261,643.77		1,886,258.47		1,786,972.68		1,688,588.18		1,531,080.28		0.00
Time		55,027,226.35		55,027,226.35		30,000,000.00		34,000,000.00		30,000,000.00		2,500,000.00		4,504,994.44		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		1,441,646,418.63		1,525,306,064.22		1,515,930,253.02		1,488,242,358.49		1,416,594,081.54		1,190,591,583.01		1,141,235,010.48		0.00
Demand		48,574,467.01		98,552,979.88		74,617,789.92		64,833,685.46		92,309,121.29		111,021,494.07		120,344,963.41		0.00
Time		1,393,071,951.62		1,426,753,084.34		1,441,312,463.10		1,423,408,673.03		1,324,284,960.25		1,079,570,088.94		1,020,890,047.07		0.00
BORROWINGS		2,957,623,261.78		2,890,331,322.68		2,970,814,739.59		2,982,894,717.09		2,969,352,466.44		2,794,589,705.57		2,544,482,367.22		0.00
Local		50,000,000.00		40,000,000.00		40,000,000.00		30,000,000.00		30,000,000.00		30,000,000.00		30,000,000.00		0.00
Foreign		2,907,623,261.78		2,850,331,322.68		2,930,814,739.59		2,952,894,717.09		2,939,352,466.44		2,764,589,705.57		2,514,482,367.22		0.00
OTHER LIABILITIES		131,949,109.68		140,789,924.01		100,150,278.79		107,921,733.96		215,115,888.25		186,528,813.06		188,223,923.75		0.00
Local		15,822,145.54		13,469,233.20		13,558,890.22		13,703,018.47		14,679,835.60		15,287,491.10		15,450,473.08		0.00
Foreign		116,126,964.14		127,320,690.81		86,591,388.57		94,218,715.49		200,436,052.65		171,241,321.96		172,773,450.67		0.00
STOCKHOLDERS´ EQUITY		619,202,435.86		607,992,368.94		606,896,830.42		612,246,762.17		577,379,847.28		527,292,781.93		496,574,630.12		0.00
Capital		281,874,453.37		281,978,936.94		282,074,942.15		282,179,267.52		282,430,010.26		282,532,774.19		282,630,894.38		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		95,210,153.67		0.00
Other Reserves		-1,697,897.66		-3,231,218.66		-5,087,832.66		-4,805,686.66		-4,549,729.66		-6,411,808.66		-6,945,260.66		0.00
Retained Earnings		215,305,532.21		206,212,995.01		207,297,070.69		207,297,070.69		199,288,609.17		199,286,191.37		193,945,605.17		0.00
Net Income		22,898,759.63		30,347,344.27		34,538,167.77		39,193,777.89		44,599,197.68		46,273,826.79		49,322,030.01		0.00
Gain or Loss in Securities available for sale		5,611,434.64		-2,525,842.29		-7,135,671.20		-6,827,820.94		-39,598,393.84		-89,598,355.43		-117,588,792.45		0.00
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER'S EQUITY		5,405,637,785.27		5,376,133,086.49		5,380,556,689.27		5,379,117,699.75		5,313,787,967.40		4,828,816,327.33		4,465,230,721.70		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).

January 5, 2009

STATEMENTS OF INCOME *

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

JANUARY - NOVEMBER 2008

(In Balboas)**

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

* Includes only Panama - New York accounts.

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

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

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

January 5, 2009

STATEMENTS OF INCOME *

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

JANUARY - NOVEMBER 2008

(In Balboas)**

Description	July		August		September		III Quarter		October		November		December		IV Quarter		Year to date
Interest Income		21,130,985.34		21,151,257.10		20,473,547.60		62,755,790.04		19,481,571.86		17,573,066.60		0.00		37,054,638.46		227,136,182.33
Loans		17,476,993.31		17,454,381.24		16,774,582.97		51,705,957.52		16,148,830.19		14,397,452.53		0.00		30,546,282.72		187,311,783.85
Deposits		625,901.60		630,691.09		835,810.05		2,092,402.74		185,328.46		240,935.33		0.00		426,263.79		7,374,877.51
Investments		3,028,090.43		3,066,184.77		2,863,154.58		8,957,429.78		3,147,413.21		2,934,678.74		0.00		6,082,091.95		32,449,520.97
Interest Expense		13,846,560.26		13,849,429.24		13,766,096.79		41,462,086.29		14,374,259.69		12,183,576.33		0.00		26,557,836.02		155,070,913.80
Interest		13,840,419.39		13,846,169.64		13,765,254.37		41,451,843.40		14,370,803.22		12,182,905.84		0.00		26,553,709.06		155,035,710.54
Commissions		6,140.87		3,259.60		842.42		10,242.89		3,456.47		670.49		0.00		4,126.96		35,203.26
Net Interest Income		7,284,425.08		7,301,827.86		6,707,450.81		21,293,703.75		5,107,312.17		5,389,490.27		0.00		10,496,802.44		72,065,268.53
Other Income		604,109.33		257,732.15		1,222,751.72		2,084,593.20		-705,559.47		425,630.64		0.00		-279,928.83		8,070,619.67
Commissions		616,679.69		733,982.73		791,961.98		2,142,624.40		394,111.92		332,089.21		0.00		726,201.13		6,524,046.02
Foreign currency operations		-92,191.98		-937,077.63		77,243.66		-952,025.95		-1,058,730.18		671,958.22		0.00		-386,771.96		-561,947.01
Other Income		79,621.62		460,827.05		353,546.08		893,994.75		-40,941.21		-578,416.79		0.00		-619,358.00		2,108,520.66
Operating Income		7,888,534.41		7,559,560.01		7,930,202.53		23,378,296.95		4,401,752.70		5,815,120.91		0.00		10,216,873.61		80,135,888.20
Operating Expenses		3,697,710.91		2,903,949.89		3,366,436.50		9,968,097.30		2,727,123.60		2,766,917.69		0.00		5,494,041.29		34,859,044.15
Administrative expenses		1,601,643.09		1,622,459.65		1,639,168.75		4,863,271.49		1,632,885.90		1,635,771.20		0.00		3,268,657.10		18,197,657.43
General expenses		438,014.96		518,195.08		415,716.97		1,371,927.01		476,628.05		591,836.80		0.00		1,068,464.85		5,006,551.30
Depreciation		1,185,152.20		280,025.81		200,351.64		1,665,529.65		213,881.46		207,292.73		0.00		421,174.19		3,388,507.28
Other expenses		472,900.66		483,269.35		1,111,199.14		2,067,369.15		403,728.19		332,016.96		0.00		735,745.15		8,266,328.14
Net Income before provision for loan losses		4,190,823.50		4,655,610.12		4,563,766.03		13,410,199.65		1,674,629.10		3,048,203.22		0.00		4,722,832.32		45,276,844.05
Provision for loan losses		0.00		0.00		-841,653.76		-841,653.76		0.00		0.00		0.00		0.00		-4,045,185.94
Net Income		4,190,823.50		4,655,610.12		5,405,419.79		14,251,853.41		1,674,629.10		3,048,203.22		0.00		4,722,832.32		49,322,029.99

* 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).