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 July, 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.

July 31, 2008

Banco Latinoamericano de Exportaciones, S.A.

By: /s/ Pedro Toll

Name: Pedro Toll

Title: Deputy Manager

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2007 Y ENERO - MAYO 2008

(En Balboas)

1 de Julio de 2008

					2007		2008
Descripción	Absoluta		%		Diciembre		Enero		Febrero		Marzo		Abril
ACTIVOS LIQUIDOS		-64,560,328.53		-16.09		401,327,785.63		294,054,753.39		403,828,804.69		487,583,782.85		337,155,177.39
Depositos Locales en Bancos		-79,515.99		-27.83		285,754.54		233,625.57		225,027.61		257,527.62		256,156.02
A la Vista		-79,515.99		-27.83		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		-64,481,480.16		-16.08		401,036,339.06		293,816,988.13		403,599,292.09		487,320,706.18		336,892,774.62
A la Vista		16,918,519.84		1,177.89		1,436,339.06		6,216,988.13		5,099,292.09		3,720,706.18		5,592,774.62
A Plazo		-81,400,000.00		-20.37		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		667.62		11.73		5,692.03		4,139.69		4,484.99		5,549.05		6,246.75
CARTERA CREDITICIA		365,100,751.38		9.97		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		125,042,168.41		49.53		252,482,566.49		259,592,677.23		259,887,677.23		398,281,443.48		394,568,729.90
Extranjero		240,760,345.65		6.92		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		701,762.68		1.01		69,643,190.96		69,881,479.11		69,881,479.11		69,872,105.49		69,872,453.64
Locales		0.00		0.00		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12
Extranjero		701,762.68		1.03		68,102,914.84		68,341,202.99		68,341,202.99		68,331,829.37		68,332,177.52
INVERSIONES EN VALORES		344,200,692.34		59.83		575,308,868.73		720,927,339.13		752,313,401.97		802,295,101.08		879,029,360.69
Locales		5,609,900.00		7.77		72,196,000.00		72,611,200.00		78,024,276.58		78,098,235.64		78,001,617.06
Extranjero		338,590,792.34		67.30		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		31,072,433.11		34.15		90,992,888.72		107,647,561.41		108,664,901.06		109,454,265.51		79,599,768.90
Locales		2,054,820.42		48.07		4,274,653.41		3,776,255.93		4,822,408.82		4,493,961.80		6,599,230.09
Extranjero		29,017,612.69		33.46		86,718,235.31		103,871,305.48		103,842,492.24		104,960,303.71		73,000,538.81
TOTAL DE ACTIVOS		675,813,548.30		14.29		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		183,826,393.41		12.15		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		-27,241,852.49		-12.07		225,714,906.79		218,952,787.47		246,914,642.04		184,800,521.54		250,159,467.73
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		0.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		-27,241,852.49		-12.07		225,714,906.79		218,952,787.47		245,513,803.60		184,800,521.54		250,159,467.73
A la Vista		-19,976,149.32		-85.22		23,441,831.87		22,583,638.33		17,629,784.93		13,046,533.96		11,162,032.63
A Plazo		-7,265,703.17		-3.59		202,273,074.92		196,369,149.14		227,884,018.67		171,753,987.58		238,997,435.10
Extranjero		211,068,245.90		16.40		1,287,321,677.75		1,092,081,758.68		1,190,769,896.52		1,238,405,212.39		1,309,375,748.58
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		15,099,429.07		36.26		41,644,075.95		51,474,906.67		46,727,501.29		12,455,066.51		65,565,271.04
A la Vista		252,202.72		17.23		1,464,075.95		1,474,906.67		2,727,501.29		3,441,152.62		6,535,806.67
A Plazo		14,847,226.35		36.95		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		195,968,816.83		15.73		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		-38,408,783.04		-44.16		86,983,250.05		94,067,907.24		104,019,526.16		78,317,765.09		37,444,518.18
A Plazo		234,377,599.87		20.23		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		442,584,664.74		17.60		2,515,038,597.04		2,646,362,875.95		2,787,614,144.91		2,952,332,271.03		2,902,534,161.46
Locales		10,000,000.00		25.00		40,000,000.00		40,000,000.00		50,000,000.00		50,000,126.79		50,000,000.00
Extranjero		432,584,664.74		17.48		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		20,411,237.02		18.30		111,537,872.66		132,364,806.35		134,356,889.45		147,344,908.68		98,317,207.28
Locales		10,391,014.81		191.32		5,431,130.73		4,769,284.35		3,269,484.25		2,468,745.74		11,591,562.43
Extranjero		10,020,222.21		9.44		106,106,741.93		127,595,522.00		131,087,405.20		144,876,162.94		86,725,644.85
PATRIMONIO		28,991,253.12		4.91		590,211,182.74		581,838,924.86		589,100,280.61		581,354,398.29		602,316,720.95
Capital		539,791.75		0.19		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		311,733.00		-15.51		-2,009,630.66		-3,992,368.66		-2,735,809.66		-3,981,842.66		-3,232,388.66
Utilidad de Periodos Anteriores		40,410,989.82		23.11		174,894,542.39		223,306,964.95		223,306,964.95		215,305,532.21		215,305,532.21
Utilidad de Periodo		-25,513,670.85		-52.70		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		13,242,409.40		-173.53		-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		675,813,548.29		14.29		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

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE DE SITUACIÓN DE DICIEMBRE 2007 Y ENERO - MAYO 2008

(En Balboas)

1 de Julio de 2008

	2008
Descripción	Mayo		Junio		Julio		Agosto		Septiembre		Octubre		Noviembre		Diciembre
ACTIVOS LIQUIDOS		336,767,457.10		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Locales en Bancos		206,238.55		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		206,238.55		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
Depositos Extranjeros en Bancos		336,554,858.90		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		18,354,858.90		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		318,200,000.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otros		6,359.65		0.00		0.00		0.00		0.00		0.00		0.00		0.00
CARTERA CREDITICIA		4,027,295,445.25		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		377,524,734.90		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		3,720,115,663.99		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Menos Provisiones		70,344,953.64		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		1,540,276.12		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		68,804,677.52		0.00		0.00		0.00		0.00		0.00		0.00		0.00
INVERSIONES EN VALORES		919,509,561.07		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		77,805,900.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		841,703,661.07		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Menos Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS ACTIVOS		122,065,321.83		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		6,329,473.83		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		115,735,848.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
TOTAL DE ACTIVOS		5,405,637,785.25		0.00		0.00		0.00		0.00		0.00		0.00		0.00
DEPOSITOS		1,696,862,977.95		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		198,473,054.30		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		198,473,054.30		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		3,465,682.55		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		195,007,371.75		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		1,498,389,923.65		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		56,743,505.02		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		1,716,278.67		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		55,027,226.35		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		1,441,646,418.63		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A la Vista		48,574,467.01		0.00		0.00		0.00		0.00		0.00		0.00		0.00
A Plazo		1,393,071,951.62		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OBLIGACIONES		2,957,623,261.78		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		50,000,000.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		2,907,623,261.78		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTROS PASIVOS		131,949,109.68		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Locales		15,822,145.54		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		116,126,964.14		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PATRIMONIO		619,202,435.86		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Capital		281,874,453.37		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Reservas de Capital		95,210,153.67		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Otras Reservas		-1,697,897.66		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Utilidad de Periodos Anteriores		215,305,532.21		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Utilidad de Periodo		22,898,759.63		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Ganancia o Perdida en Valores Disponible para la venta		5,611,434.64		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		5,405,637,785.27		0.00		0.00		0.00		0.00		0.00		0.00		0.00

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

ENERO - MAYO 2008

(En Balboas)

1 de Julio de 2008

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		0.00		40,658,514.51
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		0.00		33,261,560.32
Depósitos		963,411.63		977,905.19		941,932.87		2,883,249.69		837,802.82		546,334.03		0.00		1,384,136.85
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		0.00		6,012,817.34
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		0.00		27,263,807.99
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		0.00		27,259,908.38
Comisiones		3,275.21		3,987.87		3,796.68		11,059.76		2,878.17		1,021.44		0.00		3,899.61
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		0.00		13,394,706.52
Otros Ingresos		341,795.80		520,165.53		1,053,306.84		1,915,268.17		626,820.04		549,721.64		0.00		1,176,541.68
Comisiones		541,754.03		505,491.03		686,481.33		1,733,726.39		495,604.65		714,567.17		0.00		1,210,171.82
Operaciones con Divisas		-75.15		48,830.21		136,961.92		185,716.98		76,334.70		207,625.59		0.00		283,960.29
Otros ingresos		-199,883.08		-34,155.71		229,863.59		-4,175.20		54,880.69		-372,471.12		0.00		-317,590.43
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		0.00		14,571,248.20
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		0.00		5,841,187.13
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		0.00		3,252,904.52
Gastos Generales		285,612.41		386,276.73		433,369.71		1,105,258.85		833,429.96		424,247.42		0.00		1,257,677.38
Gastos de Depreciación		217,222.95		215,560.48		219,552.46		652,335.89		218,210.99		216,082.99		0.00		434,293.98
Otros Gastos		453,865.04		365,104.41		748,203.26		1,567,172.71		396,337.96		499,973.29		0.00		896,311.25
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		0.00		8,730,061.07
Provisiones por Cuentas Malas		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
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		0.00		8,730,061.07

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

ENERO - MAYO 2008

(En Balboas)

1 de Julio de 2008

Descripcion	Julio		Agosto		Septiembre		Trimestre III		Octubre		Noviembre		Diciembre		Trimestre IV		Acumulado Anual
Ingresos Por Intereses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		107,514,337.63
Préstamos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		88,631,121.10
Depósitos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		4,267,386.54
Inversiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		14,615,829.99
Egresos de Operaciones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		73,775,162.51
Intereses Pagados		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		73,760,203.14
Comisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		14,959.37
Ingreso Neto de Intereses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		33,739,175.12
Otros Ingresos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		3,091,809.85
Comisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,943,898.21
Operaciones con Divisas		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		469,677.27
Otros ingresos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-321,765.63
Ingresos de Operaciones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		36,830,984.97
Egresos Generales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		13,932,225.35
Gastos Administrativos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		8,019,175.29
Gastos Generales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,362,936.23
Gastos de Depreciación		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		1,086,629.87
Otros Gastos		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,463,483.96
Utilidad antes de Provisiones		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		22,898,759.62
Provisiones por Cuentas Malas		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Utilidad del Periodo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		22,898,759.62

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2007 AND JANUARY - MAY 2008

(In Balboas)**

July 1, 2008

					2007		2008
Description	Absolute		%		December		January		February		March		April
LIQUID ASSETS		-64,560,328.53		-16.09		401,327,785.63		294,054,753.39		403,828,804.69		487,583,782.85		337,155,177.39
Local Deposits in Banks		-79,515.99		-27.83		285,754.54		233,625.57		225,027.61		257,527.62		256,156.02
Demand		-79,515.99		-27.83		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		-64,481,480.16		-16.08		401,036,339.06		293,816,988.13		403,599,292.09		487,320,706.18		336,892,774.62
Demand		16,918,519.84		1,177.89		1,436,339.06		6,216,988.13		5,099,292.09		3,720,706.18		5,592,774.62
Time		-81,400,000.00		-20.37		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		667.62		11.73		5,692.03		4,139.69		4,484.99		5,549.05		6,246.75
CREDIT PORTFOLIO		365,100,751.38		9.97		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		125,042,168.41		49.53		252,482,566.49		259,592,677.23		259,887,677.23		398,281,443.48		394,568,729.90
Foreign		240,760,345.65		6.92		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		701,762.68		1.01		69,643,190.96		69,881,479.11		69,881,479.11		69,872,105.49		69,872,453.64
Local		0.00		0.00		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12		1,540,276.12
Foreign		701,762.68		1.03		68,102,914.84		68,341,202.99		68,341,202.99		68,331,829.37		68,332,177.52
INVESTMENT SECURITIES		344,200,692.34		59.83		575,308,868.73		720,927,339.13		752,313,401.97		802,295,101.08		879,029,360.69
Local		5,609,900.00		7.77		72,196,000.00		72,611,200.00		78,024,276.58		78,098,235.64		78,001,617.06
Foreign		338,590,792.34		67.30		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		31,072,433.11		34.15		90,992,888.72		107,647,561.41		108,664,901.06		109,454,265.51		79,599,768.90
Local		2,054,820.42		48.07		4,274,653.41		3,776,255.93		4,822,408.82		4,493,961.80		6,599,230.09
Foreign		29,017,612.69		33.46		86,718,235.31		103,871,305.48		103,842,492.24		104,960,303.71		73,000,538.81
TOTAL ASSETS		675,813,548.30		14.29		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		183,826,393.41		12.15		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		-27,241,852.49		-12.07		225,714,906.79		218,952,787.47		246,914,642.04		184,800,521.54		250,159,467.73
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		0.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		1,400,838.44		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		-27,241,852.49		-12.07		225,714,906.79		218,952,787.47		245,513,803.60		184,800,521.54		250,159,467.73
Demand		-19,976,149.32		-85.22		23,441,831.87		22,583,638.33		17,629,784.93		13,046,533.96		11,162,032.63
Time		-7,265,703.17		-3.59		202,273,074.92		196,369,149.14		227,884,018.67		171,753,987.58		238,997,435.10
Foreign		211,068,245.90		16.40		1,287,321,677.75		1,092,081,758.68		1,190,769,896.52		1,238,405,212.39		1,309,375,748.58
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		15,099,429.07		36.26		41,644,075.95		51,474,906.67		46,727,501.29		12,455,066.51		65,565,271.04
Demand		252,202.72		17.23		1,464,075.95		1,474,906.67		2,727,501.29		3,441,152.62		6,535,806.67
Time		14,847,226.35		36.95		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		195,968,816.83		15.73		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		-38,408,783.04		-44.16		86,983,250.05		94,067,907.24		104,019,526.16		78,317,765.09		37,444,518.18
Time		234,377,599.87		20.23		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		442,584,664.74		17.60		2,515,038,597.04		2,646,362,875.95		2,787,614,144.91		2,952,332,271.03		2,902,534,161.46
Local		10,000,000.00		25.00		40,000,000.00		40,000,000.00		50,000,000.00		50,000,126.79		50,000,000.00
Foreign		432,584,664.74		17.48		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		20,411,237.02		18.30		111,537,872.66		132,364,806.35		134,356,889.45		147,344,908.68		98,317,207.28
Local		10,391,014.81		191.32		5,431,130.73		4,769,284.35		3,269,484.25		2,468,745.74		11,591,562.43
Foreign		10,020,222.21		9.44		106,106,741.93		127,595,522.00		131,087,405.20		144,876,162.94		86,725,644.85
STOCKHOLDERS´ EQUITY		28,991,253.12		4.91		590,211,182.74		581,838,924.86		589,100,280.61		581,354,398.29		602,316,720.95
Capital		539,791.75		0.19		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		311,733.00		-15.51		-2,009,630.66		-3,992,368.66		-2,735,809.66		-3,981,842.66		-3,232,388.66
Retained Earnings		40,410,989.82		23.11		174,894,542.39		223,306,964.95		223,306,964.95		215,305,532.21		215,305,532.21
Net Income		-25,513,670.85		-52.70		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		13,242,409.40		-173.53		-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		675,813,548.29		14.29		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).

BANCO LATINOAMERICANO DE EXPORTACIONES

BALANCE SHEETS* DECEMBER 2007 AND JANUARY - MAY 2008

(In Balboas)**

July 1, 2008

	2008
Description	May		June		July		August		September		October		November		December
LIQUID ASSETS		336,767,457.10		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local Deposits in Banks		206,238.55		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		206,238.55		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
Foreign Deposits in Banks		336,554,858.90		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		18,354,858.90		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		318,200,000.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Others		6,359.65		0.00		0.00		0.00		0.00		0.00		0.00		0.00
CREDIT PORTFOLIO		4,027,295,445.25		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		377,524,734.90		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		3,720,115,663.99		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Less Allowance		70,344,953.64		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		1,540,276.12		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		68,804,677.52		0.00		0.00		0.00		0.00		0.00		0.00		0.00
INVESTMENT SECURITIES		919,509,561.07		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		77,805,900.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		841,703,661.07		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Less Allowance		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER ASSETS		122,065,321.83		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		6,329,473.83		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		115,735,848.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
TOTAL ASSETS		5,405,637,785.25		0.00		0.00		0.00		0.00		0.00		0.00		0.00
DEPOSITS		1,696,862,977.95		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		198,473,054.30		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		198,473,054.30		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		3,465,682.55		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		195,007,371.75		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		1,498,389,923.65		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		56,743,505.02		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		1,716,278.67		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		55,027,226.35		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		1,441,646,418.63		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Demand		48,574,467.01		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		1,393,071,951.62		0.00		0.00		0.00		0.00		0.00		0.00		0.00
BORROWINGS		2,957,623,261.78		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		50,000,000.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		2,907,623,261.78		0.00		0.00		0.00		0.00		0.00		0.00		0.00
OTHER LIABILITIES		131,949,109.68		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Local		15,822,145.54		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		116,126,964.14		0.00		0.00		0.00		0.00		0.00		0.00		0.00
STOCKHOLDERS´ EQUITY		619,202,435.86		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Capital		281,874,453.37		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Capital Reserves		95,210,153.67		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Other Reserves		-1,697,897.66		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Retained Earnings		215,305,532.21		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Net Income		22,898,759.63		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Gain or Loss in Securities available for sale		5,611,434.64		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER'S EQUITY		5,405,637,785.27		0.00		0.00		0.00		0.00		0.00		0.00		0.00

* Includes only Panama - New York accounts.

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

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

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

STATEMENTS OF INCOME *

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

JANUARY - MAY 2008

(In Balboas)**

July 1, 2008

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		0.00		40,658,514.51
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		0.00		33,261,560.32
Deposits		963,411.63		977,905.19		941,932.87		2,883,249.69		837,802.82		546,334.03		0.00		1,384,136.85
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		0.00		6,012,817.34
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		0.00		27,263,807.99
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		0.00		27,259,908.38
Commissions		3,275.21		3,987.87		3,796.68		11,059.76		2,878.17		1,021.44		0.00		3,899.61
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		0.00		13,394,706.52
Other Income		341,795.80		520,165.53		1,053,306.84		1,915,268.17		626,820.04		549,721.64		0.00		1,176,541.68
Commissions		541,754.03		505,491.03		686,481.33		1,733,726.39		495,604.65		714,567.17		0.00		1,210,171.82
Foreign currency operations		-75.15		48,830.21		136,961.92		185,716.98		76,334.70		207,625.59		0.00		283,960.29
Other Income		-199,883.08		-34,155.71		229,863.59		-4,175.20		54,880.69		-372,471.12		0.00		-317,590.43
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		0.00		14,571,248.20
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		0.00		5,841,187.13
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		0.00		3,252,904.52
General expenses		285,612.41		386,276.73		433,369.71		1,105,258.85		833,429.96		424,247.42		0.00		1,257,677.38
Depreciation		217,222.95		215,560.48		219,552.46		652,335.89		218,210.99		216,082.99		0.00		434,293.98
Other expenses		453,865.04		365,104.41		748,203.26		1,567,172.71		396,337.96		499,973.29		0.00		896,311.25
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		0.00		8,730,061.07
Provision for loan losses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
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		0.00		8,730,061.07

* 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).

STATEMENTS OF INCOME *

BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

JANUARY - MAY 2008

(In Balboas)**

July 1, 2008

Description	July		August		September		III Quarter		October		November		December		IV Quarter		Year to date
Interest Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		107,514,337.63
Loans		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		88,631,121.10
Deposits		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		4,267,386.54
Investments		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		14,615,829.99
Interest Expense		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		73,775,162.51
Interest		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		73,760,203.14
Commissions		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		14,959.37
Net Interest Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		33,739,175.12
Other Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		3,091,809.85
Commissions		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,943,898.21
Foreign currency operations		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		469,677.27
Other Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		-321,765.63
Operating Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		36,830,984.97
Operating Expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		13,932,225.35
Administrative expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		8,019,175.29
General expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,362,936.23
Depreciation		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		1,086,629.87
Other expenses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		2,463,483.96
Net Income before provision for loan losses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		22,898,759.62
Provision for loan losses		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Net Income		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00		22,898,759.62

* 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).