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 February, 2006

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 6-1497
El Dorado, Panama City
Republic of Panama
(Address of Registrant’s Principal Executive Offices)

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

Form 20-F x Form 40-F o

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

Yes o No x

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

SIGNATURES

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

February 14, 2006

	Banco Latinoamericano de Exportaciones, S.A.


	By:	/s/ Pedro Toll

	Name:	Pedro Toll
	Title:	Deputy Manager

		30 de Enero 2006
	BANCO LATINOAMERICANO DE EXPORTACIONES BALANCE DE SITUACIÓN DE DICIEMBRE 2004 Y NOVIEMBRE 2005 (En Balboas)

	Absoluta				2004		2005

Descripción			%		Diciembre		Enero		Febrero		Marzo		Abril

ACTIVOS LIQUIDOS		19,448,383.51		12.57		154,765,632.34		126,835,963.62		93,130,123.32		246,830,814.22		165,746,337.28
Depositos Locales en Bancos		-8,783.75		-6.84		128,486.56		131,768.05		180,635.27		183,308.41		177,498.31
A la Vista		-8,783.75		-6.84		128,486.56		131,768.05		180,635.27		183,308.41		177,498.31
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		19,554,636.57		12.65		154,527,646.17		126,587,803.14		92,827,450.78		246,584,754.28		165,559,032.80
A la Vista		1,804,636.57		130.99		1,377,646.17		1,687,803.14		1,427,450.78		1,384,754.28		1,659,032.80
A Plazo		17,750,000.00		11.59		153,150,000.00		124,900,000.00		91,400,000.00		245,200,000.00		163,900,000.00
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		-97,469.31		-89.01		109,499.61		116,392.43		122,037.27		62,751.53		9,806.17
CARTERA CREDITICIA		75,177,049.78		3.22		2,335,333,746.88		2,200,288,081.94		2,311,552,908.36		2,230,311,623.92		2,195,065,026.95
Locales		-140,382,427.42		-44.36		316,462,763.13		306,197,617.57		313,957,482.59		256,924,470.10		260,334,272.43
Extranjero		168,808,537.24		7.94		2,125,223,091.05		1,987,270,083.63		2,092,122,463.44		2,054,955,611.40		2,016,299,212.10
Menos Provisiones		-46,750,939.96		-43.96		106,352,107.30		93,179,619.26		94,527,037.67		81,568,457.58		81,568,457.58
Locales		-26,673,388.10		-83.42		31,974,024.79		27,171,299.54		27,167,345.67		26,264,424.84		26,266,815.10
Extranjero		-20,077,551.86		-26.99		74,378,082.51		66,008,319.72		67,359,692.00		55,304,032.74		55,301,642.48
INVERSIONES EN VALORES		-37,029,601.83		-18.72		197,784,333.38		222,360,047.07		213,075,795.11		179,575,569.81		134,020,253.33
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		-37,029,601.83		-18.72		197,784,333.38		222,360,047.07		213,075,795.11		179,575,569.81		134,020,253.33
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		116,203,172.53		203.85		57,003,647.40		58,632,178.31		73,140,071.71		127,214,062.09		87,102,153.62
Locales		3,801,207.68		64.73		5,872,777.14		6,035,440.75		7,996,788.06		46,262,694.53		6,722,957.13
Extranjero		112,401,964.85		219.83		51,130,870.26		52,596,737.56		65,143,283.65		80,951,367.56		80,379,196.49
TOTAL DE ACTIVOS		173,799,003.99		6.33		2,744,887,360.00		2,608,116,270.94		2,690,898,898.50		2,783,932,070.04		2,581,933,771.18
DEPOSITOS		132,787,141.83		15.37		864,159,586.65		750,176,227.21		830,395,806.10		823,423,706.76		779,255,632.17
Locales		-2,991,703.76		-4.29		69,749,340.19		60,224,754.12		58,953,550.20		41,095,532.80		60,665,832.06
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particuales		19,741.37		42.82		46,100.25		48,524.57		50,630.42		53,115.11		55,604.19
A la Vista		19,741.37		42.82		46,100.25		48,524.57		50,630.42		53,115.11		55,604.19
A Plazo		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
De Bancos		-3,011,445.13		-4.32		69,703,239.94		60,176,229.55		58,902,919.78		41,042,417.69		60,610,227.87
A la Vista		-5,941,610.47		-43.68		13,602,639.88		8,694,751.76		9,410,535.93		3,537,389.33		10,599,365.88
A Plazo		2,930,165.34		5.22		56,100,600.06		51,481,477.79		49,492,383.85		37,505,028.36		50,010,861.99
Extranjero		135,778,845.59		17.09		794,410,246.46		689,951,473.09		771,442,255.90		782,328,173.96		718,589,800.11
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		2,909,824.45		7.99		36,435,727.50		31,442,261.15		47,444,513.74		66,447,123.34		36,317,830.03
A la Vista		103,024.45		8.29		1,242,527.50		1,249,061.15		1,251,313.74		1,253,923.34		1,317,830.03
A Plazo		2,806,800.00		7.98		35,193,200.00		30,193,200.00		46,193,200.00		65,193,200.00		35,000,000.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		132,869,021.14		17.53		757,974,518.96		658,509,211.94		723,997,742.16		715,881,050.62		682,271,970.08
A la Vista		440,324.04		5.70		7,727,920.49		7,638,493.80		8,031,826.70		8,973,604.08		8,792,555.11
A Plazo		132,428,697.10		17.65		750,246,598.47		650,870,718.14		715,965,915.46		706,907,446.54		673,479,414.97
OBLIGACIONES		-23,419,502.32		-2.10		1,116,199,364.39		1,091,852,850.63		1,083,644,441.38		1,148,782,105.22		1,071,800,107.78
Locales		-20,130,704.85		-65.09		30,926,544.85		30,926,544.85		30,926,544.85		24,077,680.89		21,611,836.71
Extranjero		-3,288,797.47		-0.30		1,085,272,819.54		1,060,926,305.78		1,052,717,896.53		1,124,704,424.33		1,050,188,271.07
OTROS PASIVOS		107,748,517.06		104.19		103,413,073.51		93,237,233.41		92,920,056.59		199,451,274.80		115,279,278.44
Locales		1,004,049.22		22.27		4,507,676.94		4,225,532.21		3,581,309.98		6,249,761.29		3,621,140.96
Extranjero		106,744,467.84		107.93		98,905,396.57		89,011,701.20		89,338,746.61		193,201,513.51		111,658,137.48
PATRIMONIO		-43,317,152.58		-6.55		661,115,335.45		672,849,959.69		683,938,594.43		612,274,983.26		615,598,752.79
Capital		-13,655,564.81		-4.25		321,137,166.85		321,137,166.85		321,137,166.85		321,154,087.69		321,154,087.69
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		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Utilidad de Periodos Anteriores		46,576,032.82		48.05		96,937,866.40		238,685,540.45		238,685,540.05		155,044,373.42		155,044,373.20
Utilidad de Periodo		-71,004,401.90		-50.09		141,747,674.21		11,747,113.56		24,509,416.27		40,046,899.78		41,663,920.47
Ganancia o Perdida en Valores Disponible para la venta		-5,233,218.69		-86.04		6,082,474.32		6,069,985.16		4,396,317.59		819,468.70		2,526,217.76
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		173,799,003.99		6.33		2,744,887,360.00		2,608,116,270.94		2,690,898,898.50		2,783,932,070.04		2,581,933,771.18

	2005

Descripción	Mayo		Junio		Julio		Agosto		Septiembre		Octubre		Noviembre		Diciembre

ACTIVOS LIQUIDOS		125,380,354.01		164,116,649.45		166,129,612.46		159,795,987.38		207,343,679.15		99,488,819.89		174,214,015.85		0.00
Depositos Locales en Bancos		217,923.04		235,315.13		128,236.24		123,445.09		169,358.44		133,788.20		119,702.81		0.00
A la Vista		217,923.04		235,315.13		128,236.24		123,445.09		169,358.44		133,788.20		119,702.81		0.00
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		125,150,503.59		163,844,242.64		165,986,645.14		159,658,813.98		207,164,607.54		99,342,898.20		174,082,282.74		0.00
A la Vista		1,550,503.59		1,344,242.64		1,286,645.14		2,858,813.98		3,264,607.54		3,242,898.20		3,182,282.74		0.00
A Plazo		123,600,000.00		162,500,000.00		164,700,000.00		156,800,000.00		203,900,000.00		96,100,000.00		170,900,000.00		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		11,927.38		37,091.68		14,731.08		13,728.31		9,713.17		12,133.49		12,030.30		0.00
CARTERA CREDITICIA		2,109,455,510.83		2,168,389,848.69		2,232,042,251.37		2,184,745,347.76		2,303,599,131.18		2,291,626,326.05		2,410,510,796.66		0.00
Locales		195,854,139.09		188,854,006.60		176,926,371.26		157,776,236.70		166,276,258.25		164,776,119.88		176,080,335.71		0.00
Extranjero		1,995,169,829.32		2,055,241,010.71		2,133,192,508.21		2,105,106,513.23		2,196,831,734.45		2,186,451,373.51		2,294,031,628.29		0.00
Menos Provisiones		81,568,457.58		75,705,168.62		78,076,628.10		78,137,402.17		59,508,861.52		59,601,167.34		59,601,167.34		0.00
Locales		25,913,946.03		25,814,699.06		6,690,068.62		6,597,879.04		5,318,493.85		5,435,750.59		5,300,636.69		0.00
Extranjero		55,654,511.55		49,890,469.56		71,386,559.48		71,539,523.13		54,190,367.67		54,165,416.75		54,300,530.65		0.00
INVERSIONES EN VALORES		101,257,246.28		90,134,215.65		121,055,920.72		224,740,424.69		271,124,564.31		266,584,952.62		160,754,731.55		0.00
Locales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Extranjero		101,257,246.28		90,134,215.65		121,055,920.72		224,740,424.69		271,124,564.31		266,584,952.62		160,754,731.55		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		91,311,898.32		86,921,829.37		91,763,468.53		98,392,466.37		97,536,981.24		103,706,247.79		173,206,819.93		0.00
Locales		5,824,467.33		6,393,431.20		9,767,325.11		9,570,363.73		8,926,928.44		9,099,765.25		9,673,984.82		0.00
Extranjero		85,487,430.99		80,528,398.17		81,996,143.42		88,822,102.64		88,610,052.80		94,606,482.54		163,532,835.11		0.00
TOTAL DE ACTIVOS		2,427,405,009.44		2,509,562,543.16		2,610,991,253.08		2,667,674,226.20		2,879,604,355.88		2,761,406,346.35		2,918,686,363.99		0.00
DEPOSITOS		809,831,152.87		905,061,289.11		906,840,369.23		818,022,782.83		1,005,729,331.04		973,620,520.46		996,946,728.48		0.00
Locales		46,651,430.45		53,964,285.31		49,841,636.59		46,541,848.80		75,140,230.47		57,867,055.15		66,757,636.43		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particuales		58,122.95		60,640.16		63,169.91		65,740.53		68,247.15		70,907.03		65,841.62		0.00
A la Vista		58,122.95		60,640.16		63,169.91		65,740.53		68,247.15		70,907.03		65,841.62		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		46,593,307.50		53,903,645.15		49,778,466.68		46,476,108.27		75,071,983.32		57,796,148.12		66,691,794.81		0.00
A la Vista		8,065,956.93		12,564,555.48		8,006,961.52		3,685,014.14		5,257,634.24		5,183,185.08		7,661,029.41		0.00
A Plazo		38,527,350.57		41,339,089.67		41,771,505.16		42,791,094.13		69,814,349.08		52,612,963.04		59,030,765.40		0.00
Extranjero		763,179,722.42		851,097,003.80		856,998,732.64		771,480,934.03		930,589,100.57		915,753,465.31		930,189,092.05		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		36,321,376.46		66,322,078.69		36,329,487.82		36,333,274.55		41,836,883.26		39,345,089.93		39,345,551.95		0.00
A la Vista		1,321,376.46		1,322,078.69		1,329,487.82		1,333,274.55		1,336,883.26		1,345,089.93		1,345,551.95		0.00
A Plazo		35,000,000.00		65,000,000.00		35,000,000.00		35,000,000.00		40,500,000.00		38,000,000.00		38,000,000.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		726,858,345.96		784,774,925.11		820,669,244.82		735,147,659.48		888,752,217.31		876,408,375.38		890,843,540.10		0.00
A la Vista		9,081,609.74		7,484,766.32		7,725,660.46		7,810,164.81		8,949,638.93		7,780,648.13		8,168,244.53		0.00
A Plazo		717,776,736.22		777,290,158.79		812,943,584.36		727,337,494.67		879,802,578.38		868,627,727.25		882,675,295.57		0.00
OBLIGACIONES		885,343,879.21		869,715,206.28		970,334,725.92		1,113,195,670.56		1,120,512,676.88		1,032,161,093.63		1,092,779,862.07		0.00
Locales		8,298,810.00		20,855,194.60		20,855,194.60		20,956,726.29		30,937,952.19		30,937,952.19		10,795,840.00		0.00
Extranjero		877,045,069.21		848,860,011.68		949,479,531.32		1,092,238,944.27		1,089,574,724.69		1,001,223,141.44		1,081,984,022.07		0.00
OTROS PASIVOS		120,411,105.61		124,578,025.26		121,678,500.95		124,364,492.93		138,635,770.63		140,498,117.32		211,161,590.57		0.00
Locales		3,301,107.18		3,344,917.70		3,683,226.85		3,777,233.24		4,069,272.05		4,825,288.90		5,511,726.16		0.00
Extranjero		117,109,998.43		121,233,107.56		117,995,274.10		120,587,259.69		134,566,498.58		135,672,828.42		205,649,864.41		0.00
PATRIMONIO		611,818,871.75		610,208,022.51		612,137,656.98		612,091,279.88		614,726,577.33		615,126,614.94		617,798,182.87		0.00
Capital		316,071,772.45		315,835,551.61		315,977,417.20		313,904,553.03		307,496,965.04		307,496,965.04		307,481,602.04		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		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Utilidad de Periodos Anteriores		155,044,373.24		149,289,882.71		149,242,926.35		149,242,926.35		143,513,899.12		143,513,899.12		143,513,899.22		0.00
Utilidad de Periodo		43,742,069.87		48,168,218.58		50,420,029.40		52,681,974.87		63,706,675.62		66,074,900.16		70,743,272.31		0.00
Ganancia o Perdida en Valores Disponible para la venta		1,750,502.52		1,704,215.94		1,287,130.36		1,051,671.96		4,798,883.88		2,830,696.95		849,255.63		0.00
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		2,427,405,009.44		2,509,562,543.16		2,610,991,253.08		2,667,674,226.20		2,879,604,355.88		2,761,406,346.35		2,918,686,363.99		0.00

		30 de Enero de 2006

	ESTADO DE RESULTADO BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. NOVIEMBRE 2005
	(En Balboas)

Descripcion	Enero		Febrero		Marzo		Trimestre I		Abril		Mayo		Junio		Trimestre II

Ingresos Por Intereses		9,109,529.14		6,630,895.55		10,935,269.10		26,675,693.79		8,771,964.38		7,894,063.55		8,394,976.13		25,061,004.06
Préstamos		7,987,032.78		5,435,131.34		9,675,268.73		23,097,432.85		7,529,648.62		6,966,109.26		7,590,661.07		22,086,418.95
Depósitos		272,712.32		235,749.66		362,790.80		871,252.78		432,625.23		395,823.74		377,428.58		1,205,877.55
Inversiones		849,784.04		960,014.55		897,209.57		2,707,008.16		809,690.53		532,130.55		426,886.48		1,768,707.56
Egresos de Operaciones		4,727,393.98		4,280,980.75		6,529,684.34		15,538,059.07		5,173,680.14		5,003,978.66		4,952,743.44		15,130,402.24
Intereses Pagados		4,719,229.04		4,273,117.58		6,535,751.90		15,528,098.52		5,170,247.88		5,001,390.69		4,949,985.66		15,121,624.23
Comisiones		8,164.94		7,863.17		-6,067.56		9,960.55		3,432.26		2,587.97		2,757.78		8,778.01
Ingreso Neto de Intereses		4,382,135.16		2,349,914.80		4,405,584.76		11,137,634.72		3,598,284.24		2,890,084.89		3,442,232.69		9,930,601.82
Otros Ingresos		346,038.36		1,520,243.44		-116,318.38		1,749,963.42		-240,226.74		1,194,927.08		213,064.54		1,167,764.88
Comisiones		334,501.70		337,129.40		926,409.93		1,598,041.03		346,839.66		386,381.25		300,640.23		1,033,861.14
Operaciones con Divisas		11,536.66		-2,391.89		-9,770.60		-625.83		65,810.38		1,833,674.88		-1,858,931.82		40,553.44
Otros ingresos		0.00		1,185,505.93		-1,032,957.71		152,548.22		-652,876.78		-1,025,129.05		1,771,356.13		93,350.30
Ingresos de Operaciones		4,728,173.52		3,870,158.24		4,289,266.38		12,887,598.14		3,358,057.50		4,085,011.97		3,655,297.23		11,098,366.70
Egresos Generales		6,157,781.05		-10,239,562.88		-3,258,917.78		-7,340,699.61		1,741,036.81		2,006,863.49		5,092,437.66		8,840,337.96
Gastos Administrativos		919,974.84		1,187,710.00		1,814,645.70		3,922,330.54		1,187,177.08		1,376,693.10		1,162,802.45		3,726,672.63
Gastos Generales		193,085.86		330,270.68		444,937.95		968,294.49		299,958.83		430,561.08		358,415.15		1,088,935.06
Gastos de Depreciación		79,400.74		72,949.14		85,413.47		237,763.35		77,316.16		80,287.05		75,926.42		233,529.63
Otros Gastos		4,965,319.61		-11,830,492.70		-5,603,914.90		-12,469,087.99		176,584.74		119,322.26		3,495,293.64		3,791,200.64
Utilidad antes de Provisiones		-1,429,607.53		14,109,721.12		7,548,184.16		20,228,297.75		1,617,020.69		2,078,148.48		-1,437,140.43		2,258,028.74
Provisiones por Cuentas Malas		-13,176,721.09		1,347,418.41		-7,989,299.35		-19,818,602.03		0.00		0.00		-5,863,289.14		-5,863,289.14
Utilidad del Periodo		11,747,113.56		12,762,302.71		15,537,483.51		40,046,899.78		1,617,020.69		2,078,148.48		4,426,148.71		8,121,317.88

Descripcion	Julio		Agosto		Septiembre		Trimestre III		Octubre		Noviembre		Diciembre		Trimestre IV		Acumulado Anual

Ingresos Por Intereses		9,134,735.75		9,610,222.82		11,213,871.09		29,958,829.66		11,427,440.35		11,291,424.43		0.00		22,718,864.78		104,414,392.29
Préstamos		8,229,512.50		8,406,468.39		9,646,275.58		26,282,256.47		9,719,743.86		9,688,143.78		0.00		19,407,887.64		90,873,995.91
Depósitos		486,503.73		490,406.17		472,742.08		1,449,651.98		485,714.62		455,614.74		0.00		941,329.36		4,468,111.67
Inversiones		418,719.52		713,348.26		1,094,853.43		2,226,921.21		1,221,981.87		1,147,665.91		0.00		2,369,647.78		9,072,284.71
Egresos de Operaciones		5,330,644.95		6,118,101.49		6,846,790.04		18,295,536.48		6,975,217.68		7,332,480.59		0.00		14,307,698.27		63,271,696.06
Intereses Pagados		5,328,616.13		6,116,596.86		6,845,399.70		18,290,612.69		6,972,379.77		7,329,089.63		0.00		14,301,469.40		63,241,804.84
Comisiones		2,028.82		1,504.63		1,390.34		4,923.79		2,837.91		3,390.96		0.00		6,228.87		29,891.22
Ingreso Neto de Intereses		3,804,090.80		3,492,121.33		4,367,081.05		11,663,293.18		4,452,222.67		3,958,943.84		0.00		8,411,166.51		41,142,696.23
Otros Ingresos		472,443.57		538,820.38		575,401.46		1,586,665.41		77,862.38		2,898,409.28		0.00		2,976,271.66		7,480,665.37
Comisiones		466,407.08		536,073.95		549,295.93		1,551,776.96		566,429.27		542,600.02		0.00		1,109,029.29		5,292,708.42
Operaciones con Divisas		5,854.40		2,746.43		24,335.99		32,936.82		-4,592.30		9,203.25		0.00		4,610.95		77,475.38
Otros ingresos		182.09		0.00		1,769.54		1,951.63		-483,974.59		2,346,606.01		0.00		1,862,631.42		2,110,481.57
Ingresos de Operaciones		4,276,534.37		4,030,941.71		4,942,482.51		13,249,958.59		4,530,085.05		6,857,353.12		0.00		11,387,438.17		48,623,361.60
Egresos Generales		2,024,723.55		1,768,996.24		12,524,701.10		16,318,420.89		2,161,860.51		2,188,980.97		0.00		4,350,841.48		22,168,900.72
Gastos Administrativos		1,276,820.04		1,177,116.15		1,479,232.60		3,933,168.79		1,362,741.88		1,277,723.80		0.00		2,640,465.68		14,222,637.64
Gastos Generales		408,674.56		385,276.02		441,389.82		1,235,340.40		327,250.95		477,934.06		0.00		805,185.01		4,097,754.96
Gastos de Depreciación		78,457.88		56,552.37		55,430.69		190,440.94		57,034.72		55,010.45		0.00		112,045.17		773,779.09
Otros Gastos		260,771.07		150,051.70		10,548,647.99		10,959,470.76		414,832.96		378,312.66		0.00		793,145.62		3,074,729.03
Utilidad antes de Provisiones		2,251,810.82		2,261,945.47		-7,582,218.59		-3,068,462.30		2,368,224.54		4,668,372.15		0.00		7,036,596.69		26,454,460.88
Provisiones por Cuentas Malas		0.00		0.00		-18,606,919.34		-18,606,919.34		0.00		0.00		0.00		0.00		-44,288,810.51
Utilidad del Periodo		2,251,810.82		2,261,945.47		11,024,700.75		15,538,457.04		2,368,224.54		4,668,372.15		0.00		7,036,596.69		70,743,271.39

		January 30, 2006
	BANCO LATINOAMERICANO DE EXPORTACIONES BALANCE SHEETS* December 2004 and November 2005 (In Balboas)**

	Absolute				2004		2005

Description			%		December		January		February		March		April

LIQUID ASSETS		19,448,383.51		12.57		154,765,632.34		126,835,963.62		93,130,123.32		246,830,814.22		165,746,337.28
Local Deposits in Banks		-8,783.75		-6.84		128,486.56		131,768.05		180,635.27		183,308.41		177,498.31
Demand		-8,783.75		-6.84		128,486.56		131,768.05		180,635.27		183,308.41		177,498.31
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		19,554,636.57		12.65		154,527,646.17		126,587,803.14		92,827,450.78		246,584,754.28		165,559,032.80
Demand		1,804,636.57		130.99		1,377,646.17		1,687,803.14		1,427,450.78		1,384,754.28		1,659,032.80
Time		17,750,000.00		11.59		153,150,000.00		124,900,000.00		91,400,000.00		245,200,000.00		163,900,000.00
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		-97,469.31		-89.01		109,499.61		116,392.43		122,037.27		62,751.53		9,806.17
CREDIT PORTFOLIO		75,177,049.78		3.22		2,335,333,746.88		2,200,288,081.94		2,311,552,908.36		2,230,311,623.92		2,195,065,026.95
Local		-140,382,427.42		-44.36		316,462,763.13		306,197,617.57		313,957,482.59		256,924,470.10		260,334,272.43
Foreign		168,808,537.24		7.94		2,125,223,091.05		1,987,270,083.63		2,092,122,463.44		2,054,955,611.40		2,016,299,212.10
Less Allowance		-46,750,939.96		-43.96		106,352,107.30		93,179,619.26		94,527,037.67		81,568,457.58		81,568,457.58
Local		-26,673,388.10		-83.42		31,974,024.79		27,171,299.54		27,167,345.67		26,264,424.84		26,266,815.10
Foreign		-20,077,551.86		-26.99		74,378,082.51		66,008,319.72		67,359,692.00		55,304,032.74		55,301,642.48
INVESTMENT SECURITIES		-37,029,601.83		-18.72		197,784,333.38		222,360,047.07		213,075,795.11		179,575,569.81		134,020,253.33
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		-37,029,601.83		-18.72		197,784,333.38		222,360,047.07		213,075,795.11		179,575,569.81		134,020,253.33
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		116,203,172.53		203.85		57,003,647.40		58,632,178.31		73,140,071.71		127,214,062.09		87,102,153.62
Local		3,801,207.68		64.73		5,872,777.14		6,035,440.75		7,996,788.06		46,262,694.53		6,722,957.13
Foreign		112,401,964.85		219.83		51,130,870.26		52,596,737.56		65,143,283.65		80,951,367.56		80,379,196.49
TOTAL ASSETS		173,799,003.99		6.33		2,744,887,360.00		2,608,116,270.94		2,690,898,898.50		2,783,932,070.04		2,581,933,771.18
DEPOSITS		132,787,141.83		15.37		864,159,586.65		750,176,227.21		830,395,806.10		823,423,706.76		779,255,632.17
Local		-2,991,703.76		-4.29		69,749,340.19		60,224,754.12		58,953,550.20		41,095,532.80		60,665,832.06
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		19,741.37		42.82		46,100.25		48,524.57		50,630.42		53,115.11		55,604.19
Demand		19,741.37		42.82		46,100.25		48,524.57		50,630.42		53,115.11		55,604.19
Time		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
From Banks		-3,011,445.13		-4.32		69,703,239.94		60,176,229.55		58,902,919.78		41,042,417.69		60,610,227.87
Demand		-5,941,610.47		-43.68		13,602,639.88		8,694,751.76		9,410,535.93		3,537,389.33		10,599,365.88
Time		2,930,165.34		5.22		56,100,600.06		51,481,477.79		49,492,383.85		37,505,028.36		50,010,861.99
Foreign		135,778,845.59		17.09		794,410,246.46		689,951,473.09		771,442,255.90		782,328,173.96		718,589,800.11
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		2,909,824.45		7.99		36,435,727.50		31,442,261.15		47,444,513.74		66,447,123.34		36,317,830.03
Demand		103,024.45		8.29		1,242,527.50		1,249,061.15		1,251,313.74		1,253,923.34		1,317,830.03
Time		2,806,800.00		7.98		35,193,200.00		30,193,200.00		46,193,200.00		65,193,200.00		35,000,000.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		132,869,021.14		17.53		757,974,518.96		658,509,211.94		723,997,742.16		715,881,050.62		682,271,970.08
Demand		440,324.04		5.70		7,727,920.49		7,638,493.80		8,031,826.70		8,973,604.08		8,792,555.11
Time		132,428,697.10		17.65		750,246,598.47		650,870,718.14		715,965,915.46		706,907,446.54		673,479,414.97
BORROWINGS		-23,419,502.32		-2.10		1,116,199,364.39		1,091,852,850.63		1,083,644,441.38		1,148,782,105.22		1,071,800,107.78
Local		-20,130,704.85		-65.09		30,926,544.85		30,926,544.85		30,926,544.85		24,077,680.89		21,611,836.71
Foreign		-3,288,797.47		-0.30		1,085,272,819.54		1,060,926,305.78		1,052,717,896.53		1,124,704,424.33		1,050,188,271.07
OTHER LIABILITIES		107,748,517.06		104.19		103,413,073.51		93,237,233.41		92,920,056.59		199,451,274.80		115,279,278.44
Local		1,004,049.22		22.27		4,507,676.94		4,225,532.21		3,581,309.98		6,249,761.29		3,621,140.96
Foreign		106,744,467.84		107.93		98,905,396.57		89,011,701.20		89,338,746.61		193,201,513.51		111,658,137.48
STOCKHOLDERS´ EQUITY		-43,317,152.58		-6.55		661,115,335.45		672,849,959.69		683,938,594.43		612,274,983.26		615,598,752.79
Capital		-13,655,564.81		-4.25		321,137,166.85		321,137,166.85		321,137,166.85		321,154,087.69		321,154,087.69
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		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Retained Earnings		46,576,032.82		48.05		96,937,866.40		238,685,540.45		238,685,540.05		155,044,373.42		155,044,373.20
Net Income		-71,004,401.90		-50.09		141,747,674.21		11,747,113.56		24,509,416.27		40,046,899.78		41,663,920.47
Gain or Loss in Securities available for sale		-5,233,218.69		-86.04		6,082,474.32		6,069,985.16		4,396,317.59		819,468.70		2,526,217.76
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER’S EQUITY		173,799,003.99		6.33		2,744,887,360.00		2,608,116,270.94		2,690,898,898.50		2,783,932,070.04		2,581,933,771.18

	2005

Description	May		June		July		August		September		October		November		December

LIQUID ASSETS		125,380,354.01		164,116,649.45		166,129,612.46		159,795,987.38		207,343,679.15		99,488,819.89		174,214,015.85		0.00
Local Deposits in Banks		217,923.04		235,315.13		128,236.24		123,445.09		169,358.44		133,788.20		119,702.81		0.00
Demand		217,923.04		235,315.13		128,236.24		123,445.09		169,358.44		133,788.20		119,702.81		0.00
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		125,150,503.59		163,844,242.64		165,986,645.14		159,658,813.98		207,164,607.54		99,342,898.20		174,082,282.74		0.00
Demand		1,550,503.59		1,344,242.64		1,286,645.14		2,858,813.98		3,264,607.54		3,242,898.20		3,182,282.74		0.00
Time		123,600,000.00		162,500,000.00		164,700,000.00		156,800,000.00		203,900,000.00		96,100,000.00		170,900,000.00		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		11,927.38		37,091.68		14,731.08		13,728.31		9,713.17		12,133.49		12,030.30		0.00
CREDIT PORTFOLIO		2,109,455,510.83		2,168,389,848.69		2,232,042,251.37		2,184,745,347.76		2,303,599,131.18		2,291,626,326.05		2,410,510,796.66		0.00
Local		195,854,139.09		188,854,006.60		176,926,371.26		157,776,236.70		166,276,258.25		164,776,119.88		176,080,335.71		0.00
Foreign		1,995,169,829.32		2,055,241,010.71		2,133,192,508.21		2,105,106,513.23		2,196,831,734.45		2,186,451,373.51		2,294,031,628.29		0.00
Less Allowance		81,568,457.58		75,705,168.62		78,076,628.10		78,137,402.17		59,508,861.52		59,601,167.34		59,601,167.34		0.00
Local		25,913,946.03		25,814,699.06		6,690,068.62		6,597,879.04		5,318,493.85		5,435,750.59		5,300,636.69		0.00
Foreign		55,654,511.55		49,890,469.56		71,386,559.48		71,539,523.13		54,190,367.67		54,165,416.75		54,300,530.65		0.00
INVESTMENT SECURITIES		101,257,246.28		90,134,215.65		121,055,920.72		224,740,424.69		271,124,564.31		266,584,952.62		160,754,731.55		0.00
Local		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign		101,257,246.28		90,134,215.65		121,055,920.72		224,740,424.69		271,124,564.31		266,584,952.62		160,754,731.55		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		91,311,898.32		86,921,829.37		91,763,468.53		98,392,466.37		97,536,981.24		103,706,247.79		173,206,819.93		0.00
Local		5,824,467.33		6,393,431.20		9,767,325.11		9,570,363.73		8,926,928.44		9,099,765.25		9,673,984.82		0.00
Foreign		85,487,430.99		80,528,398.17		81,996,143.42		88,822,102.64		88,610,052.80		94,606,482.54		163,532,835.11		0.00
TOTAL ASSETS		2,427,405,009.44		2,509,562,543.16		2,610,991,253.08		2,667,674,226.20		2,879,604,355.88		2,761,406,346.35		2,918,686,363.99		0.00
DEPOSITS		809,831,152.87		905,061,289.11		906,840,369.23		818,022,782.83		1,005,729,331.04		973,620,520.46		996,946,728.48		0.00
Local		46,651,430.45		53,964,285.31		49,841,636.59		46,541,848.80		75,140,230.47		57,867,055.15		66,757,636.43		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		58,122.95		60,640.16		63,169.91		65,740.53		68,247.15		70,907.03		65,841.62		0.00
Demand		58,122.95		60,640.16		63,169.91		65,740.53		68,247.15		70,907.03		65,841.62		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		46,593,307.50		53,903,645.15		49,778,466.68		46,476,108.27		75,071,983.32		57,796,148.12		66,691,794.81		0.00
Demand		8,065,956.93		12,564,555.48		8,006,961.52		3,685,014.14		5,257,634.24		5,183,185.08		7,661,029.41		0.00
Time		38,527,350.57		41,339,089.67		41,771,505.16		42,791,094.13		69,814,349.08		52,612,963.04		59,030,765.40		0.00
Foreign		763,179,722.42		851,097,003.80		856,998,732.64		771,480,934.03		930,589,100.57		915,753,465.31		930,189,092.05		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		36,321,376.46		66,322,078.69		36,329,487.82		36,333,274.55		41,836,883.26		39,345,089.93		39,345,551.95		0.00
Demand		1,321,376.46		1,322,078.69		1,329,487.82		1,333,274.55		1,336,883.26		1,345,089.93		1,345,551.95		0.00
Time		35,000,000.00		65,000,000.00		35,000,000.00		35,000,000.00		40,500,000.00		38,000,000.00		38,000,000.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		726,858,345.96		784,774,925.11		820,669,244.82		735,147,659.48		888,752,217.31		876,408,375.38		890,843,540.10		0.00
Demand		9,081,609.74		7,484,766.32		7,725,660.46		7,810,164.81		8,949,638.93		7,780,648.13		8,168,244.53		0.00
Time		717,776,736.22		777,290,158.79		812,943,584.36		727,337,494.67		879,802,578.38		868,627,727.25		882,675,295.57		0.00
BORROWINGS		885,343,879.21		869,715,206.28		970,334,725.92		1,113,195,670.56		1,120,512,676.88		1,032,161,093.63		1,092,779,862.07		0.00
Local		8,298,810.00		20,855,194.60		20,855,194.60		20,956,726.29		30,937,952.19		30,937,952.19		10,795,840.00		0.00
Foreign		877,045,069.21		848,860,011.68		949,479,531.32		1,092,238,944.27		1,089,574,724.69		1,001,223,141.44		1,081,984,022.07		0.00
OTHER LIABILITIES		120,411,105.61		124,578,025.26		121,678,500.95		124,364,492.93		138,635,770.63		140,498,117.32		211,161,590.57		0.00
Local		3,301,107.18		3,344,917.70		3,683,226.85		3,777,233.24		4,069,272.05		4,825,288.90		5,511,726.16		0.00
Foreign		117,109,998.43		121,233,107.56		117,995,274.10		120,587,259.69		134,566,498.58		135,672,828.42		205,649,864.41		0.00
STOCKHOLDERS´ EQUITY		611,818,871.75		610,208,022.51		612,137,656.98		612,091,279.88		614,726,577.33		615,126,614.94		617,798,182.87		0.00
Capital		316,071,772.45		315,835,551.61		315,977,417.20		313,904,553.03		307,496,965.04		307,496,965.04		307,481,602.04		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		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Retained Earnings		155,044,373.24		149,289,882.71		149,242,926.35		149,242,926.35		143,513,899.12		143,513,899.12		143,513,899.22		0.00
Net Income		43,742,069.87		48,168,218.58		50,420,029.40		52,681,974.87		63,706,675.62		66,074,900.16		70,743,272.31		0.00
Gain or Loss in Securities available for sale		1,750,502.52		1,704,215.94		1,287,130.36		1,051,671.96		4,798,883.88		2,830,696.95		849,255.63		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		2,427,405,009.44		2,509,562,543.16		2,610,991,253.08		2,667,674,226.20		2,879,604,355.88		2,761,406,346.35		2,918,686,363.99		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 30, 2006
	STATEMENTS OF INCOME * BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. November 2005

	(In Balboas)**

Description	January		February		March		I Quarter		April		May		June		II Quarter

Interest Income		9,109,529.14		6,630,895.55		10,935,269.10		26,675,693.79		8,771,964.38		7,894,063.55		8,394,976.13		25,061,004.06
Loans		7,987,032.78		5,435,131.34		9,675,268.73		23,097,432.85		7,529,648.62		6,966,109.26		7,590,661.07		22,086,418.95
Deposits		272,712.32		235,749.66		362,790.80		871,252.78		432,625.23		395,823.74		377,428.58		1,205,877.55
Investments		849,784.04		960,014.55		897,209.57		2,707,008.16		809,690.53		532,130.55		426,886.48		1,768,707.56
Interest Expense		4,727,393.98		4,280,980.75		6,529,684.34		15,538,059.07		5,173,680.14		5,003,978.66		4,952,743.44		15,130,402.24
Interest		4,719,229.04		4,273,117.58		6,535,751.90		15,528,098.52		5,170,247.88		5,001,390.69		4,949,985.66		15,121,624.23
Commissions		8,164.94		7,863.17		-6,067.56		9,960.55		3,432.26		2,587.97		2,757.78		8,778.01
Net Interest Income		4,382,135.16		2,349,914.80		4,405,584.76		11,137,634.72		3,598,284.24		2,890,084.89		3,442,232.69		9,930,601.82
Other Income		346,038.36		1,520,243.44		-116,318.38		1,749,963.42		-240,226.74		1,194,927.08		213,064.54		1,167,764.88
Commissions		334,501.70		337,129.40		926,409.93		1,598,041.03		346,839.66		386,381.25		300,640.23		1,033,861.14
Foreign currency operations		11,536.66		-2,391.89		-9,770.60		-625.83		65,810.38		1,833,674.88		-1,858,931.82		40,553.44
Other Income		0.00		1,185,505.93		-1,032,957.71		152,548.22		-652,876.78		-1,025,129.05		1,771,356.13		93,350.30
Operating Income		4,728,173.52		3,870,158.24		4,289,266.38		12,887,598.14		3,358,057.50		4,085,011.97		3,655,297.23		11,098,366.70
Operating Expenses		6,157,781.05		-10,239,562.88		-3,258,917.78		-7,340,699.61		1,741,036.81		2,006,863.49		5,092,437.66		8,840,337.96
Administrative expenses		919,974.84		1,187,710.00		1,814,645.70		3,922,330.54		1,187,177.08		1,376,693.10		1,162,802.45		3,726,672.63
General expenses		193,085.86		330,270.68		444,937.95		968,294.49		299,958.83		430,561.08		358,415.15		1,088,935.06
Depreciation		79,400.74		72,949.14		85,413.47		237,763.35		77,316.16		80,287.05		75,926.42		233,529.63
Other expenses		4,965,319.61		-11,830,492.70		-5,603,914.90		-12,469,087.99		176,584.74		119,322.26		3,495,293.64		3,791,200.64
Net Income before provision for loan losses		-1,429,607.53		14,109,721.12		7,548,184.16		20,228,297.75		1,617,020.69		2,078,148.48		-1,437,140.43		2,258,028.74
Provision for loan losses		-13,176,721.09		1,347,418.41		-7,989,299.35		-19,818,602.03		0.00		0.00		-5,863,289.14		-5,863,289.14
Net Income		11,747,113.56		12,762,302.71		15,537,483.51		40,046,899.78		1,617,020.69		2,078,148.48		4,426,148.71		8,121,317.88

Description	July		August		September		III Quarter		October		November		December		IV Quarter		Year to date

Interest Income		9,134,735.75		9,610,222.82		11,213,871.09		29,958,829.66		11,427,440.35		11,291,424.43		0.00		22,718,864.78		104,414,392.29
Loans		8,229,512.50		8,406,468.39		9,646,275.58		26,282,256.47		9,719,743.86		9,688,143.78		0.00		19,407,887.64		90,873,995.91
Deposits		486,503.73		490,406.17		472,742.08		1,449,651.98		485,714.62		455,614.74		0.00		941,329.36		4,468,111.67
Investments		418,719.52		713,348.26		1,094,853.43		2,226,921.21		1,221,981.87		1,147,665.91		0.00		2,369,647.78		9,072,284.71
Interest Expense		5,330,644.95		6,118,101.49		6,846,790.04		18,295,536.48		6,975,217.68		7,332,480.59		0.00		14,307,698.27		63,271,696.06
Interest		5,328,616.13		6,116,596.86		6,845,399.70		18,290,612.69		6,972,379.77		7,329,089.63		0.00		14,301,469.40		63,241,804.84
Commissions		2,028.82		1,504.63		1,390.34		4,923.79		2,837.91		3,390.96		0.00		6,228.87		29,891.22
Net Interest Income		3,804,090.80		3,492,121.33		4,367,081.05		11,663,293.18		4,452,222.67		3,958,943.84		0.00		8,411,166.51		41,142,696.23
Other Income		472,443.57		538,820.38		575,401.46		1,586,665.41		77,862.38		2,898,409.28		0.00		2,976,271.66		7,480,665.37
Commissions		466,407.08		536,073.95		549,295.93		1,551,776.96		566,429.27		542,600.02		0.00		1,109,029.29		5,292,708.42
Foreign currency operations		5,854.40		2,746.43		24,335.99		32,936.82		-4,592.30		9,203.25		0.00		4,610.95		77,475.38
Other Income		182.09		0.00		1,769.54		1,951.63		-483,974.59		2,346,606.01		0.00		1,862,631.42		2,110,481.57
Operating Income		4,276,534.37		4,030,941.71		4,942,482.51		13,249,958.59		4,530,085.05		6,857,353.12		0.00		11,387,438.17		48,623,361.60
Operating Expenses		2,024,723.55		1,768,996.24		12,524,701.10		16,318,420.89		2,161,860.51		2,188,980.97		0.00		4,350,841.48		22,168,900.72
Administrative expenses		1,276,820.04		1,177,116.15		1,479,232.60		3,933,168.79		1,362,741.88		1,277,723.80		0.00		2,640,465.68		14,222,637.64
General expenses		408,674.56		385,276.02		441,389.82		1,235,340.40		327,250.95		477,934.06		0.00		805,185.01		4,097,754.96
Depreciation		78,457.88		56,552.37		55,430.69		190,440.94		57,034.72		55,010.45		0.00		112,045.17		773,779.09
Other expenses		260,771.07		150,051.70		10,548,647.99		10,959,470.76		414,832.96		378,312.66		0.00		793,145.62		3,074,729.03
Net Income before provision for loan losses		2,251,810.82		2,261,945.47		-7,582,218.59		-3,068,462.30		2,368,224.54		4,668,372.15		0.00		7,036,596.69		26,454,460.88
Provision for loan losses		0.00		0.00		-18,606,919.34		-18,606,919.34		0.00		0.00		0.00		0.00		-44,288,810.51
Net Income		2,251,810.82		2,261,945.47		11,024,700.75		15,538,457.04		2,368,224.54		4,668,372.15		0.00		7,036,596.69		70,743,271.39

* 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).