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 of 2007

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

P.O. Box 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

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

(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 10, 2007

Banco Latinoamericano de Exportaciones, S.A.



	By:	/s/ Pedro Toll

	Name:	Pedro Toll
	Title:	Deputy Manager

Message

BANCO LATINOAMERICANO DE EXPORTACIONES
BALANCE DE SITUACIÓN DE DICIEMBRE 2005 Y ENERO-NOVIEMBRE 2006
(En Balboas)

4 de Enero de 2007

			2005	2006

Descripción	Absoluta	%	Diciembre	Enero	Febrero	Marzo	Abril	Mayo

ACTIVOS LIQUIDOS	-81,748,689.38	-35.57	229,850,018.38	196,721,923.53	168,261,614.37	149,386,765.87	114,881,933.56	60,162,287.02
Depositos Locales en Bancos	50,653.61	44.77	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
A la Vista	50,653.61	44.77	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
A Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depositos Extranjeros en Bancos	-81,797,340.16	-35.61	229,724,544.72	196,570,119.96	168,050,799.58	149,157,158.27	114,656,067.29	59,063,750.11
A la Vista	1,302,659.84	248.34	524,544.72	570,119.96	550,799.58	357,158.27	1,456,067.29	1,888,750.11
A Plazo	-83,100,000.00	-36.26	229,200,000.00	196,000,000.00	167,500,000.00	148,800,000.00	113,200,000.00	57,175,000.00
Menos Provisiones	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Locales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Extranjero	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Otros	-2,002.83	-16.23	12,342.73	8,800.51	11,209.67	11,389.27	30,631.97	12,266.23
CARTERA CREDITICIA	433,467,160.42	16.86	2,570,571,012.15	2,432,060,734.87	2,493,605,033.89	2,546,352,925.93	2,445,451,397.17	2,604,011,689.70
Locales	33,173,352.47	18.17	182,580,335.71	170,060,870.91	178,503,679.16	178,749,183.50	164,433,954.00	185,744,889.15
Extranjero	410,591,656.86	16.91	2,427,438,626.39	2,301,441,680.16	2,351,554,768.98	2,410,814,109.78	2,324,227,810.52	2,461,479,184.50
Menos Provisiones	10,297,848.91	26.10	39,447,949.95	39,441,816.20	36,453,414.25	43,210,367.35	43,210,367.35	43,212,383.95
Locales	-3,542,533.90	-65.76	5,387,343.78	291,203.74	338,183.72	313,430.15	313,430.15	315,546.75
Extranjero	13,840,382.81	40.63	34,060,606.17	39,150,612.46	36,115,230.53	42,896,937.20	42,896,937.20	42,896,837.20
INVERSIONES EN VALORES	350,912,761.94	164.34	213,524,943.41	161,836,319.12	190,137,048.43	318,379,517.19	479,437,671.90	573,108,488.02
Locales	15,008,800.00	295.16	5,085,000.00	5,025,000.00	15,037,500.00	19,900,000.00	19,538,600.00	19,563,200.00
Extranjero	335,903,961.94	161.15	208,439,943.41	156,811,319.12	175,099,548.43	298,479,517.19	459,899,071.90	553,545,288.02
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	-50,137,425.72	-32.21	155,673,189.23	155,484,220.45	95,131,234.53	100,419,407.34	87,097,768.59	105,497,201.35
Locales	15,841,504.52	185.61	8,534,972.50	8,432,445.42	10,482,015.63	11,111,967.66	11,733,718.79	20,227,217.91
Extranjero	-65,978,930.24	-44.84	147,138,216.73	147,051,775.03	84,649,218.90	89,307,439.68	75,364,049.80	85,269,983.44
TOTAL DE ACTIVOS	652,493,807.26	20.59	3,169,619,163.17	2,946,103,197.97	2,947,134,931.22	3,114,538,616.33	3,126,868,771.22	3,342,779,666.09
DEPOSITOS	-66,321,412.51	-6.34	1,046,617,541.80	961,172,366.75	1,002,054,391.61	1,144,205,445.24	1,032,514,380.51	1,159,561,113.48
Locales	63,239,380.28	82.66	76,505,979.15	75,068,841.87	75,112,324.52	78,590,621.48	58,392,301.66	89,225,963.62
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
A la Vista	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
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	63,307,935.75	82.82	76,437,423.68	74,997,315.57	75,037,830.67	78,513,117.54	58,311,793.08	89,142,372.04
A la Vista	-10,955,032.38	-56.50	19,389,547.08	13,970,578.97	7,493,199.52	12,950,393.85	11,941,026.48	3,545,875.39
A Plazo	74,262,968.13	130.18	57,047,876.60	61,026,736.60	67,544,631.15	65,562,723.69	46,370,766.60	85,596,496.65
Extranjero	-129,560,792.79	-13.36	970,111,562.65	886,103,524.88	926,942,067.09	1,065,614,823.76	974,122,078.85	1,070,335,149.86
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	-52,164,361.41	-58.38	89,349,913.77	39,358,612.33	97,190,392.35	97,195,213.72	37,233,638.70	91,547,352.83
A la Vista	8,138.59	0.60	1,349,913.77	1,358,612.33	1,362,892.35	1,367,713.72	1,406,138.70	1,412,160.83
A Plazo	-52,172,500.00	-59.29	88,000,000.00	38,000,000.00	95,827,500.00	95,827,500.00	35,827,500.00	90,135,192.00
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	-77,396,431.38	-8.79	880,761,648.88	846,744,912.55	829,751,674.74	968,419,610.04	936,888,440.15	978,787,797.03
A la Vista	85,895,185.61	1,133.70	7,576,512.05	7,754,593.37	7,608,750.38	7,348,714.04	7,996,262.90	10,032,821.49
A Plazo	-163,291,616.99	-18.70	873,185,136.83	838,990,319.18	822,142,924.36	961,070,896.00	928,892,177.25	968,754,975.54
OBLIGACIONES	848,879,664.66	65.31	1,299,707,654.53	1,160,813,511.50	1,183,159,426.71	1,211,745,735.01	1,394,790,637.04	1,471,665,605.17
Locales	-817,393.24	-2.65	30,817,393.24	30,827,326.53	30,816,373.24	20,942,674.80	20,942,674.80	106,430.00
Extranjero	849,697,057.90	66.96	1,268,890,261.29	1,129,986,184.97	1,152,343,053.47	1,190,803,060.21	1,373,847,962.24	1,471,559,175.17
OTROS PASIVOS	-87,955,186.78	-43.63	201,606,063.96	199,075,894.63	156,632,231.45	171,422,070.35	111,750,663.85	128,125,704.85
Locales	12,959,131.96	294.33	4,402,882.06	5,071,759.57	3,546,629.00	5,323,286.18	3,901,354.19	4,511,613.14
Extranjero	-100,914,318.74	-51.17	197,203,181.90	194,004,135.06	153,085,602.45	166,098,784.17	107,849,309.66	123,614,091.71
PATRIMONIO	-42,109,258.58	-6.77	621,687,903.33	625,041,425.18	605,288,881.81	587,165,366.10	587,813,089.79	583,427,242.69
Capital	-27,934,988.13	-9.07	308,036,516.51	308,008,142.60	308,036,320.80	303,325,174.12	301,606,289.18	299,135,300.36
Reservas de Capital	0.00	0.00	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67
Otras Reservas	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Utilidad de Periodos Anteriores	21,216,435.22	15.40	137,799,382.62	217,639,221.93	172,581,437.12	172,689,499.62	172,677,109.59	172,689,499.62
Utilidad de Periodo	-35,141,857.24	-43.92	80,021,975.18	3,718,273.75	29,376,513.45	16,586,452.24	19,543,853.03	21,633,608.45
Ganancia o Perdida en Valores Disponible para la venta	-248,848.43	-40.14	619,875.35	465,633.23	84,456.77	-645,913.55	-1,224,315.68	-5,241,319.41
Deuda Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO Y PATRIMONIO	652,493,806.79	20.59	3,169,619,163.62	2,946,103,198.06	2,947,134,931.58	3,114,538,616.70	3,126,868,771.19	3,342,779,666.19

	2006

Descripción	Junio	Julio	Agosto	Septiembre	Octubre	Noviembre	Diciembre

ACTIVOS LIQUIDOS	116,681,698.17	82,969,590.27	127,421,667.76	56,709,302.87	11,214,707.49	148,101,329.00	0.00
Depositos Locales en Bancos	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	0.00
A la Vista	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	0.00
A Plazo	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depositos Extranjeros en Bancos	116,477,736.13	82,808,317.66	127,236,818.01	56,535,787.49	11,017,519.31	147,927,204.56	0.00
A la Vista	4,402,736.13	633,317.66	2,261,818.01	535,787.49	1,317,519.31	1,827,204.56	0.00
A Plazo	112,075,000.00	82,175,000.00	124,975,000.00	56,000,000.00	9,700,000.00	146,100,000.00	0.00
Menos Provisiones	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Locales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Extranjero	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Otros	11,505.06	10,134.85	11,583.88	12,145.00	9,997.49	10,339.90	0.00
CARTERA CREDITICIA	2,663,474,110.09	2,779,175,556.53	2,692,301,632.05	2,744,098,182.87	3,065,891,647.97	3,004,038,172.57	0.00
Locales	222,817,921.62	234,290,022.97	238,832,235.22	236,116,354.43	230,826,475.52	215,753,688.18	0.00
Extranjero	2,485,840,093.12	2,590,069,682.32	2,498,651,865.32	2,557,734,675.59	2,884,818,316.31	2,838,030,283.25	0.00
Menos Provisiones	45,183,904.65	45,184,148.76	45,182,468.49	49,752,847.15	49,753,143.86	49,745,798.86	0.00
Locales	597,780.08	597,780.08	597,780.08	1,844,809.88	1,844,809.88	1,844,809.88	0.00
Extranjero	44,586,124.57	44,586,368.68	44,584,688.41	47,908,037.27	47,908,333.98	47,900,988.98	0.00
INVERSIONES EN VALORES	579,605,171.05	576,347,033.50	569,969,790.92	570,688,819.04	563,672,162.47	564,437,705.35	0.00
Locales	19,393,800.00	20,032,000.00	19,905,000.00	19,985,800.00	20,002,000.00	20,093,800.00	0.00
Extranjero	560,211,371.05	556,315,033.50	550,064,790.92	550,703,019.04	543,670,162.47	544,343,905.35	0.00
Menos Provisiones	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Locales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Extranjero	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OTROS ACTIVOS	171,450,723.28	159,590,841.09	209,511,513.25	80,647,513.08	84,571,401.73	105,535,763.51	0.00
Locales	15,624,063.27	12,561,653.14	7,581,940.26	22,362,568.32	19,150,981.07	24,376,477.02	0.00
Extranjero	155,826,660.01	147,029,187.95	201,929,572.99	58,284,944.76	65,420,420.66	81,159,286.49	0.00
TOTAL DE ACTIVOS	3,531,211,702.59	3,598,083,021.39	3,599,204,603.98	3,452,143,817.86	3,725,349,919.66	3,822,112,970.43	0.00
DEPOSITOS	1,234,729,283.82	1,257,224,332.24	1,154,109,843.93	1,104,024,174.77	1,171,903,445.93	980,296,129.29	0.00
Locales	115,759,239.50	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	0.00
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	86,671.61	0.00	0.00	0.00	0.00	0.00	0.00
A la Vista	86,671.61	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
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	115,672,567.89	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	0.00
A la Vista	13,583,815.60	14,807,923.93	6,644,393.20	7,373,502.54	3,431,718.80	8,434,514.70	0.00
A Plazo	102,088,752.29	62,094,239.81	47,174,887.23	70,021,350.17	161,713,926.73	131,310,844.73	0.00
Extranjero	1,118,970,044.32	1,180,322,168.50	1,100,290,563.50	1,026,629,322.06	1,006,757,800.40	840,550,769.86	0.00
Oficiales	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Particulares	76,552,805.35	116,343,763.76	77,161,676.02	77,169,048.08	37,180,047.77	37,185,552.36	0.00
A la Vista	1,417,613.35	1,328,571.76	1,334,176.02	1,341,548.08	1,352,547.77	1,358,052.36	0.00
A Plazo	75,135,192.00	115,015,192.00	75,827,500.00	75,827,500.00	35,827,500.00	35,827,500.00	0.00
De Ahorros	0.00	0.00	0.00	0.00	0.00	0.00	0.00
De Bancos	1,042,417,238.97	1,063,978,404.74	1,023,128,887.48	949,460,273.98	969,577,752.63	803,365,217.50	0.00
A la Vista	122,341,936.99	214,245,470.26	237,379,519.14	96,416,405.82	69,345,352.56	93,471,697.66	0.00
A Plazo	920,075,301.98	849,732,934.48	785,749,368.34	853,043,868.16	900,232,400.07	709,893,519.84	0.00
OBLIGACIONES	1,522,873,425.19	1,585,675,401.98	1,639,074,204.57	1,672,395,777.56	1,881,935,352.31	2,148,587,319.19	0.00
Locales	15,000,000.00	15,000,000.00	17,600,390.00	32,382,309.90	30,000,000.00	30,000,000.00	0.00
Extranjero	1,507,873,425.19	1,570,675,401.98	1,621,473,814.57	1,640,013,467.66	1,851,935,352.31	2,118,587,319.19	0.00
OTROS PASIVOS	208,715,158.78	186,005,931.96	232,770,034.08	103,302,909.19	93,613,599.36	113,650,877.18	0.00
Locales	13,804,435.58	4,699,583.58	12,592,553.49	24,037,677.23	18,630,117.83	17,362,014.02	0.00
Extranjero	194,910,723.20	181,306,348.38	220,177,480.59	79,265,231.96	74,983,481.53	96,288,863.16	0.00
PATRIMONIO	564,893,834.82	569,177,355.54	573,250,521.50	572,420,956.65	577,897,522.02	579,578,644.75	0.00
Capital	283,000,957.06	279,854,931.19	279,911,058.24	279,964,951.46	280,047,648.83	280,101,528.38	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	0.00
Otras Reservas	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Utilidad de Periodos Anteriores	165,647,006.59	165,789,753.85	165,802,421.31	158,990,908.25	159,015,817.84	159,015,817.84	0.00
Utilidad de Periodo	26,988,400.09	29,450,665.83	33,099,910.65	39,370,813.67	42,613,964.44	44,880,117.94	0.00
Ganancia o Perdida en Valores Disponible para la venta	-5,952,682.59	-1,128,149.00	-773,022.37	-1,115,870.40	1,009,937.24	371,026.92	0.00
Deuda Subordinada	0.00	0.00	0.00	0.00	0.00	0.00	0.00
PASIVO Y PATRIMONIO	3,531,211,702.61	3,598,083,021.72	3,599,204,604.08	3,452,143,818.17	3,725,349,919.62	3,822,112,970.41	0.00

Message

ESTADO DE RESULTADO
BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
ENERO - NOVIEMBRE 2006

(En Balboas)

4 de Enero de 2007

Descripcion	Enero	Febrero	Marzo	Trimestre I	Abril	Mayo	Junio	Trimestre II

Ingresos Por Intereses	12,678,643.01	11,735,785.49	13,694,425.38	38,108,853.88	14,340,235.97	14,884,912.63	17,108,210.46	46,333,359.06
Préstamos	11,020,922.80	10,226,602.75	11,799,182.05	33,046,707.60	12,304,064.12	12,476,384.73	14,324,195.00	39,104,643.85
Depósitos	789,894.27	661,530.80	588,141.77	2,039,566.84	503,510.75	406,992.44	438,295.24	1,348,798.43
Inversiones	867,825.94	847,651.94	1,307,101.56	3,022,579.44	1,532,661.10	2,001,535.46	2,345,720.22	5,879,916.78
Egresos de Operaciones	8,639,458.79	8,118,406.15	9,777,362.52	26,535,227.46	9,933,807.74	10,964,453.99	11,408,542.15	32,306,803.88
Intereses Pagados	8,636,503.50	8,115,643.98	9,775,323.24	26,527,470.72	9,931,415.53	10,961,376.28	11,406,490.21	32,299,282.02
Comisiones	2,955.29	2,762.17	2,039.28	7,756.74	2,392.21	3,077.71	2,051.94	7,521.86
Ingreso Neto de Intereses	4,039,184.22	3,617,379.34	3,917,062.86	11,573,626.42	4,406,428.23	3,920,458.64	5,699,668.31	14,026,555.18
Otros Ingresos	1,471,926.38	1,827,715.16	706,827.75	4,006,469.29	412,524.76	397,246.14	261,229.69	1,071,000.59
Comisiones	570,307.09	419,914.87	589,629.53	1,579,851.49	400,162.87	500,054.36	417,367.94	1,317,585.17
Operaciones con Divisas	26,483.68	6,742.92	-4,812.84	28,413.76	12,266.89	-68,123.53	-190,970.26	-246,826.90
Otros ingresos	875,135.61	1,401,057.37	122,011.06	2,398,204.04	95.00	-34,684.69	34,832.01	242.32
Ingresos de Operaciones	5,511,110.60	5,445,094.50	4,623,890.61	15,580,095.71	4,818,952.99	4,317,704.78	5,960,898.00	15,097,555.77
Egresos Generales	1,792,836.85	-17,226,892.28	10,656,125.67	-4,777,929.76	1,861,552.20	-1,427,714.82	-1,367,224.99	-933,387.61
Gastos Administrativos	1,319,974.99	1,411,330.71	1,556,443.36	4,287,749.06	1,285,024.60	1,388,920.02	1,541,321.58	4,215,266.20
Gastos Generales	182,304.16	387,471.05	555,731.14	1,125,506.35	269,046.17	502,611.54	275,776.63	1,047,434.34
Gastos de Depreciación	57,834.52	50,228.67	56,994.63	165,057.82	55,561.62	93,366.69	62,848.57	211,776.88
Otros Gastos	232,723.18	-19,075,922.71	8,486,956.54	-10,356,242.99	251,919.81	-3,412,613.07	-3,247,171.77	-6,407,865.03
Utilidad antes de Provisiones	3,718,273.75	22,671,986.78	-6,032,235.06	20,358,025.47	2,957,400.79	5,745,419.60	7,328,122.99	16,030,943.38
Provisiones por Cuentas Malas	0.00	-2,986,252.92	6,757,826.15	3,771,573.23	0.00	3,655,664.17	1,973,331.36	5,628,995.53
Utilidad del Periodo	3,718,273.75	25,658,239.70	-12,790,061.21	16,586,452.24	2,957,400.79	2,089,755.43	5,354,791.63	10,401,947.85

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

Ingresos Por Intereses	17,340,697.57	18,127,420.84	17,250,699.90	52,718,818.31	18,325,686.10	19,172,811.41	0.00	37,498,497.51	174,659,528.76
Préstamos	14,492,515.68	15,272,357.02	14,639,499.31	44,404,372.01	15,711,927.28	16,616,164.85	0.00	32,328,092.13	148,883,815.59
Depósitos	524,744.22	512,986.63	325,722.43	1,363,453.28	292,936.09	303,227.82	0.00	596,163.91	5,347,982.46
Inversiones	2,323,437.67	2,342,077.19	2,285,478.16	6,950,993.02	2,320,822.73	2,253,418.74	0.00	4,574,241.47	20,427,730.71
Egresos de Operaciones	12,874,950.71	12,955,694.24	12,507,678.74	38,338,323.69	13,518,219.25	14,370,853.86	0.00	27,889,073.11	125,069,428.14
Intereses Pagados	12,872,745.21	12,954,552.57	12,506,656.12	38,333,953.90	13,517,685.63	14,366,110.16	0.00	27,883,795.79	125,044,502.43
Comisiones	2,205.50	1,141.67	1,022.62	4,369.79	533.62	4,743.70	0.00	5,277.32	24,925.71
Ingreso Neto de Intereses	4,465,746.86	5,171,726.60	4,743,021.16	14,380,494.62	4,807,466.85	4,801,957.55	0.00	9,609,424.40	49,590,100.62
Otros Ingresos	519,407.16	823,168.23	357,470.46	1,700,045.85	492,242.32	41,931.96	0.00	534,174.28	7,311,690.01
Comisiones	628,524.98	717,641.25	448,590.92	1,794,757.15	471,598.19	367,273.41	0.00	838,871.60	5,531,065.41
Operaciones con Divisas	-17,722.19	-27,914.43	-15,348.03	-60,984.65	-33,939.61	-52,793.46	0.00	-86,733.07	-366,130.86
Otros ingresos	-91,395.63	133,441.41	-75,772.43	-33,726.65	54,583.74	-272,547.99	0.00	-217,964.25	2,146,755.46
Ingresos de Operaciones	4,985,154.02	5,994,894.83	5,100,491.62	16,080,540.47	5,299,709.17	4,843,889.51	0.00	10,143,598.68	56,901,790.63
Egresos Generales	2,522,888.27	2,345,650.01	-5,745,848.19	-877,309.91	2,056,558.40	2,577,736.01	0.00	4,634,294.41	-1,954,332.87
Gastos Administrativos	1,510,014.26	1,050,298.66	778,351.23	3,338,664.15	1,276,318.90	1,293,256.05	0.00	2,569,574.95	14,411,254.36
Gastos Generales	476,154.36	363,262.05	231,649.54	1,071,065.95	377,832.14	478,679.13	0.00	856,511.27	4,100,517.91
Gastos de Depreciación	152,820.07	140,589.47	149,131.68	442,541.22	147,257.73	144,927.21	0.00	292,184.94	1,111,560.86
Otros Gastos	383,899.58	791,499.83	-6,904,980.64	-5,729,581.23	255,149.63	660,873.62	0.00	916,023.25	-21,577,666.00
Utilidad antes de Provisiones	2,462,265.75	3,649,244.82	10,846,339.81	16,957,850.38	3,243,150.77	2,266,153.50	0.00	5,509,304.27	58,856,123.50
Provisiones por Cuentas Malas	0.00	0.00	4,575,436.79	4,575,436.79	0.00	0.00	0.00	0.00	13,976,005.55
Utilidad del Periodo	2,462,265.75	3,649,244.82	6,270,903.02	12,382,413.59	3,243,150.77	2,266,153.50	0.00	5,509,304.27	44,880,117.95


		January 4th, 2007
	BANCO LATINOAMERICANO DE EXPORTACIONES BALANCE SHEETS* December 2005 and JANUARY-NOVEMBER 2006 (In Balboas)**

			2005	2006

Descripción	Absolute	%	December	January	February	March	April	May

LIQUID ASSETS	-81,748,689.38	-35.57	229,850,018.38	196,721,923.53	168,261,614.37	149,386,765.87	114,881,933.56	60,162,287.02
Local Deposits in Banks	50,653.61	44.77	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
Demand	50,653.61	44.77	113,130.93	143,003.06	199,605.12	218,218.33	195,234.30	1,086,270.68
Time	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign Deposits in Banks	-81,797,340.16	-35.61	229,724,544.72	196,570,119.96	168,050,799.58	149,157,158.27	114,656,067.29	59,063,750.11
Demand	1,302,659.84	248.34	524,544.72	570,119.96	550,799.58	357,158.27	1,456,067.29	1,888,750.11
Time	-83,100,000.00	-36.26	229,200,000.00	196,000,000.00	167,500,000.00	148,800,000.00	113,200,000.00	57,175,000.00
Less Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Local	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others	-2,002.83	-16.23	12,342.73	8,800.51	11,209.67	11,389.27	30,631.97	12,266.23
CREDIT PORTFOLIO	433,467,160.42	16.86	2,570,571,012.15	2,432,060,734.87	2,493,605,033.89	2,546,352,925.93	2,445,451,397.17	2,604,011,689.70
Local	33,173,352.47	18.17	182,580,335.71	170,060,870.91	178,503,679.16	178,749,183.50	164,433,954.00	185,744,889.15
Foreign	410,591,656.86	16.91	2,427,438,626.39	2,301,441,680.16	2,351,554,768.98	2,410,814,109.78	2,324,227,810.52	2,461,479,184.50
Less Allowance	10,297,848.91	26.10	39,447,949.95	39,441,816.20	36,453,414.25	43,210,367.35	43,210,367.35	43,212,383.95
Local	-3,542,533.90	-65.76	5,387,343.78	291,203.74	338,183.72	313,430.15	313,430.15	315,546.75
Foreign	13,840,382.81	40.63	34,060,606.17	39,150,612.46	36,115,230.53	42,896,937.20	42,896,937.20	42,896,837.20
INVESTMENT SECURITIES	350,912,761.94	164.34	213,524,943.41	161,836,319.12	190,137,048.43	318,379,517.19	479,437,671.90	573,108,488.02
Local	15,008,800.00	295.16	5,085,000.00	5,025,000.00	15,037,500.00	19,900,000.00	19,538,600.00	19,563,200.00
Foreign	335,903,961.94	161.15	208,439,943.41	156,811,319.12	175,099,548.43	298,479,517.19	459,899,071.90	553,545,288.02
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	-50,137,425.72	-32.21	155,673,189.23	155,484,220.45	95,131,234.53	100,419,407.34	87,097,768.59	105,497,201.35
Local	15,841,504.52	185.61	8,534,972.50	8,432,445.42	10,482,015.63	11,111,967.66	11,733,718.79	20,227,217.91
Foreign	-65,978,930.24	-44.84	147,138,216.73	147,051,775.03	84,649,218.90	89,307,439.68	75,364,049.80	85,269,983.44
TOTAL ASSETS	652,493,807.26	20.59	3,169,619,163.17	2,946,103,197.97	2,947,134,931.22	3,114,538,616.33	3,126,868,771.22	3,342,779,666.09
DEPOSITS	-66,321,412.51	-6.34	1,046,617,541.80	961,172,366.75	1,002,054,391.61	1,144,205,445.24	1,032,514,380.51	1,159,561,113.48
Local	63,239,380.28	82.66	76,505,979.15	75,068,841.87	75,112,324.52	78,590,621.48	58,392,301.66	89,225,963.62
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
Demand	-68,555.47	-100.00	68,555.47	71,526.30	74,493.85	77,503.94	80,508.58	83,591.58
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	63,307,935.75	82.82	76,437,423.68	74,997,315.57	75,037,830.67	78,513,117.54	58,311,793.08	89,142,372.04
Demand	-10,955,032.38	-56.50	19,389,547.08	13,970,578.97	7,493,199.52	12,950,393.85	11,941,026.48	3,545,875.39
Time	74,262,968.13	130.18	57,047,876.60	61,026,736.60	67,544,631.15	65,562,723.69	46,370,766.60	85,596,496.65
Foreign	-129,560,792.79	-13.36	970,111,562.65	886,103,524.88	926,942,067.09	1,065,614,823.76	974,122,078.85	1,070,335,149.86
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	-52,164,361.41	-58.38	89,349,913.77	39,358,612.33	97,190,392.35	97,195,213.72	37,233,638.70	91,547,352.83
Demand	8,138.59	0.60	1,349,913.77	1,358,612.33	1,362,892.35	1,367,713.72	1,406,138.70	1,412,160.83
Time	-52,172,500.00	-59.29	88,000,000.00	38,000,000.00	95,827,500.00	95,827,500.00	35,827,500.00	90,135,192.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From Banks	-77,396,431.38	-8.79	880,761,648.88	846,744,912.55	829,751,674.74	968,419,610.04	936,888,440.15	978,787,797.03
Demand	85,895,185.61	1,133.70	7,576,512.05	7,754,593.37	7,608,750.38	7,348,714.04	7,996,262.90	10,032,821.49
Time	-163,291,616.99	-18.70	873,185,136.83	838,990,319.18	822,142,924.36	961,070,896.00	928,892,177.25	968,754,975.54
BORROWINGS	848,879,664.66	65.31	1,299,707,654.53	1,160,813,511.50	1,183,159,426.71	1,211,745,735.01	1,394,790,637.04	1,471,665,605.17
Local	-817,393.24	-2.65	30,817,393.24	30,827,326.53	30,816,373.24	20,942,674.80	20,942,674.80	106,430.00
Foreign	849,697,057.90	66.96	1,268,890,261.29	1,129,986,184.97	1,152,343,053.47	1,190,803,060.21	1,373,847,962.24	1,471,559,175.17
OTHER LIABILITIES	-87,955,186.78	-43.63	201,606,063.96	199,075,894.63	156,632,231.45	171,422,070.35	111,750,663.85	128,125,704.85
Local	12,959,131.96	294.33	4,402,882.06	5,071,759.57	3,546,629.00	5,323,286.18	3,901,354.19	4,511,613.14
Foreign	-100,914,318.74	-51.17	197,203,181.90	194,004,135.06	153,085,602.45	166,098,784.17	107,849,309.66	123,614,091.71
STOCKHOLDERS´ EQUITY	-42,109,258.58	-6.77	621,687,903.33	625,041,425.18	605,288,881.81	587,165,366.10	587,813,089.79	583,427,242.69
Capital	-27,934,988.13	-9.07	308,036,516.51	308,008,142.60	308,036,320.80	303,325,174.12	301,606,289.18	299,135,300.36
Capital Reserves	0.00	0.00	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67	95,210,153.67
Other Reserves	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	21,216,435.22	15.40	137,799,382.62	217,639,221.93	172,581,437.12	172,689,499.62	172,677,109.59	172,689,499.62
Net Income	-35,141,857.24	-43.92	80,021,975.18	3,718,273.75	29,376,513.45	16,586,452.24	19,543,853.03	21,633,608.45
Gain or Loss in Securities available for sale	-248,848.43	-40.14	619,875.35	465,633.23	84,456.77	-645,913.55	-1,224,315.68	-5,241,319.41
Subordinated Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LIABILITIES AND STOCKHOLDER’S EQUITY	652,493,806.79	20.59	3,169,619,163.62	2,946,103,198.06	2,947,134,931.58	3,114,538,616.70	3,126,868,771.19	3,342,779,666.19

	2006

Descripción	June	July	August	September	October	November	December

LIQUID ASSETS	116,681,698.17	82,969,590.27	127,421,667.76	56,709,302.87	11,214,707.49	148,101,329.00	0.00
Local Deposits in Banks	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	0.00
Demand	192,456.98	151,137.76	173,265.87	161,370.38	187,190.69	163,784.54	0.00
Time	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign Deposits in Banks	116,477,736.13	82,808,317.66	127,236,818.01	56,535,787.49	11,017,519.31	147,927,204.56	0.00
Demand	4,402,736.13	633,317.66	2,261,818.01	535,787.49	1,317,519.31	1,827,204.56	0.00
Time	112,075,000.00	82,175,000.00	124,975,000.00	56,000,000.00	9,700,000.00	146,100,000.00	0.00
Less Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Local	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Others	11,505.06	10,134.85	11,583.88	12,145.00	9,997.49	10,339.90	0.00
CREDIT PORTFOLIO	2,663,474,110.09	2,779,175,556.53	2,692,301,632.05	2,744,098,182.87	3,065,891,647.97	3,004,038,172.57	0.00
Local	222,817,921.62	234,290,022.97	238,832,235.22	236,116,354.43	230,826,475.52	215,753,688.18	0.00
Foreign	2,485,840,093.12	2,590,069,682.32	2,498,651,865.32	2,557,734,675.59	2,884,818,316.31	2,838,030,283.25	0.00
Less Allowance	45,183,904.65	45,184,148.76	45,182,468.49	49,752,847.15	49,753,143.86	49,745,798.86	0.00
Local	597,780.08	597,780.08	597,780.08	1,844,809.88	1,844,809.88	1,844,809.88	0.00
Foreign	44,586,124.57	44,586,368.68	44,584,688.41	47,908,037.27	47,908,333.98	47,900,988.98	0.00
INVESTMENT SECURITIES	579,605,171.05	576,347,033.50	569,969,790.92	570,688,819.04	563,672,162.47	564,437,705.35	0.00
Local	19,393,800.00	20,032,000.00	19,905,000.00	19,985,800.00	20,002,000.00	20,093,800.00	0.00
Foreign	560,211,371.05	556,315,033.50	550,064,790.92	550,703,019.04	543,670,162.47	544,343,905.35	0.00
Less Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Local	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Foreign	0.00	0.00	0.00	0.00	0.00	0.00	0.00
OTHER ASSETS	171,450,723.28	159,590,841.09	209,511,513.25	80,647,513.08	84,571,401.73	105,535,763.51	0.00
Local	15,624,063.27	12,561,653.14	7,581,940.26	22,362,568.32	19,150,981.07	24,376,477.02	0.00
Foreign	155,826,660.01	147,029,187.95	201,929,572.99	58,284,944.76	65,420,420.66	81,159,286.49	0.00
TOTAL ASSETS	3,531,211,702.59	3,598,083,021.39	3,599,204,603.98	3,452,143,817.86	3,725,349,919.66	3,822,112,970.43	0.00
DEPOSITS	1,234,729,283.82	1,257,224,332.24	1,154,109,843.93	1,104,024,174.77	1,171,903,445.93	980,296,129.29	0.00
Local	115,759,239.50	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	86,671.61	0.00	0.00	0.00	0.00	0.00	0.00
Demand	86,671.61	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
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From Banks	115,672,567.89	76,902,163.74	53,819,280.43	77,394,852.71	165,145,645.53	139,745,359.43	0.00
Demand	13,583,815.60	14,807,923.93	6,644,393.20	7,373,502.54	3,431,718.80	8,434,514.70	0.00
Time	102,088,752.29	62,094,239.81	47,174,887.23	70,021,350.17	161,713,926.73	131,310,844.73	0.00
Foreign	1,118,970,044.32	1,180,322,168.50	1,100,290,563.50	1,026,629,322.06	1,006,757,800.40	840,550,769.86	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Customers	76,552,805.35	116,343,763.76	77,161,676.02	77,169,048.08	37,180,047.77	37,185,552.36	0.00
Demand	1,417,613.35	1,328,571.76	1,334,176.02	1,341,548.08	1,352,547.77	1,358,052.36	0.00
Time	75,135,192.00	115,015,192.00	75,827,500.00	75,827,500.00	35,827,500.00	35,827,500.00	0.00
Savings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
From Banks	1,042,417,238.97	1,063,978,404.74	1,023,128,887.48	949,460,273.98	969,577,752.63	803,365,217.50	0.00
Demand	122,341,936.99	214,245,470.26	237,379,519.14	96,416,405.82	69,345,352.56	93,471,697.66	0.00
Time	920,075,301.98	849,732,934.48	785,749,368.34	853,043,868.16	900,232,400.07	709,893,519.84	0.00
BORROWINGS	1,522,873,425.19	1,585,675,401.98	1,639,074,204.57	1,672,395,777.56	1,881,935,352.31	2,148,587,319.19	0.00
Local	15,000,000.00	15,000,000.00	17,600,390.00	32,382,309.90	30,000,000.00	30,000,000.00	0.00
Foreign	1,507,873,425.19	1,570,675,401.98	1,621,473,814.57	1,640,013,467.66	1,851,935,352.31	2,118,587,319.19	0.00
OTHER LIABILITIES	208,715,158.78	186,005,931.96	232,770,034.08	103,302,909.19	93,613,599.36	113,650,877.18	0.00
Local	13,804,435.58	4,699,583.58	12,592,553.49	24,037,677.23	18,630,117.83	17,362,014.02	0.00
Foreign	194,910,723.20	181,306,348.38	220,177,480.59	79,265,231.96	74,983,481.53	96,288,863.16	0.00
STOCKHOLDERS´ EQUITY	564,893,834.82	569,177,355.54	573,250,521.50	572,420,956.65	577,897,522.02	579,578,644.75	0.00
Capital	283,000,957.06	279,854,931.19	279,911,058.24	279,964,951.46	280,047,648.83	280,101,528.38	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	0.00
Other Reserves	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	165,647,006.59	165,789,753.85	165,802,421.31	158,990,908.25	159,015,817.84	159,015,817.84	0.00
Net Income	26,988,400.09	29,450,665.83	33,099,910.65	39,370,813.67	42,613,964.44	44,880,117.94	0.00
Gain or Loss in Securities available for sale	-5,952,682.59	-1,128,149.00	-773,022.37	-1,115,870.40	1,009,937.24	371,026.92	0.00
Subordinated Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
LIABILITIES AND STOCKHOLDER’S EQUITY	3,531,211,702.61	3,598,083,021.72	3,599,204,604.08	3,452,143,818.17	3,725,349,919.62	3,822,112,970.41	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 4th, 2007
	STATEMENTS OF INCOME * BANCO LATINOAMERICANO DE EXPORTACIONES, S.A. January - Noviembre 2006

	(In Balboas)**

Description	January	February	March	I Quarter	April	May	June	II Quarter

Interest Income	12,678,643.01	11,735,785.49	13,694,425.38	38,108,853.88	14,340,235.97	14,884,912.63	17,108,210.46	46,333,359.06
Loans	11,020,922.80	10,226,602.75	11,799,182.05	33,046,707.60	12,304,064.12	12,476,384.73	14,324,195.00	39,104,643.85
Deposits	789,894.27	661,530.80	588,141.77	2,039,566.84	503,510.75	406,992.44	438,295.24	1,348,798.43
Investments	867,825.94	847,651.94	1,307,101.56	3,022,579.44	1,532,661.10	2,001,535.46	2,345,720.22	5,879,916.78
Interest Expense	8,639,458.79	8,118,406.15	9,777,362.52	26,535,227.46	9,933,807.74	10,964,453.99	11,408,542.15	32,306,803.88
Interest	8,636,503.50	8,115,643.98	9,775,323.24	26,527,470.72	9,931,415.53	10,961,376.28	11,406,490.21	32,299,282.02
Commissions	2,955.29	2,762.17	2,039.28	7,756.74	2,392.21	3,077.71	2,051.94	7,521.86
Net Interest Income	4,039,184.22	3,617,379.34	3,917,062.86	11,573,626.42	4,406,428.23	3,920,458.64	5,699,668.31	14,026,555.18
Other Income	1,471,926.38	1,827,715.16	706,827.75	4,006,469.29	412,524.76	397,246.14	261,229.69	1,071,000.59
Commissions	570,307.09	419,914.87	589,629.53	1,579,851.49	400,162.87	500,054.36	417,367.94	1,317,585.17
Foreign currency operations	26,483.68	6,742.92	-4,812.84	28,413.76	12,266.89	-68,123.53	-190,970.26	-246,826.90
Other Income	875,135.61	1,401,057.37	122,011.06	2,398,204.04	95.00	-34,684.69	34,832.01	242.32
Operating Income	5,511,110.60	5,445,094.50	4,623,890.61	15,580,095.71	4,818,952.99	4,317,704.78	5,960,898.00	15,097,555.77
Operating Expenses	1,792,836.85	-17,226,892.28	10,656,125.67	-4,777,929.76	1,861,552.20	-1,427,714.82	-1,367,224.99	-933,387.61
Administrative expenses	1,319,974.99	1,411,330.71	1,556,443.36	4,287,749.06	1,285,024.60	1,388,920.02	1,541,321.58	4,215,266.20
General expenses	182,304.16	387,471.05	555,731.14	1,125,506.35	269,046.17	502,611.54	275,776.63	1,047,434.34
Depreciation	57,834.52	50,228.67	56,994.63	165,057.82	55,561.62	93,366.69	62,848.57	211,776.88
Other expenses	232,723.18	-19,075,922.71	8,486,956.54	-10,356,242.99	251,919.81	-3,412,613.07	-3,247,171.77	-6,407,865.03
Net Income before provision for loan losses	3,718,273.75	22,671,986.78	-6,032,235.06	20,358,025.47	2,957,400.79	5,745,419.60	7,328,122.99	16,030,943.38
Provision for loan losses	0.00	-2,986,252.92	6,757,826.15	3,771,573.23	0.00	3,655,664.17	1,973,331.36	5,628,995.53
Net Income	3,718,273.75	25,658,239.70	-12,790,061.21	16,586,452.24	2,957,400.79	2,089,755.43	5,354,791.63	10,401,947.85

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

Interest Income	17,340,697.57	18,127,420.84	17,250,699.90	52,718,818.31	18,325,686.10	19,172,811.41	0.00	37,498,497.51	174,659,528.76
Loans	14,492,515.68	15,272,357.02	14,639,499.31	44,404,372.01	15,711,927.28	16,616,164.85	0.00	32,328,092.13	148,883,815.59
Deposits	524,744.22	512,986.63	325,722.43	1,363,453.28	292,936.09	303,227.82	0.00	596,163.91	5,347,982.46
Investments	2,323,437.67	2,342,077.19	2,285,478.16	6,950,993.02	2,320,822.73	2,253,418.74	0.00	4,574,241.47	20,427,730.71
Interest Expense	12,874,950.71	12,955,694.24	12,507,678.74	38,338,323.69	13,518,219.25	14,370,853.86	0.00	27,889,073.11	125,069,428.14
Interest	12,872,745.21	12,954,552.57	12,506,656.12	38,333,953.90	13,517,685.63	14,366,110.16	0.00	27,883,795.79	125,044,502.43
Commissions	2,205.50	1,141.67	1,022.62	4,369.79	533.62	4,743.70	0.00	5,277.32	24,925.71
Net Interest Income	4,465,746.86	5,171,726.60	4,743,021.16	14,380,494.62	4,807,466.85	4,801,957.55	0.00	9,609,424.40	49,590,100.62
Other Income	519,407.16	823,168.23	357,470.46	1,700,045.85	492,242.32	41,931.96	0.00	534,174.28	7,311,690.01
Commissions	628,524.98	717,641.25	448,590.92	1,794,757.15	471,598.19	367,273.41	0.00	838,871.60	5,531,065.41
Foreign currency operations	-17,722.19	-27,914.43	-15,348.03	-60,984.65	-33,939.61	-52,793.46	0.00	-86,733.07	-366,130.86
Other Income	-91,395.63	133,441.41	-75,772.43	-33,726.65	54,583.74	-272,547.99	0.00	-217,964.25	2,146,755.46
Operating Income	4,985,154.02	5,994,894.83	5,100,491.62	16,080,540.47	5,299,709.17	4,843,889.51	0.00	10,143,598.68	56,901,790.63
Operating Expenses	2,522,888.27	2,345,650.01	-5,745,848.19	-877,309.91	2,056,558.40	2,577,736.01	0.00	4,634,294.41	-1,954,332.87
Administrative expenses	1,510,014.26	1,050,298.66	778,351.23	3,338,664.15	1,276,318.90	1,293,256.05	0.00	2,569,574.95	14,411,254.36
General expenses	476,154.36	363,262.05	231,649.54	1,071,065.95	377,832.14	478,679.13	0.00	856,511.27	4,100,517.91
Depreciation	152,820.07	140,589.47	149,131.68	442,541.22	147,257.73	144,927.21	0.00	292,184.94	1,111,560.86
Other expenses	383,899.58	791,499.83	-6,904,980.64	-5,729,581.23	255,149.63	660,873.62	0.00	916,023.25	-21,577,666.00
Net Income before provision for loan losses	2,462,265.75	3,649,244.82	10,846,339.81	16,957,850.38	3,243,150.77	2,266,153.50	0.00	5,509,304.27	58,856,123.50
Provision for loan losses	0.00	0.00	4,575,436.79	4,575,436.79	0.00	0.00	0.00	0.00	13,976,005.55
Net Income	2,462,265.75	3,649,244.82	6,270,903.02	12,382,413.59	3,243,150.77	2,266,153.50	0.00	5,509,304.27	44,880,117.95

* 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).