Edgar Filing: FOREIGN TRADE BANK OF LATIN AMERICA, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2009

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

(Exact name of Registrant as specified in its Charter)

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

(Translation of Registrant’s name into English)

Calle 50 y Aquilino de la Guardia

P.O. Box 0819-08730

Panama City, Republic of Panama

(Address of Registrant’s Principal Executive Offices)

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

Form 20-F x Form 40-F 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.

December 23, 2009

FOREIGN TRADE BANK OF LATIN AMERICA, INC.

	By: /s/ Pedro Toll

	Name: Pedro Toll
	Title: General Manager

Nota: Los datos de esta información no son consolidados y excluyen la data de Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund y Bladex Representacao Ltda.

23 de diciembre de 2009

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

BALANCE DE SITUACIÓN DE DICIEMBRE 2008 Y ENERO - OCTUBRE 2009

(En Balboas) *

					2008		2009
Descripción	Absoluta		%		Diciembre		Enero		Febrero		Marzo		Abril
ACTIVOS LIQUIDOS		-486,427,464.11		-54.02		900,408,387.46		717,808,031.28		665,592,478.18		605,053,408.84		714,371,384.83
Depositos Locales en Bancos		65,723.42		54.92		119,678.71		266,933.91		166,228.99		130,796.55		112,519.31
A la Vista		65,723.42		54.92		119,678.71		266,933.91		166,228.99		130,796.55		112,519.31
A Plazo		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Depositos Extranjeros en Bancos		-486,495,263.61		-54.04		900,280,189.52		717,408,834.01		665,420,617.82		604,911,611.35		714,248,175.75
A la Vista		-503,295,263.61		-83.15		605,280,189.52		443,408,834.01		299,420,617.82		244,911,611.35		304,248,175.75
A Plazo		16,800,000.00		5.69		295,000,000.00		274,000,000.00		366,000,000.00		360,000,000.00		410,000,000.00
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		2,076.08		24.37		8,519.23		132,263.36		5,631.37		11,000.94		10,689.77
CARTERA CREDITICIA		49,525,376.22		1.93		2,563,995,557.03		2,625,259,226.06		2,574,391,867.97		2,542,991,544.55		2,467,291,611.82
Locales		-52,243,140.97		-35.68		146,426,161.11		173,845,131.64		162,779,663.97		176,122,935.24		169,884,836.48
Extranjero		136,978,965.75		5.54		2,472,217,297.78		2,506,098,077.87		2,466,369,654.50		2,447,443,976.64		2,377,980,871.89
Menos Provisiones		35,210,448.56		64.43		54,647,901.86		54,683,983.45		54,757,450.50		80,575,367.33		80,574,096.55
Locales		-330,113.63		-16.70		1,976,899.07		1,976,899.07		1,976,899.07		4,414,252.71		4,414,252.71
Extranjero		35,540,562.19		67.48		52,671,002.79		52,707,084.38		52,780,551.43		76,161,114.62		76,159,843.84
INVERSIONES EN VALORES		-176,875,869.51		-22.44		788,240,705.29		765,500,339.63		734,731,700.59		856,516,453.83		865,946,982.61
Locales		-42,062,314.24		-49.24		85,418,314.23		86,488,314.23		85,982,128.43		90,117,500.00		92,097,500.00
Extranjero		-134,813,555.27		-19.18		702,822,391.06		679,012,025.40		648,749,572.16		766,398,953.83		773,849,482.61
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		-20,428,539.44		-29.11		70,168,089.80		61,211,751.15		62,248,402.29		53,503,328.21		56,411,130.59
Locales		-7,222,179.18		-57.79		12,497,285.64		7,648,698.17		9,131,122.10		6,008,575.50		6,775,089.32
Extranjero		-13,206,360.26		-22.90		57,670,804.16		53,563,052.98		53,117,280.19		47,494,752.71		49,636,041.27
TOTAL DE ACTIVOS		-634,206,496.84		-14.67		4,322,812,739.58		4,169,779,348.12		4,036,964,449.03		4,058,064,735.43		4,104,021,109.85
DEPOSITOS		108,616,173.32		9.29		1,169,705,848.32		1,194,733,108.43		1,217,741,248.70		1,216,766,442.16		1,147,397,707.70
Locales		34,493,098.08		49.78		69,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		88,792,169.93
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		-10,000,000.00		-100.00		10,000,000.00		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
A Plazo		-10,000,000.00		-100.00		10,000,000.00		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		44,493,098.08		75.05		59,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		88,792,169.93
A la Vista		-1,655,840.89		-84.93		1,949,582.22		1,811,078.40		1,998,473.25		256,698.83		300,735.28
A Plazo		46,148,938.97		80.49		57,335,181.00		69,550,310.04		91,153,359.61		83,459,204.94		88,491,434.65
Extranjero		74,123,075.24		6.74		1,100,421,085.10		1,123,371,719.99		1,124,589,415.84		1,133,050,538.39		1,058,605,537.77
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		11,960,367.33		198.02		6,040,084.86		2,039,059.60		2,082,474.99		5,319,493.77		28,779,906.58
A la Vista		737,783.03		48.06		1,535,090.42		1,534,684.60		1,578,099.99		1,815,118.77		3,779,906.58
A Plazo		11,222,584.30		249.11		4,504,994.44		504,375.00		504,375.00		3,504,375.00		25,000,000.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		62,162,707.91		5.68		1,094,381,000.24		1,121,332,660.39		1,122,506,940.85		1,127,731,044.62		1,029,825,631.19
A la Vista		-94,234,688.08		-85.52		110,194,972.25		78,005,924.10		91,304,980.79		53,766,988.66		44,229,767.30
A Plazo		156,397,395.99		15.89		984,186,027.99		1,043,326,736.29		1,031,201,960.06		1,073,964,055.96		985,595,863.89
OBLIGACIONES		-746,083,190.96		-30.68		2,432,030,377.24		2,229,666,397.91		2,104,626,539.11		2,167,251,487.27		2,260,963,042.20
Locales		4,900,000.00		24.38		20,100,000.00		16,900,000.00		11,800,000.00		0.00		0.00
Extranjero		-750,983,190.96		-31.14		2,411,930,377.24		2,212,766,397.91		2,092,826,539.11		2,167,251,487.27		2,260,963,042.20
OTROS PASIVOS		-71,434,654.12		-38.39		186,090,509.36		185,549,413.63		157,691,719.82		121,266,171.66		117,074,330.21
Locales		-8,521,383.38		-58.35		14,602,722.51		14,526,998.13		3,523,167.99		8,040,512.59		8,556,100.60
Extranjero		-62,913,270.74		-36.69		171,487,786.85		171,022,415.50		154,168,551.83		113,225,659.07		108,518,229.61
PATRIMONIO		74,695,175.22		13.96		534,986,004.71		559,830,428.20		556,904,941.40		552,780,634.19		578,586,029.03
Capital		2,117,853.20		0.75		282,794,414.74		282,906,856.00		283,012,670.14		283,151,067.79		283,285,001.00
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		2,895,091.27		-48.54		-5,964,753.66		-4,633,080.66		-3,334,858.66		-44,198,634.92		-1,034,258.05
Utilidad de Periodos Anteriores		21,394,801.65		11.19		191,275,312.05		229,096,975.05		229,096,975.05		223,633,661.58		223,633,606.98
Utilidad de Periodo		-6,680,123.40		-17.66		37,821,663.04		8,549,170.42		9,411,562.60		7,949,221.38		14,266,514.05
Ganancia o Perdida en Valores Disponible para la venta		54,967,552.50		-83.09		-66,150,785.13		-51,299,646.28		-56,491,561.40		-12,964,835.31		-36,774,988.62
Deuda Subordinada		0.00		0.00		0.00		0.00		0.00		0.00		0.00
PASIVO Y PATRIMONIO		-634,206,496.54		-14.67		4,322,812,739.63		4,169,779,348.17		4,036,964,449.03		4,058,064,735.28		4,104,021,109.14

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

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

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

23 de diciembre de 2009

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

BALANCE DE SITUACIÓN DE DICIEMBRE 2008 Y ENERO - OCTUBRE 2009

(En Balboas) *

	2009
Descripción	Mayo		Junio		Julio		Agosto		Septiembre		Octubre		Noviembre		Diciembre
ACTIVOS LIQUIDOS		598,888,072.80		484,519,897.02		519,272,552.19		554,541,550.20		460,262,199.60		413,980,923.35		0.00		0.00
Depositos Locales en Bancos		147,954.60		101,817.74		246,125.36		187,934.85		183,714.66		185,402.13		0.00		0.00
A la Vista		147,954.60		101,817.74		246,125.36		187,934.85		183,714.66		185,402.13		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		598,731,847.10		484,410,056.48		519,015,601.76		554,341,997.65		460,067,917.01		413,784,925.91		0.00		0.00
A la Vista		148,731,847.10		79,410,056.48		167,315,601.76		164,441,997.65		169,267,917.01		101,984,925.91		0.00		0.00
A Plazo		450,000,000.00		405,000,000.00		351,700,000.00		389,900,000.00		290,800,000.00		311,800,000.00		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		8,271.10		8,022.80		10,825.07		11,617.70		10,567.93		10,595.31		0.00		0.00
CARTERA CREDITICIA		2,437,789,432.53		2,591,388,011.59		2,455,882,697.75		2,411,183,436.49		2,517,886,713.85		2,613,520,933.25		0.00		0.00
Locales		156,515,940.91		163,152,197.62		164,110,511.67		148,673,253.72		79,298,469.76		94,183,020.14		0.00		0.00
Extranjero		2,361,852,947.87		2,518,480,397.64		2,382,016,769.75		2,352,752,616.74		2,528,468,536.69		2,609,196,263.53		0.00		0.00
Menos Provisiones		80,579,456.25		90,244,583.67		90,244,583.67		90,242,433.97		89,880,292.60		89,858,350.42		0.00		0.00
Locales		4,414,252.71		3,390,132.03		3,390,132.03		3,390,132.03		1,646,785.44		1,646,785.44		0.00		0.00
Extranjero		76,165,203.54		86,854,451.64		86,854,451.64		86,852,301.94		88,233,507.16		88,211,564.98		0.00		0.00
INVERSIONES EN VALORES		877,173,391.04		879,386,953.53		880,612,999.70		734,210,231.92		618,034,784.23		611,364,835.78		0.00		0.00
Locales		93,545,399.49		94,004,099.83		94,465,600.00		43,499,999.99		44,085,999.99		43,355,999.99		0.00		0.00
Extranjero		783,627,991.55		785,382,853.70		786,147,399.70		690,710,231.93		573,948,784.24		568,008,835.79		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		56,851,332.30		56,457,781.60		52,504,623.92		55,425,644.70		50,137,469.59		49,739,550.36		0.00		0.00
Locales		6,840,558.32		6,170,141.54		6,817,446.71		6,269,915.71		4,961,806.42		5,275,106.46		0.00		0.00
Extranjero		50,010,773.98		50,287,640.06		45,687,177.21		49,155,728.99		45,175,663.17		44,464,443.90		0.00		0.00
TOTAL DE ACTIVOS		3,970,702,228.67		4,011,752,643.74		3,908,272,873.56		3,755,360,863.31		3,646,321,167.27		3,688,606,242.74		0.00		0.00
DEPOSITOS		1,120,018,913.25		1,261,055,899.46		1,251,135,039.43		1,209,014,340.10		1,222,226,950.57		1,278,322,021.64		0.00		0.00
Locales		46,833,464.29		107,842,679.09		99,689,243.09		105,289,802.27		97,794,487.38		103,777,861.30		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		46,833,464.29		107,842,679.09		99,689,243.09		105,289,802.27		97,794,487.38		103,777,861.30		0.00		0.00
A la Vista		292,102.36		295,670.56		242,837.44		279,706.33		322,766.33		293,741.33		0.00		0.00
A Plazo		46,541,361.93		107,547,008.53		99,446,405.65		105,010,095.94		97,471,721.05		103,484,119.97		0.00		0.00
Extranjero		1,073,185,448.96		1,153,213,220.37		1,151,445,796.34		1,103,724,537.83		1,124,432,463.19		1,174,544,160.34		0.00		0.00
Oficiales		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Particulares		21,625,418.87		12,133,554.61		11,626,243.77		5,538,859.51		2,979,687.20		18,000,452.19		0.00		0.00
A la Vista		1,576,418.87		2,133,554.61		1,626,243.77		4,811,645.37		2,356,167.36		2,272,873.45		0.00		0.00
A Plazo		20,049,000.00		10,000,000.00		10,000,000.00		727,214.14		623,519.84		15,727,578.74		0.00		0.00
De Ahorros		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
De Bancos		1,051,560,030.09		1,141,079,665.76		1,139,819,552.57		1,098,185,678.32		1,121,452,775.99		1,156,543,708.15		0.00		0.00
A la Vista		66,499,310.11		154,233,381.53		53,911,580.66		71,240,032.12		33,996,012.17		15,960,284.17		0.00		0.00
A Plazo		985,060,719.98		986,846,284.23		1,085,907,971.91		1,026,945,646.20		1,087,456,763.82		1,140,583,423.98		0.00		0.00
OBLIGACIONES		2,147,349,144.52		2,048,985,848.28		1,940,977,247.57		1,827,730,257.39		1,692,735,399.72		1,685,947,186.28		0.00		0.00
Locales		0.00		25,000,000.00		25,000,000.00		25,000,000.00		25,000,000.00		25,000,000.00		0.00		0.00
Extranjero		2,147,349,144.52		2,023,985,848.28		1,915,977,247.57		1,802,730,257.39		1,667,735,399.72		1,660,947,186.28		0.00		0.00
OTROS PASIVOS		107,326,591.64		110,329,704.16		109,138,591.82		111,163,775.30		120,087,069.84		114,655,855.24		0.00		0.00
Locales		3,346,440.41		8,882,402.20		5,463,759.62		3,748,521.79		14,310,268.71		6,081,339.13		0.00		0.00
Extranjero		103,980,151.23		101,447,301.96		103,674,832.20		107,415,253.51		105,776,801.13		108,574,516.11		0.00		0.00
PATRIMONIO		596,007,579.36		591,381,191.85		607,021,995.14		607,452,490.75		611,271,747.70		609,681,179.93		0.00		0.00
Capital		284,231,828.41		284,365,761.62		284,498,708.29		284,642,202.50		284,781,067.87		284,912,267.94		0.00		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		0.00
Otras Reservas		-2,451,423.40		-2,726,992.69		-2,773,185.29		-3,742,193.55		-3,544,047.99		-3,069,662.39		0.00		0.00
Utilidad de Periodos Anteriores		223,633,606.98		218,157,901.41		218,151,858.99		218,151,858.99		212,670,113.70		212,670,113.70		0.00		0.00
Utilidad de Periodo		20,299,961.01		14,916,229.31		22,498,415.57		26,008,591.36		27,481,541.94		31,141,539.64		0.00		0.00
Ganancia o Perdida en Valores Disponible para la venta		-24,916,547.31		-18,541,861.47		-10,563,956.09		-12,818,122.22		-5,327,081.49		-11,183,232.63		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		3,970,702,228.77		4,011,752,643.75		3,908,272,873.96		3,755,360,863.54		3,646,321,167.83		3,688,606,243.09		0.00		0.00

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

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

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

23 de diciembre de 2009

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

ENERO - OCTUBRE 2009

(En Balboas) *

Descripcion	Enero		Febrero		Marzo		Trimestre I		Abril		Mayo		Junio		Trimestre II
Ingresos Por Intereses		13,900,446.36		12,497,312.76		13,830,744.79		40,228,503.91		12,944,591.06		12,805,093.14		12,201,265.27		37,950,949.47
Préstamos		11,450,587.66		10,265,841.03		10,878,984.52		32,595,413.21		10,229,222.42		9,983,752.91		9,608,604.58		29,821,579.91
Depósitos		108,729.95		115,900.20		142,229.63		366,859.78		136,613.33		135,896.00		122,858.31		395,367.64
Inversiones		2,341,128.75		2,115,571.53		2,809,530.64		7,266,230.92		2,578,755.31		2,685,444.23		2,469,802.38		7,734,001.92
Egresos de Operaciones		9,146,492.08		8,200,665.93		7,401,800.67		24,748,958.68		7,228,525.28		7,259,973.74		6,461,702.06		20,950,201.08
Intereses Pagados		9,143,542.09		8,195,792.71		7,393,271.94		24,732,606.74		7,220,736.76		7,255,742.31		6,454,777.82		20,931,256.89
Comisiones		2,949.99		4,873.22		8,528.73		16,351.94		7,788.52		4,231.43		6,924.24		18,944.19
Ingreso Neto de Intereses		4,753,954.28		4,296,646.83		6,428,944.12		15,479,545.23		5,716,065.78		5,545,119.40		5,739,563.21		17,000,748.39
Otros Ingresos		6,348,507.00		2,187,989.67		824,719.93		9,361,216.60		2,991,580.96		3,167,205.30		632,611.09		6,791,397.35
Comisiones		817,932.36		806,833.89		584,106.38		2,208,872.63		265,036.18		244,653.74		200,501.71		710,191.63
Otros ingresos		5,530,574.64		1,381,155.78		240,613.55		7,152,343.97		2,726,544.78		2,922,551.56		432,109.38		6,081,205.72
Ingresos de Operaciones		11,102,461.28		6,484,636.50		7,253,664.05		24,840,761.83		8,707,646.74		8,712,324.70		6,372,174.30		23,792,145.74
Egresos Generales		2,553,290.86		5,622,244.32		3,528,950.35		11,704,485.53		2,390,354.06		2,678,877.74		2,674,112.34		7,743,344.14
Gastos Administrativos		1,245,417.33		2,888,697.60		1,680,787.23		5,814,902.16		1,491,721.53		1,444,454.35		1,764,049.60		4,700,225.48
Gastos Generales		204,470.82		274,904.72		407,562.59		886,938.13		305,179.57		618,568.68		256,216.30		1,179,964.55
Gastos de Depreciación		216,847.29		220,332.96		220,344.26		657,524.51		221,024.39		219,746.04		229,218.16		669,988.59
Otros Gastos		886,555.42		2,238,309.04		1,220,256.27		4,345,120.73		372,428.57		396,108.67		424,628.28		1,193,165.52
Utilidad antes de Provisiones		8,549,170.42		862,392.18		3,724,713.70		13,136,276.30		6,317,292.68		6,033,446.96		3,698,061.96		16,048,801.60
Provisiones por Cuentas Malas		0.00		0.00		5,187,054.72		5,187,054.72		0.00		0.00		9,081,793.87		9,081,793.87
Utilidad del Periodo		8,549,170.42		862,392.18		-1,462,341.02		7,949,221.58		6,317,292.68		6,033,446.96		-5,383,731.91		6,967,007.73

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

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

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

23 de diciembre de 2009

ESTADO DE RESULTADO

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

ENERO - OCTUBRE 2009

(En Balboas) *

Descripcion	Julio		Agosto		Septiembre		Trimestre III		Octubre		Noviembre		Diciembre		Trimestre IV		Acumulado Anual
Ingresos Por Intereses		12,797,315.99		11,412,267.60		9,913,516.33		34,123,099.92		10,218,655.86		0.00		0.00		10,218,655.86		122,521,209.16
Préstamos		10,130,541.34		9,172,445.36		8,211,033.07		27,514,019.77		8,985,157.08		0.00		0.00		8,985,157.08		98,916,169.97
Depósitos		104,337.12		92,266.80		94,380.04		290,983.96		74,188.02		0.00		0.00		74,188.02		1,127,399.40
Inversiones		2,562,437.53		2,147,555.44		1,608,103.22		6,318,096.19		1,159,310.76		0.00		0.00		1,159,310.76		22,477,639.79
Egresos de Operaciones		6,117,909.19		5,584,758.99		5,050,402.79		16,753,070.97		4,590,893.13		0.00		0.00		4,590,893.13		67,043,123.86
Intereses Pagados		6,110,602.17		5,577,642.46		5,043,072.12		16,731,316.75		4,580,294.36		0.00		0.00		4,580,294.36		66,975,474.74
Comisiones		7,307.02		7,116.53		7,330.67		21,754.22		10,598.77		0.00		0.00		10,598.77		67,649.12
Ingreso Neto de Intereses		6,679,406.80		5,827,508.61		4,863,113.54		17,370,028.95		5,627,762.73		0.00		0.00		5,627,762.73		55,478,085.30
Otros Ingresos		3,166,123.52		223,672.97		908,429.05		4,298,225.54		1,119,439.91		0.00		0.00		1,119,439.91		21,570,279.40
Comisiones		390,977.23		468,966.23		636,397.01		1,496,340.47		647,699.44		0.00		0.00		647,699.44		5,063,104.17
Otros ingresos		2,775,146.29		-245,293.26		272,032.04		2,801,885.07		471,740.47		0.00		0.00		471,740.47		16,507,175.23
Ingresos de Operaciones		9,845,530.32		6,051,181.58		5,771,542.59		21,668,254.49		6,747,202.64		0.00		0.00		6,747,202.64		77,048,364.70
Egresos Generales		2,263,344.06		2,541,005.79		3,129,446.35		7,933,796.20		3,087,204.94		0.00		0.00		3,087,204.94		30,468,830.81
Gastos Administrativos		1,387,670.05		1,547,199.51		1,448,113.79		4,382,983.35		1,505,909.72		0.00		0.00		1,505,909.72		16,404,020.71
Gastos Generales		191,112.55		308,119.62		277,018.83		776,251.00		399,991.68		0.00		0.00		399,991.68		3,243,145.36
Gastos de Depreciación		206,957.24		203,404.59		204,243.35		614,605.18		212,657.95		0.00		0.00		212,657.95		2,154,776.23
Otros Gastos		477,604.22		482,282.07		1,200,070.38		2,159,956.67		968,645.59		0.00		0.00		968,645.59		8,666,888.51
Utilidad antes de Provisiones		7,582,186.26		3,510,175.79		2,642,096.24		13,734,458.29		3,659,997.70		0.00		0.00		3,659,997.70		46,579,533.89
Provisiones por Cuentas Malas		0.00		0.00		1,169,145.66		1,169,145.66		0.00		0.00		0.00		0.00		15,437,994.25
Utilidad del Periodo		7,582,186.26		3,510,175.79		1,472,950.58		12,565,312.63		3,659,997.70		0.00		0.00		3,659,997.70		31,141,539.64

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

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

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

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

BALANCE SHEETS* DECEMBER 2008 AND JANUARY - OCTOBER 2009

(In Balboas)*

December 23, 2009

					2008		2009
Description	Absolute		%		December		January		February		March		April
LIQUID ASSETS		-486,427,464.11		-54.02		900,408,387.46		717,808,031.28		665,592,478.18		605,053,408.84		714,371,384.83
Local Deposits in Banks		65,723.42		54.92		119,678.71		266,933.91		166,228.99		130,796.55		112,519.31
Demand		65,723.42		54.92		119,678.71		266,933.91		166,228.99		130,796.55		112,519.31
Time		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Foreign Deposits in Banks		-486,495,263.61		-54.04		900,280,189.52		717,408,834.01		665,420,617.82		604,911,611.35		714,248,175.75
Demand		-503,295,263.61		-83.15		605,280,189.52		443,408,834.01		299,420,617.82		244,911,611.35		304,248,175.75
Time		16,800,000.00		5.69		295,000,000.00		274,000,000.00		366,000,000.00		360,000,000.00		410,000,000.00
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		2,076.08		24.37		8,519.23		132,263.36		5,631.37		11,000.94		10,689.77
CREDIT PORTFOLIO		49,525,376.22		1.93		2,563,995,557.03		2,625,259,226.06		2,574,391,867.97		2,542,991,544.55		2,467,291,611.82
Local		-52,243,140.97		-35.68		146,426,161.11		173,845,131.64		162,779,663.97		176,122,935.24		169,884,836.48
Foreign		136,978,965.75		5.54		2,472,217,297.78		2,506,098,077.87		2,466,369,654.50		2,447,443,976.64		2,377,980,871.89
Less Allowance		35,210,448.56		64.43		54,647,901.86		54,683,983.45		54,757,450.50		80,575,367.33		80,574,096.55
Local		-330,113.63		-16.70		1,976,899.07		1,976,899.07		1,976,899.07		4,414,252.71		4,414,252.71
Foreign		35,540,562.19		67.48		52,671,002.79		52,707,084.38		52,780,551.43		76,161,114.62		76,159,843.84
INVESTMENT SECURITIES		-176,875,869.51		-22.44		788,240,705.29		765,500,339.63		734,731,700.59		856,516,453.83		865,946,982.61
Local		-42,062,314.24		-49.24		85,418,314.23		86,488,314.23		85,982,128.43		90,117,500.00		92,097,500.00
Foreign		-134,813,555.27		-19.18		702,822,391.06		679,012,025.40		648,749,572.16		766,398,953.83		773,849,482.61
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		-20,428,539.44		-29.11		70,168,089.80		61,211,751.15		62,248,402.29		53,503,328.21		56,411,130.59
Local		-7,222,179.18		-57.79		12,497,285.64		7,648,698.17		9,131,122.10		6,008,575.50		6,775,089.32
Foreign		-13,206,360.26		-22.90		57,670,804.16		53,563,052.98		53,117,280.19		47,494,752.71		49,636,041.27
TOTAL ASSETS		-634,206,496.84		-14.67		4,322,812,739.58		4,169,779,348.12		4,036,964,449.03		4,058,064,735.43		4,104,021,109.85
DEPOSITS		108,616,173.32		9.29		1,169,705,848.32		1,194,733,108.43		1,217,741,248.70		1,216,766,442.16		1,147,397,707.70
Local		34,493,098.08		49.78		69,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		88,792,169.93
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		-10,000,000.00		-100.00		10,000,000.00		0.00		0.00		0.00		0.00
Demand		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Time		-10,000,000.00		-100.00		10,000,000.00		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		44,493,098.08		75.05		59,284,763.22		71,361,388.44		93,151,832.86		83,715,903.77		88,792,169.93
Demand		-1,655,840.89		-84.93		1,949,582.22		1,811,078.40		1,998,473.25		256,698.83		300,735.28
Time		46,148,938.97		80.49		57,335,181.00		69,550,310.04		91,153,359.61		83,459,204.94		88,491,434.65
Foreign		74,123,075.24		6.74		1,100,421,085.10		1,123,371,719.99		1,124,589,415.84		1,133,050,538.39		1,058,605,537.77
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		11,960,367.33		198.02		6,040,084.86		2,039,059.60		2,082,474.99		5,319,493.77		28,779,906.58
Demand		737,783.03		48.06		1,535,090.42		1,534,684.60		1,578,099.99		1,815,118.77		3,779,906.58
Time		11,222,584.30		249.11		4,504,994.44		504,375.00		504,375.00		3,504,375.00		25,000,000.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		62,162,707.91		5.68		1,094,381,000.24		1,121,332,660.39		1,122,506,940.85		1,127,731,044.62		1,029,825,631.19
Demand		-94,234,688.08		-85.52		110,194,972.25		78,005,924.10		91,304,980.79		53,766,988.66		44,229,767.30
Time		156,397,395.99		15.89		984,186,027.99		1,043,326,736.29		1,031,201,960.06		1,073,964,055.96		985,595,863.89
BORROWINGS		-746,083,190.96		-30.68		2,432,030,377.24		2,229,666,397.91		2,104,626,539.11		2,167,251,487.27		2,260,963,042.20
Local		4,900,000.00		24.38		20,100,000.00		16,900,000.00		11,800,000.00		0.00		0.00
Foreign		-750,983,190.96		-31.14		2,411,930,377.24		2,212,766,397.91		2,092,826,539.11		2,167,251,487.27		2,260,963,042.20
OTHER LIABILITIES		-71,434,654.12		-38.39		186,090,509.36		185,549,413.63		157,691,719.82		121,266,171.66		117,074,330.21
Local		-8,521,383.38		-58.35		14,602,722.51		14,526,998.13		3,523,167.99		8,040,512.59		8,556,100.60
Foreign		-62,913,270.74		-36.69		171,487,786.85		171,022,415.50		154,168,551.83		113,225,659.07		108,518,229.61
STOCKHOLDERS´ EQUITY		74,695,175.22		13.96		534,986,004.71		559,830,428.20		556,904,941.40		552,780,634.19		578,586,029.03
Capital		2,117,853.20		0.75		282,794,414.74		282,906,856.00		283,012,670.14		283,151,067.79		283,285,001.00
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		2,895,091.27		-48.54		-5,964,753.66		-4,633,080.66		-3,334,858.66		-44,198,634.92		-1,034,258.05
Retained Earnings		21,394,801.65		11.19		191,275,312.05		229,096,975.05		229,096,975.05		223,633,661.58		223,633,606.98
Net Income		-6,680,123.40		-17.66		37,821,663.04		8,549,170.42		9,411,562.60		7,949,221.38		14,266,514.05
Gain or Loss in Securities available for sale		54,967,552.50		-83.09		-66,150,785.13		-51,299,646.28		-56,491,561.40		-12,964,835.31		-36,774,988.62
Subordinated Debt		0.00		0.00		0.00		0.00		0.00		0.00		0.00
LIABILITIES AND STOCKHOLDER'S EQUITY		-634,206,496.54		-14.67		4,322,812,739.63		4,169,779,348.17		4,036,964,449.03		4,058,064,735.28		4,104,021,109.14

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

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

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

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

BALANCE SHEETS* DECEMBER 2008 AND JANUARY - OCTOBER 2009

(In Balboas)*

December 23, 2009

	2009
Description	May		June		July		August		September		October		November		December
LIQUID ASSETS		598,888,072.80		484,519,897.02		519,272,552.19		554,541,550.20		460,262,199.60		413,980,923.35		0.00		0.00
Local Deposits in Banks		147,954.60		101,817.74		246,125.36		187,934.85		183,714.66		185,402.13		0.00		0.00
Demand		147,954.60		101,817.74		246,125.36		187,934.85		183,714.66		185,402.13		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		598,731,847.10		484,410,056.48		519,015,601.76		554,341,997.65		460,067,917.01		413,784,925.91		0.00		0.00
Demand		148,731,847.10		79,410,056.48		167,315,601.76		164,441,997.65		169,267,917.01		101,984,925.91		0.00		0.00
Time		450,000,000.00		405,000,000.00		351,700,000.00		389,900,000.00		290,800,000.00		311,800,000.00		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		8,271.10		8,022.80		10,825.07		11,617.70		10,567.93		10,595.31		0.00		0.00
CREDIT PORTFOLIO		2,437,789,432.53		2,591,388,011.59		2,455,882,697.75		2,411,183,436.49		2,517,886,713.85		2,613,520,933.25		0.00		0.00
Local		156,515,940.91		163,152,197.62		164,110,511.67		148,673,253.72		79,298,469.76		94,183,020.14		0.00		0.00
Foreign		2,361,852,947.87		2,518,480,397.64		2,382,016,769.75		2,352,752,616.74		2,528,468,536.69		2,609,196,263.53		0.00		0.00
Less Allowance		80,579,456.25		90,244,583.67		90,244,583.67		90,242,433.97		89,880,292.60		89,858,350.42		0.00		0.00
Local		4,414,252.71		3,390,132.03		3,390,132.03		3,390,132.03		1,646,785.44		1,646,785.44		0.00		0.00
Foreign		76,165,203.54		86,854,451.64		86,854,451.64		86,852,301.94		88,233,507.16		88,211,564.98		0.00		0.00
INVESTMENT SECURITIES		877,173,391.04		879,386,953.53		880,612,999.70		734,210,231.92		618,034,784.23		611,364,835.78		0.00		0.00
Local		93,545,399.49		94,004,099.83		94,465,600.00		43,499,999.99		44,085,999.99		43,355,999.99		0.00		0.00
Foreign		783,627,991.55		785,382,853.70		786,147,399.70		690,710,231.93		573,948,784.24		568,008,835.79		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		56,851,332.30		56,457,781.60		52,504,623.92		55,425,644.70		50,137,469.59		49,739,550.36		0.00		0.00
Local		6,840,558.32		6,170,141.54		6,817,446.71		6,269,915.71		4,961,806.42		5,275,106.46		0.00		0.00
Foreign		50,010,773.98		50,287,640.06		45,687,177.21		49,155,728.99		45,175,663.17		44,464,443.90		0.00		0.00
TOTAL ASSETS		3,970,702,228.67		4,011,752,643.74		3,908,272,873.56		3,755,360,863.31		3,646,321,167.27		3,688,606,242.74		0.00		0.00
DEPOSITS		1,120,018,913.25		1,261,055,899.46		1,251,135,039.43		1,209,014,340.10		1,222,226,950.57		1,278,322,021.64		0.00		0.00
Local		46,833,464.29		107,842,679.09		99,689,243.09		105,289,802.27		97,794,487.38		103,777,861.30		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		46,833,464.29		107,842,679.09		99,689,243.09		105,289,802.27		97,794,487.38		103,777,861.30		0.00		0.00
Demand		292,102.36		295,670.56		242,837.44		279,706.33		322,766.33		293,741.33		0.00		0.00
Time		46,541,361.93		107,547,008.53		99,446,405.65		105,010,095.94		97,471,721.05		103,484,119.97		0.00		0.00
Foreign		1,073,185,448.96		1,153,213,220.37		1,151,445,796.34		1,103,724,537.83		1,124,432,463.19		1,174,544,160.34		0.00		0.00
Government		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
Customers		21,625,418.87		12,133,554.61		11,626,243.77		5,538,859.51		2,979,687.20		18,000,452.19		0.00		0.00
Demand		1,576,418.87		2,133,554.61		1,626,243.77		4,811,645.37		2,356,167.36		2,272,873.45		0.00		0.00
Time		20,049,000.00		10,000,000.00		10,000,000.00		727,214.14		623,519.84		15,727,578.74		0.00		0.00
Savings		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
From Banks		1,051,560,030.09		1,141,079,665.76		1,139,819,552.57		1,098,185,678.32		1,121,452,775.99		1,156,543,708.15		0.00		0.00
Demand		66,499,310.11		154,233,381.53		53,911,580.66		71,240,032.12		33,996,012.17		15,960,284.17		0.00		0.00
Time		985,060,719.98		986,846,284.23		1,085,907,971.91		1,026,945,646.20		1,087,456,763.82		1,140,583,423.98		0.00		0.00
BORROWINGS		2,147,349,144.52		2,048,985,848.28		1,940,977,247.57		1,827,730,257.39		1,692,735,399.72		1,685,947,186.28		0.00		0.00
Local		0.00		25,000,000.00		25,000,000.00		25,000,000.00		25,000,000.00		25,000,000.00		0.00		0.00
Foreign		2,147,349,144.52		2,023,985,848.28		1,915,977,247.57		1,802,730,257.39		1,667,735,399.72		1,660,947,186.28		0.00		0.00
OTHER LIABILITIES		107,326,591.64		110,329,704.16		109,138,591.82		111,163,775.30		120,087,069.84		114,655,855.24		0.00		0.00
Local		3,346,440.41		8,882,402.20		5,463,759.62		3,748,521.79		14,310,268.71		6,081,339.13		0.00		0.00
Foreign		103,980,151.23		101,447,301.96		103,674,832.20		107,415,253.51		105,776,801.13		108,574,516.11		0.00		0.00
STOCKHOLDERS´ EQUITY		596,007,579.36		591,381,191.85		607,021,995.14		607,452,490.75		611,271,747.70		609,681,179.93		0.00		0.00
Capital		284,231,828.41		284,365,761.62		284,498,708.29		284,642,202.50		284,781,067.87		284,912,267.94		0.00		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		0.00
Other Reserves		-2,451,423.40		-2,726,992.69		-2,773,185.29		-3,742,193.55		-3,544,047.99		-3,069,662.39		0.00		0.00
Retained Earnings		223,633,606.98		218,157,901.41		218,151,858.99		218,151,858.99		212,670,113.70		212,670,113.70		0.00		0.00
Net Income		20,299,961.01		14,916,229.31		22,498,415.57		26,008,591.36		27,481,541.94		31,141,539.64		0.00		0.00
Gain or Loss in Securities available for sale		-24,916,547.31		-18,541,861.47		-10,563,956.09		-12,818,122.22		-5,327,081.49		-11,183,232.63		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		3,970,702,228.77		4,011,752,643.75		3,908,272,873.96		3,755,360,863.54		3,646,321,167.83		3,688,606,243.09		0.00		0.00

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

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

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

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

STATEMENTS OF INCOME

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

JANUARY - OCTOBER 2009

(In Balboas)*

December 23, 2009

Description	January		February		March		I Quarter		April		May		June		II Quarter
Interest Income		13,900,446.36		12,497,312.76		13,830,744.79		40,228,503.91		12,944,591.06		12,805,093.14		12,201,265.27		37,950,949.47
Loans		11,450,587.66		10,265,841.03		10,878,984.52		32,595,413.21		10,229,222.42		9,983,752.91		9,608,604.58		29,821,579.91
Deposits		108,729.95		115,900.20		142,229.63		366,859.78		136,613.33		135,896.00		122,858.31		395,367.64
Investments		2,341,128.75		2,115,571.53		2,809,530.64		7,266,230.92		2,578,755.31		2,685,444.23		2,469,802.38		7,734,001.92
Interest Expense		9,146,492.08		8,200,665.93		7,401,800.67		24,748,958.68		7,228,525.28		7,259,973.74		6,461,702.06		20,950,201.08
Interest		9,143,542.09		8,195,792.71		7,393,271.94		24,732,606.74		7,220,736.76		7,255,742.31		6,454,777.82		20,931,256.89
Commissions		2,949.99		4,873.22		8,528.73		16,351.94		7,788.52		4,231.43		6,924.24		18,944.19
Net Interest Income		4,753,954.28		4,296,646.83		6,428,944.12		15,479,545.23		5,716,065.78		5,545,119.40		5,739,563.21		17,000,748.39
Other Income		6,348,507.00		2,187,989.67		824,719.93		9,361,216.60		2,991,580.96		3,167,205.30		632,611.09		6,791,397.35
Commissions		817,932.36		806,833.89		584,106.38		2,208,872.63		265,036.18		244,653.74		200,501.71		710,191.63
Other Income		5,530,574.64		1,381,155.78		240,613.55		7,152,343.97		2,726,544.78		2,922,551.56		432,109.38		6,081,205.72
Operating Income		11,102,461.28		6,484,636.50		7,253,664.05		24,840,761.83		8,707,646.74		8,712,324.70		6,372,174.30		23,792,145.74
Operating Expenses		2,553,290.86		5,622,244.32		3,528,950.35		11,704,485.53		2,390,354.06		2,678,877.74		2,674,112.34		7,743,344.14
Administrative expenses		1,245,417.33		2,888,697.60		1,680,787.23		5,814,902.16		1,491,721.53		1,444,454.35		1,764,049.60		4,700,225.48
General expenses		204,470.82		274,904.72		407,562.59		886,938.13		305,179.57		618,568.68		256,216.30		1,179,964.55
Depreciation		216,847.29		220,332.96		220,344.26		657,524.51		221,024.39		219,746.04		229,218.16		669,988.59
Other expenses		886,555.42		2,238,309.04		1,220,256.27		4,345,120.73		372,428.57		396,108.67		424,628.28		1,193,165.52
Net Income before provision for loan losses		8,549,170.42		862,392.18		3,724,713.70		13,136,276.30		6,317,292.68		6,033,446.96		3,698,061.96		16,048,801.60
Provision for loan losses		0.00		0.00		5,187,054.72		5,187,054.72		0.00		0.00		9,081,793.87		9,081,793.87
Net Income		8,549,170.42		862,392.18		-1,462,341.02		7,949,221.58		6,317,292.68		6,033,446.96		-5,383,731.91		6,967,007.73

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

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

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

Note: This information are unconsolidated figures and exclude the data for Bladex Asset Management Inc., Bladex Holdings Inc., Clavex S.A., Bladex Offshore Feeder Fund, and Bladex Representacao Ltda.

STATEMENTS OF INCOME

BANCO LATINOAMERICANO DE COMERCIO EXTERIOR, S.A.

JANUARY - OCTOBER 2009

(In Balboas)*

December 23, 2009

Description	July		August		September		III Quarter		October		November		December		IV Quarter		Year to date
Interest Income		12,797,315.99		11,412,267.60		9,913,516.33		34,123,099.92		10,218,655.86		0.00		0.00		10,218,655.86		122,521,209.16
Loans		10,130,541.34		9,172,445.36		8,211,033.07		27,514,019.77		8,985,157.08		0.00		0.00		8,985,157.08		98,916,169.97
Deposits		104,337.12		92,266.80		94,380.04		290,983.96		74,188.02		0.00		0.00		74,188.02		1,127,399.40
Investments		2,562,437.53		2,147,555.44		1,608,103.22		6,318,096.19		1,159,310.76		0.00		0.00		1,159,310.76		22,477,639.79
Interest Expense		6,117,909.19		5,584,758.99		5,050,402.79		16,753,070.97		4,590,893.13		0.00		0.00		4,590,893.13		67,043,123.86
Interest		6,110,602.17		5,577,642.46		5,043,072.12		16,731,316.75		4,580,294.36		0.00		0.00		4,580,294.36		66,975,474.74
Commissions		7,307.02		7,116.53		7,330.67		21,754.22		10,598.77		0.00		0.00		10,598.77		67,649.12
Net Interest Income		6,679,406.80		5,827,508.61		4,863,113.54		17,370,028.95		5,627,762.73		0.00		0.00		5,627,762.73		55,478,085.30
Other Income		3,166,123.52		223,672.97		908,429.05		4,298,225.54		1,119,439.91		0.00		0.00		1,119,439.91		21,570,279.40
Commissions		390,977.23		468,966.23		636,397.01		1,496,340.47		647,699.44		0.00		0.00		647,699.44		5,063,104.17
Other Income		2,775,146.29		-245,293.26		272,032.04		2,801,885.07		471,740.47		0.00		0.00		471,740.47		16,507,175.23
Operating Income		9,845,530.32		6,051,181.58		5,771,542.59		21,668,254.49		6,747,202.64		0.00		0.00		6,747,202.64		77,048,364.70
Operating Expenses		2,263,344.06		2,541,005.79		3,129,446.35		7,933,796.20		3,087,204.94		0.00		0.00		3,087,204.94		30,468,830.81
Administrative expenses		1,387,670.05		1,547,199.51		1,448,113.79		4,382,983.35		1,505,909.72		0.00		0.00		1,505,909.72		16,404,020.71
General expenses		191,112.55		308,119.62		277,018.83		776,251.00		399,991.68		0.00		0.00		399,991.68		3,243,145.36
Depreciation		206,957.24		203,404.59		204,243.35		614,605.18		212,657.95		0.00		0.00		212,657.95		2,154,776.23
Other expenses		477,604.22		482,282.07		1,200,070.38		2,159,956.67		968,645.59		0.00		0.00		968,645.59		8,666,888.51
Net Income before provision for loan losses		7,582,186.26		3,510,175.79		2,642,096.24		13,734,458.29		3,659,997.70		0.00		0.00		3,659,997.70		46,579,533.89
Provision for loan losses		0.00		0.00		1,169,145.66		1,169,145.66		0.00		0.00		0.00		0.00		15,437,994.25
Net Income		7,582,186.26		3,510,175.79		1,472,950.58		12,565,312.63		3,659,997.70		0.00		0.00		3,659,997.70		31,141,539.64

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

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

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