SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 Or 15d-16 Of The
Securities Exchange Act of 1934
For the month of July, 2004
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 __
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing information to the Commission
pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of 1934.)
Yes __ No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b). 82_____.)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereto duly authorized.
July 7, 2004
Banco Latinoamericano de Exportaciones, S.A.
By: /s/ Pedro Toll
-------------------
Name: Pedro Toll
Title: Deputy Manager
June 29, 2004
BANCO LATINOAMERICANO DE EXPORTACIONES
[SEAL] BALANCE SHEETS* December 2003 and January to May 2004
(In Balboas)**
------------------------------------------------------------------------------------------------------------------------------------
2003 2004
------------------------------------------------------------------------------------------------------------------------------------
Description Absolute % December January February
------------------------------------------------------------------------------------------------------------------------------------
LIQUID ASSETS -45,541,482.74 -23.87 190,799,943.18 192,064,648.30 234,316,239.13
------------------------------------------------------------------------------------------------------------------------------------
Local Deposits in Banks -3,534.26 -2.28 154,867.09 148,473.17 172,395.85
------------------------------------------------------------------------------------------------------------------------------------
Demand -3,534.26 -2.28 154,867.09 148,473.17 172,395.85
------------------------------------------------------------------------------------------------------------------------------------
Foreign Deposits in Banks -45,522,288.77 -23.89 190,519,519.42 191,777,453.20 234,061,676.10
------------------------------------------------------------------------------------------------------------------------------------
Demand 2,076,747.34 288.24 720,483.31 3,182,508.52 2,934,580.72
------------------------------------------------------------------------------------------------------------------------------------
Time -47,599,036.11 -25.08 189,799,036.11 188,594,944.68 231,127,095.38
------------------------------------------------------------------------------------------------------------------------------------
Others -15,659.71 -12.47 125,556.67 138,721.93 82,167.18
------------------------------------------------------------------------------------------------------------------------------------
CREDIT PORTFOLIO -98,920,016.43 -5.70 1,735,136,671.38 1,729,608,465.58 1,677,488,314.06
------------------------------------------------------------------------------------------------------------------------------------
Local -82,686,029.31 -39.15 211,227,524.30 167,786,374.36 177,192,240.23
------------------------------------------------------------------------------------------------------------------------------------
Foreign -16,233,987.12 -1.07 1,523,909,147.08 1,561,822,091.22 1,500,296,073.83
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT SECURITIES -1,727,163.41 -1.54 112,295,247.89 111,905,462.66 111,673,317.31
------------------------------------------------------------------------------------------------------------------------------------
Foreign -1,727,163.41 -1.54 112,295,247.89 111,905,462.66 111,673,317.31
------------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS 21,859,110.38 42.96 50,888,083.69 64,583,832.22 63,669,397.02
------------------------------------------------------------------------------------------------------------------------------------
Local -1,250,706.54 -20.27 6,170,009.76 5,967,530.86 6,004,000.34
------------------------------------------------------------------------------------------------------------------------------------
Foreign 23,109,816.92 51.68 44,718,073.93 58,616,301.36 57,665,396.68
------------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS -124,329,552.20 -5.95 2,089,119,946.14 2,098,162,408.76 2,087,147,267.52
------------------------------------------------------------------------------------------------------------------------------------
DEPOSITS 24,420,217.55 4.75 514,414,316.03 518,360,985.90 521,737,597.31
------------------------------------------------------------------------------------------------------------------------------------
Local -3,206,396.53 -7.36 43,587,485.58 45,390,804.32 42,062,496.54
------------------------------------------------------------------------------------------------------------------------------------
From Banks -3,206,396.53 -7.36 43,587,485.58 45,390,804.32 42,062,496.54
------------------------------------------------------------------------------------------------------------------------------------
Demand 3,816,396.78 83.04 4,595,824.32 6,094,329.66 6,101,933.23
------------------------------------------------------------------------------------------------------------------------------------
Time -7,022,793.31 -18.01 38,991,661.26 39,296,474.66 35,960,563.31
------------------------------------------------------------------------------------------------------------------------------------
Foreign 27,626,614.08 5.87 470,826,830.45 472,970,181.58 479,675,100.77
------------------------------------------------------------------------------------------------------------------------------------
Customers -56,295,800.05 -39.08 144,069,723.19 99,357,945.44 87,518,635.29
------------------------------------------------------------------------------------------------------------------------------------
Demand -1,621,938.32 -47.76 3,395,861.46 1,757,945.44 3,518,635.29
------------------------------------------------------------------------------------------------------------------------------------
Time -54,673,861.73 -38.87 140,673,861.73 97,600,000.00 84,000,000.00
------------------------------------------------------------------------------------------------------------------------------------
From Banks 83,922,414.13 25.68 326,757,107.26 373,612,236.14 392,156,465.48
------------------------------------------------------------------------------------------------------------------------------------
Demand -1,004,166.39 -9.05 11,100,547.00 14,459,263.26 10,376,666.71
------------------------------------------------------------------------------------------------------------------------------------
Time 84,926,580.52 26.90 315,656,560.26 359,152,972.88 381,779,798.77
------------------------------------------------------------------------------------------------------------------------------------
BORROWINGS -185,841,088.76 -18.20 1,020,959,382.93 1,004,876,078.51 981,368,587.28
------------------------------------------------------------------------------------------------------------------------------------
Local 29,700.20 0.14 21,603,810.80 21,603,810.80 21,603,810.80
------------------------------------------------------------------------------------------------------------------------------------
Foreign -185,870,788.96 -18.60 999,355,572.13 983,272,267.71 959,764,776.48
------------------------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES 8,699,945.26 9.00 96,619,215.59 107,357,098.15 109,077,967.55
------------------------------------------------------------------------------------------------------------------------------------
Local -3,841,458.55 -12.66 30,347,173.08 31,567,311.00 35,806,705.76
------------------------------------------------------------------------------------------------------------------------------------
Foreign 12,541,403.81 18.92 66,272,042.51 75,789,787.15 73,271,261.79
------------------------------------------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY 28,391,373.75 6.21 457,127,031.59 467,568,246.20 474,963,115.38
------------------------------------------------------------------------------------------------------------------------------------
Capital -6.37 0.00 328,225,212.57 328,225,212.57 328,225,212.57
------------------------------------------------------------------------------------------------------------------------------------
Capital Reserves 0.00 0.00 16,609,728.78 16,609,728.78 16,609,728.78
------------------------------------------------------------------------------------------------------------------------------------
Retained Earnings 97,816,091.12 14,720.27 664,499.09 102,415,864.02 102,415,864.02
------------------------------------------------------------------------------------------------------------------------------------
Net Income -69,707,057.01 -68.51 101,751,364.93 10,593,177.01 17,792,214.06
------------------------------------------------------------------------------------------------------------------------------------
Gain or Loss in Securities
available for sale 282,346.01 2.86 9,876,226.22 9,724,263.82 9,920,095.95
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDER'S EQUITY -124,329,552.20 -5.95 2,089,119,946.14 2,098,162,408.76 2,087,147,267.52
------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
2004
-------------------------------------------------------------------------------------------------------
Description March April May
-------------------------------------------------------------------------------------------------------
LIQUID ASSETS 132,229,195.34 145,258,460.44 153,847,073.92
-------------------------------------------------------------------------------------------------------
Local Deposits in Banks 148,973.07 151,332.83 804,092.05
-------------------------------------------------------------------------------------------------------
Demand 148,973.07 151,332.83 804,092.05
-------------------------------------------------------------------------------------------------------
Foreign Deposits in Banks 131,933,367.96 144,997,230.65 152,964,580.58
-------------------------------------------------------------------------------------------------------
Demand 2,833,367.96 2,797,230.65 1,764,580.58
-------------------------------------------------------------------------------------------------------
Time 129,100,000.00 142,200,000.00 151,200,000.00
-------------------------------------------------------------------------------------------------------
Others 146,854.31 109,896.96 78,401.29
-------------------------------------------------------------------------------------------------------
CREDIT PORTFOLIO 1,645,045,191.99 1,636,216,654.95 1,688,616,702.20
-------------------------------------------------------------------------------------------------------
Local 135,583,600.56 128,541,494.99 184,995,042.99
-------------------------------------------------------------------------------------------------------
Foreign 1,509,461,591.43 1,507,675,159.96 1,503,621,659.21
-------------------------------------------------------------------------------------------------------
INVESTMENT SECURITIES 112,447,442.98 110,568,084.48 109,614,880.51
-------------------------------------------------------------------------------------------------------
Foreign 112,447,442.98 110,568,084.48 109,614,880.51
-------------------------------------------------------------------------------------------------------
OTHER ASSETS 61,241,400.29 72,747,194.07 70,673,887.44
-------------------------------------------------------------------------------------------------------
Local 5,069,422.26 4,919,303.22 5,134,214.91
-------------------------------------------------------------------------------------------------------
Foreign 56,171,978.03 67,827,890.85 65,539,672.53
-------------------------------------------------------------------------------------------------------
TOTAL ASSETS 1,950,963,230.60 1,964,790,393.94 2,022,752,544.07
-------------------------------------------------------------------------------------------------------
DEPOSITS 535,697,217.51 538,834,533.58 582,122,023.34
-------------------------------------------------------------------------------------------------------
Local 36,870,785.38 40,381,089.05 42,482,045.73
-------------------------------------------------------------------------------------------------------
From Banks 36,870,785.38 40,381,089.05 42,482,045.73
-------------------------------------------------------------------------------------------------------
Demand 5,906,842.96 8,412,221.10 7,417,202.75
-------------------------------------------------------------------------------------------------------
Time 30,963,942.42 31,968,867.95 35,064,842.98
-------------------------------------------------------------------------------------------------------
Foreign 498,826,432.13 498,453,444.53 539,639,977.61
-------------------------------------------------------------------------------------------------------
Customers 108,117,642.12 87,773,923.14 45,534,928.45
-------------------------------------------------------------------------------------------------------
Demand 5,117,642.12 1,773,923.14 1,534,928.45
-------------------------------------------------------------------------------------------------------
Time 103,000,000.00 86,000,000.00 44,000,000.00
-------------------------------------------------------------------------------------------------------
From Banks 390,708,790.01 410,679,521.39 494,105,049.16
-------------------------------------------------------------------------------------------------------
Demand 9,899,421.12 10,096,380.61 11,761,030.48
-------------------------------------------------------------------------------------------------------
Time 380,809,368.89 400,583,140.78 482,344,018.68
-------------------------------------------------------------------------------------------------------
BORROWINGS 831,663,808.85 835,118,294.17 817,166,704.50
-------------------------------------------------------------------------------------------------------
Local 21,633,511.00 21,633,511.00 20,961,247.80
-------------------------------------------------------------------------------------------------------
Foreign 810,030,297.85 813,484,783.17 796,205,456.70
-------------------------------------------------------------------------------------------------------
OTHER LIABILITIES 100,999,864.50 105,319,160.85 125,660,212.69
-------------------------------------------------------------------------------------------------------
Local 26,668,458.77 26,505,714.53 52,876,428.71
-------------------------------------------------------------------------------------------------------
Foreign 74,331,405.73 78,813,446.32 72,783,783.98
-------------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY 482,602,339.74 485,518,405.34 497,803,603.54
-------------------------------------------------------------------------------------------------------
Capital 328,225,212.57 328,225,206.20 328,225,206.20
-------------------------------------------------------------------------------------------------------
Capital Reserves 16,609,728.78 16,609,728.78 16,609,728.78
-------------------------------------------------------------------------------------------------------
Retained Earnings 98,480,590.21 98,480,590.21 98,480,590.21
-------------------------------------------------------------------------------------------------------
Net Income 28,353,232.45 32,044,307.92 45,163,182.37
-------------------------------------------------------------------------------------------------------
Gain or Loss in Securities
available for sale 10,933,575.73 10,158,572.23 9,324,895.98
-------------------------------------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDER'S EQUITY 1,950,963,230.60 1,964,790,393.94 2,022,752,544.07
-------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
2004
------------------------------------------------------------------------------------------------------------------
Description June July August September October November December
------------------------------------------------------------------------------------------------------------------
LIQUID ASSETS
------------------------------------------------------------------------------------------------------------------
Local Deposits in Banks
------------------------------------------------------------------------------------------------------------------
Demand
------------------------------------------------------------------------------------------------------------------
Foreign Deposits in Banks
------------------------------------------------------------------------------------------------------------------
Demand
------------------------------------------------------------------------------------------------------------------
Time
------------------------------------------------------------------------------------------------------------------
Others
------------------------------------------------------------------------------------------------------------------
CREDIT PORTFOLIO
------------------------------------------------------------------------------------------------------------------
Local
------------------------------------------------------------------------------------------------------------------
Foreign
------------------------------------------------------------------------------------------------------------------
INVESTMENT SECURITIES
------------------------------------------------------------------------------------------------------------------
Foreign
------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
------------------------------------------------------------------------------------------------------------------
Local
------------------------------------------------------------------------------------------------------------------
Foreign
------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS
------------------------------------------------------------------------------------------------------------------
DEPOSITS
------------------------------------------------------------------------------------------------------------------
Local
------------------------------------------------------------------------------------------------------------------
From Banks
------------------------------------------------------------------------------------------------------------------
Demand
------------------------------------------------------------------------------------------------------------------
Time
------------------------------------------------------------------------------------------------------------------
Foreign
------------------------------------------------------------------------------------------------------------------
Customers
------------------------------------------------------------------------------------------------------------------
Demand
------------------------------------------------------------------------------------------------------------------
Time
------------------------------------------------------------------------------------------------------------------
From Banks
------------------------------------------------------------------------------------------------------------------
Demand
------------------------------------------------------------------------------------------------------------------
Time
------------------------------------------------------------------------------------------------------------------
BORROWINGS
------------------------------------------------------------------------------------------------------------------
Local
------------------------------------------------------------------------------------------------------------------
Foreign
------------------------------------------------------------------------------------------------------------------
OTHER LIABILITIES
------------------------------------------------------------------------------------------------------------------
Local
------------------------------------------------------------------------------------------------------------------
Foreign
------------------------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY
------------------------------------------------------------------------------------------------------------------
Capital
------------------------------------------------------------------------------------------------------------------
Capital Reserves
------------------------------------------------------------------------------------------------------------------
Retained Earnings
------------------------------------------------------------------------------------------------------------------
Net Income
------------------------------------------------------------------------------------------------------------------
Gain or Loss in Securities
available for sale
------------------------------------------------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDER'S EQUITY
------------------------------------------------------------------------------------------------------------------
* 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 Panama Superintendencia de Bancos (website:
http://www.superbancos.gob.pa).
Jun 29, 2004
STATEMENTS OF INCOME *
[SEAL] BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
January to May 2004
(In Balboas)**
-----------------------------------------------------------------------------------------------------------------------------------
I
Description January February March Quarter April May
-----------------------------------------------------------------------------------------------------------------------------------
Interest Income 6,554,346.26 4,920,235.16 5,734,864.07 17,209,445.49 6,380,969.21 4,264,633.98
-----------------------------------------------------------------------------------------------------------------------------------
Loans 5,806,089.31 4,357,928.60 5,135,119.62 15,299,137.53 5,863,136.60 3,739,030.99
-----------------------------------------------------------------------------------------------------------------------------------
Deposits 134,326.48 151,395.63 195,196.95 480,919.06 117,950.90 125,544.66
-----------------------------------------------------------------------------------------------------------------------------------
Investments 613,930.47 410,910.93 404,547.50 1,429,388.90 399,881.71 400,058.33
-----------------------------------------------------------------------------------------------------------------------------------
Interest Expense 2,503,583.65 2,302,555.27 2,483,510.96 7,289,649.88 1,968,282.79 1,574,042.61
-----------------------------------------------------------------------------------------------------------------------------------
Interest 2,463,551.58 2,289,995.94 2,487,621.71 7,241,169.23 1,967,086.81 1,573,928.57
-----------------------------------------------------------------------------------------------------------------------------------
Commissions 40,032.07 12,559.33 -4,110.75 48,480.65 1,195.98 114.04
-----------------------------------------------------------------------------------------------------------------------------------
Net Interest Income 4,050,762.61 2,617,679.89 3,251,353.11 9,919,795.61 4,412,686.42 2,690,591.37
-----------------------------------------------------------------------------------------------------------------------------------
Other Income 574,025.74 440,603.31 840,675.99 1,855,305.04 1,113,133.33 -433,346.43
-----------------------------------------------------------------------------------------------------------------------------------
Commissions 548,963.99 665,864.96 509,460.70 1,724,289.65 448,767.69 534,153.82
-----------------------------------------------------------------------------------------------------------------------------------
Foreign currency operations -4,122.82 3,312.45 -188.10 -998.47 -5,276.39 -221,370.05
-----------------------------------------------------------------------------------------------------------------------------------
Other Income 29,184.57 -228,574.10 331,403.39 132,013.86 669,642.03 -746,130.20
-----------------------------------------------------------------------------------------------------------------------------------
Operating Income 4,624,788.35 3,058,283.20 4,092,029.10 11,775,100.65 5,525,819.75 2,257,244.94
-----------------------------------------------------------------------------------------------------------------------------------
Operating Expenses 1,845,294.21 -262,208.98 75,177.76 1,658,262.99 1,834,744.28 853,496.71
-----------------------------------------------------------------------------------------------------------------------------------
Administrative expenses 1,019,194.48 989,036.77 1,142,090.66 3,150,321.91 1,081,277.48 1,121,934.67
-----------------------------------------------------------------------------------------------------------------------------------
General expenses 149,318.22 313,300.33 258,581.00 721,199.55 461,578.86 384,344.75
-----------------------------------------------------------------------------------------------------------------------------------
Depreciation 119,749.86 113,223.73 121,469.30 354,442.89 114,761.87 108,282.02
-----------------------------------------------------------------------------------------------------------------------------------
Other expenses 557,031.65 -1,677,769.81 -1,446,963.20 -2,567,701.36 177,126.07 -761,064.73
-----------------------------------------------------------------------------------------------------------------------------------
Net Income before provision for
loan losses 2,779,494.14 3,320,492.18 4,016,851.34 10,116,837.66 3,691,075.47 1,403,748.23
-----------------------------------------------------------------------------------------------------------------------------------
Provision for loan losses -7,813,682.87 -3,878,544.87 -6,544,167.05 -18,236,394.79 0.00 -11,715,126.22
-----------------------------------------------------------------------------------------------------------------------------------
Net Income 10,593,177.01 7,199,037.05 10,561,018.39 28,353,232.45 3,691,075.47 13,118,874.45
-----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
II III
Description June Quarter July August September Quarter
--------------------------------------------------------------------------------------------------------------------------------
Interest Income 10,645,603.19 0.00
--------------------------------------------------------------------------------------------------------------------------------
Loans 9,602,167.59 0.00
--------------------------------------------------------------------------------------------------------------------------------
Deposits 243,495.56 0.00
--------------------------------------------------------------------------------------------------------------------------------
Investments 799,940.04 0.00
--------------------------------------------------------------------------------------------------------------------------------
Interest Expense 3,542,325.40 0.00
--------------------------------------------------------------------------------------------------------------------------------
Interest 3,541,015.38 0.00
--------------------------------------------------------------------------------------------------------------------------------
Commissions 1,310.02 0.00
--------------------------------------------------------------------------------------------------------------------------------
Net Interest Income 7,103,277.79 0.00
--------------------------------------------------------------------------------------------------------------------------------
Other Income 679,786.90 0.00
--------------------------------------------------------------------------------------------------------------------------------
Commissions 982,921.51 0.00
--------------------------------------------------------------------------------------------------------------------------------
Foreign currency operations -226,646.44 0.00
--------------------------------------------------------------------------------------------------------------------------------
Other Income -76,488.17 0.00
--------------------------------------------------------------------------------------------------------------------------------
Operating Income 7,783,064.69 0.00
--------------------------------------------------------------------------------------------------------------------------------
Operating Expenses 2,688,240.99 0.00
--------------------------------------------------------------------------------------------------------------------------------
Administrative expenses 2,203,212.15 0.00
--------------------------------------------------------------------------------------------------------------------------------
General expenses 845,923.61 0.00
--------------------------------------------------------------------------------------------------------------------------------
Depreciation 223,043.89 0.00
--------------------------------------------------------------------------------------------------------------------------------
Other expenses -583,938.66 0.00
--------------------------------------------------------------------------------------------------------------------------------
Net Income before provision for
loan losses 5,094,823.70 0.00
--------------------------------------------------------------------------------------------------------------------------------
Provision for loan losses -11,715,126.22 0.00
--------------------------------------------------------------------------------------------------------------------------------
Net Income 16,809,949.92 0.00
--------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Quarter
Description October November December IV Year to date
---------------------------------------------------------------------------------------------------------------------------------
Interest Income 0.00 27,855,048.68
---------------------------------------------------------------------------------------------------------------------------------
Loans 0.00 24,901,305.12
---------------------------------------------------------------------------------------------------------------------------------
Deposits 0.00 724,414.62
---------------------------------------------------------------------------------------------------------------------------------
Investments 0.00 2,229,328.94
---------------------------------------------------------------------------------------------------------------------------------
Interest Expense 0.00 10,831,975.28
---------------------------------------------------------------------------------------------------------------------------------
Interest 0.00 10,782,184.61
---------------------------------------------------------------------------------------------------------------------------------
Commissions 0.00 49,790.67
---------------------------------------------------------------------------------------------------------------------------------
Net Interest Income 0.00 17,023,073.40
---------------------------------------------------------------------------------------------------------------------------------
Other Income 0.00 2,535,091.94
---------------------------------------------------------------------------------------------------------------------------------
Commissions 0.00 2,707,211.16
---------------------------------------------------------------------------------------------------------------------------------
Foreign currency operations 0.00 -227,644.91
---------------------------------------------------------------------------------------------------------------------------------
Other Income 0.00 55,525.69
---------------------------------------------------------------------------------------------------------------------------------
Operating Income 0.00 19,558,165.34
---------------------------------------------------------------------------------------------------------------------------------
Operating Expenses 0.00 4,346,503.98
---------------------------------------------------------------------------------------------------------------------------------
Administrative expenses 0.00 5,353,534.06
---------------------------------------------------------------------------------------------------------------------------------
General expenses 0.00 1,567,123.16
---------------------------------------------------------------------------------------------------------------------------------
Depreciation 0.00 577,486.78
---------------------------------------------------------------------------------------------------------------------------------
Other expenses 0.00 -3,151,640.02
---------------------------------------------------------------------------------------------------------------------------------
Net Income before provision for
loan losses 0.00 15,211,661.36
---------------------------------------------------------------------------------------------------------------------------------
Provision for loan losses 0.00 -29,951,521.01
---------------------------------------------------------------------------------------------------------------------------------
Net Income 0.00 45,163,182.37
---------------------------------------------------------------------------------------------------------------------------------
* 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 Panama Superintendencia de Bancos (website:
http://www.superbancos.gob.pa).
29 de junio de 2004
[LOGO] BANCO LATINOAMERICANO DE EXPORTACIONES
BALANCE DE SITUACION DE DICIEMBRE 2003 Y ENERO - MAYO 2004
(En Balboas)
----------------------------------------------------------------------------------------------------------------------------
2003 2004
----------------------------------------------------------------------------------------------------------------------------
Descripcion Absoluta % Diciembre Enero Febrero
----------------------------------------------------------------------------------------------------------------------------
ACTIVOS LIQUIDOS -45,541,482.74 -23.87 190,799,943.18 192,064,648.30 234,316,239.13
----------------------------------------------------------------------------------------------------------------------------
Depositos Locales en Bancos -3,534.26 -2.28 154,867.09 148,473.17 172,395.85
----------------------------------------------------------------------------------------------------------------------------
A la Vista -3,534.26 -2.28 154,867.09 148,473.17 172,395.85
----------------------------------------------------------------------------------------------------------------------------
Depositos Extranjeros en Bancos -45,522,288.77 -23.89 190,519,519.42 191,777,453.20 234,061,676.10
----------------------------------------------------------------------------------------------------------------------------
A la Vista 2,076,747.34 288.24 720,483.31 3,182,508.52 2,934,580.72
----------------------------------------------------------------------------------------------------------------------------
A Plazo -47,599,036.11 -25.08 189,799,036.11 188,594,944.68 231,127,095.38
----------------------------------------------------------------------------------------------------------------------------
Otros -15,659.71 -12.47 125,556.67 138,721.93 82,167.18
----------------------------------------------------------------------------------------------------------------------------
CARTERA CREDITICIA -98,920,016.43 -5.70 1,735,136,671.38 1,729,608,465.58 1,677,488,314.06
----------------------------------------------------------------------------------------------------------------------------
Locales -82,686,029.31 -39.15 211,227,524.30 167,786,374.36 177,192,240.23
----------------------------------------------------------------------------------------------------------------------------
Extranjero -16,233,987.12 -1.07 1,523,909,147.08 1,561,822,091.22 1,500,296,073.83
----------------------------------------------------------------------------------------------------------------------------
INVERSIONES EN VALORES -1,727,163.41 -1.54 112,295,247.89 111,905,462.66 111,673,317.31
----------------------------------------------------------------------------------------------------------------------------
Extranjero -1,727,163.41 -1.54 112,295,247.89 111,905,462.66 111,673,317.31
----------------------------------------------------------------------------------------------------------------------------
OTROS ACTIVOS 21,859,110.38 42.96 50,888,083.69 64,583,832.22 63,669,397.02
----------------------------------------------------------------------------------------------------------------------------
Locales -1,250,706.54 -20.27 6,170,009.76 5,967,530.86 6,004,000.34
----------------------------------------------------------------------------------------------------------------------------
Extranjero 23,109,816.92 51.68 44,718,073.93 58,616,301.36 57,665,396.68
----------------------------------------------------------------------------------------------------------------------------
TOTAL DE ACTIVOS -124,329,552.20 -5.95 2,089,119,946.14 2,098,162,408.76 2,087,147,267.52
----------------------------------------------------------------------------------------------------------------------------
DEPOSITOS 24,420,217.55 4.75 514,414,316.03 518,360,985.90 521,737,597.31
----------------------------------------------------------------------------------------------------------------------------
Locales -3,206,396.53 -7.36 43,587,485.58 45,390,804.32 42,062,496.54
----------------------------------------------------------------------------------------------------------------------------
De Bancos -3,206,396.53 -7.36 43,587,485.58 45,390,804.32 42,062,496.54
----------------------------------------------------------------------------------------------------------------------------
A la Vista 3,816,396.78 83.04 4,595,824.32 6,094,329.66 6,101,933.23
----------------------------------------------------------------------------------------------------------------------------
A Plazo -7,022,793.31 -18.01 38,991,661.26 39,296,474.66 35,960,563.31
----------------------------------------------------------------------------------------------------------------------------
Extranjero 27,626,614.08 5.87 470,826,830.45 472,970,181.58 479,675,100.77
----------------------------------------------------------------------------------------------------------------------------
De Particulares -56,295,800.05 -39.08 144,069,723.19 99,357,945.44 87,518,635.29
----------------------------------------------------------------------------------------------------------------------------
A la Vista -1,621,938.32 -47.76 3,395,861.46 1,757,945.44 3,518,635.29
----------------------------------------------------------------------------------------------------------------------------
A Plazo -54,673,861.73 -38.87 140,673,861.73 97,600,000.00 84,000,000.00
----------------------------------------------------------------------------------------------------------------------------
De Bancos 83,922,414.13 25.68 326,757,107.26 373,612,236.14 392,156,465.48
----------------------------------------------------------------------------------------------------------------------------
A la Vista -1,004,166.39 -9.05 11,100,547.00 14,459,263.26 10,376,666.71
----------------------------------------------------------------------------------------------------------------------------
A Plazo 84,926,580.52 26.90 315,656,560.26 359,152,972.88 381,779,798.77
----------------------------------------------------------------------------------------------------------------------------
OBLIGACIONES -185,841,088.76 -18.20 1,020,959,382.93 1,004,876,078.51 981,368,587.28
----------------------------------------------------------------------------------------------------------------------------
Locales 29,700.20 0.14 21,603,810.80 21,603,810.80 21,603,810.80
----------------------------------------------------------------------------------------------------------------------------
Extranjero -185,870,788.96 -18.60 999,355,572.13 983,272,267.71 959,764,776.48
----------------------------------------------------------------------------------------------------------------------------
OTROS PASIVOS 8,699,945.26 9.00 96,619,215.59 107,357,098.15 109,077,967.55
----------------------------------------------------------------------------------------------------------------------------
Locales -3,841,458.55 -12.66 30,347,173.08 31,567,311.00 35,806,705.76
----------------------------------------------------------------------------------------------------------------------------
Extranjero 12,541,403.81 18.92 66,272,042.51 75,789,787.15 73,271,261.79
----------------------------------------------------------------------------------------------------------------------------
PATRIMONIO 28,391,373.75 6.21 457,127,031.59 467,568,246.20 474,963,115.38
----------------------------------------------------------------------------------------------------------------------------
Capital -6.37 0.00 328,225,212.57 328,225,212.57 328,225,212.57
----------------------------------------------------------------------------------------------------------------------------
Reservas de Capital 0.00 0.00 16,609,728.78 16,609,728.78 16,609,728.78
----------------------------------------------------------------------------------------------------------------------------
Utilidad de Periodos Anteriores 97,816,091.12 14,720.27 664,499.09 102,415,864.02 102,415,864.02
----------------------------------------------------------------------------------------------------------------------------
Utilidad de Periodo -69,707,057.01 -68.51 101,751,364.93 10,593,177.01 17,792,214.06
----------------------------------------------------------------------------------------------------------------------------
Ganancia o Perdida en Valores
Disponible para la venta 282,346.01 2.86 9,876,226.22 9,724,263.82 9,920,095.95
----------------------------------------------------------------------------------------------------------------------------
PASIVO Y PATRIMONIO -124,329,552.20 -5.95 2,089,119,946.14 2,098,162,408.76 2,087,147,267.52
----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
2004
---------------------------------------------------------------------------------------------------------------------------
Descripcion Marzo Abril Mayo Junio Julio
---------------------------------------------------------------------------------------------------------------------------
ACTIVOS LIQUIDOS 132,229,195.34 145,258,460.44 153,847,073.92
---------------------------------------------------------------------------------------------------------------------------
Depositos Locales en Bancos 148,973.07 151,332.83 804,092.05
---------------------------------------------------------------------------------------------------------------------------
A la Vista 148,973.07 151,332.83 804,092.05
---------------------------------------------------------------------------------------------------------------------------
Depositos Extranjeros en Bancos 131,933,367.96 144,997,230.65 152,964,580.58
---------------------------------------------------------------------------------------------------------------------------
A la Vista 2,833,367.96 2,797,230.65 1,764,580.58
---------------------------------------------------------------------------------------------------------------------------
A Plazo 129,100,000.00 142,200,000.00 151,200,000.00
---------------------------------------------------------------------------------------------------------------------------
Otros 146,854.31 109,896.96 78,401.29
---------------------------------------------------------------------------------------------------------------------------
CARTERA CREDITICIA 1,645,045,191.99 1,636,216,654.95 1,688,616,702.20
---------------------------------------------------------------------------------------------------------------------------
Locales 135,583,600.56 128,541,494.99 184,995,042.99
---------------------------------------------------------------------------------------------------------------------------
Extranjero 1,509,461,591.43 1,507,675,159.96 1,503,621,659.21
---------------------------------------------------------------------------------------------------------------------------
INVERSIONES EN VALORES 112,447,442.98 110,568,084.48 109,614,880.51
---------------------------------------------------------------------------------------------------------------------------
Extranjero 112,447,442.98 110,568,084.48 109,614,880.51
---------------------------------------------------------------------------------------------------------------------------
OTROS ACTIVOS 61,241,400.29 72,747,194.07 70,673,887.44
---------------------------------------------------------------------------------------------------------------------------
Locales 5,069,422.26 4,919,303.22 5,134,214.91
---------------------------------------------------------------------------------------------------------------------------
Extranjero 56,171,978.03 67,827,890.85 65,539,672.53
---------------------------------------------------------------------------------------------------------------------------
TOTAL DE ACTIVOS 1,950,963,230.60 1,964,790,393.94 2,022,752,544.07
---------------------------------------------------------------------------------------------------------------------------
DEPOSITOS 535,697,217.51 538,834,533.58 582,122,023.34
---------------------------------------------------------------------------------------------------------------------------
Locales 36,870,785.38 40,381,089.05 42,482,045.73
---------------------------------------------------------------------------------------------------------------------------
De Bancos 36,870,785.38 40,381,089.05 42,482,045.73
---------------------------------------------------------------------------------------------------------------------------
A la Vista 5,906,842.96 8,412,221.10 7,417,202.75
---------------------------------------------------------------------------------------------------------------------------
A Plazo 30,963,942.42 31,968,867.95 35,064,842.98
---------------------------------------------------------------------------------------------------------------------------
Extranjero 498,826,432.13 498,453,444.53 539,639,977.61
---------------------------------------------------------------------------------------------------------------------------
De Particulares 108,117,642.12 87,773,923.14 45,534,928.45
---------------------------------------------------------------------------------------------------------------------------
A la Vista 5,117,642.12 1,773,923.14 1,534,928.45
---------------------------------------------------------------------------------------------------------------------------
A Plazo 103,000,000.00 86,000,000.00 44,000,000.00
---------------------------------------------------------------------------------------------------------------------------
De Bancos 390,708,790.01 410,679,521.39 494,105,049.16
---------------------------------------------------------------------------------------------------------------------------
A la Vista 9,899,421.12 10,096,380.61 11,761,030.48
---------------------------------------------------------------------------------------------------------------------------
A Plazo 380,809,368.89 400,583,140.78 482,344,018.68
---------------------------------------------------------------------------------------------------------------------------
OBLIGACIONES 831,663,808.85 835,118,294.17 817,166,704.50
---------------------------------------------------------------------------------------------------------------------------
Locales 21,633,511.00 21,633,511.00 20,961,247.80
---------------------------------------------------------------------------------------------------------------------------
Extranjero 810,030,297.85 813,484,783.17 796,205,456.70
---------------------------------------------------------------------------------------------------------------------------
OTROS PASIVOS 100,999,864.50 105,319,160.85 125,660,212.69
---------------------------------------------------------------------------------------------------------------------------
Locales 26,668,458.77 26,505,714.53 52,876,428.71
---------------------------------------------------------------------------------------------------------------------------
Extranjero 74,331,405.73 78,813,446.32 72,783,783.98
---------------------------------------------------------------------------------------------------------------------------
PATRIMONIO 482,602,339.74 485,518,405.34 497,803,603.54
---------------------------------------------------------------------------------------------------------------------------
Capital 328,225,212.57 328,225,206.20 328,225,206.20
---------------------------------------------------------------------------------------------------------------------------
Reservas de Capital 16,609,728.78 16,609,728.78 16,609,728.78
---------------------------------------------------------------------------------------------------------------------------
Utilidad de Periodos Anteriores 98,480,590.21 98,480,590.21 98,480,590.21
---------------------------------------------------------------------------------------------------------------------------
Utilidad de Periodo 28,353,232.45 32,044,307.92 45,163,182.37
---------------------------------------------------------------------------------------------------------------------------
Ganancia o Perdida en Valores
Disponible para la venta 10,933,575.73 10,158,572.23 9,324,895.98
---------------------------------------------------------------------------------------------------------------------------
PASIVO Y PATRIMONIO 1,950,963,230.60 1,964,790,393.94 2,022,752,544.07
---------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
2004
------------------------------------------------------------------------------------------------------------------------------------
Descripcion Agosto Septiembre Octubre Noviembre Diciembre
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ACTIVOS LIQUIDOS
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Depositos Locales en Bancos
------------------------------------------------------------------------------------------------------------------------------------
A la Vista
------------------------------------------------------------------------------------------------------------------------------------
Depositos Extranjeros en Bancos
------------------------------------------------------------------------------------------------------------------------------------
A la Vista
------------------------------------------------------------------------------------------------------------------------------------
A Plazo
------------------------------------------------------------------------------------------------------------------------------------
Otros
------------------------------------------------------------------------------------------------------------------------------------
CARTERA CREDITICIA
------------------------------------------------------------------------------------------------------------------------------------
Locales
------------------------------------------------------------------------------------------------------------------------------------
Extranjero
------------------------------------------------------------------------------------------------------------------------------------
INVERSIONES EN VALORES
------------------------------------------------------------------------------------------------------------------------------------
Extranjero
------------------------------------------------------------------------------------------------------------------------------------
OTROS ACTIVOS
------------------------------------------------------------------------------------------------------------------------------------
Locales
------------------------------------------------------------------------------------------------------------------------------------
Extranjero
------------------------------------------------------------------------------------------------------------------------------------
TOTAL DE ACTIVOS
------------------------------------------------------------------------------------------------------------------------------------
DEPOSITOS
------------------------------------------------------------------------------------------------------------------------------------
Locales
------------------------------------------------------------------------------------------------------------------------------------
De Bancos
------------------------------------------------------------------------------------------------------------------------------------
A la Vista
------------------------------------------------------------------------------------------------------------------------------------
A Plazo
------------------------------------------------------------------------------------------------------------------------------------
Extranjero
------------------------------------------------------------------------------------------------------------------------------------
De Particulares
------------------------------------------------------------------------------------------------------------------------------------
A la Vista
------------------------------------------------------------------------------------------------------------------------------------
A Plazo
------------------------------------------------------------------------------------------------------------------------------------
De Bancos
------------------------------------------------------------------------------------------------------------------------------------
A la Vista
------------------------------------------------------------------------------------------------------------------------------------
A Plazo
------------------------------------------------------------------------------------------------------------------------------------
OBLIGACIONES
------------------------------------------------------------------------------------------------------------------------------------
Locales
------------------------------------------------------------------------------------------------------------------------------------
Extranjero
------------------------------------------------------------------------------------------------------------------------------------
OTROS PASIVOS
------------------------------------------------------------------------------------------------------------------------------------
Locales
------------------------------------------------------------------------------------------------------------------------------------
Extranjero
------------------------------------------------------------------------------------------------------------------------------------
PATRIMONIO
------------------------------------------------------------------------------------------------------------------------------------
Capital
------------------------------------------------------------------------------------------------------------------------------------
Reservas de Capital
------------------------------------------------------------------------------------------------------------------------------------
Utilidad de Periodos Anteriores
------------------------------------------------------------------------------------------------------------------------------------
Utilidad de Periodo
------------------------------------------------------------------------------------------------------------------------------------
Ganancia o Perdida en Valores
Disponible para la venta
------------------------------------------------------------------------------------------------------------------------------------
PASIVO Y PATRIMONIO
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29 de junio de 2004
ESTADO DE RESULTADO
BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
ENERO - MAYO 2004
(En Balboas)
------------------------------------------------------------------------------------------------------------------------------------
Descripcion Enero Febrero Marzo Trimestre I Abril Mayo
------------------------------------------------------------------------------------------------------------------------------------
Ingresos Por Intereses 6,554,346.26 4,920,235.16 5,734,864.07 17,209,445.49 6,380,969.21 4,264,633.98
------------------------------------------------------------------------------------------------------------------------------------
Prestamos 5,806,089.31 4,357,928.60 5,135,119.62 15,299,137.53 5,863,136.60 3,739,030.99
------------------------------------------------------------------------------------------------------------------------------------
Depositos 134,326.48 151,395.63 195,196.95 480,919.06 117,950.90 125,544.66
------------------------------------------------------------------------------------------------------------------------------------
Inversiones 613,930.47 410,910.93 404,547.50 1,429,388.90 399,881.71 400,058.33
------------------------------------------------------------------------------------------------------------------------------------
Egresos de Operaciones 2,503,583.65 2,302,555.27 2,483,510.96 7,289,649.88 1,968,282.79 1,574,042.61
------------------------------------------------------------------------------------------------------------------------------------
Intereses Pagados 2,463,551.58 2,289,995.94 2,487,621.71 7,241,169.23 1,967,086.81 1,573,928.57
------------------------------------------------------------------------------------------------------------------------------------
Comisiones 40,032.07 12,559.33 -4,110.75 48,480.65 1,195.98 114.04
------------------------------------------------------------------------------------------------------------------------------------
Ingreso Neto de Intereses 4,050,762.61 2,617,679.89 3,251,353.11 9,919,795.61 4,412,686.42 2,690,591.37
------------------------------------------------------------------------------------------------------------------------------------
Otros Ingresos 574,025.74 440,603.31 840,675.99 1,855,305.04 1,113,133.33 -433,346.43
------------------------------------------------------------------------------------------------------------------------------------
Comisiones 548,963.99 665,864.96 509,460.70 1,724,289.65 448,767.69 534,153.82
------------------------------------------------------------------------------------------------------------------------------------
Operaciones con Divisas -4,122.82 3,312.45 -188.10 -998.47 -5,276.39 -221,370.05
------------------------------------------------------------------------------------------------------------------------------------
Otros ingresos 29,184.57 -228,574.10 331,403.39 132,013.86 669,642.03 -746,130.20
------------------------------------------------------------------------------------------------------------------------------------
Ingresos de Operaciones 4,624,788.35 3,058,283.20 4,092,029.10 11,775,100.65 5,525,819.75 2,257,244.94
------------------------------------------------------------------------------------------------------------------------------------
Egresos Generales 1,845,294.21 -262,208.98 75,177.76 1,658,262.99 1,834,744.28 853,496.71
------------------------------------------------------------------------------------------------------------------------------------
Gastos Administrativos 1,019,194.48 989,036.77 1,142,090.66 3,150,321.91 1,081,277.48 1,121,934.67
------------------------------------------------------------------------------------------------------------------------------------
Gastos Generales 149,318.22 313,300.33 258,581.00 721,199.55 461,578.86 384,344.75
------------------------------------------------------------------------------------------------------------------------------------
Gastos de Depreciacion 119,749.86 113,223.73 121,469.30 354,442.89 114,761.87 108,282.02
------------------------------------------------------------------------------------------------------------------------------------
Otros Gastos 557,031.65 -1,677,769.81 -1,446,963.20 -2,567,701.36 177,126.07 -761,064.73
------------------------------------------------------------------------------------------------------------------------------------
Utilidad antes de Provisiones 2,779,494.14 3,320,492.18 4,016,851.34 10,116,837.66 3,691,075.47 1,403,748.23
------------------------------------------------------------------------------------------------------------------------------------
Provisiones por
Cuentas Malas -7,813,682.87 -3,878,544.87 -6,544,167.05 -18,236,394.79 0.00 -11,715,126.22
------------------------------------------------------------------------------------------------------------------------------------
Utilidad del Periodo 10,593,177.01 7,199,037.05 10,561,018.39 28,353,232.45 3,691,075.47 13,118,874.45
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
Descripcion Junio Trimestre II Julio Agosto Septiembre Trimestre III
--------------------------------------------------------------------------------------------------------------------------------
Ingresos Por Intereses 10,645,603.19 0.00
--------------------------------------------------------------------------------------------------------------------------------
Prestamos 9,602,167.59 0.00
--------------------------------------------------------------------------------------------------------------------------------
Depositos 243,495.56 0.00
--------------------------------------------------------------------------------------------------------------------------------
Inversiones 799,940.04 0.00
--------------------------------------------------------------------------------------------------------------------------------
Egresos de Operaciones 3,542,325.40 0.00
--------------------------------------------------------------------------------------------------------------------------------
Intereses Pagados 3,541,015.38 0.00
--------------------------------------------------------------------------------------------------------------------------------
Comisiones 1,310.02 0.00
--------------------------------------------------------------------------------------------------------------------------------
Ingreso Neto de Intereses 7,103,277.79 0.00
--------------------------------------------------------------------------------------------------------------------------------
Otros Ingresos 679,786.90 0.00
--------------------------------------------------------------------------------------------------------------------------------
Comisiones 982,921.51 0.00
--------------------------------------------------------------------------------------------------------------------------------
Operaciones con Divisas -226,646.44 0.00
--------------------------------------------------------------------------------------------------------------------------------
Otros ingresos -76,488.17 0.00
--------------------------------------------------------------------------------------------------------------------------------
Ingresos de Operaciones 7,783,064.69 0.00
--------------------------------------------------------------------------------------------------------------------------------
Egresos Generales 2,688,240.99 0.00
--------------------------------------------------------------------------------------------------------------------------------
Gastos Administrativos 2,203,212.15 0.00
--------------------------------------------------------------------------------------------------------------------------------
Gastos Generales 845,923.61 0.00
--------------------------------------------------------------------------------------------------------------------------------
Gastos de Depreciacion 223,043.89 0.00
--------------------------------------------------------------------------------------------------------------------------------
Otros Gastos -583,938.66 0.00
--------------------------------------------------------------------------------------------------------------------------------
Utilidad antes de Provisiones 5,094,823.70 0.00
--------------------------------------------------------------------------------------------------------------------------------
Provisiones por
Cuentas Malas -11,715,126.22 0.00
--------------------------------------------------------------------------------------------------------------------------------
Utilidad del Periodo 16,809,949.92 0.00
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Descripcion Octubre Noviembre Diciembre Trimestre IV Acumulado Anual
--------------------------------------------------------------------------------------------------------------------
Ingresos Por Intereses 0.00 27,855,048.68
--------------------------------------------------------------------------------------------------------------------
Prestamos 0.00 24,901,305.12
--------------------------------------------------------------------------------------------------------------------
Depositos 0.00 724,414.62
--------------------------------------------------------------------------------------------------------------------
Inversiones 0.00 2,229,328.94
--------------------------------------------------------------------------------------------------------------------
Egresos de Operaciones 0.00 10,831,975.28
--------------------------------------------------------------------------------------------------------------------
Intereses Pagados 0.00 10,782,184.61
--------------------------------------------------------------------------------------------------------------------
Comisiones 0.00 49,790.67
--------------------------------------------------------------------------------------------------------------------
Ingreso Neto de Intereses 0.00 17,023,073.40
--------------------------------------------------------------------------------------------------------------------
Otros Ingresos 0.00 2,535,091.94
--------------------------------------------------------------------------------------------------------------------
Comisiones 0.00 2,707,211.16
--------------------------------------------------------------------------------------------------------------------
Operaciones con Divisas 0.00 -227,644.91
--------------------------------------------------------------------------------------------------------------------
Otros ingresos 0.00 55,525.69
--------------------------------------------------------------------------------------------------------------------
Ingresos de Operaciones 0.00 19,558,165.34
--------------------------------------------------------------------------------------------------------------------
Egresos Generales 0.00 4,346,503.98
--------------------------------------------------------------------------------------------------------------------
Gastos Administrativos 0.00 5,353,534.06
--------------------------------------------------------------------------------------------------------------------
Gastos Generales 0.00 1,567,123.16
--------------------------------------------------------------------------------------------------------------------
Gastos de Depreciacion 0.00 577,486.78
--------------------------------------------------------------------------------------------------------------------
Otros Gastos 0.00 -3,151,640.02
--------------------------------------------------------------------------------------------------------------------
Utilidad antes de Provisiones 0.00 15,211,661.36
--------------------------------------------------------------------------------------------------------------------
Provisiones por
Cuentas Malas 0.00 -29,951,521.01
--------------------------------------------------------------------------------------------------------------------
Utilidad del Periodo 0.00 45,163,182.37
--------------------------------------------------------------------------------------------------------------------