SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 Or 15d-16 Of The
Securities Exchange Act of 1934
For the month of February, 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.
February 10, 2004
Banco Latinoamericano de Exportaciones, S.A.
By: /s/ Pedro Toll
Name: Pedro Toll
Title: General Manager
January 28, 2004
BANCO LATINOAMERICANO DE EXPORTACIONES
[LOGO] BALANCE SHEETS* December 2002 and January to December 2003
(In Balboas)**
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2002 2003
Description Absolute % December January
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LIQUID ASSETS -175,644,555.70 -48.22 364,244,498.88 420,189,950.64
Local Deposits in Banks -10,067,981.21 -98.49 10,222,848.30 10,151,010.74
Demand -67,981.21 -30.51 222,848.30 151,010.74
Time -10,000,000.00 -100.00 10,000,000.00 10,000,000.00
Foreign Deposits in Banks -165,543,206.99 -46.78 353,862,726.41 409,867,894.07
Demand -10,642,243.10 -93.66 11,362,726.41 11,567,894.07
Time -154,900,963.89 -45.23 342,500,000.00 398,300,000.00
Others -33,367.50 -21.00 158,924.17 171,045.83
CREDIT PORTFOLIO -121,369,852.08 -6.54 1,856,506,523.46 1,820,225,637.85
Local 22,746,011.55 12.07 188,481,512.75 169,925,586.46
Foreign -144,115,863.63 -8.64 1,668,025,010.71 1,650,300,051.39
INVESTMENT SECURITIES -217,383,043.97 -65.44 332,206,427.36 325,729,292.54
Local -132,022,050.00 -100.00 132,022,050.00 132,022,050.00
Foreign -85,360,993.97 -42.64 200,184,377.36 193,707,242.54
OTHER ASSETS -67,149,465.17 -57.05 117,709,413.36 83,621,143.24
Local -989,928.69 -13.83 7,159,938.45 12,349,990.51
Foreign -66,159,536.48 -59.85 110,549,474.91 71,271,152.73
TOTAL ASSETS -581,546,916.92 -21.78 2,670,666,863.06 2,649,766,024.27
DEPOSITS 112,572,540.35 28.01 401,841,775.68 404,541,770.43
Local -8,462,308.31 -16.26 52,049,793.89 55,561,807.27
From Banks -8,462,308.31 -16.26 52,049,793.89 55,561,807.27
Demand -7,646,880.60 -62.46 12,242,704.92 13,688,539.99
Time -815,427.71 -2.05 39,807,088.97 41,873,267.28
Foreign 121,034,848.66 34.60 349,791,981.79 348,979,963.16
Customers 64,459,489.00 80.97 79,610,234.19 47,652,701.89
Demand 1,801,172.39 112.95 1,594,689.07 1,595,748.88
Time 62,658,316.61 80.32 78,015,545.12 46,056,953.01
From Banks 56,575,359.66 20.94 270,181,747.60 301,327,261.27
Demand 1,966,726.06 21.53 9,133,820.94 9,201,891.98
Time 54,608,633.60 20.92 261,047,926.66 292,125,369.29
BORROWINGS -911,878,371.20 -47.18 1,932,837,754.13 1,894,444,153.87
Local 6,603,810.80 44.03 15,000,000.00 15,000,000.00
Foreign -918,482,182.00 -47.89 1,917,837,754.13 1,879,444,153.87
OTHER LIABILITIES -15,426,299.06 -13.77 112,045,514.65 120,849,511.54
Local 4,175,042.08 15.95 26,172,131.00 25,020,885.29
Foreign -19,601,341.14 -22.83 85,873,383.65 95,828,626.25
STOCKHOLDERS' EQUITY 233,185,212.99 104.13 223,941,818.60 229,930,588.43
Capital 122,658,486.44 59.67 205,566,726.13 205,564,896.13
Capital Reserves 0.00 0.00 16,609,728.78 16,609,728.78
Retained Earnings -283,619,766.09 -99.77 284,284,265.18 1,883,078.33
Net Income 384,152,549.05 -136.03 -282,401,184.12 4,858,438.21
Gain or Loss in Securities
available for sale 9,993,943.59 -8,489.78 -117,717.37 1,014,446.98
LIABILITIES AND STOCKHOLDER'S EQUITY -581,546,916.92 -21.78 2,670,666,863.06 2,649,766,024.27
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2003
Description February March April May
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LIQUID ASSETS 392,160,810.49 451,138,292.18 364,651,905.45 306,873,128.90
Local Deposits in Banks 10,303,606.40 262,568.38 243,530.76 144,333.50
Demand 303,606.40 262,568.38 243,530.76 144,333.50
Time 10,000,000.00 0.00 0.00 0.00
Foreign Deposits in Banks 381,660,167.01 450,718,751.73 364,281,661.72 306,600,439.26
Demand 12,060,167.01 10,171,200.93 10,057,138.88 7,300,439.26
Time 369,600,000.00 440,547,550.80 354,224,522.84 299,300,000.00
Others 197,037.08 156,972.07 126,712.97 128,356.14
CREDIT PORTFOLIO 1,748,022,117.80 1,765,333,707.21 1,670,148,823.45 1,582,546,467.77
Local 196,230,614.46 223,585,224.46 237,117,142.00 239,592,142.00
Foreign 1,551,791,503.34 1,541,748,482.75 1,433,031,681.45 1,342,954,325.77
INVESTMENT SECURITIES 332,223,670.35 324,638,733.80 177,510,849.02 177,614,077.11
Local 132,022,050.00 132,022,050.00 0.00 0.00
Foreign 200,201,620.35 192,616,683.80 177,510,849.02 177,614,077.11
OTHER ASSETS 83,092,625.17 65,252,760.85 83,902,944.01 102,068,844.50
Local 12,628,109.78 12,673,575.70 13,082,670.94 13,751,278.31
Foreign 70,464,515.39 52,579,185.15 70,820,273.07 88,317,566.19
TOTAL ASSETS 2,555,499,223.81 2,606,363,494.04 2,296,214,521.93 2,169,102,518.28
DEPOSITS 390,065,936.46 427,266,413.44 302,650,714.87 288,895,718.00
Local 66,131,362.73 79,099,567.33 28,121,096.61 34,928,159.54
From Banks 66,131,362.73 79,099,567.33 28,121,096.61 34,928,159.54
Demand 13,673,446.97 13,681,483.71 2,154,384.66 4,667,665.03
Time 52,457,915.76 65,418,083.62 25,966,711.95 30,260,494.51
Foreign 323,934,573.73 348,166,846.11 274,529,618.26 253,967,558.46
Customers 52,762,868.75 56,167,436.14 38,672,366.08 34,644,879.64
Demand 1,604,623.06 1,606,282.58 1,607,864.07 1,579,128.61
Time 51,158,245.69 54,561,153.56 37,064,502.01 33,065,751.03
From Banks 271,171,704.98 291,999,409.97 235,857,252.18 219,322,678.82
Demand 10,008,025.83 9,043,361.93 13,650,129.69 11,549,358.53
Time 261,163,679.15 282,956,048.04 222,207,122.49 207,773,320.29
BORROWINGS 1,810,574,353.42 1,811,370,511.29 1,610,373,600.35 1,448,522,985.04
Local 20,000,000.00 10,004,278.07 5,000,000.00 0.00
Foreign 1,790,574,353.42 1,801,366,233.22 1,605,373,600.35 1,448,522,985.04
OTHER LIABILITIES 117,133,230.17 123,017,028.67 128,382,741.23 134,265,630.75
Local 29,733,785.59 24,992,805.87 33,989,610.53 34,221,760.16
Foreign 87,399,444.58 98,024,222.80 94,393,130.70 100,043,870.59
STOCKHOLDERS' EQUITY 237,725,703.76 244,709,540.64 254,807,465.48 297,418,184.49
Capital 205,560,686.13 205,549,166.13 205,549,166.13 204,033,876.13
Capital Reserves 16,609,728.78 16,609,728.78 16,609,728.78 16,609,728.78
Other Reserves 0.00 0.00 0.00 0.00
Retained Earnings 1,883,078.33 1,883,078.33 1,883,078.33 1,395,655.53
Net Income 6,553,630.26 9,618,774.74 23,992,239.13 66,129,811.60
Gain or Loss in Securities
available for sale 7,118,580.26 11,048,792.66 6,773,253.11 9,249,112.45
LIABILITIES AND STOCKHOLDER'S EQUITY 2,555,499,223.81 2,606,363,494.04 2,296,214,521.93 2,169,102,518.28
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2003
Description June July August September
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LIQUID ASSETS 337,819,955.30 160,649,229.92 205,840,926.18 169,922,045.88
Local Deposits in Banks 181,162.99 198,813.29 839,322.68 168,149.94
Demand 181,162.99 198,813.29 839,322.68 168,149.94
Time 0.00 0.00 0.00 0.00
Foreign Deposits in Banks 337,511,996.70 160,318,601.46 204,908,375.01 169,625,475.52
Demand 48,611,996.70 23,818,601.46 15,708,375.01 16,525,475.52
Time 288,900,000.00 136,500,000.00 189,200,000.00 153,100,000.00
Others 126,795.61 131,815.17 93,228.49 128,420.42
CREDIT PORTFOLIO 1,702,851,207.67 1,619,715,408.02 1,596,434,488.37 1,620,109,347.76
Local 262,832,336.23 242,287,956.00 226,171,582.00 261,576,715.50
Foreign 1,440,018,871.44 1,377,427,452.02 1,370,262,906.37 1,358,532,632.26
INVESTMENT SECURITIES 168,354,329.59 167,286,325.52 131,193,519.02 129,289,885.23
Local 0.00 0.00 0.00 0.00
Foreign 168,354,329.59 167,286,325.52 131,193,519.02 129,289,885.23
OTHER ASSETS 80,904,277.85 54,194,632.02 83,162,444.45 70,027,882.37
Local 7,771,302.68 7,481,971.96 7,434,047.39 6,786,716.71
Foreign 73,132,975.17 46,712,660.06 75,728,397.06 63,241,165.66
TOTAL ASSETS 2,289,929,770.41 2,001,845,595.48 2,016,631,378.02 1,989,349,161.24
DEPOSITS 416,327,147.44 303,533,591.51 386,219,826.10 414,842,838.00
Local 31,689,315.83 32,500,624.31 34,088,093.81 41,903,688.18
From Banks 31,689,315.83 32,500,624.31 34,088,093.81 41,903,688.18
Demand 6,722,326.71 7,528,147.58 5,110,569.06 4,421,699.91
Time 24,966,989.12 24,972,476.73 28,977,524.75 37,481,988.27
Foreign 384,637,831.61 271,032,967.20 352,131,732.29 372,939,149.82
Customers 35,352,481.11 38,654,480.28 118,656,659.20 165,996,755.81
Demand 1,585,701.97 1,587,011.29 1,588,192.13 2,127,380.54
Time 33,766,779.14 37,067,468.99 117,068,467.07 163,869,375.27
From Banks 349,285,350.50 232,378,486.92 233,475,073.09 206,942,394.01
Demand 15,788,540.66 12,856,328.22 10,409,637.68 9,858,016.48
Time 333,496,809.84 219,522,158.70 223,065,435.41 197,084,377.53
BORROWINGS 1,332,128,816.44 1,173,002,379.55 1,088,627,446.32 1,027,480,425.48
Local 5,273.61 2,273.29 0.00 0.00
Foreign 1,332,123,542.83 1,173,000,106.26 1,088,627,446.32 1,027,480,425.48
OTHER LIABILITIES 98,996,478.57 88,264,163.28 101,087,369.71 101,053,533.99
Local 25,865,403.99 28,189,852.27 25,983,007.81 26,926,933.64
Foreign 73,131,074.58 60,074,311.01 75,104,361.90 74,126,600.35
STOCKHOLDERS' EQUITY 442,477,327.96 437,045,461.14 440,696,735.89 445,972,363.77
Capital 338,834,520.47 328,059,580.47 328,059,580.47 328,059,580.47
Capital Reserves 16,609,728.78 16,609,728.78 16,609,728.78 16,609,728.78
Retained Earnings 1,395,655.53 1,395,650.42 1,395,650.42 1,395,650.42
Net Income 76,732,254.63 81,074,326.77 85,820,253.91 90,933,129.44
Gain or Loss in Securities available for sale 8,905,168.55 9,906,174.70 8,811,522.31 8,974,274.66
LIABILITIES AND STOCKHOLDER'S EQUITY 2,289,929,770.41 2,001,845,595.48 2,016,631,378.02 1,989,349,161.24
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2003
Description October November December
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LIQUID ASSETS 235,486,069.77 302,773,383.53 188,599,943.18
Local Deposits in Banks 161,708.05 453,577.63 154,867.09
Demand 161,708.05 453,577.63 154,867.09
Time 0.00 0.00 0.00
Foreign Deposits in Banks 235,211,650.64 302,225,871.32 188,319,519.42
Demand 2,411,650.64 1,543,506.52 720,483.31
Time 232,800,000.00 300,682,364.80 187,599,036.11
Others 112,711.08 93,934.58 125,556.67
CREDIT PORTFOLIO 1,439,623,900.80 1,314,991,999.22 1,735,136,671.38
Local 251,288,523.00 203,424,434.00 211,227,524.30
Foreign 1,188,335,377.80 1,111,567,565.22 1,523,909,147.08
INVESTMENT SECURITIES 128,815,638.67 129,085,242.70 114,823,383.39
Local 0.00 0.00 0.00
Foreign 128,815,638.67 129,085,242.70 114,823,383.39
OTHER ASSETS 68,028,157.03 57,815,248.27 50,559,948.19
Local 6,463,213.22 6,516,320.49 6,170,009.76
Foreign 61,564,943.81 51,298,927.78 44,389,938.43
TOTAL ASSETS 1,871,953,766.27 1,804,665,873.72 2,089,119,946.14
DEPOSITS 405,718,690.99 430,434,443.58 514,414,316.03
Local 36,068,642.37 29,578,432.40 43,587,485.58
From Banks 36,068,642.37 29,578,432.40 43,587,485.58
Demand 7,085,993.77 5,391,027.22 4,595,824.32
Time 28,982,648.60 24,187,405.18 38,991,661.26
Foreign 369,650,048.62 400,856,011.18 470,826,830.45
Customers 139,445,251.09 119,208,674.43 144,069,723.19
Demand 1,873,766.55 1,634,812.70 3,395,861.46
Time 137,571,484.54 117,573,861.73 140,673,861.73
From Banks 230,204,797.53 281,647,336.75 326,757,107.26
Demand 11,355,589.01 9,783,306.72 11,100,547.00
Time 218,849,208.52 271,864,030.03 315,656,560.26
BORROWINGS 912,882,074.25 819,151,728.14 1,020,959,382.93
Local 0.00 0.00 21,603,810.80
Foreign 912,882,074.25 819,151,728.14 999,355,572.13
OTHER LIABILITIES 103,169,700.10 96,137,990.67 96,619,215.59
Local 26,528,095.14 27,960,800.33 30,347,173.08
Foreign 76,641,604.96 68,177,190.34 66,272,042.51
STOCKHOLDERS' EQUITY 450,183,300.93 458,941,711.33 457,127,031.59
Capital 328,059,580.47 328,059,580.47 328,225,212.57
Capital Reserves 16,609,728.78 16,609,728.78 16,609,728.78
Other Reserves
Retained Earnings 1,395,641.37 1,273,777.76 664,499.09
Net Income 95,360,666.88 103,746,572.35 101,751,364.93
Gain or Loss in Securities available for sale 8,757,683.43 9,252,051.97 9,876,226.22
LIABILITIES AND STOCKHOLDER'S EQUITY 1,871,953,766.27 1,804,665,873.72 2,089,119,946.14
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* 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).
January 28, 2004
STATEMENTS OF INCOME *
[LOGO] BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
January to December 2003
(In Balboas)**
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Description January February March I Quarter
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Interest Income 10,233,155.33 8,004,951.60 7,528,750.95 25,766,857.88
Loans 8,284,971.12 6,787,904.44 5,928,970.96 21,001,846.52
Deposits 481,656.43 413,060.93 514,818.12 1,409,535.48
Investments 1,466,527.78 803,986.23 1,084,961.87 3,355,475.88
Interest Expense 4,889,617.62 4,216,994.65 4,434,105.79 13,540,718.06
Interest 4,642,423.25 3,995,829.09 4,895,269.64 13,533,521.98
Commissions 247,194.37 221,165.56 -461,163.85 7,196.08
Net Interest Income 5,343,537.71 3,787,956.95 3,094,645.16 12,226,139.82
Other Income 723,109.18 -440,116.00 1,336,472.67 1,619,465.85
Commissions 672,339.27 652,262.48 1,114,211.23 2,438,812.98
Foreign currency operations -498,205.87 122,432.83 357,291.99 -18,481.05
Other Income 548,975.78 -1,214,811.31 -135,030.55 -800,866.08
Operating Income 6,066,646.89 3,347,840.95 4,431,117.83 13,845,605.67
Operating Expenses 1,208,208.67 1,652,648.90 9,449,753.10 12,310,610.67
Administrative expenses 733,132.11 1,086,410.70 1,140,373.10 2,959,915.91
General expenses 148,579.99 281,720.24 203,514.41 633,814.64
Depreciation 129,262.56 115,196.47 128,122.17 372,581.20
Other expenses 197,234.01 169,321.49 7,977,743.42 8,344,298.92
Net Income before provision
for loan losses 4,858,438.22 1,695,192.05 -5,018,635.27 1,534,995.00
Provision for loan losses 0.00 0.00 -8,083,779.75 -8,083,779.75
Net Income 4,858,438.22 1,695,192.05 3,065,144.48 9,618,774.75
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Description April May June II Quarter
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Interest Income 10,192,762.01 6,947,706.20 6,236,681.95 23,377,150.16
Loans 8,727,143.55 5,994,404.72 5,283,443.20 20,004,991.47
Deposits 468,037.19 384,904.66 340,062.27 1,193,004.12
Investments 997,581.27 568,396.82 613,176.48 2,179,154.57
Interest Expense 4,293,595.88 3,909,419.81 3,539,355.21 11,742,370.90
Interest 4,123,945.67 3,908,496.20 3,602,379.17 11,634,821.04
Commissions 169,650.21 923.61 -63,023.96 107,549.86
Net Interest Income 5,899,166.13 3,038,286.39 2,697,326.74 11,634,779.26
Other Income 9,965,378.51 3,452,259.56 1,849,628.28 15,267,266.35
Commissions 697,251.19 599,888.57 646,645.01 1,943,784.77
Foreign currency operations -55,327.50 -436,878.22 -4,645.01 -496,850.73
Other Income 9,323,454.82 3,289,249.21 1,207,628.28 13,820,332.31
Operating Income 15,864,544.64 6,490,545.95 4,546,955.02 26,902,045.61
Operating Expenses 1,491,080.24 2,819,046.27 -5,343,413.38 -1,033,286.87
Administrative expenses 1,008,626.96 1,344,978.10 1,291,405.02 3,645,010.08
General expenses 217,242.35 418,083.43 227,837.49 863,163.27
Depreciation 123,749.60 127,611.78 122,064.29 373,425.67
Other expenses 141,461.33 928,372.96 -6,984,720.18 -5,914,885.89
Net Income before provision
for loan losses 14,373,464.40 3,671,499.68 9,890,368.40 27,935,332.48
Provision for loan losses 0.00 -38,466,072.79 -712,074.61 -39,178,147.40
Net Income 14,373,464.40 42,137,572.47 10,602,443.01 67,113,479.88
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Description July August September III Quarter
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Interest Income 8,259,433.19 6,117,194.02 5,905,722.96 20,282,350.17
Loans 7,253,203.67 5,485,349.60 5,206,218.36 17,944,771.63
Deposits 299,734.93 166,708.12 182,063.53 648,506.58
Investments 706,494.59 465,136.30 517,441.07 1,689,071.96
Interest Expense 3,077,258.97 2,807,190.19 2,552,680.62 8,437,129.78
Interest 3,064,901.04 2,732,381.99 2,509,782.83 8,307,065.86
Commissions 12,357.93 74,808.20 42,897.79 130,063.92
Net Interest Income 5,182,174.22 3,310,003.83 3,353,042.34 11,845,220.39
Other Income 777,006.74 2,881,488.10 620,604.34 4,279,099.18
Commissions 514,143.09 660,355.37 738,647.10 1,913,145.56
Foreign currency operations 166,679.29 -4,396.74 10,705.37 172,987.92
Other Income 96,184.36 2,225,529.47 -128,748.13 2,192,965.70
Operating Income 5,959,180.96 6,191,491.93 3,973,646.68 16,124,319.57
Operating Expenses 1,617,108.82 1,765,727.42 6,458,481.87 9,841,318.11
Administrative expenses 985,769.22 897,071.44 1,121,873.34 3,004,714.00
General expenses 271,445.58 366,389.38 217,808.26 855,643.22
Depreciation 125,042.86 125,679.23 124,041.64 374,763.73
Other expenses 234,851.16 376,587.37 4,994,758.63 5,606,197.16
Net Income before provision
for loan losses 4,342,072.14 4,425,764.51 -2,484,835.19 6,283,001.46
Provision for loan losses 0.00 -320,162.66 -7,597,710.72 -7,917,873.38
Net Income 4,342,072.14 4,745,927.17 5,112,875.53 14,200,874.84
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Description October November December IV Quarter Year to date
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Interest Income 6,667,627.62 5,574,976.79 6,710,151.99 18,952,756.40 88,379,114.61
Loans 5,957,148.10 4,867,687.33 6,098,449.73 16,923,285.16 75,874,894.78
Deposits 200,754.29 198,178.04 141,197.29 540,129.62 3,791,175.80
Investments 509,725.23 509,111.42 470,504.97 1,489,341.62 8,713,044.03
Interest Expense 2,478,861.76 2,515,266.13 2,477,208.10 7,471,335.99 41,191,554.73
Interest 2,435,941.73 2,455,776.46 2,394,626.29 7,286,344.48 40,761,753.36
Commissions 42,920.03 59,489.67 82,581.81 184,991.51 429,801.37
Net Interest Income 4,188,765.86 3,059,710.66 4,232,943.89 11,481,420.41 47,187,559.88
Other Income 378,170.58 589,668.11 458,440.93 1,426,279.62 22,592,111.00
Commissions 454,502.15 578,278.45 562,489.03 1,595,269.63 7,891,012.94
Foreign currency operations 2,601.10 -10,643.12 10,367.76 2,325.74 -340,018.12
Other Income -78,932.67 22,032.78 -114,415.86 -171,315.75 15,041,116.18
Operating Income 4,566,936.44 3,649,378.77 4,691,384.82 12,907,700.03 69,779,670.88
Operating Expenses 1,636,856.69 3,462,055.98 7,803,978.53 12,902,891.20 34,021,533.11
Administrative expenses 992,171.60 1,185,373.65 3,296,589.34 5,474,134.59 15,083,774.58
General expenses 353,270.10 374,541.85 621,623.23 1,349,435.18 3,702,056.31
Depreciation 129,722.62 127,068.72 120,433.68 377,225.02 1,497,995.62
Other expenses 161,692.37 1,775,071.76 3,765,332.28 5,702,096.41 13,737,706.60
Net Income before provision
for loan losses 2,930,079.75 187,322.79 -3,112,593.71 4,808.83 35,758,137.77
Provision for loan losses -1,497,457.69 -8,198,582.47 -1,117,386.28 -10,813,426.44 -65,993,226.97
Net Income 4,427,537.44 8,385,905.26 -1,995,207.43 10,818,235.27 101,751,364.74
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* 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).
28 de Enero de 2004
BANCO LATINOAMERICANO DE EXPORTACIONES
[LOGO] BALANCE DE SITUACION DE DICIEMBRE 2002 Y ENERO - DICIEMBRE 2003
(En Balboas)
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2002 2003
Descripcion Absoluta % Diciembre Enero
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ACTIVOS LIQUIDOS -175,644,555.70 -48.22 364,244,498.88 420,189,950.64
Depositos Locales en Bancos -10,067,981.21 -98.49 10,222,848.30 10,151,010.74
A la Vista -67,981.21 -30.51 222,848.30 151,010.74
A Plazo -10,000,000.00 -100.00 10,000,000.00 10,000,000.00
Depositos Extranjeros en Bancos -165,543,206.99 -46.78 353,862,726.41 409,867,894.07
A la Vista -10,642,243.10 -93.66 11,362,726.41 11,567,894.07
A Plazo -154,900,963.89 -45.23 342,500,000.00 398,300,000.00
Otros -33,367.50 -21.00 158,924.17 171,045.83
CARTERA CREDITICIA -121,369,852.08 -6.54 1,856,506,523.46 1,820,225,637.85
Locales 22,746,011.55 12.07 188,481,512.75 169,925,586.46
Extranjero -144,115,863.63 -8.64 1,668,025,010.71 1,650,300,051.39
INVERSIONES EN VALORES -217,383,043.97 -65.44 332,206,427.36 325,729,292.54
Locales -132,022,050.00 -100.00 132,022,050.00 132,022,050.00
Extranjero -85,360,993.97 -42.64 200,184,377.36 193,707,242.54
OTROS ACTIVOS -67,149,465.17 -57.05 117,709,413.36 83,621,143.24
Locales -989,928.69 -13.83 7,159,938.45 12,349,990.51
Extranjero -66,159,536.48 -59.85 110,549,474.91 71,271,152.73
TOTAL DE ACTIVOS -581,546,916.92 -21.78 2,670,666,863.06 2,649,766,024.27
DEPOSITOS 112,572,540.35 28.01 401,841,775.68 404,541,770.43
Locales -8,462,308.31 -16.26 52,049,793.89 55,561,807.27
De Bancos -8,462,308.31 -16.26 52,049,793.89 55,561,807.27
A la Vista -7,646,880.60 -62.46 12,242,704.92 13,688,539.99
A Plazo -815,427.71 -2.05 39,807,088.97 41,873,267.28
Extranjero 121,034,848.66 34.60 349,791,981.79 348,979,963.16
De Particulares 64,459,489.00 80.97 79,610,234.19 47,652,701.89
A la Vista 1,801,172.39 112.95 1,594,689.07 1,595,748.88
A Plazo 62,658,316.61 80.32 78,015,545.12 46,056,953.01
De Bancos 56,575,359.66 20.94 270,181,747.60 301,327,261.27
A la Vista 1,966,726.06 21.53 9,133,820.94 9,201,891.98
A Plazo 54,608,633.60 20.92 261,047,926.66 292,125,369.29
OBLIGACIONES -911,878,371.20 -47.18 1,932,837,754.13 1,894,444,153.87
Locales 6,603,810.80 44.03 15,000,000.00 15,000,000.00
Extranjero -918,482,182.00 -47.89 1,917,837,754.13 1,879,444,153.87
OTROS PASIVOS -15,426,299.06 -13.77 112,045,514.65 120,849,511.54
Locales 4,175,042.08 15.95 26,172,131.00 25,020,885.29
Extranjero -19,601,341.14 -22.83 85,873,383.65 95,828,626.25
PATRIMONIO 233,185,212.99 104.13 223,941,818.60 229,930,588.43
Capital 122,658,486.44 59.67 205,566,726.13 205,564,896.13
Reservas de Capital 0.00 0.00 16,609,728.78 16,609,728.78
Utilidad de Periodos Anteriores -283,619,766.09 -99.77 284,284,265.18 1,883,078.33
Utilidad de Periodo 384,152,549.05 -136.03 -282,401,184.12 4,858,438.21
Ganancia o Perdida en Valores
Disponible para la venta 9,993,943.59 -8,489.78 -117,717.37 1,014,446.98
PASIVO Y PATRIMONIO -581,546,916.92 -21.78 2,670,666,863.06 2,649,766,024.27
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2003
Descripcion Febrero Marzo Abril Mayo
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ACTIVOS LIQUIDOS 392,160,810.49 451,138,292.18 364,651,905.45 306,873,128.90
Depositos Locales en Bancos 10,303,606.40 262,568.38 243,530.76 144,333.50
A la Vista 303,606.40 262,568.38 243,530.76 144,333.50
A Plazo 10,000,000.00 0.00 0.00 0.00
Depositos Extranjeros en Bancos 381,660,167.01 450,718,751.73 364,281,661.72 306,600,439.26
A la Vista 12,060,167.01 10,171,200.93 10,057,138.88 7,300,439.26
A Plazo 369,600,000.00 440,547,550.80 354,224,522.84 299,300,000.00
Otros 197,037.08 156,972.07 126,712.97 128,356.14
CARTERA CREDITICIA 1,748,022,117.80 1,765,333,707.21 1,670,148,823.45 1,582,546,467.77
Locales 196,230,614.46 223,585,224.46 237,117,142.00 239,592,142.00
Extranjero 1,551,791,503.34 1,541,748,482.75 1,433,031,681.45 1,342,954,325.77
INVERSIONES EN VALORES 332,223,670.35 324,638,733.80 177,510,849.02 177,614,077.11
Locales 132,022,050.00 132,022,050.00 0.00 0.00
Extranjero 200,201,620.35 192,616,683.80 177,510,849.02 177,614,077.11
OTROS ACTIVOS 83,092,625.17 65,252,760.85 83,902,944.01 102,068,844.50
Locales 12,628,109.78 12,673,575.70 13,082,670.94 13,751,278.31
Extranjero 70,464,515.39 52,579,185.15 70,820,273.07 88,317,566.19
TOTAL DE ACTIVOS 2,555,499,223.81 2,606,363,494.04 2,296,214,521.93 2,169,102,518.28
DEPOSITOS 390,065,936.46 427,266,413.44 302,650,714.87 288,895,718.00
Locales 66,131,362.73 79,099,567.33 28,121,096.61 34,928,159.54
De Bancos 66,131,362.73 79,099,567.33 28,121,096.61 34,928,159.54
A la Vista 13,673,446.97 13,681,483.71 2,154,384.66 4,667,665.03
A Plazo 52,457,915.76 65,418,083.62 25,966,711.95 30,260,494.51
Extranjero 323,934,573.73 348,166,846.11 274,529,618.26 253,967,558.46
De Particulares 52,762,868.75 56,167,436.14 38,672,366.08 34,644,879.64
A la Vista 1,604,623.06 1,606,282.58 1,607,864.07 1,579,128.61
A Plazo 51,158,245.69 54,561,153.56 37,064,502.01 33,065,751.03
De Bancos 271,171,704.98 291,999,409.97 235,857,252.18 219,322,678.82
A la Vista 10,008,025.83 9,043,361.93 13,650,129.69 11,549,358.53
A Plazo 261,163,679.15 282,956,048.04 222,207,122.49 207,773,320.29
OBLIGACIONES 1,810,574,353.42 1,811,370,511.29 1,610,373,600.35 1,448,522,985.04
Locales 20,000,000.00 10,004,278.07 5,000,000.00 0.00
Extranjero 1,790,574,353.42 1,801,366,233.22 1,605,373,600.35 1,448,522,985.04
OTROS PASIVOS 117,133,230.17 123,017,028.67 128,382,741.23 134,265,630.75
Locales 29,733,785.59 24,992,805.87 33,989,610.53 34,221,760.16
Extranjero 87,399,444.58 98,024,222.80 94,393,130.70 100,043,870.59
PATRIMONIO 237,725,703.76 244,709,540.64 254,807,465.48 297,418,184.49
Capital 205,560,686.13 205,549,166.13 205,549,166.13 204,033,876.13
Reservas de Capital 16,609,728.78 16,609,728.78 16,609,728.78 16,609,728.78
Utilidad de Periodos Anteriores 1,883,078.33 1,883,078.33 1,883,078.33 1,395,655.53
Utilidad de Periodo 6,553,630.26 9,618,774.74 23,992,239.13 66,129,811.60
Ganancia o Perdida en Valores
Disponible para la venta 7,118,580.26 11,048,792.66 6,773,253.11 9,249,112.45
PASIVO Y PATRIMONIO 2,555,499,223.81 2,606,363,494.04 2,296,214,521.93 2,169,102,518.28
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2003
Descripcion Junio Julio Agosto Septiembre
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ACTIVOS LIQUIDOS 337,819,955.30 160,649,229.92 205,840,926.18 169,922,045.88
Depositos Locales en Bancos 181,162.99 198,813.29 839,322.68 168,149.94
A la Vista 181,162.99 198,813.29 839,322.68 168,149.94
A Plazo 0.00 0.00 0.00 0.00
Depositos Extranjeros en Bancos 337,511,996.70 160,318,601.46 204,908,375.01 169,625,475.52
A la Vista 48,611,996.70 23,818,601.46 15,708,375.01 16,525,475.52
A Plazo 288,900,000.00 136,500,000.00 189,200,000.00 153,100,000.00
Otros 126,795.61 131,815.17 93,228.49 128,420.42
CARTERA CREDITICIA 1,702,851,207.67 1,619,715,408.02 1,596,434,488.37 1,620,109,347.76
Locales 262,832,336.23 242,287,956.00 226,171,582.00 261,576,715.50
Extranjero 1,440,018,871.44 1,377,427,452.02 1,370,262,906.37 1,358,532,632.26
INVERSIONES EN VALORES 168,354,329.59 167,286,325.52 131,193,519.02 129,289,885.23
Locales 0.00 0.00 0.00 0.00
Extranjero 168,354,329.59 167,286,325.52 131,193,519.02 129,289,885.23
OTROS ACTIVOS 80,904,277.85 54,194,632.02 83,162,444.45 70,027,882.37
Locales 7,771,302.68 7,481,971.96 7,434,047.39 6,786,716.71
Extranjero 73,132,975.17 46,712,660.06 75,728,397.06 63,241,165.66
TOTAL DE ACTIVOS 2,289,929,770.41 2,001,845,595.48 2,016,631,378.02 1,989,349,161.24
DEPOSITOS 416,327,147.44 303,533,591.51 386,219,826.10 414,842,838.00
Locales 31,689,315.83 32,500,624.31 34,088,093.81 41,903,688.18
De Bancos 31,689,315.83 32,500,624.31 34,088,093.81 41,903,688.18
A la Vista 6,722,326.71 7,528,147.58 5,110,569.06 4,421,699.91
A Plazo 24,966,989.12 24,972,476.73 28,977,524.75 37,481,988.27
Extranjero 384,637,831.61 271,032,967.20 352,131,732.29 372,939,149.82
Oficiales 0.00 0.00 0.00 0.00
De Particulares 35,352,481.11 38,654,480.28 118,656,659.20 165,996,755.81
A la Vista 1,585,701.97 1,587,011.29 1,588,192.13 2,127,380.54
A Plazo 33,766,779.14 37,067,468.99 117,068,467.07 163,869,375.27
De Bancos 349,285,350.50 232,378,486.92 233,475,073.09 206,942,394.01
A la Vista 15,788,540.66 12,856,328.22 10,409,637.68 9,858,016.48
A Plazo 333,496,809.84 219,522,158.70 223,065,435.41 197,084,377.53
OBLIGACIONES 1,332,128,816.44 1,173,002,379.55 1,088,627,446.32 1,027,480,425.48
Locales 5,273.61 2,273.29 0.00 0.00
Extranjero 1,332,123,542.83 1,173,000,106.26 1,088,627,446.32 1,027,480,425.48
OTROS PASIVOS 98,996,478.57 88,264,163.28 101,087,369.71 101,053,533.99
Locales 25,865,403.99 28,189,852.27 25,983,007.81 26,926,933.64
Extranjero 73,131,074.58 60,074,311.01 75,104,361.90 74,126,600.35
PATRIMONIO 442,477,327.96 437,045,461.14 440,696,735.89 445,972,363.77
Capital 338,834,520.47 328,059,580.47 328,059,580.47 328,059,580.47
Reservas de Capital 16,609,728.78 16,609,728.78 16,609,728.78 16,609,728.78
Otras Reservas 0.00 0.00 0.00 0.00
Utilidad de Periodos Anteriores 1,395,655.53 1,395,650.42 1,395,650.42 1,395,650.42
Utilidad de Periodo 76,732,254.63 81,074,326.77 85,820,253.91 90,933,129.44
Ganancia o Perdida en Valores
Disponible para la venta 8,905,168.55 9,906,174.70 8,811,522.31 8,974,274.66
PASIVO Y PATRIMONIO 2,289,929,770.41 2,001,845,595.48 2,016,631,378.02 1,989,349,161.24
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2,003
Descripcion Octubre Noviembre Diciembre
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ACTIVOS LIQUIDOS 235,486,069.77 302,773,383.53 188,599,943.18
Depositos Locales en Bancos 161,708.05 453,577.63 154,867.09
A la Vista 161,708.05 453,577.63 154,867.09
A Plazo 0.00 0.00 0.00
Depositos Extranjeros en Bancos 235,211,650.64 302,225,871.32 188,319,519.42
A la Vista 2,411,650.64 1,543,506.52 720,483.31
A Plazo 232,800,000.00 300,682,364.80 187,599,036.11
Otros 112,711.08 93,934.58 125,556.67
CARTERA CREDITICIA 1,439,623,900.80 1,314,991,999.22 1,735,136,671.38
Locales 251,288,523.00 203,424,434.00 211,227,524.30
Extranjero 1,188,335,377.80 1,111,567,565.22 1,523,909,147.08
INVERSIONES EN VALORES 128,815,638.67 129,085,242.70 114,823,383.39
Locales 0.00 0.00 0.00
Extranjero 128,815,638.67 129,085,242.70 114,823,383.39
OTROS ACTIVOS 68,028,157.03 57,815,248.27 50,559,948.19
Locales 6,463,213.22 6,516,320.49 6,170,009.76
Extranjero 61,564,943.81 51,298,927.78 44,389,938.43
TOTAL DE ACTIVOS 1,871,953,766.27 1,804,665,873.72 2,089,119,946.14
DEPOSITOS 405,718,690.99 430,434,443.58 514,414,316.03
Locales 36,068,642.37 29,578,432.40 43,587,485.58
De Bancos 36,068,642.37 29,578,432.40 43,587,485.58
A la Vista 7,085,993.77 5,391,027.22 4,595,824.32
A Plazo 28,982,648.60 24,187,405.18 38,991,661.26
Extranjero 369,650,048.62 400,856,011.18 470,826,830.45
Oficiales
De Particulares 139,445,251.09 119,208,674.43 144,069,723.19
A la Vista 1,873,766.55 1,634,812.70 3,395,861.46
A Plazo 137,571,484.54 117,573,861.73 140,673,861.73
De Bancos 230,204,797.53 281,647,336.75 326,757,107.26
A la Vista 11,355,589.01 9,783,306.72 11,100,547.00
A Plazo 218,849,208.52 271,864,030.03 315,656,560.26
OBLIGACIONES 912,882,074.25 819,151,728.14 1,020,959,382.93
Locales 0.00 0.00 21,603,810.80
Extranjero 912,882,074.25 819,151,728.14 999,355,572.13
OTROS PASIVOS 103,169,700.10 96,137,990.67 96,619,215.59
Locales 26,528,095.14 27,960,800.33 30,347,173.08
Extranjero 76,641,604.96 68,177,190.34 66,272,042.51
PATRIMONIO 450,183,300.93 458,941,711.33 457,127,031.59
Capital 328,059,580.47 328,059,580.47 328,225,212.57
Reservas de Capital 16,609,728.78 16,609,728.78 16,609,728.78
Utilidad de Periodos Anteriores 1,395,641.37 1,273,777.76 664,499.09
Utilidad de Periodo 95,360,666.88 103,746,572.35 101,751,364.93
Ganancia o Perdida en Valores
Disponible para la venta 8,757,683.43 9,252,051.97 9,876,226.22
PASIVO Y PATRIMONIO 1,871,953,766.27 1,804,665,873.72 2,089,119,946.14
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28 de Enero de 2004
ESTADO DE RESULTADO
[LOGO] BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
ENERO - DICIEMBRE 2003
(En Balboas)
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Descripcion Enero Febrero Marzo Trimestre I
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Ingresos Por Intereses 10,233,155.33 8,004,951.60 7,528,750.95 25,766,857.88
Prestamos 8,284,971.12 6,787,904.44 5,928,970.96 21,001,846.52
Depositos 481,656.43 413,060.93 514,818.12 1,409,535.48
Inversiones 1,466,527.78 803,986.23 1,084,961.87 3,355,475.88
Egresos de Operaciones 4,889,617.62 4,216,994.65 4,434,105.79 13,540,718.06
Intereses Pagados 4,642,423.25 3,995,829.09 4,895,269.64 13,533,521.98
Comisiones 247,194.37 221,165.56 -461,163.85 7,196.08
Ingreso Neto de Intereses 5,343,537.71 3,787,956.95 3,094,645.16 12,226,139.82
Otros Ingresos 723,109.18 -440,116.00 1,336,472.67 1,619,465.85
Comisiones 672,339.27 652,262.48 1,114,211.23 2,438,812.98
Operaciones con Divisas -498,205.87 122,432.83 357,291.99 -18,481.05
Otros ingresos 548,975.78 -1,214,811.31 -135,030.55 -800,866.08
Ingresos de Operaciones 6,066,646.89 3,347,840.95 4,431,117.83 13,845,605.67
Egresos Generales 1,208,208.67 1,652,648.90 9,449,753.10 12,310,610.67
Gastos Administrativos 733,132.11 1,086,410.70 1,140,373.10 2,959,915.91
Gastos Generales 148,579.99 281,720.24 203,514.41 633,814.64
Gastos de Depreciacion 129,262.56 115,196.47 128,122.17 372,581.20
Otros Gastos 197,234.01 169,321.49 7,977,743.42 8,344,298.92
Utilidad antes de Provisiones 4,858,438.22 1,695,192.05 -5,018,635.27 1,534,995.00
Provisiones por Cuentas Malas 0.00 0.00 -8,083,779.75 -8,083,779.75
Utilidad del Periodo 4,858,438.22 1,695,192.05 3,065,144.48 9,618,774.75
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Descripcion Abril Mayo Junio Trimestre II
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Ingresos Por Intereses 10,192,762.01 6,947,706.20 6,236,681.95 23,377,150.16
Prestamos 8,727,143.55 5,994,404.72 5,283,443.20 20,004,991.47
Depositos 468,037.19 384,904.66 340,062.27 1,193,004.12
Inversiones 997,581.27 568,396.82 613,176.48 2,179,154.57
Egresos de Operaciones 4,293,595.88 3,909,419.81 3,539,355.21 11,742,370.90
Intereses Pagados 4,123,945.67 3,908,496.20 3,602,379.17 11,634,821.04
Comisiones 169,650.21 923.61 -63,023.96 107,549.86
Ingreso Neto de Intereses 5,899,166.13 3,038,286.39 2,697,326.74 11,634,779.26
Otros Ingresos 9,965,378.51 3,452,259.56 1,849,628.28 15,267,266.35
Comisiones 697,251.19 599,888.57 646,645.01 1,943,784.77
Operaciones con Divisas -55,327.50 -436,878.22 -4,645.01 -496,850.73
Otros ingresos 9,323,454.82 3,289,249.21 1,207,628.28 13,820,332.31
Ingresos de Operaciones 15,864,544.64 6,490,545.95 4,546,955.02 26,902,045.61
Egresos Generales 1,491,080.24 2,819,046.27 -5,343,413.38 -1,033,286.87
Gastos Administrativos 1,008,626.96 1,344,978.10 1,291,405.02 3,645,010.08
Gastos Generales 217,242.35 418,083.43 227,837.49 863,163.27
Gastos de Depreciacion 123,749.60 127,611.78 122,064.29 373,425.67
Otros Gastos 141,461.33 928,372.96 -6,984,720.18 -5,914,885.89
Utilidad antes de Provisiones 14,373,464.40 3,671,499.68 9,890,368.40 27,935,332.48
Provisiones por Cuentas Malas 0.00 -38,466,072.79 -712,074.61 -39,178,147.40
Utilidad del Periodo 14,373,464.40 42,137,572.47 10,602,443.01 67,113,479.88
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Descripcion Julio Agosto Septiembre Trimestre III
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Ingresos Por Intereses 8,259,433.19 6,117,194.02 5,905,722.96 20,282,350.17
Prestamos 7,253,203.67 5,485,349.60 5,206,218.36 17,944,771.63
Depositos 299,734.93 166,708.12 182,063.53 648,506.58
Inversiones 706,494.59 465,136.30 517,441.07 1,689,071.96
Egresos de Operaciones 3,077,258.97 2,807,190.19 2,552,680.62 8,437,129.78
Intereses Pagados 3,064,901.04 2,732,381.99 2,509,782.83 8,307,065.86
Comisiones 12,357.93 74,808.20 42,897.79 130,063.92
Ingreso Neto de Intereses 5,182,174.22 3,310,003.83 3,353,042.34 11,845,220.39
Otros Ingresos 777,006.74 2,881,488.10 620,604.34 4,279,099.18
Comisiones 514,143.09 660,355.37 738,647.10 1,913,145.56
Operaciones con Divisas 166,679.29 -4,396.74 10,705.37 172,987.92
Otros ingresos 96,184.36 2,225,529.47 -128,748.13 2,192,965.70
Ingresos de Operaciones 5,959,180.96 6,191,491.93 3,973,646.68 16,124,319.57
Egresos Generales 1,617,108.82 1,765,727.42 6,458,481.87 9,841,318.11
Gastos Administrativos 985,769.22 897,071.44 1,121,873.34 3,004,714.00
Gastos Generales 271,445.58 366,389.38 217,808.26 855,643.22
Gastos de Depreciacion 125,042.86 125,679.23 124,041.64 374,763.73
Otros Gastos 234,851.16 376,587.37 4,994,758.63 5,606,197.16
Utilidad antes de Provisiones 4,342,072.14 4,425,764.51 -2,484,835.19 6,283,001.46
Provisiones por Cuentas Malas 0.00 -320,162.66 -7,597,710.72 -7,917,873.38
Utilidad del Periodo 4,342,072.14 4,745,927.17 5,112,875.53 14,200,874.84
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Descripcion Octubre Noviembre Diciembre Trimestre IV Acumulado Anual
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Ingresos Por Intereses 6,667,627.62 5,574,976.79 6,710,151.99 18,952,756.40 88,379,114.61
Prestamos 5,957,148.10 4,867,687.33 6,098,449.73 16,923,285.16 75,874,894.78
Depositos 200,754.29 198,178.04 141,197.29 540,129.62 3,791,175.80
Inversiones 509,725.23 509,111.42 470,504.97 1,489,341.62 8,713,044.03
Egresos de Operaciones 2,478,861.76 2,515,266.13 2,477,208.10 7,471,335.99 41,191,554.73
Intereses Pagados 2,435,941.73 2,455,776.46 2,394,626.29 7,286,344.48 40,761,753.36
Comisiones 42,920.03 59,489.67 82,581.81 184,991.51 429,801.37
Ingreso Neto de Intereses 4,188,765.86 3,059,710.66 4,232,943.89 11,481,420.41 47,187,559.88
Otros Ingresos 378,170.58 589,668.11 458,440.93 1,426,279.62 22,592,111.00
Comisiones 454,502.15 578,278.45 562,489.03 1,595,269.63 7,891,012.94
Operaciones con Divisas 2,601.10 -10,643.12 10,367.76 2,325.74 -340,018.12
Otros ingresos -78,932.67 22,032.78 -114,415.86 -171,315.75 15,041,116.18
Ingresos de Operaciones 4,566,936.44 3,649,378.77 4,691,384.82 12,907,700.03 69,779,670.88
Egresos Generales 1,636,856.69 3,462,055.98 7,803,978.53 12,902,891.20 34,021,533.11
Gastos Administrativos 992,171.60 1,185,373.65 3,296,589.34 5,474,134.59 15,083,774.58
Gastos Generales 353,270.10 374,541.85 621,623.23 1,349,435.18 3,702,056.31
Gastos de Depreciacion 129,722.62 127,068.72 120,433.68 377,225.02 1,497,995.62
Otros Gastos 161,692.37 1,775,071.76 3,765,332.28 5,702,096.41 13,737,706.60
Utilidad antes de Provisiones 2,930,079.75 187,322.79 -3,112,593.71 4,808.83 35,758,137.77
Provisiones por Cuentas Malas -1,497,457.69 -8,198,582.47 -1,117,386.28 -10,813,426.44 -65,993,226.97
Utilidad del Periodo 4,427,537.44 8,385,905.26 -1,995,207.43 10,818,235.27 101,751,364.74
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