1st Quarter Results

    Bladex Reports Net Income of US$16.7 million for the First Quarter of 2006 
 
    First Quarter 2006 Financial Highlights: 
     * Operating Income (1) increased 4% to US$9.2 million compared to the  
       previous quarter.  Excluding revenues on the restructured portfolio,  
       Operating Income grew 7%, and 183% with respect to the fourth quarter  
       of 2005 and the first quarter of 2005, respectively.   
 
     * Net Income grew 2% to US$16.7 million, or US$0.44 per share.  As a  
       result of lower credit provision reversals on the impaired portfolio,  
       net income decreased US$13.6 million when compared to the first quarter  
       of 2005. 
 
     * For the third consecutive quarter, disbursements exceeded US$2 billion,  
       while the client base grew 8% in the quarter.  
 
     * Operating expenses decreased 15% to US$6.3 million compared to the    
       previous quarter.  
 
     (1) Operating Income refers to net income excluding reversals of  
         provisions for credit losses and recovery of impairment loss   
         on securities.   
 
    PANAMA CITY, May 10 -- Banco Latinoamericano de Exportaciones, S.A. 
(NYSE: BLX) ("Bladex" or the "Bank") announced today its results for the first 
quarter ended March 31, 2006. 
    The table below depicts selected key financial figures and ratios for the 
periods indicated (the Bank's financial statements are prepared in accordance 
with U.S. GAAP, and all figures are stated in U.S. dollars): 
 
 
 
                              Key Financial Figures 
             (US$ million, except percentages and per share amounts) 
 
                                          1Q05       4Q05       1Q06  
    Net Income                           $30.2      $16.4      $16.7  
    EPS (2)                              $0.78      $0.43      $0.44  
    Return on Average Equity             18.4%      10.6%      11.1%  
    Tier 1 Capital Ratio                 40.9%      33.7%      32.2%  
    Net Interest Margin                  1.66%      1.77%      1.62%  
    Book Value per common share         $15.36     $16.19     $15.40  
  
    (2) Earnings per share calculations are based on the average number  
        of shares outstanding during each period.    
 
 
 
    Comments from the Chief Executive Officer 
    Jaime Rivera, Chief Executive Officer of Bladex, stated the following 
regarding the quarter's results:  
 
    "With a successful first quarter behind us, we are off to a solid start 
for 2006.  During what is the seasonally weakest period of the year, we were 
able to improve upon the solid operating income results achieved last quarter.  
    "In terms of revenue, what drove our results was the expansion of our 
client base and gains realized from our treasury function, offset by 
unprecedentedly low credit spreads.  The new corporate client activity has 
already allowed us to reverse the thinning trend in spreads.  Notably, we were 
able to convert the lower underlying risk perception in the market into our 
advantage through gains in our securities portfolio.  In our opinion, this 
supports our strategy of converting the treasury function into a revenue 
center.  
    "We continue to be pleased with our success in replacing the revenue 
generated by our restructured portfolio, which has been collected almost in 
its entirety.  Operating income, excluding net revenues on the restructured 
portfolio, has nearly tripled in the last year.   
    "In terms of expenses, the first quarter followed our pattern of cost 
reductions when compared to the relatively heavy year-end period.  The 15% 
seasonal reduction in expenses reported this quarter, however, is nearly 
double the 8% realized in the first quarter of 2005.  
    "Other initiatives are moving forward as well.  The deployment of our new 
technology platform is about 75% done, and the approval by the U.S. Federal 
Reserve Board of our representative office in Miami will allow us to 
accelerate the pace of our intermediation in US - Latin America trade flows. 
    "Our opinion on the macro environment for the rest of the year in the 
Region remains largely positive.  While we are watching both the political 
landscape and oil prices carefully, we believe the strong demand for the 
Region's products will result in healthy growth rates for the year, a pattern 
which we expect will benefit our business.  
    "Lastly, on behalf of the Board of Directors and all of us at Bladex, I'd 
like to thank our shareholders for their overwhelming support of all motions 
presented during the recent Annual Shareholders' Meeting." 
 
    Safe Harbor Statement 
    This press release contains forward-looking statements of expected future 
developments.  The Bank wishes to ensure that such statements are accompanied 
by meaningful cautionary statements pursuant to the safe harbor established by 
the Private Securities Litigation Reform Act of 1995.  The forward-looking 
statements in this press release refer to the growth of the credit portfolio, 
including the trade portfolio, the increase in the number of the Bank's 
corporate clients, the positive trend of lending spreads, the increase in 
activities engaged in by the Bank that are derived from the Bank's client 
base, anticipated operating income in future periods, including income derived 
from the treasury function, the improvement in the financial strength of the 
Bank and the progress the Bank is making.  These forward-looking statements 
reflect the expectations of the Bank's management and are based on currently 
available data; however, actual experience with respect to these factors is 
subject to future events and uncertainties, which could materially impact the 
Bank's expectations.  Among the factors that can cause actual performance and 
results to differ materially are as follows: the anticipated growth of the 
Bank's credit portfolio; the continuation of the Bank's preferred creditor 
status; the impact of increasing interest rates and of improving macroeconomic 
environment in the Region on the Bank's financial condition; the execution of 
the Bank's strategies and initiatives, including its revenue diversification 
strategy; the adequacy of the Bank's allowance for credit losses; the need for 
additional provisions for credit losses; the Bank's ability to achieve future 
growth, to reduce its liquidity levels and increase its leverage; the Bank's 
ability to maintain its investment-grade credit ratings; the availability and 
mix of future sources of funding for the Bank's lending operations; the 
possibility of fraud; and the adequacy of the Bank's sources of liquidity to 
replace large deposit withdrawals.    
 
    About Bladex 
    Bladex is a supranational bank originally established by the Central Banks 
of Latin American and Caribbean countries to promote trade finance in the 
Region.  Based in Panama, its shareholders include central banks and  
state-owned entities in 23 countries in the Region, as well as Latin American 
and international commercial banks, along with institutional and retail 
investors.  Through March 31, 2006, Bladex had disbursed accumulated credits 
of over US$138 billion. 
    Bladex is listed on the New York Stock Exchange. Further investor 
information can be found at http://www.blx.com . 
 
    A longer version of this press release with detailed information will be 
filed with the United States Securities and Exchange Commission, and can be 
obtained from bladex at: 
    Bladex, Head Office, Calle 50 y Aquilino de la Guardia,  
    Panama City, Panama 
    Attention: Carlos Yap, Senior Vice President, Finance 
    Tel. No. [phone], e-mail: [e-mail], 
 
    or 
 
    Investor Relations Firm 
    i-advize Corporate Communications, Inc. 
    Melanie Carpenter / Peter Majeski 
    Tel: [phone], e-mail: [e-mail] 
 
    Conference Call Information 
    There will be a conference call to discuss the Bank's quarterly results on 
    May 11, 2006 at 11:00 a.m. EDT.   
    For those interested in participating, please dial:  
    United States:              [phone] 
    Outside the United States:  [phone] 
    Participants should use conference ID# 8508343, and dial in five minutes 
    before the call is set to begin. 
    There will also be a live audio Webcast of the conference at 
    http://www.blx.com. 
 
SOURCE  Banco Latinoamericano de Exportaciones, S.A. 
    -0-                             05/10/2006 
    /CONTACT:  In Panama, Carlos Yap S., Senior Vice President, Finance, 
Bladex, +011-507-210-8563, or [e-mail]; or in New York, Melanie Carpenter, 
or Peter Majeski, both of i-advize Corporate Communications, Inc.,  
[phone], or [e-mail], for Bladex/ 
    /Web site:  http://www.blx.com/ 
    /Audio:  http://www.blx.com / 
    (BLX)