Final Results

    Bladex Reports Net Income of US$16 Million for the Fourth Quarter of 2005  
              and Net Income of US$80 Million for Full Year 2005 
 
    PANAMA CITY, Feb. 15 -- Banco Latinoamericano de Exportaciones, S.A. (NYSE: 
BLX) ("Bladex" or the "Bank") announced today its results for the fourth quarter 
ended December 31, 2005. 
 
 
    Fourth Quarter 2005 Financial Highlights: 
     -- Credit disbursements increased 12% to US$2.3 billion; the credit  
        portfolio increased 6% to US$3.6 billion; the trade portfolio  
        increased 3% to US$2.6 billion.    
     -- Driven by lower reversals of credit provisions and impairment losses,  
        net income for the quarter decreased 17% to US$16 million.  Excluding  
        the impact of reversal of credit provisions and impairment losses,  
        net income increased 23% to US$9 million. 
 
    Full Year 2005 Financial Highlights: 
     -- Credit disbursements increased 47% to US$6.8 billion; the credit  
        portfolio increased 23%; the trade portfolio increased 21%.  Excluding  
        the impact of the collection of impaired credits, the credit portfolio  
        increased 35%.   
     -- Driven by lower reversals of credit provisions and impairment losses,  
        net income was US$80 million, compared to US$142 million in 2004.   
        Excluding the impact of provision reversals and net revenues from the  
        impaired portfolio, net income grew by 42%. 
     -- During the year, 84% of the impaired portfolio in Argentina was  
        collected. December 31, 2005, balances, net of reserves, were  
        US$17 million.  
 
   The table below depicts selected key 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)      2004      2005      4Q04      3Q05      4Q05  
    Net Income              $141.7     $80.1     $53.9     $19.9     $16.4  
    EPS (1)                  $3.61     $2.08     $1.39     $0.52     $0.43  
    Return on   
     Average Equity          22.8%     12.9%     33.1%     13.0%     10.6%  
    Tier 1 Capital Ratio     42.9%     33.7%     42.9%     38.2%     33.7%  
    Net Interest Margin      1.65%     1.70%     1.46%     1.78%     1.77%  
    Book Value   
     per common share       $16.87    $16.19    $16.87    $16.00    $16.19  
   
    (1) Earnings per share calculations are based on the average number of  
        shares outstanding during each period.    
 
 
 
    Comments from the Chief Executive Officer 
    Jaime Rivera, CEO of Bladex, stated the following regarding the quarter's 
results: "The fourth quarter marked a fitting end to a solid year. As was the 
case in the third quarter, all relevant indicators moved in the right 
direction.  The results were driven by a continued rise in our volume of 
business, with over US$2.3 billion in disbursements, 12% above the previous 
quarter's already solid results.  With thin but steady margins, commission 
income on the rise, and gains in the securities portfolio, the increasing 
revenues offset both seasonal and one-time increases in quarterly expenses.  
The resulting operating income totaled close to US$9 million, 23% higher than 
in the third quarter.  In addition, during the fourth quarter, non-accrual 
balances dropped by 39% to US$42 million.   
    "For the year, the US$80 million net income figure was driven by a number 
of important business drivers working in the Bank's favor, and only a few 
minor ones lagging our expectations.  Among the former, we have resolved 
nearly in full our impaired Argentine portfolio and grown both our volume of 
business and operating profit.  Significantly, during 2005, operating income 
from the impaired portfolio represented only 20% of our total operating 
income, versus 45% a year earlier.  Items working against us during the year 
included the negotiations geared around the Bank's digital identity project 
which, although successful, took longer than anticipated, and our payments 
revenue stream, which remains small, in spite of increasing volumes.   
    "From a stockholder perspective, we are glad to have shared the company's 
success via the recently announced extraordinary dividend and increased 
quarterly common dividends.  The principle behind our capital management 
strategy remains unchanged: we will privilege financial strength, growth and 
investments, and return capital not needed to our shareholders.   
    "For 2006, our business strategy remains unchanged as well: more products 
to more clients, within an external environment that, other than continued 
pressure on credit spreads, is largely expected to be favorable.  We will 
continue working on client diversification, and on deploying the new 
initiatives that we have announced." 
 
    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 trade portfolio, 
the increase in the number of the Bank's clients, the increase in activities 
engaged in by the Bank that are derived from the Bank's trade finance client 
base, anticipated operating income in future periods, 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 on 
the Bank's financial condition; the execution of the Bank's strategies and 
initiatives, including its revenue diversification strategy; the pending 
applications in the United States to open a representative office in Miami, 
Florida; 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 December 31, 2005, Bladex had disbursed accumulated credits of over 
US$135 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 
    [phone], e-mail: [e-mail], 
 
    -or- 
 
    Investor Relations Firm 
    i-advize Corporate Communications, Inc. 
    Melanie Carpenter / Peter Majeski 
    [phone], e-mail: [e-mail]  
 
    Conference Call Information 
    There will be a conference call to discuss the Bank's quarterly and annual 
results on February 16, 2006, at 11:00 a.m. EST.   
 
    For those interested in participating, please dial  
    United States:              [phone]  
    Outside the United States:  [phone].   
    Participants should use conference ID# 8004473, 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-                             02/15/2006 
    CONTACT:  In Panama, Carlos Yap S., Senior Vice President, Finance, 
Bladex, [phone], 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) 



END