Interim Results

    Bladex Reports Net Income of US$8.9 million for the Second Quarter of 2006 
 
    PANAMA CITY, Aug. 15 -- Banco Latinoamericano de Exportaciones, S.A. (NYSE: 
BLX) ("Bladex" or the "Bank") announced today its results for the second quarter 
ended June 30, 2006. 
 
    Financial Highlights: 
    -- During the quarter, the Bank's credit portfolio grew by 4%. Compared to  
       June 30, 2005, the portfolio has grown 27%, while disbursements have  
       grown by 62%.   
    -- In the second quarter, Net Interest Income rose by 29% to  
       US$14.9 million. Year to date, Net Interest Income has increased by  
       US$5.4 million, or 26%, compared to the same period in 2005.   
    -- During the first six months of 2006, Net Interest Income on the  
       restructured portfolio amounted to 5% of total Net Interest Income,  
       compared to 23% a year before.   
    -- Operating Income (1) for the second quarter totaled US$7.3 million,  
       US$1.9 million, or 21%, below the level reported in the first quarter,  
       due to net trading losses of US$2.4 million in the second quarter.  
       Year to date, Operating Income was US$16.5 million, US$3.8 million, or  
       30%, above the level of the previous year. 
    -- Driven by lower reversals of provisions for credit losses, Net Income  
       for the second quarter totaled US$8.9 million (US$7.7 million, or 46%,  
       below the results of the first quarter), and US$25.6 million year to  
       date (US$18.3 million, or 42%, below the same period in 2005). 
    -- Subsequent to the close of the quarter, the Bank completed its US$50  
       million stock buyback program. 
 
    (1) Operating Income refers to net income excluding reversals of  
        provisions for credit losses and recovery of impairment loss on  
        securities.   
 
    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)          6M05     6M06     2Q05     1Q06     2Q06 
    Net Interest Income             $21.1    $26.5     $9.9    $11.6    $14.9 
    Operating Income                $12.7    $16.5     $5.5     $9.2     $7.3 
    Net Income                      $43.8    $25.6    $13.6    $16.7     $8.9 
    EPS (2)                         $1.13    $0.68    $0.35    $0.44    $0.24 
    Return on Average Equity         13.9%     8.7%     9.0%    11.1%     6.2% 
    Tier 1 Capital Ratio             46.5%    28.9%    46.5%    32.2%    28.9% 
    Net Interest Margin              1.63%    1.75%    1.60%    1.62%    1.87% 
    Book Value per common share     $15.6    $15.3    $15.6    $15.4    $15.3 
 
     (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:  
    "The results of the second quarter are the strongest indication yet of the 
established nature of the transformation of our business. When compared to a 
year ago, disbursements have increased 62%, the portfolio has grown 27%, 
operating income is 30% higher, and our efficiency ratios are stronger. During 
the second quarter, we saw pricing continue to improve as a result of markets 
moving in the Bank's favor and the diversification of our business into the 
corporate segment, which in June accounted for 56% of revenues, compared to 
33% in June 2005.  
    "The underlying dynamics of our pristine commercial portfolio quality 
remain stable: 73% of our exposure is trade finance in nature, with 80% of the 
total credit portfolio due to mature within one year. No interest or principal 
payments are past due.  
    "Financially, the second quarter was a challenging one for our Treasury 
where, after two quarters of strong securities gains, unusually volatile 
markets resulted in trading losses that took some off the luster of the 
quarter's operating results. The volatility in the market, however, allowed us 
to complete our stock buyback program under very favorable terms for the Bank.  
    "On the non-financial front, we obtained the regulatory approvals 
necessary to move forward with our Clavex's initiative, and successfully went 
live with our new technology platform.    
    "Our work for the remainder of the year will continue to focus on 
translating our progress to the bottom line, as we move forward with 
disciplined implementation of our strategic plan to achieve steady, quality 
growth through a wider array of trade finance services." 
 
    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 June 30, 2006, Bladex had disbursed accumulated credits of over  
US$140 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, Chief Financial Officer 
    Tel. No. +011-507-210-8563  
    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 
August 16, 2006, at 11:00 a.m., EDT. For those interested in participating, 
please dial [phone] in the United States or, if outside the United 
States, [phone]. Participants should use conference ID# 2034845, 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-                             08/15/2006 
    /CONTACT:  In Panama, Carlos Yap, Chief Financial Officer, 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) 




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