Form 20-F
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x
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Form 40-F
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o
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Yes
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o
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No
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x
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Yes
|
o
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No
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x
|
Yes
|
o
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No
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x
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Item
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||||
1.
|
1Q10
Earnings Report
|
1
|
||
2.
|
1Q10
Financial Statements (Spanish)
|
1
|
SECTION
|
PAGE
|
|
SECTION
1: SUMMARY OF RESULTS
|
2
|
|
SECTION
2: BALANCE SHEET ANALYSIS
|
6
|
|
SECTION
3: ANALYSIS OF QUARTERLY INCOME STATEMENT
|
9
|
|
SECTION
4: CREDIT RISK RATINGS
|
16
|
|
SECTION
5: SHARE PERFORMANCE
|
17
|
|
SECTION
6: INSTITUTIONAL BACKGROUND
|
18
|
|
ANNEX
1: BALANCE SHEET
|
19
|
|
ANNEX
2: YEAR TO DATE INCOME STATEMENT
|
|
|
ANNEX
3: QUARTERLY INCOME STATEMENTS
|
20
|
|
ANNEX
4: QUARTERLY EVOLUTION OF MAIN RATIOS AND OTHER
INFORMATION
|
21
|
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
(Ch$ million)
|
1Q10
|
YoY Chg.
|
||||||
Net
interest income
|
229,398 | 22.5 | % | |||||
Fee
income
|
62,351 | 1.2 | % | |||||
Financial
transactions
|
29,573 | (57.0 | )% | |||||
Provision
expense
|
(70,187 | ) | (22.8 | )% | ||||
Operating
expenses
|
(103,999 | ) | 5.8 | % | ||||
Gross
income, net of provisions & costs
|
147,136 | 14.5 | % | |||||
Other
operating and non-operating income, net*
|
(28,032 | ) | (45.9 | )% | ||||
Net
income attributable to shareholders
|
119,104
|
55.4
|
% |
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Quarter
|
Change %
|
|||||||||||||||||||
(Ch$ million)
|
1Q10
|
4Q09 | 1Q09 |
1Q10/1Q09
|
1Q10/4Q09
|
|||||||||||||||
Net
interest income
|
229,398 | 225,379 | 187,273 | 22.5 | % | 1.8 | % | |||||||||||||
Fee
income
|
62,351 | 64,598 | 61,631 | 1.2 | % | (3.5 | )% | |||||||||||||
Financial
transactions, net
|
29,573 | 37,147 | 68,815 | (57.0 | )% | (20.4 | )% | |||||||||||||
Provision
expense
|
(70,187 | ) | (67,754 | ) | (90,934 | ) | (22.8 | )% | 3.6 | % | ||||||||||
Operating
expenses
|
(103,999 | ) | (102,732 | ) | (98,288 | ) | 5.8 | % | 1.2 | % | ||||||||||
Gross
operating income, net of provisions
|
147,136 | 156,638 | 128,497 | 14.5 | % | (6.1 | )% | |||||||||||||
Other
operating & Non-op. Income1
|
(28,032 | ) | (19,329 | ) | (51,845 | ) | (45.9 | )% | 45.0 | % | ||||||||||
Net
income attributable to shareholders
|
119,104 | 137,309 | 76,652 | 55.4 | % | (13.3 | )% | |||||||||||||
Net
income/share (Ch$)
|
0.63 | 0.73 | 0.41 | 55.4 | % | (13.3 | )% | |||||||||||||
Net
income/ADR (US$)2
|
1.25 | 1.49 | 0.73 | 71.9 | % | (16.5 | )% | |||||||||||||
Total
loans
|
14,043,570 | 13,727,864 | 13,985,677 | 0.4 | % | 2.3 | % | |||||||||||||
Customer
funds
|
14,343,802 | 14,136,620 | 14,855,094 | (3.4 | )% | 1.5 | % | |||||||||||||
Shareholders’
equity
|
1,683,104 | 1,658,316 | 1,543,040 | 9.1 | % | 1.5 | % | |||||||||||||
Net
interest margin
|
5.8 | % | 5.8 | % | 4.8 | % | ||||||||||||||
Efficiency
ratio
|
33.0 | % | 30.5 | % | 34.5 | % | ||||||||||||||
Return
on average equity3
|
28.6 | % | 34.1 | % | 20.2 | % | ||||||||||||||
NPL4 /
Total loans
|
2.7 | % | 3.0 | % | 2.8 | % | ||||||||||||||
Coverage
NPLs
|
97.1 | % | 85.4 | % | 71.6 | % | ||||||||||||||
Expected
loss5
|
2.7 | % | 2.5 | % | 2.0 | % | ||||||||||||||
BIS
ratio
|
14.7 | % | 15.6 | % | 15.0 | % | ||||||||||||||
Branches
|
498 | 498 | 500 | |||||||||||||||||
ATMs
|
1,856 | 1,917 | 1,929 |
1.
|
Includes
Other operating income, Other operating expenses, income attributable to
investments in other companies, income tax and net of minority
interest.
|
2.
|
The
change in earnings per ADR may differ from the change in earnings per
share due to the exchange rate. The exchange rate used is Ch$526.29 per
US$.
|
3.
|
Annualized
quarterly Net income attributable to shareholders / Average equity
attributable to shareholders.
|
4.
|
NPL:
Non-performing loans, includes all loans with one installment over 90 days
overdue.
|
5.
|
This
ratio, defined as loan loss allowances over total loans, measures how much
the Bank expects to loose on its loan book, according to its internal
models and the Superintendency of Banks guidelines. Banks must have 100%
coverage of the Expected Loan Loss.
|
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Loans
|
Quarter
ended,
|
%
Change
|
||||||||||||||||||
(Ch$
million)
|
Mar-10
|
Dec-09
|
Mar-09
|
Mar.
10 / 09
|
Mar.
10 /
Dec.
09
|
|||||||||||||||
Total
loans to individuals1
|
6,523,716 | 6,403,087 | 6,115,175 | 6.7 | % | 1.9 | % | |||||||||||||
Consumer
loans
|
2,303,983 | 2,244,035 | 2,187,832 | 5.3 | % | 2.7 | % | |||||||||||||
Residential
mortgage loans
|
4,219,733 | 4,159,052 | 3,927,343 | 7.4 | % | 1.5 | % | |||||||||||||
SMEs
|
2,141,508 | 2,088,656 | 1,999,411 | 7.1 | % | 2.5 | % | |||||||||||||
Institutional
lending
|
313,139 | 291,830 | 262,518 | 19.3 | % | 7.3 | % | |||||||||||||
Middle-Market
& Real estate
|
2,905,516 | 2,784,767 | 3,050,854 | (4.8 | )% | 4.3 | % | |||||||||||||
Corporate
|
1,099,424 | 1,081,319 | 1,637,110 | (32.8 | )% | 1.7 | % | |||||||||||||
Total
loans 2,3
|
14,043,570 | 13,727,864 | 13,985,677 | 0.4 | % | 2.3 | % |
|
1
|
Sum
of consumer loans and residential mortgage
loans.
|
|
2
|
Total
loans gross of loan loss allowances and excluding interbank loans. Total
loans include other non-segmented
loans.
|
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Customer funds
|
Quarter
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
Mar-10
|
Dec-09
|
Mar-09
|
Mar. 10 / 09
|
Mar. 10 /
Dec. 09
|
|||||||||||||||
Non-interest
bearing deposits
|
3,890,230 | 3,533,534 | 3,092,010 | 25.8 | % | 10.1 | % | |||||||||||||
Time
deposits
|
6,818,939 | 7,175,257 | 8,677,857 | (21.4 | )% | (5.0 | )% | |||||||||||||
Total
customer deposits
|
10,709,169 | 10,708,791 | 11,769,867 | (9.0 | )% | 0.0 | % | |||||||||||||
Mutual
funds
|
3,634,633 | 3,427,829 | 3,085,227 | 17.8 | % | 6.0 | % | |||||||||||||
Total
customer funds
|
14,343,802 | 14,136,620 | 14,855,094 | (3.4 | )% | 1.5 | % | |||||||||||||
Loans
to deposits*
|
104.3 | % | 100.9 | % | 96.5 | % |
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Quarter
|
Change %
|
|||||||||||||||||||
(Ch$ million)
|
Mar-10
|
Dec-09
|
Mar-09
|
Mar. 10 / 09
|
Mar. 10 /
Dec. 09
|
|||||||||||||||
891,303 | 891,303 | 891,303 | 0.0 | % | 0.0 | % | ||||||||||||||
Reserves
|
51,538 | 51,539 | (16,960 | ) | (403.9 | )% | (0.0 | )% | ||||||||||||
Unrealized
gain (loss) Available-for-sale financial assets
|
(32,620 | ) | (26,804 | ) | (7,856 | ) | 315.2 | % | 21.7 | % | ||||||||||
Retained
Earnings:
|
772,882 | 742,278 | 676,553 | 14.2 | % | 4.1 | % | |||||||||||||
Retained
earnings previous periods
|
818,885 | 440,401 | 721,340 | 13.5 | % | 85.9 | % | |||||||||||||
Net
income
|
119,104 | 431,253 | 76,652 | 55.4 | % | (72.4 | )% | |||||||||||||
Provision
for mandatory dividend
|
(165,107 | ) | (129,376 | ) | (121,439 | ) | 36.0 | % | 27.6 | % | ||||||||||
Minority
Interest
|
29,942 | 29,799 | 28,403 | 5.4 | % | 0.5 | % | |||||||||||||
Total
Equity
|
1,713,045 | 1,688,115 | 1,571,443 | 9.0 | % | 1.5 | % | |||||||||||||
Equity
attributable to shareholders
|
1,683,103 | 1,658,316 | 1,543,040 | 9.1 | % | 1.5 | % |
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Capital Adequacy
|
Quarter ended
|
Change %
|
|||||||||||||||||
(Ch$ million)
|
Mar-10
|
Dec-09
|
Mar-09
|
Mar. 10 / 09
|
Mar. 10 /
Dec. 09
|
||||||||||||||
Tier
I
|
1,683,103 | 1,658,316 | 1,543,039 | 9.1 | % | 1.5 | % | ||||||||||||
Tier
II
|
599,353 | 555,776 | 560,232 | 7.0 | % | 7.8 | % | ||||||||||||
Regulatory
capital
|
2,282,455 | 2,214,092 | 2,103,271 | 8.5 | % | 3.1 | % | ||||||||||||
Risk
weighted assets
|
15,513,732 | 14,202,118 | 13,979,591 | 11.0 | % | 9.2 | % | ||||||||||||
Tier
I ratio
|
10.8 | % | 11.7 | % | 11.0 | % | |||||||||||||
BIS
ratio
|
14.7 | % | 15.6 | % | 15.0 | % |
Quarter
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
1Q10
|
4Q09
|
1Q09 |
1Q10/1Q09
|
1Q10/4Q09
|
||||||||||||||
Net
interest income
|
229,398 | 225,379 | 187,273 | 22.5 | % | 1.8 | % | ||||||||||||
Average
interest-earning assets
|
15,776,237 | 15,562,696 | 15,742,285 | 0.2 | % | 1.4 | % | ||||||||||||
Average
loans
|
13,879,173 | 13,647,750 | 14,312,882 | (3.0 | )% | 1.7 | % | ||||||||||||
Net
interest margin (NIM)
|
5.8 | % | 5.8 | % | 4.8 | % | |||||||||||||
Avg.
equity + non-interest bearing demand deposits / Avg. interest earning
assets
|
33.9 | % | 33.9 | % | 28.4 | % | |||||||||||||
Quarterly
inflation rate
|
0.27 | % | 0.52 | % | (2.30 | )% | |||||||||||||
Avg.
overnight interbank rate (nominal)
|
0.40 | % | 0.43 | % | 5.49 | % | |||||||||||||
Avg.
10 year Central Bank yield (real)
|
3.14 | % | 3.09 | % | 2.60 | % |
1.
|
Client
net interest income and margins, is net interest income (and margins)
generated by our commercial areas.
|
2.
|
Non-client
net interest income is net interest income generated by centralized
activities, non-segmented portions of the balance sheet and Financial
Management.
|
3.
|
Annualized.
|
4.
|
Inflation
measured as the variation of the Unidad de Fomento in the
quarter.
|
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Provision for loan losses
|
Quarter
|
Change %
|
|||||||||||||||||
(Ch$ million)
|
1Q10
|
4Q09 | 1Q09 | 1Q10/1Q09 |
1Q10/4Q09
|
||||||||||||||
Gross
provisions
|
(26,002 | ) | (26,412 | ) | (6,098 | ) | 326.4 | % | (1.6 | )% | |||||||||
Charge-offs
|
(52,158 | ) | (49,093 | ) | (93,733 | ) | (44.4 | )% | 6.2 | % | |||||||||
Gross
provisions and charge-offs
|
(78,160 | ) | (75,505 | ) | (99,831 | ) | (21.7 | )% | 3.5 | % | |||||||||
Loan
loss recoveries
|
7,973 | 7,751 | 8,897 | (10.4 | )% | 2.9 | % | ||||||||||||
Net
provisions for loan losses
|
(70,187 | ) | (67,754 | ) | (90,934 | ) | (22.8 | )% | 3.6 | % | |||||||||
Total
loans1
|
14,043,570 | 13,727,864 | 13,985,677 | 0.4 | % | 2.3 | % | ||||||||||||
Total
reserves (RLL)
|
(374,064 | ) | (349,485 | ) | (281,265 | ) | 33.0 | % | 7.0 | % | |||||||||
Non-performing
loans2
(NPLs)
|
385,211 | 409,067 | 392,802 | (1.9 | )% | (5.8 | )% | ||||||||||||
Gross
provision expense / Loans
|
2.23 | % | 2.20 | % | 2.86 | % | |||||||||||||
Cost
of credit3
|
2.00 | % | 1.97 | % | 2.60 | % | |||||||||||||
Expected
loss (RLL / Total loans)
|
2.66 | % | 2.55 | % | 2.01 | % | |||||||||||||
NPL
/ Total loans
|
2.74 | % | 2.98 | % | 2.81 | % | |||||||||||||
Coverage
of NPLs4
|
97.1 | % | 85.4 | % | 71.6 | % |
1
|
Excludes
interbank loans.
|
2
|
NPL:
Non-performing loans: Full balance of loans with one installment 90 days
or more overdue.
|
3
|
Cost
of credit: Net provision expense, annualized /
Loans.
|
4
|
Coverage
NPL: RLL / NPL.
|
Net provisions for loan losses by
product
|
Quarter
|
Change %
|
||||||||||||||||||
(Ch$ million)
|
1Q10
|
4Q09 |
1Q09
|
1Q10/1Q09
|
1Q10/4Q09
|
|||||||||||||||
Commercial
loans
|
(23,231 | ) | (18,527 | ) | (12,940 | ) | 79.5 | % | 25.4 | % | ||||||||||
Residential
mortgage loans
|
(5,197 | ) | (4,231 | ) | (5,403 | ) | (3.8 | )% | 22.8 | % | ||||||||||
Consumer
loans
|
(41,759 | ) | (44,996 | ) | (72,591 | ) | (42.5 | )% | (7.2 | )% | ||||||||||
Net
provisions for loan losses
|
(70,187 | ) | (67,754 | ) | (90,934 | ) | (22.8 | )% | 3.6 | % |
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Investor
Relations Department
Bandera
140 19th
Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email:
rmorenoh@santander.cl
|
Fee
Income
|
Quarter
|
Change
%
|
||||||||||||||||||
(Ch$
million)
|
1Q10
|
4Q09
|
1Q09
|
1Q10/1Q09
|
1Q10/4Q09
|
|||||||||||||||
Credit,
debit & ATM card fees
|
14,351 | 14,002 | 12,014 | 19.5 | % | 2.5 | % | |||||||||||||
Collection
fees
|
13,812 | 16,697 | 15,365 | (10.1 | )% | (17.3 | )% | |||||||||||||
Checking
accounts & lines of credit
|
11,265 | 11,991 | 15,995 | (29.6 | )% | (6.1 | )% | |||||||||||||
Asset
management
|
9,391 | 8,825 | 6,144 | 52.8 | % | 6.4 | % | |||||||||||||
Guarantees,
and other contingent op.
|
5,829 | 6,159 | 6,216 | (6.2 | )% | (5.4 | )% | |||||||||||||
Insurance
brokerage
|
5,106 | 4,039 | 3,328 | 53.4 | % | 26.4 | % | |||||||||||||
Fees
from brokerage and custody of securities
|
1,906 | 1,741 | 1,263 | 50.9 | % | 9.5 | % | |||||||||||||
Other
Fees
|
691 | 1,144 | 1,306 | (47.1 | )% | (39.6 | )% | |||||||||||||
Total
fees
|
62,351 | 64,598 | 61,631 | 1.2 | % | (3.5 | )% |
Operating
Expenses
|
Quarter
|
Change
%
|
||||||||||||||||||
(Ch$
million)
|
1Q10
|
4Q09
|
1Q09
|
1Q10/1Q09
|
1Q10/4Q09
|
|||||||||||||||
Personnel
expenses
|
(55,589 | ) | (56,638 | ) | (54,394 | ) | 2.2 | % | (1.9 | )% | ||||||||||
Administrative
expenses
|
(36,053 | ) | (34,051 | ) | (33,448 | ) | 7.8 | % | 5.9 | % | ||||||||||
Depreciation
and amortization
|
(12,341 | ) | (11,968 | ) | (10,446 | ) | 18.1 | % | 3.1 | % | ||||||||||
Deterioration
|
(16 | ) | (75 | ) | 0 | — | % | (78.7 | )% | |||||||||||
Operating
expenses
|
(103,999 | ) | (102,732 | ) | (98,288 | ) | 5.8 | % | 1.2 | % | ||||||||||
Efficiency
ratio*
|
33.0 | % | 30.5 | % | 34.5 | % |
Net
Result from Financial Transactions
|
Quarter
|
Change
%
|
||||||||||||||||||
(Ch$
million)
|
1Q10
|
4Q09
|
1Q09
|
1Q10/1Q09
|
1Q10/4Q09
|
|||||||||||||||
Net
gains from mark-to-market and trading
|
52,092 | (48,126 | ) | 19,429 | 168.1 | % | (208.2 | )% | ||||||||||||
Exchange
differences, net
|
(22,519 | ) | 85,273 | 49,386 | (145.6 | )% | (126.4 | )% | ||||||||||||
Net
results from financial transactions
|
29,573 | 37,147 | 68,815 | (57.0 | )% | (20.4 | )% |
Net
Result from Financial Transactions
|
Quarter
|
Change
%
|
||||||||||||||||||
(Ch$
million)
|
1Q10
|
4Q09
|
1Q09
|
1Q10/1Q09
|
1Q10/4Q09
|
|||||||||||||||
Santander
Global Connect & Market making
|
19,290 | 25,690 | 39,240 | (50.8 | )% | (24.9 | )% | |||||||||||||
ALCO
& Proprietary trading
|
10,283 | 11,457 | 29,574 | (65.2 | )% | (10.2 | )% | |||||||||||||
Net
results from financial transactions
|
29,573 | 37,147 | 68,814 | (57.0 | )% | (20.4 | )% |
Other
Income and Expenses
|
Quarter
|
Change
%
|
||||||||||||||||||
(Ch$
million)
|
1Q10
|
4Q09
|
1Q09
|
1Q10/1Q09
|
1Q10/4Q09
|
|||||||||||||||
Other
operating income
|
6,065 | 24,598 | 2,498 | 142.8 | % | (75.3 | )% | |||||||||||||
Other
operating expenses
|
(12,556 | ) | (14,773 | ) | (35,531 | ) | (64.7 | )% | (15.0 | )% | ||||||||||
Income
attributable to investments in other companies
|
120 | (566 | ) | 326 | (63.2 | )% | (121.2 | )% | ||||||||||||
Income
tax
|
(21,760 | ) | (28,348 | ) | (16,259 | ) | 33.8 | % | (23.2 | )% | ||||||||||
Income
tax rate
|
15.5 | % | 17.1 | % | 17.0 | % |
Moody’s
|
Rating
|
|
Long-term
bank deposits
|
A1
|
|
Senior
bonds
|
Aa3
|
|
Subordinated
debt
|
A1
|
|
Bank
Deposits in Local Currency
|
Aa3
|
|
Bank
financial strength
|
B-
|
|
Short-term
deposits
|
P-1
|
Standard and Poor’s
|
Rating
|
|
Long-term
Foreign Issuer Credit
|
A+
|
|
Long-term
Local Issuer Credit
|
A+
|
|
Short-term
Foreign Issuer Credit
|
A-1
|
|
Short-term
Local Issuer Credit
|
A-1
|
Fitch
|
Rating
|
|
Foreign
Currency Long-term Debt
|
A+
|
|
Local
Currency Long-term Debt
|
A+
|
|
Foreign
Currency Short-term Debt
|
F1
|
|
Local
Currency Short-term Debt
|
F1
|
|
Individual
rating
|
B
|
Local ratings
|
Fitch
Ratings
|
Feller
Rate
|
||
Shares
|
Level
2
|
1CN1
|
||
Short-term
deposits
|
N1+
|
Level
1+
|
||
Long-term
deposits
|
AAA
|
AAA
|
||
Mortgage
finance bonds
|
AAA
|
AAA
|
||
Senior
bonds
|
AAA
|
AAA
|
||
Subordinated
bonds
|
AA
|
AA+
|
||
Outlook
|
Stable
|
Stable
|
03/31/10:
|
68.22 | |||
Maximum
(2010):
|
70.63 | |||
Minimum
(2010):
|
60.59 |
P/E
12 month trailing*:
|
12.8 | |||
P/BV
(09/30/09)**:
|
3.85 | |||
Dividend
yield***:
|
3.9 | % |
*
|
Price
as of March 31 / 12mth
Earnings
|
**
|
Price
as of March 31 / Book value as of
03/31/10
|
***
|
Based
on closing price on record date of last dividend
payment.
|
03/31/10:
|
34.43 | |||
Maximum
(2010):
|
34.99 | |||
Minimum
(2010):
|
30.74 |
Year
paid
|
Ch$/share
|
%
of previous year
earnings |
||||||
2006:
|
0.83 | 65 | % | |||||
2007:
|
0.99 | 65 | % | |||||
2008:
|
1.06 | 65 | % | |||||
2009:
|
1.13 | 65 | % | |||||
2010:
|
1.37 | 60 | % |
Mar.
10 /
|
||||||||||||||||||||||||
Unaudited
Balance Sheet
|
Mar-10
|
Mar-10
|
Dec-09
|
Mar-09
|
Mar.
10 / 09
|
Dec.
09
|
||||||||||||||||||
|
US$ths
|
%
Chg.
|
||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Cash
and balances from Central Bank
|
2,909,595 | 1,526,810 | 2,043,459 | 1,092,151 | 39.8 | % | (25.3 | )% | ||||||||||||||||
Funds
to be cleared
|
658,449 | 345,521 | 468,134 | 374,617 | (7.8 | )% | (26.2 | )% | ||||||||||||||||
Financial
assets held for trading
|
1,672,957 | 877,884 | 798,539 | 940,357 | (6.6 | )% | 9.9 | % | ||||||||||||||||
Investment
collateral under agreements to repurchase
|
7,011 | 3,679 | 14,020 | 7,008 | — | % | (73.8 | )% | ||||||||||||||||
Derivatives
|
2,793,391 | 1,465,832 | 1,393,878 | 1,598,218 | (8.3 | )% | 5.2 | % | ||||||||||||||||
Interbank
loans
|
90,973 | 47,738 | 23,370 | 47,809 | (0.1 | )% | 104.3 | % | ||||||||||||||||
Loans,
net of reserves for loan losses
|
26,049,561 | 13,669,507 | 13,378,379 | 13,704,412 | (0.3 | )% | 2.2 | % | ||||||||||||||||
Available-for-sale
financial assets
|
2,997,311 | 1,572,839 | 1,830,090 | 1,276,382 | 23.2 | % | (14.1 | )% | ||||||||||||||||
Held-to-maturity
investments
|
- | - | - | - | — | % | — | % | ||||||||||||||||
Investments
in other companies
|
13,521 | 7,095 | 7,417 | 7,452 | (4.8 | )% | (4.3 | )% | ||||||||||||||||
Intangible
assets
|
137,761 | 72,290 | 77,260 | 68,248 | 5.9 | % | (6.4 | )% | ||||||||||||||||
Fixed
assets
|
342,984 | 179,981 | 184,122 | 196,553 | (8.4 | )% | (2.2 | )% | ||||||||||||||||
Current
tax assets
|
8,859 | 4,649 | 4,541 | 8,310 | (44.1 | )% | 2.4 | % | ||||||||||||||||
Deferred
tax assets
|
196,638 | 103,186 | 95,229 | 85,691 | 20.4 | % | 8.4 | % | ||||||||||||||||
Other
assets
|
1,091,373 | 572,698 | 452,558 | 579,639 | (1.2 | )% | 26.5 | % | ||||||||||||||||
Total
Assets
|
38,970,384 | 20,449,709 | 20,770,996 | 19,986,847 | 2.3 | % | (1.5 | )% | ||||||||||||||||
Liabilities
and Equity
|
||||||||||||||||||||||||
Total
non-interest bearing deposits
|
7,413,492 | 3,890,230 | 3,533,534 | 3,092,010 | 25.8 | % | 10.1 | % | ||||||||||||||||
Funds
to be cleared
|
377,147 | 197,908 | 275,474 | 246,100 | (19.6 | )% | (28.2 | )% | ||||||||||||||||
Investments
sold under agreements to repurchase
|
1,453,460 | 762,703 | 1,114,605 | 369,905 | 106.2 | % | (31.6 | )% | ||||||||||||||||
Time
deposits and savings accounts
|
12,994,643 | 6,818,939 | 7,175,257 | 8,677,857 | (21.4 | )% | (5.0 | )% | ||||||||||||||||
Derivatives
|
2,588,515 | 1,358,323 | 1,348,906 | 1,426,565 | (4.8 | )% | 0.7 | % | ||||||||||||||||
Deposits
from credit institutions
|
3,822,321 | 2,005,763 | 2,046,790 | 1,423,195 | 40.9 | % | (2.0 | )% | ||||||||||||||||
Marketable
debt securities
|
5,473,273 | 2,872,100 | 2,924,676 | 2,632,433 | 9.1 | % | (1.8 | )% | ||||||||||||||||
Other
obligations
|
332,534 | 174,497 | 146,911 | 120,780 | 44.5 | % | 18.8 | % | ||||||||||||||||
Current
tax liabilities
|
141,858 | 74,440 | 63,831 | 506 | 14611.5 | % | 16.6 | % | ||||||||||||||||
Deferred
tax liability
|
3,144 | 1,650 | 3,380 | 9,381 | (82.4 | )% | (51.2 | )% | ||||||||||||||||
Provisions
|
508,240 | 266,699 | 186,121 | 204,211 | 30.6 | % | 43.3 | % | ||||||||||||||||
Other
liabilities
|
597,258 | 313,411 | 263,396 | 212,461 | 47.5 | % | 19.0 | % | ||||||||||||||||
Total
Liabilities
|
35,705,885 | 18,736,663 | 19,082,881 | 18,415,404 | 1.7 | % | (1.8 | )% | ||||||||||||||||
Equity
|
||||||||||||||||||||||||
Capital
|
1,698,529 | 891,303 | 891,303 | 891,303 | 0.0 | % | 0.0 | % | ||||||||||||||||
Reserves
|
98,216 | 51,539 | 51,539 | (16,960 | ) | (403.9 | )% | — | % | |||||||||||||||
Unrealized
gain (loss) Available-for-sale financial assets
|
(62,163 | ) | (32,620 | ) | (26,804 | ) | (7,856 | ) | 315.2 | % | 21.7 | % | ||||||||||||
Retained
Earnings:
|
1,472,858 | 772,882 | 742,278 | 676,553 | 14.2 | % | 4.1 | % | ||||||||||||||||
Retained
earnings previous periods
|
1,560,524 | 818,885 | 440,401 | 721,340 | 13.5 | % | 85.9 | % | ||||||||||||||||
Net
income
|
226,973 | 119,104 | 431,253 | 76,652 | 55.4 | % | (72.4 | )% | ||||||||||||||||
Provision
for mandatory dividend
|
(314,639 | ) | (165,107 | ) | (129,376 | ) | (121,439 | ) | 36.0 | % | 27.6 | % | ||||||||||||
Total
Shareholders' Equity
|
3,207,440 | 1,683,104 | 1,658,316 | 1,543,040 | 9.1 | % | 1.5 | % | ||||||||||||||||
Minority
Interest
|
57,060 | 29,942 | 29,799 | 28,403 | 5.4 | % | 0.5 | % | ||||||||||||||||
Total
Equity
|
3,264,499 | 1,713,046 | 1,688,115 | 1,571,443 | 9.0 | % | 1.5 | % | ||||||||||||||||
Total
Liabilities and Equity
|
38,970,384 | 20,449,709 | 20,770,996 | 19,986,847 | 2.3 | % | (1.5 | )% |
Unaudited
Quarterly Income Statement
|
1Q10
|
1Q10
|
4Q09
|
1Q09
|
1Q10/1Q09
|
1Q10/4Q09
|
||||||||||||||||||
US$ths.
|
%
Chg.
|
|||||||||||||||||||||||
Interest
revenue
|
612,173 | 321,238 | 342,363 | 246,791 | 30.2 | % | (6.2 | )% | ||||||||||||||||
Interest
expense
|
(175,017 | ) | (91,840 | ) | (116,984 | ) | (59,518 | ) | 54.3 | % | (21.5 | )% | ||||||||||||
Net
interest revenue
|
437,157 | 229,398 | 225,379 | 187,273 | 22.5 | % | 1.8 | % | ||||||||||||||||
Fee
income
|
150,851 | 79,159 | 80,501 | 77,163 | 2.6 | % | (1.7 | )% | ||||||||||||||||
Fee
expense
|
(32,030 | ) | (16,808 | ) | (15,903 | ) | (15,532 | ) | 8.2 | % | 5.7 | % | ||||||||||||
Net
fee income
|
118,820 | 62,351 | 64,598 | 61,631 | 1.2 | % | (3.5 | )% | ||||||||||||||||
Net
gains from mark-to-market and trading
|
99,270 | 52,092 | (48,126 | ) | 19,429 | 168.1 | % | — | % | |||||||||||||||
Exchange
differences, net
|
(42,914 | ) | (22,519 | ) | 85,273 | 49,386 | — | % | — | % | ||||||||||||||
Total
financial transactions, net
|
56,356 | 29,573 | 37,147 | 68,815 | (57.0 | )% | (20.4 | )% | ||||||||||||||||
Other
operating income, net
|
11,558 | 6,065 | 24,598 | 2,498 | 142.8 | % | (75.3 | )% | ||||||||||||||||
Total
operating income
|
623,891 | 327,387 | 351,722 | 320,217 | 2.2 | % | (6.9 | )% | ||||||||||||||||
Provision
expense
|
(133,753 | ) | (70,187 | ) | (67,754 | ) | (90,934 | ) | (22.8 | )% | 3.6 | % | ||||||||||||
Total
operating income net of provisions
|
490,138 | 257,200 | 283,968 | 229,283 | 12.2 | % | (9.4 | )% | ||||||||||||||||
Personnel
expenses
|
(105,934 | ) | (55,589 | ) | (56,638 | ) | (54,394 | ) | 2.2 | % | (1.9 | )% | ||||||||||||
Administrative
expenses
|
250,451 | (36,053 |