Form 20-F
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x
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Form 40-F
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¨
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Yes
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¨
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No
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x
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Yes
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¨
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No
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x
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Yes
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¨
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No
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x
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Page
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1.
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Important Notice
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5.
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Unaudited Interim Financials for the six month period ended June 30, 2011 in English
|
BANCO SANTANDER-CHILE
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||
By:
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/s/
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Name:
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Juan Pedro Santa María
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|
Title:
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General Counsel
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Consolidated Financial Statements
|
|
CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
|
3
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CONSOLIDATED INTERIM STATEMENTS OF INCOME
|
4
|
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
|
5
|
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
|
6
|
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOW
|
7
|
Notes to the Financial Statements
|
|
NOTE 01 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
|
9
|
NOTE 02 – ACCOUNTING CHANGES:
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34
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NOTE 03 - SIGNIFICANT EVENTS:
|
37
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NOTE 04 - BUSINESS SEGMENTS:
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39
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NOTE 05 - CASH AND CASH EQUIVALENTS
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45
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NOTE 06 - TRADING INVESTMENTS:
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46
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NOTE 07 - DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING:
|
47
|
NOTE 08 - INTERBANK LOANS
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53
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NOTE 09 - LOANS AND ACCOUNTS RECEIVABLE FROM CUSTOMERS:
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54
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NOTE 10 - AVAILABLE FOR SALE INVESTMENTS:
|
59
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NOTE 11 - INTANGIBLE ASSETS:
|
60
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NOTE 12 - PROPERTY, PLANT, AND EQUIPMENT
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62
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NOTE 13 - CURRENT AND DEFERRED TAXES:
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66
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NOTE 14 - OTHER ASSETS:
|
69
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NOTE 15 - TIME DEPOSITS AND OTHER TIME LIABILITIES:
|
70
|
NOTE 16 – ISSUED DEBT INSTRUMENTS AND OTHER OBLIGATIONS:
|
71
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NOTE 17 - MATURITIES OF ASSETS AND LIABILITIES:
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76
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NOTE 18 - OTHER LIABILITIES
|
78
|
NOTE 19 -CONTINGENCIES AND COMMITMENTS:
|
79
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NOTE 20 - EQUITY:
|
81
|
NOTE 21 - CAPITAL REQUIREMENTS (BASEL):
|
84
|
NOTE 22 - NON CONTROLLING INTEREST
|
86
|
NOTE 23 -INTEREST INCOME AND EXPENSE:
|
89
|
NOTE 24 - FEES AND COMMISSIONS:
|
92
|
NOTE 25 - NET INCOME FROM FINANCIAL OPERATIONS:
|
92
|
NOTE 26 – NET FOREIGNS EXCHANGE PROFIT (LOSS):
|
92
|
NOTE 27 - PROVISION FOR LOAN LOSSES:
|
94
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NOTE 28 - PERSONNEL SALARIES AND EXPENSES:
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96
|
NOTE 29 - ADMINISTRATIVE EXPENSES:
|
97
|
NOTE 30 - DEPRECIATION AMORTIZATION AND IMPAIRMENT:
|
98
|
NOTE 31 – OTHER OPERATING INCOME AND EXPENSES:
|
98
|
NOTE 32 - TRANSACTIONS WITH RELATED PARTIES:
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101
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NOTE 33 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES:
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106
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NOTE 34 - SUBSEQUENT EVENTS
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109
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As of June 30,
|
As of June 30,
|
As of December
31,
|
|||||||||||||
2011
|
2011
|
2010
|
|||||||||||||
NOTE
|
ThUS$
|
MCh$
|
MCh$
|
||||||||||||
ASSETS
|
|||||||||||||||
Cash and deposits in banks
|
5 | 2,098,669 | 980,813 | 1,762,198 | |||||||||||
Unsettled transactions
|
5 | 1,780,710 | 832,215 | 374,368 | |||||||||||
Trading investments
|
6 | 1,303,800 | 609,331 | 379,670 | |||||||||||
Investments under resale agreements
|
- | 15,667 | 7,322 | 170,985 | |||||||||||
Financial derivative contracts
|
7 | 3,084,979 | 1,441,765 | 1,624,378 | |||||||||||
Interbank loans, net
|
8 | 187,564 | 87,658 | 69,672 | |||||||||||
Loans and accounts receivables from customers, net
|
9 | 36,195,900 | 16,916,154 | 15,175,975 | |||||||||||
Available for sale investments
|
10 | 5,621,853 | 2,627,373 | 1,473,980 | |||||||||||
Held to maturity investments
|
10 | - | - | - | |||||||||||
Investments in other companies
|
- | 16,450 | 7,688 | 7,275 | |||||||||||
Intangible assets
|
11 | 154,901 | 72,393 | 77,990 | |||||||||||
Property, plant, and equipment
|
12 | 320,599 | 149,832 | 154,985 | |||||||||||
Current taxes
|
13 | 71,356 | 33,348 | 12,499 | |||||||||||
Deferred taxes
|
13 | 273,936 | 128,024 | 117,964 | |||||||||||
Other assets
|
14 | 1,660,388 | 775,982 | 640,937 | |||||||||||
TOTAL ASSETS
|
52,786,772 | 24,669,898 | 22,042,876 | ||||||||||||
LIABILITIES
|
|||||||||||||||
Deposits and other demand liabilities
|
15 | 9,522,392 | 4,450,290 | 4,236,434 | |||||||||||
Unsettled transactions
|
5 | 1,340,118 | 626,304 | 300,125 | |||||||||||
Investments under repurchase agreements
|
- | 681,808 | 318,643 | 294,725 | |||||||||||
Time deposits and other time liabilities
|
15 | 18,949,791 | 8,856,185 | 7,258,757 | |||||||||||
Financial derivative contracts
|
7 | 2,888,407 | 1,349,897 | 1,643,979 | |||||||||||
Interbank borrowings
|
- | 3,917,084 | 1,830,649 | 1,584,057 | |||||||||||
Issued debt instruments
|
16 | 9,703,237 | 4,534,808 | 4,190,888 | |||||||||||
Other financial liabilities
|
16 | 358,759 | 167,666 | 166,289 | |||||||||||
Current taxes
|
13 | 4,036 | 1,886 | 1,293 | |||||||||||
Deferred taxes
|
13 | 31,041 | 14,507 | 5,441 | |||||||||||
Provisions
|
- | 323,218 | 151,056 | 235,953 | |||||||||||
Other liabilities
|
18 | 1,006,460 | 470,369 | 261,328 | |||||||||||
TOTAL LIABILITIES
|
48,726,351 | 22,772,260 | 20,179,269 | ||||||||||||
EQUITY
|
|||||||||||||||
Attributable to Bank shareholders:
|
- | 3,993,724 | 1,866,467 | 1,831,798 | |||||||||||
Capital
|
20 | 1,907,142 | 891,303 | 891,303 | |||||||||||
Reserves
|
20 | 110,279 | 51,539 | 51,539 | |||||||||||
Valuation adjustments
|
20 | (16,756 | ) | (7,831 | ) | (5,180 | ) | ||||||||
Retained Earnings
|
20 | 1,993,059 | 931,456 | 894,136 | |||||||||||
Retained earnings of prior years
|
20 | 1,606,909 | 750,989 | 560,128 | |||||||||||
Income for the period
|
20 | 551,642 | 257,810 | 477,155 | |||||||||||
Minus: Provision for mandatory dividends
|
20 | (165,493 | ) | (77,343 | ) | (143,147 | ) | ||||||||
Non controlling interest
|
22 | 66,697 | 31,171 | 31,809 | |||||||||||
TOTAL EQUITY
|
4,060,421 | 1,897,638 | 1,863,607 | ||||||||||||
TOTAL LIABILITIES AND EQUITY
|
52,786,772 | 24,669,898 | 22,042,876 |
As of June 30, |
For the quarter ended on
June 30
|
For the 6-month period ended
on June 30
|
|||||||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||
NOTE
|
ThUS$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
||||||||||||||||||
OPERATING INCOME
|
|||||||||||||||||||||||
Interest income
|
23 | 1,819,940 | 472,132 | 368,919 | 850,549 | 690,157 | |||||||||||||||||
Interest expense
|
23 | (801,224 | ) | (224,718 | ) | (126,137 | ) | (374,452 | ) | (217,977 | ) | ||||||||||||
Net interest income
|
1,018,716 | 247,414 | 242,782 | 476,097 | 472,180 | ||||||||||||||||||
Fee and commission income
|
24 | 393,474 | 92,652 | 82,808 | 183,890 | 161,967 | |||||||||||||||||
Fee and commission expense
|
24 | (86,554 | ) | (20,602 | ) | (17,650 | ) | (40,451 | ) | (34,458 | ) | ||||||||||||
Net fee and commission income
|
306,920 | 72,050 | 65,158 | 143,439 | 127,509 | ||||||||||||||||||
Net income from financial operations (net trading income)
|
25 | 109,986 | 2,027 | 44,922 | 51,402 | 97,014 | |||||||||||||||||
Foreign exchange profit (loss), net
|
26 | 8,274 | 27,049 | (19,881 | ) | 3,867 | (42,400 | ) | |||||||||||||||
Other operating income
|
31 | 12,537 | 3,309 | 19,160 | 5,859 | 24,898 | |||||||||||||||||
Total operating income
|
1,456,433 | 351,849 | 352,141 | 680,664 | 679,201 | ||||||||||||||||||
Provisions for loan losses
|
27 | (225,844 | ) | (56,874 | ) | (59,106 | ) | (105,548 | ) | (130,595 | ) | ||||||||||||
NET OPERATING PROFIT
|
1,230,589 | 294,975 | 293,035 | 575,116 | 548,606 | ||||||||||||||||||
Personnel salaries and expenses
|
28 | (285,645 | ) | (70,655 | ) | (66,002 | ) | (133,496 | ) | (121,591 | ) | ||||||||||||
Administrative expenses
|
29 | (173,397 | ) | (41,535 | ) | (35,707 | ) | (81,037 | ) | (71,760 | ) | ||||||||||||
Depreciation and amortization
|
30 | (56,241 | ) | (12,944 | ) | (12,592 | ) | (26,284 | ) | (24,933 | ) | ||||||||||||
Impairment
|
12 | (68 | ) | (27 | ) | (3,686 | ) | (32 | ) | (3,702 | ) | ||||||||||||
Other operating expenses
|
31 | (62,936 | ) | (8,800 | ) | (13,703 | ) | (29,413 | ) | (24,630 | ) | ||||||||||||
Total operating expenses
|
(578,287 | ) | (133,961 | ) | (131,690 | ) | (270,262 | ) | (246,616 | ) | |||||||||||||
OPERATING INCOME
|
652,302 | 161,014 | 161,345 | 304,854 | 301,990 | ||||||||||||||||||
Income from investments in other companies
|
- | 2,411 | 552 | 223 | 1,127 | 343 | |||||||||||||||||
Income before tax
|
654,713 | 161,566 | 161,568 | 305,981 | 302,333 | ||||||||||||||||||
Income tax expense
|
13 | (98,250 | ) | (19,416 | ) | (24,163 | ) | (45,917 | ) | (45,923 | ) | ||||||||||||
NET INCOME FOR THE PERIOD
|
556,463 | 142,150 | 137,405 | 260,064 | 256,410 | ||||||||||||||||||
Attributable to:
|
|||||||||||||||||||||||
Bank shareholders (Equity holders of the Bank)
|
- | 551,642 | 141,512 | 138,823 | 257,810 | 257,927 | |||||||||||||||||
Non controlling interest
|
22 | 4,822 | 638 | (1,418 | ) | 2,254 | (1,517 | ) | |||||||||||||||
Earnings per share attributable to Bank shareholders: (expressed in Chilean pesos)
|
|||||||||||||||||||||||
Basic earnings
|
- | 0,00292 | 0.751 | 0.737 | 1.368 | 1.369 | |||||||||||||||||
Diluted earnings
|
- | 0.00292 | 0.751 | 0.737 | 1.368 | 1.369 |
As of June 30,
|
For the quarter ended
|
For the 6-month period
ended on June 30
|
|||||||||||||||||||||
2011
|
2011
|
2010
|
2011
|
2010
|
|||||||||||||||||||
NOTE
|
ThUS$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
||||||||||||||||||
CONSOLIDATED INCOME FOR THE PERIOD
|
1,882,099 | 142,150 | 137,405 | 260,064 | 256,410 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME
|
|||||||||||||||||||||||
Available for sale investments
|
10 | (2,300 | ) | 6,607 | 142 | (1,075 | ) | 7,720 | |||||||||||||||
Cash flow hedge
|
7 | (4,329 | ) | (529 | ) | 17,518 | (2,023 | ) | 2,873 | ||||||||||||||
Other comprehensive income before income tax
|
(6,629 | ) | 6,078 | 17,660 | (3,098 | ) | 10,593 | ||||||||||||||||
Income tax related to other comprehensive income
|
13 | 1,406 | (1,180 | ) | (3,002 | ) | 657 | (1,801 | ) | ||||||||||||||
Total other comprehensive income
|
(5,223 | ) | 4,898 | 14,658 | (2,441 | ) | 8,792 | ||||||||||||||||
CONSOLIDATED COMPREHENSIVE INCOME FOR THE PERIOD
|
1,876,876 | 147,048 | 152,063 | 257,623 | 265,202 | ||||||||||||||||||
Attributable to:
|
|||||||||||||||||||||||
Bank shareholders (Equity holders of the Bank)
|
22 | 545,970 | 146,377 | 153,250 | 255,159 | 266,538 | |||||||||||||||||
Non controlling interest
|
- | 5,272 | 671 | (1,187 | ) | 2,464 | (1,336 | ) |
RESERVES
|
VALUATION ADJUSTMENTS
|
RETAINED EARNINGS
|
||||||||||||||||||||||||||||||||||||||||||||||
Capital
|
Reserves
and other
retained
earnings
|
Merger of
companies
under
common
control
|
Available for
sale
investments
|
Cash flow
hedge
|
Income
tax
Income
tax
|
Retained
earnings of
prior years
|
Income
for the
period
|
Provision
for
mandatory
dividends
|
Total
attributable
to
shareholders
|
Non
controlling
interest
|
Total Equity
|
|||||||||||||||||||||||||||||||||||||
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
MCh$
|
|||||||||||||||||||||||||||||||||||||
Balances as of December 31, 2009
|
891,303 | 53,763 | (2,224 | ) | (29,132 | ) | (3,162 | ) | 5,490 | 440,401 | 431,253 | (129,376 | ) | 1,658,316 | 29,799 | 1,688,115 | ||||||||||||||||||||||||||||||||
Distribution of income from previous period
|
- | - | - | - | - | - | 431,253 | (431,253 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
First Enforcement of Chapter B3
|
- | - | - | - | - | - | (52,662 | ) | - | - | (52,662 | ) | - | (52,662 | ) | |||||||||||||||||||||||||||||||||
Opening balances as of January 1, 2010
|
891,303 | 53,763 | (2,224 | ) | (29,132 | ) | (3,162 | ) | 5,490 | 818,992 | - | (129,376 | ) | 1,605,654 | 29,799 | 1,635,453 | ||||||||||||||||||||||||||||||||
Increase or decrease of capital and reserves
|
- | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Dividends distributions / Withdrawals made
|
- | - | - | - | - | - | (258,752 | ) | - | 129,376 | (129,376 | ) | - | (129,376 | ) | |||||||||||||||||||||||||||||||||
Other changes in equity
|
- | - | - | - | - | - | (112 | ) | - | - | (112 | ) | (3 | ) | (115 | ) | ||||||||||||||||||||||||||||||||
Provisions for mandatory dividends
|
- | - | - | - | - | - | - | - | (77,378 | ) | (77,378 | ) | - | (77,378 | ) | |||||||||||||||||||||||||||||||||
Subtotals
|
- | - | - | - | - | - | (258,864 | ) | - | 51,998 | (206,866 | ) | (3 | ) | (206,869 | ) | ||||||||||||||||||||||||||||||||
Other comprehensive income
|
- | - | - | 7,502 | 2,873 | (1,764 | ) | - | - | - | 8,611 | 181 | 8,792 | |||||||||||||||||||||||||||||||||||
Income for the period
|
- | - | - | - | - | - | - | 257,927 | - | 257,927 | (1,517 | ) | 256,410 | |||||||||||||||||||||||||||||||||||
Subtotals
|
- | - | - | 7,502 | 2,873 | (1,764 | ) | - | 257,927 | - | 266,538 | (1,336 | ) | 265,202 | ||||||||||||||||||||||||||||||||||
Opening balances as of June 30, 2010
|
891,303 | 53,763 | (2,224 | ) | (21,630 | ) | (289 | ) | 3,726 | 560,128 | 257,927 | (77,378 | ) | 1,665,326 | 28,460 | 1,693,786 | ||||||||||||||||||||||||||||||||
Balances as of December 31, 2010
|
891,303 | 53,763 | (2,224 | ) | (18,341 | ) | 11,958 | 1,203 | 560,128 | 477,155 | (143,147 | ) | 1,831,798 | 31,809 | 1,863,607 | |||||||||||||||||||||||||||||||||
Distribution of income from previous period
|
- | - | - | - | - | - | 477,155 | (477,155 | ) | - | - | - | - | |||||||||||||||||||||||||||||||||||
Balances as of January 1, 2011
|
891,303 | 53,763 | (2,224 | ) | (18,341 | ) | 11,958 | 1,203 | 1,037,283 | - | (143,147 | ) | 1,831,798 | 31,809 | 1,863,607 | |||||||||||||||||||||||||||||||||
Increase or decrease of capital and reserves
|
- | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||
Dividends distributions / Withdrawals made
|
- | - | - | - | - | - | (286,294 | ) | - | 143,147 | (143,147 | ) | (3,122 | ) | (146,269 | ) | ||||||||||||||||||||||||||||||||
Other changes in equity
|
- | - | - | - | - | - | - | - | - | - | 20 | 20 | ||||||||||||||||||||||||||||||||||||
Provision for mandatory dividends
|
- | - | - | - | - | - | - | - | (77,343 | ) | (77,343 | ) | - | (77,343 | ) | |||||||||||||||||||||||||||||||||
Subtotals
|
- | - | - | - | - | - | (286,294 | ) | - | 65,804 | (220,490 | ) | (3,102 | ) | (223,592 | ) | ||||||||||||||||||||||||||||||||
Other comprehensive income
|
- | - | - | (1,328 | ) | (2,023 | ) | 700 | - | - | - | (2,651 | ) | 210 | (2,441 | ) | ||||||||||||||||||||||||||||||||
Income for the period
|
- | - | - | - | - | - | - | 257,810 | - | 257,810 | 2,254 | 260,064 | ||||||||||||||||||||||||||||||||||||
Subtotals
|
- | - | - | (1,328 | ) | (2,023 | ) | 700 | - | 257,810 | - | 255,159 | 2,464 | 257,623 | ||||||||||||||||||||||||||||||||||
Opening balances as of June 30, 2011
|
891,303 | 53,763 | (2,224 | ) | (19,669 | ) | 9,935 | 1,903 | 750,989 | 257,810 | (77,343 | ) | 1,866,467 | 31,171 | 1,897,638 |
Period
|
Total attributable to
shareholders
|
Allocated to reserves or
retained earnings
|
Allocated to
Dividends
|
Percentage
distributed
|
Number of
Shares
|
Dividend per share
(in pesos)
|
||||||||||||||||||
MCh$
|
MCh$
|
MCh$
|
%
|
|||||||||||||||||||||
Year 2010 (Shareholders Meeting April 2011)
|
477,155 | 190,861 | 286,294 | 60 | % | 188,446,126,794 | 1.519 | |||||||||||||||||
Year 2009 (Shareholders Meeting April 2010)
|
431,253 | 172,501 | 258,752 | 60 | % | 188,446,126,794 | 1.373 |
As of June 30
|
|||||||||||||||
2011
|
2011
|
2010
|
|||||||||||||
NOTE
|
ThUS$
|
MCh$
|
MCh$
|
||||||||||||
A – CASH FLOWS FROM OPERATING ACTIVITIES
|
|||||||||||||||
CONSOLIDATED INCOME BEFORE TAX
|
654,715 | 305,981 | 302,333 | ||||||||||||
Debits (credits) to income that do not represent cash flows
|
1,060,602 | (495,673 | ) | (494,376 | ) | ||||||||||
Depreciation and amortization
|
30 | 56,241 | 26,284 | 24,933 | |||||||||||
Impairment of property, plant, and equipment
|
12 | 68 | 32 | 3,702 | |||||||||||
Provision for loan losses
|
27 | 247,876 | 115,845 | 146,134 | |||||||||||
Mark to market of trading investments
|
- | (4,534 | ) | (2,119 | ) | (29,926 | ) | ||||||||
Income from investments in other companies
|
- | (2,411 | ) | (1,127 | ) | (343 | ) | ||||||||
Net gain on sale of assets received in lieu of payment
|
31 | (8,268 | ) | (3,864 | ) | (1,698 | ) | ||||||||
Provisions for assets received in lieu of payment
|
31 | 2,732 | 1,277 | 2,300 | |||||||||||
Net gain on sale of investments in other companies
|
- | - | - | - | |||||||||||
Net gain on sale of property, plant and equipment
|
31 | (1,731 | ) | (809 | ) | (13,195 | ) | ||||||||
Charge off of assets received in lieu of payment
|
31 | 11,407 | 5,331 | 1,548 | |||||||||||
Net interest income
|
23 | (1,018,716 | ) | (476,097 | ) | (472,180 | ) | ||||||||
Net fee and commission income
|
24 | (306,920 | ) | (143,439 | ) | (127,509 | ) | ||||||||
Debits (credits) to income that do not represent cash flows
|
- | (36,350 | ) | 16,988 | (5,207 | ) | |||||||||
Changes in assets and liabilities due to deferred taxes
|
13 | 4 | 2 | (22,935 | ) | ||||||||||
Increase/decrease in operating assets and liabilities
|
(388,808 | ) | (181,709 | ) | (166,363 | ) | |||||||||
Decrease (increase) of loans and accounts receivables from customers, net
|
- | (3,554,343 | ) | (1,661,122 | ) | (871,161 | ) | ||||||||
Decrease (increase) of financial investments
|
- | (3,064,750 | ) | (1,432,311 | ) | 536,934 | |||||||||
Decrease (increase) due to resale agreements (assets)
|
- | 357,278 | 166,974 | 5,000 | |||||||||||
Decrease (increase) of interbank loans
|
- | (38,485 | ) | (17,986 | ) | (18,067 | ) | ||||||||
Decrease of assets received or awarded in lieu of payment
|
- | 45,508 | 21,268 | 10,348 | |||||||||||
Increase of debits in checking accounts
|
- | 150,037 | 70,120 | 512,518 | |||||||||||
Increase (decrease) of time deposits and other time liabilities
|
- | 3,304,404 | 1,544,313 | 49,681 | |||||||||||
Increase (decrease) of obligations with domestic banks
|
- | 115,545 | 54,000 | 18,067 | |||||||||||
Increase of other demand liabilities or time obligations
|
- | 179,388 | 83,837 | 66,371 | |||||||||||
Increase (decrease) of obligations with foreign banks
|
- | 412,806 | 192,925 | 78,088 | |||||||||||
Decrease of obligations with Central Bank of Chile
|
- | (674 | ) | (315 | ) | (342 | ) | ||||||||
Increase (decrease) due to resale agreements (liabilities)
|
- | 51,178 | 23,918 | (991,494 | ) | ||||||||||
Increase (decrease) of other short-term liabilities
|
- | 3,381 | 1,580 | (2,583 | ) | ||||||||||
Net increase of other assets and liabilities
|
- | 115,573 | 54,014 | (143,848 | ) | ||||||||||
Redemption of letters of credit
|
- | (81,132 | ) | (37,917 | ) | (71,721 | ) | ||||||||
Senior bond issuances
|
- | 684,468 | 319,886 | 426,794 | |||||||||||
Redemption of senior bonds and payments of interest
|
- | (290,887 | ) | (135,946 | ) | (156,273 | ) | ||||||||
Interest received
|
- | 1,814,920 | 848,203 | 481,545 | |||||||||||
Interest paid
|
- | (803,182 | ) | (375,367 | ) | (178,760 | ) | ||||||||
Dividends received from investments in other companies
|
- | 1,489 | 696 | 954 | |||||||||||
Fees and commissions received
|
24 | 393,474 | 183,890 | 161,967 | |||||||||||
Fees and commissions paid
|
24 | (86,554 | ) | (40,451 | ) | (34,458 | ) | ||||||||
Income tax paid
|
13 | (98,250 | ) | (45,917 | ) | (45,923 | ) | ||||||||
Net cash from (used in) operating activities
|
(794,695 | ) | (371,400 | ) | (358,406 | ) |
As of June 30,
|
|||||||||||||||
2011
|
2011
|
2010
|
|||||||||||||
NOTE
|
ThUS$
|
MCh$
|
MCh$
|
||||||||||||
B – CASH FLOWS FROM INVESTMENT ACTIVITIES:
|
|||||||||||||||
Purchases of property, plant, and equipment
|
12 | (10,365 | ) | (4,844 | ) | (4,122 | ) | ||||||||
Sales of property, plant, and equipment
|
- | 12,545 | 5,863 | 14,197 | |||||||||||
Purchases of investments in other companies
|
- | - | - | - | |||||||||||
Sales of investments in other companies
|
- | - | - | - | |||||||||||
Purchases of intangibles assets
|
11 | (23,314 | ) | (10,896 | ) | (8,033 | ) | ||||||||
Net cash used in investment activities
|
(21,134 | ) | (9,877 | ) | 2,042 | ||||||||||
C – CASH FLOW FROM FINANCING ACTIVITIES:
|
|||||||||||||||
From shareholders’ financing activities
|
- | (489,973 | ) | (228,989 | ) | (263,210 | ) | ||||||||
Increase of other obligations
|
- | - | - | - | |||||||||||
Issuance of subordinated bonds
|
- | 143,060 | 66,859 | 12,682 | |||||||||||
Redemption of subordinated bonds and payments of interest
|
- | (20,443 | ) | (9,554 | ) | (17,140 | ) | ||||||||
Dividends paid
|
- | (612,590 | ) | (286,294 | ) | (258,752 | ) | ||||||||
From non controlling interest financing activities
|
- | - | - | - | |||||||||||
Increases of capital
|
- | - | - | - | |||||||||||
Dividends and/or withdrawals paid
|
- | - | - | - | |||||||||||
Net cash used in financing activities
|
(489,973 | ) | (228,989 | ) | (263,210 | ) | |||||||||
D – VARIATION OF CASH AND CASH EQUIVALENTS DURING THE PERIOD
|
- | (1,305,802 | ) | (610,266 | ) | (619,574 | ) | ||||||||
E – EFFECTS OF FOREIGN EXCHANGE RATE VARIATIONS
|
- | (84,414 | ) | (39,451 | ) | (33,956 | ) | ||||||||
F – INITIAL BALANCE OF CASH AND CASH EQUIVALENTS
|
- | 3,929,477 | 1,836,441 | 2,236,118 | |||||||||||
FINAL BALANCE OF CASH AND CASH EQUIVALENTS
|
5 | 2,539,261 | 1,186,724 | 1,582,588 |
As of June 30
|
||||||||
Reconciliation of provisions for Consolidated Statements of Cash Flow
|
2011
|
2010
|
||||||
MCh$
|
MCh$
|
|||||||
Provisions for loan losses for cash flow
|
115,845 | 146,134 | ||||||
Recovery of loans previously charged off
|
(10,297 | ) | (15,539 | ) | ||||
Expenses on provisions for loan losses
|
105,548 | 130,595 |
BANCO SANTANDER CHILE AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED INTERIM STATEMENTS OF INCOME
As of June 30, 2011 and 2010, and December 31, 2010
|
a)
|
Basis of preparation
|
b)
|
Basis of preparation for the Consolidated Interim Financial Statements
|
BANCO SANTANDER CHILE AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED INTERIM STATEMENTS OF INCOME
As of June 30, 2011 and 2010, and December 31, 2010
|
Percentage share
|
||||||||||||||||||||||||||||||||||||
As of June 30
|
As of December 31
|
As of June 30
|
||||||||||||||||||||||||||||||||||
Subsidiaries
|
2011
|
2010
|
2010
|
|||||||||||||||||||||||||||||||||
Direct
%
|
Indirect
%
|
Total
%
|
Direct
%
|
Indirect
%
|
Total
%
|
Direct
%
|
Indirect
%
|
Total
%
|
||||||||||||||||||||||||||||
Santander Corredora de Seguros Limitada
|
99.75 | 0.01 | 99.76 | 99.75 | 0.01 | 99.76 | 99.75 | 0.01 | 99.76 | |||||||||||||||||||||||||||
Santander S.A. Corredores de Bolsa
|
50.59 | 0.41 | 51.00 | 50.59 | 0.41 | 51.00 | 50.59 | 0.41 | 51.00 | |||||||||||||||||||||||||||
Santander Asset Management S.A. Administradora General de Fondos
|
99.96 | 0.02 | 99.98 | 99.96 | 0.02 | 99.98 | 99.96 | 0.02 | 99.98 | |||||||||||||||||||||||||||
Santander Agente de Valores Limitada (former Santander S.A. Agente de Valores)
|
99.03 | - | 99.03 | 99.03 | - | 99.03 | 99.03 | - | 99.03 | |||||||||||||||||||||||||||
Santander S.A. Sociedad Securitizadora
|
99.64 | - | 99.64 | 99.64 | - | 99.64 | 99.64 | - | 99.64 | |||||||||||||||||||||||||||
Santander Servicios de Recaudación y Pagos Limitada
|
99.90 | 0.10 | 100.00 | 99.90 | 0.10 | 100.00 | 99.90 | 0.10 | 100.00 |
·
|
The SPEs’ activities have essentially been conducted on behalf of the company that presents the Interim Consolidated Financial Statements and in response to its specific business needs.
|
·
|
The necessary decision making authority is held to obtain most of the benefits from these entities’ activities, as well as the rights to obtain most of the benefits or other advantages from such entities.
|
·
|
The entity essentially retains most of the risks inherent to the ownership or residuals of the SPEs or its assets, for the purpose of obtaining the benefits from its activities.
|
-
|
Santander Gestión de Recaudación y Cobranza Limitada.
|
-
|
Multinegocios S.A.
|
-
|
Servicios Administrativos y Financieros Limitada.
|
-
|
Fiscalex Limitada.
|
-
|
Multiservicios de Negocios Limitada.
|
-
|
Bansa Santander S.A.
|