Form 20-F
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X
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Form 40-F
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Yes
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No
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X
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Yes
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No
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X
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Yes
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No
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X
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Item
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|
1.
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First Quarter Earnings Report
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2.
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March 2013 Financial Statements in English
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BANCO SANTANDER-CHILE
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|||||
Date:
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May 20, 2013
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By:
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/s/ Cristian Florence
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||
Name:
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Cristian Florence
|
||||
Title:
|
General Counsel
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SECTION | PAGE |
SECTION 1: SUMMARY OF RESULTS
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2
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SECTION 2: BALANCE SHEET ANALYSIS
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5
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SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT
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8
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SECTION 4: CREDIT RISK RATINGS
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17
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SECTION 5: SHARE PERFORMANCE
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18
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ANNEX 1: BALANCE SHEET
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19
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ANNEX 2: QUARTERLY INCOME STATEMENTS
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20
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ANNEX 3: QUARTERLY EVOLUTION OF MAIN RATIOS AND OTHER INFORMATION
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21
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CONTACT INFORMATION
Robert Moreno
Manager, Investor Relations Department
Banco Santander Chile
Bandera 140 Piso 19
|
Santiago, Chile
Tel: (562) 2320-8284
Fax: (562) 2671-6554
Email: rmorenoh@santander.cl
Website: www.santander.cl
|
In 1Q13, Net income attributable to shareholders totaled Ch$80,879 million (Ch$0.43 per share and US$0.36/ADR). Compared to 4Q12 (from now on QoQ), net income decreased 28.9% and 31.7% compared to 1Q13 (from now on YoY). During the quarter, the lower inflation temporarily reduced net interest income and profitability. The higher statutory tax rate also lowered profitability.
The lower inflation mainly affected results at the beginning of the quarter. As the quarter progressed, the Bank’s commercial activity began to rebound with record loan growth in retail banking in March and higher profitability.
|
Quarter
|
Change %
|
||||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 /
1Q12
|
1Q13 /
4Q12
|
Net interest income
|
246,481
|
282,991
|
266,072
|
(7.4%)
|
(12.9%)
|
Fee income
|
64,254
|
66,837
|
68,691
|
(6.5%)
|
(3.9%)
|
Core revenues
|
310,735
|
349,828
|
334,763
|
(7.2%)
|
(11.2%)
|
Financial transactions, net
|
22,262
|
18,134
|
19,303
|
15.3%
|
22.8%
|
Provision expense
|
(92,858 )
|
(90,387 )
|
(78,281 )
|
18.6%
|
2.7%
|
Operating expenses
|
(135,245 )
|
(140,665 )
|
(125,610 )
|
7.7%
|
(3.9%)
|
Operating income, net of provisions and costs
|
104,894
|
136,910
|
150,175
|
(30.2%)
|
(23.4%)
|
Other operating & Non-op. Income
|
(24,015 )
|
(23,193 )
|
(31,820 )
|
(24.5%)
|
3.5%
|
Net income attributable to shareholders
|
80,879
|
113,717
|
118,355
|
(31.7%)
|
(28.9%)
|
Net income/share (Ch$)
|
0.43
|
0.60
|
0.63
|
(31.7%)
|
(28.9%)
|
Net income/ADR (US$)1
|
0.36
|
0.50
|
0.51
|
(29.2%)
|
(28.0%)
|
Total loans
|
19,100,415
|
18,876,079
|
17,792,081
|
7.4%
|
1.2%
|
Deposits
|
14,115,349
|
14,082,232
|
13,392,489
|
5.4%
|
0.2%
|
Shareholders’ equity
|
2,194,025
|
2,134,778
|
2,065,995
|
6.2%
|
2.8%
|
Net interest margin
|
4.7%
|
5.5%
|
5.3%
|
||
Efficiency ratio
|
41.8%
|
39.9%
|
36.8%
|
||
Return on average equity2
|
15.0%
|
21.6%
|
23.3%
|
||
NPL / Total loans3
|
3.21%
|
3.17%
|
2.92%
|
||
Coverage NPLs
|
91.0%
|
92.0%
|
100.7%
|
||
Risk index4
|
2.92%
|
2.91%
|
2.94%
|
||
Cost of credit5
|
1.94%
|
1.92%
|
1.76%
|
||
Core capital ratio
|
10.9%
|
10.7%
|
11.2%
|
||
BIS ratio
|
13.9%
|
13.7%
|
14.8%
|
||
Branches
|
497
|
499
|
499
|
||
ATMs
|
2,011
|
2,001
|
1,949
|
||
Employees
|
11,679
|
11,713
|
11,572
|
1.
|
The change in earnings per ADR may differ from the change in earnings per share due to exchange rate movements. Earnings per ADR was calculated using the Observed Exchange Rate Ch$472.54 per US$ as of March 31, 2013.
|
2.
|
Annualized Quarterly net income attributable to shareholders / Average equity attributable to shareholders in the quarter.
|
3.
|
NPLs: Non-performing loans: full balance of loans with one installment 90 days or more overdue.
|
4.
|
Risk Index: Loan loss allowances / Total loans: measures the percentage of loans the banks must provision for given their internal models and the Superintendency of Banks guidelines.
|
5.
|
Cost of credit: Provision expenses annualized divided by total loans.
|
Loans
|
Quarter ended,
|
% Change
|
|||
(Ch$ million)
|
Mar-13
|
Dec-12
|
Mar-12
|
Mar. 13 / 12
|
Mar. 13 /
Dec. 12
|
Total loans to individuals1
|
9,837,213
|
9,741,412
|
9,376,934
|
4.9%
|
1.0%
|
Consumer loans
|
3,165,550
|
3,115,477
|
2,963,104
|
6.8%
|
1.6%
|
Residential mortgage loans
|
5,309,837
|
5,271,581
|
5,162,473
|
2.9%
|
0.7%
|
SMEs
|
2,860,666
|
2,821,060
|
2,604,565
|
9.8%
|
1.4%
|
Total retail lending
|
12,697,879
|
12,562,472
|
11,981,499
|
6.0%
|
1.1%
|
Institutional lending
|
369,751
|
355,518
|
347,818
|
6.3%
|
4.0%
|
Middle-Market & Real estate
|
4,236,766
|
4,058,693
|
3,692,576
|
14.7%
|
4.4%
|
Corporate
|
1,806,957
|
1,863,595
|
1,881,429
|
(4.0%)
|
(3.0%)
|
Total loans 2
|
19,100,415
|
18,876,079
|
17,792,081
|
7.4%
|
1.2%
|
1.
|
Includes consumer loans, residential mortgage loans and other commercial loans to individuals.
|
2.
|
Total loans gross of loan loss allowances. Total loans include other non-segmented loans and excludes interbank loans.
|
Loans to individuals, which include consumer, mortgage and commercial loans to individuals, increased of 1.0% QoQ in 3Q12 and 4.9% YoY. In the quarter, the Bank focused on expanding its loan portfolio in higher income segments, while remaining more selective in the mass consumer market. By products, total consumer loans increased 1.6% QoQ (6.8% YoY) and residential mortgage loans expanded 0.7% QoQ (2.9% YoY). Loans to high-income individuals increased 2.9% QoQ and 9.8% YoY. Lending to SMEs (defined as companies that sell less than Ch$1,200 million per year) expanded 1.4% QoQ (9.8% YoY), reflecting the Bank’s consistent focus on this segment.
|
Funding
|
Quarter ended,
|
% Change
|
|||
(Ch$ million)
|
Mar-13
|
Dec-12
|
Mar-12
|
Mar. 13 / 12
|
Mar. 13 /
Dec. 12
|
Demand deposits
|
4,964,239
|
4,970,019
|
4,566,890
|
8.7%
|
(0.1%)
|
Time deposits
|
9,151,110
|
9,112,213
|
8,825,599
|
3.7%
|
0.4%
|
Total deposits
|
14,115,349
|
14,082,232
|
13,392,489
|
5.4%
|
0.2%
|
Mutual funds (off-balance sheet)
|
3,112,174
|
2,713,776
|
2,995,292
|
3.9%
|
14.7%
|
Total customer funds
|
17,227,523
|
16,796,008
|
16,387,781
|
5.1%
|
2.6%
|
Loans to deposits1
|
102.7%
|
101.6%
|
98.4%
|
1.
|
(Loans - marketable securities that fund mortgage loans) / (Time deposits + demand deposits).
|
Customer funds (deposits + mutual funds) increased 2.6% QoQ and 5.1% YoY. Total deposits grew 0.2% QoQ and grew 5.4% YoY. In the quarter, the Bank’s funding strategy was focused on increasing core deposits while lowering deposits from institutional sources, which are more expensive, as the Bank normalized its liquidity levels. This following the large liquidity surplus the Bank maintained throughout most of 2012. As a result, core deposits (demand and time deposits from our retail and corporate clients) expanded 12.4% YoY. Core deposits now represent 83% of the Bank’s total deposit base. This also resulted in lower deposits from institutional sources, lower bond issues and a decrease in interbank financing. This should help support net interest margins in 2013.
|
Shareholders' Equity
|
Quarter ended,
|
Change %
|
|||
(Ch$ million)
|
Mar-13
|
Dec-12
|
Mar-12
|
Mar. 13 / 12
|
Mar. 13 /
Dec. 12
|
Capital
|
891,303
|
891,303
|
891,303
|
0.0%
|
0.0%
|
Reserves
|
975,460
|
975,460
|
801,422
|
21.7%
|
0.0%
|
Valuation adjustment
|
(1,152)
|
(3,781)
|
(15,210)
|
(92.4%)
|
(69.5%)
|
Retained Earnings:
|
328,414
|
271,796
|
387,408
|
(71.2%)
|
20.8%
|
Retained earnings prior periods
|
388,282
|
0
|
435,084
|
(67.3%)
|
--%
|
Income for the period
|
80,879
|
388,282
|
118,355
|
(31.6%)
|
(79.2%)
|
Provision for mandatory dividend
|
(140,747)
|
(116,486)
|
(166,031)
|
(15.2%)
|
20.8%
|
Equity attributable to shareholders
|
2,194,025
|
2,134,778
|
2,064,923
|
6.3%
|
2.7%
|
Non-controlling interest
|
34,830
|
34,265
|
34,554
|
0.8%
|
1.6%
|
Total Equity
|
2,228,855
|
2,169,043
|
2,099,477
|
6.2%
|
2.7%
|
Quarterly ROAE
|
15.0%
|
21.6%
|
23.3%
|
Capital Adequacy
|
Quarter ended,
|
Change %
|
|||
(Ch$ million)
|
Mar-13
|
Dec-12
|
Mar-12
|
Mar. 13 / 12
|
Mar. 13 /
Dec. 12
|
Tier I (Core Capital)*
|
2,194,025
|
2,135,660
|
2,065,995
|
6.2%
|
2.7%
|
Tier II
|
596,933
|
599,656
|
673,110
|
(11.3%)
|
(0.5%)
|
Regulatory capital
|
2,790,957
|
2,735,316
|
2,739,104
|
1.9%
|
2.0%
|
Risk weighted assets
|
20,091,880
|
19,940,397
|
18,509,191
|
8.6%
|
0.8%
|
Tier I (Core capital) ratio
|
10.9%
|
10.7%
|
11.2%
|
||
BIS ratio
|
13.9%
|
13.7%
|
14.8%
|
Net Interest Income / Margin
|
Quarter
|
Change %
|
|||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 /
1Q12
|
1Q13 /
4Q12
|
Client net interest income1
|
271,696
|
273,022
|
264,889
|
2.6%
|
(0.5%)
|
Non-client net interest income2
|
(25,215)
|
9,969
|
1,183
|
--%
|
--%
|
Net interest income
|
246,481
|
282,991
|
266,072
|
(7.4%)
|
(12.9%)
|
Average interest-earning assets
|
20,923,043
|
20,762,771
|
20,119,312
|
4.0%
|
0.8%
|
Average loans
|
18,942,547
|
18,666,166
|
17,537,743
|
8.0%
|
1.5%
|
Interest earning asset yield3
|
8.1%
|
10.1%
|
10.0%
|
||
Cost of funds4
|
3.5%
|
4.7%
|
4.8%
|
||
Client net interest margin5
|
5.7%
|
5.9%
|
6.0%
|
||
Net interest margin (NIM)6
|
4.7%
|
5.5%
|
5.3%
|
||
Avg. equity + non-interest bearing demand deposits / Avg. interest earning assets
|
34.3%
|
32.8%
|
32.6%
|
||
Quarterly inflation rate7
|
0.13%
|
1.11%
|
1.07%
|
||
Central Bank reference rate
|
5.00%
|
5.00%
|
5.00%
|
||
Avg. 10 year Central Bank yield (real)
|
2.62%
|
2.45%
|
2.45%
|
1.
|
Client net interest income is mainly net interest income from the from all client activities such as loans and deposits minus the internal transfer rate. See footnote 3 at the end of this page.
|
2.
|
Non-client interest income is net interest income mainly from the Bank’s ALCO positions and treasury. See footnote 3 at the end of this page.
|
3.
|
Interest income divided by interest earning assets.
|
4.
|
Interest expense divided by interest bearing liabilities + demand deposits.
|
5.
|
Client net interest income annualized divided by average loans
|
6.
|
Net interest income divided by average interest earning assets annualized.
|
7.
|
Inflation measured as the variation of the Unidad de Fomento in the quarter.
|
Non-client net interest income. The volatility of our total net interest margin and income is mainly due to the quarterly fluctuations of inflation. In 1Q13, the variation of the Unidad de Fomento (an inflation indexed currency unit), was 0.13% compared to 1.11% in 4Q12 and 1.07% in 1Q12. It is important to point out that the Bank has more assets than liabilities linked to inflation and, as a result, margins have a positive sensitivity to variations in inflation. The gap between assets and liabilities indexed to the UF averaged approximately US$7.5 billion in 1Q13. This signifies that for every 100 basis point change in inflation, our net interest income increases or decrease by US$75 million, all other factors equal. Therefore, the QoQ decline in inflation explains largely the sharp reduction in non-client net interest income in 1Q13 compared to 4Q12 and 1Q12.
|
Provision for loan losses
|
Quarter
|
Change %
|
|||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 / 1Q12
|
1Q13 / 4Q12
|
Commercial loans
|
(27,394)
|
(25,366)
|
(14,905)
|
83.8%
|
8.0%
|
Residential mortgage loans
|
(6,921)
|
(5,895)
|
(2,490)
|
178.0%
|
17.4%
|
Consumer loans
|
(58,543)
|
(59,126)
|
(60,886)
|
(3.8%)
|
(1.0%)
|
Net provisions for loan losses
|
(92,858)
|
(90,387)
|
(78,281)
|
18.6%
|
2.7%
|
Total loans1
|
19,100,415
|
18,876,079
|
17,792,081
|
7.4%
|
1.2%
|
Total reserves (RLL)
|
557,564
|
550,122
|
522,728
|
6.7%
|
1.4%
|
Non-performing loans2 (NPLs)
|
612,379
|
597,767
|
519,283
|
17.9%
|
2.4%
|
NPLs commercial loans
|
343,764
|
320,461
|
263,843
|
30.3%
|
7.3%
|
NPLs residential mortgage loans
|
154,334
|
159,802
|
156,280
|
(1.2%)
|
(3.4%)
|
NPLs consumer loans
|
114,281
|
117,504
|
99,160
|
15.2%
|
(2.7%)
|
Cost of credit3
|
1.96%
|
1.94%
|
1.79%
|
||
Risk index4 (RLL / Total loans)
|
2.92%
|
2.91%
|
2.94%
|
||
NPL / Total loans
|
3.21%
|
3.17%
|
2.92%
|
||
NPL / Commercial loans
|
3.24%
|
3.06%
|
2.73%
|
||
NPL / Residential mortgage loans
|
2.91%
|
3.03%
|
3.03%
|
||
NPL / consumer loans
|
3.61%
|
3.77%
|
3.35%
|
||
Coverage of NPLs5
|
91.0%
|
92.0%
|
100.7%
|
||
Coverage of NPLs ex-mortgage6
|
113.3%
|
117.4%
|
134.1%
|
||
Coverage of commercial NPLs
|
75.6%
|
78.3%
|
90.5%
|
||
Coverage of residential mortgage NPLs
|
25.1%
|
22.5%
|
23.1%
|
||
Coverage of consumer NPLs
|
226.4%
|
224.0%
|
249.9%
|
1.
|
Excludes interbank loans.
|
2.
|
NPLs: Non-performing loans: full balance of loans with one installment 90 days or more overdue.
|
3.
|
Cost of credit: Quarterly provision expense annualized divided by average loans
|
4.
|
Risk Index: Loan loss allowances / Total loans; measures the percentage of loans the banks must provision for given their internal models and the Superintendency of Banks guidelines.
|
5.
|
Loan loss allowances / NPLs.
|
6.
|
Loan loss reserves of commercial + consumer loans divided by NPLs of commercial and consumer loans
|
The measures mentioned above have gradually resulted in a stabilization of asset quality in consumer lending. Consumer NPLs decreased 2.7% QoQ and increased 15.2% YoY. The coverage of consumer NPLs reached 226.4% in 1Q13 compared to 224.0% in 4Q12. At the same time, the amount of impaired consumer loans (consumer NPLs + renegotiated consumer loans) has evolved favorably. This tends to be a leading indicator for the evolution of future charge-offs.
|
The improved collection efforts have also led to an important rise in loan loss recoveries, especially in consumer lending. Total loan loss recoveries increased 113.3% YoY. Total loan loss recoveries increased 113.3% YoY. In this same period, consumer loan loss recoveries increased 146.3% YoY. The decline compared to 4Q12 is seasonal due to the vacation season in 1Q13.
|
|
Provision expense for mortgage residential loans increased 17.4% QoQ and 178% YoY. The YoY increase was mainly due to higher charge-offs of mortgage loans that totaled Ch$4,198 million. Total NPLs in mortgage loans decreased 3.4% QoQ and 1.2% YoY, also reflecting the stricter credit risk policies the Bank is enforcing in retail banking. Mortgage loan NPLs reached 2.9% in 1Q13, flat compared to 4Q12 and 1Q12. Including collateral, the coverage of residential mortgage NPLs reached 113% as of March 2013. The risk index (loan loss allowances for mortgage in the balance sheet over total mortgage loans) reached 0.7% and has been stable for an extended period.
|
|
Coverage of total NPLs in 1Q13 reached 91.0%. Excluding residential mortgage loans that have a lower coverage ratio due to the value of residential property collateral, the coverage ratio reached 113%.
|
|
Fee Income
|
Quarter
|
Change %
|
|||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 /
1Q12
|
1Q13 /
4Q12
|
Credit, debit & ATM card fees
|
13,107
|
12,175
|
15,017
|
(12.7%)
|
7.7%
|
Collection fees
|
11,325
|
9,402
|
15,802
|
(28.3%)
|
20.4%
|
Asset management
|
8,390
|
8,047
|
8,609
|
(2.5%)
|
4.3%
|
Guarantees, pledges and other contingent operations
|
7,405
|
7,456
|
6,935
|
6.8%
|
(0.7%)
|
Checking accounts
|
7,126
|
7,024
|
7,238
|
(1.5%)
|
1.5%
|
Insurance brokerage
|
5,746
|
8,160
|
8,186
|
(29.8%)
|
(29.6%)
|
Lines of credit
|
1,991
|
2,203
|
2,449
|
(18.7%)
|
(9.4%)
|
Fees from brokerage and custody of securities
|
1,796
|
1,945
|
1,982
|
(9.4%)
|
(7.7%)
|
Other Fees
|
7,363
|
10,425
|
2,473
|
197.7%
|
(29.4%)
|
Total fees
|
64,254
|
66,837
|
68,691
|
(6.5%)
|
(3.9%)
|
Financial Transactions*
|
Quarter
|
Change %
|
|||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 /
1Q12
|
1Q13 /
4Q12
|
Net income from financial operations
|
(16,873)
|
(31,138)
|
(34,196)
|
(50.7%)
|
(45.8%)
|
Foreign exchange profit (loss), net
|
39,135
|
49,272
|
53,499
|
(26.8%)
|
(20.6%)
|
Net results from financial transactions
|
22,262
|
18,134
|
19,303
|
15.3%
|
22.8%
|
*
|
These results mainly include the mark-to-market of the Available for sale investment portfolio, realized and unrealized gains of Financial investments held for trading, the interest revenue generated by the Held for trading portfolio, gains or losses from the sale of charged-off loans and the mark-to-market of derivatives. The results recorded as Foreign exchange profits (loss), net mainly includes the translation gains or losses of assets and a liability denominated in foreign currency.
|
Financial Transactions
|
Quarter
|
Change %
|
|||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 / 1Q12
|
1Q13 / 4Q12
|
Santander Global Connect1
|
10,725
|
14,051
|
14,575
|
(26.4%)
|
(23.7%)
|
Market-making
|
7,237
|
7,592
|
11,310
|
(36.0%)
|
(4.7%)
|
Client treasury services
|
17,963
|
21,643
|
25,885
|
(30.6%)
|
(17.0%)
|
Non-client treasury income
|
4,300
|
(3,509)
|
(6,582)
|
--%
|
--%
|
Net results from financial transactions
|
22,262
|
18,134
|
19,303
|
15.3%
|
22.8%
|
1.
|
Santander Global Connect is the Bank’s commercial platform for selling treasury products to our clients.
|
Operating Expenses
|
Quarter
|
Change %
|
|||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 /
1Q12
|
1Q13 /
4Q12
|
Personnel expenses
|
(71,533)
|
(76,488)
|
(69,400)
|
3.1%
|
(6.5%)
|
Administrative expenses
|
(48,032)
|
(48,127)
|
(44,084)
|
9.0%
|
(0.2%)
|
Depreciation, amortization and impairment
|
(15,680)
|
(16,050)
|
(12,126)
|
29.3%
|
(2.3%)
|
Operating expenses
|
(135,245)
|
(140,665)
|
(125,610)
|
7.7%
|
(3.9%)
|
Branches
|
497
|
499
|
499
|
(0.4%)
|
(0.4%)
|
ATMS
|
2,011
|
2,001
|
1,949
|
3.2%
|
0.5%
|
Employees
|
11,679
|
11,713
|
11,572
|
0.9%
|
(0.3%)
|
Efficiency ratio1
|
41.8%
|
39.9%
|
36.8%
|
1.
|
Operating expenses / Operating income. Operating income = Net interest income + Net fee income+ Net results from Financial transactions + Other operating income and expenses.
|
The 3.1% YoY increase in personnel expenses in 1Q13 reflects the 0.9% rise in headcount plus the rise in salaries in the year due to inflation in 2012. As of March 2013, headcount totaled 11,679 employees and increase of 0.9% compared to 1Q12. The main area of headcount growth has been the Bank’s collection areas offset by lower headcount at Banefe’s sales force. As headcount should remain stable for the remainder of the year, personnel expenses should see moderate growth similar to 1Q13 levels for the remainder of the year.
|
Other Income and Expenses
|
Quarter
|
Change %
|
|||
(Ch$ million)
|
1Q13
|
4Q12
|
1Q12
|
1Q13 /
1Q12
|
1Q13 /
4Q12
|
Other operating income
|
4,569
|
4,630
|
3,982
|
14.7%
|
(1.3%)
|
Other operating expenses
|
(14,263)
|
(20,268)
|
(16,365)
|
(12.8%)
|
(29.6%)
|
Other operating income, net
|
(9,694)
|
(15,638)
|
(12,383)
|
(21.7%)
|
(38.0%)
|
Income from investments in other companies
|
482
|
(983)
|
447
|
7.8%
|
(149.0%)
|
Income tax expense
|
(14,237)
|
(5,790)
|
(19,081)
|
(25.4%)
|
145.9%
|
Income tax rate
|
14.9%
|
4.8%
|
13.8%
|
Moody’s
|
Rating
|
Foreign currency bank deposits
|
Aa3
|
Senior bonds
|
Aa3
|
Subordinated debt
|
A1
|
Bank Deposits in Local Currency
|
Aa3
|
Bank financial strength
|
C+
|
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
|
Viability rating
|
a+
|
Local ratings
|
Fitch
Ratings
|
Feller
Rate
|
Shares
|
1CN1
|
1CN1
|
Short-term deposits
|
N1+
|
N1+
|
Long-term deposits
|
AAA
|
AAA
|
Mortgage finance bonds
|
AAA
|
AAA
|
Senior bonds
|
AAA
|
AAA
|
Subordinated bonds
|
AA
|
AA+
|
ADR price3 (US$) 3M13
|
Local share price (Ch$) 3M13
|
|||
03/31/13:
|
28.47
|
03/31/13:
|
33.41
|
|
Maximum (3M12):
|
30.59
|
Maximum (3M12):
|
36.23
|
|
Minimum (3M12):
|
28.34
|
Minimum (3M12):
|
33.41
|
Market Capitalization: US$13,413 million
|
Dividends:
|
||||
Year paid
|
Ch$/share
|
% of previous year
|
|||
P/E 12 month trailing*:
|
17.95
|
earnings | |||
P/BV (03/31/13)**:
|
2.87
|
2009:
|
1.13
|
65%
|
|
Dividend yield***:
|
3.8%
|
2010:
|
1.37
|
60%
|
|
2011:
|
1.52
|
60%
|
|||
* Price as of March 31, 2013 / 12mth. earnings
|
2012:
|
1.39
|
60%
|
||
** Price as of March 31, 2013 / Book value as of 03/31/13
|
2013:
|
1.24
|
60%
|
||
*** Based on closing price on record date of last dividend payment.
|
Unaudited Balance Sheet
|
Mar-13
|
Mar-13
|
Dec-12
|
Mar. 13 / Dec. 12
|
||||||||||||
Assets
|
US$ths
|
Ch$ million
|
% Chg.
|
|||||||||||||
Cash and balances from Central Bank
|
2,607,739 | 1,230,201 | 1,250,414 | (1.6 | %) | |||||||||||
Funds to be cleared
|
1,317,567 | 621,562 | 520,267 | 19.5 | % | |||||||||||
Financial assets held for trading
|
530,026 | 250,040 | 338,287 | (26.1 | %) | |||||||||||
Investment collateral under agreements to repurchase
|
- | - | 6,993 | -- | % | |||||||||||
Derivatives
|
2,740,759 | 1,292,953 | 1,293,212 | (0.0 | %) | |||||||||||
Interbank loans
|
296,693 | 139,965 | 90,527 | 54.6 | % | |||||||||||
Loans, net of loan loss allowances
|
39,306,520 | 18,542,851 | 18,325,957 | 1.2 | % | |||||||||||
Available-for-sale financial assets
|
3,971,337 | 1,873,478 | 1,826,158 | 2.6 | % | |||||||||||
Held-to-maturity investments
|
- | - | - | -- | % | |||||||||||
Investments in other companies
|
17,128 | 8,080 | 7,614 | 6.1 | % | |||||||||||
Intangible assets
|
163,557 | 77,158 | 87,347 | (11.7 | %) | |||||||||||
Fixed assets
|
338,849 | 159,852 | 162,214 | (1.5 | %) | |||||||||||
Current tax assets
|
41,933 | 19,782 | 10,227 | 93.4 | % | |||||||||||
Deferred tax assets
|
398,497 | 187,991 | 186,407 | 0.8 | % | |||||||||||
Other assets
|
1,241,183 | 585,528 | 655,217 | (10.6 | %) | |||||||||||
Total Assets
|
52,971,788 | 24,989,441 | 24,760,841 | 0.9 | % | |||||||||||
Liabilities and Equity
|
||||||||||||||||
Demand deposits
|
10,523,029 | 4,964,239 | 4,970,019 | (0.1 | %) | |||||||||||
Funds to be cleared
|
977,583 | 461,175 | 284,953 | 61.8 | % | |||||||||||
Investments sold under agreements to repurchase
|
474,196 | 223,702 | 304,117 | (26.4 | %) | |||||||||||
Time deposits and savings accounts
|
19,398,219 | 9,151,110 | 9,112,213 | 0.4 | % | |||||||||||
Derivatives
|
2,509,518 | 1,183,865 | 1,146,161 | 3.3 | % | |||||||||||
Deposits from credit institutions
|
2,924,916 | 1,379,829 | 1,438,003 | (4.0 | %) | |||||||||||
Marketable debt securities
|
9,750,552 | 4,599,823 | 4,571,289 | 0.6 | % | |||||||||||
Other obligations
|
445,596 | 210,210 | 192,611 | 9.1 | % | |||||||||||
Current tax liabilities
|
1,189 | 561 | 525 | 6.9 | % | |||||||||||
Deferred tax liability
|
31,330 | 14,780 | 9,544 | 54.9 | % | |||||||||||
Provisions
|
487,089 | 229,784 | 221,089 | 3.9 | % | |||||||||||
Other liabilities
|
723,917 | 341,508 | 341,274 | 0.1 | % | |||||||||||
Total Liabilities
|
48,247,135 | 22,760,586 | 22,591,798 | 0.7 | % | |||||||||||
Equity
|
||||||||||||||||
Capital
|
1,889,355 | 891,303 | 891,303 | 0.0 | % | |||||||||||
Reserves
|
2,067,748 | 975,460 | 975,460 | 0.0 | % | |||||||||||
Unrealized gain (loss) Available-for-sale financial assets
|
(2,442 | ) | (1,152 | ) | (3,781 | ) | (69.5 | %) | ||||||||
Retained Earnings:
|
696,161 | 328,414 | 271,796 | 20.8 | % | |||||||||||
Retained earnings previous periods
|
823,067 | 388,282 | - | -- | % | |||||||||||
Net income
|
171,445 | 80,879 | 388,282 | (79.2 | %) | |||||||||||
Provision for mandatory dividend
|
(298,351 | ) | (140,747 | ) | (116,486 | ) | 20.8 | % | ||||||||
Total Shareholders' Equity
|
4,650,821 | 2,194,025 | 2,134,778 | 2.8 | % | |||||||||||
Minority Interest
|
73,831 | 34,830 | 34,265 | 1.6 | % | |||||||||||
Total Equity
|
4,724,653 | 2,228,855 | 2,169,043 | 2.8 | % | |||||||||||
Total Liabilities and Equity
|
52,971,788 | 24,989,441 | 24,760,841 | 0.9 | % |
Unaudited Quarterly Income Statement
|
1Q13 | 4Q12 | 1Q12 | 1Q13 / 1Q12 | 1Q13 / 4Q12 | |||||||||||||||
Ch$mn
|
% Chg.
|
|||||||||||||||||||
Interest income
|
425,797 | 524,918 | 502,833 | (15.3 | %) | (18.9 | %) | |||||||||||||
Interest expense
|
(179,316 | ) | (241,927 | ) | (236,761 | ) | (24.3 | %) | (25.9 | %) | ||||||||||
Net interest income
|
246,481 | 282,991 | 266,072 | (7.4 | %) | (12.9 | %) | |||||||||||||
Fee and commission income
|
87,528 | 89,735 | 90,935 | (3.7 | %) | (2.5 | %) | |||||||||||||
Fee and commission expense
|
(23,274 | ) | (22,898 | ) | (22,244 | ) | 4.6 | % | 1.6 | % | ||||||||||
Net fee and commission income
|
64,254 | 66,837 | 68,691 | (6.5 | %) | (3.9 | %) | |||||||||||||
Net income from financial operations
|
(16,873 | ) | (31,138 | ) | (34,196 | ) | (50.7 | %) | (45.8 | %) | ||||||||||
Foreign exchange profit (loss), net
|
39,135 | 49,272 | 53,499 | (26.8 | %) | (20.6 | %) | |||||||||||||
Total financial transactions, net
|
22,262 | 18,134 | 19,303 | 15.3 | % | 22.8 | % | |||||||||||||
Other operating income
|
4,569 | 4,630 | 3,982 | 14.7 | % | (1.3 | %) | |||||||||||||
Net operating profit before loan losses
|
337,566 | 372,592 | 358,048 | (5.7 | %) | (9.4 | %) | |||||||||||||
Provision for loan losses
|
(92,858 | ) | (90,387 | ) | (78,281 | ) | 18.6 | % | 2.7 | % | ||||||||||
Net operating profit
|
244,708 | 282,205 | 279,767 | (12.5 | %) | (13.3 | %) | |||||||||||||
Personnel salaries and expenses
|
(71,533 | ) | (76,488 | ) | (69,400 | ) | 3.1 | % | (6.5 | %) | ||||||||||
Administrative expenses
|
(48,032 | ) | (48,127 | ) | (44,084 | ) | 9.0 | % | (0.2 | %) | ||||||||||
Depreciation and amortization
|
(15,653 | ) | (16,048 | ) | (12,072 | ) | 29.7 | % | (2.5 | %) | ||||||||||
Impairment
|
(27 | ) | (2 | ) | (54 | ) | (50.0 | %) | -- | % | ||||||||||
Operating expenses
|
(135,245 | ) | (140,665 | ) | (125,610 | ) | 7.7 | % | (3.9 | %) | ||||||||||
Other operating expenses
|
(14,263 | ) | (20,268 | ) | (16,365 | ) | (12.8 | %) | (29.6 | %) | ||||||||||
Total operating expenses
|
(149,508 | ) | (160,933 | ) | (141,975 | ) | 5.3 | % | (7.1 | %) | ||||||||||
Operating income
|
95,200 | 121,272 | 137,792 | (30.9 | %) | (21.5 | %) | |||||||||||||
Income from investments in other companies
|
482 | (983 | ) | 447 | 7.8 | % | -- | % | ||||||||||||
Income before taxes
|
95,682 | 120,289 | 138,239 | (30.8 | %) | (20.5 | %) | |||||||||||||
Income tax expense
|
(14,237 | ) | (5,790 | ) | (19,093 | ) | (25.4 | %) | 145.9 | % | ||||||||||
Net income from ordinary activities
|
81,445 | 114,499 | 119,146 | (31.6 | %) | (28.9 | %) | |||||||||||||
Net income discontinued operations
|
- | - | - | -- | % | -- | % | |||||||||||||
Net income attributable to:
|
||||||||||||||||||||
Minority interest
|
566 | 782 | 791 | (28.4 | %) | (27.6 | %) | |||||||||||||
Net income attributable to shareholders
|
80,879 | 113,717 | 118,355 | (31.7 | %) | (28.9 | %) |
(Ch$ millions)
|
Mar-12
|
Jun-12
|
Sep-12
|
Dec-12
|
Mar-13
|
|||||||||||||||
Loans
|
||||||||||||||||||||
Consumer loans
|
2,963,104 | 2,987,880 | 3,039,998 | 3,115,477 | 3,165,550 | |||||||||||||||
Residential mortgage loans
|
5,162,473 | 5,221,914 | 5,208,217 | 5,271,581 | 5,309,837 | |||||||||||||||
Commercial loans
|
9,666,504 | 10,164,678 | 10,254,959 | 10,489,021 | 10,625,028 | |||||||||||||||
Total loans
|
17,792,081 | 18,374,472 | 18,503,174 | 18,876,079 | 19,100,415 | |||||||||||||||
Allowance for loan losses
|
(522,728 | ) | (518,331 | ) | (552,138 | ) | (550,152 | ) | (557,564 | ) | ||||||||||
Total loans, net of allowances
|
17,269,353 | 17,856,141 | 17,951,034 | 18,325,961 | 18,542,854 | |||||||||||||||
Loans by segment
|
||||||||||||||||||||
Individuals
|
9,376,934 | 9,534,018 | 9,613,857 | 9,741,412 | 9,837,213 | |||||||||||||||
SMEs
|
2,604,565 | 2,658,077 | 2,745,928 | 2,821,060 | 2,860,666 | |||||||||||||||
Total retail lending
|
11,981,499 | 12,192,095 | 12,359,785 | 12,562,472 | 12,697,879 | |||||||||||||||
Institutional lending
|
347,818 | 366,862 | 355,119 | 355,518 | 369,751 | |||||||||||||||
Middle-Market & Real estate
|
3,692,576 | 3,848,479 | 3,918,324 | 4,058,693 | 4,236,766 | |||||||||||||||
Corporate
|
1,881,429 | 2,006,270 | 1,874,749 | 1,863,595 | 1,806,957 | |||||||||||||||
Customer funds
|
||||||||||||||||||||
Demand deposits
|
4,566,890 | 4,624,570 | 4,601,160 | 4,970,019 | 4,964,239 | |||||||||||||||
Time deposits
|
8,825,599 | 9,913,093 | 9,487,610 | 9,112,213 | 9,151,110 | |||||||||||||||
Total deposits
|
13,392,489 | 14,537,663 | 14,088,770 | 14,082,232 | 14,115,349 | |||||||||||||||
Mutual funds (Off balance sheet)
|
2,995,292 | 2,944,482 | 3,080,130 | 2,713,776 | 3,112,174 | |||||||||||||||
Total customer funds
|
16,387,781 | 17,482,145 | 17,168,900 | 16,796,008 | 17,227,523 | |||||||||||||||
Loans / Deposits1
|
98.4 | % | 96.5 | % | 98.7 | % | 101.6 | % | 102.7 | % | ||||||||||
Average balances
|
||||||||||||||||||||
Avg. interest earning assets
|
20,119,312 | 20,362,279 | 20,410,407 | 20,762,771 | 20,923,043 | |||||||||||||||
Avg. loans
|
17,537,743 | 18,127,164 | 18,546,119 | 18,666,166 | 18,942,547 | |||||||||||||||
Avg. assets
|
24,918,317 | 24,957,219 | 25,106,995 | 24,995,465 | 24,843,979 | |||||||||||||||
Avg. demand deposits
|
4,527,917 | 4,749,885 | 4,598,283 | 4,716,789 | 5,020,202 | |||||||||||||||
Avg equity
|
2,035,332 | 2,014,260 | 2,042,929 | 2,101,849 | 2,159,904 | |||||||||||||||
Avg. free funds
|
6,563,249 | 6,764,145 | 6,641,212 | 6,818,638 | 7,180,106 | |||||||||||||||
Capitalization
|
||||||||||||||||||||
Risk weighted assets
|
18,509,191 | 19,572,225 | 19,479,092 | 19,940,397 | 20,091,880 | |||||||||||||||
Tier I (Shareholders' equity)
|
2,065,995 | 2,028,612 | 2,058,231 | 2,134,778 | 2,194,025 | |||||||||||||||
Tier II
|
673,110 | 659,788 | 642,650 | 599,656 | 596,933 | |||||||||||||||
Regulatory capital
|
2,739,104 | 2,688,401 | 2,700,881 | 2,735,316 | 2,790,957 | |||||||||||||||
Tier I ratio
|
11.2 | % | 10.4 | % | 10.6 | % | 10.7 | % | 10.9 | % | ||||||||||
BIS ratio
|
14.8 | % | 13.7 | % | 13.9 | % | 13.7 | % | 13.9 | % | ||||||||||
Profitability & Efficiency
|
||||||||||||||||||||
Net interest margin
|
5.3 | % | 5.0 | % | 4.7 | % | 5.5 | % | 4.7 | % | ||||||||||
Efficiency ratio
|
36.8 | % | 41.0 | % | 42.4 | % | 39.9 | % | 41.8 | % | ||||||||||
Avg. Free funds / interest earning assets
|
32.6 | % | 33.2 | % | 32.5 | % | 32.8 | % | 34.3 | % | ||||||||||
Return on avg. equity
|
23.3 | % | 21.0 | % | 9.9 | % | 21.6 | % | 15.0 | % | ||||||||||
Return on avg. assets
|
1.9 | % | 1.7 | % | 0.8 | % | 1.8 | % | 1.3 | % |
Mar-12
|
Jun-12
|
Sep-12
|
Dec-12
|
Mar-13
|
||||||||||||||||
Asset quality | ||||||||||||||||||||
Non-performing loans (NPLs)2
|
519,283 | 529,869 | 561,730 | 597,767 | 612,379 | |||||||||||||||
Loan loss reserves4
|
522,728 | 518,331 | 552,138 | 550,152 | 557,564 | |||||||||||||||
NPLs / total loans
|
2.92 | % | 2.88 | % | 3.04 | % | 3.17 | % | 3.21 | % | ||||||||||
Coverage of NPLs (Loan loss allowance / NPLs)
|
100.66 | % | 97.82 | % | 98.29 | % | 92.03 | % | 91.05 | % | ||||||||||
Risk index (Loan loss allowances / Loans)4
|
2.94 | % | 2.82 | % | 2.98 | % | 2.91 | % | 2.92 | % | ||||||||||
Cost of credit (prov. expense / loans)
|
1.76 | % | 1.71 | % | 2.58 | % | 1.92 | % | 1.94 | % | ||||||||||
Network
|
||||||||||||||||||||
Branches
|
499 | 499 | 496 | 499 | 497 | |||||||||||||||
ATMs
|
1,949 | 1,966 | 1,966 | 2,001 | 2,011 | |||||||||||||||
Employees
|
11,572 | 11,621 | 11,692 | 11,713 | 11,679 | |||||||||||||||
Market information (period-end)
|
||||||||||||||||||||
Net income per share (Ch$)
|
0.63 | 0.56 | 0.27 | 0.60 | 0.43 | |||||||||||||||
Net income per ADR (US$)
|
0.51 | 0.44 | 0.23 | 0.50 | 0.36 | |||||||||||||||
Stock price
|
40.54 | 37.34 | 33.55 | 33.72 | 33.41 | |||||||||||||||
ADR price
|
33.14 | 29.83 | 28.2 | 28.49 | 28.47 | |||||||||||||||
Market capitalization (US$mn)
|
15,613 | 14,053 | 13,285 | 13,422 | 13,413 | |||||||||||||||
Shares outstanding
|
188,446.1 | 188,446.1 | 188,446.1 | 188,446.1 | 188,446.1 | |||||||||||||||
ADRs (1 ADR = 400 shares)5
|
471.1 | 471.1 | 471.1 | 471.1 | 471.1 | |||||||||||||||
Other Data
|
||||||||||||||||||||
Quarterly inflation rate6
|
1.07 | % | 0.42 | % | -0.16 | % | 1.11 | % | 0.13 | % | ||||||||||
Central Bank monetary policy reference rate (nomina
|
5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | 5.00 | % | ||||||||||
Avg. 10 year Central Bank yield (real)
|
2.45 | % | 2.49 | % | 2.42 | % | 2.45 | % | 2.62 | % | ||||||||||
Avg. 10 year Central Bank yield (nominal)
|
5.40 | % | 5.58 | % | 5.31 | % | 5.48 | % | 5.62 | % | ||||||||||
Observed Exchange rate (Ch$/US$) (period-end)
|
489.76 | 509.73 | 470.48 | 478.6 | 472.54 |
1
|
Ratio = Loans - marketable securities / Time deposits + demand deposits
|
2
|
Capital + future interest of all loans w ith one installment 90 days or more overdue.
|
3
|
Total installments plus lines of credit more than 90 days overdue
|
4
|
Based on internal credit models and SBIF guidelines. Banks must have a 100% coverage of risk index
|
5
|
The rato of ADRs per local shares w as modified in Oct. 2012
|
6
|
Calculated using the variation of the Unidad de Fomento (UF) in the period
|
Consolidated Financial Statements
|
CONSOLIDATED INTERMEDIATE STATEMENTS OF FINANCIAL POSITION
|
3
|
|
CONSOLIDATED INTERMEDIATE STATEMENTS OF INCOME
|
4
|
|
CONSOLIDATED INTERMEDIATE STATEMENTS OF COMPREHENSIVE INCOME
|
5
|
|
CONSOLIDATED INTERMEDIATE STATEMENTS OF CHANGES IN EQUITY
|
6
|
|
CONSOLIDATED INTERMEDIATE STATEMENTS OF CASH FLOW
|
7
|
|
Notes to the Consolidated Financial Statements
|
||
NOTE 01 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES
|
9
|
|
NOTE 02 ACCOUNTING CHANGES
|
39
|
|
NOTE 03 SIGNIFICANT EVENTS
|
42
|
|
NOTE 04 BUSINESS SEGMENTS
|
43
|
|
NOTE 05 CASH AND CASH EQUIVALENTS
|
47
|
|
NOTE 06 TRADING INVESTMENTS
|
48
|
|
NOTE 07 DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING
|
49
|
|
NOTE 08 INTERBANK LOANS
|
56
|
|
NOTE 09 LOANS AND ACCOUNTS RECEIVABLE FROM CUSTOMERS
|
57
|
|
NOTE 10 PURCHASES AND SALES OF LOANS
|
64
|
|
NOTE 11 TRADING INVESTMENTS
|
65
|
|
NOTE 12 INTANGIBLE ASSETS
|
66
|
|
NOTE 13 PROPERTY, PLANT, AND EQUIPMENT
|
68
|
|
NOTE 14 CURRENT AND DEFERRED TAXES
|
72
|
|
NOTE 15 OTHER ASSETS
|
75
|
|
NOTE 16 TIME DEPOSITS AND OTHER TIME LIABILITIES:
|
76
|
|
NOTE 17 ISSUED DEBT INSTRUMENTS AND OTHER FINANCIAL LIABILITIES
|
77
|
|
NOTE 18 MATURITY OF ASSETS AND LIABILITIES
|
83
|
|
NOTE 19 OTHER LIABILITIES
|
85
|
|
NOTE 20 COMMITMENTS AND CONTINGENCIES
|
86
|
|
NOTE 21 EQUITY
|
88
|
|
NOTE 22 CAPITAL REQUIREMENTS (BASEL)
|
91
|
|
NOTE 23 NON-CONTROLLING INTEREST
|
93
|
|
NOTE 24 INTEREST AND ADJUSTMENTS
|
95
|
|
NOTE 25 FEES AND COMMISSIONS
|
97
|
|
NOTE 26 OTHER INCOME FROM FINANCIAL OPERATIONS
|
98
|
|
NOTE 27 NET FOREIGN EXCHANGE INCOME
|
98
|
|
NOTE 28 PROVISION FOR LOAN LOSSES
|
99
|
|
NOTE 29 PERSONNEL SALARIES AND EXPENSES
|
100
|
|
NOTE 30 ADMINISTRATIVE EXPENSES
|
101
|
|
NOTE 31 DEPRECIATION, AMORTIZATION AND IMPAIRMENT
|
102
|
|
NOTE 32 OTHER OPERATING INCOME AND EXPENSES
|
103
|
|
NOTE 33 TRANSACTIONS WITH RELATED PARTIES
|
105
|
|
NOTE 34 FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES
|
109
|
|
NOTE 35 SUBSEQUENT EVENTS
|
113
|
As of
March,
|
As of
December,
|
||||||
2013
|
2012
|
||||||
NOTE
|
MCh$
|
MCh$
|
|||||
ASSETS
|
|||||||
Cash and deposits in banks
|
5
|
1,230,201
|
1,250,414
|
||||
Cash items in process of collection
|
5
|
621,562
|
520,267
|
||||
Trading investments
|
6
|
250,040
|
338,287
|
||||
Investments under resale agreements
|
-
|
6,993
|
|||||
Financial derivative contracts
|
7
|
1,292,953
|
1,293,212
|
||||
Interbank loans, net
|
8
|
139,965
|
90,527
|
||||
Loans and accounts receivable from customers, net
|
9
|
18,542,851
|
18,325,957
|
||||
Available for sale investments
|
11
|
1,873,478
|
1,826,158
|
||||
Held to maturity investments
|
-
|
-
|
|||||
Investments in other companies
|
8,080
|
7,614
|
|||||
Intangible assets
|
12
|
77,158
|
87,347
|
||||
Property, plant, and equipment
|
13
|
159,852
|
162,214
|
||||
Current taxes
|
14
|
19,782
|
10,227
|
||||
Deferred taxes
|
14
|
187,991
|
186,407
|
||||
Other assets
|
15
|
585,528
|
655,217
|
||||
TOTAL ASSETS
|
24,989,441
|
24,760,841
|
|||||
LIABILITIES
|
|||||||
Deposits and other demand liabilities
|
16
|
4,964,239
|
4.970.019
|
||||
Cash items in process of being cleared
|
5
|
461,175
|
284.953
|
||||
Obligations under repurchase agreements
|
223,702
|
304.117
|
|||||
Time deposits and other time liabilities
|
16
|
9,151,110
|
9.112.213
|
||||
Financial derivative contracts
|
7
|
1,183,865
|
1.146.161
|
||||
Interbank borrowings
|
1,379,829
|
1.438.003
|
|||||
Issued debt instruments
|
17
|
4,599,823
|
4.571.289
|
||||
Other financial liabilities
|
17
|
210,210
|
192.611
|
||||
Current taxes
|
14
|
561
|
525
|
||||
Deferred taxes
|
14
|
14,780
|
9.544
|
||||
Allowances
|
229,784
|
221.089
|
|||||
Other liabilities
|
19
|
341,508
|
341.274
|
||||
TOTAL LIABILITIES
|
22,760,586
|
22,591,798
|
|||||
EQUITY
|
|||||||
Attributable to the Bank's shareholders:
|
2,194,025
|
2,134,778
|
|||||
Capital
|
891,303
|
891,303
|
|||||
Reserves
|
975,460
|
975,460
|
|||||
Valuation adjustments
|
21
|
(1,152)
|
(3,781)
|
||||
Retained earnings
|
328,414
|
271,796
|
|||||
Retained earnings of prior years
|
388,282
|
-
|
|||||
Income for the period
|
80,879
|
388.282
|
|||||
Minus: Provision for mandatory dividends
|
(140,747)
|
) |
(116.486)
|
||||
Non-controlling interest
|
23
|
34,830
|
34,265
|
||||
TOTAL EQUITY
|
2,228,855
|
2,169,043
|
|||||
TOTAL LIABILITIES AND EQUITY
|
24,989,441
|
24,760,841
|
March 31,
|
||||||
2013
|
2012
|
|||||
NOTE
|
MCh$
|
MCh$
|
||||
OPERATING INCOME
|
||||||
Interest income
|
24
|
425,797
|
502,833
|
|||
Interest expense
|
24
|
(179,316)
|
(236,761)
|
|||
Net interest income
|
246,481
|
266,072
|
||||
Fee and commission income
|
25
|
87,528
|
90,935
|
|||
Fee and commission expense
|
25
|
(23,274)
|
(22,244)
|
|||