Form 20-F x
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Form 40-F o
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Yes o
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No x
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Yes o
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No x
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Yes o
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No x
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CORPBANCA
(Registrant)
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By: | /s/ Eugenio Gigogne | ||
Name: | Eugenio Gigogne | ||
Title: | Chief Financial Officer | ||
Exhibit
|
Description
|
|
99.1
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Press release dated February 17, 2015.
|
Financial Highlights
In 4Q 2014, Net Income attributable to shareholders totalled Ch$66,209 million (Ch$0.1945 per share, or US$0.4819 per ADR), reflecting a 21.7% increase when compared to 4Q 2013 year over year1 (YoY). The main drivers for this YoY increase were: (i) the growing commercial activity in Chile; (ii) the rising contribution of CorpBanca Colombia, despite one-time expenses due to the merger process and excluding one-time profits coming from an additional goodwill; and (iii) the positive impact of a higher inflation rate and a lower monetary policy interest rate in Chile. These factors more than offset one-time expenses in Chile related to the pending Itaú-CorpBanca merger.
Total loans2 reached Ch$14,211.4 billion as of December 31, 2014, with Ch$8,970 billion attributable to our Chilean operation. This loan portfolio increased 13.4% YoY, allowing CorpBanca to achieve a market share of 7.4% in Chile, 18 bp higher as compared to 4Q 2013. This 4Q 2014 loan expansion was the result of all business segments performance, reflecting a significant contribution of project finance and infrastructure activities. As of December 31, 2014, CorpBanca was the fourth largest private bank in Chile based on loans and deposits, and had slightly closed the gap to the third ranked bank. As of November 30, 2014, according to the “Superintendencia Financiera de Colombia” (SFC) CorpBanca also ranked as the fifth largest private banking group in Colombia based on total assets, total loans and total deposits.
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Mr. Fernando Massú, CEO
In 2014 we achieved an outstanding net income attributable to shareholders of Ch$226,260 million YTD, equivalent to an increase of 45.9% from Ch$155,093 million in 2013.
This result gives CorpBanca the second highest increase in contribution among banks to the Chilean Banking Industry’s net income, rising from a 8.2% market share in 2013 to a 9.3% market share in 2014 (a 112 basis point,”bp”, increase in 12 months). Thus, CorpBanca’s market share in net income exceeded its market share in loans (9.3% vs 7.4% in December 2014).
This achievement is a direct result of favorable commercial activity in Chile, despite a lower GDP growth rate during 2014, and benefiting from a strong focus in project finance and infrastructure. This year we also profited from lower provisions expenses combined with higher than expected loan recoveries.
Additionally, during 2014, our Colombia operation increased its contribution to consolidated net income compared to 2013, although one-time integration costs still partially offset the benefits of the acquisition. To date, CorpBanca Colombia post-merger synergies are being generated as scheduled.
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![]() |
Press Release February 17, 2015 Page 2 / 25 |
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During 4Q 2014:
Net operating profit before loan losses increased by 6.3% YoY, due to higher net interest income and sound performance of asset and liability management. These factors surpassed our 4Q 2013 one-time profits of Ch$16,000 million coming from the sale of 31 real estate properties in that period, in line with our strategy of efficiency. Net operating profit before loan losses decreased by 1.8% QoQ; mainly due to the impact of depreciation of the Chilean peso in derivative contracts valuation that was partially offset by an increase in net interest income.
Net provisions for loan losses increased by 67.4%, or Ch$17,266 million, QoQ and by 67.9%, or Ch$17,339 million, YoY, in both cases primarily as the result of (i) the variation of the US$/Ch$ exchange rate that negatively impacted loans denominated in US dollars, (ii) the homologation of criteria in Colombia and (iii) higher provisions expenses resulting from a change in the loan loss provision model applied to “Créditos con Aval del Estado” or “CAE” (which are student loans for college guaranteed by the Chilean state). Nonetheless, the CAE portfolio generated a profit of Ch$10,000 million in 2014. On a QoQ analysis, the net provisions for loan losses were particularly low in 3Q 2014 in comparison to 4Q 2014, due to higher loan recoveries and prepayment, as well as an increase in commercial loan guarantees.
Total operating expenses increased by 6.0%, equivalent to Ch$7,099 million, YoY, mainly due to higher bonus provisions and salaries, advisory services related to pending merger between Itaú Chile and CorpBanca, higher rent, and an increase in the expenses related to the new regulation regarding ATMs security in Chile. On a QoQ analysis, operating expenses decreased from Ch$129,083 million to Ch$125,067 million, primarily as the result of lower amortization expenses.
|
Thus, CorpBanca is part of a successful project that relies on a highly competitive and healthy, sound bank.
While favorable net income in 2014 was generated in a scenario of higher than expected inflation rate, this extraordinary result only contributed in approximately Ch$15,000 million to the consolidated Net Income. As a whole, inflation explained less than 20% of our profits. The remaining 80% is, as mentioned, the result of our commercial performance in Chile, and Colombia’s increased contribution.
The extensive Tax Reform Bill passed in Chile in September 2014 had a non-material negative net impact of Ch$2,310 million, equivalent to 1.0% of the Year to Date Net Income or 0.2% of the equity attributable to shareholders.
Regarding CorpBanca Colombia, the fourth quarter results benefited from one-time profits of Ch$10,000 million coming from an additional goodwill generated by the final assessment of the SFC regarding the legal reserve of Helm Bank. On the other hand, as a consequence of the New Tax Bill passed in Colombia in December 2014, we had to recognize the effect of the new rates on differed taxes, resulting in a non-material positive impact during the 4Q 2014.
We expect to finalize the pending merger between Itaú Chile and CorpBanca during 2015, once the regulatory and shareholders approvals have been obtained.
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![]() |
Press Release February 17, 2015 Page 3 / 25 |
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![]() *As of November 30, 2014
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In Chile our market share as of December 31, 2014 on an unconsolidated basis was 7.4%, an increase of 18 bp compared to December 31, 2013, reflecting our growing commercial activity, particularly project finance and infrastructure activity.
As of December 31, 2014, according to the SBIF, we were the fourth largest private bank in Chile in terms of the overall size of our loan portfolio, with 11.3% of market share on a consolidated basis.
During 3Q 2013, CorpBanca added US$5.3 billion in loans through the acquisition of Helm Bank, which contributed to our increase in market share on a YoY consolidated basis.
In Colombia, despite the ongoing process of the Helm Bank merger our market share remained stable, reaching 6.4% as of November 30, 2014, according to SFC.
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![]() |
The chart to the left shows our 12 months trailing Net Income from December 31, 2006 through December 31, 2014. During this period, our Net Income for the 12 month trailing December 31, 2014 reached record levels of Ch$226.3 billion, an increase by 63% YoY.
Net Income for 4Q 2014 was Ch$66.2 billion.
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![]() |
Press Release February 17, 2015 Page 4 / 25 |
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![]() |
We achieved a return on average equity (RoAE*) of 15.7% by the end of 2014, compared to 12.5% in 2013, representing an increase of 321 bp, which reflects the significant increase in net income during 2014.
Previously, between third quarter of 2011 and fourth quarter 2013, our RoAEs were impacted by the capital injections to enable our organic growth in Chile and our acquisitions in Colombia -totaling approximately US$1,570 million (a 137.1% increase over the same time period).
* Equity: Average equity attributable to shareholders excluding net income and provision for mandatory dividends.
The trend in our return on average asset (RoAA) changed since December 2013. This shift was the result of (i) consolidation of CorpBanca Colombia for a full year since 2013 and of Helm Bank for a full year since 2014 and (ii) the higher UF variation (LTM) observed in December 2014 (Δ+2.05% in 2013 vs. Δ+5.65% in 2014) along with decreasing monetary policy interest rate in Chile.
CorpBanca’s 4Q2014 performance also reflected greater business diversification, which resulted in increased revenue streams.
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![]() |
Press Release February 17, 2015 Page 5 / 25 |
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![]() |
According to the SBIF, CorpBanca has maintained one of the lowest credit risk indexes (total loan loss allowances / total loans) in the banking industry in Chile over the past five years, consistent with one of our core pillars regarding high quality loan portfolio. | ||
![]() |
The chart to the left illustrates how our consolidated non-performing loan (NPL) ratio compares to the industry average in Chile.
We believe that our risk management processes and methodology enable us to identify risks and resolve potential problems on a timely basis.
CorpBanca´s high asset quality was maintained following the acquisition of Banco Santander Colombia in May 2012 and Helm Bank in August 2013.
For a country breakdown, see “Section IX”.
|
||
![]() |
Following the capital increase during 1Q 2013 in connection with the acquisition of Helm Bank, CorpBanca has maintained strong BIS ratios.
With the consolidation of Helm Bank’s risk weighted assets and the goodwill deduction, the trend in the capital ratios remained sound.
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![]() |
Press Release February 17, 2015 Page 6 / 25 |
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![]() |
Our distribution network in Chile provides integrated financial services and products to our customers through diverse channels, including ATMs, traditional branches, internet banking and telephone banking. As of December 31, 2014, we operated 127 branch offices in Chile, which included 70 branches operating under the brand CorpBanca, one operating in New York and 56 branches operating under the brand Banco Condell, our consumer finance division, in each case fully customized to attend our customer needs. In addition, as of December 31, 2014, we owned and operated 414 ATMs in Chile, and our customers had access to over 7,770 ATMs in Chile through our agreement with Redbanc. We utilize a number of different sales channels including account executives, sales forces and the internet to attract potential new clients. Our branch system serves as the main delivery network for our full range of products and services.
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||
![]() *The decrease observed between December 2013 and September 2014 is in line with our efficiency and profitability focus.
|
As of December 31, 2014, CorpBanca Colombia operated 171 branches and owned and operated 180 ATMs, while providing its customers with access to over 13,880 ATMs through Colombia’s financial institutions. CorpBanca Colombia also utilizes a number of different sales channels including account executives, telemarketing and internet banking to attract potential new clients. CorpBanca Colombia’s branch systems serve as the main distribution network for its full range of products and services.
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||
![]() |
As of December 31, 2014, we had a headcount of 3,714 employees in Chile, 3,716 employees in Colombia (including Panama) and 26 employees in the United States. |
||
On September 2014, Colombia’s branches figure definition was modified, including 7 “small branch offices”.
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![]() |
Press Release February 17, 2015 Page 7 / 25 |
||
Quarterly Consolidated Income Statements (unaudited)
|
||||||
Quarter
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
4Q14
|
3Q14
|
4Q13
|
4Q14/4Q13
|
4Q14/3Q14
|
|
Net interest income
|
165,631
|
152,058
|
147,621
|
12.2%
|
8.9%
|
|
Net fee and commission income
|
41,694
|
42,672
|
39,348
|
6.0%
|
-2.3%
|
|
Net total financial transactions
|
39,448
|
59,130
|
25,414
|
55.2%
|
-33.3%
|
|
Other operating income, net
|
(237)
|
(2,759)
|
19,558
|
-
|
-91.4%
|
|
Net operating profit before loan losses
|
246,536
|
251,101
|
231,941
|
6.3%
|
-1.8%
|
|
Provision for loan losses (1)
|
(42,879)
|
(25,613)
|
(25,540)
|
67.9%
|
67.4%
|
|
Net operating profit
|
203,657
|
225,488
|
206,401
|
-1.3%
|
-9.7%
|
|
Operating expenses
|
(125,067)
|
(129,083)
|
(117,968)
|
6.0%
|
-3.1%
|
|
Operating income
|
78,590
|
96,405
|
88,433
|
-11.1%
|
-18.5%
|
|
Income from investments in other companies
|
109
|
386
|
210
|
-48.1%
|
-71.8%
|
|
Income before taxes
|
78,699
|
96,791
|
88,643
|
-11.2%
|
-18.7%
|
|
Income tax expense
|
(66)
|
(31,016)
|
(28,896)
|
-99.8%
|
-99.8%
|
|
Net income
|
78,633
|
65,775
|
59,747
|
31.6%
|
19.5%
|
|
Minority interest
|
(12,424)
|
(11,129)
|
(5,364)
|
131.6%
|
11.6%
|
|
Net income attributable to shareholders
|
66,209
|
54,646
|
54,383
|
21.7%
|
21.2%
|
![]() |
Press Release February 17, 2015 Page 8 / 25 |
|
4Q 2014 Financial Statements
|
4Q 2014 Adjusted
|
|||||||
(Expressed in millions of Chilean pesos)
|
Consolidated
|
Chile
|
Colombia
|
Adjustments
|
Chile
|
Colombia
|
4Q14/
4Q13
Chile
|
4Q14/
4Q13
Colombia
|
Net interest income
|
165,631
|
94,951
|
70,680
|
8,999
|
103,950
|
61,681
|
27.3%
|
-6.5%
|
Net fee and commission income
|
41,694
|
25,985
|
15,709
|
-
|
25,985
|
15,709
|
6.7%
|
4.7%
|
Total financial transactions, net
|
39,448
|
11,968
|
27,480
|
(4,340)
|
7,628
|
31,820
|
584.2%
|
31.0%
|
Other operating income, net
|
(237)
|
(635)
|
398
|
5
|
(630)
|
393
|
-103.0%
|
-135.5%
|
Net operating profit before loan losses
|
246,536
|
132,269
|
114,267
|
4,664
|
136,933
|
109,603
|
7.2%
|
5.2%
|
Provision for loan losses (1)
|
(42,879)
|
(13,406)
|
(29,473)
|
-
|
(13,406)
|
(29,473)
|
29.9%
|
93.7%
|
Net operating profit
|
203,657
|
118,863
|
84,794
|
4,664
|
123,527
|
80,130
|
5.2%
|
-9.9%
|
Operating expenses
|
(125,067)
|
(69,149)
|
(55,918)
|
2,639
|
(66,510)
|
(58,557)
|
30.3%
|
-12.5%
|
Operating income
|
78,590
|
49,714
|
28,876
|
7,303
|
57,017
|
21,573
|
-14.1%
|
-2.1%
|
Income from investments in other companies
|
109
|
17
|
92
|
-
|
17
|
92
|
-22.7%
|
-51.1%
|
Income before taxes
|
78,699
|
49,731
|
28,968
|
7,303
|
57,034
|
21,665
|
-14.1%
|
-2.5%
|
Income tax expense
|
(66)
|
(9,803)
|
9,737
|
3,185
|
(6,618)
|
6,552
|
-40.5%
|
-136.9%
|
Net income
|
78,633
|
39,928
|
38,705
|
10,488
|
50,416
|
28,217
|
-8.8%
|
532.7%
|
Efficiency Ratio
|
50.7%
|
52.3%
|
48.9%
|
48.6%
|
53.4%
|
|
i.
|
Ch$8,999 million associated with funding for the acquisition of CorpBanca Colombia.
|
|
ii.
|
Ch$4,340 million of hedge taxes in US$.
|
|
iii.
|
Ch$2,639 million of intangible assets amortization and integration costs in Colombia.
|
![]() |
Press Release February 17, 2015 Page 9 / 25 |
|
Quarter
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
4Q14
|
3Q14
|
4Q13
|
4Q14/4Q13
|
4Q14/3Q14
|
|
Banking services(*)
|
28,290
|
30,717
|
24,759
|
14.3%
|
-7.9%
|
|
Securities brokerage services
|
282
|
203
|
907
|
-68.9%
|
38.9%
|
|
Mutual fund management
|
1,897
|
2,170
|
2,490
|
-23.8%
|
-12.6%
|
|
Insurance brokerage
|
3,113
|
3,083
|
2,868
|
8.5%
|
1.0%
|
|
Financial advisory services
|
7,404
|
6,020
|
7,742
|
-4.4%
|
23.0%
|
|
Legal advisory services
|
708
|
480
|
581
|
21.8%
|
47.6%
|
|
Net fee and commission income
|
41,694
|
42,672
|
39,348
|
6.0%
|
-2.3%
|
|
(*) Includes consolidation adjustments.
|
![]() |
Press Release February 17, 2015 Page 10 / 25 |
||
Quarter
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
4Q14
|
3Q14
|
4Q13
|
4Q14/4Q13
|
4Q14/3Q14
|
|
Trading and investment income:
|
||||||
Trading investments*
|
6,090
|
5,402
|
5,934
|
|||
Trading financial derivatives contracts
|
(6,903)
|
42,999
|
27,013
|
-
|
-
|
|
Other
|
20,635
|
16,776
|
10,667
|
93.4%
|
23.0%
|
|
Net income from financial operations
|
19,822
|
65,177
|
43,614
|
-54.6%
|
-69.6%
|
|
Foreign exchange profit (loss), net
|
19,626
|
(6,047)
|
(18,200)
|
-
|
-
|
|
Net total financial transactions position
|
39,448
|
59,130
|
25,414
|
55.2%
|
-33.3%
|
|
i.
|
Positive asset and liability management (ALM) performance in 4Q 2014 in comparison to 4Q 2013, in a context of an increase in the US dollar/Chilean peso exchange rate, as well as an increase in the US dollar/Colombian peso exchange rate,
|
|
ii.
|
Revenues obtained from the sale of part of the CAE portfolio and commercial loans, as part of the business model, as well as investment instrument, and
|
|
iii.
|
The consolidation of Helm Bank for a complete year in 2014 (only for the YoY basis) and homologation of strategic model of CorpBanca regarding distribution desk.
|
Quarter
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
4Q14
|
3Q14
|
4Q13
|
4Q14/4Q13
|
4Q14/3Q14
|
|
Commercial, net of loan loss recoveries
|
(21,492)
|
(6,775)
|
(10,315)
|
108.4%
|
217.2%
|
|
Residential mortgage, net of loan loss recoveries
|
(1,395)
|
(1,196)
|
(1,574)
|
-11.4%
|
16.6%
|
|
Consumer, net of loan loss recoveries
|
(17,377)
|
(17,485)
|
(13,841)
|
25.5%
|
-0.6%
|
|
Others
|
(68)
|
(37)
|
311
|
-
|
83.8%
|
|
Net provisions for loan losses
|
(40,332)
|
(25,493)
|
(25,419)
|
58.7%
|
58.2%
|
![]() |
Press Release February 17, 2015 Page 11 / 25 |
|
Quarter
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
4Q14
|
3Q14
|
4Q13
|
4Q14/4Q13
|
4Q14/3Q14
|
|
Personnel salaries and expenses
|
54,112
|
56,466
|
52,001
|
4.1%
|
-4.2%
|
|
Administrative expenses
|
58,041
|
58,528
|
49,945
|
16.2%
|
-0.8%
|
|
Depreciation and amortization
|
11,606
|
14,089
|
16,022
|
-27.6%
|
-17.6%
|
|
Impairment
|
1,308
|
-
|
-
|
-
|
-
|
|
Operating expenses
|
125,067
|
129,083
|
117,968
|
6.0%
|
-3.1%
|
![]() |
Press Release February 17, 2015 Page 12 / 25 |
|
Quarter ended
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
Dec-14
|
Sep-14
|
Dec-13
|
Dec-14/Dec-13
|
Dec-14/Sep-14
|
|
Wholesale lending
|
10,200,131
|
10,520,089
|
9,401,622
|
8.5%
|
-3.0%
|
|
Chile
|
6,638,607
|
6,445,088
|
5,844,610
|
13.6%
|
3.0%
|
|
Commercial loans
|
5,708,715
|
5,503,426
|
4,979,727
|
14.6%
|
3.7%
|
|
Foreign trade loans
|
505,551
|
535,094
|
459,074
|
10.1%
|
-5.5%
|
|
Leasing and factoring
|
424,341
|
406,568
|
405,809
|
4.6%
|
4.4%
|
|
Colombia
|
3,561,524
|
4,075,001
|
3,557,012
|
0.1%
|
-12.6%
|
|
Commercial loans
|
3,035,158
|
3,476,026
|
3,060,167
|
-0.8%
|
-12.7%
|
|
Foreign trade loans
|
-
|
-
|
-
|
-
|
-
|
|
Leasing and factoring
|
526,366
|
598,975
|
496,845
|
5.9%
|
-12.1%
|
|
Retail lending
|
4,011,218
|
4,167,580
|
3,684,043
|
8.9%
|
-3.8%
|
|
Chile
|
2,331,235
|
2,257,122
|
2,064,003
|
12.9%
|
3.3%
|
|
Consumer loans
|
589,174
|
569,082
|
522,513
|
12.8%
|
3.5%
|
|
Residential mortgage loans
|
1,742,061
|
1,688,040
|
1,541,490
|
13.0%
|
3.2%
|
|
Colombia
|
1,679,983
|
1,910,458
|
1,620,040
|
3.7%
|
-12.1%
|
|
Consumer loans
|
1,177,159
|
1,350,419
|
1,157,227
|
1.7%
|
-12.8%
|
|
Residential mortgage loans
|
502,824
|
560,039
|
462,813
|
8.6%
|
-10.2%
|
|
TOTAL LOANS
|
14,211,349
|
14,687,669
|
13,085,665
|
8.6%
|
-3.2%
|
|
Chile
|
8,969,842
|
8,702,210
|
7,908,613
|
13.4%
|
3.1%
|
|
Colombia
|
5,241,507
|
5,985,459
|
5,177,052
|
1.2%
|
-12.4%
|
![]() |
Press Release February 17, 2015 Page 13 / 25 |
|
Quarter ended
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
Dec-14
|
Sep-14
|
Dec-13
|
Dec-14/Dec-13
|
Dec-14/Sep-14
|
|
Trading investments
|
685,898
|
242,933
|
431,683
|
58.9%
|
182.3%
|
|
Available-for-sale investments
|
1,156,896
|
895,494
|
889,087
|
30.1%
|
29.2%
|
|
Held-to-maturity investments
|
190,677
|
230,783
|
237,522
|
-19.7%
|
-17.4%
|
|
Total Financial Investments
|
2,033,471
|
1,369,210
|
1,558,292
|
30.5%
|
48.5%
|
![]() |
Press Release February 17, 2015 Page 14 / 25 |
|
As of the three months ended
|
Change (%)
|
|||||
(Expressed in millions of Chilean pesos)
|
Dec-14
|
Sep-14
|
Dec-13
|
Dec-14/Dec-13
|
Dec-14/Sep-14
|
|
Demand deposits
|
3,954,948
|
4,224,680
|
3,451,383
|
14.6%
|
-6.4%
|
|
Time deposits and saving accounts
|
8,076,966
|
8,017,350
|
7,337,703
|
10.1%
|
0.7%
|
|
Investments sold under repurchase agreements
|
661,663
|
50,872
|
342,445
|
93.2%
|
1,200.6%
|
|
Mortgage finance bonds
|
98,444
|
101,784
|
118,489
|
-16.9%
|
-3.3%
|
|
Bonds
|
2,078,358
|
2,095,407
|
1,521,952
|
36.6%
|
-0.8%
|
|
Subordinated bonds
|
902,248
|
902,729
|
774,116
|
16.6%
|
-0.1%
|
|
Interbank borrowings
|
15,422
|
14,528
|
16,807
|
-8.2%
|
6.2%
|
|
Foreign borrowings
|
1,431,923
|
1,470,031
|
1,273,840
|
12.4%
|
-2.6%
|
![]() |
Press Release February 17, 2015 Page 15 / 25 |
|
Stock Holder
|
% of Total Share Capital
|
Corp Group Banking S.A.
|
43.73%
|
Cía. Inmob. y de Inversiones Saga SpA(1)
|
6.15%
|
Total Saieh Group
|
49.88%
|
IFC
|
5.00%
|
Sierra Nevada Investment Chile Dos Ltda. (Santo Domingo Group)
|
2.88%
|
Others
|
42.24%
|
ADRs holders and Foreign investors
|
21.19%
|
Securities Brokerage
|
7.58%
|
Insurance Companies
|
2.53%
|
AFPs (Administradoras de Fondos de Pensiones)
|
0.65%
|
Other minority shareholders(2)
|
10.28%
|
Total
|
100.00%
|
(1) Includes 926,513,842 shares owned by Saga that are under custody.
|
(2) Includes Moneda’s funds, with a total of 3.29% ownership.
|
![]() |
Press Release February 17, 2015 Page 16 / 25 |
|
ADR Price
|
|
As of 12/31/2014
|
US$17.50
|
Maximum (LTM)
|
US21.14
|
Minimum (LTM)
|
US$15.82
|
Local Share Price
|
|
12/31/2014
|
Ch$7.288
|
Maximum (LTM)
|
Ch$7.79
|
Minimum (LTM)
|
Ch$5.92
|
![]() |
Press Release February 17, 2015 Page 17 / 25 |
|
Market capitalization
|
US$4,096.9 million
|
P/E (LTM)
|
10.96
|
P/BV (09/30/2013)
|
1.40
|
Dividend yield*
|
4.1%
|
|
* Based on closing price on the day the dividend payment was announced.
|
Charged to Fiscal Year
|
Year paid
|
Net Income (Ch$mn)
|
% Distributed
|
Distributed Income (Ch$mn)
|
Pesos per Share
(Ch$ of each year)
|
2008
|
2009
|
56,310
|
100%
|
56,310
|
0.2545258600
|
2009
|
2010
|
85,109
|
100%
|
85,109
|
0.3750821300
|
2010
|
2011
|
119,043
|
100%
|
119,043
|
0.5246280300
|
2011
|
2012
|
122,849
|
100%
|
122,849
|
0.4906940357
|
2012
|
2013
|
120,080
|
50%
|
60,040
|
0.1764023878
|
2013
|
2014
|
155,093
|
57%
|
88,403
|
0.2597360038
|
![]() |
Press Release February 17, 2015 Page 18 / 25 |
|
Moody´s
|
Rating
|
Long-term foreign currency deposits
|
Baa3
|
Short-term foreign currency deposits
|
Prime-3
|
Bank financial strength
|
D+
|
Outlook
|
Review for upgrade
|
Standard & Poor´s
|
Rating
|
Long-term issuer credit rating
|
BBB
|
Short-term issuer credit rating
|
A-2
|
CreditWatch
|
Developing
|
Feller Rate
|
Rating
|
Long-term issuer credit rating
|
AA
|
Senior unsecured bonds
|
AA
|
Subordinated bonds
|
AA-
|
Short-term issuer credit rating
|
Nivel 1+
|
Shares
|
1ª Clase Nivel 1
|
Outlook
|
Stable
|
ICR
|
Rating
|
Long-term issuer credit rating
|
AA
|
Senior unsecured bonds
|
AA
|
Subordinated bonds
|
AA-
|
Short-term issuer credit rating
|
Nivel 1+
|
Shares
|
1ª Clase Nivel 1
|
Outlook
|
Developing
|
![]() |
Press Release February 17, 2015 Page 19 / 25 |
|
Humphreys
|
Rating
|
Long-term issuer credit rating
|
AA
|
Senior unsecured bonds
|
AA
|
Subordinated bonds
|
AA-
|
Short-term issuer credit rating
|
Nivel 1+
|
Shares
|
1ª Clase Nivel 1
|
Outlook
|
Stable
|
![]() |
Press Release February 17, 2015 Page 20 / 25 |
|
For the three months ended
|
Change (%)
|
|||||||
Dec-14
|
Dec-14
|
Sep-14
|
Dec-13
|
Dec-14/Dec-13
|
Dec-14/Sep-14
|
|||
US$
thousand
|
Ch$ million
|
|||||||
Interest income
|
582,734
|
352,822
|
308,242
|
302,618
|
16.6%
|
14.5%
|
||
Interest expense
|
(309,172)
|
(187,191)
|
(156,184)
|
(154,997)
|
20.8%
|
19.9%
|
||
Net interest income
|
273,562
|
165,631
|
152,058
|
147,621
|
12.2%
|
8.9%
|
||
Fee and commission income
|
85,025
|
51,479
|
53,715
|
47,443
|
8.5%
|
-4.2%
|
||
Fee and commission expense
|
(16,161)
|
(9,785)
|
(11,043)
|
(8,095)
|
20.9%
|
-11.4%
|
||
Net fee and commission income
|
68,863
|
41,694
|
42,672
|
39,348
|
6.0%
|
-2.3%
|
||
Net income from financial operations
|
32,739
|
19,822
|
65,177
|
43,614
|
-54.6%
|
-69.6%
|
||
Foreign exchange profit (loss), net
|
32,415
|
19,626
|
(6,047)
|
(18,200)
|
-
|
-
|
||
Total financial transactions, net
|
65,154
|
39,448
|
59,130
|
25,414
|
55.2%
|
-33.3%
|
||
Other operating income
|
(391)
|
(237)
|
(2,759)
|
19,558
|
-
|
-91.4%
|
||
Net operating profit before loan losses
|
407,188
|
246,536
|
251,101
|
231,941
|
6.3%
|
-1.8%
|
||
Provision for loan losses (1)
|
(70,821)
|
(42,879)
|
(25,613)
|
(25,540)
|
67.9%
|
67.4%
|
||
Net operating profit
|
336,367
|
203,657
|
225,488
|
206,401
|
-1.3%
|
-9.7%
|
||
-
|
-
|
|||||||
Personnel salaries and expenses
|
(89,373)
|
(54,112)
|
(56,466)
|
(52,001)
|
4.1%
|
-4.2%
|
||
Administrative expenses
|
(95,863)
|
(58,041)
|
(58,528)
|
(49,945)
|
16.2%
|
-0.8%
|
||
Depreciation and amortization
|
(19,169)
|
(11,606)
|
(14,089)
|
(16,022)
|
-27.6%
|
-17.6%
|
||
Impairment
|
(2,160)
|
(1,308)
|
-
|
-
|
-
|
-
|
||
Operating expenses
|
(206,565)
|
(125,067)
|
(129,083)
|
(117,968)
|
6.0%
|
-3.1%
|
||
Operating income
|
129,802
|
78,590
|
96,405
|
88,433
|
-11.1%
|
-18.5%
|
||
Income from investments in other companies
|
180
|
109
|
386
|
210
|
-48.1%
|
-71.8%
|
||
Income before taxes
|
129,982
|
78,699
|
96,791
|
88,643
|
-11.2%
|
-18.7%
|
||
Income tax expense
|
(109)
|
(66)
|
(31,016)
|
(28,896)
|
-99.8%
|
-99.8%
|
||
Net income from ordinary activities
|
129,873
|
78,633
|
65,775
|
59,747
|
31.6%
|
19.5%
|
||
Net income from discontinued operations
|
-
|
-
|
-
|
-
|
-
|
-
|
||
Net income attributable to:
|
||||||||
Minority interest
|
(20,520)
|
(12,424)
|
(11,129)
|
(5,364)
|
131.6%
|
11.6%
|
||
Net income attributable to shareholders
|
109,353
|
66,209
|
54,646
|
54,383
|
21.7%
|
21.2%
|
||
![]() |
Press Release February 17, 2015 Page 21 / 25 |
|
For the year ended
|
||||||||
YTD
|
YTD
|
Change (%)
|
||||||
dec-14
|
dec-14
|
dec-13
|
dec-12
|
dec-11
|
dec-14/dec-13
|
|||
US$ thousand
|
Ch$ million
|
|||||||
Interest income
|
2,180,365
|
1,320,124
|
1,007,106
|
762,992
|
528,622
|
31.1%
|
||
Interest expense
|
(1,138,374)
|
(689,240)
|
(549,416)
|
(506,116)
|
(335,622)
|
25.4%
|
||
Net interest income
|
1,041,991
|
630,884
|
457,690
|
256,876
|
193,000
|
37.8%
|
||
Fee and commission income
|
333,652
|
202,013
|
144,777
|
105,178
|
72,404
|
39.5%
|
||
Fee and commission expense
|
(66,764)
|
(40,423)
|
(26,800)
|
(19,534)
|
(12,042)
|
50.8%
|
||
Net fee and commission income
|
266,888
|
161,590
|
117,977
|
85,644
|
60,362
|
37.0%
|
||
Net income from financial operations
|
303,394
|
183,693
|
101,287
|
54,994
|
97,745
|
81.4%
|
||
Foreign exchange profit (loss), net
|
(22,175)
|
(13,426)
|
(13,906)
|
30,696
|
(26,783)
|
-3.5%
|
||
Total financial transactions, net
|
281,219
|
170,267
|
87,381
|
85,690
|
70,962
|
94.9%
|
||
Other operating income, net
|
(3,125)
|
(1,892)
|
15,736
|
(7,122)
|
(160)
|
-
|
||
Net operating profit before loan losses
|
1,586,974
|
960,849
|
678,784
|
421,088
|
324,164
|
41.6%
|
||
Provision for loan losses (1)
|
(218,890)
|
(132,529)
|
(101,374)
|
(50,864)
|
(40,182)
|
30.7%
|
||
Net operating profit
|
1,368,084
|
828,320
|
577,410
|
370,224
|
283,982
|
43.5%
|
||
Personnel salaries and expenses
|
(362,224)
|
(219,312)
|
(165,009)
|
(120,714)
|
(76,461)
|
32.9%
|
||
Administrative expenses
|
(352,030)
|
(213,140)
|
(139,614)
|
(88,783)
|
(55,141)
|
52.7%
|
||
Depreciation and amortization
|
(85,246)
|
(51,613)
|
(42,288)
|
(18,092)
|
(7,461)
|
22.1%
|
||
Impairment
|
(2,160)
|
(1,308)
|
-
|
-
|
-
|
-
|
||
Operating expenses
|
(801,660)
|
(485,373)
|
(346,911)
|
(227,589)
|
(139,063)
|
39.9%
|
||
Operating income
|
566,424
|
342,947
|
230,499
|
142,635
|
144,919
|
48.8%
|
||
Income from investments in other companies
|
2,971
|
1,799
|
1,241
|
367
|
250
|
45.0%
|
||
Income before taxes
|
569,395
|
344,746
|
231,740
|
143,002
|
145,169
|
48.8%
|
||
Income tax expense
|
(132,311)
|
(80,109)
|
(63,830)
|
(22,871)
|
(24,144)
|
25.5%
|
||
Net income from ordinary activities
|
437,084
|
264,637
|
167,910
|
120,131
|
121,025
|
57.6%
|
||
Net income from discontinued operations
|
-
|
-
|
-
|
-
|
-
|
-
|
||
Net income attributable to:
|
||||||||
Minority interest
|
(63,385)
|
(38,377)
|
(12,817)
|
(51)
|
1,824
|
199.4%
|
||
Net income attributable to shareholders
|
373,699
|
226,260
|
155,093
|
120,080
|
122,849
|
45.9%
|
||
![]() |
Press Release February 17, 2015 Page 22 / 25 |
|
As of the three months ended
|
Change (%)
|
|||||||
Dec-14
|
Dec-14
|
Sep-14
|
Dec-13
|
Dec-14/Dec-13
|
Dec-14/Sep-14
|
|||
US$ thousand
|
Ch$ million
|
|||||||
Assets
|
||||||||
Cash and deposits in banks
|
1,931,057
|
1,169,178
|
1,068,208
|
911,088
|
28.3%
|
9.5%
|
||
Unsettled transactions
|
351,538
|
212,842
|
586,629
|
112,755
|
88.8%
|
-63.7%
|
||
Trading investments
|
1,132,854
|
685,898
|
242,933
|
431,683
|
58.9%
|
182.3%
|
||
Available-for-sale investments
|
1,910,772
|
1,156,896
|
895,494
|
889,087
|
30.1%
|
29.2%
|
||
Held-to-maturity investments
|
314,929
|
190,677
|
230,783
|
237,522
|
-19.7%
|
-17.4%
|
||
Investments under resale agreements
|
128,958
|
78,079
|
266,337
|
201,665
|
-61.3%
|
-70.7%
|
||
Financial derivatives contracts
|
1,266,473
|
766,799
|
703,823
|
376,280
|
103.8%
|
8.9%
|
||
Interbank loans, net
|
1,344,778
|
814,209
|
756,717
|
217,944
|
273.6%
|
7.6%
|
||
Loans and accounts receivable from customers
|
23,471,985
|
14,211,348
|
14,687,668
|
13,085,662
|
8.6%
|
-3.2%
|
||
Loan loss allowances
|
(527,605)
|
(319,444)
|
-332,829
|
(307,878)
|
3.8%
|
-4.0%
|
||
Loans and accounts receivable from customers, net of loan loss allowances
|
22,944,381
|
13,891,905
|
14,354,840
|
12,777,785
|
8.7%
|
-3.2%
|
||
Investments in other companies
|
26,165
|
15,842
|
17,264
|
15,465
|
2.4%
|
-8.2%
|
||
Intangible assets
|
1,251,572
|
757,777
|
886,226
|
836,922
|
-9.5%
|
-14.5%
|
||
Property, plant and equipment
|
153,011
|
92,642
|
100,352
|
98,242
|
-5.7%
|
-7.7%
|
||
Current taxes
|
2,656
|
1,608
|
0
|
-
|
-
|
-
|
||
Deferred taxes
|
187,462
|
113,501
|
98,105
|
92,932
|
22.1%
|
15.7%
|
||
Other assets
|
680,431
|
411,974
|
412,254
|
290,678
|
41.7%
|
-0.1%
|
||
Total Assets
|
33,627,037
|
20,359,826
|
20,619,964
|
17,490,047
|
16.4%
|
-1.3%
|
||
Liabilities
|
||||||||
Deposits and other demand liabilities
|
6,532,138
|
3,954,948
|
4,224,680
|
3,451,383
|
14.6%
|
-6.4%
|
||
Unsettled transactions
|
240,761
|
145,771
|
566,783
|
57,352
|
154.2%
|
-74.3%
|
||
Investments sold under repurchase agreements
|
1,092,827
|
661,663
|
50,872
|
342,445
|
93.2%
|
1,200.6%
|
||
Time deposits and other time liabilities
|
13,340,214
|
8,076,966
|
8,017,350
|
7,337,703
|
10.1%
|
0.7%
|
||
Financial derivatives contracts
|
1,003,672
|
607,683
|
612,889
|
281,583
|
115.8%
|
-0.8%
|
||
Interbank borrowings
|
2,365,017
|
1,431,923
|
1,470,031
|
1,273,840
|
12.4%
|
-2.6%
|
||
Issued debt instruments
|
5,085,472
|
3,079,050
|
3,099,920
|
2,414,557
|
27.5%
|
-0.7%
|
||
Other financial liabilities
|
25,472
|
15,422
|
14,528
|
16,807
|
-8.2%
|
6.2%
|
||
Current taxes
|
-
|
-
|
25,631
|
45,158
|
-100.0%
|
-100.0%
|
||
Deferred taxes
|
298,837
|
180,934
|
183,025
|
179,467
|
0.8%
|
-1.1%
|
||
Provisions
|
374,938
|
227,010
|
203,694
|
187,206
|
21.3%
|
11.4%
|
||
Other liabilities
|
348,026
|
210,716
|
239,867
|
185,507
|
13.6%
|
-12.2%
|
||
Total Liabilities
|
30,707,373
|
18,592,086
|
18,709,270
|
15,773,008
|
17.9%
|
-0.6%
|
||
Equity
|
-
|
-
|
||||||
Capital
|
1,290,852
|
781,559
|
781,559
|
781,559
|
0.0%
|
0.0%
|
||
Reserves
|
851,614
|
515,618
|
515,618
|
515,618
|
0.0%
|
0.0%
|
||
Valuation adjustment
|
(154,610)
|
(93,610)
|
47,241
|
(23,422)
|
299.7%
|
-
|
||
Retained Earnings:
|
-
|
-
|
||||||
Retained earnings or prior periods
|
209,312
|
126,730
|
126,730
|
60,040
|
111.1%
|
0.0%
|
||
Income for the period
|
373,699
|
226,260
|
160,051
|
155,093
|
45.9%
|
41.4%
|
||
Minus: Provision for mandatory dividend
|
(186,850)
|
(113,130)
|
-80,026
|
(77,547)
|
45.9%
|
41.4%
|
||
Attributable to bank shareholders
|
2,384,017
|
1,443,427
|
1,551,173
|
1,411,341
|
2.3%
|
-6.9%
|
||
Non-controlling interest
|
535,647
|
324,313
|
359,521
|
305,698
|
6.1%
|
-9.8%
|
||
Total Equity
|
2,919,664
|
1,767,740
|
1,910,694
|
1,717,039
|
3.0%
|
-7.5%
|
||
Total Equity and Liabilities
|
33,627,037
|
20,359,826
|
20,619,964
|
17,490,047
|
16.4%
|
-1.3%
|
||
![]() |
Press Release February 17, 2015 Page 23 / 25 |
|
As of and for the three months ended
|
||||||||
Mar-13
|
Jun-13
|
Sep-13
|
Dec-13
|
Mar-14
|
Jun-14
|
Sep-14
|
Dec-14
|
|
Profitability
|
||||||||
Net interest income / Avg. interest-earning assets(1)(2) (NIM LTM)
|
2.87%
|
2.81%
|
3.12%
|
3.50%
|
3.99%
|
4.39%
|
3.95%
|
4.12%
|
Net interest income / Avg. interest-earning assets(1)(2) (NIM annualized)
|
2.83%
|
3.15%
|
4.28%
|
4.09%
|
4.10%
|
4.22%
|
3.74%
|
4.03%
|
Net operating profit before loan losses / Avg. total assets(1)
|
3.62%
|
4.67%
|
4.59%
|
5.56%
|
4.92%
|
5.11%
|
4.98%
|
4.81%
|
Net operating profit before loan losses / Avg. interest-earning assets(1)(2)
|
4.20%
|
5.60%
|
5.58%
|
6.72%
|
6.15%
|
6.44%
|
6.17%
|
6.00%
|
RoAA (before taxes), over Avg. total assets(1)
|
1.05%
|
1.83%
|
1.15%
|
2.03%
|
1.67%
|
1.90%
|
1.92%
|
1.54%
|
RoAA (before taxes), over Avg. interest-earning assets(1)(2)
|
1.22%
|
2.20%
|
1.40%
|
2.46%
|
2.09%
|
2.40%
|
2.38%
|
1.92%
|
RoAE (before taxes)(1)(3)
|
13.8%
|
20.6%
|
13.0%
|
23.1%
|
19.2%
|
21.6%
|
22.9%
|
20.3%
|
RoAA, over Avg. total assets(1)
|
0.88%
|
1.30%
|
0.87%
|
1.37%
|
1.03%
|
1.50%
|
1.31%
|
1.54%
|
RoAA, over Avg. interest-earning assets(1)(2)
|
1.02%
|
1.56%
|
1.06%
|
1.66%
|
1.29%
|
1.89%
|
1.62%
|
1.91%
|
RoAE(1)(3)
|
10.50%
|
13.81%
|
7.62%
|
13.08%
|
9.49%
|
14.63%
|
11.97%
|
15.20%
|
Efficiency
|
||||||||
Operating expenses / Avg. total assets(1)
|
1.85%
|
2.11%
|
2.42%
|
2.71%
|
2.43%
|
2.46%
|
2.56%
|
2.44%
|
Operating expenses/ Avg. total loans(1)
|
2.45%
|
2.80%
|
3.23%
|
3.62%
|
3.35%
|
3.41%
|
3.53%
|
3.46%
|
Operating expenses / Operating revenues
|
51.0%
|
45.1%
|
52.6%
|
48.7%
|
49.4%
|
48.2%
|
51.4%
|
50.2%
|
Capitalization
|
||||||||
TIER I (Core capital) Ratio(4)
|
10.63%
|
10.33%
|
9.14%
|
9.37%
|
9.03%
|
9.01%
|
8.91%
|
8.64%
|
BIS Ratio(4)
|
14.76%
|
14.15%
|
13.10%
|
13.43%
|
12.73%
|
12.72%
|
12.59%
|
12.39%
|
Shareholders’ equity / Total assets
|
9.56%
|
9.33%
|
9.99%
|
9.82%
|
9.19%
|
9.53%
|
9.27%
|
8.68%
|
Shareholders’ equity / Total liabilities
|
10.57%
|
10.29%
|
11.10%
|
10.89%
|
10.12%
|
10.53%
|
10.21%
|
9.51%
|
Market information (period-end)
|
||||||||
Diluted Earnings per share before taxes (Ch$ per share)
|
0.1036
|
0.1843
|
0.1326
|
0.2604
|
0.2255
|
0.2717
|
0.2844
|
0.2312
|
Diluted Earnings per ADR before taxes (US$ per ADR)
|
0.3294
|
0.5442
|
0.3943
|
0.7421
|
0.6144
|
0.7374
|
0.7137
|
0.5728
|
Diluted Earnings per share (Ch$ per share)
|
0.0847
|
0.1284
|
0.0827
|
0.1598
|
0.1180
|
0.1917
|
0.1606
|
0.1945
|
Diluted Earnings per ADR (US$ per ADR)
|
0.2693
|
0.3793
|
0.2461
|
0.4553
|
0.3213
|
0.5202
|
0.4030
|
0.4819
|
Total Shares Outstanding (Thousands)(4)
|
340,358,194.2
|
340,358,194.2
|
340,358,194.2
|
340,358,194.2
|
340,358,194.2
|
340,358,194.2
|
340,358,194.2
|
340,358,194.2
|
Ch$ exchange rate for US$1.0
|
471.89
|
507.89
|
504.22
|
526.41
|
550.62
|
552.81
|
597.66
|
605.48
|
COP exchange rate for Ch$1.0
|
0.2584
|
0.2637
|
0.2643
|
0.2736
|
0.2798
|
0.2945
|
0.2943
|
0.2532
|
Quarterly UF variation
|
0.13%
|
-0.07%
|
1.04%
|
0.94%
|
1.27%
|
1.75%
|
0.60%
|
1.89%
|
Monetary Policy Interest Rate(5)
|
5.00%
|
5.00%
|
5.00%
|
4.50%
|
4.00%
|
4.00%
|
3.25%
|
3.00%
|
![]() |
Press Release February 17, 2015 Page 24 / 25 |
|
As of and for the three months ended
|
||||||||
Mar-13
|
Jun-13
|
Sep-13
|
Dec-13
|
Mar-14
|
Jun-14
|
Sep-14
|
Dec-14
|
|
Asset quality
|
||||||||
Risk Index (Loan loss allowances / Total loans )
|
1.69%
|
1.69%
|
2.35%
|
2.35%
|
2.29%
|
2.25%
|
2.27%
|
2.25%
|
Prov. for loan losses / Avg. total loans(1)
|
0.82%
|
0.78%
|
1.19%
|
0.78%
|
0.92%
|
0.96%
|
0.70%
|
1.19%
|
Prov. for loan losses / Avg. total assets(1)
|
0.62%
|
0.59%
|
0.89%
|
0.59%
|
0.66%
|
0.69%
|
0.51%
|
0.84%
|
Prov. for loan losses / Net operating profit before loans losses
|
17.1%
|
12.6%
|
19.4%
|
10.5%
|
13.5%
|
13.5%
|
10.2%
|
17.4%
|
Prov. for loan losses / Net income
|
70.2%
|
45.4%
|
102.2%
|
42.7%
|
64.5%
|
46.0%
|
38.9%
|
54.5%
|
PDL / Total loans(2)
|
0.48%
|
0.40%
|
0.52%
|
0.47%
|
0.46%
|
0.46%
|
0.46%
|
0.70%
|
Coverage PDLs
|
350.7%
|
419.4%
|
430.7%
|
497.5%
|
498.4%
|
498.4%
|
498.4%
|
322.4%
|
NPL / Total loans(3)
|
1.16%
|
1.07%
|
1.21%
|
1.12%
|
1.04%
|
1.02%
|
1.12%
|
1.33%
|
Coverage NPLs
|
147.85%
|
161.61%
|
193.98%
|
213.44%
|
222.75%
|
225.71%
|
205.63%
|
172.42%
|
Total NPLs
|
114,389
|
109,128
|
149,526
|
140,068
|
134,939
|
141,962
|
160,294
|
179,364
|
NPLs Chile
|
98,226
|
89,080
|
89,089
|
93,190
|
90,018
|
92,788
|
102,143
|
125,686
|
NPLs Colombia
|
16,163
|
20,048
|
60,437
|
46,878
|
44,921
|
49,174
|
58,151
|
53,678
|
Total Loans
|
9,827,277
|
10,234,308
|
12,356,122
|
12,527,795
|
12,945,075
|
13,917,125
|
14,282,941
|
13,510,286
|
Loans Chile
|
7,945,143
|
8,281,593
|
7,761,942
|
7,696,619
|
7,828,931
|
8,279,361
|
8,297,480
|
8,519,808
|
Loans Colombia
|
1,882,134
|
1,952,715
|
4,594,180
|
4,831,176
|
5,116,145
|
5,637,764
|
5,985,460
|
4,990,477
|
Total NPLs / Total Loans
|
1.16%
|
1.07%
|
1.21%
|
1.12%
|
1.04%
|
1.02%
|
1.12%
|
1.33%
|
NPLs Chile / Loans Chile
|
1.24%
|
1.08%
|
1.15%
|
1.21%
|
1.15%
|
1.12%
|
1.23%
|
1.48%
|
NPLs Colombia / Loans Colombia
|
0.86%
|
1.03%
|
1.32%
|
0.97%
|
0.88%
|
0.87%
|
0.97%
|
1.08%
|
Total LLR
|
169,123
|
176,363
|
290,052
|
298,958
|
300,581
|
320,420
|
329,610
|
309,257
|
LLR Chile
|
106,318
|
111,155
|
119,814
|
120,822
|
117,513
|
114,622
|
112,624
|
117,968
|
LLR Colombia
|
62,805
|
65,208
|
170,238
|
178,136
|
183,068
|
205,798
|
216,985
|
191,289
|
Coverage Total NPL
|
147.85%
|
161.61%
|
193.98%
|
213.44%
|
222.75%
|
225.71%
|
205.63%
|
172.42%
|
Coverage NPL Chile
|
108.24%
|
124.78%
|
134.49%
|
129.65%
|
130.54%
|
123.53%
|
110.26%
|
93.86%
|
Coverage NPL Colombia
|
388.58%
|
325.26%
|
281.68%
|
380.00%
|
407.53%
|
418.51%
|
373.14%
|
356.37%
|
Total Write-offs
|
15,560
|
15,975
|
51,543
|
24,390
|
23,537
|
29,519
|
28,782
|
19,797
|
Write-offs Chile
|
11,770
|
9,906
|
12,292
|
12,717
|
8,908
|
9,618
|
11,076
|
9,537
|
Write-offs Colombia
|
3,880
|
6,069
|
39,251
|
11,673
|
14,629
|
19,901
|
17,706
|
10,260
|
![]() |
Press Release February 17, 2015 Page 25 / 25 |
||||
CONTACT INFORMATION:
|
Eugenio Gigogne
|
CFO, CorpBanca
|
Santiago, Chile
|
Phone: (562) 2660-2555
|
investorrelations@corpbanca.cl
|
Claudia Labbé
|
Head of Investor Relations, CorpBanca
|
Santiago, Chile
|
Phone: (562) 2660-2699
|
claudia.labbe@corpbanca.cl
|
Nicolas Bornozis
|
President, Capital Link
|
New York, USA
|
Phone: (212) 661-7566
|
nbornozis@capitallink.com
|
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