EX-99.1 2 ex99-1.txt FINANCIAL STATEMENTS 2006 EXHIBIT 99.1 DIRECTORS Chairman Mr. Carlos Abumohor Touma First Vice-Chairman Mr. Alvaro Saieh Bendeck Second Vice-Chairman Mr. Jorge Andres Saieh Guzman Directors Mr. Fernando Aguad Dagach Mr. Julio Barriga Silva Mr. Rene Cortazar Sanz Mr. Carlos Massad Abud Mr. Odde Rishmague Rishmague Mr. Francisco Rosende Ramirez Mr. Jorge Selume Zaror Mr. Hernan Somerville Senn Alternate Director Mr. Juan Rafael Gutierrez Avila [CORPBANCA LOGO] MANAGEMENT Chief Executive Officer Mr. Mario Chamorro Carrizo Division Manager - Retail Banking Mr. Osvaldo Barrientos Valenzuela Division Manager - Corp Banca Capital Markets Mr. Patricio Leighton Zambelli Division Manager - Large Corporations and Corporative Mr. Christian Schiessler Garcia Division Manager - Commercial Banking Mr. Alberto Selman Hasbun Division Manager - Finance Mr. Pedro Silva Yrarrazaval Division Manager - Information Technology Mr. Armando Arino Joiro Division Manager - Human Resources and Administration Mrs. Olivia Brito Bahamonde Division Manager - Legal Services Mr. Cristian Canales Palacios Division Manager - Risk Mr. Julio Henriquez Banto Comptroller and Planning Division Manager Mr. Enrique Perez Alarcon Division Manager - Operations Mr. Guido Silva Escobar Division Manager - Commercial Credit Risk Mr. Fernando Valdivieso Larrain
CORPBANCA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions of Chilean pesos - MCh$) AT DECEMBER 31, ------------------------------ ASSETS 2006 2005 ---------------------------------------- ------------- ------------- MCh$ MCh$ CASH AND BANKS 82,177.2 75,161.7 ------------- ------------- 1 LOANS: Commercial loans 1,507,218.8 1,330,277.1 Foreign trade loans 236,999.2 215,041.2 Consumer loans 435,969.8 360,021.1 Mortgage loans 346,772.3 314,461.2 Lease contracts 226,595.7 214,333.8 Contingent loans 281,348.4 231,294.9 Other outstanding loans 257,798.5 186,479.5 Past due loans 19,115.0 25,522.7 ------------- ------------- Total loans 3,311,817.7 2,877,431.5 Less: Allowance for loan losses (46,524.0) (45,267.3) ------------- ------------- Total loans (net) 3,265,293.7 2,832,164.2 ------------- ------------- OTHER LOAN OPERATIONS: Interbank loans 20,005.9 30,640.7 Investments under agreements to resell 6,137.2 6,712.3 ------------- ------------- Total other loan operations 26,143.1 37,353.0 ------------- ------------- TRADING INSTRUMENTS 124,397.9 154,885.6 ------------- ------------- INVESTMENT INSTRUMENTS: Available for sale 28,009.3 268,263.6 Held to maturity - - ------------- ------------- Total investment instruments 28,009.3 268,263.6 ------------- ------------- FINANCIAL DERIVATIVE CONTRACTS 4,452.1 8,065.8 ------------- ------------- ------------- ------------- OTHER ASSETS 131,225.0 119,008.4 ------------- ------------- FIXED ASSETS: Bank premises and equipment (net) 32,272.0 32,561.7 Investments in other companies 1,852.0 1,760.6 ------------- ------------- Total fixed assets 34,124.0 34,322.3 ------------- ------------- Total assets 3,695,822.3 3,529,224.6 ============= ============= CORPBANCA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions of Chilean pesos - MCh$) AT DECEMBER 31, ----------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY 2006 2005 ----------------------------------------------- ------------- ------------- MCh$ MCh$ LIABILITIES 2 DEPOSITS AND OTHER LIABILITIES: Current accounts 176,092.8 152,380.7 Saving accounts and time deposits 1,701,939.0 1,762,337.0 Other sight and term liabilities 99,227.0 56,464.7 Investments under agreements to repurchase 54,875.9 64,760.4 Mortgage finance on bonds 334,919.6 298,884.9 Contingent liabilities 285,206.8 232,156.7 ------------ ------------- Total deposits and other liabilities 2,652,261.1 2,566,984.4 ------------ ------------- BONDS: Bonds 182,292.7 147,802.2 Subordinated bonds 43,885.8 46,593.2 ------------ ------------- Total bonds 226,178.5 194,395.4 ------------ ------------- BORROWINGS FROM CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS: Chilean Central Bank lines of credit for renegotiations of loans - 2.6 Other Central Bank borrowings 32,033.8 - Borrowings from domestic financial institutions 3,601.1 45,906.3 Foreign borrowings 240,188.6 228,279.4 Other obligations 28,096.8 25,304.3 ------------ ------------- Total borrowings from financial institutions 303,920.3 299,492.6 ------------ ------------- FINANCIAL DERIVATIVE CONTRACTS 4,940.7 543.8 ------------ ------------- OTHER LIABILITIES 75,272.3 51,724.6 ------------ ------------- Total liabilities 3,262,572.9 3,113,140.8 ------------ ------------- MINORITY INTEREST - - ------------ ------------- SHAREHOLDERS' EQUITY: Capital and reserves 393,864.1 367,685.1 Other reserves 280.8 (5,339.4) Net income for the year 39,104.5 53,738.1 ------------ ------------- Total shareholders' equity 433,249.4 416,083.8 ------------ ------------- Total liabilities and shareholders' equity 3,695,822.3 3,529,224.6 ============ ============= CORPBANCA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005 (in millions of Chilean pesos - MCh$) ------------- ------------- 2006 2005 ------------- ------------- MCh$ MCh$ 3 OPERATING REVENUE Interest revenue 247,540.5 253,881.5 Gains from trading activities 36,965.4 21,944.7 Fees and other services income 33,314.1 27,561.4 Foreign exchange transactions gain (net) 301.5 - Other operating income 1,712.3 5,370.4 ------------- ------------- Total operating revenue 319,833.8 308,758.0 Less: Interest expense (138,616.2) (132,664.2) Losses from trading activities (29,961.3) (9,786.5) Fees and other services expenses (5,104.5) (3,901.1) Foreign exchange transactions loss (net) - (367.8) Other operating expenses (12,933.2) (10,917.5) ------------- ------------- Gross operating margin 133,218.6 151,120.9 Personnel salaries and expenses (40,932.8) (38,016.9) Administrative and other expenses (18,851.4) (17,152.7) Depreciation and amortization (5,251.4) (5,261.3) ------------- ------------- Net operating margin 68,183.0 90,690.0 Provisions for assets at risk (14,666.1) (14,121.7) ------------- ------------- Operating income 53,516.9 76,568.3 OTHER INCOME AND EXPENSES Non-operating income 2,606.3 2,789.6 Non-operating expenses (2,706.0) (4,107.8) Income from investments in other companies 333.5 221.1 Net loss from price-level restatement (7,008.5) (10,778.2) ------------- ------------- Income before income tax 46,742.2 64,693.0 Income taxes (7,637.7) (10,954.9) ------------- ------------- Income after income tax 39,104.5 53,738.1 Minority interest - - ------------- ------------- Net income 39,104.5 53,738.1 ============= ============= Pablo Armijo Cesped Mario Chamorro Carrizo ------------------- ----------------------- Manager-Accounting Chief Executive Officer [CORPBANCA LOGO] Information Herein Provided The complete financial statements, the notes thereto and the report of the external auditors are available at www.corpblanca.cl and also at the offices of the company. 4