EX-99.2 3 dex992.htm UNOFFICIAL ENGLISH LANGUAGE TRANSLATION OF CORPBANCA'S YEAR-END RESULTS Unofficial English language translation of CorpBanca's year-end results

Exhibit 99.2

LOGO

CORPBANCA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

(millions of Chilean pesos – MCh$)

 

     Notes    Dec-08     Dec-07  
          (MCh$)     (MCh$)  

Assets

       

Cash and due from banks

   4    81,326     74,821  

Items in course of collection

   4    117,703     58,210  

Trading portfolio financial assets

   5    85,105     166,450  

Investments purchased under agreements to resell

   5    50,514     60,372  

Derivative financial instruments

   7    209,482     37,086  

Loans and receivables to banks

   10    37,671     90,070  

Loans and receivables to customers, net

   10    4,871,875     4,247,421  

Financial investments available-for-sale

   6    576,478     45,048  

Financial investments held-to-maturity

   6    —       —    

Investments in other companies

   8    2,213     2,161  

Intangibles

      2,861     3,479  

Premises and equipment, net

      38,820     34,669  

Current income tax provision

   11    6,488     6,050  

Deferred income taxes

   11    13,468     13,121  

Other assets

   9    97,680     71,008  
               

Total assets

      6,191,684     4,909,966  

Liabilities

       

Current accounts and demand deposits

      357,902     367,101  

Items in course of collection

   4    86,176     25,379  

Investments sold under agreements to resell

      351,471     108,985  

Time deposits and saving accounts

      3,350,742     2,625,327  

Derivative financial instruments

   7    195,608     37,285  

Borrowings from financial institutions

      492,606     390,497  

Debt issued

      765,172     764,942  

Other financial obligations

      47,394     32,507  

Current income tax provision

   11    —       —    

Deferred income taxes

   11    9,550     7,466  

Provisions

   10    33,204     5,912  

Other liabilities

      18,552     16,756  
               

Total liabilities

      5,708,377     4,382,157  

Shareholders’ Equity:

       

Capital

      324,039     342,379  

Reserves

      2,917     2,917  

Valuation gains (losses)

      1,018     (2 )

Retained earnings:

      155,333     182,515  

Retained earnings from previous periods

      127,178     126,923  

Income for the period

      56,310     55,592  

Less: Accrual for mandatory dividends

      (28,155 )   —    

Minority Interest

      —       —    
               

Total Shareholders’ Equity

      483,307     527,809  
               

Total liabilities and shareholders’ equity

      6,191,684     4,909,966  


CORPBANCA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

(millions of Chilean pesos – MCh$)

 

     Notes    Dec-08     Dec-07  
          (MCh$)     (MCh$)  

Interest revenue

      559,702     415,008  

Interest expense

      (346,717 )   (235,812 )
               

Net interest revenue

      212,985     179,196  

Fees and income from services

   17    54,865     48,785  

Expenses from services

   17    (12,813 )   (8,430 )
               

Fees and income from services, net

      42,052     40,355  

Trading and investment income, net

   18    54,997     (742 )

Foreign exchange gains (losses), net

      (42,887 )   8,250  

Other operating revenue

   19    7,833     2,465  
               

Operating revenues

      274,980     229,524  

Provisions for loan losses

   10    (54,561 )   (27,894 )
               

Net operating revenues

      220,419     201,630  

Personnel salaries expenses

      (57,716 )   (52,390 )

Administration expenses

      (50,511 )   (44,067 )

Depreciation and amortization

      (4,916 )   (7,197 )

Impairment

      —       —    

Other operating expenses

   20    (6,863 )   (4,361 )
               

Total operating expenses

      (120,006 )   (108,015 )
               

Net operating income

      100,413     93,615  

Income attributable to investments in other companies

   8    418     393  

Net loss from price-level restatement

      (33,654 )   (28,255 )
               

Income before income taxes

      67,177     65,753  

Income taxes

   11    (10,867 )   (10,161 )
               

Net income

      56,310     55,592  

Attributable to:

       

Equity holders of the Bank

      56,310     55,592  

Minority interest

      —       —    

Earnings per share attributable to equity holders of the Bank

       

Basic earnings per share

      0.248     0.245  

Diluted earnings per share

      0.255     0.245  

 

Raúl Recabarren Valderas

Assistant Manager – Accounting

 

Mario Chamorro Carrizo

Chief Executive Officer


BOARD OF DIRECTORS:  
Chairman   Mr. Carlos Abumohor Touma
First Vice Chairman   Mr. Álvaro Saieh Bendeck
Second Vice Chairman   Mr. Jorge Andrés Saieh Guzmán
Directors   Mr. Fernando Aguad Dagach
  Mr. Julio Barriga Silva
  Mr. Ignacio González Martínez
  Mr. Carlos Massad Abud
  Mr. Francisco Rosende Ramírez
  Mr. Jorge Selume Zaror
  Mr. Hernán Somerville Senn
  Mr. Arturo Valenzuela Bowie
Alternate Director   Mr. Juan Rafael Gutiérrez Ávila
SENIOR MANAGEMENT:  
Chief Executive Officer   Mr. Mario Chamorro Carrizo
Division Manager – Retail Banking   Mr. Cristóbal Prado Fernández
Division Manager – Companies   Mr. Oscar Cerda Urrutia
Division Manager – Large Companies and Corporate   Mr. Christian Schiessler Garcia
Division Manager – Banco Condell   Mr. Julio Henriquez Banto
Division Manager – International and Treasury   Mr. Pedro Silva Yrarrázaval
Division Manager – Corp Capital.   Mr. Patricio Leighton Zambelli
Division Manager – Operations and Technology   Mr. Armando Ariño Joiro
Chief Financial Officer   Mr. Sergio Benavente Riobó
Division Manager – Human Resources and Development   Mr. Christián Gilchrist Correa
Division Manager – Legal Services   Mr. Cristián Canales Palacios
Division Manager – Commercial Credit Risk   Mr. Luis Morales Fernández
Division Manager – Companies Credit Risk   Mr. Fernando Valdivieso Larraín
Comptroller Manager (I)   Mr. José Manuel Mena Valencia

Additional Information

The complete financial statements, with their respective notes and the corresponding independent auditor’s report, are available on the website: www.corpbanca.cl and also at the institution’s offices.