-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Rfdu3KSRiDm4Dno4GQe3fE2QKPNyLlfbT4MjlW5QNxuaoZotVPxR88ojjJod+vYz sqRzX6JIoX6K53M/y2AEsQ== 0001193125-10-128385.txt : 20100526 0001193125-10-128385.hdr.sgml : 20100526 20100525180134 ACCESSION NUMBER: 0001193125-10-128385 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20100525 FILED AS OF DATE: 20100526 DATE AS OF CHANGE: 20100525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CORPBANCA/FI CENTRAL INDEX KEY: 0001276671 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 STATE OF INCORPORATION: F3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32305 FILM NUMBER: 10857946 BUSINESS ADDRESS: STREET 1: HUERFANOS 1072 CITY: SANTIAGO CHILE STATE: F3 ZIP: 00000 BUSINESS PHONE: 56 (2) 687-8000 MAIL ADDRESS: STREET 1: HUERFANOS 1072 CITY: SANTIAGO CHILE STATE: F3 ZIP: 00000 6-K 1 d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of May 2010

(Commission File No. 001-32305)

 

 

CORPBANCA

(Translation of registrant’s name into English)

 

 

Rosario Norte 660

Las Condes

Santiago, Chile

(Address of registrant’s principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

Yes  ¨                     No  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

Yes  ¨                     No  x

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨                     No  x

 

 

 


On March 16, 2010, CorpBanca published on its web site its monthly interim financial results as of February 28, 2010. The press release is attached hereto as Exhibit 99.1.

On April 19, 2010, CorpBanca published on its web site its monthly interim financial results as of March 31, 2010. The press release is attached hereto as Exhibit 99.2.

On May 14, 2010, CorpBanca published on its web site its monthly interim financial results as of April 30, 2010. The press release is attached hereto as Exhibit 99.3.

On May 25, 2010, CorpBanca issued a press release announcing the release of its first quarter 2010 results and the details of a conference call to discuss its first quarter 2010 results. The press release is attached hereto as Exhibit 99.4.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

CORPBANCA
(Registrant)
By:   /S/    MARIO CHAMORRO        
Name:   Mario Chamorro
Title:   Chief Executive Officer

Date: May 25, 2010


EXHIBIT INDEX

 

Exhibit

  

Description

99.1    Press release dated March 16, 2010 announcing CorpBanca’s monthly interim financial results as of February 28, 2010.
99.2    Press release dated April 19, 2010 announcing CorpBanca’s monthly interim financial results as of March 31, 2010.
99.3    Press release dated May 14, 2010 announcing CorpBanca’s monthly interim financial results as of April 30, 2010.
99.4    Press release dated May 25, 2010 announcing the release of CorpBanca’s first quarter 2010 results and the details of a conference call to discuss its first quarter 2010 results.
EX-99.1 2 dex991.htm PRESS RELEASE DATED MARCH 16, 2010 Press release dated March 16, 2010

Exhibit 99.1

CORPBANCA AND SUBSIDIARIES

As of February 28, 2010

The following interim financial information of CorpBanca as of February 28, 2010 has been published on our website in accordance with circular No. 18 of the Superintendency of Banks and Financial Institutions dated September 1, 2008.

Consolidated Balance Sheet Accounts (unaudited)

 

     MCh$

Total loans

   5,096,445

Total assets

   6,585,062

Current accounts and demand deposits

   489,907

Time deposits and savings accounts

   3,389,620

Borrowings from financial institutions

   319,986

Debt issued

   1,031,030

Equity

   480,191

Condensed Consolidated Statement of Income (unaudited)

 

     MCh$  

Total operating revenue

   48,761   

Provisions for loan losses

   (9,256

Operating expenses

   (20,274
      

Operating income

   19,231   

Income attributable to investments in other companies

   —     
      

Income before taxes

   19,231   

Income taxes

   (3,236
      

Net income for the period

   15,995   
      

The above financial information shall be considered provisional until the official figures are published by the Superintendency of Banks and financial institutions.

 

Jaime Del Solar Honorato    Mario Chamorro Carrizo
Accounting Manager    Chief Executive Officer
EX-99.2 3 dex992.htm PRESS RELEASE DATED APRIL 19, 2010 Press release dated April 19, 2010

Exhibit 99.2

CORPBANCA AND SUBSIDIARIES

As of March 31, 2010

The following interim financial information of CorpBanca as of March 31, 2010 has been published on our website in accordance with circular No. 18 of the Superintendency of Banks and Financial Institutions dated September 1, 2008.

Consolidated Balance Sheet Accounts (unaudited)

 

     MCh$

Total loans

   5,245,288

Total assets

   6,950,569

Current accounts and demand deposits

   474,688

Time deposits and savings accounts

   3,590,544

Borrowings from financial institutions

   368,163

Debt issued

   929,353

Equity

   487,812

Condensed Consolidated Statement of Income (unaudited)

 

     MCh$  

Total operating revenue

   76,915   

Provisions for loan losses

   (15,341

Operating expenses

   (30,573
      

Operating income

   31,001   

Income attributable to investments in other companies

   23   
      

Income before taxes

   31,024   

Income taxes

   (5,008
      

Net income for the period

   26,016   
      

The above financial information shall be considered provisional until the official figures are published by the Superintendency of Banks and financial institutions.

 

Jaime Del Solar Honorato    Mario Chamorro Carrizo
Accounting Manager    Chief Executive Officer
EX-99.3 4 dex993.htm PRESS RELEASE DATED MAY 14, 2010 Press release dated May 14, 2010

Exhibit 99.3

CORPBANCA AND SUBSIDIARIES

As of April 30, 2010

The following interim financial information of CorpBanca as of April 30, 2010 has been published on our website in accordance with circular No. 18 of the Superintendency of Banks and Financial Institutions dated September 1, 2008.

Consolidated Balance Sheet Accounts (unaudited)

 

     MCh$

Total loans

   5,206,353

Total assets

   6,786,066

Current accounts and demand deposits

   546,458

Time deposits and savings accounts

   3,613,293

Borrowings from financial institutions

   363,310

Debt issued

   754,414

Equity

   491,629

Condensed Consolidated Statement of Income (unaudited)

 

     MCh$  

Total operating revenue

   107,915   

Provisions for loan losses

   (20,128

Operating expenses

   (45,354
      

Operating income

   42,433   

Income attributable to investments in other companies

   189   
      

Income before taxes

   42,622   

Income taxes

   (6,974
      

Net income for the period

   35,648   
      

The above financial information shall be considered provisional until the official figures are published by the Superintendency of Banks and financial institutions.

 

Jaime Del Solar Honorato   Mario Chamorro Carrizo
Accounting Manager   Chief Executive Officer
EX-99.4 5 dex994.htm PRESS RELEASE DATED MAY 25, 2010 Press release dated May 25, 2010

Exhibit 99.4

LOGO

CORPBANCA ANNOUNCES FIRST QUARTER OF 2010 RESULTS

Santiago, Chile, May 25, 2010 CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of corporate and retail financial products and services, today announced its financial results for the first quarter ended March 31, 2010. This report is based on unaudited consolidated financial statements and prepared in accordance with Chilean generally accepted accounting principles. Solely for the convenience of the reader, U.S. dollar amounts in this report have been translated from Chilean nominal pesos at our March 31, 2010 exchange rate of Ch$523.86 per U.S. dollar.

Financial highlights

 

 

   

Net income for the first quarter 2010 reached Ch$26 billion, similar to the Ch$26.2 billion when compared to the prior quarter.

 

   

Provision for loan losses during 1Q10 amounted to Ch$14.8 billion, an increase of Ch$3.5 billion when compared to the prior quarter.

 

   

Total operating expenses decreased 11.7% when compared to the prior quarter.

 

   

Total Loans (excluding interbank and contingent loans) reached Ch$5,053.1 billion as of March 31, 2010, leaving CorpBanca with a market share of 7.29%.


Press Release

Page 2 / 12

 

Management’s Discussion and Analysis

I) Financial Performance Review

Net income for the first quarter of 2010 was Ch$26 billion, when compared to Ch$26.2 billion for the fourth quarter of 2009. Total operating revenues reached Ch$76.9 billion, almost the same when compared to the fourth quarter of 2009, while provisions for loan losses increased by Ch$4 billion, an increase of 36% when compared to Ch$11.3 billion for the fourth quarter of 2009.

Our condensed income statement for the three-month periods ending December 31, 2009 and March 31, 2010 expressed in millions of Chilean nominal pesos, is as follows:

 

     For three-month period ended  
     Dec - 09     Mar-10     Change  

Net interest revenue

   59,247      53,884      (5,363

Fees and income from services, net

   12,253      15,121      2,868   

Treasury business

   4,694      6,363      1,669   

Other revenue

   752      1,547      795   

Total operating revenue

   76,946      76,915      (31

Provision for loan losses

   (11,316   (15,341   (4,025

Operating expenses

   (34,633   (30,573   4,060   

Income attributable to investments in other companies

   11      23      12   

Net Income before taxes

   31,008      31,024      19   

Income taxes

   (4,742   (5,008   (266

Net Income

   26,266      26,016      (247

Net interest revenues

Net interest revenues decreased quarter-on-quarter by Ch$5.3 billion or 9% when compared to the prior quarter. This is mainly a result of a smaller increase in the UF during the first quarter of 2010 of 0.27%, compared with an increase in the fourth quarter of 2009 of 0.52%. It’s also important to mention that the opportunity of restructuring our funding at a lower cost has been reduced during this year.

Although our net interest revenues and provision for loan losses are less than last quarter, our net income was only 0.7% lower than the prior quarter due to an increase in fees and lower costs in personnel salaries and administration expenses. We had an 89% growth in net income in the first quarter of 2010 as compared to the first quarter of 2009. The average growth of the industry in the same period was 63%.


Press Release

Page 3 / 12

 

Fees and income from services

Net fees and income from services for the first quarter of 2010 amounted to Ch$15.1 billion, a Ch$2.8 billion increase when compared to the prior quarter. The following table is a summary of our fees and income from services for the three-month periods ended December 31, 2009 and March 31, 2010:

 

     For three-month period ended  
     Dec - 09    Mar - 10    Change  

Bank(*)

   6,706    7,957    1,598   

Mutual Fund Management and Securities Brokerage Services

   2,519    2,964    445   

Insurance Brokerage

   1,776    1,737    (39

Financial Advisory Services

   804    2,104    1,300   

Legal Advisory Services

   448    359    (89

Total

   12,252    15,120    2,868   

 

(*) includes consolidation adjustments

The increase of Ch$2.8 billion in fee revenues from banking operations during the first quarter of 2010 as compared to the prior quarter was mainly a result of higher fees from overdrafts.

Fee based revenue from our mutual fund management area remained relatively unchanged. Despite a 16% increase in total assets under management, flows to money market funds prevented an increase in fees. Our securities brokerage areas increased Ch$521 million during the first quarter of 2010 due to an increase in the number of clients helped by the technology we used in our process, which is one of the best in the industry.

Our financial advisory services, which provide services to a variety of corporations, including those related to debt restructuring, mergers and acquisitions, privatizations and company valuation, increased by Ch$1,300 million during the first quarter of 2010 due the completion of seven large operations, some of them over USD 200 million. This increase is a result of our strategy to focus on clients in a global way and studying the potential industries were our Financial Advisory Service team could achieve increased profits.

Our legal advisory services area was created in January 2007 and its principal purpose is to provide legal advisory services related to our businesses. Legal advisory services decreased Ch$89 million during the first quarter of 2010 as compared to the previous quarter.

Trading and investment income – Net Foreign exchange gains and losses

Trading and investment income primarily includes the results from our trading portfolio financial assets (interest, marked-to-market adjustments, gains and losses from sales), gains and losses from our derivative trading portfolio, and gains and losses from sales financial investments available-for-sale.

Net foreign exchange gains and losses include both the results of foreign exchange transactions as well as the recognition of the effect of exchange rate fluctuations on assets and liabilities stated in foreign currencies and loans and deposits in Chilean pesos indexed to foreign currencies.

Derivatives and financial instruments that may provide effective economic hedges for managing risk positions are generally treated and reported as trading.


Press Release

Page 4 / 12

 

The following table is a summary of our trading and investment income and net foreign exchange gains and losses for the three-month periods ending December 31, 2009 and March 31, 2010, expressed in millions of Chilean nominal pesos:

 

      For three-month period ended  
     Dec - 09     Mar - 10     Change  

Trading and investment income:

      

Trading instruments

   (45   3,849      3,894   

Derivatives held-for-trading

   (10,585   5,606      16,191   

Available-for-sale investments and other

   (3,247   1,854      5,100   

Total trading and investment income

   (13,876   11,309      25,185   

Net foreign exchange transactions

   18,569      (4,929   (23,498

Net gains (losses) from treasury business

   4,694      6,380      1,688   

Total income from our treasury business during the first quarter of 2010 increased by Ch$1.6 billion when compared to the prior quarter. This increase is explained by higher income from our trading and investment portfolio, which was partially offset by losses in our foreign exchange transactions. This is mainly as a result of the change in the exchange rate from CH$07.52 to CH$523.86.

Provision for loan losses

The following table provides information relating to the composition of our provisions for loan losses for the three-month periods ending December 31, 2009 and March 31, 2010, expressed in millions of Chilean nominal pesos:

 

      For three-month period ended  
     Dec - 09     Mar - 10     Change  

Commercial, net

   (2,967   (4,997   (2,030

Mortgage, net

   (255   (1,233   (978

Consumer, net

   (8,104   (8,650   (546

Net charge to income

   (11,325   (14,880   (3,563

Our provision for loan losses during the first quarter of 2010 was Ch$14.9 billion, an increase of Ch$3.6 billion when compared to the prior quarter.

The increase in provision for loan losses mainly occurred during February and March a result of a reclassification of certain commercial clients. The Chilean earthquake in the first quarter of 2010 is not a primary factor that explains this increase, since less than 13% of the increase of provisions for loan losses during the first quarter is explained by the earthquake.


Press Release

Page 5 / 12

 

Operating expenses

The following table provides comparative information relating to our operating expenses for the three-month periods ending December 31, 2009 and March 31, 2010, expressed in millions of Chilean nominal pesos:

 

      For three-month period ended  
     Dec - 09    Mar - 10    Change  

Personnel salaries expenses

   18,277    16,601    (1,676

Administrative and other expenses

   11,719    10,374    (1,345

Depreciation, amortization and impairment

   1,677    1,735    58   

Other operating expenses

   2,960    1,863    (1,097

Total operating expenses

   34,633    30,573    (4,060

Our total operating expenses decreased during the first quarter of 2010 by 11.7% when compared to the last quarter. Personnel salaries expenses decreased by Ch$1.6 billion as a result of a reduction of 75% in compensation payments compared to last quarter. Administrative and other expenses also decreased by Ch$1.3 billion, or 11.4% quarter-on-quarter, mainly as a result of a decrease in outsourcing expenditures and higher efficiency in technological processes.

As part of our strategy, we continue to maintain our efficiency leadership through our cost control culture. Our consolidated efficiency ratio (operating expenses / operating revenues) for the first quarter of 2010 was 36.8% as compared to 39.0% for the previous quarter.

II) Financial Condition

Loan portfolio

Our total loan portfolio (excluding loans and receivables to banks) totalled Ch$5,053 billion as of March 31, 2010, representing an increase of 0.8% when compared to the prior quarter.

The following table provides comparative information related to our loan portfolio for December 31, 2009 and March 31, 2010, expressed in millions of Chilean nominal pesos:

 

      Dec - 09    Mar - 10    Change  

Wholesale

   3,776,870    3,822,183    45,313   

Commercial

   3,193,987    3,240,901    46,914   

Foreign trade

   233,478    234,967    1,489   

Leasing and factoring

   349,405    346,315    (3,090

Retail

   1,234,786    1,230,947    (3,839

Consumer

   428,051    414,081    (13,970

Housing mortgages

   806,735    816,866    10,131   

Total loans

   5,011,656    5,053,130    41,474   

On a quarter-on-quarter basis our wholesale portfolio increased by 1.1%. This increase is primarily a result of commercial operations, which increased from Ch$3,194 billion to Ch$3,240 billion. Most of the commercial loans increase was in the local market.


Press Release

Page 6 / 12

 

Our market share increased 2bps during the quarter, from 7.27% in December 2009 to 7.29% in March 2010. If we consider only commercial loans, our market share at the end of March 2010 was 8.95%, 10 bps higher than our market share in December 2009.

The quarter-on-quarter decrease in retail loans was due to consumer loans, besides the mortgage loan increase of Ch$10 billion. The decrease in consumer loans is related to Banco Condell, our low income bank division, and is consistent with our strategy of increasing our profits in a controlled portfolio. This strategy is the reason why we experienced an increase in profits despite a decrease in consumer loans.

Our market share in consumer loans decreased from 4.92% in December 2009 to 4.72% in March 2010, as we explained before, this is explained by Banco Condell. On the other hand our market share in mortgage loans decreased 2bps during the quarter, ending the first quarter of 2010 at 4.58%.

Financial investments

Our financial investments totalled Ch$972,1 billion as of March 31, 2010, representing an increase of 19.5% quarter-on-quarter.

The following table provides comparative summary of our investment portfolio for the periods ended December 31, 2009 and March 31, 2010, expressed in millions of Chilean nominal pesos:

 

     Dec - 09    Mar - 10    Change

Trading portfolio financial assets

   76,156    91,153    14,997

Financial investments available-for-sale

   737,162    880,956    143,794

Financial investments held-to-maturity

   —      —      —  

Total financial investments

   813,318    972,109    158,791

Our investment portfolio consists of trading and available-for-sale assets. Trading instruments correspond to financial instruments acquired to generate gains from short-term price fluctuations, brokerage margins, or that are included in a portfolio with a pattern of gaining profit in the short-term. Trading instruments are stated at fair value.

Investment instruments are classified in two categories: held-to-maturity investments and instruments available-for-sale. Held-to-maturity investments include only those instruments which the Bank has the capacity and intent to hold until maturity. We currently do not have held-to-maturity investment. All other investment instruments are considered available-for-sale. Investment instruments are initially recognized at cost, which includes transaction costs. Instruments available-for-sale at each subsequent period-end are valued at their fair value according to market prices or based on valuation models. Unrealized gains or losses arising from changes in the fair value are charged or credited to equity accounts.

A quarter-on-quarter 20% increase is due to our view of good opportunities for financial investments. We have a positive view on the UF. This increase was mostly financed by repurchase agreements.

Funding strategy

The International and Treasury Division is responsible for providing liquidity, determining the financing structure, managing the investment portfolio and foreign currency positions.


Press Release

Page 7 / 12

 

The following table summarizes our funding as of December 31, 2009 and March 31, 2010, in millions of Chilean nominal pesos:

 

     Dec - 09    Mar - 10    Change  

Checking accounts

   328,078    327,037    (1,041

Other non-interest bearing deposits

   168,192    147,651    (20,541

Time deposits and savings accounts

   3,316,045    3,590,544    274,499   

Repurchase agreements

   465,513    736,041    270,528   

Mortgages bonds

   271,430    261,231    (10,199

Banking bonds

   410,473    415,909    5,436   

Subordinated bonds

   253,316    252,213    (1,103

Domestic borrowings

   32,162    43,401    11,239   

Foreign borrowings

   357,094    352,548    (4,546

Our current funding strategy is to continue to utilize all sources of funding in accordance with their costs, their availability and our general asset and liability management strategy. During the fourth quarter of 2009 we increased our amount of subordinated bonds. During the first quarter of 2010 our funding strategy was mainly driven by increasing our time deposits and repurchase agreements, and it’s possible to add other funding sources during the rest of the year. The increase in repurchase agreements was mainly used for the financial investments explained above, and the increase in time deposits was mainly used to finance the increase in commercial loans. During 2009 we increased our subordinated bonds until we reached the Basel limit, so we don’t expect another increase during this year.

Shareholders’ Equity

We are the 4th largest private bank in Chile, based on our shareholders’ equity of Ch$ 490 billion and our loans of Ch$ 5,053 billion as of March 31, 2010. We have 226,906,772 thousand shares outstanding and a market capitalization of Ch$984.5 billion (based on a share price of Ch$4.339 pesos per share). During the first quarter of 2010, we paid dividends totalling 100% of 2009 net income.

III) Other Related Information

Dividend Distribution

At the annual shareholders’ meeting held in February 2010, we distributed dividends amounting to Ch$85,109 million, representing 100% of 2009 fiscal year net income. This is $Ch 0,375082130 per share.


Press Release

Page 8 / 12

 

CorpBanca’s Conference Call on First Quarter 2010 Results

You are invited to participate in CorpBanca’s (NYSE: BCA, Santiago: CORPBANCA) conference call to discuss the First Quarter 2010 Results and respond to investor questions.

Date and Time: To be confirmed in a separated press release

Chairperson: Mr, Eugenio Gigogne, Chief Financial Officer

Slides and audio webcast:

There will also be a live -and then archived- webcast of the conference call with PowerPoint slides through the internet accessible through the website of Capital Link at www.capitallink.com, Please click on the button “FIRST QUARTER 2010 FINANCIAL RESULTS WEBCAST”, The webcast will also be available on the company’s website at www.corpbanca.cl, Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.


Press Release

Page 9 / 12

 

Consolidated Statements of Income (unaudited)

 

 

 

      For the three months ended  
(Expressed in millions of Chilean pesos)    Dec-09     Mar-10  
OPERATING INCOME     

Interest revenue

   87,848      83,368   

Interest expense

   (28,601   (29,484

Net interest revenue

   59,247      53,884   

Fees and income from services, net

   12,253      15,121   

Trading and investment income, net

   (13,875   11,310   

Foreign exchange gains (losses), net

   18,569      (4,947

Other operating revenue

   752      1,547   

Operating revenues

   76,946      76,915   

Provisions for loan losses

   (11,316   (15,341

Net operating revenues

   65,630      61,574   

Personnel salaries and expenses

   (18,277   (16,601

Administration expenses

   (11,719   (10,374

Depreciation, amortization and impairment

   (1,677   (1,735

Other operating expenses

   (2,960   (1,863

Net operating income

   30,997      31,001   

Income attributable to investments in other companies

   11      23   

Net loss from price-level restatement

   0      0   

Income before income taxes

   31,008      31,024   

Income taxes

   (4,742   (5,008

Income for the period

   26,266      26,016   


Press Release

Page 10 / 12

 

Consolidated Balance Sheets (unaudited)

 

 

 

(Expressed in millions of Chilean pesos)    Dec-09     Mar-10  

Assets

    

Cash and due from banks

   110,331      149,179   

Items in course of collection

   95,796      171,188   

Trading portfolio financial assets

   76,156      91,153   

Financial investments available-for-sale

   737,162      880,956   

Financial investments held-to-maturity

   —        —     

Investments purchased under agreements to resell

   51,970      107,277   

Derivative financial instruments

   126,140      129,014   

Loans and receivables to banks

   86,220      289,559   

Loans and receivables to customers

   5,011,655      5,053,129   

Allowance for loan losses

   (95,949   (97,400
            

Loans and receivables to customers, net

   4,915,706      4,955,729   

Investments in other companies

   3,583      3,583   

Intangibles

   13,630      12,858   

Premises and equipment, net

   55,212      54,898   

Income tax provision—current

   —        —     

Deferred income taxes

   19,841      17,760   

Other assets

   87,712      87,415   

Total Assets

   6,379,459      6,950,569   

Liabilities:

    

Deposits and other sight liabilities

   496,270      474,688   

Items in course of collection

   64,854      144,101   

Securities sold under agreements to resell

   465,513      736,041   

Deposits and other term liabilities

   3,316,045      3,590,544   

Derivative financial instruments

   114,703      112,971   

Borrowings from financial institutions

   362,403      368,163   

Debt instruments

   935,219      929,353   

Other financial obligations

   26,853      27,786   

Income tax provision—current

   7,831      9,898   

Deferred income taxes

   15,644      16,087   

Provisions

   53,118      35,118   

Other liabilities

   17,471      16,008   

Total Liabilities

    

Shareholders’ equity:

   5,875,924      6,460,758   

Capital

    

Reserves

   326,038      342,371   

Valuation gains (losses)

   25,054      14,865   

Retained earnings:

   (6,557   1,123   

Retained earnings from prior years

   116,445      116,445   

Profit for the period

   85,109      26,016   

Less: Accrual for mandatory dividends

   (42,554   (13,008

Minority Interest

     1,999   

Total Shareholders’ Equity

   503.535      489.811   

Total equity and liabilities

   6.379.459      6.950.569   


Press Release

Page 11 / 12

 

Selected Performance Ratios (unaudited)

 

 

 

      As of or for the three month
period ended
 
     Dec-09     Mar-10  

Solvency indicators

    

Basle index(5)

   12.53   13.28

Shareholders’ equity / total assets

   7.89   7.02

Shareholders’ equity / total liabilities

   8.57   7.55

Credit quality ratios

    

Risk index (Allowances / total loans )

   1.91   1.93

Provisions for loan losses / Total loans(1)

   0.90   1.21

Provisions for loan losses / Total assets(1)

   0.71   0.88

Provisions for loan losses / Gross operating income

   14.7   19.9

Provisions for loan losses / Net income

   43.1   59.0

Profitability ratios

    

Net interest revenue / Interest-earning assets(1)(2)

   4.03   3.40

Gross operating income / Total assets(1)

   4.82   4.43

Gross operating income / Interest-earning assets(1)(2)

   5.23   4.86

ROA (before taxes), over total assets(1)

   1.94   1.79

ROA (before taxes), over interest-earning assets(1)(2)

   2.11   1.96

ROE (before taxes)(1)

   24.6   25.4

ROA, over total assets(1)

   1.65   1.50

ROA, over interest-earning assets(1)(2)

   1.78   1.64

ROE(1)

   22,79   21,92

Efficiency ratios

    

Operating expenses / Total assets(1)

   2.17   1.76

Operating expenses/ Total loans(1)

   2.76   2.42

Operating expenses / Operating revenues

   45.0   39.7

Earnings

    

Diluted Earnings per share before taxes (Chilean pesos per share)

   0.1367      0.1367   

Diluted Earnings per ADR before taxes (U.S. dollars per ADR)

   1.3463      1.3052   

Diluted Earnings per share (Chilean pesos per share)

   0.1158      0.1147   

Diluted Earnings per ADR (U.S. dollars per ADR)

   1.1405      1.0945   

Total Shares Outstanding (Thousands)(4)

   226,906,772.0      226,906,772.0   

Peso exchange rate for US$1

   507.52      523.86   


Press Release

Page 12 / 12

 

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

 

 

This press release contains forward-looking statements, Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “forecast”, “target”, “project”, “may”, “will”, “should”, “could”, “estimate”, “predict” or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to Corpbanca concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release and Corp Banca does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

CONTACTS:

Eugenio Gigogne

CFO, Corpbanca

Santiago, Chile

Phone: (562) 660-2559

investorrelations@corpbanca.cl

John Paul Fischer

Investor Relations, CorpBanca

Santiago, Chile

Phone: (562) 660-2141

john.fischer@corpbanca.cl

Nicolas Bornozis

President, Capital Link

New York, USA

Phone: (212) 661-7566

nbornozis@capitallink.com

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-----END PRIVACY-ENHANCED MESSAGE-----