Banco Itaú Chile : Itaú Chile’s results as of and for the ten-month periods ended October 31, 2023 and 2022 - Form 6-K
November 13, 2023 at 05:06 pm EST
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Banco Itaú Chile and subsidiaries
As of and for the ten-month periods ended October 31, 2023 and 2022
The financial information of Banco Itaú Chile as of and for the ten-month periods ended October 31, 2023 and 2022 has been published on our website in accordance with Circular No 18 of the Chilean Commission for the Financial Market (or "CMF") dated September 1st, 2008. The unaudited financial information included herein has been prepared in accordance with the Compendium of Accounting Standards issued by CMF pursuant to Chilean Generally Accepted Accounting Principles (Chilean GAAP), which conform with the international standards of accounting and financial reporting issued by the International Accounting Standards Board (IASB) to the extent that there are not specific instructions or regulations to the contrary issued by the CMF.
Commencing on January 1, 2022, we have implemented the regulatory changes put in place by the new accounting standards compendium issued by the CMF.
CONDENSED CONSOLIDATED BALANCE SHEET
In Ch$ million
Oct'23
Oct'22
Total loans
27,422,388
27,211,272
Total assets
42,941,628
41,282,486
Deposits and other demand liabilities
5,494,352
6,026,698
Time deposits and other time liabilities
13,584,719
12,258,551
Interbank borrowings
5,232,202
5,101,481
Debt and regulatory capital instruments issued
8,070,225
7,520,795
Equity
3,632,204
3,324,166
Total equity attributable to equity holders of the Bank
3,628,910
3,321,254
Non-controlling interest
3,294
2,912
YTD CONSOLIDATED INCOME STATEMENT
With reclassification of financial hedges1
In Ch$ million
10M'23
10M'22
10M'23
10M'22
Net operating profit before provision for loan losses 2
1,247,251
1,306,527
1,208,102
1,217,928
Loan losses expenses 3
(271,616)
(249,886)
(271,616)
(249,886)
Total operating expenses 4
(613,885)
(605,883)
(613,885)
(605,883)
Operating income
361,750
450,758
322,601
362,159
Income from investments in companies
3,662
3,335
3,662
3,335
Operating income before income taxes
365,412
454,093
326,263
365,494
Income taxes
(58,609)
(58,493)
(19,460)
30,106
Consolidated income for the period
306,803
395,600
306,803
395,600
Net income attributable to holders of the Bank
306,785
395,559
306,785
395,559
Non-controlling interest
18
41
18
41
1- Includes the reclassification of foreign exchange gain or loss generated by hedge positions that neutralize the impacts of exchange rate variation on the fiscal value of our investments abroad.
2- Net operating profit before provision for loan losses includes $60,725 million corresponding to the up-front payment received for the granting of the right to exclusive access to Cardif to the bank's distribution channels, the implementation of which was completed in April 2023.
3- Includes $8,100 million of additional provisions established during the ten-month period ended October 31, 2023 ($46,668 million established during the ten-month period ended October 31, 2022).
4- Includes $4,946 million of restructuring provision ‒ associated to non-recurring expenses related to the operational and digital transformation in Chile, from which $3,701 million were established in the month of April 2023, and $1,245 million in the month of October 2023. ($8,351 million of restructuring provision ‒ associated to non-recurring expenses related to the operational and digital transformation in Colombia - established in the month of May 2022).
This financial information shall be considered provisional until the official figures are published by the Commission for the Financial Market.
Banco ITAÚ Chile published this content on 13 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 November 2023 22:05:25 UTC.
Banco Itau Chile is a Chile-based financial institution (the Bank) engaged in the banking sector. The Bank operates in seven segments: Large, Corporate and Real Estate Companies, which includes companies that belong to major economic groups and specific industries; Companies, which includes leasing, factoring and other financial services for business customers; Traditional and Private Banking, which offers checking accounts, consumer loans, credit cards and mortgage loans; Lower Income Retail Banking, corresponding to operations of Banco Condell, which offers consumer loans, credit cards and mortgage loans; Treasury and International, which comprises treasury activities, such as financial management and funding; Non-Banking Financial Services, which provides services rendered by its subsidiaries, including insurance brokerage, financial advisory and securities brokerage, and Colombia, which includes commercial and retail banking services provided by CorpBanca Colombia and Helm Bank.