Conference call

3Q 2020 Earnings review

Santiago, November 2nd, 2020

Gabriel Moura

Chief Executive Officer

Rodrigo Couto

Chief Financial Officer

Claudia Labbé

Head of Investor Relations

Macro Projections

GDP Growth - %

3.9

4.5

4.5

3.3

2.5

1.4

1.2

1.1

-5.5

-6.0

2017

2018

2019

2020(e)

2021(e)

Chile

Colombia

Inflation (CPI) - %

4.1

3.8

3.2

3.0

2.9

3.0

2.3

2.6

2.3

2.0

2017

2018

2019(e)

2020(e)

2021(e)

Chile

Colombia

Source: Central Bank of Chile, Central Bank of Colombia and Itaú's projections.(updated as of October 5, 2020).

Interest Rates (EOP) - %

4.8

4.3

4.3

2.5

2.8

1.8

2.0

2.0

0.5

0.5

2017

2018

2019

2020(e)

2021(e)

Chile

Colombia

Exchange rates - CLP/USD & CLP/COP

880

0.27

830

0.26

780

0.25

730

0.24

680

0.23

0.22

630

0.21

580

0.20

CLP/USD

CLP/COP

2

Financial Highlights

3

3Q20 About our quarter

Recurring

Consolidated

Ch$(10.1) billion

148.0%

Recurring

Consolidated

-2.1 %

6.4 p.p.

Net

Return on

Income

Chile

Ch$(13.7) billion

160.3%

Tangible

Chile

-4.0 %

10.5 p.p.

Equity (RoTE)

lower revenues

cost control:

cost of credit increased

in Chile

headcount reduction in Chile

in Chile

mainly due to lower revenues from

costs flat qoq adjusting for

mainly driven by additional provision

derivatives and financial margin with the

one-time increase in

in Chile in the consumer, mortgage and

market, which was impacted

severance costs due to restructuring

commercial portfolios due to possible

by lower inflation

COVID-19 impacts

6.7%

4.5%

Ch$45 bi

(yoy)

(headcount reduction qoq)

additional provision

4

3Q20 Loan growth

Total Loans

Commercial Loans1

14.8%

7.1%

8.1%

6.2%

below the market

in line with the market

Mortgage Loans

Consumer Loans

11.9%

above the market

8.6%

above the market

-9.9%

-12.5%

Itaú Corpbanca

Financial System

1 - Ex Student loans portfolio

5

3Q20 Financial margin with clients

Financial margin with clients

Ch$ billlion

-2.3%

-7.7%

161.3

152.5

144.0

146.9

140.8

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Annualized average rate

3.3%

3.0%

3.0%

3.0%

2.8%

2.8%

2.6%

2.5%

2.9%

2.9%

2.4%

2.2%

2.7%

2.5%

1.8%

1.6%

0.5%

0.5%

3Q'18

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Financial margin with clients

Average MPR

Change in Financial margin with clients

Ch$ billlion

Assets financial margin

Liabilities financial margin

Capital financial

0.7

2.5

0.7

1.1

margin

(4.2)

(0.8)

(6.0)

(5.7)

152.5

140.8

2Q'20

Portfolio mix

Volume

Spreads

Portfolio mix

Volume

Spreads

Commercial spreads

Capital financial

3Q'20

on derivatives and FX

margin

transactions with

clients

6

3Q20 Financial margin with the market

Quarterly evolution

UF 1 net exposure (Ch$ trillion)

In Ch$ billion

2.9

2.7

2.5

2.2

25.5

24.5

25.9

25.3

1.9

17.1

49.1

sept-19

dec-19

mar-20

jun-20

sept-20

30.0

UF - Unidad de Fomento1 (∆ value)

21.1

3.3

18.8

1.0%

0.9%

3Q'19

4Q'19

1Q'20

2Q'20

3Q´20

Financial Margin with the Market

1-year moving average

0.5%

0.3%

0.1%

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

1 - UF (Unidad de Fomento) is an official unit of account in Chile that is constantly

adjusted for inflation and widely used in Chile for pricing several loans and contracts.

7

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Itaú CorpBanca published this content on 11 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2020 13:58:06 UTC