Corporate Presentation. As of March 31, Banco de Chile
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1 Corporate Presentation As of March 31, 2016 Banco de Chile
2 Chile: Macro Environment and Financial System
3 Economy Persistent below trend growth GDP (YoY %) ,5 4,2 Wage Bill & Retail Sales (YoY %) ,9 2,1 Source: Central Bank of Chile, IMF, National Statistics Institute. 1, e Wage Bill Retail Sales -2 feb-13 feb-14 feb-15 feb-16 IMF Forecasts (%) Employment Growth (YoY %) Expected 2016 Growth - WEO Reports apr/2015 oct/2015 apr/2016 World Advanced Economies Emerging Markets Chile Self-employed Salaried -4 feb-13 feb-14 feb-15 feb-16 3
4 Economy Inflation led by exchange rate Copper & Exchange Rate (CLP/USD and USD/lb, respectively) CLP Copper (right) 4,0 3,5 3,0 2,5 2,0 Tradable & Non Tradable CPI (YoY %) Tradables Non Tradables 450 1,5 abr-13 abr-14 abr-15 abr-16 Current Account (% GDP) ,7-1,2-1,3-3,6-3, Source: Bloomberg, Central Bank of Chile, National Statistics Institute. -2,1-2 feb-13 feb-14 feb-15 feb-16 Monetary Policy Rate (%) abr-13 abr-14 abr-15 abr-16 4
5 Substantial Growth Potential Low penetration in SMEs and personal banking Assets in the Chilean Financial System 1 % of GDP 2, as of December 2015 Banking System Loan Penetration 1 % of GDP Total Loans Assets Under Management 171% 202% 235% Consumer Mortgage Commercial 87% 13% 27% 60% 71% 19% 19% 38% 46% 56% 87% 114% 122% 130% GDP per Capita (US$ Thousands) 2 Banks Pension Funds Mutual Funds Source: Banco Central, SBIF, SAFP, AAFM, and SVS. 2.- Percentage of 3Q15 nominal GDP 1.- Source: The Economist Intelligence Unit as of Dec. 20, 2013, central banks and regulators. 2.- Source: IMF, WEO Oct (e) 3.- Source: Central Bank and SBIF, as of Dec
6 Solid and Profitable Banking Industry With sustained growth in loans of 2x GDP Growth mar-15 abr-15 may-15 jun-15 jul-15 ago-15 sep-15 oct-15 nov-15 dic-15 ene-16 feb-16 mar-16 Industry Loan Growth (Var. Nominal YoY) Net Income Variation (In billions of CLP) Commercial Consumer Mortgage Total Net Income ,0% 15,1% 15,9% 15,0% 15,2% Op. Income ,2% 9,4% 9,8% 7,8% 8,1% 9,9% 7,5% 7,7% 7,9% 10,7% 10,3% 9,2% 9,6% 9,0% 8,3% Risk Op.Expenses Taxes 219 Net Income Note: Excludes loans from subsidiaries abroad, Ripley Bank and Cencosud/Scotiabank Consolidation in Dec-13 and May-15 respectively. 6
7 Introduction to Banco de Chile
8 Snapshot of Banco de Chile A leading financial institution in profitability and soundness As of March 2016 US$47 billion in Assets US$28 billion in Total Deposits Highly Profitable and Strong Bank ROAE ,4% Rating S&P A+ US$4.1 billion in Equity BCI 17,6% A S&P: A+ Moody s: Aa3 (Strongest Private Bank in Latam) Santander CL 17,0% A Listed locally and internationally Corpbanca 13,8% BBB Source: SBIF and Bloomberg 8
9 Ownership Structure Attractive free float of 25.4% Free Float Evolution Simplified Ownership Structure As of December 2015 Pre Capital Increase ,1% 50.0% 50.0% Pre Capital Increase ,7% 26.2% 58.2% LQIF s Direct and Indirect Stake in Banco de Chile 51.1% Pre LQIF Secondary Offering ,6% Free Float SM-Chile 12.6% 100% SAOS Ergas Group Current 25.4% 25.4% 29.7% 6.0% Free Float 9
10 Diversified Business Model Focused on profitability in every segment we serve Total Loans As of December 31, 2015 Income Before Taxes As of December 31, % 8% 21% 52% US$34.7 bn 27% 41% US$876.5 mn 19% 18% 6% 5% 1 Subsidiaries Individuals and SMEs Consumer Finance Large Companies Corporate Treasury Note: CLP/US$ = as of December 31, Information in Chilean GAAP. 1.- Subsidiaries include Banchile Corredores de Bolsa S.A., Banchile Administradora General de Fondos S.A., Banchile Corredores de Seguros Ltda., Banchile Asesoría Financiera S.A., Banchile Securitizadora S.A., Promarket S.A., Socofin S.A. 10
11 Corporate Strategy Consistent and focused long term objectives Lead the Wholesale Business Lead the Retail Business Operational Excellence Service Quality Aligning People/ Culture/Strategy Building Strong Corporate Reputation 11
12 Lead the Retail and Wholesale Business Greater dynamism in middle-upper retail banking 2015 (Bn) YoY QoQ Retail 13, % 4.8% Mortgage 6, % 4.9% Commercial 3, % 3.6% Consumer: Middle & Upper Income 3, % 7.1% Consumer Finance % 1.6% Wholesale 11, % -0.8% Corporate 4, % 0.3% Large Companies 6, % -1.5% 7,1% 5,1% 5,2% 6,0% 3,8% 4,9% 2,4% 3,4% 3,7% 2,0% 2,3% 3,3% 2,0% 1,4% 0,7% 1,2% 0,2% -0,9% sep-14 dic-14 mar-15 jun-15 sep-15 dic-15 Total Loans 24, % 2.2% Commercial Consumer Mortgage 12
13 Service Quality & Aligning People/Culture/Strategy Customer service is Banco de Chile s first priority Service Quality Net Promoter Score, % 60,0 66,6 67,9 71, A bank that listens; that tailors its products and services to its customers; that adopts service industry best practices; that establishes emotional bonds based on experience, and that prioritizes closeness and customer satisfaction. Aligning People/Culture/Strategy Employee Development Workshops & Continual Training Courses 41 Country-wide events 80 Courses 6,585 Participants 1,800 Participants With a consistent culture recognized for its responsibility, ethics, transparency and respect for people and the environment; that attracts the best talent from each field of study; that is demanding with a passion for a job well done, and that offers opportunities for personal and professional growth. 13
14 Solid Competitive Position 14
15 Solid Competitive Position: Brand Strong brand recognition translates into high client attraction and retention Santander BCI Itau CorpBanca Santander BCI Itau CorpBanca Santander BCI Itau CorpBanca First Mention by Attribute % of Total Mentions, December 2015 Top of Mind Bank You Would Change to Security and Solvency 30% 25% 32% 16% 16% 3% 3% 9% 14% 4% 4% 10% 14% 2% 1% Source: Adimark GFK. Includes all brands from each institution. 15
16 Solid Competitive Position: Products and Services Leading market position in the products and services offered Total Loans Market Share, as of March 2016 Ranking 1,2 Product Mkt Share 1 st Commercial 17.8% 2 nd Consumer 21.3% 2 nd Mortgage 17.4% Commercial Loans Market Share, as of March ,1% 18,2% 12,9% 12,1% 17,8% 16,9% 13,9% 14,7% Santander BCI CB-Itaú Santander BCI CB-Itaú Net Fees and Commissions Market Share, as of March 2016 Assets Under Management Market Share, as of March ,6% 16,8% 15,6% 11,7% 20.9% 15.8% 13.4% 6.5% 6.3% Santander BCI CB-Itaú Santander BCI Security LV Source: SBIF, AAFM. 1.- Excludes subsidiaries outside Chile. 2.- Mortgage loan ranking excludes Banco Estado 16
17 Solid Competitive Position: Funding Diversified and stable funding base Liability Structure % Over Total Assets, as of March 2016 Demand Deposits Market Share %, as of March 2016 Financial Institutions 5% Equity 9% Other 8% Current Accounts and Demand Deposits 25% 23,1% 20,8% 15,0% 7,1% Debt Issued 19% Savings Accounts and Time Deposits 35% Wholesale 50% Wholesale 57% Retail 50% Retail 43% Cost of Funding 1 %, YTD December ,8% 2,8% 3,2% Santander BCI CB-Itaú 3,9% 4,2% BCI Santander CorpBanca Itaú Source: SBIF. Information in Chilean GAAP. 1.- Cost of funding is defined as the annualized sum of interest expenses divided by the sum of average balances of demand deposits, Repos, time deposits and savings accounts, borrowings from financial institutions, debt issued and other financial liabilities. 17
18 Solid Competitive Position: Risk Prudent and effective credit risk management Delinquency Ratio %, Past Due Loans 1 / Total Loans Coverage Ratio Allowances for Loan Losses / Past-Due Loans 1 2,66% 2,30% 1,20% 3,17% 2,95% 2,34% 2,07% 1,03% 0,97% 2,93% 2,39% 1,14% 2,81% 2,29% 1,25% 2,54% 2,48% 1,68% 1,75% 1,28% 1,22% 2,06 2,14 1,06 1,02 1,10 1,04 2,34 1,11 0,92 2,03 1,94 2,01 1,92 1,09 1,17 1,23 0,99 1,22 1,19 0,97 0, Mar Mar-16 Santander BCI Renowned risk management based on: Proven capacity for origination and structuring Solid follow-up and collection processes Senior management deeply involved Source: SBIF. Information in Chilean GAAP. 1.- Loans overdue 90 days or more, including overdue installments, as well as outstanding capital and interests. 18
19 Solid Competitive Position: Corporate Governance The foundation of our success Solid Corporate Governance Practices Successful Partnership with Citi Active Board involvement 11 board members (2 are independent) 5 risk committees, including weekly sessions of Loan Portfolio Committee 6 monthly business committees Best Practices in pursuant to NYSE and SEC standards Three active board members Growth of existing businesses Transactional and Multinational Banking, Treasury, Investment Banking, Consumer Finance International Connectivity provide us with significant growth potential to develop: International business opportunities Regional and multinational client development Best practices in internal management processes 19
20 Proven Value Creation Capabilities Distinguished in the local market Highest Profitability in the Local Industry Operating Margin ROAE YTD March ,7% 6,5% 19,2% 18,0% 14,5% Based on Superior Risk Management and Efficiency % Over Average Loans, YTD March ,9% 4,5% 4,2% Santander BCI CorpBanca Itau 2,9% Loan Loss Provisions Ratio %, Provisions for Loan Losses / Average Loans, YTD March ,1% 1,2% 0,9% 2,8% 0,9% Santander BCI CorpBanca Itau Santander BCI -7,2% CorpBanca Itau ROAA: 1.7% 1.5% 1.0% -0.5% 0.3% Source: SBIF Efficiency Ratio Operating Expenses / Operating Revenues, YTD March ,2% 43,9% 52,4% 76,8% 70,1% Santander BCI CorpBanca Itau 20
21 1Q16 Results 21
22 1Q16 BCH Results Banco de Chile maintains leadership in net income Quarterly Net Income & ROAE (In billions of CLP, %) Net Income (Market share in %, as of March 2016) 13.5% +2.8% ,1% 25,2% 25,0% 25,6% 27,9% 18% 26% 20% 21% 19% #1 #1 #1 #1 #1 1Q 2Q 3Q 4Q 1Q 1Q15 2Q15 3Q15 4Q15 1Q16 QoQ UF Q 2Q 3Q 4Q -0.02% 1.46% 1.46% 1.11% Q 0.71% 22
23 1Q16 BCH Results Strong growth in key business segments Total Loans (In billions of CLP) Loan Growth (In billions of CLP, %) Q16 YoY Retail 13, % Mortgage 6, % Commercial 3, % 1Q15 1Q16 Consumer: Middle & Upper Income 3, % Demand Deposits (In billions of CLP) 7,047 7,857 51% 50% Consumer: Credichile % Wholesale 10, % Large Companies 6, % Corporate 4, % Total Loans 24, % 49% 50% 1Q15 Retail 1Q16 Wholesale 23
24 1Q16 BCH Results Slowing system loan growth in line with economic trends Total Loans (Quarterly Loan Growth, Nominal) 4,0% 3,5% 2,4% 1,0% 0,0% 6,0% System 2,9% 2,2% 0,7% BCH Commercial Loans 0,4% 1,9% 3,4% 4,4% 7,1% 2,1% 0,2% Consumer Loans -0,2% 1Q15 2Q15 3Q15 4Q15 1Q16-0,9% -0,3% -1,7% 1Q15 2Q15 3Q15 4Q15 1Q16 Mortgage Loans 1,2% 1,0% 0,7% 1,0% 3,3% 2,2% 4,4% 6,0% 2,1% 1,5% 5,1% 5,2% 4,9% 4,1% 3,9% 3,9% 2,4% 2,0% 2,5% 1,6% 1Q15 2Q15 3Q15 4Q15 1Q16 1Q15 2Q15 3Q15 4Q15 1Q16 24
25 1Q16 BCH Results Strong focus on recovering lending spreads and non-lending revenues Quarterly Operating Income 1 (In billions of CLP) 7.7% Non-lending Revenues/Lending Revenues 2 (Times) 1,00 1, YoY 15.6% 7.4% 1Q15 Loan Spread Evolution (Over Avg. Daily Loans) 1Q % 3,12% 3,07% 2,93% 2,91% 2,88% 2,91% 2,92% 1Q15 2Q15 3Q15 4Q15 1Q16 Non-customer income Net Fees Customer Interest income 1Q15 2Q15 3Q15 4Q15 Jan-16 Feb-16 Mar Non-customer income Includes income from the contribution UF GAP position and treasury activities. 2.- Non Lending Revenues includes the contribution of deposits, fee income, income from treasury, income from subsidiaries, and other op. income. Lending Revenues includes income from loans. 25
26 1Q16 BCH Results Flat loan loss provisions despite weaker economic scenario Quarterly Loan Loss Provisions (In billions of CLP and LLP ratio in %) Non-performing Loans (NPLs / Total Loans, Individual basis, as of March 2016) 1,2% 1,1% 1,8% 1,2% 1,1% 2.5% 1Q15 2Q15 3Q15 4Q15 1Q16 Loan Loss Provisions Additional Provisions Variation in Loan Loss Provisions (In billions of CLP) 1.3% 1.7% 1.4% 3,3 9,9 12,7 1,1 65,4 64,8 BCH Santander BCI CorpBanca Source: SBIF. 26
27 1Q16 BCH Results Focus on process optimization and cost control Operating Expenses (In billions of CLP) Efficiency Ratio (Op. Expenses/Op. Revenues, %, as of March 2016) % ,3% 54,7% 46,9% 47,2% Q15 2Q15 3Q15 4Q15 1Q16 1Q15 2Q15 3Q15 4Q15 1Q16 Personnel Administration & Others BCH System 27
28 1Q16 BCH Results Banco de Chile continues to lead the Industry in main business indicators Operating Margin (Operating Income / Avg. Loans, as of March 2016) 6,7% 6,5% 5,9% 4,5% Loan Loss Provisions (LLP / Avg. Loans, as of March 2016) 1,1% 1,2% 0,9% 2,8% BCH Santander BCI CorpBanca Efficiency Ratio (Op. Expenses / Op. Income, as of March 2016) BCH Santander BCI CorpBanca ROAE (Net Income / Avg. Equity, as of March 2016) 47,2% 43,9% 52,4% 76,8% 19,2% 18,0% 14,5% BCH Santander BCI CorpBanca -7,2% BCH Santander BCI CorpBanca 28
29 Year-end Summarized Financial Statements 29
30 Yearly Financial Performance Summary Chilean GAAP Variation / 2014 Statement of Income (in billions of CLP) Net Interest Income ,059 1,245 1,219 (2.1)% Total Operating Revenue 1,224 1,342 1,456 1,646 1,646 (0.0)% Provisions for Loan Losses (125) (188) (242) (284) (303) 6.7% Total Operating Expenses (614) (634) (623) (715) (726) 1.6% Net income (5.4)% Balance Sheet (in billions of CLP) Total Loans 17,378 18,762 20,870 21,877 24, % Total Assets 21,741 23,261 25,934 27,646 31, % Total Equity 1,739 2,007 2,284 2,535 2, % Profitability Indicators Net Interest Margin % 4.62% 4.71% 5.15% 4.62% (53) bp Operating Margin % 6.41% 6.47% 6.81% 6.24% (57) bp ROAE - Return on Average Equity % 23.31% 21.30% 24.43% 21.41% (302) bp ROAA - Return on Average Assets % 2.09% 2.13% 2.25% 1.91% (34) Bp Credit Quality Provisions for Loan Losses/ Average Loans 0.79% 1.04% 1.23% 1.34% 1.32% (2) bp Non-Performing Loans / Total Loans 1.03% 0.97% 1.13% 1.25% 1.22% (3) bp Allowances for Loan Losses / Non-Performing Loans 2.1x 2.4x 2.0x 1.9x 2.0x 0.07x Operational Efficiency Operating Expenses / Operating Revenues 50.16% 46.26% 42.78% 43.41% 44.11% +70 bp Capital Ratios Total Regulatory Capital / Risk-weighted Assets 12.91% 13.22% 13.05% 13.32% 12.58% (74) bp Tier 1 Capital / Risk-weighted Assets 8.88% 9.69% 9.94% 10.39% 9.97% (42) bp Source: Banco de Chile, based on historical Financial Statements submitted to the SBIF and not including reclassifications. Information in Chilean GAAP. 1.- Annualized net interest income divided by average interest earning assets. The average balances for interest earning assets, including interest and readjustments, have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. 2.- Annualized net income (loss) divided by average equity. The average balances for equity have been calculated on the basis of our daily average balances. 3.- Annualized net income (loss) divided by average total assets. The average balances for total assets have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. 30
31 Forward-looking Information The information contained herein incorporates by reference statements which constitute forward-looking statements, in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. Such statements include any forecasts, projections and descriptions of anticipated cost savings or other synergies. You should be aware that any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties, and that actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, without limitations, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates, and operating and financial risks related to managing growth and integrating acquired businesses), many of which are beyond our control. The occurrence of any such factors not currently expected by us would significantly alter the results set forth in these statements. Factors that could cause actual results to differ materially and adversely include, but are not limited to: changes in general economic, business or political or other conditions in Chile or changes in general economic or business conditions in Latin America; changes in capital markets in general that may affect policies or attitudes toward lending to Chile or Chilean companies; unexpected developments in certain existing litigation; increased costs; and unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms. You should not place undue reliance on such statements, which speak only as of the date that they were made. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or to reflect the occurrence of unanticipated events. 31
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