SOURCE: Corpbanca

CorpBanca

February 28, 2011 16:05 ET

CorpBanca Announces Fourth Quarter 2010 Financial Results and Conference Call on Tuesday, March 1st, 2011

SANTIAGO, CHILE--(Marketwire - February 28, 2011) - 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 fourth quarter ended December 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 December 31, 2010 exchange rate of Ch$ 467.78 per U.S. dollar.

Financial Highlights

Net income for 2010 reached Ch$ 119,043 million, an increase of 40% when compared to 2009.

The increase of net income in 2010 is mainly explained by:

--  16% Increase in net interest revenue
--  35% Increase in fees and income from services
--  26% decrease in provision for loan losses

CorpBanca ended 2010 with a total loans market share of 7.3%, increasing 3 bps compared to previous year, and continuing to be the fourth major private bank in Chile.

Mario Chamorro, CEO

"2010 was an impressive year for CorpBanca. We increased our net income by 40%, which is 10% higher than the industry average. We continued increasing our total loans, especially mortgage loans which grew more than 28% in 2010. We have consolidated our wholesale model business and made necessary structural changes to our retail banking that will allow us to continue growing in the next years. This explains the decision of our shareholders to place trust in the bank's management and our potential growth by deciding to increase the bank's capital in 2011, issuing new shares.

"We expect that our current strategy in addition to our new capital will help CorpBanca become the leader of the Chilean banking industry."

General Information

Market Share

                 2006    2007    2008    2009    2010
                -----   -----   -----   -----   -----
Total Loans     3,556   4,317   4,944   5,012   5,469
Market Share     6,31%   6,82%   7,04%   7,27%   7,30%

We continued increasing our market share in 2010, although the increase was lower than previous year's.

CorpBanca continues as the fourth private bank in total loans.

Total loans increased 9% in 2010. This is explained by an increase of 6.7% in commercial loans, 28% in mortgage loans, and a decrease of 4.8% in consumer loans.

Net Income (12 months trailing)

Dec-06  Dec-07  Dec-08  Dec-09  Mar-10   Jun-10   Sep-10   Dec-10
------  ------  ------  ------  ------  -------  -------  -------
39.104  51.049  56.310  85.109  97.391  106.825  118.606  119.043

The bank net income has strongly increased since the beginning of 2009. These results come from designing and implementing strategies that we consider consistent with future growth and earnings.

Our net income for 2010 was Ch$ 119.043 million, an increase of 40% compared to 2009.

The chart shows our 12-month trailing net income evolution.

ROE - ROA

ROE
                2006    2007    2008    2009    2010
                ----    ----    ----    ----    ----
CorpBanca        9,9    11,8    12,4    18,5    25,0
Industry        18,6    16,2    14,2    16,5    20,7

ROA
                2006    2007    2008    2009    2010
                ----    ----    ----    ----    ----
CorpBanca       1,07    1,10    0,91    1,33    1,67
Industry        1,26    1,12    0,96    1,20    1,45

Our ROE and ROA have been continuously improving in recent years. We have been ahead of the industry average since last year and we continued that trend in 2010.

In 2010, our ROE reached the highest level in our history, ending this year over 25%. Our ROA shows the same situation.

The success of our corporate wholesale model, improvements in our retail segments, and better macro-economic conditions primarily explain this year's positive figures.

Risk Index

                2008    2009    2010
                ----    ----    ----
CorpBanca       1,46    1,91    1,95
Industry        1,79    2,43     2,5

Consistent to one of our core strategies, CorpBanca presents one of the lowest risk index (Provision for loan losses/Total loans) in the industry.

Our risk index only increased by 4 basis points; we maintained a low risk portfolio.

Efficiency Index

                 2008    2009    2010
                -----   -----   -----
CorpBanca       46,09   38,96   38,10
Industry        49,87   44,58    45,9

Operational efficiency is also a core component of CorpBanca's strategy. The chart illustrates how our efficiency ratio has been improving in the last 3 years -- we are a leader in the Chilean market.

Our low operational cost is based on a cost control culture that allows the bank to compete in the Chilean market with high profits.

Basel Index

                2008    2009     2010
                ----    ----    -----
Basel Index     10,8    13,9    13,43
Tier one         9,1     9,5      8,9

In November 2009, we issued subordinated bonds as tier 2 capital in order to increase our index above 13%. In 2010 we continued having a Basel Index over 13%.

The increase of equity that the bank is planning for 2011 will strengthen our capital position and significantly increase our Basel Index.

Branches - ATM - Employees

                 2006    2007    2008    2009    2010
                -----   -----   -----   -----   -----
Branches           92     101     106     107     113
ATM               102     102     205     324     382
Employees       2,389   3,116   3,083   3,311   3,422

In 2010 we increased the number of our high and mid income retail banking branches, while decreasing our branches of Banco Condell.

The total number of ATMs increased by 18% in 2010, mainly due to the installation of ATMs in SMU supermarkets. SMU is the third most important supermarket chain in Chile; the Saieh family are the controlling shareholders.

Our number of employees has increased by 3% in 2010. This follows our strategy of focusing on customer satisfaction and in offering more sophisticated products to our clients without increasing our cost.

Management's Discussion and Analysis

I) Financial Performance Review

                         For three month
Ch$ million               period ended             For the year ended
                    -------------------------  ---------------------------
                   Sep - 10  Dec - 10  Change    2009      2010    Change

Net interest revenue 53,415   55,502    2,087   193,388   224,410   31,022
Fees and Income
 from services net   15,105   13,883   (1,222)   43,261    58,221   14,960
Treasury Business    18,643     (711) (19,354)   54,198    35,201  (18,997)
Other revenue         1,418    5,223    3,805     5,087     8,832    3,745
Total operating
 revenue             88,581   73,897  (14,684)  295,934   326,664   30,730
Provision for loan
 losses             (14,070)  (6,184)   7,886   (68,855)  (51,187)  17,668
Operating expenses  (33,219) (38,338)  (5,119) (126,388) (138,072) (11,684)
Income attributable
 to inv  in other
 comp.                    -       12       12       445       296     (149)
Net Income before
 taxes               41,329   29,807  (11,552)  101,136   138,678   37,542
Income taxes         (5,299)  (3,104)   2,195   (16,027)  (19,635)  (3,608)
Net Income           36,030   26,703   (9,327)   85,109   119,043   33,934

Net income

Net income increased by Ch$ 33,934 in 2010. This is mainly explained by an increase in Net Interest Revenues of 16%, an increase in Fees and Income from Services of 35%, a decrease in Provision for Loan Losses of 26%. These growths were offset by a decrease in our Treasury Business of 35% and an increase in Operating Expenses of 10%.

Net interest revenue

Net interest revenues increased by 16% in 2010. This is mainly explained by two reasons. First our total productive assets increase by 10%, while the spread remains similar to 2009. At the same time, we benefited from our financial gap strategy, consistent of a long position in UF denominated assets. In fact, while the UF (according to inflation) varied 2.4% in 2010, during 2009 this change was negative (-2.4%).

Fees and income from services

                                    For three month
Ch$ million                          period ended       For the year ended
                                 --------------------  --------------------
                                 Sep-10 Dec-10 Change   2009   2010  Change

Bank(*)                           9,118  7,907 (1,211) 25,129 32,017  6,888
Mutual Fund Management and
 Securities Brokerage Services    3,287  2,123 (1,164)  8,102 11,080  2,978
Insurance Brokerage               2,055  1,771   (285)  6,860  7,898  1,038
Financial Advisory Services         222  1,574  1,352   1,940  5,587  3,647
Legal Advisory Services             422    509     87   1,230  1,640    410
Total                            15,105 13,884 (1,222) 43,261 58,221 14,960

(*) includes consolidation adjustments

Fees and Income from services increased by 35%. This increase is explained by services provided.

The increase of Ch$ 7 billion in fee revenues from banking operations during 2010 was explained by our corporate banking group and high and mid income retail banking group, that increased 21% and 40% respectively The increase of our traditional retail banking is explained by the bank's strategy to focus for higher income clients that usually consume products with higher fees. However this increase was offset by a decrease from Banco Condell (our low income retail banking) of 27%, due to our effort to re-adequate the Banco Condell loan portfolio and pricing strategies.

Fees from securities brokerage services increased by 22% in 2010, due to a significant increase in the number of customers, the launching new services such as Pershing, that allows clients to invest abroad, and other new services focused on corporate needs; in addition, fees from mutual fund management increased by 17%, due to the return of the funds where the fees are proportional to the size of the fund, movements from money market funds to other funds with higher fees, and the creation of new funds.

Our insurance brokerage fees increased by 15% during 2010. This business is primarily associated to our retail operations, especially our mortgage loans, where we offer insurances related to earthquakes or fires. This year our mortgage loans increased in 28%, that explains an important amount of the increase in our insurance brokerage fees.

Our financial advisory services fees increased by Ch$ 3,647 million during 2010. This is explained by the success of our wholesale corporate banking model which allows us to reach a high number of customers and provide to them more sophisticated financial solutions, delivered through our financial advisory services.

Trading and investment

                           For three month
Ch$ million                 period ended            For the year ended
                      -------------------------  -------------------------
                      Sep-10    Dec-10   Change    2009     2010    Change
Trading and
 investment income:
Trading instruments     1,151    1,665      513    2,612    6,855    4,243
Derivatives
 held-for-trading     (17,975) (20,049)  (2,074) (26,123) (14,327)  11,796
Available-for-sale
 investments and
 other                    870   (1,340)  (2,210)  27,020   (1,938) (28,958)
Total trading and
 investment income    (15,953) (19,724)  (3,771)   4,563   (9,409) (13,972)
                                                                         -
Net foreign exchange
 transactions          34,598   19,012  (15,586)  49,635   44,610   (5,025)
                                                                         -
Net gains (losses)
 from treasury
 business              18,645     (712) (19,356)  54,198   35,201  (18,997)

Total income from our trading and investment business in 2010 decreased by Ch$ 18.9 billion as compared to 2009.

CorpBanca covers through derivatives all its positions in foreign currency to avoid any currency risk, so the final number of foreign exchange transactions will be mainly offset by the number of derivatives held for trading.

Derivatives and financial securities that may provide effective economic hedges for managing risk positions are treated and reported as trading, due to local regulatory restrictions.

Trading and investment income primarily includes results from our securities portfolio for trading purpose (marked-to-market adjustments, gains and losses from sales), gains and losses from our derivative trading portfolio, and gains and losses from securities portfolio 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.

The gains or losses from our treasury division are not completely expressed in this part of our statements of income. The other component is included in our net interest margin.

Provision for loan losses

                             For three month
Ch$ million                   period ended           For the year ended
                        ------------------------  ------------------------
                         Sep-10   Dec-10  Change    2009     2010   Change

Commercial, net          (7,564)  (6,958)    606  (29,238) (27,117)  2,121
Mortgage, net              (206)  (1,036)   (830)  (1,861)  (3,132) (1,271)
Consumer, net            (5,965)  (6,303)   (339) (37,756) (27,638) 10,118
Net charge to income    (13,727) (14,472)   (745) (68,855) (58,068) 10,787

Our expenses for provision for loan losses during 2010 was Ch$ 58 billion, a decrease of 15.6% as compared to 2009.

Provisions for loan losses decreased despite the increase in total loans due to an improvement in our asset quality. Our mortgage loans had an increase of 28% during 2010, which explains why their provision for loan losses increased. Better economic conditions, lower unemployment and a previous year affected by a global financial crisis are the main factors that explain the decrease in provision for loan losses.

Operating expenses

                               For three month
Ch$ million                      period ended         For the year ended
                             ---------------------  -----------------------
                             Sep-10  Dec-10 Change    2009    2010   Change

Personnel salaries expenses  17,643  19,336  1,693   65,733  71,034   5,301
Administrative and other
 expenses                    11,867  11,843    (24)  44,592  46,793   2,201
Depreciation, amortization
 and impairment               1,796   1,865     69    6,310   7,117   6,486
Other operating expenses      1,913   5,294  3,381    9,753  13,128   3,375
Total operating expenses     33,219  38,338  5,119  126,388 138,072  11,684

Total operating expenses increased by 9.2% in 2010. Personnel salaries increased by 8%, mainly due to an increase in salary payments of 11% and bonus payments of 8%. Our total number of employees increased 3.3% in 2010. Administrative and other expenses increased by 5%, mainly as a result of an increase in leased branches, surveillance cost, and insurance cost. Most of the contracts that the bank has are denominated in UF, which increased 2.4% in 2010, so this also explains the increase in administrative expenses.

The decrease of other operating expenses is explained by a decrease in additional provisions for loan losses.

II) Assets and liabilities

Loan portfolio

                                                        Quarterly  Annual
Ch$ million                Dec - 09  Sep - 10  Dec - 10  Change    Change
                          --------- --------- --------- --------  --------
Wholesale                 3,776,871 4,001,617 4,029,231   27,614   252,360
Commercial                3,193,990 3,398,647 3,421,104   22,457   227,114
Foreign trade               233,477   270,396   260,976   (9,420)   27,499
Leasing and Factoring       349,405   332,574   347,151   14,577    (2,254)
Retail                    1,234,784 1,345,513 1,439,954   94,441   205,170
Consumer                    428,049   406,302   407,315    1,013   (20,734)
Housing mortgages           806,735   939,211 1,032,639   93,428   225,904
Total loans               5,011,656 5,347,130 5,469,185  122,055   457,529

Our total loans portfolio increased 9.1% in 2010. The Chilean market increased by 8.7% in the same period.

Our market share increased slightly by 3 bps during the year, going from 7.27% in 2009 to 7.30% in 2010. For corporate and commercial loans, our market share was almost the same, going from 8.85% in 2009 to 8.83% in 2010, thereby corroborating the importance of CorpBanca in the Chilean corporate sector.

Our retail loans increased by 16% in 2010. This is explained by the increase of 28% in mortgage loans, while the system increased by 11.6% during the same period. This increase was offset by a decrease in consumer loans of 4.8% for 2010. This decrease is attributed to our low income consumer division (Banco Condell) that is going through the process of restructuring its portfolio with higher quality loans and concentrating clients with lower risk.

Securities Portfolio

                                                          Quarterly  Annual
Ch$ million                        Dec-09  Sep-10  Dec-10   Change   Change
                                   ------- ------- ------- -------- -------
Trading portfolio financials
 assets                             76,156 152,263 197,580   45,317 121,424
Financial investments
 available-for-sale                737,162 676,159 746,248   70,089   9,086
Financial investments
 held-to-maturity                        -       -       -        -
Total financial investments        813,318 828,422 943,828  115,406 130,510

Our securities portfolio consists of trading and available-for-sale securities. Trading securities correspond to financial instruments acquired to generate gains from short-term price fluctuations or brokerage margins. 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 for which the Bank has the capacity and intent to hold until maturity. Currently, we do not have held-to-maturity investments. 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.

Funding strategy

                                                        Quarterly  Annual
Ch$ million                Dec - 09  Sep - 10  Dec - 10  Change    Change
                          --------- --------- --------- --------  --------
Checking accounts           328,078   373,441   405,301   31,860    77,223
Other non-interest
 bearing deposits           168,191   215,315   206,763   (8,552)   38,572
Time deposits and savings
 accounts                 3,316,045 3,507,104 3,700,454  193,350   384,409
Repurchase agreements       465,514   146,668   189,350   42,682  (276,164)
Mortgages bonds             271,430   241,174   226,451  (14,723)  199,308
Banking bonds               410,473   505,285   700,570  195,285   290,097
Subordinated bonds          253,316   254,291   288,414   34,123    35,098
Domestic borrowings           5,309   138,720    66,800  (71,920)   61,491
Foreign borrowings          357,094   474,853   460,552  (14,301)  103,458

Our current funding strategy is to continue focusing on diversification utilizing all sources of funding in accordance with their costs, their availability, and our general asset and liability management strategy. On July 29, 2010, we entered into a U.S.$167.5 million senior unsecured syndicated term loan facility with BNP Paribas, as Administrative Agent, and BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commerzbank Aktiengesellschaft, Standard Chartered Bank and Wells Fargo Securities, LLC, as Lead Arrangers and Book-Runners. The proceeds of the loan were used mainly to fund our lending activities and for general corporate purposes. On August 1, 2010, we implemented a local bond program for a maximum amount of UF 150 million at any time outstanding. Under the local bond program, we are capable of issuing two types of securities: (i) senior bonds, for a total amount of UF 100 million, divided in 28 series (from AB to AZ and from BA to BC), with a maturity ranging between 3 to 30 years and an interest rate of 3%, and (ii) subordinated bonds, for a total amount of UF 50 million, divided in 16 series (from BD to BS), with a maturity ranging between 20 to 35 years and an interest rate of 4%. For all the series of bonds that could be issued under the local bond program, the amortization of capital will be made in full at maturity. The objective of the local bond program is to structure CorpBanca's future issuances of debt in a way that provides for diverse alternatives of placements in order to efficiently manage its outstanding indebtedness. To date, CorpBanca has not issued bonds under the local bond program. On November 3, 2010, we issued US$178.1 million in Reg S notes in the international market.

Shareholders' Equity

We are the 4th largest private bank in Chile, based on our shareholders' equity of Ch$ 535 billion and loans of Ch$ 5,469 billion as of December 31, 2010. We have 226,909,291 thousand shares outstanding and a market capitalization of Ch$ 1,972 billion (based on a share price of Ch$ 8.69 pesos per share) as of December 31, 2010.

III) Other Related Information

Increase of CorpBanca Equity

The extraordinary shareholders meeting held on January 27, 2011, decided to approve the proposal of the Board to make a capital increase which will occur through the issuance of 40,042,815,984 shares for payment, representing 15% of the total new equity, to be subscribed and paid in the price, terms and other conditions determined by the Board.

The Board adopted the agreement in question in order to strengthen the plan for growth and investment of the Bank and take advantage of future commercial opportunities.

CorpBanca's Conference Call on Fourth quarter 2010 Results on Tuesday, March 1, 2011

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

Time:               12:00 am (Santiago, Chile)
                    10:00 am EST (US)
                    15:00 pm (UK)

Call Numbers:       U.S.A. participants please dial    1866 819 7111
                    Outside the US please dial         +44 1452 542 301
                    UK participants please dial        0800 953 0329

Chairperson:        John Paul Fischer, Head of Investor Relations
                    You should dial in 10 minutes prior to the
                    commencement of the call.

For your convenience, a 24 hour instant replay facility will be available, following the completion of the conference call, until Monday, March 7, 2011.

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 "FOURTH 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.

To listen to the replay, please call:
Instant Replay Number   U.S.A.:  1866 247 4222      Access Code:  2339939#
Instant Replay Number   OTHER:   +44 1452 550 000   Access Code:  2339939#
Instant Replay Number   U.K.:    0800 953 1533      Access Code:  2339939#




              Consolidated Statements of Income (unaudited)

                                      For the three
                                       months ended     For the year ended
                                    ------------------  ------------------
(Expressed in millions of Chilean
 pesos)                              Sep-10    Dec-10    Dec-09    Dec-10

OPERATING INCOME
Interest revenue                      99,158   102,239   314,115   387,639
Interest expense                     (45,743)  (46,737) (120,727) (163,229)
Net interest revenue                  53,415    55,502   193,388   224,410
Fees and income from services, net    15,105    13,883    43,261    58,221
Trading and investment income, net   (15,954)  (19,725)    4,563    (9,410)
Foreign exchange gains (losses), net  34,597    19,014    49,635    44,611
Other operating revenue                1,418     5,223     5,087     8,832
Operating revenues                    88,581    73,897   295,934   326,664
                                                               -
Allowances for loan losses           (14,070)   (6,184)  (68,855)  (51,187)
                                                               -
Net operating revenues                74,511    67,713   227,079   275,477
                                                               -
Personnel salaries and expenses      (17,643)  (19,336)  (65,733)  (71,034)
Administration expenses              (11,867)  (11,843)  (44,592)  (46,793)
Depreciation, amortization and
 impairment                           (1,796)   (1,865)   (6,310)   (7,117)
Other operating expenses              (1,913)   (5,294)   (9,753)  (13,128)
                                                               -
Net operating income                  41,292    29,375   100,691   137,405

Income attributable to investments
 in other companies                        -        12       445       296
Non-controlling interest                  37       420         -       977

Income before income taxes            41,329    29,807   101,136   138,678
Income taxes                          (5,299)   (3,104)  (16,027)  (19,635)
Income for the period                 36,030    26,703    85,109   119,043





                 Consolidated Balance Sheets (unaudited)

(Expressed in millions of Chilean pesos)     Dec 09     Sep 10     Dec 10
Assets
 Cash and due from banks                     110,331    112,680    202,339
 Items in course of collection                95,796    263,280     79,680
 Trading portfolio financial assets           76,156    152,263    197,580
 Financial investments available-for-sale    737,162    676,159    746,248
 Financial investments held-to-maturity            -          -          -
 Investments purchased under agreements to
  resell                                      51,970     25,764     75,676
 Derivative financial instruments            126,140    200,451    204,067
 Loans and receivables to banks               86,220     42,967     63,998
Loans and receivables to customers         5,011,656  5,347,129  5,469,184
Allowance for loan losses                    (95,950)  (103,993)  (106,606)
                                           ---------  ---------  ---------
 Loans and receivables to customers, net   4,915,706  5,243,136  5,362,578
 Investments in other companies                3,583      3,583      3,583
 Intangibles                                  13,630     12,596     13,096
 Premises and equipment, net                  55,212     54,009     53,430
 Income tax provision - current                    -        805        131
 Deferred income taxes                        19,841     19,611     25,417
 Other assets                                 87,712     94,673     98,266
Total Assets                               6,379,459  6,901,977  7,126,089

Liabilities:
 Deposits and other sight liabilities        496,270    588,756    612,064
 Items in course of collection                64,854    238,918     41,525
 Securities sold under agreements to
  resell                                     465,513    146,668    189,350
 Deposits and other term liabilities       3,316,045  3,507,104  3,700,454
 Derivative financial instruments            114,703    169,817    175,261
 Borrowings from financial institutions      362,403    588,484    503,692
 Debt instruments                            935,219  1,000,750  1,215,435
 Other financial obligations                  26,853     25,089     23,660
 Income tax provision - current                7,831     10,695      7,299
 Deferred income taxes                        15,644     16,539     21,244
 Allowances                                   53,118     72,483     79,747
 Other liabilities                            17,471     21,619     20,998
Total Liabilities                          5,875,924  6,386,922  6,590,729
 Shareholders' equity:
 Capital                                     326,038    342,379    342,379
 Reserves                                     25,054     26,406     26,406
 Valuation gains (losses)                     (6,557)    (7,190)    (2,758)
 Retained earnings:
  Retained earnings from prior years         116,445    104,907    106,869
  Profit for the period                       85,109     92,340    119,043
  Less: Accrual for mandatory dividends      (42,554)   (46,170)   (59,522)
 Minority Interest                                 -      2,383      2,943
 Total Shareholders' Equity                  503,535    515,055    535,360
Total equity and liabilities               6,379,459  6,901,977  7,126,089





                  Selected Performance Ratios (unaudited)

                As of or for the three month
                        period ended               For the year ended
                ----------------------------  ----------------------------
                    Sep-10         Dec-10          2009           2010
Solvency indicators

Basel index(5)          12.82%         13.43%         13.92%         13.43%
Shareholders'
 equity / total
 assets                  7.46%          7.51%          7.89%          7.51%
Shareholders'
 equity / total
 liabilities             8.06%          8.12%          8.57%          8.12%

Credit quality
 ratios
Risk index
 (Allowances /
 total loans)            1.94%          1.95%          1.91%          1.95%
Allowances for
 loan losses /
 Total loans(1)          1.05%          0.45%          1.37%          0.94%
Allowances for
 loan losses /
 Total assets(1)         0.82%          0.35%           1.1%          0.72%
Allowances for
 loan losses /
 Gross operating
 income                  15.9%           8.4%          23.3%          15.7%
Allowances for
 loan losses /
 Net income              39.1%          23.2%          80.9%          43.0%

Profitability
 ratios
Net interest
 revenue /
 Interest-earning
 assets(1)(2)            3.51%          3.49%          3.28%          3.53%
Gross operating
 income / Total
 assets(1)               5.13%          4.15%          4.64%          4.58%
Gross operating
 income /
 Interest-earning
 assets(1)(2)            5.82%          4.65%          5.03%          5.14%
ROA (before taxes),
 over total
 assets(1)               2.39%          1.67%          1.59%          1.95%
ROA (before
 taxes), over
 interest-earning
 assets(1)(2)            2.71%          1.88%           1.7%          2.18%
ROE (before
 taxes)(1)               32.1%          22.3%         20.09%          25.9%
ROA, over total
 assets(1)               2.09%          1.50%          1.33%          1.67%
ROA, over
 interest-earning
 assets(1)(2)            2.36%          1.68%          1.45%          1.87%
ROE(1)                  30.71%         22.45%         18.46%         25.02%

Efficiency ratios
Operating
 expenses /
 Total assets(1)         1.93%          2.15%          1.98%          1.94%
Operating
 expenses/
 Total loans(1)          2.48%          2.80%           2.5%          2.52%
Operating
 expenses /
 Operating
 revenues                35.3%          44.7%          42.7%          42.3%

Earnings
Diluted Earnings
 per share before
 taxes (Chilean
 pesos per share)      0.1820         0.1314         0.4542         0.4457
Diluted Earnings
 per ADR before
 taxes (U.S.
 dollars per ADR)      1.8648         1.4041         4.4750         4.7641
Diluted Earnings
 per share (Chilean
 pesos per share)      0.1586         0.1177         0.3822         0.5246
Diluted Earnings
 per ADR (U.S.
 dollars per ADR)      1.6255         1.2579         3.7658         5.6076
Total Shares
 Outstanding
 (Thousands)(4) 226,909,290,6  226,909,290,6  222,662,374,3  226,909,290,6
Peso exchange
 rate for US$1         547.10         467.78         507.52         467.78

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 CorpBanca 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.

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