-- 16% Increase in net interest revenue -- 35% Increase in fees and income from services -- 26% decrease in provision for loan lossesCorpBanca 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 97.391 106.825 118.606 119.043The 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.
Contact Information: 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