SOURCE: Corpbanca


August 23, 2013 00:57 ET

CorpBanca Announces Second Quarter 2013 Financial Report

SANTIAGO, CHILE--(Marketwired - Aug 23, 2013) -  CORPBANCA (NYSE: BCA) (BCS: CORPBANCA), a Chilean financial institution offering a wide variety of corporate and retail financial products and services, today announced its financial results for the first quarter ended June 30, 2013. This report is based on unaudited consolidated financial statements 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 internal exchange rate as of June 30, 2013 of Ch$507.89 per U.S. dollar. Industry data contained herein has been obtained from the information provided by the Superintendency of Banks and Financial Institutions ("SBIF").

Financial Highlights

In 2Q 2013, Net Income attributable to shareholders totalled Ch$43,717 million (Ch$0.128 per share and US$0.379 per ADR), resulting in a 55.4% increase when compared to 2Q 2012 (YoY) and in a 51.6% increase when compared to 1Q 2013 (QoQ). The increase mainly reflects (i) a lower funding cost that offset a negative inflation (measured as the variation of the UF) in Chile in the quarter: -0.07% in 2Q 2013 vs. 0.13% in 1Q 2013; and (ii) also a remarkable performance of CorpBanca Colombia with an increase of 30.7% YoY.

Total loans (excluding interbank and contingent loans) reached Ch$10,507 billion as of June 30, 2013, allowing CorpBanca to achieve a market share of 10.0%, a decrease of 12.3bp YoY and an increase of 8.4bp QoQ. CorpBanca continues to be the fourth largest private bank in Chile in terms of loans and deposits.

During 2Q 2013:
Net operating profit increased by 31.2% QoQ and increase 64.7% YoY;
Net provisions for loan losses increase by 38.2% QoQ and 57.8% YoY; and
Total operating expenses increase by 15.9% QoQ and 48.0% YoY.

Mr. Fernando Massú, CEO

In recent days, after receiving the required regulatory authorizations from the relevant regulatory agencies in Chile, Colombia, Panamá and the Cayman Islands, CorpBanca acquired control over Helm Bank S.A. through its subsidiary Banco CorpBanca Colombia. Through this acquisition and the planned merger of Helm Bank S.A. with and into CorpBanca Colombia, CorpBanca consolidates its Colombian operations.

CorpBanca's CEO, Fernando Massú, indicated that "with this new transaction, CorpBanca is reaffirming its long-term commitment to the Colombian market."

Also, Mr. Massú said: "Colombia is a market with huge potential and broad space for growth in banking business. Many local investors are investing in the country and we want to help our clients in these projects, long-term relationships with individuals and companies in Colombia, and also provide reassurance to our shareholders and investors to diversify risk and bank earnings."

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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. More information on potential factors that could affect CorpBanca's financial results is included from time to time in the "Risk Factors" section of CorpBanca's Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with the SEC. 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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