SOURCE: Corpbanca


December 06, 2011 16:05 ET

CorpBanca Announces Third Quarter 2011 Financial Report

SANTIAGO, CHILE--(Marketwire - Dec 6, 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 third quarter ended September 30, 2011. 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 September 30, 2011 of Ch$519.32 per U.S. dollar. Industry data contained herein has been obtained from the information provided by the Superintendency of Banks and Financial Institutions.

Financial Highlights

Net income for the third quarter 2011 reached Ch$35.3 billion, an increase of 9.4% when compared to the second quarter 2011 and a decrease of 2% when compared to the third quarter 2010.

Total loans (excluding interbank and contingent loans) reached Ch$6,208 billion as of September 30, 2011, leaving CorpBanca with a market share of 7.31%, an increase of 0.23% compared to the second quarter 2011 and a decrease of 0.02% when compared to the third quarter 2010. CorpBanca continues to be the fourth major private bank in Chile.

During the third quarter 2011, CorpBanca raised capital in the amount of US$350 million through the issuance of its shares in the local Chilean market, increasing its capital basis by 38%.

Also during the third quarter 2011:

  • Net operating profit increased by 7% compared to the second quarter 2011 and 2% compared to the third quarter 2010;
  • Net provisions for loan losses increased by 40% compared to the second quarter 2011 and decreased 2% compared to the third quarter 2010; and
  • Total operating expenses decreased by 9% compared to the second quarter 2011 and increased 3% compared to the third quarter 2010.

Mario Chamorro, CEO

"With the recent increase in capital, CorpBanca will seek to improve its ability to effectively compete in the Chilean banking market, consolidate its wholesale banking division, and expand its participation in the small and medium enterprises segment.

"The Bank will also be able to further strengthen its consumer segment by leveraging its strategic relationship with its controlling shareholder and its businesses, with a particular emphasis on CorpBanca's joint venture with SMU S.A.

"We were able to sustain the pace of our growth during the third quarter 2011 due to the positive results we experienced through the implementation of our strategies in our various business segments and the recent capital increase. CorpBanca's loan portfolio increased by almost 8% compared to the second quarter 2011. Despite larger minimum regulatory provisions and a temporary increase in the observed exchange rate as reported by the Chilean Central Bank during the third quarter 2011, we expect to continue to achieve positive results for the year."

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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. 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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