CORPBANCA. July 2011

Transcription

1 CORPBANCA July 2011

2 2 These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forwardlooking statements. Important factors that could cause actual results to differ materially from the information set forth in these forward-looking statements include, but are not limited to, the effect of general economic conditions, increases or changes in competition in the markets in which we operate, the actions of competitors, our ability to implement and complete successfully our plans and strategies or delays or additional costs encountered in connection with their implementation, the benefits from and resources generated by our plans and strategy being less than or different from those anticipated, the costs or other results of pending or future investigations or legal proceedings, actions of courts, law enforcement agencies, government agencies and third-parties, fluctuations in exchange rates, the diversion of management's attention from implementing our plans and strategy, and other factors. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements, which only speak as of the date that they were made, Corp Banca does not undertake any obligation to release publicly any revisions to such forward-looking statements included in this web-page, to reflect later events or circumstances or to reflect the occurrence of unanticipated events,. Unless otherwise stated, figures are presented in Millions of Chilean pesos (MCh$)

3 Chile - Macroeconomics 3 GDP Interest Rate Unemployment 5,6 4,3 5,10 3,20 5,2 4,50 5,25 6,00 8,25 0,50 3,25 7,9 6,0 7,2 7,5 8,6 8,1-1, E CPI UF* Exchange Rate 7,8 7,1 3,7 2,6 3,0-1, ,3 7,0 3,8 2,0 2,4-2, ,1 514,2 534,4 495,8 506,4 468, Source: Banco Central de Chile and CorpResearch *UF: Inflation indexed unit

4 Banking Industry 4 GDP/Total Loans Loan Portfolio Breakdown 17% 24% 45% 77% 84% 126% 127% 143% 9% 19% 73% Consumer Mortgages Commercial 12% 21% 67% 12% 13% 13% 23% 26% 26% 64% 61% 61% Mexico Peru Brazil Chile Eastern Europe G7 China ASEAN Banks in Chile N of banks M Share top 5 private banks ,0% 39,4% 41,7% 41,8% 43,2% 65,4% 65,2% 66,2% 66,2% 67,1% 67,1% 68,0% 66,1% 67,0%

5 ,000 12,000 10,000 8,000 6,000 4,000 2, ,0 15,0 10,0 5,0 0,0-5,0-10,0 Banking Industry 5 Branches - Employees ATM ,2 13,7 8,6 9,2 10,3 10, Nº Employees Nº branches Nº ATM Transactions (Ch$ bn) Internet customers (Th) Checking accounts (Ch$ bn) Nº Customers Internet Industry Nº Customers Internet CorpBanca Retail Commercial 4,976 6,420 Checking accounts in CLP 11,302 8,132 7,077 11,

6 ,6 2,4 2,2 2,0 1,8 1,6 1,4 1,2 1,0 51,0 49,0 47,0 45,0 43,0 41,0 39,0 37,0 35,0 2500% 2000% 1500% 1000% 500% 0% Banking Industry Index evolution Source: SBIF 6 Chile s banking industry is ranked nº 2 in terms of stability according to the World Economic Forum Risk Index (%) Efficiency Index(%) 2,43 2,52 2,49 49,0 49,9 1,79 44,6 45,9 45,5 1, May-11 Basel Index (%) May-11 ROE(%) 14,3 14,1 13,8 20,7 22,2 12,2 12,5 16,2 14,2 16, Jan May-11

7 Banking Industry Summary 7 Concentrated market High profitability Low risk and high solvency standards Improving efficiency Strong regulation (SBIF) Growth opportunities Accesses to funding

8 CorpBanca Our history in a nutshell 1871 Established as Banco de Concepción 1995 Mr. Alvaro Saieh purchases a majority interest 1997 Renamed as CorpBanca 1998 Acquisition of Condell and Corfinsa 2002 Local IPO 2004 Listed on the NYSE 2007 New headquarters and new corporate image 2009 Branch New York 2011 Representative Office Madrid CORPBANCA TODAY 114 Branches 7% loan market share Investment Grade: International BBB+ Rating Over 3,500 employees Over USD$ 3.8 billion in market cap

9 CorpBanca Main financial ratios history 9 Phase I: Purchase Phase II: Cleaning of the loan protfolio Phase III: Efficiency and Segmentation Phase IV: Solid Equity Phase V: Retail and Commercial Growth Market Value US$ -800 M Market Cap US$ 3.6 bn Efficiency Ratio: 30.3% 82.0% 98.8% 91.3% 78.7% 59.3% 47.6% 38.8% 38.2% 39.8% 39.9% 50.1% 52.6% 46.1% 39.0% 36.4% 9

10 Corpbanca Main Players Market Share 10 Total Loans (%) Source: SBIF ,52 19,37 14,99 May-11 12,76 6,96 6,85 5,15 3,59 2,62 2,62 San Chile Estado BCI CorpBanca BBVA Scotia Itaú Bice Security Commercial Loans (%) Consumer Loans (%) 20,40 19,30 25,08 14,14 12,71 May-11 18,64 17,71 May-11 8,28 6,13 4,96 3,65 3,79 10,56 8,02 5,45 4,84 3,29 1,44 Chile San BCI EstadoCorpBanca BBVA Scotia Bice Itaú San Estado Chile BCI BBVA ScotiaCorpBanca Itaú Security

11 15,0 14,5 14,0 13,5 13,0 12,5 12,0 11,5 11,0 2,9 2,7 2,5 2,3 2,1 1,9 1, Corpbanca and our main competitors 11 Risk Index (%) Efficiency Index(%) 2,82 2,82 2,48 2,52 2,38 2,54 38,1 40,2 35,8 34,2 45,0 45,4 42,7 43,2 1,95 1,83 CorpBanca Santander B de Chile BCI Dec-10 May-10 Basel Index (%) CorpBanca Santander B de Chile BCI Dec-10 May-11 ROE(%) 13,6 13,4 13,4 14,5 14,0 13,6 13,5 25,0 25,3 29,9 31,5 31,2 31,6 25,1 25,8 12,8 CorpBanca Chile Santander BCI CorpBanca Chile Santander BCI Source: SBIF Dec-10 Jan-11 Dec-10 May-11

12 CorpBanca Main Shareholders 12 Main Shareholders (June 2011) Board of Directors Alvaro Saieh Bendeck CHAIRMAN Jorge Andrés Saieh Guzmán FIRST VICE CHAIRMAN Fernando Massú Tare Others 32,2% SECOND VICE CHAIRMAN Fernando Aguad Dagach DIRECTOR Julio Barriga Silva DIRECTOR Brian O'Neill DIRECTOR Corpvida 2,1% BChile (Terceros) 2,2% SN Holdings 2,4% Moneda 3,0% SAGA Ltda 8,7% CORP GROUP BANKING 49,5% Jorge Selume Zaror DIRECTOR Francisco León Délano DIRECTOR Gustavo Arriagada INDEPENDENT DIRECTOR Juan Rafael Gutiérrez Avila ALTERNATE DIRECTOR Héctor Valdés Ruiz ALTERNATE DIRECTOR

13 Corpbanca is part of one of the leading business conglomerates in Chile 13 SAIEH GROUP FINANCIAL RETAIL REAL ESTATE MEDIA

14 CorpBanca Distribution Network 14 Branches XV 1,1% II 4,3% I 2,2% III 3,2% IV 3,2% VI 4,3% VIII 9,7% V 12,9% R.M. 45,2% VII 3,2% IX 3,2% Mar-11 ATM XIV 1,1% X 3,2% XI 1,1% XII 2,2% Mar-11

15 CorpBanca Commercial Structure 15 Based on a clear customer segmentation Commercial Structure Mortgage 14,0% 2008 Consumer 10,0% Commercial Banking Large Corporations & Real Estate Companies & SME Retail Banking Traditional & Private Banking (Middle Upper Income Individuals) Banco Condell (Low Income Individuals) Treasury & International Proprietary Structured Securities ALM Client Driven Subsidiaries Insurance Brokerage Corp Legal Securities Brokerage Mutual Fund Management Financial Advisory Consumer 8,5% Mortgage 16,1% Commercial 76,0% 2009 Commercial 75,3% Mortgage 18,9% 2010 SMU Corp Consumer 7,4% Commercial 73,7% Wealth Managment

16 COMERCIAL BANKING CORPORATE BANKING CorpBanca Commercial Banking Segments 16 Large Economic Groups Corporations Specific Sector: Airports, Ports, Hospital, Mining, Utilities Size - Over US$ 60 million in sales Real Estate Real Estate Companies Size - Less than US$ 60 million sales in Santiago Medium Cap No limit of size out side of Santiago SME Does not consider specific sectors mentioned above Size - Les than US$ 2 million in sales

17 Monthly Income (USD) SMU Corp CorpBanca Retail Banking Segments 17 Equity ( Thousand USD) < 100K > 1.000K > Private Banking Wealth Mgmt Private Banking Traditional banking <1.200 Condell

18 2,80 2,60 2,40 2,20 2,00 1,80 1,60 1,40 1,20 1, ,50% 7,00% 6,50% 6,00% 5,50% 5,00% 2,60 2,40 2,20 2,00 1,80 1,60 1,40 1,20 1,00 0,80 0, ,00% 10,00% 9,00% 8,00% 7,00% 6,00% 5,00% Corpbanca Total and Commercial Loans Corpbanca Source: SBIF 18 Total Loans Commercial Loans Total Loans Commercial Loans Market Share 7,04% 7,27% 7,30% ,96% Market Share 8,30% 8,85% 8,83% 8,28% May May-11 Risk Total Loans (%) Risk Commercial Loans (%) 2,58 2,58 2,58 2,52 2,58 2,43 2,49 1,91 1,93 1,87 1,94 1,95 1,87 1,83 2,38 2,41 2,39 2,19 1,68 1,49 1,52 1,53 2,32 2,46 2,38 1,74 1,69 1,74 Corpbanca Industry Corpbanca Industry 2009 Mar-10 Jun-10 Sep-10 Dic-10 Mar-11 May Mar-10 Jun-10 Sep-10 Dic-10 Mar-11 May-11

19 8,00 7,50 7,00 6,50 6,00 5, ,00% 6,00% 5,00% 4,00% 3,00% 2,00% 1,00% 0,00% 1,20 1,10 1,00 0,90 0,80 0,70 0, ,50% 5,00% 4,50% 4,00% 3,50% Corpbanca Retail Loans Corpbanca Source: SBIF 19 Consumer Loans Mortgage Loans 5,77% 495,564 4,92% 428,051 Consumer Loans Market Share 4,18% 3,88% 407, ,078 Mortgage Loans Market Share 4,22% 4,60% 807 5,27% 5,32% May May-11 Risk Consumer Loans (%) Risk Mortgage Loans (%) 7,87 7,77 7,25 7,00 6,67 6,59 Corpbanca Industry 1,10 1,12 0,89 1,09 0,94 1,06 1,05 0,88 0,87 0,99 0,92 0,96 0,91 6,30 6,53 6,49 6,56 6,43 6,32 6,26 5,88 0,75 Corpbanca Industry 2009 Mar-10 Jun-10 Sep-10 Dic-10 Mar-11 May Mar-10 Jun-10 Sep-10 Dic-10 Mar-11 May-11

20 CorpBanca Strategic Focus 20 Portfolio rebalancing Focused on most profitable segments Aggressive sales force Innovation and first class products Maintain first class risk standards Long term oriented credit standards Robust valuation models Solid provision policies Maintain efficiency leadership Cost control culture State of the art technology Centralization of processes Customer satisfaction leadership Identify customer needs Measure customer satisfaction Processes and IT related to customer satisfaction

21 Dec-06 Feb-07 Apr-07 Jun-07 Ago-07 Oct-07 Dec-07 Feb-08 Abr-08 Jun-08 Ago-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Ago-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Ago-10 Oct-10 Dec-10 Feb-11 Apr-11 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 7,4% 7,2% 7,0% 6,8% 6,6% 6,4% 6,2% 6,0% 5,8% CorpBanca Strategic Focus Positive Results 21 Net Income (MCh$) ROE (%) Dec Dec Trailing 12 months Dec Dec Dec May ,2 11,8 12,4 14,2 18,5 16,5 25,0 25,3 20,7 22, May-11 CorpBanca Industry Total Loans(MCh$) Total Loans Market Share 7,04% 7,27% 7,30% 6,96% 6,31% 6,82% 4,317 4,944 5,012 5,469 5,589 3, May-11

22 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11 Abr-11 60,0% 50,0% 40,0% 30,0% 20,0% 10,0% 0,0% 0,54% 235% 0,75% 210% 0,73% 189% 0,92% 185% 0,81% 233% 1,35% 178% 0,86% 227% 1,27% 198% 0,77% 243% 1,33% 194% Corpbanca financial Solvency and Risk 22 Basel Index(%) Past Due Loans Index (%) 10,84% 13,92% 13,43% 9,13% 9,53% 8,92% 11,97% 7,84% Dec-08 Dec-09 Dec-10 May Mar-11 Basel Tier One Corpbanca Industry Efficient use of capital Coverage Index (%) 50% Mar-11 Space for SB Subordinated Bonds Ratio SB/Tier one Corpbanca Industry

23 Corpbanca Diversifying our Funding Others 12% Checking accounts 6% Bonds 8% Others 12% Checking accounts 5% Bonds 16% Mortgage bonds 6% Repurchase agreements 7% Others Domestic borrowings Local borrowings Banker's drafts Retail Time Deposits 14% Distribution Time Deposits 6% Institutional Time Deposits 42% Mortgage bonds 4% Repurchase agreements 3% Retail Time Deposits 22% Institutional Time Deposits 31% Distribution Time Deposits 6% Bonds Subordinated Bonds Bank Bonds

24 Corpbanca financial results Key Indicators 24 INDICATORS May Net Income(Ch$ million) 39,104 51,049 56,310 85, ,043 50,044 ROA 1.1% 1.1% 0.9% 1.3% 1.7% 1.6% ROE 9.9% 11.8% 12.8% 18.5% 25.0% 25.3% Basel I 13.6% 11.6% 10.8% 13.9% 13.4% 11.97% Efficiency ratio 51.5% 48.1% 45.6% 38.9% 38.1% 40.2% Risk Index 1.40% 1.27% 1.38% 1.91% 1.95% 1.83%

25 Corpbanca Summary 25 Impressive growth history Leader in risk and efficiency standards High profitability Consolidated business in our corporate and commercial segments New strategies and management in our retail segments, with positive results so far. Unique opportunities of been part of an important business group. Outstanding management

26 Contacts John Paul Fischer Head of Investor Relations Tel: Add: Rosario Norte 660, piso 10, Las Condes Santiago - Chile john.fischer@corpbanca.cl