Corporate Presentation. As of December 31, Banco de Chile
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1 Corporate Presentation As of December 31, 2015 Banco de Chile
2 Chile: Macro Environment and Financial System
3 Economic Highlights Solid economic fundamentals Output (YoY%) 6 Labor Market (% and YoY%, respectively) Unemployment Rate Real Wages e 2016e 0 dic-12 dic-13 dic-14 dic-15 Trade Balance (USD Bn, rolling year) Current Account (%GDP) dic-12 dic-13 dic-14 dic e 3
4 Economic Highlights Solid economic fundamentals Inflation (YoY%) Tradable vs non Tradable CPI (YoY%) Tradables non Tradables e -2 dic-12 dic-13 dic-14 dic-15 Copper and Exchange Rate (CLP/USD and USD per Pound, respectively) CLP Copper (right) Monetary Policy Rate (%) ene-12 ene-13 ene-14 ene-15 ene-16 2 dic-12 dic-13 dic-14 dic-15 4
5 Substantial Growth Potential Low penetration in SMEs and personal banking Assets in the Chilean Financial System 1 % of GDP 2, as of December 2015 Banking System Loan Penetration 1 % of GDP Total Loans Assets Under Management 171% 202% 235% Consumer Mortgage Commercial 87% 13% 27% 60% 71% 19% 19% 38% 46% 56% 87% 114% 122% 130% GDP per Capita (US$ Thousands) 2 Banks Pension Funds Mutual Funds Source: Banco Central, SBIF, SAFP, AAFM, and SVS. 2.- Percentage of 3Q15 nominal GDP 1.- Source: The Economist Intelligence Unit as of Dec. 20, 2013, central banks and regulators. 2.- Source: IMF, WEO Oct (e) 3.- Source: Central Bank and SBIF, as of Dec
6 Solid and Profitable Banking Industry With sustained growth in loans of 2x 4 GDP Growth dic-14 ene-15 feb-15 mar-15 abr-15 may-15 jun-15 jul-15 ago-15 sep-15 oct-15 nov-15 dic-15 Industry Loan Growth (Var. Real YoY) Net Income Variation (In billions of CLP) Commercial Consumer Mortgage Total Net Income , % 10.3% 10.7% 10.5% 10.5% Op. Income % 4.9% 3.2% 3.4% 2.7% 3.0% 5.6% 6.0% 6.4% 4.9% 3.9% 4.8% 4.8% 3.6% 2.9% Risk Op.Expenses Taxes Net Income ,187 Note: Excludes loans from subsidiaries abroad, Ripley Bank and Cencosud/Scotiabank Consolidation in Dec-13 and May-15 respectively. 6
7 Introduction to Banco de Chile
8 Snapshot of Banco de Chile A leading financial institution in profitability and soundness As of December 2015 US$44 billion in Assets US$26 billion in Total Deposits Most Profitable and Strongest Bank Institution in LatAm 1 ROAE % Rating S&P, Feb-16 A+ US$3.8 billion in Equity Itau 23.9% BB S&P: A+ Moody s: Aa3 (Strongest Private Bank in Latam) Santander CL 22.3% A Listed locally and internationally Bradesco 19.8% BB Credicorp 18.5% n/a 1.- Source: Bloomberg as of February 22, Five most profitable private and listed banks in LATAM 8
9 Ownership Structure Attractive free float of 25.4% Free Float Evolution Simplified Ownership Structure As of December 2015 Pre Capital Increase % 50.0% 50.0% Pre Capital Increase % 26.2% 58.2% LQIF s Direct and Indirect Stake in Banco de Chile 51.1% Pre LQIF Secondary Offering % Free Float SM-Chile 12.6% 100% SAOS Ergas Group Current 25.4% 25.4% 29.7% 6.0% Free Float 9
10 Diversified Business Model Focused on profitability in every segment we serve Total Loans As of December 31, 2015 Income Before Taxes As of December 31, % 8% 21% 52% US$34.7 bn 27% 41% US$876.5 mn 19% 18% 6% 5% 1 Subsidiaries Individuals and SMEs Consumer Finance Large Companies Corporate Treasury Note: CLP/US$ = as of December 31, Information in Chilean GAAP. 1.- Subsidiaries include Banchile Corredores de Bolsa S.A., Banchile Administradora General de Fondos S.A., Banchile Corredores de Seguros Ltda., Banchile Asesoría Financiera S.A., Banchile Securitizadora S.A., Promarket S.A., Socofin S.A. 10
11 Corporate Strategy Consistent and focused long term objectives Lead the Wholesale Business Lead the Retail Business Operational Excellence Service Quality Aligning People/ Culture/Strategy Building a Corporate Reputation 11
12 Lead the Retail and Wholesale Business Greater dynamism in middle-upper retail banking 2015 (Bn) YoY QoQ Retail 13, % 4.8% Mortgage 6, % 4.9% Commercial 3, % 3.6% Consumer: Middle & Upper Income 3, % 7.1% Consumer Finance % 1.6% Wholesale 11, % -0.8% Corporate 4, % 0.3% Large Companies 6, % -1.5% Nominal Loan Growth %, QoQ 3.8% 2.4% 2.3% 3.7% 2.0% 1.4% 2.0% 0.7% 3.4% 1.2% 7.1% 5.1% 5.2% 3.3% -0.9% sep-14 dic-14 mar-15 jun-15 sep-15 dic % 4.9% 0.2% Total Loans 24, % 2.2% Commercial Consumer Mortgage +10.0% YoY +11.5% YoY +18.2% YoY 1- CrediChile 12
13 Service Quality & Aligning People/Culture/Strategy Customer service is Banco de Chile s first priority Service Quality Net Promoter Score, % A bank that listens; that tailors its products and services to its customers; that adopts service industry best practices; that establishes emotional bonds based on experience, and that prioritizes closeness and customer satisfaction. Aligning People/Culture/Strategy Employee Development Workshops & Continual Training Courses 41 Country-wide events 80 Courses 6,585 Participants 1,800 Participants With a consistent culture recognized for its responsibility, ethics, transparency and respect for people and the environment; that attracts the best talent from each field of study; that is demanding with a passion for a job well done, and that offers opportunities for personal and professional growth. 13
14 Solid Competitive Position 14
15 Solid Competitive Position: Brand Strong brand recognition translates into high client attraction and retention Santander BCI Itau CorpBanca Santander BCI Itau CorpBanca Santander BCI Itau CorpBanca First Mention by Attribute % of Total Mentions, December 2015 Top of Mind Bank You Would Change to Security and Solvency 30% 25% 32% 16% 16% 3% 3% 9% 14% 4% 4% 10% 14% 2% 1% Source: Adimark GFK. Includes all brands from each institution. 15
16 Solid Competitive Position: Products and Services Leading market position in the products and services offered Total Loans Market Share, as of Dec % 18.3% Ranking 1,2 Product Mkt Share 1 st Commercial 18.1% 2 nd Consumer 20.9% 2 nd Mortgage 17.6% Commercial Loans Market Share, as of Dec % 7.2% 5.1% 18.1% 16.7% 13.9% 9.1% 5.8% Santander BCI CorpBanca Itau Santander BCI CorpBanca Itau Net Fees and Commissions Market Share, as of Dec Assets Under Management Market Share, as of Dec % 15.8% 15.6% 10.2% 4.7% 21.3% 16.1% 13.1% 6.3% 5.9% Santander BCI CorpBanca Itau Santander BCI LV Security Source: SBIF, AAFM. 1.- Excludes subsidiaries outside Chile. 2.- Mortgage loan ranking excludes Banco Estado 16
17 Solid Competitive Position: Funding Diversified and stable funding base Liability Structure % Over Total Assets, as of December 2015 Demand Deposits Market Share %, as of December 2015 Equity 9% Financial Institutions 5% Other 8% Current Accounts and Demand Deposits 27% Retail 48% 23.1% 20.4% 14.3% 3.7% 2.7% Santander BCI CorpBanca Itau Debt Issued 19% Savings Accounts and Time Deposits 32% Wholesale 52% Wholesale 57% Retail 43% Cost of Funding 1 %, YTD December % 3.7% 4.3% 5.2% 5.6% BCI Santander CorpBanca Itau Source: SBIF. Information in Chilean GAAP, as of June 30, Cost of funding is defined as the quotient between interest paid and the sum of interest bearing liabilities and non interest bearing deposits, excluding derivatives, annualized 17
18 Solid Competitive Position: Risk Prudent and effective credit risk management Delinquency Ratio %, Past Due Loans 1 / Total Loans Coverage Ratio Allowances for Loan Losses / Past-Due Loans % 2.30% 1.20% 3.17% 2.95% 2.34% 2.07% 1.03% 0.97% 2.93% 2.39% 1.14% 2.81% 2.29% 1.25% 2.54% 1.68% 1.22% Santander BCI Renowned risk management based on: Proven capacity for origination and structuring Solid follow-up and collection processes Senior management deeply involved Source: SBIF. Information in Chilean GAAP. 1.- Loans overdue 90 days or more, including overdue installments, as well as outstanding capital and interests. 18
19 Solid Competitive Position: Corporate Governance The foundation of our success Solid Corporate Governance Practices Successful Partnership with Citi Active Board involvement 11 board members (2 are independent) 5 risk committees, including weekly sessions of Loan Portfolio Committee 6 monthly business committees Best Practices in pursuant to NYSE and SEC standards Three active board members Growth of existing businesses Transactional and Multinational Banking, Treasury, Investment Banking, Consumer Finance International Connectivity provide us with significant growth potential to develop: International business opportunities Regional and multinational client development Best practices in internal management processes 19
20 Consistent and Profitable Track Record 20
21 Consistent and Profitable Track Record $559 CLP Net Income and 21% ROAE for 2015 Quarterly Net Income and ROAE (In billions of CLP, %) Full year 2013 Net Income: $514 Bn. ROAE: 24% Inflation 1 : 2.05% Full year 2014 Net Income: $591 Bn. ROAE: 24% Inflation 1 : 5.65% Full year 2015 Net Income: $559 Bn. ROAE: 21% Inflation 1 : 4.07% % 23% 25% 24% 25% 26% 26% 24% 18% 26% 20% 21% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q QoQ 1Q 2Q 3Q 4Q UF 0.12% -0.07% 1.04% 0.95% 1Q 2Q 3Q 4Q 1.28% 1.76% 0.60% 1.90% 1Q 2Q 3Q 4Q -0.02% 1.46% 1.46% 1.11% 1.- UF Variation 21
22 Proven Value Creation Capabilities Distinguished in the local market Highest Profitability in the Local Industry Based on Superior Risk Management and Efficiency Operating Margin % Over Average Loans, YTD December 2015 ROAE YTD December % 6.8% 6.8% 6.8% 21.4% 5.4% 17.0% 17.5% 13.8% 13.7% Santander BCI CorpBanca Itau Loan Loss Provisions Ratio %, Provisions for Loan Losses / Average Loans, YTD December % 1.3% 1.1% 1.1% 0.7% Santander BCI CorpBanca Itau Santander BCI CorpBanca Itau ROAA: 1.9% 1.4% 1.3% 1.1% 1.3% Source: SBIF Efficiency Ratio Operating Expenses / Operating Revenues, YTD December % 43.3% 50.3% 50.5% 52.2% Santander BCI CorpBanca Itau 22
23 2015 BCH Results Solid loan and deposit growth offsets lower non-customer income Operating Revenues (In billions of CLP) 1,646 1, % Operating Margin Breakdown (Operating Income / Avg. Daily Loans) 7.0% 7.6% 7.4% 6.8% 1,172 1, Non-customer income Customer income 4.2% 4.1% 4.1% 3.9% 3.9% 2.6% 1.5% 2.1% 2.2% 1.6% 1.3% 1.3% 1.3% 1.3% 1.4% 4Q14 1Q15 2Q15 3Q15 4Q15 Total Operating Income Interest Income from Customers Fees Non-customer income* Total Loans (In billions of CLP) 21,877 24, % Market Share 18.3% Market Share Demand Deposits (In billions of CLP) 6, % Market Share 8, % Market Share Basel Ratio (% of RWA) 13.3% 12.6% 2.9% 2.6% Tier % Tier %
24 2015 BCH Results Diversified and stable fee generation Fee Breakdown & YoY Variation Fee Composition (In billions of CLP, except %) (% of Total Net Fees) 47% 40% Subsidiaries Retail Wholesale & Treasury 13% Mutual Funds % Current & Sight accounts, overdrafts & ATMs % Insurance +7.7 % Credits & Collections +4.4 % Letter s of credit, guarantees & foreign trade Cash Management & Custody Services +7.6 % % Financial Advisory Services % Stock Brokerage % Credit Cards % Others % Total : $ 272 Bn 2015: $ 306 Bn % 24
25 2015 BCH Results Prudent risk policy explains increase in LLP Loan Loss Provisions (In billions of CLP) Annual Variation in LLP (LLP in billions of CLP and LLP ratio in %) % 1.32% 4Q Q Q Coverage Ratio (Times) 1Q
26 2015 BCH Results Cost base increase mainly due to inflation and peso depreciation Operating Expenses Breakdown & YoY Variation (In billions of CLP, except %) Efficiency Ratio (Operating Expenses/Operating Revenues, %) 381 Personnel % Administrative % Other % 61 Total Expenses 2014: $ 715 Bn 2015: $ 726 Bn +1.6 % 50.3% 47.7% 44.3% 44.1% BCH Local Peers* Note: 4Q14 expenses include $40 Bn. Due to our collective bargaining agreement. * Santander, BCI, CorpBanca, and Itau 26
27 Consistent Higher Profitability Generated by a unique and consistent business strategy Return on Average Equity (ROAE) %, Times over Peers Return on Average Assets (ROAA) %, Times over Peers Banco de Chile s Multiple over Peers 0.8x 1.1x 1.2x 1.4x 1.3x 1.3x 1.3x 0.9x 1.1x 1.2x 1.4x 1.4x 1.4x 1.5x 22.6% 19.1% 27.8% 26.9% 25.7% 23.5% 24.7% 21.4% 24.5% 21.7% 17.9% 17.5% 18.7% 16.0% 1.7% 1.5% 2.2% 2.1% 2.1% 2.1% 2.2% 2.0% 1.7% 1.4% 1.5% 1.6% 1.9% 1.3% Local Peers 1 Source: SBIF. 1.- Santander, BCI, CorpBanca, and Itau 27
28 Year-end Summarized Financial Statements 28
29 Yearly Financial Performance Summary Chilean GAAP Variation / 2014 Statement of Income (in billions of CLP) Net Interest Income ,059 1,245 1,219 (2.1)% Total Operating Revenue 1,224 1,342 1,456 1,646 1,646 (0.0)% Provisions for Loan Losses (125) (188) (242) (284) (303) 6.7% Total Operating Expenses (614) (634) (623) (715) (726) 1.6% Net income (5.4)% Balance Sheet (in billions of CLP) Total Loans 17,378 18,762 20,870 21,877 24, % Total Assets 21,741 23,261 25,934 27,646 31, % Total Equity 1,739 2,007 2,284 2,535 2, % Profitability Indicators Net Interest Margin % 4.62% 4.71% 5.15% 4.62% (53) bp Operating Margin % 6.41% 6.47% 6.81% 6.24% (57) bp ROAE - Return on Average Equity % 23.31% 21.30% 24.43% 21.41% (302) bp ROAA - Return on Average Assets % 2.09% 2.13% 2.25% 1.91% (34) Bp Credit Quality Provisions for Loan Losses/ Average Loans 0.79% 1.04% 1.23% 1.34% 1.32% (2) bp Non-Performing Loans / Total Loans 1.03% 0.97% 1.13% 1.25% 1.22% (3) bp Allowances for Loan Losses / Non-Performing Loans 2.1x 2.4x 2.0x 1.9x 2.0x 0.07x Operational Efficiency Operating Expenses / Operating Revenues 50.16% 46.26% 42.78% 43.41% 44.11% +70 bp Capital Ratios Total Regulatory Capital / Risk-weighted Assets 12.91% 13.22% 13.05% 13.32% 12.58% (74) bp Tier 1 Capital / Risk-weighted Assets 8.88% 9.69% 9.94% 10.39% 9.97% (42) bp Source: Banco de Chile, based on historical Financial Statements submitted to the SBIF and not including reclassifications. Information in Chilean GAAP. 1.- Annualized net interest income divided by average interest earning assets. The average balances for interest earning assets, including interest and readjustments, have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. 2.- Annualized net income (loss) divided by average equity. The average balances for equity have been calculated on the basis of our daily average balances. 3.- Annualized net income (loss) divided by average total assets. The average balances for total assets have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. 29
30 Forward-looking Information The information contained herein incorporates by reference statements which constitute forward-looking statements, in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. Such statements include any forecasts, projections and descriptions of anticipated cost savings or other synergies. You should be aware that any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties, and that actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, without limitations, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates, and operating and financial risks related to managing growth and integrating acquired businesses), many of which are beyond our control. The occurrence of any such factors not currently expected by us would significantly alter the results set forth in these statements. Factors that could cause actual results to differ materially and adversely include, but are not limited to: changes in general economic, business or political or other conditions in Chile or changes in general economic or business conditions in Latin America; changes in capital markets in general that may affect policies or attitudes toward lending to Chile or Chilean companies; unexpected developments in certain existing litigation; increased costs; and unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms. You should not place undue reliance on such statements, which speak only as of the date that they were made. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or to reflect the occurrence of unanticipated events. 30
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