Corporate Presentation. As of March 31, Banco de Chile
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1 Corporate Presentation As of March 31, 2015 Banco de Chile
2 I. Introduction to Banco de Chile
3 Introduction to Banco de Chile: Leading Financial Institution in Profitability and Soundness As of March 2015 Local Ranking Most Profitable and Strongest Bank Institution in LatAm 1 ROAE Rating S&P, Feb-15 US$45 billion in Assets 24.5% A+ US$27 billion in Deposits US$4 billion in Equity Itau 23.9% BBB- S&P: A+ Moody s: Aa3 (Strongest Private Bank in Latam) Santander CL 22.3% A Listed locally and internationally Santiago NYSE LSE Bradesco 19.8% BBB- Credicorp 18.5% n/a 1.- Source: Bloomberg as of February 27, Five most profitable private and listed banks in LATAM 3
4 Attractive Free Float of 25.1%... Free Float Evolution Simplified Ownership Structure Pre Capital Increase % 50.0% 50.0% Pre Capital Increase % 25.9% 58.2% LQIF s Direct and Indirect Stake in Banco de Chile 51.2% Pre LQIF Secondary Offering % Free Float SM-Chile 12.8% 100% SAOS Ergas Group Current 25.1% 25.1% 30.2% 6.0% Free Float 4
5 With a Diversified Business Model Total Loans As of March 31, 2015 Income Before Taxes Three month period ending March 31, % 27% 6% 16% 22% 51% US$34.9 bn 33% US$220 mn 18% 7% 15% 1 Subsidiaries Individuals and SME Consumer Finance Large Companies Corporate Treasury Note: CLP/US$ = as of March 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. 2 5
6 II. Banco de Chile: An Attractive Opportunity
7 Why Chile? 7
8 1Q15 Economic Highlights IMACEC QoQ (MA3, YoY, %) 0 Feb-12 Feb-13 Feb-14 Feb-15 Trade Balance (MA3, YoY, %) 30,000 25,000 20,000 15,000 10,000 5, ,000 Mar-05 Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Labor Market (% and YoY, %) Unemployment Rate Wages 4 Feb-12 Feb-13 Feb-14 Feb-15 Retail & Supermarket Sales (MA3, YoY, %) Retail Supermarket -2 Feb-12 Feb-13 Feb-14 Feb-15 8
9 1Q15 Economic Highlights Headline and Core Inflation (YoY, %) CPI CPIX CPI ex food-energy 0 Mar-12 Mar-13 Mar-14 Mar-15 Exchange Rate and Copper Prices (CLP/USD and Dollars/Pound) Overnight and Long Term Rates (%) Fiscal Accounts (YoY, % and % of GDP) BCP 5Y BCP 10Y MPR 2 Mar-11 Mar-12 Mar-13 Mar-14 Mar CLP Copper (right, inverted) Spending growth Fiscal Balance Mar-11 Mar-12 Mar-13 Mar-14 Mar
10 Why Chile? 10
11 Attractive Financial System in Chile 1 Substantial Growth Potential Assets in the Chilean Financial System % of GDP 1 Total Loans Assets Under Management Banking System Loan Penetration % of GDP 171% 202% 235% Consumer Mortgage Commercial 82% 11% 20% 51% 60% 15% 18% 17% 28% 35% 56% 82% 122% 130% 114% GDP per Capita (US$ Thousands) Banks Pension Funds Mutual Funds Insurance Source: Banco Central, SBIF, SAFP, AAFM, and SVS. Source: The Economist Intelligence Unit as of December 20, 2013, central banks and regulators. 1.- Source: Central Bank of Chile and SBIF. 11
12 Attractive Financial System in Chile 2 Solid and Profitable Banking Industry with Consistent Growth Total Loans 1 and ROAE 2 Chilean Banking System, US$ Billions, % Total Loans ROAE Chilean Banking System 12 Chilean banks and 12 international banks 5 largest banks hold more than 70% of total loans Sustained growth in loans of 2x 4 GDP growth 15.7% 19.3% 18.7% 15.7% 16.0% 18.2% > 90-Day Past-Due Loans / Total Loans: 3.0% 2.7% 2.6% 2.2% 2.2% 2.1% BIS Ratio: 14.3% 14.1% 13.9% 13.3% 13.2% 13.4% High credit quality Attractive return on equity Good capitalization Source: SBIF, information in Chilean GAAP. CLP/US$ = as of March 31, Excludes subsidiaries outside Chile. 2.- ROAE: Return on average equity. 3.- Compounded annual growth rate. 4.- Linear regression between real GDP growth and real loans growth in the banking system, for years in which there was real positive change in GDP, from 1996 to
13 Why Banco de Chile? 13
14 Santander BCI Itau CorpBanca Santander BCI Itau CorpBanca Santander BCI Itau CorpBanca Solid Competitive Position 1 Strong Brand Recognition that Translates into High Client Attraction and Retention First Mention by Attribute % of Total Mentions, December 2014 Top of Mind Bank You Would Change to Security and Solvency 30% 25% 30% 20% 13% 4% 2% 9% 14% 7% 2% 10% 11% 4% 1% Source: Adimark GFK. Includes all brands from each institution. 14
15 Solid Competitive Position 2 Leading Market Position #2 in Total Loans Market Share, as of March #1 in Commercial Loans Market Share, as of March % 18.0% 13.0% 7.6% 5.1% 17.7% 17.4% 14.1% 9.4% 5.6% Santander BCI CorpBanca Itau Santander BCI CorpBanca Itau #1 in Net Fees and Commissions Market Share, as of March 2015 #1 in Assets Under Management Market Share, as of March % 15.5% 14.7% 10.2% 5.3% 21.8% 15.1% 13.6% 6.2% 5.9% Santander BCI CorpBanca Itau Santander BCI Security Estado Source: SBIF, AAFM. 1.- Excludes subsidiaries outside Chile. 15
16 Solid Competitive Position 3 Lowest Cost of Funding in the Industry Liability Structure % Over Total Assets, as of March 2015 Demand Deposits Market Share 1 %, as of March 2015 Equity 9% Financial Institutions 4% Other 8% Current Accounts and Demand Deposits 25% Retail 49% 23.6% 21.6% 15.1% 3.6% 3.0% Santander BCI CorpBanca Itau Wholesale 51% Demand Deposits to Total Loans 1 %, as of March 2015 Debt Issued 19% Savings Accounts and Time Deposits 35% Wholesale 60% Retail 40% 32.2% 28.4% 27.3% 14.4% 11.6% BCI Source: SBIF. 1.- Excludes subsidiaries outside Chile. Santander Itau Corpbanca 16
17 Solid Competitive Position 4 Recognized Credit Risk Management Delinquency Ratio %, Past Due Loans 1 / Total Loans Loan Loss Provisions Ratio Provisions for Loan Losses/ Average Loans 2.66% 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% 2.68% 2.12% 1.34% 1.86% 1.26% 1.23% 2.01% 1.84% 1.66% 1.18% 1.12% 1.17% 1.04% 1.23% 1.63% 1.31% 1.34% 1.37% 1.24% 1.20% 0.79% Q Q15 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. 17
18 Why Banco de Chile? 18
19 Proven Value Creation Capabilities 1 Distinguishing itself in the Local Market Highest Profitability in the Local Industry Based on Superior Risk Management and Efficiency ROAE March % 17.7% Operating Margin % Over Average Loans, March % 7.0% 6.5% 6.3% 4.8% 14.9% BCI Santander CorpBanca Itau 10.6% Loan Loss Provisions Ratio %, Provisions for Loan Losses / Average Loans, March % 1.2% 1.2% 1.4% 1.1% 0.7% ROAA: BCI Santander CorpBanca Itau 1.7% 1.3% 1.3% 0.9% 0.7% Efficiency Ratio Operating Expenses / Operating Revenues, March 2015 Santander BCI CorpBanca Itau 46.9% 46.0% 44.2% 52.7% 62.5% BCI Santander CorpBanca Itau Fuente: SBIF 19
20 Proven Value Creation Capabilities 2 Consistent Track Record of Profitability Return On Average Equity (ROAE) %, Times over Peers Return On Average Assets (ROAA) %, Times over Peers Banco de Chile s Multiple over Peers 1.1x 1.2x 1.4x 1.3x 1.3x 1.1x 1.2x 1.4x 1.4x 1.4x 27.8% 26.9% 24.5% 21.7% 25.7% 23.5% 17.9% 17.5% 24.7% 18.7% 2.2% 2.1% 2.1% 2.1% 2.0% 1.7% 1.4% 1.5% 2.2% 1.6% Local Peers 1 Source: SBIF. 1.- BCI, CorpBanca, Itau and Santander 20
21 Why Banco de Chile? 21
22 Solid Corporate Governance and Consistent Strategy 1 Solid Corporate Governance 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 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 22
23 Solid Corporate Governance and Consistent Strategy 2 and a Focused Strategy to Sustain Profitable Growth Lead the Retail and Wholesale Business Operational Excellence Service Quality Building Social Reputation Aligning People/ Culture/Strategy 23
24 III. Closing Remarks 24
25 Final Considerations Banco de Chile: A Unique Investment Opportunity Positive and stable track record Low risk and attractive business environment Solid and profitable industry with consistent growth Growth potential Strong brand recognition Leading market position Lowest cost of funding in the industry Outstanding credit risk management Sustained growth in loans and income Highest profitability in Chile and Latin America Consistently delivering value to its shareholders Successful partnership with Citi Solid practices in corporate governance Focused strategy to sustain profitable growth 25
26 Yearly Financial Performance Summary Chilean GAAP Variation / 2013 Statement of Income (in billions of CLP) % Net Interest Income ,059 1, % Total Operating Revenue 1,224 1,342 1,456 1, % Provisions for Loan Losses % Total Operating Expenses % Net income % Balance Sheet (in billions of CLP) Total Loans 17,378 18,762 20, % Total Assets 21,741 23,261 25, % Total Equity 1,739 2,007 2,284 2, % Profitability Indicators Bps Net Interest Margin % 4.62% 4.71% 5.15% 44 Operating Margin % 6.41% 6.47% 6.81% 34 ROAE - Return on Average Equity % 23.31% 21.30% 24.43% 313 ROAA - Return on Average Assets % 2.09% 2.13% 2.25% 12 Credit Quality Provisions for Loan Losses/ Average Loans 0.79% 1.04% 1.23% 1.34% 11 Non-Performing Loans / Total Loans 1.03% 0.97% 1.13% 1.25% 12 Allowances for Loan Losses / Non-Performing Loans 2.1x 2.4x 2.0x 1.9x -0.1x Operational Efficiency Operating Expenses / Operating Revenues 50.16% 46.26% 42.78% 43.41% 63 Capital Ratios Total Regulatory Capital / Risk-weighted Assets 12.91% 13.22% 13.05% 13.32% 27 Tier 1 Capital / Risk-weighted Assets 8.88% 9.69% 9.94% 10.39% 45 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. 26
27 IV. Recent Results 27
28 Banking Industry Slower loan growth in line with business and consumer confidence levels Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Loan Growth (Var. Real YoY) Accumulated Net Income & ROAE (In billions of CLP and %) Commercial Consumer Mortgage Total Net Income ROAE 9.3% 9.3% 10.1% 10.4% 10.3% % 7.1% % 5.0% 5.1% 5.0% 3.9% 3.0% 1.6% 4.7% 4.9% 3.2% 2.7% 3.4% 3.0% 17% 13% 18% 13% Mar-12 Mar-13 Mar-14 Mar-15 Mar-12 Mar-13 Mar-14 Mar-15 Var. UF 1.07% 0.12% 1.28% -0.02% Note: Excludes loans from subsidaries abroad and Ripley Bank Consolidation in December
29 BCH Strategic Focus Effective business strategy in growing attractive segments Loan Growth (In trillions of CLP, %) (Tr of CLP, %) 1Q15 YoY QoQ Retail % 1.5% Mortgage % 2.0% SMEs % 1.6% Consumer: Middle/ Upper Income % 1.3% Consumer: Credichile % -1.6% Wholesale % -1.7% Total Loans % 0.0% Developments in business intelligence are improving pricing and segmentation New sales strategy applied in digital channels has driven growth in online sales of 224% over the past two years. 68% of total preapproved consumer loans are sold online, which has almost doubled the average reached before implementation of this strategy. Customer Experience Project and clientcentric strategy have increased retention levels and have allowed us to understand the needs of our customers on a whole new level Banco de Chile awarded Best Place to Innovate for new Mobile Apps 29
30 BCH Strategic Focus Improving funding structure with more stable and diversified sources Current Account Deposits (In Trillions of CLP) Time Deposits (In Trillions of CLP) Debt Issued (In Trillions of CLP) +7% % +12% Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Current Account Deposits (%, 1Q15) Time Deposits (%, 1Q15) Bonds (Senior & Subordinated,%,1Q15) 51% 49% 34% 25% 42% 26% 74% Retail Wholesale Retail Wholesale Institutional* *Includes Mutual funds and AFPs Local Foreign 30
31 BCH Strategic Focus Consistent improvements in Service Quality Net Promoter Score (%) Evolution of Customer Satisfaction (%) 66.6% 67.9% 69.3% 76% 78% 79% 79% 60.0% 67% 69% 72% 71% 68% 63% 53% Q Q15 Account Managers Mobile Banking Call Center 31
32 1Q15 BCH Results Solid results despite lower inflation Quarterly Net Income (In billions of CLP) Net Income based on normalized inflation* 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 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% Q -0.02% *Estimated Net Income with a 3% annualized inflation (UF) on bank book and 15.3% effective tax rate 32
33 1Q15 BCH Results Solid core revenues despite weak economy and regulations Quarterly Operating Income (In billions of CLP) Operating Margin Breakdown (Operating Income / Avg. Daily Loans) % 7.9% 7.3% 8.1% 7.0% 4.2% 4.2% 4.4% 4.2% 4.1% % 2.3% 1.7% 2.6% 1.5% 1Q14 2Q14 3Q14 4Q14 1Q15 Customer income Non-customer income* QoQ 1Q14 2Q14 3Q14 4Q14 1Q15 UF 1.28% 1.76% 0.60% 1.90% -0.02% *Includes income from the contribution UF GAP position and treasury activities 1.3% 1.3% 1.3% 1.3% 1.3% 1Q14 2Q14 3Q14 4Q14 1Q15 Total Operating Income Interest Income from Customers Fees Non-customer income* 33
34 1Q15 BCH Results Provision level reflects effective risk management Quarterly Loan Loss Provisions (In billions of CLP) Variation in Loan Loss Provisions (In billions of CLP) % Q14 2Q14 3Q14 4Q14 1Q15 34
35 1Q15 BCH Results Higher expenses due to non-recurring effects and inflation Operating Expenses (In billions of CLP) Efficiency Ratio (Operating Expenses/Operating Revenues, %) 12% % 39.2% 44.1% 41.3% 49.2% 43.4% 46.9% 42.5% 44.5% 43.6% Q14 2Q14 3Q14 4Q14 1Q15 Personnel Collective Barg. Agreement Administration & Others 1Q14 2Q14 3Q14 4Q14 1Q15 Efficiency Ratio Adjusted Efficiency Ratio (1,2) (1) Excludes non-recurrent personnel expenses of ~Ch$39.6 Bn in 4Q14, Ch$1.3 Bn in 3Q14 and Ch$4.2Bn in 2Q14 related to collective bargaining agreements (2) Estimated efficiency with a normalized annual UF inflation of 3% on bank book (operating income) 35
36 1Q15 BCH Results BCH continues to show higher profitability versus peers Return On Average Equity (ROAE) (%, based on SBIF data and monthly average volumes) 22.6% 19.1% 27.8% 26.9% 25.7% 23.5% 24.7% 24.5% 21.7% 17.9% 17.5% 18.7% 18.4% 13.2% Q15 Local Peers 1 Net Operating Margin (Net of Risk) (Net Operating Income/Avg. Loans) 6.2% 5.8% Efficiency Ratio (Operating Expenses / Operating Revenues) 48.8% 48.2% 6.2% 5.2% 40.0% 46.9% Q Santander, BCI, CorpBanca, and Itau Q15 36
37 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. 37
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