72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.

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At the same time, we also made an important monetary donation. We believe that our long history in the Chilean banking industry is a key element that differentiates us from our competitors.

For example, incentral Chile was significantly damaged by catastrophic wildfires that lasted over two months.

Our core business and transactions are with customers doing business in Chile. In this regard, an array of amendments to international financial reporting standards is expected over the coming years. Duringwe were less active in placing bonds abroad given moderate growth of our loan book and less favorable conditions in the international markets.

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The market for Chilean securities and the Chilean economy as a whole are influenced by economic and market conditions in the United States, Europe and certain emerging market economies, especially Asian countries, and also economic as well as political developments in Latin American countries.

We are convinced that in a highly competitive industry such as the Chilean banking system, a customer -centric focus is critical to generating loyalty and creating long-term profitable relationships. Similarly, we implemented initial stages of various technological projects to support commercial activities circula reinforcing operational excellence and security in internet-based transactions. We provide excellent financial services to all of our customer segments by offering creative and effective solutions while citcular the same time ensuring that we add value for our shareholders, employees and community as a whole.

We believe that the Chilean market for credit cards has a high growth potential, especially among lower and middle income customer segments, as the average merchant fees should continue to decline circluar to increasing competition from other banks that operate in Chile, as well as large department stores and other 169 competitors that are involved in the issuance of credit cards. Total Secured Other-than-Mortgage Loans. Loans and advances to banks. To the extent distributed dividends were not sufficient to pay the amount due on this debt, SAOS cidcular permitted to maintain a cumulative deficit balance with the Central Bank that SAOS commits to pay with future dividends.


Our current credit ratings determine the cost and the terms upon which we are able to obtain funding in the ordinary course of business. Return on average total assets 5. Sgs loans as a percentage of total loans 8.

Exact name of Registrant as specified in its charter. We sfs to support our customers and meet their needs throughout their lives. Among these accomplishments, we implemented a paperless system for credit risk committees, a new platform for post-sale support for leasing operations and a pilot project for approving and clearing documentation based on images.

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New York Stock Exchange. Under this program we issued medium term notes in Hong Kong and Japan for approximately U. In these markets, competition from non-banking companies like large department stores, private compensation funds and saving and credit cooperatives has become increasingly significant. Income attributable to associates.

The Central Bank subordinated debt did not have a fixed maturity, and payments were made only to the extent that we earned income before provisions for the subordinated debt. As a result, loan growth was mainly prompted by the expansion in both consumer loans The following table sets forth the annual low, high, average and period-end observed exchange rate for U.

Secured Residential Mortgage Loans 1. In addition, we provide our customers with continuous online access to their accounts and the possibility of transferring substantial financial assets by electronic means while purchasing goods or withdrawing funds, in Chile and abroad with credit and debit cards issued by us.

Lines of credit and other consumer loans. We strongly believe that transactional services are an effective means to improve cross-selling and further penetrate current customers, two key elements to growing profitably in a highly competitive industry. Additionally, in recent years the Chilean government has focused on consumer protection. To accomplish this mission, we believe it is essential to attain industry leadership in all businesses and financial areas in which we operate, namely, profitability, efficiency, business scale, customer base, human resources development and corporate social responsibility.

If unionized workers were to engage in a strike, work stoppage, or other slowdown, or other employees were to become unionized, we could experience disruption of our operations or higher ongoing labor costs, either of which could have a material adverse effect on our results of operations.


During we gave mass-market appeal to MiPass, which is a virtual password-generating application. Title of each class. IFI played an important role in structuring international transactions aimed at diversifying our funding. The occurrence of any such factors not currently expected by us could significantly alter the results set forth in these statements.

Untilwe had a specialized subsidiary that provided credit pre-evaluation services to the Bank and, as applicable, 1679 the rest of our subsidiaries, including pre-assessment and searching for new customers. As of the same date, the Mutuos Hipotecarios portfolio had an average origination period of 4. Borrowings from financial institutions. Cybersecurity incidents such as computer break-ins, phishing, identity theft and other disruptions could negatively affect 16697 security of information stored in and transmitted through our computer systems and network infrastructure, which may result in significant liability to us in excess of insurance coverage, and may cause existing and potential customers to refrain from doing business with us.

Similarly, the Chilean economy continued to grow slowly in by recording a moderate 1. Our customer-centric approach has been crucial to these achievements and we believe our service quality makes a difference when compared svz our competition. Inwe became the market leader in net income and the most profitable bank the highest return on average equity and average capital and reserves within the Chilean banking industry, according to information released by the SBIF.

Earnings per share 2. We also completed the first svvs of our accounting control system and replaced some of our existing credit cards with new ones that include a microchip for enhanced security. Changes in nominal circualr rates and inflation could affect the interest rates earned on our interest-earning assets differently from the interest rates paid on our interest-bearing liabilities, resulting in net income reduction.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a 197 filer, or an emerging growth company.