Itaú CorpBanca : Third Quarter 2020 Financial Results Conference Call and Webcast
November 11, 2020 at 07:29 pm IST
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Conference call
3Q 2020 Earnings review
Santiago, November 2nd, 2020
Gabriel Moura
Chief Executive Officer
Rodrigo Couto
Chief Financial Officer
Claudia Labbé
Head of Investor Relations
Macro Projections
GDP Growth - %
3.9
4.5
4.5
3.3
2.5
1.4
1.2
1.1
-5.5
-6.0
2017
2018
2019
2020(e)
2021(e)
Chile
Colombia
Inflation (CPI) - %
4.1
3.8
3.2
3.0
2.9
3.0
2.3
2.6
2.3
2.0
2017
2018
2019(e)
2020(e)
2021(e)
Chile
Colombia
Source: Central Bank of Chile, Central Bank of Colombia and Itaú's projections.(updated as of October 5, 2020).
Interest Rates (EOP) - %
4.8
4.3
4.3
2.5
2.8
1.8
2.0
2.0
0.5
0.5
2017
2018
2019
2020(e)
2021(e)
Chile
Colombia
Exchange rates - CLP/USD & CLP/COP
880
0.27
830
0.26
780
0.25
730
0.24
680
0.23
0.22
630
0.21
580
0.20
CLP/USD
CLP/COP
2
Financial Highlights
3
3Q20 About our quarter
Recurring
Consolidated
Ch$(10.1) billion
148.0%
Recurring
Consolidated
-2.1 %
6.4 p.p.
Net
Return on
Income
Chile
Ch$(13.7) billion
160.3%
Tangible
Chile
-4.0 %
10.5 p.p.
Equity (RoTE)
lower revenues
cost control:
cost of credit increased
in Chile
headcount reduction in Chile
in Chile
mainly due to lower revenues from
costs flat qoq adjusting for
mainly driven by additional provision
derivatives and financial margin with the
one-time increase in
in Chile in the consumer, mortgage and
market, which was impacted
severance costs due to restructuring
commercial portfolios due to possible
by lower inflation
COVID-19 impacts
6.7%
4.5%
Ch$45 bi
(yoy)
(headcount reduction qoq)
additional provision
4
3Q20 Loan growth
Total Loans
Commercial Loans1
14.8%
7.1%
8.1%
6.2%
below the market
in line with the market
Mortgage Loans
Consumer Loans
11.9%
above the market
8.6%
above the market
-9.9%
-12.5%
Itaú Corpbanca
Financial System
1 - Ex Student loans portfolio
5
3Q20 Financial margin with clients
Financial margin with clients
Ch$ billlion
-2.3%
-7.7%
161.3
152.5
144.0
146.9
140.8
3Q'19
4Q'19
1Q'20
2Q'20
3Q'20
Annualized average rate
3.3%
3.0%
3.0%
3.0%
2.8%
2.8%
2.6%
2.5%
2.9%
2.9%
2.4%
2.2%
2.7%
2.5%
1.8%
1.6%
0.5%
0.5%
3Q'18
4Q'18
1Q'19
2Q'19
3Q'19
4Q'19
1Q'20
2Q'20
3Q'20
Financial margin with clients
Average MPR
Change in Financial margin with clients
Ch$ billlion
Assets financial margin
Liabilities financial margin
Capital financial
0.7
2.5
0.7
1.1
margin
(4.2)
(0.8)
(6.0)
(5.7)
152.5
140.8
2Q'20
Portfolio mix
Volume
Spreads
Portfolio mix
Volume
Spreads
Commercial spreads
Capital financial
3Q'20
on derivatives and FX
margin
transactions with
clients
6
3Q20 Financial margin with the market
Quarterly evolution
UF 1 net exposure (Ch$ trillion)
In Ch$ billion
2.9
2.7
2.5
2.2
25.5
24.5
25.9
25.3
1.9
17.1
49.1
sept-19
dec-19
mar-20
jun-20
sept-20
30.0
UF - Unidad de Fomento1 (∆ value)
21.1
3.3
18.8
1.0%
0.9%
3Q'19
4Q'19
1Q'20
2Q'20
3Q´20
Financial Margin with the Market
1-year moving average
0.5%
0.3%
0.1%
3Q'19
4Q'19
1Q'20
2Q'20
3Q'20
1 - UF (Unidad de Fomento) is an official unit of account in Chile that is constantly
adjusted for inflation and widely used in Chile for pricing several loans and contracts.
7
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Itaú CorpBanca published this content on 11 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2020 13:58:06 UTC
Banco Itau Chile is a Chile-based financial institution (the Bank) engaged in the banking sector. The Bank operates in seven segments: Large, Corporate and Real Estate Companies, which includes companies that belong to major economic groups and specific industries; Companies, which includes leasing, factoring and other financial services for business customers; Traditional and Private Banking, which offers checking accounts, consumer loans, credit cards and mortgage loans; Lower Income Retail Banking, corresponding to operations of Banco Condell, which offers consumer loans, credit cards and mortgage loans; Treasury and International, which comprises treasury activities, such as financial management and funding; Non-Banking Financial Services, which provides services rendered by its subsidiaries, including insurance brokerage, financial advisory and securities brokerage, and Colombia, which includes commercial and retail banking services provided by CorpBanca Colombia and Helm Bank.