Chile's 2011 Banking Sector Profit Rises 3.8% On Year
31 Janeiro 2012 - 12:13PM
Dow Jones News
Combined profit for Chilean banks and financial institutions in
2011 gained 3.8% on the year to a consolidated 1.71 trillion
Chilean pesos ($3.51 billion), the SBIF local banking regulator
said Tuesday.
Strong economic growth and robust domestic demand have supported
banks' earnings and boosted lending despite higher interest
rates.
The central bank raised the benchmark lending rate a total of
200 basis points during the first six months of 2011 to 5.25% and
held it there for the remainder the year.
Total 2011 loans reached CLP85.87 trillion, up 13% from the
previous year, the SBIF said.
Consumer loans for the year totaled CLP11.49 trillion, up 13.5%
from 2010. Mortgage lending, meanwhile, gained 8.1% on the year to
CLP21.99 trillion.
The financial system's average net return on capital and
reserves for the year fell to 17.4%, compared with 18.6% in
2010.
Consolidated 2011 profit at the country's largest bank in terms
of loans, Banco Santander-Chile (SAN, BSANTANDE.SN), totaled
CLP440.02 billion, while pretax profit reached CLP523.47
billion.
The SBIF didn't provide comparative data from the previous year
for individual banks.
Santander-Chile's net return on capital and reserves reached
21.6% for the year.
At Banco de Chile (BCH, CHILE.SN), the country's second-largest
bank, 2011 profit reached CLP428.81 billion, while pretax profit
was CLP488.39 billion. Its return on capital was 24.7%.
State-owned BancoEstado, meanwhile, posted a profit of CLP100.48
billion, with a pretax profit of CLP162.96 billion.
Its net return on capital and reserves was 9.8%. Although in
terms of total loans, BancoEstado is the country's third-largest
bank, it is nearly tied with Banco Santander-Chile in mortgage
lending.
CorpBanca SA's (BCA, CORPBANCA.SN) profit, meanwhile, was
CLP121.03 billion, with a pretax profit of CLP145.17 billion.
CorpBanca's net return on capital and reserves was 16.6%.
-By Carolina Pica, Dow Jones Newswires; 56-2-715-8919;
carolina.pica@dowjones.com
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