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Banco de Chile reports 1.2% drop in 2016 profit


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Banco de Chile reports 1.2% drop in 2016 profit

Banco de Chile reported full-year 2016 net income attributable to the bank owners of 552.25 billion Chilean pesos, down about 1.2% from 559.00 billion pesos for full year 2015, as operating expenses and provisions ticked higher.

Net income per share came to 5.66 pesos for the whole of 2016, down from 5.73 pesos a year earlier, according to a Form 6-K filed Jan. 30.

The company did not disclose stand-alone figures for the fourth quarter of the year in the filing, but it previously reported 428.22 billion pesos in net income for the first nine months of 2016, up from 418.90 billion pesos a year ago. The figures imply that Banco de Chile's net profit for the final three months of 2016 dropped about 11.4% year over year.

Net interest income for 2016 was 1.221 trillion pesos, edging 0.2% higher from 1.219 trillion pesos in 2015. Net fees and commission income totaled 321.27 billion pesos, up 5.0% year over year from 305.98 billion pesos.

Banco de Chile's provisions for loan losses ticked up 2.2% to 309.74 billion pesos from 303.06 billion pesos year over year. Total operating expenses grew by 8.5% over the year to 788.28 billion pesos from 726.24 billion pesos.

Loans and advances made to banks reached 1.172 trillion pesos for 2016, 15.9% lower compared to 1.395 trillion pesos for 2015. Net loans to customers was up 3.4% year over year at 24.776 trillion pesos.

As of Jan. 27, US$1 was equivalent to 649.95 Chilean pesos.