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Bci's Q2 net income rises 3.17% YOY

Banco de Credito e Inversiones SA, or Bci, reported net income in the second quarter of 2017 of 90.44 billion Chilean pesos, up 3.17% from 87.66 billion pesos in the year-ago period.

The bank posted a year-over-year growth of 9.03% in its net interest income, reaching 243.25 billion pesos in the second quarter. Meanwhile, income from services and fees grew 1.6% to 86.32 billion pesos.

However, net fees for the quarter declined 1.98% year over year to 65.78 billion pesos.

Investment in companies advanced 14.99% to 5.85 billion pesos in the quarter from 5.09 billion pesos a year ago. Operating expenses also grew 4.71% to 168.94 billion pesos.

The quarterly results included 28.15 billion pesos in exchange rate-related gains linked to financial operations, up 43.13% annually.

Bci's total loans booked an 11.05% annual spike to arrive at 23.403 trillion pesos in the quarter. The ratio of provisions for loan losses to total loans dropped to 1.69% from 1.81%.

The company's return on average equity rose year over year to 16.21% from 15.58%. The return on average assets also increased to 1.33% from 1.17%.

As of July 31, US$1 was equivalent to 652.70 Chilean pesos.