Itaú CorpBanca recorded a smaller net loss in the fourth quarter of 2017 as compared to the year-ago period amid a fall in provisions for problem loans and stable net interest income.
The bank recorded a net loss attributable to shareholders of about 17.62 billion Chilean pesos in the quarter, narrower than the net loss of 49.51 billion pesos seen in the fourth quarter of 2016.
Net interest income ticked up 2.3% to 191.60 billion pesos from 187.21 billion pesos a year earlier. Net fee and commission income, meanwhile, declined 2.8% to 45.91 billion pesos from 47.23 billion pesos.
Net total financial transactions surged 262.4% year over year to reach 15.45 billion pesos in the fourth quarter.
The lender's net interest margin reached 3.1% in the fourth quarter, an increase of 14 basis points when compared to the same quarter in 2016.
A contraction in provisions for loan losses helped the bank abate its losses for the quarter. Provisions slid 2.7% year over year to 146.25 billion pesos from 150.33 billion pesos.
For the fourth quarter, Itaú CorpBanca reported operating expenses of 159.35 billion pesos, bumping up from 158.90 billion pesos a year earlier. Administrative expenses, meanwhile, slid 8.0% to 77.73 billion pesos.
The bank's total credit portfolio reached 20.404 trillion pesos at the end of the three-month period, falling 2.0% from the linked quarter and 3.0% from a year ago. The firm's total consolidated 90-day nonperforming loan ratio reached 2.3% in the fourth quarter, up from 1.7% in the year-ago period.
The fourth-quarter results helped the bank record net income attributable to shareholders of 61.46 billion pesos in 2017, up 58.3% from 38.83 billion pesos a year ago.
As of Feb. 27, US$1 was equivalent to 591.03 Chilean pesos.
