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Scotiabank Chile H1 net income rises 111% YOY

Scotiabank Chile's first half 2019 consolidated net income jumped 110.6% year over year, as rising net interest income and net fee income offset an increase in operational expenses and loan-loss provisions.

The Santiago-based subsidiary of Bank of Nova Scotia booked 160.34 billion Chilean pesos in profit during the first six months, up from the 76.14 billion pesos earned in the year-ago period. Basic and diluted earnings per share came in at 13.14 pesos.

Net interest income rose to 433.37 billion pesos from 248.22 billion pesos in the previous year, offsetting a 72.2% increase in loan-loss provisions, which grew to 123.57 billion pesos from 71.74 billion pesos the year prior.

Net fee income, meanwhile, rose 99.0% year over year to 102.46 billion pesos from 51.50 billion pesos. Total operational costs, including remuneration and personnel expenses, administration expenses and other items, also increased, growing to 300.72 billion pesos from 161.85 billion pesos in the same period in 2018.

Total consolidated assets at Scotiabank Chile amounted to 30.653 trillion pesos as of June 30, including credits and accounts receivable from customers which were worth 23.137 trillion pesos.

The year-over-year expansion at Scotiabank Chile was supported by the bank's merger with Banco Bilbao Vizcaya Argentaria Chile SA in the latter half of 2018.

As of Aug. 26, US$1 was equivalent to 719.30 Chilean pesos.