FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Report of Foreign Issuer
 
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
 
Commission File Number: 001-14554
 
Banco Santander Chile
Santander Chile Bank
(Translation of Registrant’s Name into English)
 
Bandera 140
Santiago, Chile
(Address of principal executive office)
 
          Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
 
Form 20-F
x
 
Form 40-F
o
 
 
          Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
 
 
Yes
o
 
No
x
 
 
          Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
 
 
Yes
o
 
No
x
 
 
          Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
 
 
Yes
o
 
No
x
 
 
          If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 
 

 
 
Table of Contents

Item
   
     
1.
First Quarter 2009 Earnings Report  (English)
 
2.
First Quarter 2009 Financial Statements (Spanish) 
 

 
2

 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BANCO SANTANDER-CHILE
 
By:
/s/
Name:
Gonzalo Romero A.
Title:
General Counsel
Date: May 6, 2009

 
3

 



INDEX

SECTION
 
PAGE
     
SECTION 1: SUMMARY OF RESULTS AND STRATEGY
 
2
     
SECTION 2: BALANCE SHEET
 
6
     
SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT
 
10
   
 
SECTION 4: CREDIT RISK RATINGS
 
19
     
SECTION 5: SHARE PERFORMANCE
 
20
     
SECTION 6: INSTITUTIONAL BACKGROUND
 
21
     
ANNEX 1: BALANCE SHEET
 
22
     
ANNEX 2: QUARTERLY INCOME STATEMENTS
 
23
     
ANNEX 3: QUARTERLY EVOLUTION OF MAIN RATIOS AND OTHER INFORMATION
 
24
     
ANNEX 4:  RESTATEMENT OF 2008 FIGURES: MAIN IMPACTS ASSETS
 
26
     
ANNEX 5:  RESTATEMENT OF 2008 FIGURES: MAIN IMPACTS LIABILITIES & EQUITY
 
27
     
ANNEX 6:  RESTATEMENT OF 2008 FIGURES: MAIN IMPACTS INCOME STATEMENT
 
28
     
ANNEX 7:  RESTATEMENT OF 2008 FIGURES: COMPANIES CONSOLIDATED
 
29
 
Santiago, Chile
Robert Moreno
Tel: (562) 320-8284
Manager, Investor Relations Department
Fax: (562) 671-6554
Banco Santander Chile
Email: rmorenoh@santander.cl
Bandera 140 Piso 19,
Website: www.santander.cl
 
Investor Relations Department
 
1
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


SECTION 1: SUMMARY OF RESULTS AND STRATEGY
Distributable net income: 2008 historical net income which does not reflect new IFRS accounting standards, but is net income that can be distributed as dividends.
Restated net income: 2008 net income re-stated to reflect the adoption of new accounting standards in 2009.

Operating income up 18.6% YoY in 1Q09
In 1Q09, net income attributable to shareholders totaled Ch$76,652 million (Ch$0.41 per share and US$0.72/ADR).

Operating income increased 18.6% compared to 1Q08 (from now on YoY). Net interest income was flat YoY and totaled Ch$187,273 million in the quarter. The negative inflation rates in the quarter placed pressure on the net interest margin as the Bank has more assets than liabilities linked to inflation. As a result, in 1Q09, the Bank’s net interest margin reached 4.8% compared to 5.6% in 1Q08. The effects of lower inflation on margins were offset by the 16.6% YoY increase in average loans coupled with our continued focus on spreads. As a result, client net interest income, that is net interest income generated by our commercial areas, increased 11.3% YoY in 1Q09.

The impact of negative inflation on results was also offset with the Bank’s proactive management of the asset and funding mix. In 4Q08, the Bank increased its bond portfolio, which is comprised mainly of liquid and low risk Chilean Central Bank bonds, in anticipation of lower inflation and interest rate levels in 1Q09, and as a way to hedge our results in this scenario. As the economy slowed and inflation dropped, interest rates decreased sharply. As a consequence, the results from financial transactions, net increased 415.1% YoY in 1Q09.

Net fee income increased 5.2% YoY in 1Q09 and was led by a rise in fees from checking accounts and card fees. Fees from checking accounts and lines of credit grew 15.3% YoY in the quarter.  Santander is the leader in the checking account market with 630,000 accounts and 27.0% of the market. Fees from credit, debit and ATM cards increased 6.8% YoY. In the banking credit card business, Santander, with 33.5% of the credit card accounts, generated 36.3% of all purchases in 1Q09 compared to 35.3% in 1Q08. In the ATM market, Santander, with approximately 30% of the ATMs installed in the country, generated 41% of the total transactions in 2008.

Provision expense up 48% YoY in 1Q09
In 1Q09, the Bank’s net provision expense increased 48.0% YoY. This rise was driven mainly by the increase in charge-offs, in line with the economic slowdown. As a result of this ongoing effort, the Bank has been able to keep relatively stable asset quality indicators in spite of the more difficult operational environment. The expected loan loss ratio or risk index (Loan loss allowances / Total loans) reached 2.01% as of March 2009 compared to 1.88% at year-end 2008 and 1.90% as of March 2009. This is a key asset quality indicator as it determines the bank’s required level of reserves and provisions. The Bank is required to set provisions according to it and to have 100% coverage of its risk index. The past due loan ratio (Unpaid loans & installments >90 days / Total loans) as of March 2009 reached 1.21% compared to 1.10% in 4Q 08 and 1.09% in March 2008. The coverage of past due loans (Loan loss allowance / Past due loans) reached 166.2% as of March 2009.
 
Investor Relations Department
 
2
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


Operating income net of provisions increases 10.0% YoY in 1Q09
In summary, operating income, net of provision expense, increased 10.0% YoY in 1Q09. The strategy of focusing on selective loan growth, improving funding and spreads, strengthening capital, and actively managing the balance sheet offset the negative effects of deflation and rising credit risks.

Ch$bn
   
1Q09
   
YoY Chg.
 
Client net interest income
    248       11.3 %
Fee income
    62       5.2 %
Core client revenue
    310       10.1 %
Non-client net int. income
    (61 )     75.0 %
Financial transactions + other op. income
    71       205.1 %
Operating income
    320       18.6 %
Provision expense
    (91 )     48.0 %
Operating income net of prov.
   
229
      10.0 %

Cost kept under control. Efficiency ratio improves to 34.5% in 1Q 09
The growth rate of operating expenses was curbed in the quarter. Operating expenses increased 2.8% YoY in 1Q09 compared to the 18.6% rise in operating income. As a result, the efficiency ratio reached 34.5% in 1Q09, improving from 36.6% in 1Q08. We have the highest level of efficiency among the larger banks in Chile and among the best in emerging markets.

Santander Chile adopts international accounting standards
In 2009, the Bank adopted accounting standards in line with international standards (IFRS). Historical figures in the rest of this report have been re-stated to make them more comparable. The main difference compared to previous accounting standards was the elimination of price level restatement, a non cash expense related to the level of inflation. Compared to re-stated net income, 1Q09 net income decreased 10.9% YoY. For a more detail description of the changes made to 2008 figures, please see Annexes 4-7.

ROAE reached 20.2% in 1Q 09
On a comparable distributable basis, that is, compared to the historical net income distributable as dividends and not restated to account for new accounting standards, net income attributable to shareholders was up 1.3% YoY. The Bank’s ROAE in the quarter reached 20.2%.

Focus on selective loan growth. Loan volumes negatively affected by translation losses
The Bank continued with its approach to selective loan growth given the more difficult economic environment. In addition, loan volumes were negatively affected during the quarter by the translation loss produced by the deflation (-2.3%) and appreciation of the peso against the US$ (7.5%). As a consequence, total loans decreased 4.1% QoQ and increased 12.6% YoY. Adjusting for translation losses, total loan volumes decreased approximately 2.4% QoQ and increased 14.6% YoY.
 
Investor Relations Department
 
3
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


In the retail side, total loans to individuals decreased 1.8% QoQ and increased 8.9% YoY. The growth of lending to individual was focused mainly on the middle-upper income segments, which increased 2.5% QoQ and 31.7% YoY. In the mass consumer market volumes decreased 10.4% QoQ and 25.3% YoY. Lending to SMEs decreased 3.5% QoQ and increased 8.4% YoY. Lending to the middle market decreased 5.8% QoQ and increased 8.4% YoY. Corporate loans decreased 20.5% QoQ and increased 10.4% YoY. This outcome was a result, among other things, due to the translations losses produced by the deflationary environment and the appreciation of the Chilean peso.

The loan to deposit and capital ratios remains healthy at 96.5% in 1Q09
As of March 31, 2009, Santander Chile’s loan to deposit ratio (excluding the portion of mortgage loans funded through bonds) reached a healthy 96.5% in 1Q09. As of March 2009, 70% of our total liabilities were core funds (defined as retail deposits, long-term institutional deposits and long-term bonds). This clearly reflects our strategic objective of maintaining healthy liquidity and a strong funding base.

The Bank’s capitalization ratios improved in the quarter. As of March 31, 2009, the Bank’s BIS ratio reached a solid level of 15.0% with a Tier I ratio of 11.0%. It is important to point out, that voting common shareholders’ equity is the sole component of our Tier I capital. This is in line with our strategic objective of maintaining a strong core capital base.

The Bank’s credit risk rating were upgraded in the quarter
The Bank credit risk ratings were improved in the quarter by Moody’s, following their upgrade of Chile’s sovereign ratings. The Bank deposits rating were improved from A2 to A1, senior debt rating was improved from Aa3 to Aa2. Subordinated debt rating was unchanged at Aa3. Both the senior and subordinated debt ratings pierced the sovereign ceilings, making Santander Chile the highest rated company in Latin America.

 
Investor Relations Department
 
4
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


Banco Santander Chile: Summary of Quarterly Results

   
Quarter
   
% Chg.
 
(Ch$ million)
   
1Q09
     
1Q08
     
1Q09/1Q08
 
Net interest income
    187,273       188,006       (0.4 )%
Fee income
    61,631       58,595       5.2 %
Core revenues
    248,904       246,601       0.9 %
Financial transactions, net
    68,815       13,359       415.1 %
Other operating income
    2,498       10,015       (75.1 )%
Total operating income
    320,217       269,975       18.6 %
Provision expense
    (90,934 )     (61,454 )     48.0 %
Operating income net of provisions
    229,283       208,521       10.0 %
Operating expenses
    (98,288 )     (95,615 )     2.8 %
Other op. expenses
    (35,531 )     (8,631 )     311.7 %
Net operating income
    95,464       104,275       (8.4 )%
Net income
    79,531       88,586       (10.2 )%
Minority interest
    2,879       2,589       11.2 %
Net income attributable to shareholders
    76,652       85,997       (10.9 )%
Net income/share (Ch$)
    0.41       0.46       (10.9 )%
Net income/ADR (US$)1
    0.73       1.08       (32.8 )%
Total loans
    13,985,677       12,421,004       12.6 %
Customer funds
    14,855,094       13,849,629       7.3 %
Shareholders’ equity
    1,543,040       1,329,122       16.1 %
Net interest margin
    4.8 %     5.6 %        
Efficiency ratio
    34.5 %     36.6 %        
Return on average equity2
    20.2 %     25.6 %        
PDL / Total loans
    1.2 %     1.1 %        
Coverage ratio of PDLs
    166.2 %     174.7 %        
Expected loss3
    2.0 %     1.9 %        
BIS ratio
    15.0 %     13.3 %        
Branches
    501       496          
ATMs
    1,929       1,989          
1.
The change in earnings per ADR may differ from the change in earnings per share due to the exchange rate.
2.
Annualized Quarterly Earnings / Average Equity.
3.
Allowance for loan losses / Total loans. Based on internal credit models and SBIF guidelines. Banks must have a 100% coverage of expected loss

2008 figures have been restated in accordance with the new accounting standards adopted by Chilean banks in 2009. Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank. See Annex 4-7 for an explanation of how figures were restated.
 
Investor Relations Department
 
5
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


SECTION 2: BALANCE SHEET

LOANS

Focus on selective loan growth. Loan volumes negatively affected by translation losses

Loans
 
Quarter ended,
   
% Change
 
(Ch$ million)
 
Mar-09
   
Dec-08
(restated)
   
Mar-08
(restated)
   
Mar. 09 / 08
   
Mar. 09 /
Dec. 08
 
Total loans to individuals
    6,115,175       6,229,521       5,612,830       8.9 %     (1.8 )%
Consumer loans
    2,187,832       2,248,996       2,158,563       1.4 %     (2.7 )%
Residential mortgage loans
    3,927,343       3,980,525       3,454,267       13.7 %     (1.3 )%
SMEs
    2,385,720       2,471,356       2,201,005       8.4 %     (3.5 )%
Institutional lending
    254,565       234,824       218,018       16.8 %     8.4 %
Middle-Market & Real Estate
    2,727,232       2,895,035       2,516,708       8.4 %     (5.8 )%
Corporate
    1,656,772       2,083,141       1,500,669       10.4 %     (20.5 )%
Total loans 1,2
    13,985,677       14,585,554       12,421,004       12.6 %     (4.1 )%
1
Includes past due loans in each category and other non-segmented loans.
2
Excludes allowance for loan losses and interbank loans

The Bank continued with its approach to selective loan growth, given the more difficult economic environment. In addition, loan volumes were negatively affected during the quarter by the translation loss produced by the deflation (-2.3%) and appreciation of the peso against the US$ (7.5%). As a consequence, total loans decreased 4.1% QoQ and increased 12.6% YoY. Adjusting for translation losses, total loan volumes decreased approximately 2.4% QoQ and increased 14.6% YoY.

On the retail side, total loans to individuals decreased 1.8% QoQ and increased 8.9% YoY. In terms of products, consumer loans decreased 2.7% QoQ and have increased 1.4% YoY.  Residential mortgage lending has decreased 1.3% QoQ and increased 13.7% YoY. Adjusting for deflation, residential mortgage loans have expanded by 0.9% QoQ and 16.3% YoY. The growth of lending to individual was focused mainly on the middle-upper income segments, which increased 2.5% QoQ and 31.7% YoY, representing 56.4% of total lending to individuals compared to 48% in 1Q08. In the mass consumer market volumes decreased 10.4% QoQ and 25.3% YoY.
 
Investor Relations Department
 
6
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 



On the corporate side, lending volumes were also affected by the negative inflation and the appreciation of the currency. Loans to SMEs decreased 3.5% QoQ and increased 8.4% YoY. Lending to the middle market decreased 5.8% QoQ and increased 8.4% YoY. Corporate loans decreased 20.5% QoQ and increased 10.4% YoY. As stated in our latest earning report, the Bank experienced strong loan growth in the corporate sectors during 4Q08, as alternative sources of borrowing were constrained both internationally and locally. In 1Q09, this situation began to normalize with an important rise in local bond issues and a normalization of spreads. The Bank has kept its focus on profitability throughout this period and continues to be centered on the whole pool of revenues generated by these clients, which to a large extent comes from non-lending activities.

FINANCIAL INVESTMENTS

Financial investments
 
Quarter
   
Change %
 
(Ch$ million)
 
Mar-09
   
Dec-08
(restated)
   
Mar-08
(restated)
   
Mar. 09 / 08
   
Mar. 09 /
Dec. 08
 
Financial assets held for trading
    940,357       1,166,426       715,729       31.4 %     (19.4 )%
Available-for-sale financial assets
    1,276,382       1,580,240       1,457,900       (12.5 )%     (19.2 )%
Total financial investments
    2,216,739       2,746,666       2,173,629       2.0 %     (19.3 )%

The financial investment portfolio decreased 19.3% QoQ and increased 2.0% YoY in 1Q09. The Bank’s fixed income portfolio is comprised mainly of liquid Chilean Central Bank bonds. In 4Q08, the Bank increased its bond portfolio: (1) as a source of liquidity after a strong inflow of deposits and the tightening of lending and (2) in anticipation of lower inflation and interest rate levels in 1Q09, as a way to hedge our results in that scenario. As interest rates decreased and financial markets improved, the Bank sold fixed income instruments. At the same time, the negative inflation rates in the quarter also had a positive effect on the unrealized gains from the mark-to-market of our fixed income securities portfolio.
 
Investor Relations Department
 
7
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


FUNDING

Stable evolution of customer funds

Customer funds
 
Quarter
   
Change %
 
(Ch$ million)
 
Mar-09
   
Dec-08
(restated)
   
Mar-08
(restated)
   
Mar. 09 / 08
   
Mar. 09 /
Dec. 08
 
Non-interest bearing deposits
    3,092,010       2,949,757       2,772,568       11.5 %     4.9 %
Time deposits
    8,677,857       9,756,266       8,407,623       3.2 %     (11.1 )%
Total customer deposits
    11,769,867       12,706,023       11,180,191       5.3 %     (7.4 )%
Mutual funds
    3,085,227       2,199,222       2,669,438       15.6 %     40.3 %
Total customer funds
    14,855,094       14,905,245       13,849,629       7.3 %     (0.3 )%
Loans / Deposits*
    96.5 %     93.9 %     91.4 %                
* (Loans - marketable securities that fund mortgage portfolio) /  (Time deposits + demand deposits)

Customer funds remained stable QoQ and increased 7.3% YoY. In 1Q09, as financial markets in Chile started to normalize following the higher volatility of 4Q08, the Bank liberated some of its excess liquidity position. In order to do so, it reduced its most expensive time deposits and funneled those funds to money market funds which generate a higher spread for the Bank via fee income. The reduction in interest rates also explains the shift of client funds from time deposits to short-term fixed income mutual funds. As a consequence, time deposits decreased 11.1% QoQ and mutual funds under management rose 40.3% QoQ. The Bank’s balance of non-interest bearing demand deposits increased 4.8% QoQ and 11.5% YoY and the average balance of demand deposits decreased 1.9% QoQ and increased 5.2% YoY.

As of March 31, 2009, Santander Chile’s loan to deposit ratio (excluding portion of mortgage loan funded through bonds) reached a healthy 96.5% at March 2009. At the same date, 70% of our total liabilities were core funds (defined as retail deposits, long-term institutional deposits and long-term bonds). This clearly reflects our strategic objective of maintaining healthy liquidity and a strong funding base.
 
Investor Relations Department
 
8
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   

 
 

 


SHAREHOLDERS’ EQUITY AND REGULATORY CAPITAL

BIS ratio reaches 15.0% as of March 2009 with a Tier I ratio of 11.0%

Shareholders' Equity
 
Quarter
   
Change %
 
(Ch$ million)
 
Mar-09
   
Dec-08
(restated)
   
Mar-08
(restated)
   
Mar. 09 / 08
   
Mar. 09 /
Dec. 08
 
Capital
    891,303       891,303       818,535       8.9 %     0.0 %
Reserves
    (16,960 )     (123,727 )     (20,618 )     (17.7 )%     (86.3 )%
Unrealized gain (loss) Available-for-sale financial assets
    (7,856 )     (7,552 )     (21,155 )     (62.9 )%     4.0 %
Retained Earnings:
    676,553       729,664       552,360       22.5 %     (7.3 )%
Retained earnings previous periods
    721,340       413,053       581,652       24.0 %     74.6 %
Net income
    76,652       415,055       85,997       (10.9 )%     (81.5 )%
Provision for mandatory dividends
    (121,439 )     (98,444 )     (115,288 )                
Minority Interest
    28,403       25,879       20,679       37.4 %     9.8 %
Total Equity
    1,571,443       1,515,567       1,349,802       16.4 %     3.7 %
Equity attributable to shareholders
    1,543,040       1,489,688       1,329,123       16.1 %     3.6 %

The Bank’s capitalization ratios improved in the quarter. As of March 31, 2009, the Bank’s BIS ratio reached a solid level of 15.0% with a Tier I ratio of 11.0%. It is important to point out, that voting common shareholders’ equity is the sole component of our Tier I capital.  This is in line with our strategic objective of focusing on liquidity, funding and capital. Shareholders’ equity totaled Ch$1,543,040 million (US$2.6 billion) as of March 31, 2009. ROAE in 1Q09 reached 20.2%. In 2009, and in line with IFRS standards being adopted by Chilean banks, the Bank’s year-end 2008 equity was restated. The main changes were: (i) the restatement for 2008 earnings, in which the main impact will be the reversal of 2008 price level restatement and (ii) the revaluation of fixed assets. This has an impact of Ch$87,042 million charged directly against equity on January 1, 2009.  For a detailed description of the impacts of IFRS on equity please see Annexes 4-7.

Capital Adequacy*
 
Quarter ended
   
Change %
 
(Ch$ million)
 
Mar-09
   
Dec-08
   
Mar-08
   
Mar. 09 / 08
   
Mar. 09 /
Dec. 08
 
Tier I (Core Capital)
    1,543,039       1,578,043       1,398,183       10.4 %     (2.2 )%
Tier II
    560,232       588,657       415,905       34.7 %     (4.8 )%
Regulatory capital
    2,103,271       2,166,700       1,814,088       15.9 %     (2.9 )%
Risk weighted assets
    13,979,591       15,710,202       13,593,098       2.8 %     (11.0 )%
Tier I ratio
    11.0 %     10.0 %     10.3 %                
BIS ratio
    15.0 %     13.8 %     13.3 %                
* Figures for 2008 are not restated with new accounting standards.

In April 2009, the Bank will pay its annual dividend of Ch$1.13/share, equivalent to 65% of 2008 earnings (not restated) attributable to shareholders. At the record date in Chile, the dividend yield was 6.3%. All else equal, the Bank’s BIS ratio post dividend will be approximately 14.2%.
 
Investor Relations Department
 
9
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


SECTION 3: ANALYSIS OF QUARTERLY INCOME STATEMENT

NET INTEREST INCOME

Client net interest income increases 11.3% YoY. Deflation in the quarter hurts non-client margins.

Net Interest Income / Margin
 
Quarter
   
Change %
 
(Ch$ million)
    1Q09    
4Q08
(Restated)
   
1Q08
(Restated)
     
1Q09/1Q08
     
1Q09/4Q08
 
Client net interest income 1
    247,889       274,900       222,643       11.3 %     (9.8 )%
Non-client net interest income 2
    (60,615 )     (42,697 )     (34,637 )     75.0 %     42.0 %
Net interest income
    187,273       232,203       188,006       (0.4 )%     (19.3 )%
Average interest-earning assets
    15,742,285       15,959,439       13,539,003       16.3 %     (1.4 )%
Average loans
    14,312,882       14,295,443       12,277,279       16.6 %     0.1 %
Net interest margin (NIM) 3
    4.8 %     5.8 %     5.6 %                
Avg. equity + non-interest bearing demand deposits / Avg. interest earning assets
    28.4 %     27.8 %     30.7 %                
Quarterly inflation rate 4
    (2.30 )%     2.21 %     1.02 %                
Avg. overnight interbank rate (nominal)
    5.49 %     8.24 %     6.22 %                
Avg. 10 year Central Bank yield (real)
    2.60 %     3.22 %     2.84 %                
1.
Client net interest income and margins, is net interest income (and margins) generated by our commercial areas.
2.
Non-client net interest income is net interest income generated by centralized activities, non-segmented portions of the balance sheet and Financial Management.
3.
Annualized.
4.
Inflation measured as the variation of the Unidad de Fomento in the quarter.

In 1Q09 net interest income was flat YoY. The negative inflation rates in the quarter placed pressure on the Bank’s net interest margin, as the Bank has more assets than liabilities linked to inflation. As a result, the Bank’s net interest margin reached 4.8% in the quarter compared to 5.6% in 1Q08. The effects of lower inflation on margins were offset by the 16.6% YoY increase in average loans coupled with our continued focus on spreads.

In order to understand the underlying trends of our net interest income, we break these revenues between Client net interest income, which is net interest income (and margins) generated by our commercial areas, and Non-client interest income.
 
Investor Relations Department
 
10
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


Client net interest income. Client net interest income increased 11.3% YoY in 1Q09. This growth was led by the 16.3% YoY increase in average loans. In the quarter, the Bank continued to focus on increasing spreads to defend profitability and margins in a negative inflationary environment. Compared to our main competitors, the Bank maintains the highest margins and experienced the lowest YoY reduction in net interest income in the period. This positive evolution of client net interest income was partially offset by growth in the less riskier, but lower yielding corporate and high-end individual segments and a lower spread earned over the Bank’s equity and free funds as interest rates descended.

Source: SBIF as of March 2009. Industry excludes Santander Chile

Non-Client net interest income. Non-client net interest income, which is net interest income generated by centralized activities, non-segmented portions of the balance sheet and Financial Management - totaled a loss of Ch$60,615 million increasing 75.0% YoY. The QoQ rise of this loss was mainly due to the negative inflation rate in the quarter. The Bank maintains long-term assets (mainly medium and long-term financial investments) that are denominated in Unidades de Fomento (UFs), an inflation indexed unit, which are partially funded with nominal or non-interest bearing peso short-term deposits. Deflation has a negative impact on net interest income and margins as the Bank maintains a positive gap between assets and liabilities indexed to inflation. This situation was partially offset by client activities and an active management of the asset and liability mix. The negative inflation rates in the quarter hurt margins, but on the other hand, had a positive effect on the realized and unrealized gains from the mark-to-market of our fixed income securities portfolio that had been increased to hedge our results in anticipation of lower inflation levels. The reduction of our fixed income portfolio also reduced our positive UF gap and, therefore, the impact of deflation on margins (See Financial investments and the results from Financial transactions, net).

The 19.3% QoQ decrease in net interest income was mainly due to the lower quarterly inflation rates and the negative impact over the profitability of our free funds in a lower rate environment.
 
Investor Relations Department
 
11
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   

 
 

 


PROVISION FOR LOAN LOSSES

Net provision expense rises as the economy slows down

Provision for loan losses
 
Quarter
   
Change %
 
(Ch$ million)
    1Q09    
4Q08
(Restated)
   
1Q08
(Restated)
     
1Q09/1Q08
     
1Q09/4Q08
 
Gross provisions
    (6,098 )     (17,317 )     (14,104 )     (56.8 )%     (64.8 )%
Charge-offs
    (93,733 )     (75,984 )     (57,570 )     62.8 %     23.4 %
Gross provisions and charge-offs
    (99,831 )     (93,301 )     (71,674 )     39.3 %     7.0 %
Loan loss recoveries
    8,897       9,722       10,220       (12.9 )%     (8.5 )%
Net provisions for loan losses
    (90,934 )     (83,579 )     (61,454 )     48.0 %     8.8 %
Total loans
    13,985,677       14,585,554       12,421,004       12.6 %     (4.1 )%
Total reserves (RLL)
    (281,265 )     (274,205 )     (236,454 )     19.0 %     2.6 %
Past due loans1 (PDL)
    169,220       160,824       135,354       25.0 %     5.2 %
Non-performing loans (NPLs)2
    392,802                          
Gross provision expense / Loans
    2.86 %     2.56 %     2.31 %                
Cost of credit3
    2.60 %     2.29 %     1.98 %                
Expected loss (RLL / Total loans)
    2.01 %     1.88 %     1.90 %                
PDL / Total loans
    1.21 %     1.10 %     1.09 %                
Coverage of PDLs4
    166.2 %     170.5 %     174.7 %                
NPLs / total loans
    2.81 %                                
Coverage of NPLs5
    471.7 %                                
1
PDLs: Past due loans: installments or credit lines more than 90 days overdue.
2
NPLs: Capital + future interest of all loans with one installment 90 days or more overdue.
3
Cost of credit: Net provision expense / loans annualized.
4
Coverage of PDLs: RLL  /  PDLs
5
Coverage NPLs:     (RLL + Equity) / NPLs

In 1Q09, the Bank’s net provision expense increased 48.0% YoY. This rise was driven mainly by the increase in charge-offs caused by the economic slowdown. By loan product, the most important rise in net provision expense was in the commercial loan portfolio. The expected loss of this portfolio has been rising, following various years of low credit risk and provisioning levels.

Provision for loan losses by loan product
 
Quarter
   
Change %
 
(Ch$ million)
   
1Q09
     
4Q08
     
1Q08
     
1Q09/1Q08
     
1Q09/4Q08
 
Net provisions commercial loans1
    (12,941 )     (11,787 )     (2,170 )     496.4 %     9.8 %
Net provisions res. mortgage loans
    (5,403 )     (3,534 )     (2,782 )     94.3 %     52.9 %
Net provisions consumer loans
    (72,590 )     (68,258 )     (56,502 )     28.5 %     6.3 %
Net provisions for loan losses
    (90,934 )     (83,579 )     (61,454 )     48.0 %     8.8 %
1
Includes net provision expenses for interbank loans off-balance sheet contingent operations.

In 1Q09, the Bank continued to focus loan growth in lower risk segments in order to reduce the growth of this expense. Spreads have also been increased to cover for this higher requirement and the Bank continues with its aggressive charge-off policy to maintain healthy asset quality indicators. At the same time, during 1Q09 the Bank implemented a series of additional measures to control asset quality. The weighting of recoveries and other preventive measures to control asset quality in commercial teams’ variable incentives has been increased to around 50%. Commercial teams at the branch level are now responsible for the performing portion of their loan book and the first 89 days of their non-performing portfolios. Previously, commercial teams were only directly involved in the collection process in the initial 30 days of non-performance and for then on NPLs were managed by the collections department. Despite these measures, we still believe there is a risk that asset quality will further deteriorate and provision expense will continue to expand.
 
Investor Relations Department
 
12
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   
 
 
 

 


The expected loan loss ratio or risk index (Loan loss allowances / Total loans), which is a ratio that measures how much the Bank expects to loose on its loan book according to its internal models and the Superintendency of Banks of Chile guidelines, reached 2.01% as of March 2009 compared to 1.88% at year-end 2008 and 1.90% as of March 2009. This is a key asset quality indicator as it determines the bank’s required level of reserves and provisions. The Bank is required to have 100% coverage of its risk index.

Concerning other risk metrics, the past due loan ratio (Unpaid loans & installments >90 days / Total loans) as of March 2009 reached 1.21% compared to 1.10% in 4Q 08 and 1.09% in March 2008. The coverage of past due loans (Loan loss allowance / Past due loans) reached 166.2% as of March 2009.

In 2009, and in line with IFRS standards, banks will publish an additional asset quality indicator,  Non-performing Loans (NPLs), that includes not only the overdue portion of a loan, but also the entire performing balance and future interest payments. This new definition does not affect the Bank’s provisioning levels, which are determined by the expected loss indicators, as discussed. As of March 2009, the ratio of NPLs to total loans reached 2.81%. The coverage of NPLs - measured as Loan loss reserves plus equity over NPLs - reached 471.7% in 1Q09.

 
Note: NPL figures for 2008 are estimated based on Spanish GAAP definitions.
 
Investor Relations Department
 
13
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   

 
 

 


NET FEE INCOME

Focus on cross-selling and increasing transactions

Fee Income
 
Quarter
   
Change %
 
(Ch$ million)
   
1Q09
   
4Q08
(Restated)
   
1Q08
(Restated)
     
1Q09/1Q08
     
1Q09/4Q08
 
Checking accounts & lines of credit
    15,995       17,558       13,873       15.3 %     (8.9 )%
Collection fees
    15,365       14,139       15,415       (0.3 )%     8.7 %
Credit, debit & ATM card fees
    12,014       11,676       11,245       6.8 %     2.9 %
Guarantees, pledges and other contingent operations
    6,216       5,084       3,812       63.1 %     22.3 %
Asset management
    6,144       5,853       7,153       (14.1 )%     5.0 %
Insurance brokerage
    3,328       3,619       3,500       (4.9 )%     (8.0 )%
Fees from brokerage and custody of securities
    1,263       977       1,497       (15.6 )%     29.3 %
Other Fees
    1,306       3,196       2,100       (37.8 )%     (59.1 )%
Total fees
    61,631       62,102       58,595       5.2 %     (0.8 )%

Net fee income increased 5.2% YoY in 1Q09. The YoY grow of fees was led by a rise in fees from checking accounts and card fees. Fees from checking accounts and lines of credit increased 15.3% YoY in the quarter. Santander is the leader in the checking account market with 630,000 accounts and 27.0% of the market. Fee income from lines of credit is expected to decline throughout 2009 due to regulatory changes that prohibits certain fees charged for unauthorized overdrafts commencing in 2Q09.

Fees from credit, debit and ATM cards increased 6.8% YoY. The usage of electronic means of payments continues to steadily grow in Chile, especially the usage of credit cards and ATMs. In the banking credit card business, Santander, with 33.5% of the credit card accounts, generated 36.3% of all purchases in 1Q09 compared to 35.3% in 1Q08. In the ATM market, Santander, with approximately 30% of the ATMs installed in the country, generated 41% of the total transactions in 2008. The Bank’s market share in acquisitions using debit cards reached 24.1% in 1Q09. Going forward there will be regulatory changes limiting fees charged on purchases made in installments using credit cards.

The change to IFRS has an important change in the level of collection fees. The Bank must now consolidate its outsourced collection entities and the income earned from collection fees they charged for recovering loans is now consolidated into the Bank (as well as the operating costs of these companies and headcount). Collection fees in 1Q09 totaled Ch$15,365 million, decreasing 0.3% YoY. The main driver of fee growth in this line item is the collection of loan insurance policies on behalf of third parties.

Fees from guarantees, pledges and other contingent operations increased 63.1% YoY, mainly driven by growth of fees from stand-by letters of credit.
 
Investor Relations Department
 
14
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   

 
 

 


Asset management fees decreased 14.1% YoY in the quarter mainly due to the shift in the mix of funds managed away from higher yielding equity funds to lower yielding money market funds. Compared to 4Q08, fees from asset management were up 5.0% as funds under management increased 40.3% QoQ, reflecting the recovery of both equity and money market funds, following the sharp decline experienced in 4Q08.

Insurance brokerage fees decreased 4.9% YoY in 1Q09. The lower growth of retail lending negatively affects the brokerage of property and casualty insurance.

Fees securities brokerage and custody increased 29.3% QoQ as security brokerage fees recovered following a sharp decline in volumes traded in 4Q08. Despite this recovery, security brokerage volumes are still below 1Q08 levels and hence, the 15.6% YoY decline in this fee item.

Other fees which totaled Ch$1,306 million were negatively affected by a one-time fees expense of Ch$700 million recognized in the quarter.
 
Investor Relations Department
 
15
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
   
email: rmorenoh@santander.cl
   

 
 

 

 
OPERATING EXPENSES AND EFFICIENCY

The Bank continues to tighten cost control. Efficiency reached 34.5% in the quarter

Operating Expenses
 
Quarter
   
Change %
 
(Ch$ million)
   
1Q09
   
4Q08
(Restated)
   
1Q08
(Restated)
     
1Q09/1Q08
     
1Q09/4Q08
 
Personnel expenses
    (54,394 )     (67,547 )     (53,808 )     1.1 %     (19.5 )%
Administrative expenses
    (33,448 )     (32,605 )     (30,694 )     9.0 %     2.6 %
Depreciation and amortization
    (10,446 )     (11,193 )     (11,113 )     (6.0 )%     (6.7 )%
Operating expenses
    (98,288 )     (111,345 )     (95,615 )     2.8 %     (11.7 )%
Efficiency ratio*
    34.5 %     36.0 %     36.0 %                
*
Operating expenses / Operating income.  Operating income = Net interest income + Net fee income+ Financial transactions net + other operating income and expenses.

The growth rate of operating expenses was curbed in the quarter. In 1Q09, the efficiency ratio reached 34.5% compared to 36.0% in 4Q08 and 1Q08. Operating expenses increased 2.8% YoY in 1Q09. Personnel expenses increased 1.1% YoY in 1Q09. This positive evolution of personnel expenses was mainly due to the deceleration of inflation and lower variable incentives.

The growth rate of administrative expenses was also controlled in the quarter, as the Bank has been limiting the opening of new branches. Administrative expenses in 1Q09 increased 9.0% YoY. The rise was mainly due to higher rent that adjusts with yearly inflation rates which as of March was approximately 5%. Since approximately 1/3 of the Bank’s branches have been opened in the past three years, there is still ample room to sustain growth and improve efficiency by maximizing profitability of the existing network. As of March 2009, the Bank’s distribution network totaled 501 offices (including the branches of the sales force and collections services) and decreased 1.2% compared to year-end 2008. The ATM network decreased 1.5% QoQ, totaling 1,929 ATMs.

Stable evolution of distribution network
 
Investor Relations Department
 
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
16
email: rmorenoh@santander.cl
 
 
 
 

 
 
NET RESULTS FROM FINANCIAL TRANSACTIONS

Positive results from client and non-client related treasury activities mitigates negative effects of deflation

Net Result from Financial Transactions
 
Quarter
   
Change %
 
(Ch$ million)
    1Q09    
4Q08
(Restated)
   
1Q08
(Restated)
     
1Q09/1Q08
     
1Q09/4Q08
 
Net gains from mark-to-market and trading
    19,429       102,222       (88,622 )     (121.9 )%     (81.0 )%
Exchange differences, net
    49,386       (85,271 )     101,981       (51.6 )%     (157.9 )%
Net results from financial transactions
    68,815       16,951       13,359       415.1 %     306.0 %
Avg. 10 year Central Bank yield (real)
    2.60 %     3.22 %     2.84 %                
Avg. 10 year Central Bank yield (nominal)
    5.09 %     6.50 %     6.46 %                
 
The net gains from mark-to-market and trading mainly includes the mark-to-market of the available for sale investment portfolio, realized and unrealized gains of financial investments held for trading, the interest revenue generated by the held for trading portfolio, gains or losses from the sale of charged-off loans and the mark-to-market of derivatives. The results recorded as exchange differences, net mainly includes the translation gains or losses of assets and a liability denominated in foreign currency. In order to better understand these line items, we present the net results from financial transactions by business area in the table below.
 
Net Result from Financial Transactions
 
Quarter
   
Change %
 
(Ch$ million)
    1Q09    
4Q08
(Restated)
   
1Q08
(Restated)
     
1Q09/1Q08
     
1Q09/4Q08
 
Santander Global Connect & Market making*
    39,240       21,263       25,564       53.5 %     84.5 %
ALCO & Proprietary trading
    29,575       (4,312 )     (12,205 )     %     %
Net results from financial transactions
    68,815       16,951       13,359       415.1 %     306.0 %
*  Santander Global Connect, market making & results from the sale of charged-off loans.

The 415.1% YoY increase in the net results from financial transactions was mainly due to higher realized gains from the available for sale fixed income portfolio and realized and unrealized gains from the financial assets held for trading (See Financial investments). In 4Q08, the Bank increased its bond portfolio to: (1) increase liquidity after a strong inflow of deposits and the tightening of lending and (2) in anticipation of lower inflation and interest rate levels in 1Q09, as a way to hedge our results in that scenario. The lower interest rates and negative inflation had a positive effect on the realized and unrealized gains from the mark-to-market of our fixed income securities portfolio.

The results from Santander Global Connect, a unit that sells treasury products to a wide range of corporate and retail clients, and generates a recurring and growing source of income also experienced a positive evolution in the quarter. Income from Santander Global Connect increased 84.5% QoQ and 53.5% YoY in 1Q09.

Investor Relations Department
 
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
17
email: rmorenoh@santander.cl
 
 

 
OTHER INCOME AND EXPENSES

 
Quarter
   
Change %
 
(Ch$ million)
    1Q09    
4Q08
(Restated)
   
1Q08
(Restated)
      1Q09/1Q08       1Q09/4Q08  
Other operating income
    2,498       2,014       10,015       (75.1 )%     24.0 %
Other operating expenses
    (35,531 )     (9,324 )     (8,631 )     311.7 %     281.0 %
Income attributable to investments in other companies
    326       8       (262 )     (224.4 )%     3975.0 %
Income tax
    (16,259 )     (13,506 )     (15,427 )     5.4 %     20.4 %
Tax rate
    17.0 %     12.4 %     14.8 %                

Other operating income, which mainly includes the results from the sale and maintenance of repossessed assets and other results, totaled a gain of Ch$2,498 million in 1Q09, increasing 24.0% QoQ and decreasing 75.1% YoY. The YoY decrease was mainly due to the fact that in 1Q08 the Bank perceived one-time income from the sale of shares in Visa and the Santiago Stock Exchange.

The Bank in 1Q09 recognized additional provisions for both credit and non-credit contingencies given the difficult economic environment and the potential for further deterioration. This explains the 311.7% YoY rise in other operating expenses.

In 2009, the Bank no longer recognizes the results from price level restatement except in the tax books. As inflation was negative in the quarter, this produced, for tax purposes, a gain from price level restatement and therefore, a higher effective tax rate and tax expense.

Investor Relations Department
 
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
18
email: rmorenoh@santander.cl
 
 

 
SECTION 4: CREDIT RISK RATINGS

International ratings:

The Bank has credit ratings from three leading international agencies. We have the highest risk rating in Latin America. In 1Q09 Moody’s upgraded the Bank credit risk ratings in line with the improvement of Chile’s sovereign ratings.

Moody’s
 
Rating
Long-term bank deposits
 
A1
Senior bonds
 
Aa2
Subordinated debt
 
Aa3
Bank Deposits in Local Currency
 
Aa2
Bank financial strength
 
B-
Short-term deposits
 
P-1

Standard and Poor’s
 
Rating
Long-term Foreign Issuer Credit
 
A+
Long-term Local Issuer Credit
 
A+
Short-term Foreign Issuer Credit
 
A-1
Short-term Local Issuer Credit
 
A-1

Fitch
 
Rating
Foreign Currency Long-term Debt
 
A+
Local Currency Long-term Debt
 
A+
Foreign Currency Short-term Debt
 
F1
Local Currency Short-term Debt
 
F1
Individual rating
 
B
 
Local ratings:
 
Our local ratings, the highest in Chile, are the following:

Local ratings
 
Fitch
Ratings
 
Feller Rate
Shares
 
Level 2
 
1CN1
Short-term deposits
 
N1+
 
Level 1+
Long-term deposits
 
AAA
 
AAA
Mortgage finance bonds
 
AAA
 
AAA
Senior bonds
 
AAA
 
AAA
Subordinated bonds
 
AA+
 
AA+
Outlook
 
Stable
 
Stable
 
Investor Relations Department
 
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
19
email: rmorenoh@santander.cl
 
 

 
SECTION 5: SHARE PERFORMANCE
As of March 2009

Ownership Structure:


ADR Price Evolution
Santander ADR vs. Global 1200 Financial Index
                (Base 100 = 12/31/2003)

 
ADR price (US$) 1Q09
03/31/09:
    34.35  
Maximum (1Q09):
    38.80  
Minimum (1Q09):
    31.20  

Market Capitalization: US$6,230 million

P/E 12 month trailing:
    8.30  
P/BV (03/29/09):
    2.34  
Dividend yield*:
    6.3 %

*
Based on closing price on record date of last dividend payment.

Daily traded volumes 1Q 2009


Local Share Price Evolution
Santander vs IPSA Index
               (Base 100 = 12/31/2003)
 

Local share price (Ch$) 1Q09
03/31/09:
    19.14  
Maximum (1Q09):
    23.00  
Minimum (1Q09):
    18.23  

Dividends:
 
Ch$/share
   
% of previous year 
earnings
 
2006:
    0.83       65 %
2007:
    0.99       65 %
    1.06       65 %
2009:
    1.13       65 %
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
  20
 
 
 

 
 
 
SECTION 6: INSTITUTIONAL BACKGROUND

Institutional Background

As per the latest public records published by the Superintendency of Banks of Chile for March 2009, Banco Santander Chile was the largest bank in terms of loans and deposits. The Bank has the highest credit ratings among all Latin American companies, with an A+ rating from Standard and Poor’s, A+ by Fitch and A1 by Moody’s, which are the same ratings assigned to the Republic of Chile. The stock is traded on the New York Stock Exchange (NYSE: SAN) and the Santiago Stock Exchange (SSE: Bsantander). The Bank’s main shareholder is Santander, which controls 76.91% of Banco Santander Chile.

Banco Santander, S.A., (SAN.MC, STD.N), headquartered in Madrid, engages primarily in commercial banking with complementary activities in global wholesale banking, cards, asset management and insurance. Santander had over EUR 1.168 trillion in funds under management at the close of 2008, from more than 80 million customers served through 13,390 offices – more branches than any other international bank. Founded in 1857, Santander is the largest financial group in Spain and Latin America and has a significant presence in Western Europe and in the United Kingdom. In 2008, Santander registered €8,876 million in attributable net profit, an increase of 9% from 2007, excluding capital gains.

In Latin America, Santander manages over US$200 billion in business volumes (loans, deposits, mutual funds, pension funds and managed funds) through 6,089 branches. In 2008, Santander reported EUR 2,945 million in net attributable income in Latin America, up 10% from the previous year.

For more information, see www.santander.com.
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
  21

 
 

 
 
 
ANNEX 1: BALANCE SHEET
 
 
Mar-08
   
Jun-08
   
Sep-08
   
Dec-08
   
Mar-09
   
Mar. 09 / 08
   
Mar. 09 / Dec. 08
 
Ch$million
                               
% Chg.
 
Assets
                                         
Cash and balances from Central Bank
    647,710       1,280,559       854,459       855,411       1,092,151       68.6 %     27.7 %
Funds to be cleared
    626,731       487,591       513,843       335,405       374,617       (40.2 )%     11.7 %
Financial assets held for trading
    715,729       893,937       891,069       1,166,426       940,357       31.4 %     (19.4 )%
Investment collateral under agreements to repurchase
    4,655       11,697       8,805       -       7,008       50.5 %     -- %
Derivatives
    1,427,176       1,233,562       1,296,402       1,846,509       1,598,218       12.0 %     (13.4 )%
Interbank loans
    116,991       150,406       76,015       95,499       47,809       (59.1 )%     (49.9 )%
Loans, net of loan loss allowances
    12,184,550       12,954,140       13,515,005       14,311,349       13,704,412       12.5 %     (4.2 )%
Available-for-sale financial assets
    1,457,900       1,080,216       1,316,741       1,580,240       1,276,382       (12.5 )%     (19.2 )%
Held-to-maturity investments
    -       -       -       -       -                  
Investments in other companies
    6,859       6,663       6,762       7,277       7,452       8.6 %     2.4 %
Intangible assets
    57,727       58,526       65,090       68,232       68,248       18.2 %     0.0 %
Fixed assets
    202,941       201,234       198,133       200,389       196,553       (3.1 )%     (1.9 )%
Current tax assets
    4,859       18,235       12,654       18,715       8,310       71.0 %     (55.6 )%
Deferred tax assets
    77,063       83,280       124,800       88,825       85,691       11.2 %     (3.5 )%
Other assets
    648,287       586,287       663,188       508,653       579,639       (10.6 )%     14.0 %
Total Assets
    18,179,178       19,046,333       19,542,966       21,082,930       19,986,847       9.9 %     (5.2 )%
                                                         
Liabilities and Equity
                                                       
Total non-interest bearing deposits
    2,772,568       3,194,423       3,130,913       2,948,162       3,092,010       11.5 %     4.9 %
Funds to be cleared
    381,921       297,611       308,345       142,552       246,100       (35.6 )%     72.6 %
Investments sold under agreements to repurchase
    91,545       294,438       739,967       562,223       369,905       304.1 %     (34.2 )%
Time deposits and savings accounts
    8,407,623       8,390,418       8,408,557       9,756,266       8,677,857       3.2 %     (11.1 )%
Derivatives
    1,540,408       1,081,784       1,122,579       1,469,724       1,426,565       (7.4 )%     (2.9 )%
Deposits from credit institutions
    1,013,578       1,505,196       1,495,608       1,425,067       1,423,195       40.4 %     (0.1 )%
Marketable debt securities
    2,196,889       2,405,006       2,372,389       2,651,372       2,632,433       19.8 %     (0.7 )%
Other obligations
    113,873       165,833       130,521       131,318       120,780       6.1 %     (8.0 )%
Current tax liabilities
    3,552       1,017       850       791       506       (85.8 )%     (36.0 )%
Deferred tax liability
    14,651       23,949       57,388       19,437       9,381       (36.0 )%     (51.7 )%
Provisions
    154,570       92,938       137,460       166,719       204,211       32.1 %     22.5 %
Other liabilities
    138,199       295,128       220,667       293,732       212,461       53.7 %     (27.7 )%
Total Liabilities
    16,829,377       17,747,741       18,125,244       19,567,363       18,415,404       9.4 %     (5.9 )%
                                                         
Equity
                                                       
Capital
    818,535       818,535       818,535       891,303       891,303       8.9 %     0.0 %
Reserves
    (20,618 )     (21,305 )     (21,234 )     (123,727 )     (16,960 )     (17.7 )%     (86.3 )%
Unrealized gain (loss) Available-for-sale financial assets
    (21,155 )     (45,900 )     (31,204 )     (7,552 )     (7,856 )     (62.9 )%     4.0 %
Retained Earnings:
    552,360       523,573       627,264       729,664       676,553       22.5 %     (7.3 )%
Retained earnings previous periods
    581,651       381,030       381,030       413,053       721,340       24.0 %     74.6 %
Net income
    85,997       188,768       321,408       415,055       76,652       (10.9 )%     (81.5 )%
Provision for mandatory dividend
    (115,288 )     (46,225 )     (75,174 )     (98,444 )     (121,439 )     5.3 %     23.4 %
Total Shareholders' Equity
    1,329,122       1,274,903       1,393,361       1,489,688       1,543,040       16.1 %     3.6 %
Minority Interest
    20,679       23,689       24,361       25,879       28,403       37.4 %     9.8 %
Total Equity
    1,349,801       1,298,592       1,417,722       1,515,567       1,571,443       16.4 %     3.7 %
Total Liabilities and Equity
    18,179,178       19,046,333       19,542,966       21,082,930       19,986,847       9.9 %     (5.2 )%

2008 figures have been restated in accordance with the new accounting standards adopted by Chilean banks in 2009. Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank. See Annexes 4-7 for an explanation of how figures were restated-
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
22
 
 
 

 

 

ANNEX 2 : QUARTERLY INCOME STATEMENTS

Unaudited Income Statement
   
1Q08
     
2Q08
     
3Q08
     
4Q08
     
1Q09
   
Mar. 09 / 08
   
Mar. 09 / Dec. 08
 
                                           
% Chg.
 
Interest revenue
    397,894       498,504       624,168       540,779       246,791       (38.0 )%     (54.4 )%
Interest expense
    (209,888 )     (278,255 )     (372,562 )     (308,576 )     (59,518 )     (71.6 )%     (80.7 )%
Net interest revenue
    188,006       220,249       251,606       232,203       187,273       (0.4 )%     (19.3 )%
Fee income
    70,668       74,106       74,497       76,698       77,163       9.2 %     0.6 %
Fee expense
    (12,073 )     (12,781 )     (13,390 )     (14,596 )     (15,532 )     28.7 %     6.4 %
Net fee income
    58,595       61,325       61,107       62,102       61,631       5.2 %     (0.8 )%
Net gains from mark-to-market and trading
    (88,622 )     163,277       96,600       102,222       19,429       %     (81.0 )%
Exchange differences, net
    101,981       (141,172 )     (62,580 )     (85,271 )     49,386       (51.6 )%     %
Total market related income
    13,359       22,105       34,020       16,951       68,815       415.1 %     306.0 %
Other operating income, net
    10,015       5,721       39       2,014       2,498       (75.1 )%     24.0 %
Total operating income
    269,975       309,400       346,772       313,270       320,217       18.6 %     2.2 %
Provision expense
    (61,454 )     (70,459 )     (72,492 )     (83,579 )     (90,934 )     48.0 %     8.8 %
Total operating income net of provisions
    208,521       238,941       274,280       229,691       229,283       10.0 %     (0.2 )%
Personnel expenses
    (53,808 )     (61,937 )     (63,483 )     (67,547 )     (54,394 )     1.1 %     (19.5 )%
Administrative expenses
    (30,694 )     (34,873 )     (35,511 )     (32,605 )     (33,448 )     9.0 %     2.6 %
Depreciation and amortization
    (11,113 )     (13,612 )     (11,708 )     (11,193 )     (10,446 )     (6.0 )%     (6.7 )%
Operating expenses
    (95,615 )     (110,422 )     (110,702 )     (111,345 )     (98,288 )     2.8 %     (11.7 )%
Other operating expenses
    (8,631 )     (11,143 )     (12,579 )     (9,325 )     (35,531 )     311.7 %     281.0 %
Total operating expenses
    (104,246 )     (121,565 )     (123,281 )     (120,670 )     (133,819 )     28.4 %     10.9 %
Net operating income
    104,275       117,376       150,999       109,021       95,464       (8.4 )%     (12.4 )%
Income attributable to investments in other companies
    (262 )     1,180       139       8       326       %     3975.0 %
Price level restatement
    0       0       0       0       0                  
Net income before taxes
    104,013       118,556       151,138       109,029       95,790       (7.9 )%     (12.1 )%
Income tax
    (15,427 )     (13,607 )     (17,545 )     (13,506 )     (16,259 )     5.4 %     20.4 %
Net income from ordinary activities
    88,586       104,949       133,593       95,523       79,531       (10.2 )%     (16.7 )%
Net income discontinued operations
    0       0       0       0       0                  
Net income attributable to:
                                                       
Minority interest
    2,589       2,178       953       1,877       2,879       11.2 %     53.4 %
Net income attributable to shareholders
    85,997       102,771       132,640       93,646       76,652       (10.9 )%     (18.1 )%

2008 figures have been restated in accordance with the new accounting standards adopted by Chilean banks in 2009. Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank. See Annexes 4 -7  for an explanation of how figures were restated.
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
23
 
 
 

 
 
 
ANNEX 3: QUARTERLY EVOLUTION OF MAIN RATIOS AND OTHER INFORMATION

   
Mar-08
   
Jun-08
   
Sep-08
   
Dec-08
   
Mar-09
 
(Ch$ millions)
                             
Loans
                             
Consumer loans
    2,158,563       2,205,135       2,241,163       2,248,996       2,187,832  
Residential mortgage loans
    3,454,267       3,636,849       3,852,648       3,980,525       3,927,343  
Commercial loans
    6,808,174       7,357,979       7,679,640       8,356,033       7,870,502  
Total loans
    12,421,004       13,199,963       13,773,451       14,585,554       13,985,677  
Allowance for loan losses
    (236,454 )     (245,823 )     (258,446 )     (274,205 )     (281,265 )
Total loans, net of allowances
    12,184,550       12,954,140       13,515,005       14,311,349       13,704,412  
                                         
Loans by segment
                                       
Individuals
    5,612,830       5,841,984       6,093,811       6,229,521       6,115,175  
SMEs
    2,201,005       2,314,975       2,418,645       2,471,356       2,385,720  
Institutional lending
    218,018       230,934       216,016       234,824       254,565  
Total retail lending
    8,031,853       8,387,893       8,728,472       8,935,701       8,755,460  
Middle-Market & Real estate
    2,516,708       2,703,058       2,831,381       2,895,035       2,727,232  
Corporate
    1,500,669       1,573,148       1,648,671       2,083,141       1,656,772  
                                         
Customer funds
                                       
Demand deposits
    2,772,568       3,194,423       3,130,913       2,948,162       3,092,010  
Time deposits
    8,407,623       8,390,418       8,408,557       9,756,266       8,677,857  
Total deposits
    11,180,191       11,584,841       11,539,470       12,704,428       11,769,867  
Mutual funds (Off balance sheet)
    2,669,438       3,033,103       2,533,228       2,199,222       3,085,227  
Total customer funds
    13,849,629       14,617,944       14,072,698       14,903,650       14,855,094  
Loans / Deposits1
    91.4 %     93.2 %     98.8 %     93.9 %     96.5 %
                                         
Average balances
                                       
Avg. interest earning assets
    13,539,003       14,241,705       14,681,695       15,959,439       15,742,285  
Avg. loans
    12,277,279       12,807,117       13,444,859       14,295,443       14,312,882  
Avg. assets
    17,561,157       18,473,070       19,017,354       20,846,092       20,491,543  
Avg. demand deposits
    2,807,126       3,019,391       3,007,537       2,996,543       2,952,461  
Avg equity
    1,345,916       1,279,181       1,322,674       1,446,467       1,517,709  
Avg. free funds
    4,153,042       4,298,572       4,330,212       4,443,010       4,470,170  
                                         
Capitalization
                                       
Risk weighted assets
    13,593,098       14,066,367       15,170,215       15,710,202       13,979,591  
Tier I
    1,398,183       1,350,580       1,477,245       1,578,043       1,543,039  
Tier II
    415,905       461,436       514,005       588,657       560,232  
Regulatory capital
    1,814,088       1,812,015       1,991,251       2,166,700       2,103,271  
BIS ratio
    13.3 %     12.9 %     13.1 %     13.8 %     15.0 %
                                         
Profitability & Efficiency
                                       
Net interest margin
    5.6 %     6.2 %     6.9 %     5.8 %     4.8 %
Efficiency ratio
    36.6 %     37.0 %     33.1 %     36.6 %     34.5 %
Avg. Free funds / interest earning assets
    30.7 %     30.2 %     29.5 %     27.8 %     28.4 %
Return on avg. equity
    25.6 %     32.1 %     40.1 %     25.9 %     20.2 %
Return on avg. assets
    2.0 %     2.2 %     2.8 %     1.8 %     1.5 %

2008 figures have been restated in accordance with the new accounting standards adopted by Chilean banks in 2009. Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank. See Annexes 4 -7 for an explanation of how figures were restated.
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
24

 
 

 


   
Mar-08
   
Jun-08
   
Sep-08
   
Dec-08
   
Mar-09
 
Asset quality
                             
Non-performing loans (NPLs)2
                            392,802  
Past due loans3
    135,354       147,874       154,651       160,824       169,220  
Expected loss4
    236,454       245,823       258,446       274,205       281,265  
NPLs / total loans
                            2.81 %
PDL / total loans
    1.09 %     1.12 %     1.12 %     1.10 %     1.21 %
Coverage of NPLs (Loan loss allowance + Equity / NPLs)
                            471.66 %
Loan loss allowance / PDLs
    174.7 %     166.2 %     167.1 %     170.5 %     166.2 %
Expected loss (Loan loss allowances /  Loans)
    1.90 %     1.86 %     1.88 %     1.88 %     2.01 %
Cost of credit (prov. expense / loans)
    1.98 %     2.14 %     2.11 %     2.29 %     2.60 %
                                         
Network
                                       
Branches
    496       498       502       507       501  
ATMs
    1,989       2,016       1,987       1,958       1,929  
                                         
Market information (period-end)
                                       
Net income per share (Ch$)
    0.46       0.55       0.70       0.50       0.41  
Net income per ADR (US$)
    1.08       1.09       1.32       0.82       0.73  
Stock price
    21.9       21.4       21.9       20.5       19.1  
ADR price
    52.3       43.0       42.8       35.0       34.4  
Market capitalization (US$mn)
    9,479       7,801       7,761       6,353       6,230  
Shares outstanding
    188,446.1       188,446.1       188,446.1       188,446.1       188,446.1  
ADRs (1 ADR = 1,039 shares)
    181.4       181.4       181.4       181.4       181.4  
                                         
Other Data
                                       
Quarterly inflation rate5
    1.02 %     2.17 %     3.63 %     2.21 %     (2.30 )%
Avg. overnight interbank rate (nominal)
    6.22 %     6.39 %     7.58 %     8.24 %     5.49 %
Avg. 10 year Central Bank yield (real)
    2.84 %     3.06 %     3.39 %     3.22 %     2.60 %
Avg. 10 year Central Bank yield (nominal)
    6.46 %     6.98 %     7.74 %     6.50 %     5.09 %
Observed Exchange rate (Ch$/US$)  (period-end)
    439.1       520.1       552.5       629.1       582.1  

1 Ratio = Loans - marketable securities / Time deposits + demand deposits
2 Capital + future interest of all loans with one installment 90 days or more overdue.
3 All instalments overdue more than 90 days
4 Based on internal credit models and SBIF guidelines. Banks must have a 100% coverage of expected loss
5 Calculated using the variation of the Unidad de Fomento (UF) in the period

2008 figures have been restated in accordance with the new accounting standards adopted by Chilean banks in 2009. Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank. See Annexes 4 -7 for an explanation of how figures were restated.
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
25

 
 

 


ANNEX 4:  RESTATEMENT OF 2008 FIGURES: MAIN IMPACTS IN ASSETS

IFRS impacts
 
Mar-08
   
Adjusments
   
New
   
Elimination
   
Mar-08
 
Ch$million
 
Original
   
IFRS
   
Consolidated companies
   
Intercompany results
   
IFRS
 
Assets
                             
                               
Cash and balances from Central Bank
    647,473             1,217       (980 )     647,710  
Funds to be cleared
    626,731                     -       626,731  
Financial assets held for trading
    715,729                     -       715,729  
Investment collateral under agreements to repurchase
    4,655             1,038       (1,038 )     4,655  
Derivatives
    1,427,176                     -       1,427,176  
Interbank loans
    116,991                     -       116,991  
Loans, net of loan loss allowances
    12,191,081       (2,730 )     60       (3,861 )     12,184,550  
Available-for-sale financial assets
    1,457,900                               1,457,900  
Held-to-maturity investments
    -                               -  
Investments in other companies
    6,181       (2,258 )     1       2,936       6,860  
Intangible assets
    58,071       (377 )     33               57,727  
Fixed assets
    247,348       (1) (65,713 )     (2) 21,305               202,940  
Current tax assets
    4,229       (36 )     666               4,859  
Deferred tax assets
    57,386       14,375       5,303               77,064  
Other assets
    656,983       (15,398 )     8,996       (2,294 )     648,287  
Total Assets
    18,217,934       (72,137 )     38,619       (5,237 )     18,179,179  

1 Reappraisal of fixed assets and elimination of price level restatement
2 Fixed assets Bansa S.A.
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
26
 

 
 
ANNEX 5:  RESTATEMENT OF 2008 FIGURES: MAIN IMPACTRS IN LIABILITIES AND EQUITY

IFRS impacts
 
Mar-08
   
Adjusments
   
New
   
Elimination
   
Mar-08
 
Ch$million
 
Original
   
IFRS
   
Consolidated companies
   
Intercompany results
   
IFRS
 
Liabilities and Equity
                             
Total non-interest bearing deposits
    2,773,548                   (980 )     2,772,568  
Funds to be cleared
    381,921                   -       381,921  
Investments sold under agreements to repurchase
    92,583                   (1,038 )     91,545  
Time deposits and savings accounts
    8,407,623                   -       8,407,623  
Derivatives
    1,540,408                   -       1,540,408  
Deposits from credit institutions
    1,013,573             (1) 3,867       (2) (3,861 )     1,013,579  
Marketable debt securities
    2,196,889                     -       2,196,889  
Other obligations
    86,697             (3) 27,176       -       113,873  
Current tax liabilities
    3,247             304       -       3,551  
Deferred tax liability
    14,321       126       204       -       14,651  
Provisions
    151,109               3,461       -       154,570  
Other liabilities
    136,746               3,744       (2,290 )     138,200  
Total Liabilities
    16,798,665       126       38,756       (8,169 )     16,829,378  

1&2 Liability of Bansa S.A.with Santander Chile
3 Liability of Bansa S.A.with third party

IFRS impacts Ch$ million
 
Equity
 
Total original equity December 2008
    1,602,610  
Consolidation perimeter
    (9,712 )
Investments in other societies
    719  
Price level restatement of capital
    (30,493 )
Reappraisal of fixed assets
    (58,613 )
Repossesed assets
    (408 )
Charge-offs
    (4,235 )
Deffered taxes
    15,700  
Total
    (87,042 )
New equity Jan. 1, 2009
    1,515,568  
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
27
 
 
 

 
 
 
ANNEX 6: RESTATEMENT OF MARCH 2008 FIGURES: MAIN IMPACTS INCOME STATEMENT

IFRS impacts
 
Mar-08
   
Adjusments
   
New
   
Elimination
   
Mar-08
 
Ch$million
 
Original
   
IFRS
   
Consolidated enterprises
   
Intercompany results
   
IFRS
 
Unaudited Quarterly Income Statement
                             
                               
Net interest revenue
    188,914       -       (5) (908 )     -       188,006  
Net fee income
    53,584       -       (6) 5,873       (9) (862 )     58,595  
Financial transactions, net
    13,288       -       71       -       13,359  
Other operating income
    9,448       368       (7) 10,173       (10) (9,974 )     10,015  
Total operating income
    265,234       368       15,209       (10,836 )     269,975  
Personnel expenses
    (44,339 )     -       (8) (9,469 )     -       (53,808 )
Administrative expenses
    (38,698 )     (1) 700       (3,524 )     (11) 10,828       (30,694 )
Depreciation and amortization
    (11,474 )     (2) 517       (156 )     -       (11,113 )
Other operating expenses
    (8,894 )     322       (67 )     8       (8,631 )
Total operating expenses
    (103,405 )     1,539       (13,216 )     10,836       (104,246 )
Provision expense
    (60,929 )     (3) (525 )     -       -       (61,454 )
Net operating income
    100,900       1,382       1,993       -       104,275  
Income attributable to inv. in other companies
    (262 )     -       -       -       (262 )
Price level restatement
    (8,874 )     (4) 8,874       -       -       -  
Net income before taxes
    91,764       10,256       1,993       -       104,013  
Income tax
    (15,242 )     214       (399 )     -       (15,427 )
Net income from ordinary activities
    76,522       10,470       1,594       -       88,586  
Net income discontinued operations
    -       -       -       -       -  
Net income attributable to:
                                    -  
Minority interest
    879       -       -       1,710       2,589  
Net income attributable to shareholders
    75,643       10,470       1,594       (1,710 )     85,997  

1 Sales force criteria change from accrued to cash
2 Recalculation of fixed asset depreciation (inflation accounting and impairment)
3 Change in charge-off policy for non-performnig mortgage loans from 36 months to 48, but now entire loan is charged-off vs only installments before
4 Elimination of inflation accounting and therefore elimination of price-level restatement
5 Interest expenses Bansa S.A. that leases its headquarters
6 Fee income mainly from GRC collection company that the bank now consolidates
7 Income from companies that manage the call center and sales force
8 Personnel expenses from companies that manage the call center, sales force and collections
9 Elimination of fees paid by the Bank to GRC collection company
10 Elimination of income from companies that manage call center and sales force that were paid by the Bank
11 Elimination of expenses paid to the Bank for outsourced services provided by call center, sales force and collection
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
28
 
 
 

 
 
 
 ANNEX 7: RESTATEMENT OF 2008 FIGURES: COMPANIES CONSOLIDTAED
 
Firms consolidated in 2008
 
Firms consolidated in 2009
     
Subsidiaries
 
Subsidiaries
1.
Santander S.A. Agente de Valores
 
1.
Santander S.A. Agente de Valores
2.
Santander Corredora de Seguros Ltda.
 
2.
Santander Corredora de Seguros Ltda.
3.
Santander S.A. Corredores de Bolsa
 
3.
Santander S.A. Corredores de Bolsa
4.
Santander Asset Management S.A. Adm. General de Fondos
 
4.
Santander Asset Management S.A. Adm. General de Fondos
5.
Santander S.A. Sociedad Securitizadora
 
5.
Santander S.A. Sociedad Securitizadora
6.
Santander Servicios de Recaudación y Pagos Ltda.
 
6.
Santander Servicios de Recaudación y Pagos Ltda.
   
Controlled firms
   
7.
Multinegocios S.A,
   
8.
Serv. Adm. y Financ. Ltda
   
9.
Multiservicios de Negocio Ltda.
   
10.
Santandr GRC
   
11.
Serv. de Cobranzas Fiscalex Ltda.
   
12.
Santander Multimedios S.A.
   
13.
Bansa Santander S.A.
 
Investor Relations Department
Bandera 140 19th Floor, Santiago, Chile, Tel: 562-320-8284, fax: 562-671-6554,
email: rmorenoh@santander.cl
29
 
 
 

 


 
 

 
 

 
BANCO SANTANDER CHILE Y FILIALES
ESTADOS DE SITUACIÓN FINANCIERA CONSOLIDADOS
Por los períodos terminados el 31 de Marzo de 2009 y 2008

   
2009
   
2008
 
   
(Millones)
   
(Millones)
 
   
$
   
$
 
ACTIVOS
           
             
Efectivo y depósitos en bancos
    1.092.151       647.710  
Operaciones con liquidación en curso
    374.617       626.731  
Instrumentos para negociación
    940.357       715.729  
Contratos de retrocompra y préstamos de valores
    7.008       4.655  
Contratos de derivados financieros
    1.598.218       1.427.176  
Adeudado por bancos
    47.809       116.991  
Créditos y cuentas por cobrar a clientes
    13.704.412       12.184.550  
Instrumentos de inversión disponibles para la venta
    1.276.382       1.457.900  
Instrumentos de inversión hasta el vencimiento
    -       -  
Inversiones en sociedades
    7.452       6.859  
Intangibles
    68.248       57.727  
Activo fijo
    196.553       202.941  
Impuestos corrientes
    8.310       4.859  
Impuestos diferidos
    85.691       77.063  
Otros activos
    579.639       648.287  
                 
TOTAL ACTIVOS
    19.986.847       18.179.178  
                 
PASIVOS
               
Depósitos y otras obligaciones a la vista
    3.092.010       2.772.568  
Operaciones con liquidación en curso
    246.100       381.921  
Contratos de retrocompra y préstamos de valores
    369.905       91.545  
Depósitos y otras captaciones a plazo
    8.677.857       8.407.623  
Contratos de derivados financieros
    1.426.565       1.540.408  
Obligaciones con bancos
    1.423.195       1.013.578  
Instrumentos de deuda emitidos
    2.632.433       2.196.889  
Otras obligaciones financieras
    120.780       113.873  
Impuestos corrientes
    506       3.552  
Impuestos diferidos
    9.381       14.651  
Provisiones
    204.211       154.570  
Otros pasivos
    212.461       138.199  
                 
TOTAL PASIVOS
    18.415.404       16.829.377  
                 
PATRIMONIO
               
                 
Atribuible a tenedores patrimoniales del banco:
    1.543.040       1.329.122  
Capital
    891.303       818.535  
Reservas
    (16.960 )     (20.618 )
Cuentas de valoración
    (7.856 )     (21.155 )
Utilidades retenidas
    676.553       552.360  
Utilidades retenidas de ejercicios anteriores
    721.340       581.651  
Utilidad (pérdida) del ejercicio
    76.652       85.997  
Menos:  Provisión para dividendos mínimos
    (121.439 )     (115.288 )
                 
Interés minoritario
    28.403       20.679  
                 
TOTAL PATRIMONIO
    1.571.443       1.349.801  
                 
TOTAL PASIVOS Y PATRIMONIO
    19.986.847       18.179.178  

 
2

 
 
 
BANCO SANTANDER CHILE Y FILIALES
ESTADOS CONSOLIDADOS DE RESULTADOS
Por los períodos terminados el 31 de Marzo de 2009 y 2008

   
2009
   
2008
 
   
(Millones)
   
(Millones)
 
   
$
   
$
 
RESULTADOS OPERACIONALES
           
             
Ingresos por intereses y reajustes
    246.791       397.894  
Gastos por intereses y reajustes
    (59.518 )     (209.888 )
                 
Ingreso neto por intereses y reajustes
    187.273       188.006  
                 
Ingresos por comisiones
    77.163       70.668  
Gastos por comisiones
    (15.532 )     (12.073 )
                 
Ingreso neto de comisiones
    61.631       58.595  
                 
Utilidad neta de operaciones financieras
    19.429       (88.622 )
Utilidad (pérdida) de cambio neta
    49.386       101.981  
Otros ingresos operacionales
    2.498       10.015  
                 
Total Ingresos operacionales
    320.217       269.975  
                 
Provisiones por riesgo de crédito
    (90.934 )     (61.454 )
                 
INGRESO OPERACIONAL NETO
    229.283       208.521  
                 
Remuneraciones y gastos del personal
    (54.394 )     (53.808 )
Gastos de administración
    (33.448 )     (30.694 )
Depreciaciones y amortizaciones
    (10.446 )     (11.113 )
Deterioro
    -       -  
Otros gastos operacionales
    (35.531 )     (8.631 )
                 
TOTAL GASTOS OPERACIONALES
    (133.819 )     (104.246 )
                 
RESULTADO OPERACIONAL
    95.464       104.275  
                 
Resultado por inversiones en sociedades
    326       (262 )
                 
Resultado antes de impuesto a la renta
    95.790       104.013  
                 
Impuesto a la renta
    (16.259 )     (15.427 )
                 
UTILIDAD (PERDIDA) CONSOLIDADA DEL EJERCICIO
    79.531       88.586  
                 
Atribuible a:
               
Tenedores patrimoniales del Banco
    76.652       85.997  
Interés Minoritario
    2.879       2.589  
                 
Utilidad por acción atribuible a tenedores patrimoniales del Banco:
               
(expresada en pesos)
               
Utilidad básica
    0,407       0,456  
Utilidad diluida
    0,407       0,456  

 
3

 
 

BANCO SANTANDER CHILE Y FILIALES
ESTADOS CONSOLIDADOS DE RESULTADOS INTEGRALES
Por los períodos terminados el 31 de Marzo de 2009 y 2008

   
2009
   
2008
 
   
(Millones)
   
(Millones)
 
   
$
   
$
 
             
UTILIDAD (PERDIDA) CONSOLIDADA DEL EJERCICIO
    79.531       88.586  
                 
OTROS RESULTADOS INTEGRALES
               
                 
Instrumentos de Inversión Disponibles para la Venta
    20.857       1.369  
Coberturas de Flujo de Efectivo
    (20.588 )     (15.442 )
                 
Otros resultados integrales antes de impuesto a la renta
    269       (14.073 )
                 
Impuesto a la renta relacionado con otros resultados integrales
    (46 )     2.393  
                 
Total de otros resultados integrales
    223       (11.680 )
                 
RESULTADOS INTEGRALES CONSOLIDADOS DEL EJERCICIO
    79.754       76.906  
                 
Atribuible a :
               
Tenedores patrimoniales del Banco
    76.348       74.317  
Interés Minoritario
    3.406       2.589  

 
4

 
 

 
BANCO SANTANDER CHILE
ESTADO DE CAMBIOS EN EL PATRIMONIO
Por los períodos terminados el 31 de Marzo de 2009 y 2008 (en millones de pesos)
 
         
Reservas
   
Cuentas de Valoración
   
Utilidad Retenidas
                   
   
Capital
   
Reservas y otras
utilidades
retenidas
   
Fusión de
sociedades bajo
control común
   
Instrumentos de
Inversión
Disponible para la
venta
   
Cobertura de Flujo
de Efectivo
   
Impuesto a la
Renta
   
Utilidadades
retenidas de
ejercicios
anteriores
   
Utilidades del
ejercicio
   
Provisión para
dividendos
mínimo
   
Total atribuible a
tenedores
patrimoniales
   
Interés Minoritario
   
TOTAL
PATRIMONIO
 
                                                                                                 
Patrimonio al 31 de Diciembre 2007
    818.535       49.372       (2.042 )     (5.548 )     (5.867 )     1.940       273.004       308.647       -       1.438.041       20.047       1.458.088  
Distribución resultado ehjercicio anterior
    -       -       -       -       -       -       308.647       (308.647 )     -       -       -       -  
Sub-total
    818.535       49.372       (2.042 )     (5.548 )     (5.867 )     1.940       581.651       -       -       1.438.041       20.047       1.458.088  
Efecto por primera Aplicación de IFRS
    -       (68.244 )     -       -       -       -       -       -       -       (68.244 )     (1.913 )     (70.157 )
Patrimonio al 01 de Enero 2008
    818.535       (18.872 )     (2.042 )     (5.548 )     (5.867 )     1.940       581.651       -       -       1.369.797       18.134       1.387.931  
Ajuste circulñar N° 3443 dividendos mínimos 2008
    -       -       -       -       -       -       -       -       (92.594 )     (92.594 )     -       (92.594 )
Dividendos pagados
    -       -       -       -       -       -       -       -       -       -       -       -  
Otros movimientos patrimoniales
    -       296       -       -       -       -       -       -       -       296       (44 )     252  
Provisión para dividendos mínimos
    -       -       -       -       -       -       -       -       (22.694 )     (22.694 )     -       (22.694 )
Sub-total
    -       296       -       -       -       -       -       -       (115.288 )     (114.992 )     (44 )     (115.036 )
Otros resultados integrales
    -       -       -       1.369       (15.442 )     2.393       -       -               (11.680 )     -       (11.680 )
Resultados del ejercicio
    -       -       -       -       -       -       -       85.997               85.997       2.589       88.586  
Sub-total Resultado Integral
    -       -       -       1.369       (15.442 )     2.393       -       85.997       -       74.317       2.589       76.906  
Patrimonio al 31 de Marzo 2008
    818.535       (18.576 )     (2.042 )     (4.179 )     (21.309 )     4.333       581.651       85.997       (115.288 )     1.329.122       20.679       1.349.801  
                                                                                                 
Patrimonio al 31 de Diciembre 2008
    891.303       (121.684 )     (2.042 )     (19.972 )     10.873       1.547       413.053       415.055       (98.444 )     1.489.689       25.879       1.515.568  
Distribución resultado ejercicio anterior
    -       -       -       -       -       -       415.055       (415.055 )     -       -       -       -  
Sub-total
    891.303       (121.684 )     (2.042 )     (19.972 )     10.873       1.547       828.108       -       (98.444 )     1.489.689       25.879       1.515.568  
Reposición corrección monetaria 2008
    -       106.766       -       -       -       -       (106.766 )     -       -       -       -       -  
Patrimonio al 01 de Enero 2009
    891.303       (14.918 )     (2.042 )     (19.972 )     10.873       1.547       721.342       -       (98.444 )     1.489.689       25.879       1.515.568  
Dividendos pagados
    -       -       -       -       -       -       -       -       -       -       -       -  
Otros movimientos patrimoniales
    -       -       -       -       -       -       (2 )     -       -       (2 )     (882 )     (884 )
Provisión para dividendos mínimos
    -       -       -       -       -       -       -       -       (22.995 )     (22.995 )     -       (22.995 )
Sub-total
    -       -       -       -       -       -       (2 )     -       (22.995 )     (22.997 )     (882 )     (23.879 )
Otros resultados integrales
    -       -       -       20.222       (20.588 )     62       -       -               (304 )     527       223  
Resultados del ejercicio
    -       -       -       -       -       -       -       76.652               76.652       2.879       79.531  
Sub-total Resultado Integral
    -       -       -       20.222       (20.588 )     62       -       76.652       -       76.348       3.406       79.754  
Patrimonio al 31 de Marzo 2008
    891.303       (14.918 )     (2.042 )     250       (9.715 )     1.609       721.340       76.652       (121.439 )     1.543.040       28.403       1.571.443  
 
Dividendos distribuidos:
                             
                               
Período
 
Resultado
atribuible a
tenedores
patrimoniales
   
Destinados a
reservas o
utilidades
retenidas
   
Destinado a
Dividendos
   
Porcentaje
Distribuido
   
Dividendo por
acció(en
 pesos)
 
                                         
- Año 2007 (Junta Accionistas Abril 2008)
    308.647       108.026       200.621       65 %     1,065  
 
A la fecha en la cual están referidos los presentes estados financieros no se han materializado distribuiciones de dividendos, sin embargo, sólo para efectos referenciales, se ha incluído la distribución de dividendos aprobada por la Junta de Accionistas en abril de 2008.
 
 
5

 
 

BANCO SANTANDER CHILE Y FILIALES
ESTADOS CONSOLIDADOS DE FLUJOS DE EFECTIVO
Por los períodos terminados el 31 de Marzo de 2009 y 2008

   
2009
   
2008
 
   
(Millones)
   
(Millones)
 
   
$
   
$
 
FLUJOS ORIGINADOS POR ACTIVIDADES OPERACIONALES :
           
             
UTILIDAD (PERDIDA) CONSOLIDADA DEL EJERCICIO
    79.531       88.586  
                 
Cargos (abonos) a resultados que no significan movimiento de efectivo:
               
Depreciaciones y amortizaciones
    10.446       11.113  
Provisiones por créditos cuentas por cobrar a clientes y castigos
    99.831       61.454  
Ajuste a valor de mercado de instrumentos financieros
    (41.227 )     (10.703 )
(Utilidad) Pérdida por inversiones en sociedades
    (326 )     262  
(Utilidad) Pérdida en venta de activos recibidos en pago
    (1.103 )     (2.553 )
(Utilidad) Pérdida en venta de activos fijos
    (115 )     (418 )
Castigo de activos recibidos en pago
    964       794  
Otros cargos (abonos) que no significan movimiento de efectivo
    20.282       (19.553 )
Variación neta de intereses, reajustes y comisiones devengados sobre activos y pasivos
    (90.564 )     (13.408 )
Total Flujos Operacionales
    77.719       115.574  
                 
FLUJO ORIGINADO POR ACTIVIDADES DE INVERSIÓN :
               
(Aumento) disminución neta de créditos y cuentas por cobrar
    555.777       (353.815 )
(Aumento) disminución neta de inversiones
    477.183       (170.815 )
Compras de activos fijos
    (1.920 )     (5.255 )
Ventas de activo fijo
    1.158       3.701  
Inversiones en sociedades
    -       -  
(Aumento) Disminución de inversiones en sociedades
    164       2.057  
Dividendos recibidos  de inversiones en sociedades
    211       60  
Ingresos por bienes recibidos en pago
    6.977       7.116  
Aumento (disminución) neta de otros activos y pasivos
    48.216       (24.265 )
Total Flujos de Inversión
    1.087.766       (541.216 )
                 
FLUJO ORIGINADO POR ACTIVIDADES DE FINANCIAMIENTO :
               
Aumento (disminución) de acreedores en cuenta corriente
    228.801       5.067  
Aumento (disminución) de depósitos y captaciones
    (958.512 )     410.069  
Aumento (disminución) de otras obligaciones a la vista o a plazo
    (68.769 )     (53.681 )
Aumento (disminución) de obligaciones por intermediación de documento
    (262.745 )     (184.006 )
Aumento (disminución) de préstamos del exterior corto y largo plazo
    (252.370 )     (85.369 )
Emisión de letras de crédito
    -       -  
Rescate de letras de crédito
    (18.176 )     (35.600 )
Aumento (disminución) de otros pasivos de corto plazo
    (9.977 )     (49.488 )
Préstamos obtenidos del Banco Central de Chile (corto plazo)
    97.677       200.142  
Pago de préstamos del Banco Central de Chile (corto y largo plazo)
    (98.676 )     (201.411 )
Emisión de Bonos
    120.135       49.951  
Rescate de bonos
    (22.134 )     (26.711 )
Otros préstamos obtenido a largo plazo
    251.690       (443 )
Pago de otros préstamos a largo plazo
    -       -  
Dividendos pagados
    (25 )     (16 )
Total Flujos de Financiamiento
    (993.081 )     28.504  
                 
VARIACION EFECTIVO Y EFECTIVO EQUIVALENTE DURANTE EL PERIODO
    172.404       (397.138 )
SALDO INICIAL DE EFECTIVO Y EFECTIVO EQUIVALENTE
    1.048.264       1.289.658  
SALDO FINAL DE EFECTIVO Y EFECTIVO EQUIVALENTE
    1.220.668       892.520  

 
6

 
 
  
NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES:

La Superintendencia de Bancos e Instituciones Financieras (“SBIF”) en conjunto con otras superintendencias y otros organismos reguladores en Chile acordaron un plan de convergencia a Normas Internaciones de Información Financiera (“NIIF”) con el propósito de internacionalizar los modelos de reporte financiero para compañías públicas en Chile.  En el marco del plan estratégico, la SBIF, a través de su Circular Nº 3.410 del 9 de noviembre de 2007, complementada posteriormente por la Circular Nº 3.443 del 21 de agosto de 2008, dio a conocer el nuevo “Compendio de Normas Contables”, en el cual contiene los nuevos estándares de contabilidad y reporte para la industria financiera que se aplicarán a contar del 1º de enero de 2009, considerando las normas de carácter transitorio establecidas en el Capítulo E de dicho compendio.

Por disposiciones legales, los bancos deben utilizar los criterios contables dispuestos por la SBIF y en todo aquello que no sea tratado por ella ni se contraponga con sus instrucciones, deben ceñirse a los criterios contables de general aceptación, que corresponden a las normas técnicas emitidas por el Colegio de Contadores de Chile A.G., coincidentes con los estándares internacionales de contabilidad e información financiera acordados por el Internacional Accounting Standards Board (“IASB”).  En caso de existir discrepancias entre los principios contables y los criterios contables emitidos por la SBIF (Compendio de Normas Contables), primarán estas últimas.

Como resultado de lo anterior, el Banco estableció un plan para la transición a las nuevas normas contables que incluye, entre otros aspectos, el análisis de las diferencias de criterios contables, la selección de los criterios contables a aplicar en los casos en que se permitan tratamientos alternativos y la evaluación de las modificaciones de procedimientos y sistemas de información.

De acuerdo a este plan de transición, se han aplicado retroactivamente al 01 de enero de 2008 las normas del nuevo Compendio de Normas Contables, confeccionándose un balance de apertura a dicha fecha.  Asimismo, con el objetivo de presentar estados financieros comparativos durante el año 2009, el Banco confeccionó un set de estados financieros pro-forma para el año 2008.

A continuación se detallan y explican los principales impactos que origina la migración a estas nuevas normas contables, ya sea a nivel de balance como resultados.

a) Conciliación del Patrimonio de acuerdo al nuevo Compendio de Normas Contables:

Los principales ajustes que origina la migración al nuevo Compendio de Normas Contables en el Patrimonio son los siguientes:
 
         
Total Patrimonio
 
         
Al 01 Enero de
   
Al 31 Marzo de
   
Al 31 Diciembre de
 
         
2008
   
2008
   
2008
 
   
Explic. (*)
   
(millones)
   
(millones)
   
(millones)
 
         
$
   
$
   
$
 
                         
Patrimonio antes de cambios normativos
          1.458.088       1.419.268       1.602.610  
                               
Ajustes:
                             
Perímetro de consolidación
 
i
      (14.454 )     (12.229 )     (9.712 )
Sociedades de apoyo
 
ii
      505       505       719  
Corrección monetaria
 
iii
      -       (2.500 )     (30.493 )
Activo fijo e Intangibles
 
iv
      (64.494 )     (63.621 )     (58.613 )
Bienes recibidos o adjudicados en pago
 
v
      (929 )     (644 )     (408 )
Castigos de colocaciones
 
vi
      (2.205 )     (2.730 )     (4.235 )
Impuestos diferidos
 
vii
      11.420       11.752       15.700  
Sub-total
            (70.157 )     (69.467 )     (87.042 )
                                 
Patrimonio según nuevo Compendio de Normas Contables
            1.387.931       1.349.801       1.515.568  
 
(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

Tal como se comentó anteriormente, estos ajustes se generan por la adopción del nuevo Compendio de Normas Contables de la SBIF, por lo tanto estos no corresponden al reconocimiento de errores de ejercicios anteriores de acuerdo a la NIC 8.

 
7

 
 
 
NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

b) Conciliación del Resultado de acuerdo al nuevo Compendio de Normas Contables:

Los principales ajustes que origina la migración al nuevo Compendio de Normas Contables en el Resultado son los siguientes:
 
       
Resultado Consolidado
 
       
Al 31 Marzo de
   
Al 31 Diciembre de
 
       
2008
   
2008
 
   
Explic. (*)
 
(millones)
   
(millones)
 
       
$
   
$
 
                 
Resultado antes de cambios normativos
        76.522       331.017  
                     
Ajustes:
                   
Perímetro de consolidación
 
i
    2.225       4.742  
Sociedades de apoyo
 
ii
    -       214  
Corrección monetaria
 
iii
    8.874       78.027  
Activo fijo e Intangibles
 
iv
    873       5.881  
Bienes recibido o adjudicados en pago
 
v
    285       521  
Castigos de colocaciones
 
vi
    (525 )     (2.030 )
Impuestos diferidos
 
vii
    332       4.280  
Sub-total
        12.064       91.635  
                     
Resultado según nuevo Compendio de Normas Contables
        88.586       422.652  

 
(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

Tal como se comentó anteriormente, estos ajustes se generan por la adopción del nuevo Compendio de Normas Contables de la SBIF, por lo tanto estos no corresponden al reconocimiento de errores de ejercicios anteriores de acuerdo a la NIC 8.

c) Balance de Apertura de acuerdo al nuevo Compendio de Normas Contables:

Tal como se comentó anteriormente, al 01 de enero de 2008 se aplicaron retroactivamente las normas del nuevo Compendio de Normas Contables con el objetivo de elaborar el respectivo balance de apertura bajo estas nuevas normas contables.

A continuación se presenta la conciliación de los saldos del Estado de Situación Financiera, debiendo entenderse por:

Saldos de cierre:
Son aquellos que figuran en los estados financieros consolidados del Banco y sus filiales al 01 de Enero de 2008, los cuales se prepararon conforme a los criterios y principios contables anteriormente vigentes.

Ajustes:
Cambios con origen principalmente en los criterios de valorización y políticas contables modificadas por la nueva normativa.  Dentro de este concepto se incluyen las modificaciones al perímetro de consolidación que establece el nuevo Compendio de normas Contables.

Saldos de  Apertura:
Son aquellos que resultan de considerar el efecto de los ajustes en los saldos de cierre.

 
8

 
 
 
NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

c) Balance de Apertura de acuerdo al nuevo Compendio de Normas Contables, continuación:
 
   
Al 01 de Enero 2008
 
   
Saldos de
Cierre
   
Ajustes
   
Saldos de
Apertura
 
   
(millones)
   
(millones)
   
(millones)
 
   
$
   
$
   
$
 
ACTIVOS
                 
                   
Efectivo y depósitos en bancos
    1.108.444       193       1.108.637  
Operaciones con liquidación en curso
    316.240       -       316.240  
Instrumentos para negociación
    1.090.004       3.441       1.093.445  
Contratos de retrocompra y préstamos de valores
    33.999       -       33.999  
Contratos de derivados financieros
    780.775       -       780.775  
Adeudado por bancos
    45.961       -       45.961  
Créditos y cuentas por cobrar a clientes
    12.028.053       (5.778 )     12.022.275  
Instrumentos de inversión disponibles para la venta
    779.635       -       779.635  
Inversiones en sociedades
    6.795       506       7.301  
Intangibles
    56.187       37       56.224  
Activo fijo
    245.619       (43.130 )     202.489  
Impuestos corrientes
    1.933       566       2.499  
Impuestos diferidos
    61.260       19.729       80.989  
Otros activos
    474.091       (13.809 )     460.282  
                         
TOTAL ACTIVOS
    17.028.996       (38.245 )     16.990.751  
                         
PASIVOS
                       
                         
Depósitos y otras obligaciones a la vista
    2.868.769       (835 )     2.867.934  
Operaciones con liquidación en curso
    135.219       -       135.219  
Contratos de retrocompra y préstamos de valores
    308.651       (1.021 )     307.630  
Depósitos y otras captaciones a plazo
    7.887.897       -       7.887.897  
Contratos de derivados financieros
    778.217       -       778.217  
Obligaciones con bancos
    1.099.443       14       1.099.457  
Instrumentos de deuda emitidos
    2.154.996       -       2.154.996  
Otras obligaciones financieras
    147.868       27.799       175.667  
Impuestos corrientes
    15.897       170       16.067  
Impuestos diferidos
    10.877       207       11.084  
Provisiones
    46.376       3.726       50.102  
Otros pasivos
    116.698       1.852       118.550  
                         
TOTAL PASIVOS
    15.570.908       31.912       15.602.820  
                         
PATRIMONIO
                       
                         
Atribuible a tenedores patrimoniales del banco:
    1.438.041       (68.244 )     1.369.797  
Capital
    818.535       -       818.535  
Reservas
    47.330       (68.244 )     (20.914 )
Cuentas de valoración
    (9.475 )     -       (9.475 )
Utilidades retenidas
    581.651       -       581.651  
Utilidades retenidas de ejercicios anteriores
    581.651       -       581.651  
Utilidad (pérdida) del ejercicio
    -       -       -  
Menos:  Provisión para dividendos mínimos
    -       -       -  
                         
Interés minoritario
    20.047       (1.913 )     18.134  
                         
TOTAL PATRIMONIO
    1.458.088       (70.157 )     1.387.931  
                         
TOTAL PASIVOS Y PATRIMONIO
    17.028.996       (38.245 )     16.990.751  
 
(*) En la letra g) se explica detalladamente la naturaleza de los principales ajustes.

 
9

 
 

 
NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

d) Estados de Situación Financiera pro-forma:

Con el objetivo de presentar estados financieros comparativos durante el año 2009, el Banco confeccionó un set de estados financieros pro-forma para el año 2008, a continuación se presenta la formulación de los Estados de Situación Financiera pro-forma al 31 de marzo y 31 de Diciembre de 2008, respectivamente:
 
   
Al 31 de Marzo 2008
   
Al 31 de Diciembre 2008
 
   
Norma
Antigua
   
Ajustes
   
Compendio
de Normas
Contables
   
Norma
Antigua
   
Ajuste
   
Compendio
de Normas
Contables
 
   
(millones)
   
(millones)
   
(millones)
   
(millones)
   
(millones)
   
(millones)
 
   
$
   
$
   
$
   
$
   
$
   
$
 
                                     
ACTIVOS
                                   
Efectivo y depósitos en bancos
    647.473       237       647.710       854.838       573       855.411  
Operaciones con liquidación en curso
    626.731       -       626.731       335.405       -       335.405  
Instrumentos para negociación
    715.729       -       715.729       1.161.631       4.795       1.166.426  
Contratos de retrocompra y préstamos de valores
    4.655       -       4.655       -       -       -  
Contratos de derivados financieros
    1.427.176       -       1.427.176       1.846.509       -       1.846.509  
Adeudado por bancos
    116.991       -       116.991       95.499       -       95.499  
Créditos y cuentas por cobrar a clientes
    12.191.081       (6,531 )     12.184.550       14.319.370       (8.021 )     14.311.349  
Instrumentos de inversión disponibles para la venta
    1.457.900       -       1.457.900       1.580.240       -       1.580.240  
Inversiones en sociedades
    6.181       678       6.859       6.990       287       7.277  
Intangibles
    58.071       (344 )     57.727       73.089       (4.857 )     68.232  
Activo fijo
    247.348       (44.407 )     202.941       260.105       (59.716 )     200.389  
Impuestos corrientes
    4.229       630       4.859       18.289       426       18.715  
Impuestos diferidos
    57.386       19.677       77.063       64.821       24.004       88.825  
Otros activos
    656.982       (8.695 )     648.287       520.348       (11.693 )     508.655  
                                                 
TOTAL ACTIVOS
    18.217.933       (38.755 )     18.179.178       21.137.134       (54.202 )     21.082.932  
                                                 
PASIVOS
                                               
Depósitos y otras obligaciones a la vista
    2.773.548       (980 )     2.772.568       2.949.757       (1.595 )     2.948.162  
Operaciones con liquidación en curso
    381.921       -       381.921       142.552       -       142.552  
Contratos de retrocompra y préstamos de valores
    92.583       (1.038 )     91.545       563.234       (1.011 )     562.223  
Depósitos y otras captaciones a plazo
    8.407.623       -       8.407.623       9.756.266       -       9.756.266  
Contratos de derivados financieros
    1.540.408       -       1.540.408       1.469.724       -       1.469.724  
Obligaciones con bancos
    1.013.573       5       1.013.578       1.425.065       2       1.425.067  
Instrumentos de deuda emitidos
    2.196.889       -       2.196.889       2.651.372       -       2,651.372  
Otras obligaciones financieras
    86.697       27.176       113.873       103.278       28.040       131.318  
Impuestos corrientes
    3.247       305       3.552       163       628       791  
Impuestos diferidos
    14.321       330       14.651       18.766       671       19.437  
Provisiones
    151.109       3.461       154.570       162.165       4.554       166.719  
Otros pasivos
    136.746       1.453       138.199       292.182       1.551       293.733  
                                                 
TOTAL PASIVOS
    16.798.665       30.712       16.829.377       19.534.524       32.840       19.567.364  
                                                 
PATRIMONIO
                                               
                                                 
Atribuible a tenedores patrimoniales del banco:
    1.398.183       (69.061 )     1.329.122       1.578.045       (88.356 )     1.489.689  
Capital
    818.535       -       818.535       891.303       -       891.303  
Reservas
    58.797       (79.415 )     (20.618 )     51.539       (175.265 )     (123.726 )
Cuentas de valoración
    (21.155 )     -       (21.155 )     (7.552 )     -       (7.552 )
Utilidades retenidas
    542.006       10.354       552.360       642.755       86.909       729.664  
Utilidades retenidas de ejercicios anteriores
    581.651       -       581.651       413.053       -       413.053  
Utilidad (pérdida) del ejercicio
    75.643       10.354       85.997       328.146       86.909       415.055  
Menos:  Provisión para dividendos mínimos
    (115.288 )     -       (115.288 )     (98.444 )     -       (98.444 )
                                                 
Interés minoritario
    21.085       (406 )     20.679       24.565       1.314       25.879  
                                                 
TOTAL PATRIMONIO
    1.419.268       (69.467 )     1.349.801       1.602.610       (87.042 )     1.515.568  
                                                 
TOTAL PASIVOS Y PATRIMONIO
    18.217.933       (38.755 )     18.179.178       21,137,134       (54.202 )     21.082.932  
 
10


NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

e) Estados de Resultados pro-forma:

Tal como se comentaba en el punto anterior, el Banco confeccionó un set de estados financieros pro-forma para el año 2008 con ánimo de presentar información comparativa , a continuación se presenta la formulación de los Estados de Resultados pro-forma por los períodos terminados el 31 de marzo y el 31 de Diciembre de 2008, respectivamente:

   
Al 31 Marzo 2008
   
Al 31 Diciembre 2008
 
   
Norma
Antigua
   
Ajuste
   
Compendio
de Normas
Contables
   
Norma
Antigua
   
Ajuste
   
Compendio
de Normas
Contables
 
   
(millones)
   
(millones)
   
(millones)
   
(millones)
   
(millones)
   
(millones)
 
   
$
   
$
   
$
   
$
   
$
   
$
 
                                     
RESULTADOS OPERACIONALES
                                   
                                     
Ingresos por intereses y reajustes
    397.943       (49 )     397.894       2.061.112       234       2.061.346  
Gastos por intereses y reajustes
    (209.029 )     (859 )     (209.888 )     (1.164.071 )     (5.209 )     (1.169.280 )
                                                 
          Ingreso neto por intereses y reajustes
    188.914       (908 )     188.006       897.041       (4.975 )     892.066  
                                                 
Ingresos por comisiones
    65.657       5.011       70.668       276.433       19.536       295.969  
Gastos por comisiones
    (12.073 )     -       (12.073 )     (52.840 )     -       (52.840 )
                                                 
          Ingreso neto de comisiones
    53.584       5.011       58.595       223.593       19.536       243.129  
                                                 
Utilidad neta de operaciones financieras
    (88.693 )     71       (88.622 )     273.084       393       273.477  
Utilidad (pérdida) de cambio neta
    101.981       -       101.981       (187.042 )     -       (187.042 )
Otros ingresos operacionales
    9.448       567       10.015       16.512       1.277       17.789  
                                                 
          Total Ingresos Operacionales
    265.234       4.741       269.975       1.223.188       16.231       1.239.419  
                                                 
Provisiones por riesgo de crédito
    (60.929 )     (525 )     (61.454 )     (285.953 )     (2.030 )     (287.983 )
                                                 
INGRESO OPERACIONAL NETO
    204.305       4.216       208.521       937.235       14.201       951.436  
                                                 
Remuneraciones y gastos de personal
    (44.339 )     (9.469 )     (53.808 )     (209.134 )     (37.641 )     (246.775 )
Gastos de Administración
    (38.698 )     8.004       (30.694 )     (161.977 )     28.295       (133.682 )
Depreciaciones y amortizaciones
    (11.474 )     361       (11.113 )     (51.944 )     4.317       (47.627 )
Otros gastos operacionales
    (8.894 )     263       (8.631 )     (42.259 )     581       (41.678 )
                                                 
          Total Ingresos Operacionales
    (103.405 )     (841 )     (104.246 )     (465.314 )     (4.448 )     (469.762 )
                                                 
RESULTADO OPERACIONAL
    100.900       3.375       104.275       471.921       9.753       481.674  
                                                 
Resultado por inversiones en sociedades
    (262 )     -       (262 )     851       214       1.065  
Corrección Monetaria
    (8.874 )     8.874       -       (78.027 )     78.027       -  
                                                 
    Resultado antes de Impuesto a la Renta
    91.764       12.249       104.013       394.745       87.994       482.739  
                                                 
Impuesto a la Renta
    (15.242 )     (185 )     (15.427 )     (63.728 )     3.641       (60.087 )
                                                 
UTILIDAD CONSOLIDADA DEL EJERCICIO
    76.522       12.064       88.586       331.017       91.635       422.652  
                                                 
Atribuible a:
                                               
                                                 
Tenedores patrimoniales del Banco
    75.643       10.354       85.997       328.146       86.909       415.200  
Interés Minoritario
    879       1.710       2.589       2.871       4.726       7.597  
                                                 
Utilidad por acción atribuible a tenedores patrimoniales del Banco:
                                               
(expresada en pesos)
                                               
                                                 
            Utilidad básica
    0,401       -       0,456       1,741       -       2,203  
            Utilidad diluida
    0,401       -       0,456       1,741       -       2,203  
                                                 

 
11

 


NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

f) Estado de Flujo de Efectivo pro-forma:

Con el objetivo de entregar una conciliación entre el Estado de Flujos de Efectivo presentado bajo las anteriores normas contables  por el período terminado el 31 de marzo de 2008 y el incluido en estos estados financieros intermedios, a continuación se presenta la formulación de este estado pro-forma:

   
Al 31 Marzo 2008
 
               
Compendio de
 
   
Nornma Antigua
   
Ajuste
   
Normas Contables
 
   
(millones)
   
(millones)
   
(millones)
 
    $     $     $  
FLUJOS ORIGINADOS POR ACTIVIDADES OPERACIONALES :
                       
UTILIDAD (PÉRDIDA) CONSOLIDADA DEL EJERCICIO
    76.522       12.064       88.586  
Cargos (abonos) a resultados que no significan movimiento de efectivo:
                       
Depreciaciones y amortizaciones
    11.474       (361 )     11.113  
Provisiones por créditos, cuentas por cobrar a clientes y castigos
    71.150       (9.696 )     61.454  
Ajuste a valor de mercado de instrumentos financieros
    11.048       (21.751 )     (10.703 )
(Utilidad) Pérdida por inversiones en sociedades
    262       -       262  
(Utilidad) Pérdida en venta de activos recibidos en pago
    762       (3.315 )     (2.553 )
(Utilidad) Pérdida en venta de activos fijos
    (62 )     (356 )     (418 )
Castigo de activos recibidos en pago
    (831 )     1.625       794  
Corrección monetaria
    8.874       (8.874 )     -  
Otros cargos (abonos) que no significan movimiento de efectivo
    (20.470 )     917       (19.553 )
Variación neta de intereses, reajustes y comisiones devengados sobre activos y pasivos
    (19.802 )     6.394       (13.408 )
Total flujos operacionales
    138.927       (23.353 )     115.574  
FLUJO ORIGINADO POR ACTIVIDADES DE INVERSIÓN :
                       
(Aumento) disminución neta de créditos y cuentas por cobrar
    (254.289 )     (99.526 )     (353.815 )
(Aumento) disminución neta de inversiones
    (200.702 )     29.887       (170.815 )
Compras de activos fijos
    (5.255 )     -       (5.255 )
Ventas de activo fijo
    3.701       -       3.701  
Inversiones en sociedades
    -       -       -  
(Aumento) Disminución de inversiones en sociedades
    2.057       -       2.057  
Dividendos recibidos de inversiones en sociedades
    60       -       60  
Ingresos por bienes recibidos en pago
    (762 )     7.878       7.116  
Aumento (disminución) neta de otros activos y pasivos
    (57.046 )     32.781       (24.265 )
Total flujos de inversión
    (512.236 )     (28.980 )     (541.216 )
FLUJO ORIGINADO POR ACTIVIDADES DE FINANCIAMIENTO :
                       
Aumento (disminución) de acreedores en cuenta corriente
    (10.114 )     15.181       5.067  
Aumento (disminución) de depósitos y captaciones
    380.611       29.458       410.069  
Aumento (disminución) de otras obligaciones a la vista o a plazo
    (59.158 )     5.477       (53.681 )
Aumento (disminución) de obligaciones por intermediación de documento
    (188.825 )     4.819       (184.006 )
Aumento (disminución) de prétamos del exterior corto y largo plazo
    (94.406 )     9.037       (85.369 )
Emisión de letras de crédito
    -       -       -  
Rescate de letras de crédito
    (26.800 )     (8.800 )     (35.600 )
Aumento (disminución) de otros pasivos de corto plazo
    (50.306 )     818       (49.488 )
Préstamos obtenidos del Banco Central de Chile (corto plazo)
    201.562       (1.420 )     200.142  
Pago de préstamos del Banco Central de Chile (corto y largo plazo)
    (202.277 )     866       (201.411 )
Emisión de Bonos
    49.951       -       49.951  
Rescate de bonos
    (26.711 )     -       (26.711 )
Otros Préstamos obtenidos a corto y largo plazo
    (760 )     317       (443 )
Dividendos pagados
    -       (16 )     (16 )
Total Flujos de financiamiento
    (27.233 )     55.737       28.504  
EFECTO DE INFLACION SOBRE EFECTIVO Y EFECTIVO EQUIVALENTE
    (7.213 )     7.213       -  
VARIACION EFECTIVO Y EFECTIVO EQUIVALENTE DURANTE EL PERIODO
    (407.755 )     10.617       (397.138 )
EFECTIVO INICIAL DE EFECTIVO Y EFECTIVO EQUIVALENTE
    1.300.038       (10.380 )     1.289.658  
SALDO FINAL DE EFECTIVO Y EFECTIVO EQUIVALENTE
    892.283       237       892.520  

 
12

 


NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes:

A continuación se describirá la naturaleza de los principales efectos o ajustes que surgen en la adopción del nuevo Compendio de Normas Contables emitido por la SBIF.

i.  Perímetro de Consolidación

De acuerdo a la normativa vigente hasta el 31 Diciembre 2007, Capitulo 11-6 “Inversiones en Sociedades en el País” de la Recopilación Actualizada de Normas; el Banco consideraba dentro de su perímetro de consolidación a las sociedades filiales y a las sociedades de apoyo al giro.

En primer caso, estas sociedades eran consolidadas mediante el método de integración global (línea a línea), siendo las siguientes:
   
% de Participación
 
Sociedad
 
Directo
   
Indirecto
   
Total
 
                   
Santander Corredores de Seguro Ltda.
    99,75 %     0,01 %     99,76 %
Santander S.A. Corredores de Bolsa
    50,59 %     0,41 %     51,00 %
Santander Asset Management S.A. Administradora General de Fondos
    99,96 %     0,02 %     99,98 %
Santander S.A. Agente de Valores
    99,03 %     -       99,03 %
Santander S.A. Sociedad Securitizadora
    99,64 %     -       99,64 %
Santander Servicios de Recaudación y Pagos Limitada
    99,90 %     0,10 %     100,00 %

Por su parte, las sociedades de apoyo al giro eran valorizadas mediante el método de puesta en equivalencia (VPP o VP), considerando las siguientes entidades:

Sociedad
 
% Part.
 
       
Redbanc S.A.
    33,42 %
Transbank S.A.
    32,71 %
Centro de Compensación Automatizado
    33,33 %
Sociedad Interbancaria Depósitos de Valores S.A.
    29,29 %
Cámara Compensación Alto Valor S.A.
    11,52 %
Administrador Financiero Transantiago S.A.
    20,00 %
Sociedad Nexus S.A.
    12,90 %

Con la entrada en vigencia del nuevo Compendio de Normas Contables, el Banco ha debido analizar y definir nuevamente su perímetro de consolidación, teniendo presente que ahora el criterio fundamental a considerar es el grado de control que posea el Banco sobre una determinada entidad y no su porcentaje de participación en el patrimonio.

Producto de este análisis, se determinó lo siguiente:

-   
Se mantendrán los métodos de consolidación/valorización utilizados hasta el 31 de diciembre de 2008 para las sociedades filiales y de apoyo al giro.  Lo anterior, debido a que se concluyó que en el primer caso el Banco posee control sobre ellas y en el segundo ejerce una influencia significativa.

-   
Por otro lado, de acuerdo a lo estipulado por la NIC 27 y la SIC 12, el Banco debe evaluar la existencia de Entidades de Cometido Especial (ECE), las cuales deben se incluidas en el perímetro de consolidación,  siendo sus principales características las siguientes:
o    
Las actividades de la ECE han sido dirigidas, en esencia, en nombre de la entidad que presenta los estados financieros consolidados, y de acuerdo a sus necesidades específicas de negocio.
o    
Se poseen los poderes de decisión necesarios para obtener la mayoría de los beneficios de las actividades de esas entidades y los derechos para obtener la mayoría de los beneficios u otras ventajas de dichas entidades.
o    
En esencia, la entidad retiene para sí, la mayoría de los riesgos inherentes a la propiedad o residuales a la ECE o a sus activos, con el fin de obtener los beneficios de sus actividades.

 
13

 


NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes, continuación:

-  
Así entonces, producto de esta evaluación, se concluyó que el Banco ejercía el control sobre un número determinado de entidades, las cuales debían ser  incorporadas a su perímetro de consolidación, siendo las siguientes entidades:
 
- Santander Gestión de Recaudación y Cobranzas Ltda.
- Multinegocios S.A.
- Servicios Administrativos y Financieros Ltda.
- Servicios de Cobranzas Fiscalex Ltda.
- Multiservicios de Negocios Ltda.
- Bansa Santander S.A.
- Santander Multimedios S.A.

A principios del año 2009, la sociedad Santander Multimedios S.A., realizó un cambió en su giro de negocios, lo que generó que sus ingresos ya no dependieran en gran medida de las operaciones realizadas con el Banco.  Producto de ello, se determinó que el Banco ya no ejercía control sobre ella, debiendo excluirla del perímetro de consolidación a partir de Marzo 2009.

Dentro de este ítem, en general, se incluyen los efectos que generó la inclusión de estas sociedades al perímetro de consolidación del Banco.   Además se incluyen también aquellos efectos colaterales que genera la incorporación estas sociedades al perímetro de consolidación, como lo son nuevos ajustes de eliminación de operaciones relacionadas (ej. Colocaciones) y también la aceleración de desembolsos que anteriormente eran activados y devengados en resultado en un período de tiempo determinado.

ii.  Sociedades de Apoyo al Giro

Dentro de este ítem se han agrupado los efectos particulares que generó la adopción del nuevo Compendio de Normas Contables en cada una de las diversas sociedades de Apoyo al Giro, considerando en cada caso el efecto proporcional que generan estos efectos/ajustes en el patrimonio del Banco, en base al porcentaje de participación que tiene el Banco sobre estas sociedades.

iii.  Corrección Monetaria

De acuerdo a la normativa anteriormente vigente, los estados financieros consolidados se preparaban aplicando corrección monetaria integral, con el objetivo de reflejar los efectos de los cambios en el poder adquisitivo del peso chileno durante cada periodo.

Según el nuevo Compendio de Normas Contables y de acuerdo a la NIC 29 “Información Financiera en Economías Hiperinflacionarias”,  se aplicará corrección monetaria solo cuando la entidad cuya moneda funcional sea una moneda correspondiente a una economía hiperinflacionaria (entiéndase que es aquella economía con 100 por ciento de inflación en 3 años).  En el caso del Banco, la moneda funcional es el peso chileno.

Debido a que la economía chilena no cumple los requisitos antes descritos, es que el Banco debió eliminar la corrección monetaria a partir del 01 de Enero de 2008.  De acuerdo a lo establecido en el Capítulo E del Compendio de Normas Contables, la corrección monetaria aplicada hasta el 31 de Diciembre de 2007 no fue objeto de reversiones.

Dentro de este ítem, se incluyen los ajustes por la reversión de la corrección monetaria de los diferentes activos y pasivos.  Por su parte, la corrección monetaria del capital pagado y reservas al 31 de diciembre de 2008 no fueron revertidas, de acuerdo a lo establecido en el Capítulo E del Compendio de Normas Contables y a la necesidad de mantener los montos del capital pagado y de las reservas constituidas de acuerdo con las reglas aplicadas para efectos legales o estatutarios.


 
14

 


NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes, continuación:

iv.  Activo Fijo e Intangibles

Dentro de este ítem, se incluye principalmente el efecto que genera el recálculo de las depreciaciones y amortizaciones de los activos fijos en general y de los intangibles (software y desarrollos informáticos) producto de la eliminación de la corrección monetaria (tal como se describe en el punto iii) y de las determinación del costo atribuido en el caso de los activos fijos al 01 de Enero de 2008.

De acuerdo a lo establecido en el Capítulo E del nuevo Compendio de Normas Contables, al 01 de enero de 2008 el Banco determinó el costo atribuido de sus activos fijos, eligiendo el menor importe entre el costo histórico de cada unos de ellos (incluyendo su respectiva corrección monetaria hasta el 31 de diciembre de 2007) y su valor razonable, basado en una tasación de los mismos, realizada por un tercero independiente.

v.  Bienes Recibidos o Adjudicados en Pago

Anteriormente, los bienes recibidos o adjudicados en pago (BRP) eran valorizados al costo (precio convenido con el deudor en la dación en pago o el valor de adjudicación en remate judicial, según sea el caso, corregido monetariamente),  menos una provisión de valuación individual en base a una tasación independiente.  Al cabo de un año, en cumplimiento de lo dispuesto en el N° 5 del artículo 84 de la Ley General de Bancos, para hacer uso de un plazo adicional para vender los bienes recibidos o adjudicados en pago, los bancos debían castigar los bienes que se encontraban en esa situación.

La principal modificación que introduce en la valorización de los BRP el nuevo Compendio de Normas Contables, Capitulo B-5, (además de la eliminación de la corrección monetaria descrita en el punto iii.) es que al momento de realizar la provisión de valuación inicial se deberá considerar su valor realizable neto, es decir, el valor razonable (tasación independiente) menos los costos necesarios para mantenerlo y enajenarlo.

De acuerdo a los estudios realizados por el Banco, al 01 de Enero de 2008 se determinó un costo de venta  (costo para mantenerlo y enajenarlo) promedio estimado de un 5,8% sobre el valor de tasación y al 31 de Diciembre de 2008 este guarismo ascendió a un 6,5%,

En este ítem se presentan los efectos que genera la aplicación del costo de venta anteriormente descrito.

vi.  Castigos de Colocaciones

De acuerdo a la normativa anteriormente vigente, el plazo para efectuar  los castigos de las cuotas vencidas y morosas de los créditos y cuentas a cobrar, se computaba desde su ingreso a cartera vencida, la cual representaba a aquellas operaciones que se encontraban morosas en el pago de capital e intereses por noventa días o más.  Este ingreso a cartera vencida se realizaba anteriormente cuota a cuota.

De acuerdo a lo establecido en el Capítulo B-2 del nuevo Compendio de Normas Contables, el plazo para realizar los castigos  de los créditos y cuentas por cobrar debe computarse desde el inicio de la mora de una determinada operación, afectando por tanto al 100% de la operación, ya sea que tenga una proporción morosa, vencida o vigente.

 
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NOTA Nº1 ADOPCIÓN POR PRIMERA VEZ DEL COMPENDIO DE NORMAS CONTABLES, continuación:

g) Descripción de los principales ajustes, continuación:


A continuación se muestra un cuadro con los principales tipos de colocación y sus respectivos plazos de castigo de acuerdo a lo estipulado por el nuevo Compendio de Normas Contables:

Tipo de contrato
 
Plazo
       
Operaciones de Leasing
   
       
 
Leasing de consumo
 
6 meses
 
Otras operaciones de leasing no inmobiliario
 
12 meses
 
Leasing inmobiliario (comercial o vivienda)
 
36 meses
       
Resto de Operaciones
   
       
 
Créditos de consumo con o sin garantías reales
 
6 meses
 
Otras operaciones sin garantías reales
 
24 meses
 
Créditos comerciales con garantías reales
 
36 meses
 
Créditos hipotecarios para vivienda
 
48 meses

Dentro de este ítem, el Banco ha clasificado los efectos que surgen de la aplicación de esta nueva metodología para la aplicación de los castigos de créditos y cuentas a cobrar, así como también el efecto colateral que genera en las provisiones constituidas para cada una de las operaciones (al castigarse al 100% la operación, deben liberarse las provisiones constituidas).

vii.  Impuestos diferidos

Dentro de este ítem se agrupan los efectos fiscales (impuestos diferidos) generados por las diferencias temporales, originadas a su vez, por los ajustes comentados anteriormente, sea que estos afecten directamente al patrimonio o a resultados.

FELIPE CONTRERAS FAJARDO
Gerente de Contabilidad
 
ÓSCAR VON CHRISMAR CARVAJAL
Gerente General


 
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