Banco de Chile (NYSE:BCH) Q4 2020 Earnings Conference Call February 5, 2021 10:30 AM ET Company Participants Rodrigo Aravena - Chief Economist and SVP of Institutional Relations Pablo Mejia - Head of IR Conference Call Participants Yuri Fernandes - JPMorgan Tito Labarta - Goldman Sachs Neha Agarwala - HSBC Ernesto Gabilondo - Bank of America Merrill Lynch Claudia Benavente - Santander Operator Good afternoon, everyone. And welcome to Banco de Chile’s Fourth Quarter 2020 Results Conference Call. If you need ...

Financial Data and Key Indicators Changes - Total net income slightly increased on a sequential basis to CLP 473 billion in Q3 2020, but was 19% below the same period last year, resulting in a return on equity (ROE) decline from 12% to 9% [12][27] - Operating revenues recorded a year-on-year decrease of 12%, primarily due to unfavorable trends in inflation, interest rates, loan growth, and fees [28] - Net interest margin (NIM) fell from 4.1% last year to 3.1% this quarter, influenced by lower CPI and a decline in high-margin loan products [29][30] Business Line Data and Key Indicators Changes - Total loan growth reached CLP 31 trillion this quarter, increasing 6% year-on-year and 1.5% quarter-on-quarter, with most growth driven by government-guaranteed commercial loans [31][32] - Personal banking loans grew only 1.3% year-on-year and dropped 0.9% quarter-on-quarter, reflecting subdued economic growth and reduced household spending [33] - Demand deposits rose 45% year-on-year and 11% quarter-on-quarter, representing 32% of total funding, significantly above peers [34] Market Data and Key Indicators Changes - Chile's GDP increased by 21% in Q3 2020 after a 43% annualized drop in Q2, reducing the annual decline rate from 14% to 9% [6] - The unemployment rate rose sharply from 7% in February to 13% in July, but signs of recovery began to emerge with improvements in employment since August [7][9] - Inflation rate increased to 3.1% in September, rising 60 basis points from August, indicating a potential turning point in the economic cycle [7][10] Company Strategy and Development Direction - Banco de Chile aims to reinforce three key areas of long-term strategy: digital transformation, efficiency and productivity, and sustainability [14] - The launch of the digital 100% online onboarding bank account, Cuenta FAN, has been successful, attracting over 90,000 new customers in less than two months [15][16] - The bank continues to focus on cost control, reporting a slight improvement in equity and efficiency ratio to 44.6%, outperforming the industry average [42][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the unusual uncertainty in the current environment but expects a gradual recovery in GDP to 4.5% in 2021 [10][11] - The bank's risk management approach remains conservative, with a focus on maintaining high coverage ratios and prudent provisioning [36][54] - Management emphasizes the importance of adapting to the new economic normal and reflects this in updated risk models [61][62] Other Important Information - Banco de Chile was recognized for its sustainable business model and received multiple awards for its performance during the pandemic [25][26] - The bank's strong Tier 1 capital base of 11.6% positions it well to meet future Basel III requirements [35][67] Q&A Session Summary Question: Margin outlook and impact of FOGAPE loans - Management discussed the current NIM of 3.1% and factors affecting it, including the impact of FOGAPE loans and expectations for future margin improvement [48][49][50] Question: Cost of risk and provisioning expectations - Management indicated that while the cost of risk is uncertain, they expect it to remain elevated in the first half of 2021 before potentially normalizing in the second half [55][56] Question: Repayment behavior of reprogrammed loans - Management reported good repayment behavior from customers with postponed loans, with most consumer loans repaid and ongoing monitoring of SME loans [62] Question: Impact of Basel III and capital ratios - Management expressed confidence in maintaining capital ratios despite Basel III implementation, which is phased in from December 2021 to December 2025 [67] Question: Potential impacts of the new constitution - Management stated it is too early to predict the impacts of the constitutional process on the economy, emphasizing the importance of a long-term view [68][70]

Banco de Chile (NYSE:BCH) Q2 2020 Earnings Conference Call August 7, 2020 12:30 PM ET Company Participants Rodrigo Aravena - Chief Economist and Senior Vice President of Institutional Relations Pablo Mejia - Head of IR Daniel Galarce - Head of Financial Control Conference Call Participants Ernesto Gabilondo - Bank of America Claudia Benavente - Santander Sebastián Gallego - CrediCorp Capital Neha Agarwala - HSBC Alonso Garcia - Credit Suisse Operator Hello, everyone, and welcome to Banco de Chile's 2Q '20 F ...

Banco de Chile (NYSE:BCH) Q1 2020 Earnings Conference Call May 8, 2020 12:30 PM ET Company Participants Rodrigo Aravena - Chief Economist & Senior Vice President of Institutional Relations Pablo Mejia - Head of Investor Relations Daniel Galarce - Head of Financial Control Natalia Villela - Investor Relations Specialist Conference Call Participants Claudia Benavente - Santander Tito Labarta - Goldman Sachs Jason Mollin - Scotiabank Ernesto Gabilondo - Bank of America Yuri Fernandes - JPMorgan Neha Agarwala - ...

As filed with the Securities and Exchange Commission on April 29, 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Commission file number 001-15266 BANCO DE CHILE (Exact name of Registrant as specified in its charter) BANK OF CHILE (Translation of Registrant's name into English) REPUBLIC OF CHILE (Jurisdiction of incorporation or organization) ...

Banco de Chile (NYSE:BCH) Q4 2019 Earnings Conference Call February 4, 2020 10:30 AM ET Company Participants Rodrigo Aravena - Chief Economist & SVP, Institutional Relations Pablo Mejia - Head, IR Daniel Galarce - Head, Financial Control Rolando Arias Sánchez - CFO Conference Call Participants Ernesto Gabilondo - Bank of America Merrill Lynch Jason Mollin - Scotiabank Daer Labarta - Goldman Sachs Group Emilio Acevedo - Santander Investment Securities Yuri Fernandes - JPMorgan Chase & Co. Neha Agarwala - HSB ...

Banco de Chile (NYSE:BCH) Q3 2019 Earnings Conference Call November 7, 2019 11:30 AM ET Company Participants Pablo Ricci - Head of IR Rodrigo Aravena - Chief Economist & Senior VP of Institutional Relations Daniel Galarce - Head of Financial Control Conference Call Participants Jason Mollin - Scotiabank Claudia Benavente - Santander Neha Agarwala - HSBC Yuri Fernandes - JPMorgan Tito Labarta - Goldman Sachs Operator Hello, everyone. And welcome to Banco de Chile's 3Q '19 Financial Results Conference call. I ...

Financial Data and Key Metrics Changes - Banco de Chile reported a return on equity (ROE) of almost 23%, significantly higher than the previous quarter [6] - The bank achieved a record net income of CLP 192 billion, the highest in its history, driven by solid customer income generation and higher non-customer income [6][19] - The efficiency ratio improved to 43%, reflecting strong operational performance [6][37] Business Line Data and Key Metrics Changes - Operating income grew by 17.7% year-on-year, reaching CLP 538 billion, supported by an 11.5% increase in customer income [20] - Fee income increased by 24.6% year-on-year, driven by retail segment products and services [20][23] - Total loans grew by 8.7% year-on-year, with retail loans rising by 11.1% and wholesale loans by 4.9% [27] Market Data and Key Metrics Changes - The Chilean banking industry posted a net income of CLP 812 billion in Q2 2019, a 42% increase compared to the same quarter last year [16] - The total net income for the industry reached CLP 1,383 billion for the first half of 2019, representing an 8% increase year-on-year [17] Company Strategy and Development Direction - The bank is focusing on digital transformation and improving customer experience through new service models and IT projects [30][36] - Strategic initiatives include optimizing the branch network and enhancing the personal banking service model [30][31] - The bank aims to maintain a sustainable ROE between 18% and 20% in the medium term, supported by ongoing efficiency improvements [41] Management's Comments on Operating Environment and Future Outlook - Management expects gradual economic recovery in Chile, with GDP growth projected at 3.2% for 2020 [13][41] - The Central Bank of Chile's monetary policy is anticipated to remain expansionary, with potential interest rate cuts expected [9][15] - The bank's management is optimistic about loan growth and overall economic conditions improving in the coming quarters [41] Other Important Information - The bank's free float increased from 27.7% to 44.3% following the payment of subordinated debt, enhancing market visibility [39] - The effective tax rate is expected to normalize around 23% to 24% in the coming quarters [69] Q&A Session Summary Question: Impact of new insurance distribution agreement on fees - Management indicated that approximately CLP 4 billion of the additional CLP 9 billion in fee income came from the upfront payment of the new partnership, with expectations of similar amounts monthly going forward [44][45] Question: Operating expenses growth expectations - Management expects recurring expenses to grow slightly above inflation, with total operating expenses anticipated to decrease slightly for the remainder of the year [48][50] Question: Long-term interest rates and ROE implications - Management believes current low-interest rates are temporary and expects normalization closer to 4%, which would support the long-term ROE target of 18% to 20% [52][54] Question: Sustainability of market-related revenues - Management noted that while Q2 revenues were high due to specific market conditions, they expect average levels between Q1 and Q2 for the remainder of the year [67] Question: Effective tax rate expectations - Management clarified that the effective tax rate should stabilize around 23% to 24%, influenced by inflation and the corporate tax regime [69]