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Banco De Chile ADR BCH

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Morningstar’s Analysis

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Strong Third Quarter for Banco de Chile With Renewed Growth in Consumer Loans

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

Narrow-moat-rated Banco de Chile posted strong third-quarter results, reporting adjusted EPS of CLP 1.82. These results equate to a return on equity of 18.6% for the quarter. With over 75% of the population fully vaccinated, things are looking up for the Chilean economy as it surpasses prepandemic levels. However, political uncertainty remains high, with presidential and parliamentary elections happening in a few weeks and a constitutional rewrite that is expected to be finished by June 2022. Despite the political uncertainty, we believe Banco de Chile will continue to benefit from a growing Chilean economy, and we do not expect a material medium-term impact on the bank’s performance from the political situation. We are maintaining our fair value estimate of $21.70 per ADR share.

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Company Profile

Business Description

Banco De Chile is one of the largest banks in Chile; it provides banking services to a wide customer base of large corporations, small and medium-size businesses, and individuals. Through its network of roughly 380 branches, the bank offers a diverse set of financial products that includes traditional banking services, investment and mutual funds, insurance, financial advisory, and capital market services.

Paseo Ahumada 251
Santiago, Chile
T +56 226371111
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 12,395