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Banco De Chile ADR BCH

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Morningstar’s Analysis

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Banco de Chile Wraps Up 2020 With OK Fourth-Quarter Results; Net Income Bounces Back

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

Narrow-moat rated Banco de Chile reported fourth-quarter earnings of CLP 126 billion, up 43% sequentially, beating the Factset consensus EPS of CLP 1.15 per share with reported EPS of CLP 1.25 per share. These results equate to a return on average equity of 13.70%. The fourth-quarter results were driven by recovering net interest income, improved credit cost, and controlled expenses. As we more fully incorporate these results, we don't expect to materially change our longer-term forecasts, but time value of money and a more favorable exchange rate are likely to help push our current fair value estimate of $18.00 per ADR share higher by a mid-single-digit percentage.

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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, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 13,562