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Banco De Chile ADR BCH Stock Quote

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Morningstar‘s Stock Analysis BCH

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Is it the right time to buy or sell?

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Inflation Remains a Significant Tailwind to Banco de Chile's Third-Quarter Results

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

Narrow-moat-rated Banco de Chile reported solid results as the company continues to benefit from high inflation in Chile. The bank reported net revenue of CLP 778.2 billion, up 46.5% from last year but down 8.1% from last quarter. Banco de Chile's earning per ADR share of CLP 3.36 fell 21.3% from last quarter but were still up 88.8% year over year. These results translate to a return on equity of 30.09%, still well above the bank's historical average. We had expected Banco de Chile's inflation tailwind to moderate from last quarter and note that the bank had a considerably stronger quarter than its peers. That said, our thesis for the company was not altered by this quarter's results, and we do not plan to change our $18.50 fair value estimate.

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Key Statistics BCH

Company Profile BCH

Business Description

Operating under three separate brand names (Banco de Chile, Banco Edwards-Citi, and Banco CrediChile) Banco de Chile is the second largest in the country by loans and third largest by deposits. Banco de Chile generates most of its net interest income (roughly 60% of total revenue) from its mortgage, unsecured consumer credit lines, and commercial loans, with 25% of its outstanding loans being made to firms with more than 10,000 million CLP in revenue. Outside of its banking business, Banco de Chile is the largest asset manager in the country and one of the largest security brokerages, supporting its substantial fee-based revenue.

Paseo Ahumada 251
Santiago, Chile
T +56 226533535
Industry Banks - Regional
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 12,284