| Financial Assets at Fair Value through Other Comprehensive Income |
| 9. | Financial Assets at Fair Value through Other Comprehensive Income: |
As of December 31, 2024 and 2023, financial
assets are detailed as follows:
| | |
2024 | | |
2023 | |
| | |
MCh$ | | |
MCh$ | |
| Debt Financial Instruments | |
| 2,088,345 | | |
| 3,786,525 | |
| Equity Instruments | |
| 9,492 | | |
| 11,912 | |
| Total | |
| 2,097,837 | | |
| 3,798,437 | |
| (a) | Debt Financial Instruments at fair value through OCI: |
As of December
31, 2024 and 2023 the detail of debt financial instruments is as follows:
| | |
2024 | | |
2023 | |
| | |
MCh$ | | |
MCh$ | |
| Instruments issued by the Chilean Government and Central Bank of Chile | |
| | |
| |
| Debt financial instruments from the Central Bank of Chile | |
| — | | |
| 473,642 | |
| Bonds and Promissory notes from the Chilean Government | |
| 660,321 | | |
| 1,362,510 | |
| Other fiscal debt financial instruments | |
| 456 | | |
| 1,500 | |
| | |
| | | |
| | |
| Other Instruments Issued in Chile | |
| | | |
| | |
| Debt financial instruments from other domestic banks | |
| 1,321,030 | | |
| 1,681,744 | |
| Bonds and trade effects from domestic companies | |
| 54,600 | | |
| 59,921 | |
| Other debt financial instruments issued in the country | |
| — | | |
| — | |
| | |
| | | |
| | |
| Instruments Issued Abroad | |
| | | |
| | |
| Financial instruments from foreign Central Banks | |
| — | | |
| — | |
| Financial instruments from foreign governments and fiscal entities | |
| 48,883 | | |
| 43,294 | |
| Debt financial instruments from other foreign banks | |
| — | | |
| 163,914 | |
| Bonds and trade effects from foreign companies | |
| 3,055 | | |
| — | |
| Other debt financial instruments issued abroad | |
| — | | |
| — | |
| Total | |
| 2,088,345 | | |
| 3,786,525 | |
“Instruments issued by the Chilean
Government and Central Bank of Chile” include instruments sold under repurchase agreements to clients and financial institutions
for an amount of Ch$10,001 million in December 2024 (Ch$10,488 million in December 2023). The repurchase agreements have an average maturity
of 2 days in December 2024 (3 days in December 2023). As part of the FCIC program, instruments delivered as collateral are included for
an approximate amount of Ch$1,094,076 million as of December 31, 2023. There is no collateral delivered as of December 31, 2024 for this
concept given that the program came to an end on July 1, 2024.
Under the same item, instruments that
guarantee margins for cleared derivatives transactions are classified through Comder Contraparte Central S.A. (Chilean clearing-house)
for an amount of Ch$22,719 million as of December 31, 2024 (Ch$43,863 million as of December 31, 2023).
Under “Other Instruments Issued
in Chile” are classified instruments delivered as collateral as part of FCIC program for an approximate amount of Ch$850,506 million
as of December 31, 2023. There is no collateral delivered as of December 31, 2024 for this concept given that the program ended on July
1, 2024.
As of December 31, 2024 the allowance
for ECL for debt instruments at fair value through other comprehensive income was Ch$4,226 million (Ch$5,500 million as of December 31,
2023).
| (a.1) | The credit ratings of the issuers of debt instruments as of December 31, 2024 and 2023, are as follows: |
| |
|
As of December 31, 2024 |
|
|
As of December 31, 2023 |
|
| |
|
Stage 1
Individual |
|
|
Stage 2
Individual |
|
|
Stage 3
Individual |
|
|
Total
Individual |
|
|
Stage 1
Individual |
|
|
Stage 2
Individual |
|
|
Stage 3
Individual |
|
|
Total
Individual |
|
| |
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
| Debt Instrument |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment grade |
|
|
2,088,345 |
|
|
|
— |
|
|
|
— |
|
|
|
2,088,345 |
|
|
|
3,786,525 |
|
|
|
— |
|
|
|
— |
|
|
|
3,786,525 |
|
| Non-investment grade |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Without rating |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total |
|
|
2,088,345 |
|
|
|
— |
|
|
|
— |
|
|
|
2,088,345 |
|
|
|
3,786,525 |
|
|
|
— |
|
|
|
— |
|
|
|
3,786,525 |
|
| (a.2) | Analysis of changes in the fair value and corresponding allowance for ECL by stage for debt instruments
measured at FVOCI as of December 31, 2024 and 2023, is as follows: |
| |
|
Stage 1 Individual |
|
|
Stage 2 Individual |
|
|
Stage 3 Individual |
|
|
Total |
|
| |
|
Fair value |
|
|
ECL |
|
|
Fair value |
|
|
ECL |
|
|
Fair value |
|
|
ECL |
|
|
Fair value |
|
|
ECL |
|
| |
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
|
MCh$ |
|
| Balance as of January 1, 2023 |
|
|
3,967,392 |
|
|
|
9,496 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,967,392 |
|
|
|
9,496 |
|
| Net change on Balance * |
|
|
(159,617 |
) |
|
|
(3,996 |
) |
|
|
(30,124 |
) |
|
|
(1,921 |
) |
|
|
— |
|
|
|
— |
|
|
|
(189,741 |
) |
|
|
(5,917 |
) |
| Change in fair value |
|
|
8,718 |
|
|
|
— |
|
|
|
156 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,874 |
|
|
|
— |
|
| Transfer to Stage 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Transfer to Stage 2 |
|
|
(29,968 |
) |
|
|
— |
|
|
|
29,968 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Transfer to Stage 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Impact on year-end ECL of exposures transferred between stages during the year ** |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,921 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,921 |
|
| Impact of net re-measurement of year-end ECL |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Amounts written off |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Foreign exchange adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance as of December 31, 2023 |
|
|
3,786,525 |
|
|
|
5,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,786,525 |
|
|
|
5,500 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance as of January 1, 2024 |
|
|
3,786,525 |
|
|
|
5,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,786,525 |
|
|
|
5,500 |
|
| Net change on Balance * |
|
|
(1,694,790 |
) |
|
|
(1,274 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,694,790 |
) |
|
|
(1,274 |
) |
| Change in fair value |
|
|
(3,390 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,390 |
) |
|
|
— |
|
| Transfer to Stage 1 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Transfer to Stage 2 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Transfer to Stage 3 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Impact on year-end ECL of exposures transferred between stages during the year ** |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Impact of net re-measurement of year-end ECL |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Amounts written off |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Foreign exchange adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance as of December 31, 2024 |
|
|
2,088,345 |
|
|
|
4,226 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,088,345 |
|
|
|
4,226 |
|
| * | Net change between assets purchased and assets derecognized. |
| ** | Represents the change in the year-end ECLs of exposures that
were transferred from one stage to another during the year. |
| (b) | Equity instruments at fair value through OCI: |
As of December 31, 2024 and 2023, the
detail of equity instruments is as follows:
| | |
2024 | | |
2023 | |
| | |
MCh$ | | |
MCh$ | |
| Equity instruments issued in Chile (*) | |
| 7,277 | | |
| 10,601 | |
| Equity instruments issued by foreign institutions | |
| 2,215 | | |
| 1,311 | |
| Total | |
| 9,492 | | |
| 11,912 | |
The equity investments issued by foreign
institutions represent shares of currency exchange offices and servicing companies that the Bank is obliged to hold in order to benefit
from these services. Investments in shares correspond to: Holding Bursátil Regional S.A., Banco Latinoamericano de Comercio Exterior
S.A. (Bladex), Bolsa Electrónica de Chile, Bolsa de Valores, Sociedad de Telecomunicaciones Financieras Interbancarias Mundiales
(Swift) and CCLV Contraparte Central S.A. These investments have been irrevocably designated as at fair value through other comprehensive
income and, therefore, are recorded at market value in accordance with IFRS 9.
| (*) | On May 3, 2024, the subsidiary Banchile Corredores de Bolsa
sold 546,278 shares of the entity. The fair value of the shares sold and the accumulated gain at the moment of disposal were Ch$2,294
and Ch$1,899 million, respectively. The result obtained has been recorded as a credit in equity accounts. |
| (c) | Realized and unrealized profits: |
As of December 31, 2024, the portfolio
of debt financial instruments includes an accumulated unrealized gain of Ch$4,478 million (accumulated unrealized gain of Ch$9,142 million
in December 2023), recorded as a valuation adjustment through other comprehensive income.
Gross realized gains and losses on
the sale of debt financial instruments, as of December 31, 2024, 2023 and 2022 are reported under “Net Financial income (expense)”
(See Note No. 31). The realized gains and losses at the end of both periods are the following:
| | |
2024 | | |
2023 | | |
2022 | |
| | |
MCh$ | | |
MCh$ | | |
MCh$ | |
| Unrealized gains (losses) | |
| 3,386 | | |
| 4,352 | | |
| (15,325 | ) |
| Realized losses (gains) reclassified to income | |
| (8,050 | ) | |
| 4,522 | | |
| 63,401 | |
| Subtotal | |
| (4,664 | ) | |
| 8,874 | | |
| 48,076 | |
| Income tax on other comprehensive income | |
| (710 | ) | |
| (1,806 | ) | |
| 798 | |
| Net effect in other comprehensive income | |
| (5,374 | ) | |
| 7,068 | | |
| 48,874 | |
|