v3.25.1
Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity
27.Equity:

 

(a)Capital

 

(i)Authorized, subscribed and paid shares:

 

As of December 31, 2024, the paid-in capital of Banco de Chile is represented by 101,017,081,114 registered shares (101,017,081,114 in 2023), with no par value, subscribed and fully paid.

 

   As of December 31, 2024 
Corporate Name or Shareholders’s name  Number of
Shares		   % of Equity
Holding		 
         
LQ Inversiones Financieras S.A.   46,815,289,329    46.344%
Banco de Chile on behalf of State Street   6,125,765,969    6.064%
Banchile Corredores de Bolsa S.A   5,123,539,720    5.072%
Banco Santander on behalf of foreign investors   5,080,833,862    5.030%
Inversiones LQ-SM Limitada   4,854,988,014    4.806%
JP Morgan Chase Bank   3,041,703,508    3.011%
Banco de Chile on behalf of non-resident third parties   2,666,777,747    2.640%
Banco Santander Chile   1,941,976,163    1.922%
Ever Chile SPA   1,888,369,814    1.869%
Ever 1 BAE SPA   1,166,584,950    1.155%
Larraín Vial S.A. Corredora de Bolsa   1,042,343,304    1.032%
Banco de Chile on behalf of Citibank New York   1,038,850,995    1.028%
BCI Corredores de Bolsa S.A.   989,711,426    0.980%
Inversiones Avenida Borgoño Limitada   728,439,279    0.721%
Santander Corredores de Bolsa Limitada   581,788,686    0.576%
A.F.P Habitat S.A. for A Fund   527,598,687    0.522%
Valores Security S.A. Corredores de Bolsa   516,192,449    0.511%
A.F.P Cuprum S.A. for A Fund   492,665,765    0.488%
Inversiones CDP SPA   487,744,912    0.483%
BTG Pactual Chile S.A. Corredores de Bolsa   463,503,644    0.459%
Subtotal   85,574,668,223    84.713%
Others shareholders   15,442,412,891    15.287%
Total   101,017,081,114    100.000%
   As of December 31, 2023 
Corporate Name or Shareholders’s name  Number of Shares   % of Equity Holding 
         
LQ Inversiones Financieras S.A.   46,815,289,329    46.344%
Banco de Chile on behalf of State Street   5,912,541,950    5.853%
Banco Santander on behalf of foreign investors   5,218,796,247    5.166%
Banchile Corredores de Bolsa S.A. on behalf of third parties   5,093,108,613    5.042%
Inversiones LQ-SM Limitada   4,854,988,014    4.806%
Banco de Chile on behalf of non-resident third parties   4,366,453,313    4.322%
Banco de Chile on behalf of Citibank New York   1,928,215,358    1.909%
Ever Chile SPA   1,888,369,814    1.869%
JP Morgan Chase Bank   1,540,646,308    1.525%
Inversiones Avenida Borgoño SPA   1,190,565,316    1.179%
Ever 1 BAE SPA   1,166,584,950    1.155%
Banco Santander Chile   1,036,254,726    1.026%
Larraín Vial S.A. Corredora de Bolsa   1,031,817,268    1.021%
A.F.P Habitat S.A. for A Fund   599,181,211    0.593%
BCI Corredores de Bolsa S.A.   560,782,315    0.555%
Valores Security S.A. Corredores de Bolsa   516,827,332    0.512%
Inversiones CDP SPA   487,744,912    0.483%
A.F.P Cuprum S.A. for A Fund   486,057,153    0.481%
Santander Corredores de Bolsa Limitada   477,871,060    0.473%
BTG Pactual Chile S.A. Corredores de Bolsa   456,328,957    0.452%
Subtotal   85,628,424,146    84.766%
Others shareholders   15,388,656,968    15.234%
Total   101,017,081,114    100.000%
(ii)Shares:

 

The following table shows the share movements from December 31, 2022 to December 31, 2024:

 

    Total  
    Ordinary  
    Shares  
Total shares as of December 31, 2022     101,017,081,114  
         
Total shares as of December 31, 2023     101,017,081,114  
         
Total shares as of December 31, 2024     101,017,081,114  

 

(b)Approval and payment of dividends:

 

At the Bank Ordinary Shareholders’ Meeting held on March 28, 2024, the distribution and payment of dividend No. 212 of Ch$8.07716286860 per share of the Banco de Chile was approved, with charge to the net distributable income for the year ended as of December 31, 2023. The dividends paid in the year 2024 amounted to Ch$815,932 million.

 

At the Bank Ordinary Shareholders’ Meeting held on March 23, 2023, the distribution and payment of dividend No. 211 of Ch$8.58200773490 per share of the Banco de Chile was approved, with charge to the net distributable income for the year ended as of December 31, 2022. The dividends paid in the year 2023 amounted to Ch$866,929 million.

 

(c)Provision for minimum dividends:

 

The Chilean Corporations Law mandates a minimum distribution of 30% of distributable income. Accordingly, the Bank recorded a liability under the line item “Provision for dividends” for an amount of Ch$362,218 million (Ch$373,090 million in December 31, 2023) against “Retained earnings”.

(d)Earnings per share:

 

(i)Basic earnings per share:

 

Basic earnings per share are determined by dividing the net income attributable to the Bank ordinary equity holders in a period between the weighted average number of shares outstanding during that period, excluding the average number of own shares held throughout the period.

 

(ii)Diluted earnings per share:

 

In order to calculate the diluted earnings per share, both the amount of income attributable to common shareholders and the weighted average number of shares outstanding, net of own shares, must be adjusted for all the inherent dilutive effects to the potential common shares (stock options, warrants and convertible debt).

 

The following table shows the income and share data used in the calculation of EPS:

 

   As of December 31, 
   2024   2023   2022 
Basic earnings per share:            
Net profits attributable to ordinary equity holders of the bank (in million Chilean pesos)   1,248,476    1,374,026    1,445,799 
Weighted average number of ordinary shares   101,017,081,114    101,017,081,114    101,017,081,114 
Earning per shares (in Chilean pesos)   12.36    13.60    14.31 
                
Diluted earnings per share:               
Net profits attributable to ordinary equity holders of the bank (in million Chilean pesos)   1,248,476    1,374,026    1,445,799 
Weighted average number of ordinary shares   101,017,081,114    101,017,081,114    101,017,081,114 
Assumed conversion of convertible debt   
—
    
—
    
—
 
Adjusted number of shares   101,017,081,114    101,017,081,114    101,017,081,114 
Diluted earnings per share (in Chilean pesos)   12.36    13.60    14.31 

 

As of December 31, 2024, 2023 and 2022, the Bank does not have instruments that generate dilutive effects.

(e)Other comprehensive income:

 

Below is the composition and changes of accumulated other comprehensive income as of December 31, 2024, 2023 and 2022:

 

   Elements that will not be reclassified in profit or loss   Elements that can be reclassified in profit or loss     
   New
measurements
of net defined
benefit
liability and
actuarial
results for
other
employee
benefit plans		   Fair value
changes of
equity
instruments
designated as
at fair value
through other
comprehensive
income		   Income
tax		   Subtotal   Fair
value
changes of
financial
assets at fair
value
through
other
comprehensive
income		   Cash flow
accounting
hedge		   Participation
in other
comprehensive
income of
entities
registered
under the
equity
method		   Income
tax		   Subtotal   Total 
   MCh$   MCh$   MCh$   MCh$   MCh$   MCh$   MCh$   MCh$   MCh$   MCh$ 
                                         
Opening balances as of January 1, 2022   
—
    4,123    (1,116)   3,007    (45,468)   111,694    (21)   (27,595)   38,610    41,617 
Other comprehensive income for the year   (130)   179    (12)   37    48,076    (215,476)   (169)   58,977    (108,592)   (108,555)
Reclassifications from reserves   (208)   
—
    57    (151)   (2,340)   
—
    
—
    
—
    (2,340)   (2,491)
Balances as of December 31, 2022   (338)   4,302    (1,071)   2,893    268    (103,782)   (190)   31,382    (72,322)   (69,429)
                                                   
Opening balances as of January 1, 2023   (338)   4,302    (1,071)   2,893    268    (103,782)   (190)   31,382    (72,322)   (69,429)
Other comprehensive income for the year   (75)   5,367    (1,429)   3,863    8,874    113,183    116    (32,365)   89,808    93,671 
Balances as of December 31, 2023   (413)   9,669    (2,500)   6,756    9,142    9,401    (74)   (983)   17,486    24,242 
                                                   
Opening balances as of January 1, 2024   (413)   9,669    (2,500)   6,756    9,142    9,401    (74)   (983)   17,486    24,242 
Other comprehensive income for the year   115    (212)   893    796    (4,664)   (21,798)   26    5,175    (21,261)   (20,465)
Balances as of December 31, 2024   (298)   9,457    (1,607)   7,552    4,478    (12,397)   (48)   4,192    (3,775)   3,777 

 

(f)Retained earnings from previous years:

 

During the year 2024, the Ordinary Shareholders Meeting of Banco de Chile agreed to deduct and withhold from the year 2023 liquid income, an amount equivalent to the value effect of the monetary unit of paid capital and reserves according to the variation in the Consumer Price Index, which occurred between November 2022 and November 2023, amounting to Ch$223,720 million. Additionally, the board determined to retain 20% of the distributable net profit, equivalent to Ch$203,983 million.