Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Col$798, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Banks industry in South America. Total returns to shareholders of 121% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Col$590 per share. Reported Earnings • Jul 12
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: CL$756.9b (up 14% from 2Q 2025). Net income: CL$390.6b (up 28% from 2Q 2025). Profit margin: 52% (up from 46% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Banks industry in South America. Board Change • May 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Regular Director Paul Javier Gwinner was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Banco de Chile to Report March,2026 Results on Apr 13, 2026 Banco de Chile announced that they will report March, 2026 results on Apr 13, 2026 Announcement • Mar 04
Banco de Chile, Annual General Meeting, Mar 26, 2026 Banco de Chile, Annual General Meeting, Mar 26, 2026. Location: huerfanos street 930, santiago Chile Announcement • Jan 30
Banco De Chile Proposes Dividend for the Fiscal Year Ended December 31, 2025 Banco de Chile proposed dividend for the fiscal year ended December 31, 2025. For the period, the company reported a dividend of CLP 9.99757030464 per each one of the 101,017,081,114 shares of Banco de Chile. Thus, a distribution of 84.7% of the net income is proposed as dividend. Announcement • Jan 22
Banco De Chile Announces Board Changes Banco de Chile, at Board of Directors' extraordinary meeting BCH E-123, held on January 21, 2026, Mr. Francisco Pérez Mackenna has submitted his resignation to the position of Director and Vice-Chairman of Banco de Chile, effective January 31, 2026. The Board of Directors acknowledged the above-mentioned resignation, accepted it effective on the indicated date. In addition, at the aforementioned meeting, the Board of Directors resolved to appoint Mr. Óscar Hasbún Martínez as a Director, replacing Mr. Francisco Pérez Mackenna, with effect as of February 1, 2026, and until the next ordinary shareholders’ meeting. Finally, at the meeting referred to above, the Board of Directors resolved to appoint the Director Mr. Jean-Paul Luksic Fontbona as Vice Chairman of the Board of Directors, with effect as of February 1, 2026. Announcement • Jan 08
Banco de Chile to Report Fiscal Year 2025 Results on Feb 03, 2026 Banco de Chile announced that they will report fiscal year 2025 results at 11:45 AM, Coordinated Universal Time on Feb 03, 2026 Board Change • Dec 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 9 non-independent directors. Independent Director Anita Holuigue Barros was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 04
Banco de Chile Proposes Dividend for the Fiscal Year Ended on 31 December 2024 Banco de Chile at its meeting to be held on March 27, 2025 proposed Distribute as a dividend the remaining net income, corresponding to a dividend of CLP 9.85357420889 per each one of the 101,017,081,114 Bank shares. Such dividend will be distributed among those shareholders who own shares registered in their names, as of midnight of the fifth business day prior to the date of payment. Thus, a distribution of 82.4% of the net income for the fiscal year ended on 31 December 2024, will be proposed as a dividend. The dividend, should this be approved by the Ordinary Shareholders Meeting, will be paid once the Meeting is concluded, at the offices of the Bank. For those shareholders who have instructed to credit the amount of dividends in their bank accounts, the respective payment will be made according to their mandate. Announcement • Feb 13
Banco de Chile, Annual General Meeting, Mar 27, 2025 Banco de Chile, Annual General Meeting, Mar 27, 2025. Location: calle huerfanos 930, santiago Chile Board Change • Jan 31
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 9 non-independent directors. Independent Director Ana Barros was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 26
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 9 non-independent directors. Independent Director Ana Barros was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 04
Banco de Chile to Report Q4, 2024 Results on Jan 31, 2025 Banco de Chile announced that they will report Q4, 2024 results at 11:45 AM, Coordinated Universal Time on Jan 31, 2025 Board Change • Nov 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 9 non-independent directors. Independent Director Ana Barros was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CL$2.85 (vs CL$2.57 in 3Q 2023) Third quarter 2024 results: EPS: CL$2.85 (up from CL$2.57 in 3Q 2023). Revenue: CL$640.5b (up 3.1% from 3Q 2023). Net income: CL$288.1b (up 11% from 3Q 2023). Profit margin: 45% (up from 42% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: CL$3.20 (vs CL$3.29 in 2Q 2023) Second quarter 2024 results: EPS: CL$3.20 (down from CL$3.29 in 2Q 2023). Revenue: CL$676.0b (flat on 2Q 2023). Net income: CL$323.6b (down 2.6% from 2Q 2023). Profit margin: 48% (in line with 2Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in South America. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jul 20
Banco de Chile to Report Q2, 2024 Results on Jul 30, 2024 Banco de Chile announced that they will report Q2, 2024 results on Jul 30, 2024 Buy Or Sell Opportunity • May 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to Col$463. The fair value is estimated to be Col$381, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 9.7% in 2 years. Earnings are forecast to decline by 23% in the next 2 years. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: CL$2.95 (vs CL$2.63 in 1Q 2023) First quarter 2024 results: EPS: CL$2.95 (up from CL$2.63 in 1Q 2023). Revenue: CL$667.2b (up 12% from 1Q 2023). Net income: CL$297.7b (up 12% from 1Q 2023). Profit margin: 45% (in line with 1Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in South America. Announcement • Apr 23
Banco de Chile to Report Q1, 2024 Results on Apr 30, 2024 Banco de Chile announced that they will report Q1, 2024 results on Apr 30, 2024 Buy Or Sell Opportunity • Apr 09
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at Col$436. The fair value is estimated to be Col$360, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are forecast to decline by 4.4% per annum over the same time period. Upcoming Dividend • Mar 18
Upcoming dividend of CL$8.08 per share Eligible shareholders must have bought the stock before 25 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 7.3%. Lower than top quartile of Colombian dividend payers (13%). Lower than average of industry peers (9.7%). Buy Or Sell Opportunity • Mar 05
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at Col$452. The fair value is estimated to be Col$370, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings are forecast to decline by 5.2% per annum over the same time period. Declared Dividend • Feb 04
Dividend of CL$8.08 announced Shareholders will receive a dividend of CL$8.08. Ex-date: 25th March 2024 Payment date: 28th March 2024 Dividend yield will be 1.8%, which is lower than the industry average of 9.5%. Sustainability & Growth Dividend is covered by earnings (66% payout ratio) and is expected to be covered in 3 years' time (75% forecast payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 27% to increase the payout ratio to a potentially unsustainable range. New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: CL$12.31 (vs CL$13.95 in FY 2022) Full year 2023 results: EPS: CL$12.31 (down from CL$13.95 in FY 2022). Revenue: CL$2.64t (down 1.7% from FY 2022). Net income: CL$1.24t (down 12% from FY 2022). Profit margin: 47% (down from 53% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Banks industry in South America. Announcement • Jan 26
Banco de Chile, Annual General Meeting, Mar 28, 2024 Banco de Chile, Annual General Meeting, Mar 28, 2024. Agenda: To discuss deducting and retaining from the net income obtained during fiscal year 2023, an amount equal to the correction of the paid capital value and reserves according to the Chilean Consumer Price Index variation; and to discuss the resulting balance, to distribute, as dividend. Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: CL$2.57 (vs CL$3.36 in 3Q 2022) Third quarter 2023 results: EPS: CL$2.57 (down from CL$3.36 in 3Q 2022). Revenue: CL$621.4b (down 7.5% from 3Q 2022). Net income: CL$260.0b (down 23% from 3Q 2022). Profit margin: 42% (down from 51% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in South America. Announcement • Sep 29
Banco de Chile Announces Board Changes, Effective December 29, 2023 Banco de Chile at its Board of Directors' ordinary meeting held on September 28, 2023, Mr. Andrónico Luksic Craig has submitted his resignation to the positions of Director and Vice-Chairman of Banco de Chile, effective from December 29, 2023. In turn, Alternates Directors Mr. Paul Fürst Gwinner and Mrs. Sandra Marta Guazzotti expressed in the same Board meeting its willingness to continue serving as Alternate Directors, so, as provided by article 8th of the bylaws, the Board should appoint a new director. The Board agreed to appoint Mr. Patricio Jottar Nasrallah as Director, in replacement of Mr. Andrónico Luksic Craig, effective from December 29, 2023, and until the next Ordinary Shareholders Meeting, which is entitled to decide on the definitive appointment. The Board agreed to appoint Director Mr. Francisco Pérez Mackenna as Vice-Chairman of the Board, effective from the upcoming December 29, 2023. Reported Earnings • Jul 16
Second quarter 2023 earnings released: EPS: CL$3.29 (vs CL$4.27 in 2Q 2022) Second quarter 2023 results: EPS: CL$3.29 (down from CL$4.27 in 2Q 2022). Revenue: CL$681.0b (down 8.0% from 2Q 2022). Net income: CL$332.1b (down 23% from 2Q 2022). Profit margin: 49% (down from 58% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Banks industry in South America. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CL$2.63 (vs CL$2.89 in 1Q 2022) First quarter 2023 results: EPS: CL$2.63 (down from CL$2.89 in 1Q 2022). Revenue: CL$597.7b (up 2.0% from 1Q 2022). Net income: CL$266.0b (down 8.8% from 1Q 2022). Profit margin: 45% (down from 50% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in South America. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Col$445, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Banks industry in South America. Total returns to shareholders of 22% over the past year. Simply Wall St's valuation model estimates the intrinsic value at Col$466 per share. Upcoming Dividend • Mar 13
Upcoming dividend of CL$8.58 per share at 9.7% yield Eligible shareholders must have bought the stock before 20 March 2023. Payment date: 23 March 2023. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 9.7%. Lower than top quartile of Colombian dividend payers (13%). Higher than average of industry peers (8.4%). Announcement • Jan 28
Banco de Chile to Report Q4, 2022 Results on Jan 30, 2023 Banco de Chile announced that they will report Q4, 2022 results on Jan 30, 2023 Reported Earnings • Jan 14
Full year 2022 earnings released: EPS: CL$13.95 (vs CL$7.85 in FY 2021) Full year 2022 results: EPS: CL$13.95 (up from CL$7.85 in FY 2021). Revenue: CL$2.68t (up 44% from FY 2021). Net income: CL$1.41t (up 78% from FY 2021). Profit margin: 53% (up from 43% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Banks industry in South America. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 2 independent directors (9 non-independent directors). Independent Director Alfredo Cutiel Ergas Segal was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: CL$3.36 (vs CL$1.82 in 3Q 2021) Third quarter 2022 results: EPS: CL$3.36 (up from CL$1.82 in 3Q 2021). Revenue: CL$672.0b (up 49% from 3Q 2021). Net income: CL$339.6b (up 84% from 3Q 2021). Profit margin: 51% (up from 41% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Banks industry in South America. Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: CL$4.27 (vs CL$1.61 in 2Q 2021) Second quarter 2022 results: EPS: CL$4.27 (up from CL$1.61 in 2Q 2021). Revenue: CL$740.6b (up 76% from 2Q 2021). Net income: CL$431.5b (up 166% from 2Q 2021). Profit margin: 58% (up from 39% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.9%, compared to a 30% growth forecast for the industry in Colombia. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: CL$2.89 (vs CL$1.61 in 1Q 2021) First quarter 2022 results: EPS: CL$2.89 (up from CL$1.61 in 1Q 2021). Revenue: CL$585.8b (up 37% from 1Q 2021). Net income: CL$291.7b (up 80% from 1Q 2021). Profit margin: 50% (up from 38% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 29%, compared to a 30% growth forecast for the industry in Colombia. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 9 non-independent directors. Independent Director Alfredo Cutiel Ergas Segal was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 17
First quarter 2022 earnings released: EPS: CL$2.89 (vs CL$1.61 in 1Q 2021) First quarter 2022 results: EPS: CL$2.89 (up from CL$1.61 in 1Q 2021). Revenue: CL$585.8b (up 37% from 1Q 2021). Net income: CL$291.7b (up 80% from 1Q 2021). Profit margin: 50% (up from 38% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 29%, compared to a 31% growth forecast for the industry in Colombia. Reported Earnings • Feb 03
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: CL$7.85 (up from CL$4.58 in FY 2020). Revenue: CL$1.86t (up 26% from FY 2020). Net income: CL$792.9b (up 71% from FY 2020). Profit margin: 43% (up from 31% in FY 2020). The increase in margin was driven by higher revenue. Non-performing loans: 3.30% (down from 4.39% in FY 2020). Revenue exceeded analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 23%, compared to a 29% growth forecast for the banks industry in Colombia. Reported Earnings • Nov 02
Third quarter 2021 earnings released: EPS CL$1.82 (vs CL$0.87 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CL$452.1b (up 37% from 3Q 2020). Net income: CL$184.2b (up 109% from 3Q 2020). Profit margin: 41% (up from 27% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS CL$1.61 (vs CL$1.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$421.8b (up 16% from 2Q 2020). Net income: CL$162.4b (up 45% from 2Q 2020). Profit margin: 39% (up from 31% in 2Q 2020). The increase in margin was driven by higher revenue. 
