Institutional Presentation It Ita a Corpb Corpbanca anca - - PowerPoint PPT Presentation
Institutional Presentation It Ita a Corpb Corpbanca anca - - PowerPoint PPT Presentation
2Q20 Institutional Presentation It Ita a Corpb Corpbanca anca Disclaimers Information in this presentation is not an offer for sale of securities. This presentation has been prepared solely for informational purposes and is not to be
Disclaimers
- Information in this presentation is not an offer for sale of securities. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and
should not be treated as giving investment advice. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this presentation are subject to change without notice and neither Itaú Corpbanca (the “Bank”) nor any other person is under obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is subject to qualifications and assumptions, and neither the Bank nor any agent can give any representations as to the accuracy thereof. The Bank and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this presentation.
- Certain statements in this presentation may be considered forward-looking statements. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan",
"intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. These forward-looking statements include, but are not limited to, statements regarding expected benefits and synergies from the merger of Banco Itaú Chile with and into Corpbanca, the integration process of both banks, anticipated future financial and operating performance and results, including estimates for growth, as well as risks and benefits of changes in the laws of the countries we operate.
- These statements are based on the current expectations of the Bank’s management. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this
- communication. For example, (1) problems that may arise in successfully integrating the businesses of Banco Itaú Chile and Corpbanca, which may result in the combined company not operating as effectively and efficiently as
expected; (2) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; (3) the credit ratings of the combined company or its subsidiaries may be different from what the Bank or its controlling shareholders expect; (4) the industry may be subject to future regulatory or legislative actions that could adversely affect the Bank; and (5) the Bank may be adversely affected by
- ther economic, business, and/or competitive factors.
- Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to the Bank’s management. Although management considers these assumptions
to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved.
- We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations,
estimates and intentions expressed in such forward-looking statements. More information on potential factors that could affect Itaú Corpbanca’sfinancial results is included from time to time in the "Risk Factors" section of Itaú Corpbanca’s Annual Report on Form 20-F for the fiscal year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission (the "SEC"). Furthermore, any forward-looking statement contained in this presentation speaks only as of the date hereof and Itaú Corpbanca does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement.
- This presentation may not be reproduced in any manner whatsoever. Any reproduction of this presentation in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the U.S. Securities
Act of 1933, as amended, or the applicable laws of other jurisdiction.
- The information contained herein should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem
it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this presentation.
- The Bank is an issuer in Chile of securities registered and regulated by the Commission for the Financial Market (Comisión para el Mercado Financiero or the "CMF"). Shares of our common stock are traded on the Bolsa de
Comercio de Santiago, or the Santiago Stock Exchange, and the Bolsa Electrónica de Chile, or Electronic Stock Exchange, which we jointly refer to as the "Chilean Stock Exchanges", under the symbol "ITAUCORP". The Bank’s American Depositary Shares are traded on the New York Stock Exchange under the symbol "ITCB". Accordingly, we are currently required to file quarterly and annual reports in Spanish and issue hechos esenciales o relevantes (notices of essential or material events) to the CMF, and provide copies of such reports and notices to the Chilean Stock Exchanges and the SEC. All such reports are available at www.cmf.cl, www.sec.gov and in this presentation.
2
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
52
Highlights Highlights
- f the results
3
63
Additiona Additional l information
Macr Macroe
- economic
conomic backdrop backdrop
Economic context
GDP Growth (%) Interest Rates (EOP) - % Inflation (CPI) - %
Source: Central Bank of Chile, Central Bank of Colombia and Itaú’s projections.(updated as of August 7, 2020).
Exchange rates – CLP/USD & CLP/COP
6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.9 1.1
- 5.5
4.5 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.5 3.3
- 6.0
4.5
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e) 2021(e)
Chile Colombia 5.3 5.0 4.5 3.0 3.5 3.5 2.5 2.8 1.8 0.5 0.5 4.8 4.3 3.3 4.5 5.8 7.5 4.8 4.3 4.3 2.0 2.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e) 2021(e)
Chile Colombia 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 3.0 2.3 2.9 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 2.0 3.0
2011 2012 2013 2014 2015 2016 2017 2018 2019(e) 2020(e) 2021(e)
Chile Colombia
0.20 0.21 0.22 0.23 0.24 0.25 0.26 0.27 580 630 680 730 780 830 880
CLP/USD CLP/COP
4
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
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Highlights Highlights
- f the results
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63
Additiona Additional l information
Clie Client nts | s | Digital Digital ch chan annels and nels and network network
COVID-19
6
Wide Wide range range
- f pr
f products ducts and and ser servi vices ces
180 brick and mortar branches (96%) 2 digital branches (100%)
- pen as of August 3
Ava Availabi ilability lity
- f
f our ur di digi gital tal chan channe nels
99 99.5% .5%
(Jun-20)
at it highest level ever
Bran Branch ch network network
10 100% pre presen sence ce in th n the e co coun untr try
through digital channels to meet
- ur clients needs in this period
Web: #TEF and #Payments App : #TEF and #Payments ATM: Money order and check balances Contact Center : Total calls received Branches: Cash transactions
2% 2% 5% 5% 19% 19% 18% 18% 44% 44% 23% 23% 8% 8% 20% 20% 27% 27% 33% 33%
Jul Jul.19 .19 Jul Jul.2 .20
Use se of
- f digital
digital chann channels els get gets s more more significa significant nt wi with h end end-to to-end end transactions, ansactions, gai gaini ning ng rel elevan evance ce for for In Indivi dividual duals s an and d Compa Compani nies
12 p.p. 6 p.p. 3 p.p. 21 p.p. 1 p.p.
Clie Client nts | s | Digital Digital communic communicat ation ion
COVID-19
1 2
Launch of “Visión Visión de de Líderes Líderes" " Communica Communication tion
Launch of the “Vision of leaders“- Live streaming with the leaders of the most important sectors of the economy We have held over 100 sessions:
- Benito Baranda
- Andrés Velasco & Ricardo Marino
- Mario Marcel
- Juan Sutil
- Leonidas Montes
- Carlos Zárate
- Eric Yuan
- José Luis Daza
- José de Gregorio
- José Manuel Mena
- Patricio Donoso
68,334 Total Views
7
Peo People ple | | Home Home o
- ffic
ffice e
COVID-19
1,259 2,459 2,763
01-mar 16-mar 31-mar 15-abr 30-abr 15-may 30-may 14-jun 29-jun 14-jul 29-jul 13-ago
VPNs VPNs VDIs VDIs La Laptops ptops
All ll em employe ployees es wi with h ac acce cess t ss to
- vide
videoconfe
- conferen
ence ces s throu hrough gh Te Team ams Depl Deployin
- ying
g Off Offic ice e 365 365 cl cloud
- ud
solutions solutions Capaci Capacity y for for 10 10,00 ,000 0 rem emot
- te
e ac acce cesses sses throu hrough gh VPN VPN
700 1,366
01-mar 16-mar 31-mar 15-abr 30-abr 15-may 30-may 14-jun 29-jun 14-jul 29-jul 13-ago
Mar.20 Apr.20 Aug.20
+2,700
200 2,420 3,389
Mar.20 Apr.20 Aug.20 Mar.20 Apr.20 Aug.20
+1,300 +3,300
Infrastructure capable of supporting our operations in a remote environment ensuring business continuity
2,980
Employees in home office1
8
1− Information as of July 31, 2020; 2− Information as of August 21, 2020.
Teams
5,4 5,437 37 103 103,54 ,542 34 34,700 ,700 1,980,685 1,980,685
Active accounts 2 Meetings participation Calls participation Chat messages
Government Government Ac Actions tions | | La Latest test Initiat Initiatives ives
COVID-19
9
COVID-19 credit lines governm
- vernment
ent guaranteed uaranteed th throug
- ugh
h FOGA FOGAPE PE − fu fund up t nd up to U
- US$1
S$12 2 billi billion
- n
Aid to middle class program
Sa Sales es tranc nche he (Ch$ mn)
Itaú
Tot Total 737 737,493 93 8,092, 092,66 663
Accumulated as of August 28, 2020
9.1% 1%
Banking System % Itaú
Ministr Ministry y of Finan
- f Finance
ce Centr Central B al Ban ank k of
- f Chile
Chile
Liquidity injection to the economy − FCIC
FCIC and and LC LCL L programs programs
Treasury and bank bond purchasing programs
CM CMF
Postponement of Basel III roll-in process COVID-19 guarantee line − Risk
Risk weighti weighting ng to to be be modified from from 100% 00% t to 10%
- 10%
Less than 717 mn From 717 mn to 2,867 mn From 2,867 mn to 17,205 mn From 17,205 mn to 28,675 mn 146,151 207,059 315,307 68,976 2,529,463 2,086,201 2,747,672 729,327 5.8% 9.9% 11.5% 9.5% FOGAPE C OGAPE COVID OVID-19 19 Cr Credit it Co Conce ncessio ion n | Ita | Itaú vs. Bank Bankin ing Sy System tem
Credit edit concessio concession n focused focused on
- n
comp companies anies wi with th higher higher net net sa sales les
Congress Congress
One-time early withdrawal of pension saving (tax free)
Clie Client nts | s | We wan We want t to be to be part part of the sol
- f the solution
ution
COVID-19
Itaú Corpbanca joins the Emergency Private Fund for Health in Chile with a contribution to the “Confederación de la Producción y del Comercio” to to collab collabor
- rate
ate wit with t h the he coun
- untr
try y in in thi this s fig fight ht aga against inst COVID COVID-19 19 Itaú Corpbanca tripled the value of donations made by employees, totaling US US$ 81 810,000 0,000 Itaú Corpbanca supported Chilean female entrepreneurs with US US$ 41, 41,000 000 to make masks for staff working with vulnerable children
Clients
US$ 570,000
Employees
US$ 60,000
Bank
US$ 180,000
US$ 1.9 million
World World Giv Giving ing In Index ex (%) (%)
28% 28% 35% 37% 7%
0% 20% 40% 60%
10 10
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
52
Highlights Highlights
- f the results
11 11
63
Additiona Additional l information
How How we we ha have e ve evolved? volved?
Corporate profile
12 12
Our Our vision vision
Corporate profile
To be the leading bank in sustainable performance and customer satisfaction
1.
Implement a customer satisfaction-oriented culture, that is business-driven, through a simplified operational structure
- 2. Maximize sustainable shareholder returns, aiming at firm-wide growth
- 3. We aspire to be the preferred bank for top talents at every level
- Attract and retain committed professionals with high ethical standards and strong organizational pride
- Shared leadership, conquered through talent and commitment to excellence, focused on meritocracy
- 4. Create an atmosphere that inspires creativity, entrepreneurialism and the exchange of ideas
- 5. Pursue a cutting-edge technology, striving to best serve our client needs, ultimately creating value
- 6. Uphold the highest ethical standards in the relationship with clients, employees, regulators, society and the markets
13 13
Our Our w way ay
Corporate profile
We seek to create a culture based on seven attitudes that define our identity and identify us in the way we do business Each one of them represents the core of what we focus on as institution
- 1. It´s only good for us if it’s good for the client
We are people providing service to people, with passion and excellence. We work with the client and for the client –because they are the main reason behind why we do what we do
- 2. We’re passionate about performance
Generating sustainable results is in our DNA. The continuous challenge of seeking leadership in performance has brought us to where we are –and will continue guiding our company towards our objectives
- 3. People mean everything to us
Everything we do is carried out by people. Talented people who enjoy working in a collaborative atmosphere, based on meritocracyand high performance.
- 4. The best argument is the one that matters
We encourage a challenging work environment, which is open to questioning and constructive discussion. For us, the hierarchy which counts is the hierarchy of the best idea
- 5. Simple. Always
We believe that simplicity is the best path to efficiency. That’s why we strive not to mistake depth for complexity, and simplicity for simpleness
- 6. We think and act like owners
We always think like business owners, leading by example and putting collective objectives before personal ambition
- 7. Ethics is non-negotiable
We do what is right, without using shortcuts or devious ways to do business. We exercise leadership in a transparent and responsible way, fully committed to society and the best governance and management practices
14 14
Integrat Integration ion mile milest stones
- nes
Corporate profile
2018 2018 2017 2017 2016 2016
Merge Merger Transition Transition Co Cons nstruct truction ion
- Team building: senior and middle
management
- Corporate Governance, risk
management framework and other policies
- Balance sheet and liquidity
strengthening
- Full focus on client satisfaction
- Focus on increasing and sustainable
results
- Completing technological
integration and advancing with digital agenda
- Strengthening our culture
throughout the organization
- Completion of retail migration and
client segmentation in Chile
- Initial roll out of Digital initiatives
- Resuming business growth in retail
- Introduction of Itaú Brand in the
Colombian retail Market
Our Purpo Our Purpose se
- Continue to deepen on client centricity,
designing products and services and, developing a “service culture”
- Accelerate our digital transformation
process we will continuously increasing the productivity of our technology area and disseminating a digital mentality across the entire bank
- On people management, to enhance our
incentive models and our assessment tools we will consider the new dynamics of cooperative working
202 2020
… 2020 / 2021 Additional synergies by eliminated duplicities of products systems
Con Consolidat solidation ion
- Continue to deepen Itaú’s
management model (commercial growth; people management; risk management)
- Resume growth in commercial loans
- Advance in the process of digital
transformation
- Client centricity adapting Itaú
experience, listening and engaging customers
2019 2019
15 15
At At a a glanc glance
Corporate profile
We are key part of Itaú Unibanco’s internationalization strategy
Reg Region ional l foo
- otprint
tprint & main in & main indic icato tors rs 1
1 2
10.1 10.1%
% 3
4.1 .1%
% 4 Mar Market S et Sha hare e US$ US$ 23
23.6 .6 bn
bn US$ US$ 6.0
.0 bn
bn Loan
- ans
s 1 US$ US$ 29
29.6 .6 bn
bn
5,58 5,581 1 5 3,2 3,297 7 6
Headc Headcount
- unt 1
8,8 ,878 78 188 188 126 126
Branc Branche hes 1
314 314
US US$ 39.4
39.4 bn
bn US$ 8.0
.0 bn
bn Assets ssets 1 US$ 47.4
47.4 bn
bn US$ 32
32 mn
mn US$ -4 mn n Re Recur curring ing Net et Income Income 2Q20 2Q20 US$ 28
28 mn
n
6.6 .6% %
- 1.2%
.2%
Rec ecur urrin ing RoT RoTAE 2Q20 Q20 7
4.3% .3%
16 16
1− Information as of June 30, 2020; 2− Figures were converted at an exchange rate of 821.83 CLP/USD; 3− Information as of June 30, 2020; 4− Information as of April 30, 2020; 5− Includes headcount of our New York branch and since 1Q’18 also from our RepOffice in Lima and also in Madrid until 2Q’19; 6− Includes headcount of Itaú (Panamá); 7− Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities. Sources: Itaú Corpbanca, CMF and SFC.
Relevan Relevance acr ce across
- ss La
Latin tin Americ America
Corporate profile
US$ Bn
US$ Bn
4 Caixa Bci Banco do Brasil Bradesco Citibank Santander BBVA Scotiabank 1 2 3 4 5 6 7 8 9 15 BBVA Grupo Aval Banco Estado de Chile Santander Scotiabank Bci 1 2 3 5 6 7 Banco de Chile Bancolombia Itaú Corpbanca3 9 8
Itaú Corpbanca represents 17%
- f Itaú Unibanco’s consolidated
loan portfolio6
Itaú Unibanco2 10 Itaú Corpbanca3 Itaú Latam5
1 − Data as of March 31, 2020. Includes Brasil, México, Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 2− Includes Brasil, México, Argentina, Peru, Uruguay, Paraguay, Chile and Colombia; 3− Includes Chile and Colombia (Itaú Corpbanca Chile with ~US$37MMM in assets); 4− Data as of March 31, 2020. Includes Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 5− Includes Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 6– Considering the consolidated loan portfolios of Itaú Unibanco and Itaú Corpbanca reported in their respective 2Q’20 MD&As at a R$ 3.7662 / US$ and a Ch$ 821.83 / US$ foreign exchange rates as of 30.06.2020. Source: Central Banks, local regulators, companies filings, Itaú Corpbanca.
Itaú Itaú Cor Corpb pbanc anca a is is cu currentl ently y th the e 5th
th lar
larges est t pri private vate ba bank nk in in Chi Chile le and and we cont we contribute ibute to to pos posit ition ion Itaú Itaú Lat LatAm Am as as th the e 10th
th and
and 6th
th
lar larges est t ba bank nk i in n ter terms ms of
- f as
asse sets ts wi with thin in Sout South h Ame America ica (ex (ex-Braz Brazil il)
Banks anks by by As Asset ets in L n Lat atin Ameri n America ca1 Banks anks by by As Asset ets in S n South th Ameri America ca (ex (ex-Braz razil)4 Loan po an portf rtfolio as as of Ju f Jun.
- n. 30,
30, 202 2020
17 17
(US$ Bn)
358 381 252 109 304 68 277 163 67 45 52 54 55 48 81 90 56 54 47 45
Responsible Responsible banking banking
Corporate profile
Sustai Sustainabi nability ty ti time meline ne
2016
Itaú Corpbanca Merger
2018 2019 2020
First Sustainability Report Ju June ne First Sustainability Committee (officers level) Au Augus gust Foundations and Sustainability Meeting Itaú Latam in Paraguay No Nove vemb mber er Launch of Itaú’s #BiciEscuelita initiative Janu January ary
2017
First Annual Integrated Report Marc March Diversity and Inclusion’s Internal Policy Apri April Itaú is for the fist time an index component of the DJSI MILA Septe eptemb mber er Launch of volunteer program called Lee para un Niño Apri April Launch of Business Advising Program for SMEs clients May May Foundations and Sustainability Meeting Itaú Latam in Chile Au Augus gust Itaú Asset Management won the “ALAS20 Institution” recognition De Dece cemb mber er
18 18
Responsible Responsible banking banking
Corporate profile
Tr Transl anslati ating ng str strategy ategy int nto acti action
1st Financial sector
initiative
The onl
- nly
y fina financi ncial al in inst stitut itution n in in Chil Chile e an and d Colom Colombi bia a to be part of the Institutional Investor’s list of 39 Latin American Midcap 'Most Honored Companies' We increased our DJSI scores in 2019 edition, ranking for the first time for the MIL MILA Pa Paci cific fic All llia iance nce Inde Index x and for the fourth consecutive year remaining part
- f the Chil
Chile e Inde Index
Sus Sustaina nabi bility Per Performanc formance
Itaú Asset Management awarded as the 'AL 'ALAS20 20 Institu Institution ion' ' for being recognized as a leader in: Responsible Investments, Corporate Governance and Sustainability Research
Re Respon sponsi sibl ble e In Inve vestment ent
Commitments Achievements Main partners In 2019 we launched our
- ur firs
first in integrat egrated ed an and d ver verifie ified d Ann nnual ual Report eport. . The quality of the information delivered to the market was recognized by the ReportaRanking who scored as 23 points higher than the 2018 survey
Tran Transparency parency in n Commu Communicati nication
- n
Voluntary commitment between the financial sector, the government and regulators, who have defined general principles regarding the management of risks and opportunities associated with cl clim imate ate cha change nge in in dec decisi ision
- n-makin
aking
Cl Climate mate Cha Change nge
17 points
above sector average
ALAS20 Institution
23 points
above 2018 score
Top 3 Best Latin
America Executive Team Goals
Itaú Asset Management
We belie We believe ve that that people people have have the the pow power er to t to transf ransform
- rm the
the wo world, rld, and and that that a a bank can p bank can promo romote te this tra this trans nsfo forma rmation tion
19 19
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
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Highlights Highlights
- f the results
20 20
63
Additiona Additional l information
Sha Shareholde reholders rs & & st stock
- ck mar
marke ket
Corporate governance
US$ 1.1
1.1 Bn
Bn Mar Market Cap et Cap. . (Jun
- une. 3
- e. 30,
, 2020)
Source: Sell-side reports.
1 – For Itaú Corpbanca and BCI consider shareholders equity net of goodwill and intangibles from business combination.
Buy: 1 Hold: d: 7 7 Sell ell: 2 2
Sel ell-side side rating: ating:
% Tota tal share c hare capi apita tal as as o
- f
f Ju July 31 31, 202 2020
Avera rage daily y tra raded volum
- lumes
12 12- mon
- nth ended Jun
une 30 30, 20 2020 20
(U$ U$ mil millio lion) n)
21 21
Pri Price ce-to to-Book1
Ex Expe perienc rienced ed senior senior mana manage gement to ment to impl impleme ement nt st stra rategy tegy
Corporate governance
Board d Ch Chile
Wholesale
Gabriel Moura
Treasury Marketing & Products IT People Mgmt & Performance Retail CRO Legal
Álvaro Pimentel2
Treasury Daniel Brasil CRO Juan Ignacio Castro
- Credit Risk:
Frederico Quaggio IT Bernardo Alba Legal & General Secretary Dolly Murcia Human Resources María Lucía Ospina Wholesale Jorge Villa Communications & Institutional Relations Carolina Velasco Operations Liliana Suárez Retail Hernando Osorio
Chairman
Gabriel Moura
Matrix reporting to CEO Colombia and functional reporting to ITCB Functional reporting to CEO Colombia and matrix reporting to ITCB for coordination
- f specific themes
Bo Board d Co Colombia mbia Boa
- ard
d Col Colombi
- mbia
Mónica Aparicio Smith Roberto Brigard Holguín Cristián Toro Cañas Juan Echeverría González Chairman
Gabriel Amado de Moura
Colombia Pedro Silva Mauricio Baeza Luciana Hildebrandi Álvaro Pimentel2 Christian Tauber Julián Acuña Marcela Jiménez Cristián Toro Luis Rodrigues
Ita Itaú Co Corpba pbanc nca Co Colombi mbia CEO CEO Ita Itaú Co Corpba pbanc nca CEO CEO Boa
- ard
d Ch Chile 3
3 4
Chairman
Jorge Andrés SaiehGuzmán
Ricardo Villela Marino Caio Ibrahim David Milton Maluhy Filho Rogério Braga Pedro Samhan Escandar Fernando Concha Ureta Jorge Selume Zaror Fernando Aguad Dagach Gustavo Arriagada Morales Bernard Pasquier
1− Rodrigo Couto became Chief Financial Officer on August 1, 2020; 2− On June 30, 2020, Baruc Sáez was appointed as new CEO in Itaú Corpbanca Colombia as replacement of Alvaro Pimentel, effective November 1, 2020; 3 − Itaú Unibanco and CorpGroup appoint the majority of the members of the board of directors; 4 − Pursuant to the Shareholders Agreement, the Directors appointed by Itaú Unibanco and CorpGroup shall vote together as a single block according to Itaú Unibanco’s recommendation.
Aud udit it Committe ittee CAE Emerson Bastián Franchise, Products & Digital Jorge Andre Rocha CFO Rodrigo Couto1 CFO Juan Pablo Michelsen Operations Jorge Novis
22 22
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
52
Highlights Highlights
- f the results
23 23
63
Additiona Additional l information
Key Strategic Drivers to Continue Deepening Itaú’s Management Model
Strategic fronts
▪
Segmentation model with well defined identity and value proposition
▪
Development of products and a “service culture” focused
- n client satisfaction and long-term relationships
Clie Client nt Centr Centric icity ity
▪
Culture of innovation and transformation
▪
Efficiency and improvement of user experience and customer satisfaction
▪
Seamless integration from back-office to front-office
▪
Strengthening our culture throughout the organization
▪
To enhance our incentive models and our assessment tools
▪
To consider the new dynamics of cooperative working
2 1 3 4
▪
Expand our presence and client base in all business segments
▪
Special focus on growing our Retail Bank
▪
Further increase transactionality and relationship within our client base
Pe People
- ple Mana
Managem gemen ent Digi Digital al Transfor Transformation ation Growt
- wth
5
Eff ffic icie iency ncy
6
▪
Continued and sustainable rebound in results
▪
Resume expansion in business volumes
▪
Advance with the implementation of retail and wholesale strategies
Colom Colombi bia
▪
Continuously increase the efficiency of our operations
▪
Drill down of the full cost allocation model to product level
▪
Continued focus and discipline in identifying cost saving
- pportunities throughout the institution
24 24
Key Strategic Drivers to Continue Deepening Itaú’s Management Model
Strategic fronts
▪
Segmentation model with well defined identity and value proposition
▪
Development of products and a “service culture” focused
- n client satisfaction and long-term relationships
Clie Client nt Centr Centric icity ity
▪
Culture of innovation and transformation
▪
Efficiency and improvement of user experience and customer satisfaction
▪
Seamless integration from back-office to front-office
▪
Strengthening our culture throughout the organization
▪
To enhance our incentive models and our assessment tools
▪
To consider the new dynamics of cooperative working
2 1 3 4
▪
Expand our presence and client base in all business segments
▪
Special focus on growing our Retail Bank
▪
Further increase transactionality and relationship within our client base
Pe People
- ple Mana
Managem gemen ent Digi Digital al Transfor Transformation ation Growt
- wth
5
Eff ffic icie iency ncy
6
▪
Continued and sustainable rebound in results
▪
Resume expansion in business volumes
▪
Advance with the implementation of retail and wholesale strategies
Colom Colombi bia
▪
Continuously increase the efficiency of our operations
▪
Drill down of the full cost allocation model to product level
▪
Continued focus and discipline in identifying cost saving
- pportunities throughout the institution
25 25
Clie Client nt Ce Cent ntric ricity ity
Strategic fronts
In Indi dividua viduals
By monthly income
(CLP mn)
Compan panies es
By annual sales
(USD mn) Over $8.0 From $2.5 to $8.0 From $0.6 to $2.5 Up to $0.6
Pr Priva vate te B Bank nk Pe Persona sonal Bank nk Ita Itaú Branc nche hes Co Cond ndell
Over $100 From $8 to $100 From $1 to $8 From $0.1 to $1
Co Corpora porate te Large ge Mi Midd ddle Ve Very y Sma mall and nd Sma mall Wholesa
- lesale Ba
Banki king Retail Ba Banki king
Cur Curre rent nt scale scale all allows ws fo for r bet bette ter r segm segmen entat tation
26 26
Clie Client nt Ce Cent ntric ricity ity
Strategic fronts
Indi Indivi viduals duals segm segmen entat tation n ove verv rview ew
Segmentation model with well defined identity and value proposition, aimed at optimizing service level, satisfaction and profitability per client 23 23 Itaú taú Personal ersonal Bank ank + + 34 34 Corn Corners ers PB PB 2 2 Di Digital gital Branc ranches es 110 110 Itaú taú Suc Sucursal ursales es 52 52 Con Condell dell (Consumer Finance)
Itaú Itaú Pe Persona sonal l Ba Bank nk Itaú Itaú Sucur ucursal sales es Branc Branch h pr profile
- file in
in Chil Chile
Digital Approach Multi-Channel First Call Resolution Extended Hours Account Load
Digital Branch
Digi Digital al Branc Branch 27 27
Clie Client nt Ce Cent ntric ricity ity
Strategic fronts
Cl Clien ent ex t exper perien ence, ce, di digi gital tal ban bankin king g and and val value ue offer ffer
Continuous improvement of the look and feel of our digital channels Review and improvement of benefits and
- ffers linked to stronger transactionality and
relationship Advancing with roll-out of new digital services and offerings. Executing a well defined pipeline of digital solutions 28 28
Key Strategic Drivers to Continue Deepening Itaú’s Management Model
Strategic fronts
▪
Segmentation model with well defined identity and value proposition
▪
Development of products and a “service culture” focused
- n client satisfaction and long-term relationships
Clie Client nt Centr Centric icity ity
▪
Culture of innovation and transformation
▪
Efficiency and improvement of user experience and customer satisfaction
▪
Seamless integration from back-office to front-office
▪
Strengthening our culture throughout the organization
▪
To enhance our incentive models and our assessment tools
▪
To consider the new dynamics of cooperative working
2 1 3 4
▪
Expand our presence and client base in all business segments
▪
Special focus on growing our Retail Bank
▪
Further increase transactionality and relationship within our client base
Pe People
- ple Mana
Managem gemen ent Digi Digital al Transfor Transformation ation Growt
- wth
5
Eff ffic icie iency ncy
6
▪
Continued and sustainable rebound in results
▪
Resume expansion in business volumes
▪
Advance with the implementation of retail and wholesale strategies
Colom Colombi bia
▪
Continuously increase the efficiency of our operations
▪
Drill down of the full cost allocation model to product level
▪
Continued focus and discipline in identifying cost saving
- pportunities throughout the institution
29 29
Digita Digital l Tran Transfor sformat mation ion
Strategic fronts
Opportunity to increase our pace given Chile’s relative lower digital evolution in the region Chile has historically been a regional banking industry leader ….
Mature banking products, many not available in other emerging countries (i.e. mortgage loans 40 years tenor) Higher banking penetration (Loans/GDP: 93% vs. 25- 50% peers ) Historical RoE above the region (RoE: 19-20%)
…. however, Chile is not leading the digital transformation process in the region
1 2 3
Note: Level of digital evolution considers: (i) Digital E2E Journeys; (ii) Marketing and digital communication; (iii) Data management and advanced analytics; (iv) IT infrastructure and architecture; and (v) capabilities and digital culture.
An opportunity for Itaú Corpbanca, leveraging leveraging from Itaú Unibanco’s digital experience in the region
30 30
Digita Digital l Tran Transfor sformat mation ion
Strategic fronts
Initia Initial r l rol
- ll
l out
- ut of
- f dig
digital ital initia initiatives tives
18 18 agi agile le squa uads integ integrat ated ed by m mul ultid idis isciplinar inary teams eams wi with 253 emplo 253 employees ees on aver average age fully fully ded dedic icated ated that are at are lo lookin king g at at opp pportunit unities ies for for ch chan ange ge an and are d are re re-thinking inking the en e entir ire e ban ank k proces esses wi with a a dis iscip ipli lined ed an and f focus used ed ap approac ach
Building a Digital Bank from inside…. Out ....
320 320+ releas eleases es an and new ew func functio ionali nalitie ies,us user er inter interface face and and o
- ff
ffer ers thro hrough h our dig igit ital al chan annels els Adv Advan anced ced wo work k method ethodolo logies gies an and tools ls Bac ack-en end to f front-en end dig igit ital alizat ization n of f opening ening of f dig igit ital al ac account unts proces ess
31 31
Digita Digital l Tran Transfor sformat mation ion
Strategic fronts
Le Leve veragi raging ng syner synergi gies es wit with h Brazil Brazil
An Anal alytic ytics 360 360
▪ Implementing Google Analytics 360 (Web / App) along with LatAm units ▪ Training teams and encouraging market innovations to increase business results and improve customer experience
New New App App
▪ Joint digital experience definition ▪ Sharing know-how implementation and use
- f open source tools
▪ Using LatAm units development environment
Dig Digital italizatio ization
▪ Building our strategy leveraging from LatAm units' experience, taking advantage
- f best practices from other countries
▪ Remote and in site support throughout the process
32 32
Key Strategic Drivers to Continue Deepening Itaú’s Management Model
Strategic fronts
▪
Segmentation model with well defined identity and value proposition
▪
Development of products and a “service culture” focused
- n client satisfaction and long-term relationships
Clie Client nt Centr Centric icity ity
▪
Culture of innovation and transformation
▪
Efficiency and improvement of user experience and customer satisfaction
▪
Seamless integration from back-office to front-office
▪
Strengthening our culture throughout the organization
▪
To enhance our incentive models and our assessment tools
▪
To consider the new dynamics of cooperative working
2 1 3 4
▪
Expand our presence and client base in all business segments
▪
Special focus on growing our Retail Bank
▪
Further increase transactionality and relationship within our client base
Pe People
- ple Mana
Managem gemen ent Digi Digital al Transfor Transformation ation Growt
- wth
5
Eff ffic icie iency ncy
6
▪
Continued and sustainable rebound in results
▪
Resume expansion in business volumes
▪
Advance with the implementation of retail and wholesale strategies
Colom Colombi bia
▪
Continuously increase the efficiency of our operations
▪
Drill down of the full cost allocation model to product level
▪
Continued focus and discipline in identifying cost saving
- pportunities throughout the institution
33 33
Peo People ple Mana Manage gement ment1
Strategic fronts
By hierarchical level Inclusion and diversity By gender By age bracket By region
th thousan
- usand
Employee Employees2
6
in Chile and New York
Ap Approximately roximately
0,9 k people 3,9 k people 0,8 k people
> 50 years 30-50 years up to 30 years
Arica y Parinacota
69. 69.8% 14. 14.7% 7%
0. 0.2%
47% 47% 53 53%
Me Men Wom Women
1 – December, 2019; 2 – June, 2020.
5% 5% 1% 1%
Peop People le with with disab isabil ilit ities ies Foreig
- reigne
ners rs
0.4% 1.4% 1.9% 0.8% 1.6% 5.0% 1.3% 1.9% 4.2% 1.3% 1.4% 0.6% 76.7% 0.6% 0.1%
Tarapaca Antofagasta Atacama Coquimbo Valparaíso O’higgins Maule Bío-Bío Araucanía Los ríos Los lagos Aysén Magallanes y Antartica Metropolitana Ñuble
0.8%
47 % 47 % 50 % 75 % 83% 53 % 53 % 50 % 25 %
17%
Corp
- rpora
- rate managers
4. 4.5% 5% Managers
s and deputy uty managers
52 52.9% Prof
rofessi sion
- nals
19 19.5% 5% Te
Tech chnici cians
22.9% Administ
stra rative st staff ff
15.4 15.4% 34 34
Peo People ple Mana Manage gement ment
Strategic fronts
We We ar are e people people provi providi ding ng ser servi vice ce to pe to peopl ple, e, wit with h passion passion and and excel excellen ence ce
Org Organ anizatio izationa nal l Cli Climate mate
(hable francamente)
9 9 p.p
p.p.
- f 2019 employees satisfaction
Dress Code Flexibility for Employees
Go As I Am Go As I Am
Li Lider dera
more than 14
14,00 ,000 0 trai aini ning ng hour hours s in our
program for leaders
Escu Escuel ela It Itaú aú
+40 400,0 0,000 00 trai aini ning ng hour hours s for employees
(regulatory and languages workshops, Crece program, Diploma at Universidad Católica for 60 managers, among others)
Recognized as the 9th
th bes
best t co compan mpany y in in Chi Chile le in in Attra Attracti ction
- n a
and nd Reten Retention tion of
- f Tal
Talen ent
by Merco
35 35
Key Strategic Drivers to Continue Deepening Itaú’s Management Model
Strategic fronts
▪
Segmentation model with well defined identity and value proposition
▪
Development of products and a “service culture” focused
- n client satisfaction and long-term relationships
Clie Client nt Centr Centric icity ity
▪
Culture of innovation and transformation
▪
Efficiency and improvement of user experience and customer satisfaction
▪
Seamless integration from back-office to front-office
▪
Strengthening our culture throughout the organization
▪
To enhance our incentive models and our assessment tools
▪
To consider the new dynamics of cooperative working
2 1 3 4
▪
Expand our presence and client base in all business segments
▪
Special focus on growing our Retail Bank
▪
Further increase transactionality and relationship within our client base
Pe People
- ple Mana
Managem gemen ent Digi Digital al Transfor Transformation ation Growt
- wth
5
Eff ffic icie iency ncy
6
▪
Continued and sustainable rebound in results
▪
Resume expansion in business volumes
▪
Advance with the implementation of retail and wholesale strategies
Colom Colombi bia
▪
Continuously increase the efficiency of our operations
▪
Drill down of the full cost allocation model to product level
▪
Continued focus and discipline in identifying cost saving
- pportunities throughout the institution
36 36
Growth Growth
Strategic fronts
Busin Business ess mi mix an an oppo pport rtun unity ty fo for r re retai tail gr growth wth
1− Yearly average gross loans; 2− Loan interests by segments; Source: CMF; Itaú Corpbanca; Team Analysis.
Loan
- ans
s br brea eakdown down by segm by segmen ent¹
LTM Jun 2020, Ch$ Bn
12. 2.7 6. 6.6 12. 2.6 6. 6.4 Tot Total 6.0 6.0 5. 5.9 5. 5.3 5. 5.6
Ita taú Corpbanca nca Ave Average To Top 3 3
Interest Rates
29 29,934 34
Consu nsume mer Comme mmerci cial
17,857 857 25, 25,350 350
Mo Mortg tgage
33, 33,242 242
∆ -23 bp
- 35 bp by mix
Peer-A Peer-B Peer-D
Current rate w/ top 3 mix Current Top 3 Top 3 rates w/ current mix
❑ Mix difference explains most of the Yield gap with the Top 3
100% =2
55.0% 49.8% 50.5% 65.9% 30.2% 33.9% 36.1% 23.6% 14.8% 16.3% 13.4% 10.5%
37 37
6.6 6.8 6.4 6.2
Growth Growth
Strategic fronts
Loa Loan n Port Portfo folio
Port Portfolio folio Mix Mix (%) Retail: 28.3% Retail: 32.3% Market Share (Jun.20)
7.4%
Commercial Mortgage Consumer
8.1% 11.7%
Total Loans
10.1%
23 bp
23 bp 42 bp 1 bp
Share
12-month
Commercial 72.2% Mortgage 20.4% Consumer
7.9%
Commercial 67.7% Mortgage 23.1% Consumer 9.2%
Jun.16 Jun.20
409 bp 409 bp
Mortg Mortgage grow rowth
1.3 .3x x Mark arket et
2Q20 vs. 2Q19
38 38
Growth Growth
Strategic fronts
Cr Credi edit t po port rtfo folio gr growth wth rat rate e
(1) Ex Student loans portfolio
39 39
Financial System Itaú Corpbanca
Mor Mortgage gage Tot Total al Loans
- ans
Consume Consumer Comm
- mmercia
cial1
+ in in line line with with the the market
- lo
lowe wer tha than n the the ma market Strategy focused in supporting clients through COVID-19 credit lines + in in line line with with the the ma market + above ve the the market
7.2%
9.1%
8.1%
14.1%
13.4%
9.4%
- 4.8%
- 7.9%
Growth Growth
Strategic fronts
Fun undi ding ng mi mix an an oppo pport rtun unity ty to i to incr ncrease ease profi profitabi tability ty
Total Total fundin funding g br brea eakdown down
Interest Rates
38, 38,59 591 25, 25,541 541
Debt ebt Issue ssued
48, 48,624 24
Ot Other ers1
100%
34, 34,034 34 2. 2.3 1.9 2. 2.6 2. 2.4 Tot Total 0.3 0.3 0.2 0.2 4. 4.7 5. 5.6
Ita taú Corpbanca nca
0.9 0.9 0.5 0.5
Ave verage To Top 3 ∆ 43 bp 24 bp by mix
Peer-A Peer-B Peer-D
Top 3 rates w/ current mix Current rate w/ top 3 mix
❑ Non-interest bearing liabilities are the main reason for the gap when compared to the 3 players
Time D ime Deposits eposits
1− Others: Repurchases contracts, financial derivatives, bank obligations, letters of credit, other financial obligations, taxes, differed taxes, provisions, other liabilities. Source: CMF; Itaú Corpbanca; Team Analysis.
LTM Jun 2020, Ch$ Bn
20.6% 30.9% 33.8% 29.5% 22.9% 19.8% 18.9% 20.8% 27.9% 28.1% 32.3% 38.5% 28.6% 21.2% 15.0% 11.2%
Top 3 Current
40 40
2.1 2.4 2.1 1.9
Key Strategic Drivers to Continue Deepening Itaú’s Management Model
Strategic fronts
▪
Segmentation model with well defined identity and value proposition
▪
Development of products and a “service culture” focused
- n client satisfaction and long-term relationships
Clie Client nt Centr Centric icity ity
▪
Culture of innovation and transformation
▪
Efficiency and improvement of user experience and customer satisfaction
▪
Seamless integration from back-office to front-office
▪
Strengthening our culture throughout the organization
▪
To enhance our incentive models and our assessment tools
▪
To consider the new dynamics of cooperative working
2 1 3 4
▪
Expand our presence and client base in all business segments
▪
Special focus on growing our Retail Bank
▪
Further increase transactionality and relationship within our client base
Pe People
- ple Mana
Managem gemen ent Digi Digital al Transfor Transformation ation Growt
- wth
5
Eff ffic icie iency ncy
6
▪
Continued and sustainable rebound in results
▪
Resume expansion in business volumes
▪
Advance with the implementation of retail and wholesale strategies
Colom Colombi bia
▪
Continuously increase the efficiency of our operations
▪
Drill down of the full cost allocation model to product level
▪
Continued focus and discipline in identifying cost saving
- pportunities throughout the institution
41 41
Ef Efficienc ficiency y
Strategic fronts
Focus cus on n syner synergi gies: es: co compare mpared d ev evoluti ution n of t f total tal expen expenses ses
Average: 11.9% ; 10.5%
Adjusted djustedNon
- n-Inter
Interest est Expe xpense nses s an annual nualized zed gr growth
- wth (%)
1 – Includes commissions expenses, personnel expenses, administrative expenses, depreciation and amortization, impairment charges and other operational expenses. All data is Proforma 2 – Consisting of provisions for assets received in lieau of payment and provisions for Country risk. 3 – Does not include amortization of intangibles generated through business combination, already considered as a non-recurring expense.
Average: 1.4% ; 6.1%
In million of Chilean Pesos
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3M'19 3M‘20 Total Non-Interest Expenses - Itaú Corpbanca1 220 255 275 402 545 732 736 801 766 791 811 197 194 (-) Itaú Corpbanca Colombia
- (74)
(191) (290) (253) (253) (274) (273) (286) (68) (66) Total Non-Interest Expenses - Itaú Corpbanca Chile 220 255 275 328 354 441 483 548 492 518 525 129 127 (-) Credit risk related provisions 2 (3) (4) (4) (6) (4) (4) (2) (11) (9) (16) (6) (2) (3) (-) Non-recurring expenses
- (32)
(54) (101) (31) (39) (27) (6) (5) (-) Depreciation and amortization 3 (10) (12) (14) (16) (20) (22) (24) (26) (29) (32) (65) (15) (16) Adjusted Non-Interest Expenses - Itaú Corpbanca Chile 207 239 257 306 331 384 404 410 422 432 428 106 103 Annual growth rate 15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.0% 2.2%
- 0.9%
- 2.8%
Adjusted Non-Interest Expenses - Chilean Financial System 2,254 2,680 2,761 2,983 3,233 3,760 4,073 4,255 4,484 4,848 5,158 1,217 1,275 Annual growth rate 18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.5% 5.4% 8.1% 6.4% 4.7%
15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.0% 2.2%
- 0.9%
- 2.8%
18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.5% 5.4% 8.1% 6.4% 4.7%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3M20 x 3M20
Itaú CorpBanca Chile Sistema Financiero Chile
Itaú Corpbanca Chile Chilean Financial System
42 42
Ef Efficienc ficiency y
Strategic fronts
Esti Estimate mated d syner synergi gies es captur captured ed to dat to date
≠
10 10 27 27
Ch$ Ch$92 2 bi billion o n or r US$1 US$136 36 mi million1 in s n synergi nergies es ca captu ptured red since t nce the he merger merger Adjusted Total Expenses evolution – actual 1 (Ch$ Bn) Adjusted Total Expenses evolution – System growth rates1 (Ch$ Bln)
≠
8
≠
1 – For comparison purposes with previous quarters, we have maintained the FX rate as June 30, 2019 to convert synergies from CLP to USD given the CLP devaluation (26% between 2Q’19 and 1Q’20)
+1.4% +4.6% +3.5% +5.6% +2.2% +8.1%
≠
12 12
- 0.9%
- 2.8%
207 239 257 306 331 384 404 410 422 432 428 428 106 103 6 12 9 ( 4 ) ( 3 )
2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 decrease 2019 3M19 decrease 3M20
207 239 257 306 331 384 404 422 445 481 481 512 106 111 18 23 36 31 5
2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 increase 2019 3M19 increase 3M20
+4.7%
35 35
≠
+6.4%
43 43
Key Strategic Drivers to Continue Deepening Itaú’s Management Model
Strategic fronts
▪
Segmentation model with well defined identity and value proposition
▪
Development of products and a “service culture” focused
- n client satisfaction and long-term relationships
Clie Client nt Centr Centric icity ity
▪
Culture of innovation and transformation
▪
Efficiency and improvement of user experience and customer satisfaction
▪
Seamless integration from back-office to front-office
▪
Strengthening our culture throughout the organization
▪
To enhance our incentive models and our assessment tools
▪
To consider the new dynamics of cooperative working
2 1 3 4
▪
Expand our presence and client base in all business segments
▪
Special focus on growing our Retail Bank
▪
Further increase transactionality and relationship within our client base
Pe People
- ple Mana
Managem gemen ent Digi Digital al Transfor Transformation ation Growt
- wth
5
Eff ffic icie iency ncy
6
▪
Continued and sustainable rebound in results
▪
Resume expansion in business volumes
▪
Advance with the implementation of retail and wholesale strategies
Colom Colombi bia
▪
Continuously increase the efficiency of our operations
▪
Drill down of the full cost allocation model to product level
▪
Continued focus and discipline in identifying cost saving
- pportunities throughout the institution
44 44
Colo Colombia mbia
Strategic fronts
We are key part of Itaú Unibanco’s internationalization strategy
Reg Region ional l foo
- otprint
tprint & main in & main indic icato tors rs 1
1 2
10.1 10.1%
% 3
4.1 .1%
% 4 Mar Market S et Sha hare e US$ US$ 23
23.6 .6 bn
bn US$ US$ 6.0
.0 bn
bn Loan
- ans
s 1 US$ US$ 29
29.6 .6 bn
bn
5,58 5,581 1 5 3,2 3,297 7 6
Headc Headcount
- unt 1
8,8 ,878 78 188 188 126 126
Branc Branche hes 1
314 314
US US$ 39.4
39.4 bn
bn US$ 8.0
.0 bn
bn Assets ssets 1 US$ 47.4
47.4 bn
bn US$ 32
32 mn
mn US$ -4 mn n Re Recur curring ing Net et Income Income 2Q20 2Q20 US$ 28
28 mn
n
6.6 .6% %
- 1.2%
.2%
Rec ecur urrin ing RoT RoTAE 2Q20 Q20 7
4.3% .3%
45 45
1− Information as of June 30, 2020; 2− Figures were converted at an exchange rate of 821.83 CLP/USD; 3− Information as of June 30, 2020; 4− Information as of April 30, 2020; 5− Includes headcount of our New York branch and since 1Q’18 also from our RepOffice in Lima and also in Madrid until 2Q’19; 6− Includes headcount of Itaú (Panamá); 7− Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities. Sources: Itaú Corpbanca, CMF and SFC.
Colo Colombia mbia
Strategic fronts
Advance dvance wit with h th the e impl mplem emen entat tation o n of r f ret etail ail and and whole wholesale sale s str trategi ategies es Segmentation model with well defined identity and value proposition
Private Bank Personal Bank Itaú Branches Corporate Large Middle Very Small and Small Wholesa
- lesale Ba
Banki king Retail Ba Banki king
Wealth over > $1,000 Over $8.0 Up to $8.0 Over $120,000 From $30,000 to $120,000 Up to $5,000 From $5,000 to $30,000
In Indi dividua viduals
By monthly income
(COP mn)
Co Comp mpani anies es
By annual sales
(COP mn)
46 46
Colo Colombia mbia
Strategic fronts
High Highlight ghts
About bout 2Q 2Q 2020 2020
In COP
Rec ecur urrin ing g Net et Inc Incom
- me
e Evolution volution
In billion COP RoTE Loans
Loan
- an Port
Portfolio folio an and d RoTE
- TE Evolution
volution
In billion COP
branches closed in Colombia YoY
3.30 .30 tho thousand usand
em employ ployees ees
in 2Q20
127 127
branches ranches
in Colombia in 2Q20
30 30 (
( 19.1 .1%) 2Q20 Q20 1Q20 Q20
Net Income RoTE Loan Portfolio Total Assets
(45 (451. 1.5) 5)
47 47
48.1 36.0
- 30.7
24.3 7.0
2Q19 3Q19 4Q19 1Q20 2Q20
3. 3.43
3.3 .30
3.53 53
Jun-19 Jun-20 Jun-18
24. 24.3 3 bn 3. 3.8% 8% 20 20.7 .7 tn 30 30.8 .8 tn
tn
7.0 7.0 bn 1.0% 1.0% 20 20.8 .8 tn 28 28.3 .3 tn
- 71.2%
71.2%
- 2.
2.8 8 p.p.
p.p.
+1. +1.0%
- 8.0
8.0%
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
52
Highlights Highlights
- f the results
48 48
63
Additiona Additional l information
Capita Capital l
Capital and risk management
Esti Estimate mated d ful fully loaded aded BI BIS S III III capit capital al
49 49
6,5% Estimated Fully Loaded BIS III Capital (March.20) Impairment Other effects Estimated Fully Loaded BIS III Capital (June.20)
3.19% 9.56% 3.27% 9.81% 8 bp
Max use of Tier II
6.37% 6.54%
Other effects
- f capital and changes
in RWA Impairment goodwill and other intangibles Estimated Fully Loaded BIS III Capital Mar.2020 Estimated Fully Loaded BIS III Capital Jun.2020
Tier Tier II II CET ET 1
0 bp
Improvement in capital ratio
CET1 ratio increased 17 b.p. with a further 13 b.p. improvement expected from change in risk-weighthing of FOGAPE-guaranteed credit lines 6.67%
Estimated Fully Loaded BIS III Capital (adj.)
3.34% 10.0% 13 13 bp
1 1− Including proposed treatment for FOGAPE loan guarantees published for comments by CMF in July 2020.
The impairment of goodwill and other related intangibles did not impact capital 17 bp
About About 2Q20 2Q20
Capital and risk management
Li Liqui quidi dity ty ri risk sk
LCR LCR1 NSF NSFR2
50 50
80.0% 90.0% 100.0% 110.0% 120.0% 130.0% 140.0% 150.0% 160.0% Jun.19 Sep.19 Dec.19 Mar.20 Apr.20 May.20 Jun.20 Jul.20
156.6%
82.0% 87.0% 92.0% 97.0% 102.0% Jun.19 Sep.19 Dec.19 Mar.20 Apr.20 May.20 Jun.20 Jul.20
102.6%
1 – LCR: Liquidity Coverage Ratio calculated according to BIS III rules. Regulatory LCR ratios are still under construction in Chile. 2 – NSFR: Net Stable Funding Ratio, the methodology used to estimate NSFR consist of liquidity ratio proposed by the “Basel III Committee on Banking Supervision” (“BIS III”) that was adopted by the CMF. Source: Quarterly Liquidity Status Report as of July 10, 2020.
Loans Loans and and total deposits total deposits
Strong liquidity position
LCR and NSFR ratios at their highest levels
growth year over year
as well as loan growth
Deposits growth outpacing the industry
4.9% .9% 6.4 .4% 9.5 .5% 20.6% .6% 16.3 .3% 7.0% 11.1% 18.0% 36.2% 33.3% 6.8% .8% 8. 8.7% 8. 8.7% 12.2 .2% 12.0 .0% jun.19 sep.19 dec.19 mar.20 jun.20 Deposits- Financial System Deposits- Itaú Loans- Itaú
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
52
Highlights Highlights
- f the results
51 51
63
Additiona Additional l information
Fin Finan ancia cials ls
Highlights of the results
Finan nanci cial al Informat Information
The financial information included in this Management Discussion & Analysis presentation is based on our managerial model which is based on our managerial model that we adjust for non-recurring events and we apply managerial criteria to disclose our income statements. Starting in the first quarter of 2019, we have been disclosing our income statement in the same manner as we do internally, incorporating additional P&L reclassifications, fully converging to the format presented by Itaú Unibanco. This managerial financial model reflects how we measure, analyze and discuss financial results by segregating: (i) commercial performance; (ii) financial risk management; (iii) credit risk management; and (iv) costs efficiency. We believe this form of communicating our results will give you a clearer and better view of how we fare under these different perspectives. Please refer to pages 9 to 12 of our Management Discussion & Analysis Report (“MD&A Report”) for further details, available at ir.itau.cl.
52 52
2Q20 2Q20 | Man | Managerial agerial recur recurrin ring g net net inc income
- me reconc
reconciliation iliation
Highlights of the results
53 53
Pa Partia tial l impa impair irmen ment o t of f go goodwi
- dwill
ll an and d total total impai impairmen rment t of
- f
in intang tangibl ible e ass assets ets in in 2 2Q20 Q20
NO impact on BIS III capital NO impact on liquidity NO impact on market & credit risk
Ch$ Ch$ 764,024 764,024 mn mn
- f non-rec
recurrin urring g imp impac act
- n
- n Net
Net Income Income
2Q’20
770 770,51 ,514
764,024
Non-recurring events, net
Impairment of goodwill and intangibles from business combination Amortization of intangibles from business combination Other non-recurring events1 6,495 (5)
Managerial Recurring Net Income Attributable to Shareholders
20,968
Net Income Attributable to Shareholders (Accounting)
(749,546)
1− Includes contingencies mainly related to the social unrest in Chile.
2Q20 2Q20 | A | About bout our quar
- ur quarter
ter
Highlights of the results
54 54
hi high gher er vol volume ume of
- f c
credi edit i t in Chi Chile le (+1 (+12% 2% yo yoy) y) co cost st of
- f cr
credi edit i t inc ncrea ease sed d in in Chi Chile le
0.5%
non non-in inter teres est t Ex Expen pense ses s dec decre rease ased d in in Chi Chile le
Ch$19.5 bi
mainly driven by additional provision in Chile in the consumer and mortgage portfolios and an increase in provisions for wholesale clients due to possible COVID-19 impacts
52. 52.3%
Efficie Efficiency ncy rati ratio
- imp
improved roved by by 80 0 b.p. b.p.
Recurring
Net Net
4.1%
Ch$21.0 billion Ch$22.7 billion
Consolid
- nsolidated
ted Chile hile
38.0 38.0% 22 22.9 .9% 2. 2.5 5 p. p.p. p.
Consolid
- nsolidated
ted Chile hile
1.8 p. 1.8 p.p. p. 4.3 % 6.6 %
Inco Income me
Recurring
Return Return on
- n
Tangible Tangible
(yoy) (yoy)
Equi Equity ty (Ro (RoTE) TE)
additional itional prov rovis ision ion partly offset by lower liabilities margin due to the decrease in interest rate in Chile, boosted financial margin with clients
About About 2Q20 2Q20
Highlights of the results
Finan nanci cial al margi margin n wit with h cl clien ents ts
Ch$ billlion
Annualized average rate Financial margin with clients
+3.8% +4.1%
55 55
146.5 144.0 161.3 146.9 152.5
2Q'19 3Q'19 4Q'19 1Q'20 2Q'20
2.9% 2.8% 3.3% 3.0% 3.0% 2.8% 3.0% 2.6% 2.5%
2.5% 2.5% 2.7% 2.9% 2.9% 2.4% 1.8% 1.6% 0.5% 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20
Financial margin with clients Average TPM Assets financial margin
Liabilities financial margin 146 46.5 5 152. 52.5 5 12. 2.4 4 (5.5) (5.5) 0.0 0.0 4. 4.5 5 (0. (0.1) (7 (7.6) 2. 2.3 3
- 2Q'19
Volume Portfolio mix Spreads & others Volume Portfolio mix Spreads & others Capital financial margin 2Q'20
1− Others: Includes commercial spreads on derivatives and FX transactions with clients.
1 1
Ch$ billlion
Change in Financial margin with clients
About About 2Q20 2Q20
Highlights of the results
Finan nanci cial al margi margin n wit with h th the e market market
In Ch$ billion
Quarterly evolution UF1 net exposure (Ch$ trillion) UF – Unidad de Fomento1 ( value)
1 – UF (Unidad de Fomento) is an official unit of account in Chile that is constantly adjusted for inflation and widely used in Chile for pricing several loans and contracts.
56 56
24.4 24.4 21 21.1 1 49.1 1 3. 3.3 3 30. 30.0 18.9 17.1 25.5 24.5 25.9
- 5.0
- 10.0
2Q'19 3Q'19 4Q'19 1Q'20 2Q'20
Financial Margin with the Market 1-year moving average
2.0 2.2 1.9 2.7 2.5
jun-19 sep-19 dec-19 mar-20 jun-20
1.2% 0.5% 0.9% 1.0% 0.3%
2Q'19 3Q'19 4Q'19 1Q'20 2Q'20
About About 2Q20 2Q20
Highlights of the results
Cost Cost of cr f credi edit t and and cre credi dit t quali quality ty
Cost of Credit Risk Cost of Credit Risk / Average Loans
57 57
41.9 40.9 110.1 55.6 73.7 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 1.0% 0.9% 2.4% 1.2% 1.5% 78.5 129.3 6M19 6M20 0.9% 1.3% 131% 136% 113% 115% 150% 2.5% 2.5% 2.8% 2.9% 3.0%
2.0% 2.5% 3.0% 3.5% 4.0% 70% 80% 90% 100% 110% 120% 130% 140% 150%jun-19 sep-19 dec-19 mar-20 jun-20 NPL90 Coverage Provisions / Loans
1 1
Cost
- st of
- f Credit
edit
In Ch$ billion
Cov Coverage erage ratio atio (90 90-day dayNPL PL - %) %)
1.8% 1.6% 1.4% 1.5% 1.5% 1.4% 2.3% 2.3% 1.5% 1.8% 1.7% 1.7% 1.8% 1.7% 1.6% 1.7% 1.6% 1.6% 1.5% 1.8% 1.7% 2.0% 1.7% 2.0% 2.2% 2.5% 2.6% 2.1% 1.9% 1.8% 1.9% 1.9% 1.8% 2.5% 2.5% 2.0% 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
- Comm. ex-Students loans
Mortgage Consumer Total
Non
- n Pe
Perfomi foming ngLoan
- ans
s (90 90+ days days -%) %)
Expected loss provisioning model
In the 2Q ‘20 we increased the total provision level through an additional provision of Ch$19.5 billion for the consumer and mortgage portfolio and by a continuous assessment of the possible impacts from the COVID-19 pandemic over our wholesale portfolio
1− Includes additional provisions.
About About 2Q20 2Q20
Highlights of the results
Non-int nter erest est e expen penses ses
In Ch$ billion 58 58
Eff Efficienc iciency y ratio atio Quarterly (%)
Total
(52. (52.5) (50.6 (50.6) (10 (103.1 3.1) (9. (9.4) 4) 2Q20 20 2Q1 2Q19 (51. (51.4) 4) (50 (50.3 .3) (1 (101. 1.7) 7) (1 (10.2) .2)
Personnel Administrative Total Personnel and Administrative Depreciation, Amortization and Impairment
(11 (112.5 2.5) (1 (111 11.9) .9)
- 2.1
2.1%
- 0.7%
0.7%
- 1.4%
.4% 9.0% .0%
- 0.5
0.5%
188 188
Branc anches hes
5 5 ( 2. 2.6% 6%) branchesclosed in Chile QoQ
Non Non-int interest erest expe expenses nses
Non-interest expenses growth year over year UF variation (12-month)
growing at a slower pace than inflation
2.2% 0.0% 3.1%
- 1.9%
- 0.5%
2.7% 2.5% 2.7% 3.7% 2.8%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%- 6%
- 1%
2Q'19 3Q'19 4Q'19 1Q'20 2Q'20
53.1% 55.0% 46.7% 58.6% 52.3%
2Q'19 3Q'19 4Q'19 1Q'20 2Q'20
18 8 ( 0. 0.3%) 3%) fewer employees in Chile QoQ
5.58 thousa .58 thousand nd
em employ ployees ees
40 50 60 70 80 90 100 110
Spread (bp) Peer A Peer C Peer B Peer D Itaú
About About 2Q20 2Q20
Highlights of the results
De Debt bt spre spread ad ev evoluti ution
Itaú Corpbanca has presented a noticeable convergence to peers
Spreads Itaú vs.Peers1: 30-day (annualized)
1 – Average of top 3 peers in Chile. As of July 31, 2020.
Bond Spreads
59 59
Impairment announcement
61.6 bp Itaú
54 54.5 bp 5 bp 61. 1.3 bp 3 bp 57. 57.0 bp 0 bp 56 56.2 bp 2 bp
Peer A Peer C Peer B Peer D
18.0 bps 8.9 bps 1.5 bps 5.6 bps 7.7 bps
Spreads Itaú vs.Peers1: 5-year (annualized) Interest Rate (Aug,24) and Rate change (Aug,24 vs. Jul,9)
40 90 140 190 240 290 340
Peer A Peer B Peer C Itaú
- 50
50 100 150 200 1-Jan-18 1-Feb-18 1-Mar-18 1-Apr-18 1-May-18 1-Jun-18 1-Jul-18 1-Aug-18 1-Sep-18 1-Oct-18 1-Nov-18 1-Dec-18 1-Jan-19 1-Feb-19 1-Mar-19 1-Apr-19 1-May-19 1-Jun-19 1-Jul-19 1-Aug-19 1-Sep-19 1-Oct-19 1-Nov-19 1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20
Peer A Peer B Peer C Itaú
Projections Projections
Highlights of the results
Base Fast V U
60 60
Itaú´s projections updated on August 7, 2020.
GDP (%) CPI (%)
1.8 2.3 2.3 2.9 2.7 3.5
2017 2018 2019 2020 2021 2022 2023
Monetary Policy (%)
0.75 0.50 0.50 0.50
2017 2018 2019 2020 2021 2022 2023
GDP (%) CPI (%) Monetary Policy (%)
1.5 2.4 2.0 3.0 2.5 3.7
2017 2018 2019 2020 2021 2022 2023
- 3.5
8.0
- 5.5
5.5
- 7.5
2.7
2017 2018 2019 2020 2021 2022 2023
2.25 3.25 2.00 2.00 1.50 1.50
2017 2018 2019 2020 2021 2022 2023
- 4.0
6.5
- 6.0
4.5
- 8.0
2.5
2017 2018 2019 2020 2021 2022 2023
About About 20 2020 20
Highlights of the results
61 61
taking care
- f our clie
clients nts
digital channels
▪
50% in l logins and 100% i in transactions
lending
▪ over USD 1 1 billion in loans with government guarantees
credit r relief
▪ ~30% of c customer installments postponed in consumer and mortgage loans
taking care of the bank bank
liquidity
▪ highest ever LCR and NSFR
risk m management
▪ portfolio risk analysis and risk culture
- perational e
efficiency
▪ digitization and cost control
taking care
- f our pe
peop
- ple
le
support a and communication
▪ + 1 130 s support and prevention measures ▪ ~90% of the c central areas of t the bank in home office as a result of a massive renovation of infrastructure, equipment and applications ▪ highest score in employee satisfaction survey
Next steps
The COVID-19 pandemic has produced important cultural shifts in our customers, who are rapidly shifting to digital channels and valuing convenience and s simplicity more than ever We will accelerate our evolution in that direction building on the progress we have made in agility, digitization, e empathy, proximity and productivity
Agenda Agenda
Ec Economic
- nomic
context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts
04 06 12 21 24 49
Capital and risk risk managem management ent
52
Highlights Highlights
- f the results
62 62
63
Additiona Additional l information
About About 2Q20 2Q20
Additional information
Rati Rating ng upgrade upgrades s in n 20 2016 16 co cont ntri ribute bute to fur to furth ther er re reducti duction n in n co cost st of fu f funds nds
Cu Current rrent Inte nternat rnational nal Rating Ratings Moody's S&P
Financial Capacity Rating Scale Rating Scale LT ST LT ST Extremely strong Aaa P-1 AAA A-1+ Very strong Aa1 AA+ Aa2 AA Aa3 AA- Strong A1 A+ A-1 A2 A A3 P-2 A- A-2 Adequate Baa1 BBB+ Baa2 P-3 BBB A-3 Baa3 BBB-
+3n +1n
Timel meline S ne S&P
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
A+ A- A+ A+ A A
A+ A+ A
A+ A+ A
A
A- A-
BBB+ BBB+ BBB+ BBB+ BBB BBB BBB BBB BBB+ BBB+
2020
63 63
Av Average erage ta tangible ngible e equity quity breakdow breakdown
Additional information
All other Assets: Ch$ 37,829 Ch$ 31,132 Ch $6,697 All other Liabilities: Ch$ 35,804 Ch$ 29,749 Ch$ 6,056 Asociado a Intangibles PPA: Ch$ 40 Minority Interest ex GW and PPA Intangibles: Ch$ 78 Asse ssets: s: 39 39,030 30 Liabilities: 35 35,861 861 Mi Minority
- rity In
Interest st: 86 86
2Q’20 Average balance (Ch$ Tn Tn)
Managerial Tangible Equity: Ch$ 1,947 Ch$ 1,382 Ch$ 564 Shareholders’ Equity: 3,083
Managerial Tang. Equity: Recurring Results: Re Recur currin ing Ro RoTE: E: Ch$ 1,947 Ch$ 1,382 Ch$ 564 Ch$ 21.0 Ch$ 22.7 Ch$ -1.7
÷ ÷ ÷
4.3 4.3% 6.6 .6%
- 1.2
.2%
= = =
Goodwill: Ch$ 1,006 Ch$ 768 Ch$ 238 Intangibles from PPA: Ch$ 195 Ch$ 101 Ch$ 94 Deferred taxes asociatedwith intangibles from PPA: Ch$ 57 Ch$ 27 Ch$ 30 Asociatedw/ PPA Intangibles: Ch$ 8 GW and PPA Intangibles: Ch$ 1,136 Ch$ 842 Ch$ 294
64 64
On June 30, 2020 a non-cash impairment charge of Ch$448,273,346,586 was recognized as a result of a goodwill impairment of our estimated fair value
- f the cash generating units for Chile; and of Ch$315,750,827,325 as a result
- f goodwill and intangible assets from business combination impairment of
- ur estimated fair value of the cash generating unit for Colombia.
Tran Transac sactions tions in Colo in Colombia mbia
Additional information
Itaú Itaú Corpbanca Corpbanca acquir acquired ed sh shares ares of It f Itaú aú Corpbanca Corpbanca Colombi Colombia fr a from m Hel Helm m LLC LLC
Stru truct cture re in Co n Colomb mbia
Itaú Cor taú Corpb pbanca anca
Ita Itaú Corp
- rpbanca
ca Col
- lom
- mbia
(754,806,213 total shares) ▪
On June On June 16 16, 201 2017 I 7 Ita taú Co Corpbanca Co rpbanca Colomb mbia a ac acqu quired red Itaú Itaú BBA A Co Colomb mbia a as asset ets and l and liabi abilities ties1
1
▪
Po Postpo tponement nement of f the the date date for for Itaú Itaú Co Corpbanca rpbanca to purc to purchas hase e the the 12 12.36 36% sta take ke o
- f
f Co CorpG rpGro roup p in I n Ita taú Co Corpbanca rpbanca Co Colomb mbia: a:
‐ The postponement date to purchase is until January 28, 2022 ‐ The purchase price has not changed (US$ 3.5367 per share2) ‐ Itaú Corpbanca will carry out commercially reasonable efforts to register an listing Itaú Corpbanca Colombia in the Colombian Stock Exchange (CSE) ‐ The rational is to create a liquidity mechanism for minorities to sell the stake in the company ▪
Itaú Itaú Co Corpbanca rpbanca ac acqu quired red shares hares of f Itaú Itaú Co Corpbanca rpbanca Co Colomb mbia a from from H Helm elm LLC and C and Kres resge ge Stock tock Holdi ding ng Co Comp mpany any
‐ On December 3, 2019, following receipt of regulatory approvals from the banking supervisors in Chile, Colombia and Brazil, Itaú Corpbanca completed its previously announced acquisition of shares of Itaú Corpbanca Colombia from Helm LLC and Kresge Stock Holding Company ‐ Itaú Corpbanca acquired shares representing approximately 20.82% of Itaú Corpbanca Colombia’s outstanding equity for aggregate consideration of approximately US$334 million which implies a valuation multiple of 1.37 times book value as of October 31, 2019. This valuation is consistent with the valuation of Itaú Corpbanca Colombia in Itaú Corpbanca’s financial statements ‐ The acquisition resulted in an estimated impact of 0.94% on Itaú Corpbanca’s CET1 ratio,
- n a fully loaded basis under the Basel III standards (using exchange rates as of November
30, 2019). In this context, Itaú Corpbanca estimated that its CET1 ratio would be 7.0%, considering the preliminary analysis of the capital effects of the regulations under public consultation recently announced by the CMF Cor CorpGr pGrou
- up
Ot Other er Min inor
- rit
ities ies Itaú B taú BBA Colom Colombi bia a
(asset a t and nd lia liabilit ilitie ies))
87.10% 12.36% 0.54%
Acquisition in 2017
1 − Itaú Corpbanca Colombia S.A. paid Ch$33,205 million to Itaú BBA Colombia S.A Corporación Financiera; 2 − This amount accrues interest from (and including) August 4, 2015 until (but excluding) the payment date at an annual interest rate equal to Libor plus 2.7%.
65 65
Glo Global macr bal macroe
- economic
conomic outlook
- utlook
Additional information
Itaú´s projections updated on August 7, 2020.
66 66
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F 2021F GDP Growth (%) - World Economy World 4.2 3.5 3.5 3.6 3.5 3.3 3.7 3.7 1.8
- 3.7
6.0 USA 1.6 2.2 1.8 2.5 2.9 1.6 2.4 2.9 2.3
- 5.0
4.0 Euro Zone 1.7
- 0.8
- 0.2
1.4 2.0 1.9 2.7 1.9 1.3
- 7.0
6.0 China 9.5 7.9 7.9 7.4 7.0 6.8 6.9 6.6 6.1 2.3 7.5 Japan
- 0.1
1.5 2.0 0.0 1.3 0.5 2.2 0.3 0.8
- 4.0
2.2 GDP Growth (%) - Latam Brazil 4.0 1.9 3.0 0.5
- 3.5
- 3.3
1.3 1.3 1.1
- 4.5
3.5 Chile 6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.9 1.1
- 5.5
4.5 Colombia 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.5 3.3
- 6.0
4.5 Mexico 4.0 3.6 1.4 2.8 3.3 2.9 2.1 2.2
- 0.3
- 10.7
3.7 Peru 6.5 6.0 5.8 2.4 3.3 4.0 2.5 4.0 2.2
- 11.9
9.6 Inflation (eop, %) Brazil (IPCA) 6.5 5.8 5.9 6.4 10.7 6.3 2.9 3.7 4.3 1.7 2.8 Chile 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 3.0 2.3 2.9 Colombia 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 2.0 3.0 Mexico 3.8 3.6 4.0 4.1 2.1 3.4 6.8 4.8 2.8 3.7 3.2 Peru 4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.2 1.9 0.5 1.2 Monetary Policy Rate (eop, %) Brazil 11.00 7.25 10.00 11.75 14.25 13.75 7.00 6.50 4.50 2.00 3.00 Chile 5.25 5.00 4.50 3.00 3.50 3.50 2.50 2.75 1.75 0.50 0.50 Colombia 4.75 4.25 3.25 4.50 5.75 7.50 4.75 4.25 4.25 2.00 2.00 Mexico 4.50 4.50 3.50 3.00 3.25 5.75 7.25 8.25 7.25 4.00 4.00 Peru 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 2.25 0.25 0.25 Unemployment Rate (avg, %) Brazil
- 7.4
7.1 6.8 8.5 11.5 12.7 12.3 11.9 14.7 16.3 Chile 7.1 6.4 5.9 6.4 6.2 6.5 7.0 7.4 7.2 10.4 8.7 Colombia 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 10.5 17.0 14.0 Mexico 5.2 4.9 4.9 4.8 4.4 3.9 3.4 3.3 3.5 9.0 5.3 Peru 7.7 7.0 5.9 6.0 6.4 6.7 6.9 6.6 6.6 11.0 9.0
Chile Chile
Additional information
Macro Macroeconomi economic c Outl utlook k
GDP Growth | % (YoY) Per Capita GDP | US$ Thousand Unemployment rate | % Inflation and Policy Rate | %
5.1 3.3 2.7 3.8 7.0 6.2 5.7 5.2 3.5
- 1.6
5.8 6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.9 1.1
- 5.5
4.5
- 8
- 7
- 6
- 5
- 4
- 3
- 2
- 1
1 2 3 4 5 6 7 8 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
5.1 4.6 4.5 4.8 6.2 7.6 9.510.510.710.6 12.9 14.2 15.315.6 14.5 13.314.0 15.115.9 14.5 12.2 13.5
2 4 6 8 10 12 14 16 18 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
9.7 9.9 9.8 9.5 10.0 9.3 8.0 7.0 7.8 10.8 8.3 7.2 6.5 6.0 6.3 6.3 6.7 7.0 7.4 7.2 10.4 8.7
4 5 6 7 8 9 10 11 12 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
4.5 2.6 2.8 1.1 2.4 3.7 2.6 7.8 7.1
- 1.4
3.0 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 3.0 2.3 2.9
- 2
2 4 6 8 10 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Inflation Policy Rate
Itaú´s projections updated on August 7, 2020.
67 67
Chile Chile
Additional information
Macro Macroeconomi economic c Outl utlook k
International Reserves | % of GDP Current Account Balance | % of GDP Central Government Fiscal Balance | % of GDP External Debt | % of GDP
19.4 20.2 21.9 20.8 16.1 13.8 12.6 9.8 13.214.2 12.6 17.1 15.6 14.9 15.7 16.215.9 13.9 13.4 14.6 14.8 13.2
5 10 15 20 25 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
- 1.2-1.5
- 0.8-1.1
2.6 1.5 4.6 4.1
- 3.2
1.7 1.3
- 1.7
- 3.9-4.1
- 1.7
- 2.4 -2.0 -2.3
- 3.6 -3.9
0.5
- 1.2
- 5
- 4
- 3
- 2
- 1
1 2 3 4 5 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
- 0.6-0.5
- 1.2
- 0.4
2.1 4.4 7.3 7.8 3.9
- 4.4
- 0.5
1.3 0.6
- 0.6
- 1.6-2.1-2.7-2.8
- 1.6
- 2.8
- 9.7
- 4.4
- 11
- 9
- 7
- 5
- 3
- 1
1 3 5 7 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
6.8 5.3 3.7 3.0 2.3 1.9 2.3 2.5 3.0 3.0 3.4 3.9 4.3 5.2 7.8 8.4 10.8 49.8 39.0 33.2 29.5 29.7 34.5 38.8 36.4 38.2 42.946.1 55.2 62.9 59.656.7 54.5 60.3
10 20 30 40 50 60 70 Dec-03 Dec-09 Dec-15 Dec-21 Private Public
Itaú´s projections updated on August 7, 2020.
68 68
Colo Colombia mbia
Additional information
Macro Macroeconomi economic c Outl utlook k
GDP Growth | % (YoY) Per Capita GDP | US$ Thousand Unemployment rate | % Inflation and Policy Rate | %
2.9 1.7 2.5 3.9 5.3 4.7 6.8 6.8 3.3 1.2 4.3 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.5 3.3
- 6.0
4.5
- 7
- 6
- 5
- 4
- 3
- 2
- 1
1 2 3 4 5 6 7 8 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
2.5 2.4 2.4 2.3 2.8 3.4 3.7 4.7 5.3 5.2 6.3 7.3 8.0 8.1 8.0 6.1 5.8 6.3 6.7 6.4 5.3 5.7
1 2 3 4 5 6 7 8 9 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
13.3 15.0 15.6 14.1 13.7 11.8 12.0 11.2 11.3 12.0 11.8 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 10.5 17.0 14.0
5 7 9 11 13 15 17 19 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
8.7 7.6 7.0 6.5 5.5 4.9 4.5 5.7 7.7 2.0 3.2 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 2.0 3.0
5 10 15 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Inflation Policy Rate
Itaú´s projections updated on August 7, 2020.
69 69
Colo Colombia mbia
Additional information
Macro Macroeconomi economic c Outl utlook k
International Reserves | % of GDP Current Account Balance | % of GDP Central Government Fiscal Balance | % of GDP External Debt | % of GDP
- 5.0-5.5 -5.7
- 4.7
- 4.9
- 4.3
- 3.7
- 3.0
- 2.3
- 4.1-3.9
- 2.8
- 2.3-2.3 -2.4
- 3.0
- 4.0 -3.6
- 3.1
- 2.5
- 8.2
- 5.2
- 9
- 7
- 5
- 3
- 1
Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
10.411.111.511.6 10.2 9.5 10.110.210.8 9.9 9.6 10.1 11.412.4 15.916.615.314.5 16.4 20.1 18.6
2 4 6 8 10 12 14 16 18 20 22 Dec-01 Dec-06 Dec-11 Dec-16 Dec-21
0.9
- 1.1-1.3
- 1.0 -0.7
- 1.3
- 1.8
- 2.9-2.9
- 2.0
- 3.0-2.9-3.1-3.3
- 5.2
- 6.3
- 4.3
- 3.3
- 3.8-4.3-3.3 -3.8
- 8
- 6
- 4
- 2
2 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20
Itaú´s projections updated on August 7, 2020.
70 70
26.0 22.0 16.6 16.3 14.0 12.1 15.8 13.8 12.7 12.4 13.7 15.7 22.5 25.1 23.1 22.0 23.2
14.2 11.6 9.9 8.5 7.6 7.0 7.1 8.8 9.9 8.8 10.4 11.0 15.5 17.4 16.9 17.7 20.0
5 10 15 20 25 30 35 40 45 50 Dec-03 Dec-09 Dec-15 Dec-21 Private Public