Banco de Chile Mitigates Mediocre Margins With Fee Growth, but Higher Provisions Prunes Profits
Banco de Chile had a tough first quarter as lower net interest income, higher personnel expense, and a spike in loss provisions contributed to a year-over-year earnings decline of nearly 40%. Annualized top-line growth was negligible, with operating revenue of CHP 445 billion identical to first-quarter 2018. Lower interest income in the quarter was entirely offset by a 3.5% increase in fee and commission revenue. Similar to its main competitor Banco Santander Chile, Banco de Chile has over 40% o...
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