Banco de Chile Starting to See Benefits of Improving Economy
Narrow-moat Banco de Chile is beginning to feel modest benefits from Chile’s rebounding economy. Through the first quarter, the bank earned CLP 142.7 billion, up 1.9% from last year’s first quarter. However, the bank's quarter could have been better as provisions for loan losses jumped 12%. We think credit losses have obscured the bank’s improving results. During the first quarter, there were signs of optimism that we think bode well for Banco de Chile in 2018. Copper prices are above $3 per pou...
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