Banco de Chile's performance is increasingly tied to China's economy and a heated housing market.
Wide-moat-rated Banco de Chile posted results that were mostly in line with our expectations and we do not expect any material changes to our $72 fair value estimate. During the fourth quarter, net interest income decreased to 0.9% to CLP 312.6 billion as a result of lower inflation. The company generated net income of CLP 124 billion, a 14.4% sequential decrease. Also detracting from this quarter’s performance is the 34.9% sequential increase in provisions to CLP 87.281 billion. We believe that...
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