Banco de Chile's performance is increasingly tied to China's economy and a heated housing market.
Narrow-moat-rated Banco de Chile reported weaker results relative to last quarter. However, we believe its latest results confirm our long-term view that recent net interest margins are unlikely to remain this high over the long term because of the number of inflation-indexed loans on the balance sheet. Net interest margins contracted 56 basis points to 3.90% from a recent high of 4.46% in the second quarter. NIMs had been hovering between 4.2% and 4.5% during the previous four quarters. Net inc...
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