Banco de Chile's Provisions Improve, but We Still Worry About Chile's Economy.
Wide-moat-rated Banco de Chile posted third-quarter results largely in line with our expectations, and we don't expect any material adjustments to our $70 fair value estimate at this time. The Chilean lender generated net income of CLP 145 billion, a sequential drop of almost 4%, but year-over-year growth of 8.2%. This quarter’s earnings did benefit from a material drop in provisions. Loan-loss provisions were CLP 65 billion. In comparison, last quarter’s and last year’s provisions were CLP 93 b...
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