CorpBanca Announces First Quarter 2013 Financial Report

Marketwired

SANTIAGO, CHILE--(Marketwired - Jun 4, 2013) - CORPBANCA (NYSE: BCA) (BCS:CORPBANCA), a Chilean financial institution offering a wide variety of corporate and retail financial products and services, today announced its financial results for the first quarter ended March 31, 2013. This report is based on unaudited consolidated financial statements prepared in accordance with Chilean generally accepted accounting principles. Solely for the convenience of the reader, U.S. dollar amounts in this report have been translated from Chilean nominal pesos at our internal exchange rate as of March 31, 2013 of Ch$471.89 per U.S. dollar. Industry data contained herein has been obtained from the information provided by the Superintendency of Banks and Financial Institutions ("SBIF").

Financial Highlights

In 1Q 2013, Net Income attributable to shareholders totaled Ch$28,839 million (Ch$0.085 per share and US$0.269 per ADR), resulting in a 22.4% increase when compared to 1Q 2012 (YoY) and a 22.2% decreased when compared to 4Q 2012 (QoQ). The QoQ decline mainly reflects a lower inflation rate (measured as the variation of the UF) in the period: 0.13% in 1Q 2013 vs. 1.11% in 4Q 2012.

Total loans (excluding interbank and contingent loans) reached Ch$10,094 billion as of March 31, 2013, allowing CorpBanca to achieve a market share of 9.9%, an increase of 191.6bp YoY and a decrease of 21.2bp QoQ. CorpBanca continues to be the fourth largest private bank in Chile in terms of loans and deposits.

During 1Q 2013:

Net operating profit decreased by 13.5% QoQ and increase 41.4% YoY;
Net provisions for loan losses increased by 83.4% QoQ and 56.5% YoY; and
Total operating expenses decrease by 18.4% QoQ and 52.5% YoY.

Mr. Fernando Massú, CEO

In connection with Helm Bank acquisition, in 1Q 2013 CorpBanca raises more than US$620 million in new capital. Approximately 26% of the capital increase was successfully placed in the international market (~8x oversubscription), which resulted in new shareholders from the United States, England and Brazil.

CorpBanca's CEO, Fernando Massú, indicated that "the successfull international placement together with a massive subscription of preemptive rights (99%) is a testament to the confidence our shareholders have in the bank's achievements during the last few years and its growth plans. This is further evidenced by high-demand by local and foreign investors' interest in becoming a part of our expansion project."

The capital increase also involved the joining of strategic and long-term shareholders to CorpBanca's ownership structure: International Finance Corporation (IFC) -- member of the World Bank Group -- subscribed and paid for a total amount of approximately US$225 million and Santo Domingo Group also increased its ownership in CorpBanca's equity to 2.9%.

To view the full version of this press release, please follow the link below: http://www.capitallink.com/press/corpbanca060413.pdf

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to CorpBanca concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. More information on potential factors that could affect CorpBanca's financial results is included from time to time in the "Risk Factors" section of CorpBanca's Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with the SEC. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release and CorpBanca does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Contact:
CONTACT INFORMATION:

Eugenio Gigogne
CFO
CorpBanca
Santiago, Chile
Phone: (562) 2660-2555
investorrelations@corpbanca.cl

Claudia Labbe
Manager Investor Relations
CorpBanca
Santiago, Chile
Phone: (562) 2660-2699
claudia.labbe@corpbanca.cl

Nicolas Bornozis
President
Capital Link
New York, USA
Phone: (212) 661-7566
nbornozis@capitallink.com
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