CorpBanca Announces Fourth Quarter 2011 Financial Report and Credit Rating Update


SANTIAGO, CHILE--(Marketwire -03/26/12)- CORPBANCA (NYSE: BCA - News), a Chilean financial institution offering a wide variety of corporate and retail financial products and services, today announced its financial results for the fourth quarter ended December 31, 2011 and an update about its credit ratings. 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 December 31, 2011 of Ch$519.08 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

For the year ended December 31, 2011, net income attributable to shareholders totalled Ch$122,849 million (Ch$0.5414 per share and US$1.5645 per ADR), resulting in an increase of 3.2% when compared to the year ended December 31, 2010. During the fourth quarter 2011, net income totalled Ch$25,997 million, a 26.4% decrease when compared to the third quarter 2011 and a 27.8% decline when compared to the fourth quarter 2010.

Total loans (excluding interbank and contingent loans) reached Ch$13,128 billion as of December 31, 2011, leaving CorpBanca with a market share of 7.75%, an increase of 0.44% compared to the third quarter 2011 and an increase of 0.45% when compared to the fourth quarter 2010. CorpBanca continues to be the fourth largest private bank in Chile in terms of loans and deposits.

During the fourth quarter 2011:

  • Net operating profit decreased by 6.2% compared to the third quarter 2011 and 4.0% compared to the fourth quarter 2010;
  • Net provisions for loan losses decreased by 48.6% compared to the third quarter 2011 and 49.4% compared to the fourth quarter 2010; and
  • Total operating expenses increased by 18.7% compared to the third quarter 2011 and 22.3% compared to the fourth quarter 2010.

Mr. Alvaro Saieh, Chairman of the Board, stated:

"In 2011, CorpBanca was once again the bank with the largest increase in market share in terms of commercial loans and maintained its status as the fourth largest private bank in Chile in terms of loans and deposits.

"We acknowledge that growth is not the only measure of success. It is therefore noteworthy that the success experienced by CorpBanca has been the result of proper planning. We have grown organically and, most importantly, without affecting the efficiency of the bank and the strength of our portfolio, or our asset quality.

"Also during 2011, we took decisive steps towards internationalization, a plan that began two years ago with the opening of our branch in New York City. We then focused on Europe, opening a representative office in Madrid, Spain. We now intend to invest in Colombia, one of the most economically active countries in our continent. On December 6, 2011, CorpBanca and Corp Group signed an agreement to jointly acquire Banco Santander Colombia, an investment of approximately US$1,225 million. The bank expects to close this transaction during the first half of 2012."

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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. 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.

Eugenio Gigogne
Santiago, Chile
Phone: (562) 660-2555
Claudia Labbé
Manager Investor Relations
Santiago, Chile
Phone: (562) 660-2699
Nicolas Bornozis
Capital Link
New York, USA
Phone: (212) 661-7566

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