UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of August 2013
(Commission File No. 001-32305)
____________________
CORPBANCA
(Translation of registrant’s name into English)
____________________
Rosario Norte 660
Las Condes
Santiago, Chile
(Address of registrant’s principal executive office)
____________________
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x | Form 40-F o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):
Yes o | No x |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):
Yes o | No x |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o | No x |
On August 12, 2013, CorpBanca published on its web site its monthly interim financial results as of July 31, 2013, which are attached hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
CORPBANCA (Registrant) | ||
By: | /s/ Eugenio Gigogne | |
Name: | Eugenio Gigogne | |
Title: | Chief Financial Officer |
Date: August 21, 2013
EXHIBIT INDEX
Exhibit | Description | |
99.1 | Monthly interim financial results as of July 31, 2013. |
Exhibit 99.1
CORPBANCA AND SUBSIDIARIES
Monthly Financial Report Summary
As of and for the month ended July 31, 2013
The interim financial information of CorpBanca as of and for the month ended July 31, 2013 has been published on our website in accordance with circular No. 18 of the Superintendency of Banks and Financial Institutions dated September 1, 2008.
The unaudited financial information included herein has been prepared in accordance with the generally accepted accounting principles in Chile and the regulations of the Superintendency of Banks and Financial Institutions.
CONSOLIDATED BALANCE SHEET (PRINCIPAL ITEMS) | |
MCh$ | |
Total loans | 10,712,589 |
Total assets | 14,718,443 |
Current accounts and demand deposits | 1,683,150 |
Time deposits and savings accounts | 7,230,533 |
Borrowings from financial institutions | 1,262,730 |
Debt issued | 2,211,634 |
Equity Attributable to: | 1,329,330 |
Bank equity holders | 1,275,438 |
Minority interest | 53,892 |
CONDENSED CONSOLIDATED INCOME STATEMENT | |
MCh$ | |
Total operating revenue | 334,643 |
Provisions for loan losses | (55,622) |
Operating expenses | (166,776) |
Operating income | 112,245 |
Income attributable to investments in other companies | 1,032 |
Income before taxes | 113,277 |
Income taxes | (29,435) |
Net income for the period | 83,842 |
Bank equity holders revenue | 82,226 |
Minority interest revenue | 1,616 |
This financial information shall be considered provisional until the official figures are published by the Superintendency of Banks and Financial Institutions.
Juan Antonio Vargas Matta | Fernando Massu T. | |
Accounting Manager | Chief Executive Officer |
CorpBanca: Retained Earnings
as of July 2013
____________________________________________________________________________________________________________
COMMENTS
In order to reflect the impact of the Colombian operation in the consolidated results of CorpBanca, the following table presents separately each of the results generated in Chile and Colombia as of July 31, 2013. It is important to note that the books of CorpBanca Chile include certain expenses associated with our Colombian operations, which are: i) interest expense associated with the part of the acquisition financed through debt; ii) the amortization of the intangible assets generated by the acquisition; and iii) tax impacts associated with the investment in Colombia. The following adjusted results as of July 31, 2013 allow us to segregate the results of Chile from any impact related to the acquisition of Banco Santander Colombia:
Consolidated accumulated as of July 31, 2013 | Variation (%) | Accumulated as of July 31, 2013 Adjusted | Variation (%) | ||||
(Figures in Millions of Chilean Pesos) | 2013 | 2012 | Jul.13/Jul.12 | Chile | Colombia | Jul.13/Jul.12 Chile | |
Net interest income | 219,873 | 125,137 | 75.7% | 147,404 | 72,469 | 29.6% | |
Net fee and commission income | 57,969 | 42,050 | 37.9% | 41,377 | 16,592 | 10.0% | |
Treasury | 55,538 | 26,279 | 111.3% | 30,852 | 24,686 | 82.0% | |
Net exchange income (loss) | (5,541) | 19,398 | -128.6% | (10,988) | 5,447 | -154.4% | |
Other operational income | 6,804 | 5,097 | 33.5% | 4,572 | 2,232 | -8.9% | |
Net operating profit before loan losses | 334,643 | 217,961 | 53.5% | 213,217 | 121,426 | 10.2% | |
Provisions for loan losses | (55,622) | (25,631) | 117.0% | (35,038) | (20,584) | 74.1% | |
Net operating profit | 279,021 | 192,330 | 45.1% | 178,179 | 100,842 | 2.8% | |
Operating expenses | (156,252) | (108,504) | 44.0% | (92,433) | (63,819) | -2.5% | |
Other operating expenses | (10,524) | (11,319) | 39.2% | (8,752) | (1,772) | -21.2% | |
Operating Income | 112,245 | 72,507 | 54.8% | 76,994 | 35,251 | 14.1% | |
Income from investments in other companies | 1,032 | 303 | 240.6% | 472 | 560 | -27.4% | |
Income before taxes | 113,277 | 72,810 | 55.6% | 77,466 | 35,811 | 13.7% | |
Income Tax expense | (29,435) | (10,460) | 181.4% | (5,893) | (23,542) | -20.5% | |
Net income | 83,842 | 62,350 | 34.5% | 71,573 | 12,269 | 17.8% | |
Efficiency Index | 46.7% | 49.8% | 43.4% | 52.6% |
CorpBanca registered a consolidated net income of $83,842 million as of July 2013, representing a 34.5% increase over the same period in the previous year, when the net income was $62,350 million. Chile contributed 17.8% towards this growth, while CorpBanca Colombia contributed 16.6%.
Notwithstanding the unfavorable inflationary pressure in the Chilean banking industry, the net operating profit before loan losses of CorpBanca Chile between July 2012 and July 2013 increased by 10.2%. This increase reflects an increase in net interest margin (NIM) of 29.6% and an increase in commissions of 10%. At the same time, our operating expenses decreased during the first seven months of 2013, allowing CorpBanca Chile to improve its efficiency levels (from 49.0% in 2012 to 43.4% in 2013) and to approach its long term target. Meanwhile, the 2013 net expenditures in provisions for loan losses increased in relation to 2012, mainly as a result of elevated releases and recoveries in the previous period, as well as higher costs, particularly in the month of July 2013.