Exhibit 99.2
CORPBANCA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
(millions of Chilean pesos – MCh$)
Notes | Dec-08 | Dec-07 | ||||||
(MCh$) | (MCh$) | |||||||
Assets | ||||||||
Cash and due from banks | 4 | 81,326 | 74,821 | |||||
Items in course of collection | 4 | 117,703 | 58,210 | |||||
Trading portfolio financial assets | 5 | 85,105 | 166,450 | |||||
Investments purchased under agreements to resell | 5 | 50,514 | 60,372 | |||||
Derivative financial instruments | 7 | 209,482 | 37,086 | |||||
Loans and receivables to banks | 10 | 37,671 | 90,070 | |||||
Loans and receivables to customers, net | 10 | 4,871,875 | 4,247,421 | |||||
Financial investments available-for-sale | 6 | 576,478 | 45,048 | |||||
Financial investments held-to-maturity | 6 | — | — | |||||
Investments in other companies | 8 | 2,213 | 2,161 | |||||
Intangibles | 2,861 | 3,479 | ||||||
Premises and equipment, net | 38,820 | 34,669 | ||||||
Current income tax provision | 11 | 6,488 | 6,050 | |||||
Deferred income taxes | 11 | 13,468 | 13,121 | |||||
Other assets | 9 | 97,680 | 71,008 | |||||
Total assets | 6,191,684 | 4,909,966 | ||||||
Liabilities | ||||||||
Current accounts and demand deposits | 357,902 | 367,101 | ||||||
Items in course of collection | 4 | 86,176 | 25,379 | |||||
Investments sold under agreements to resell | 351,471 | 108,985 | ||||||
Time deposits and saving accounts | 3,350,742 | 2,625,327 | ||||||
Derivative financial instruments | 7 | 195,608 | 37,285 | |||||
Borrowings from financial institutions | 492,606 | 390,497 | ||||||
Debt issued | 765,172 | 764,942 | ||||||
Other financial obligations | 47,394 | 32,507 | ||||||
Current income tax provision | 11 | — | — | |||||
Deferred income taxes | 11 | 9,550 | 7,466 | |||||
Provisions | 10 | 33,204 | 5,912 | |||||
Other liabilities | 18,552 | 16,756 | ||||||
Total liabilities | 5,708,377 | 4,382,157 | ||||||
Shareholders’ Equity: | ||||||||
Capital | 324,039 | 342,379 | ||||||
Reserves | 2,917 | 2,917 | ||||||
Valuation gains (losses) | 1,018 | (2 | ) | |||||
Retained earnings: | 155,333 | 182,515 | ||||||
Retained earnings from previous periods | 127,178 | 126,923 | ||||||
Income for the period | 56,310 | 55,592 | ||||||
Less: Accrual for mandatory dividends | (28,155 | ) | — | |||||
Minority Interest | — | — | ||||||
Total Shareholders’ Equity | 483,307 | 527,809 | ||||||
Total liabilities and shareholders’ equity | 6,191,684 | 4,909,966 |
CORPBANCA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
(millions of Chilean pesos – MCh$)
Notes | Dec-08 | Dec-07 | ||||||
(MCh$) | (MCh$) | |||||||
Interest revenue | 559,702 | 415,008 | ||||||
Interest expense | (346,717 | ) | (235,812 | ) | ||||
Net interest revenue | 212,985 | 179,196 | ||||||
Fees and income from services | 17 | 54,865 | 48,785 | |||||
Expenses from services | 17 | (12,813 | ) | (8,430 | ) | |||
Fees and income from services, net | 42,052 | 40,355 | ||||||
Trading and investment income, net | 18 | 54,997 | (742 | ) | ||||
Foreign exchange gains (losses), net | (42,887 | ) | 8,250 | |||||
Other operating revenue | 19 | 7,833 | 2,465 | |||||
Operating revenues | 274,980 | 229,524 | ||||||
Provisions for loan losses | 10 | (54,561 | ) | (27,894 | ) | |||
Net operating revenues | 220,419 | 201,630 | ||||||
Personnel salaries expenses | (57,716 | ) | (52,390 | ) | ||||
Administration expenses | (50,511 | ) | (44,067 | ) | ||||
Depreciation and amortization | (4,916 | ) | (7,197 | ) | ||||
Impairment | — | — | ||||||
Other operating expenses | 20 | (6,863 | ) | (4,361 | ) | |||
Total operating expenses | (120,006 | ) | (108,015 | ) | ||||
Net operating income | 100,413 | 93,615 | ||||||
Income attributable to investments in other companies | 8 | 418 | 393 | |||||
Net loss from price-level restatement | (33,654 | ) | (28,255 | ) | ||||
Income before income taxes | 67,177 | 65,753 | ||||||
Income taxes | 11 | (10,867 | ) | (10,161 | ) | |||
Net income | 56,310 | 55,592 | ||||||
Attributable to: | ||||||||
Equity holders of the Bank | 56,310 | 55,592 | ||||||
Minority interest | — | — | ||||||
Earnings per share attributable to equity holders of the Bank | ||||||||
Basic earnings per share | 0.248 | 0.245 | ||||||
Diluted earnings per share | 0.255 | 0.245 |
Raúl Recabarren Valderas Assistant Manager – Accounting | Mario Chamorro Carrizo Chief Executive Officer |
BOARD OF DIRECTORS: | ||
Chairman | Mr. Carlos Abumohor Touma | |
First Vice Chairman | Mr. Álvaro Saieh Bendeck | |
Second Vice Chairman | Mr. Jorge Andrés Saieh Guzmán | |
Directors | Mr. Fernando Aguad Dagach | |
Mr. Julio Barriga Silva | ||
Mr. Ignacio González Martínez | ||
Mr. Carlos Massad Abud | ||
Mr. Francisco Rosende Ramírez | ||
Mr. Jorge Selume Zaror | ||
Mr. Hernán Somerville Senn | ||
Mr. Arturo Valenzuela Bowie | ||
Alternate Director | Mr. Juan Rafael Gutiérrez Ávila | |
SENIOR MANAGEMENT: | ||
Chief Executive Officer | Mr. Mario Chamorro Carrizo | |
Division Manager – Retail Banking | Mr. Cristóbal Prado Fernández | |
Division Manager – Companies | Mr. Oscar Cerda Urrutia | |
Division Manager – Large Companies and Corporate | Mr. Christian Schiessler Garcia | |
Division Manager – Banco Condell | Mr. Julio Henriquez Banto | |
Division Manager – International and Treasury | Mr. Pedro Silva Yrarrázaval | |
Division Manager – Corp Capital. | Mr. Patricio Leighton Zambelli | |
Division Manager – Operations and Technology | Mr. Armando Ariño Joiro | |
Chief Financial Officer | Mr. Sergio Benavente Riobó | |
Division Manager – Human Resources and Development | Mr. Christián Gilchrist Correa | |
Division Manager – Legal Services | Mr. Cristián Canales Palacios | |
Division Manager – Commercial Credit Risk | Mr. Luis Morales Fernández | |
Division Manager – Companies Credit Risk | Mr. Fernando Valdivieso Larraín | |
Comptroller Manager (I) | Mr. José Manuel Mena Valencia |
Additional Information
The complete financial statements, with their respective notes and the corresponding independent auditor’s report, are available on the website: www.corpbanca.cl and also at the institution’s offices.