EXHIBIT 99.1
CorpBanca Announces Second Quarter 2010 Financial
Results and Conference Call on Monday, August 30th, 2010
Santiago, Chile, August 27, 2010 CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of corporate and retail financial products and services, today announced its financial results for the second quarter ended June 30, 2010. This report is based on unaudited consolidated financial statements and 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 June 31, 2010 exchange rate of Ch$547.10 per U.S. dollar.
Financial Highlights
Net income for the second quarter 2010 reached Ch$30 billion, an increase of 14% when compared to the prior
Total Loans (excluding interbank and contingent loans) reached Ch$5,332 billion as of Jun, 2010, leaving CorpBanca with a market share of 7.42%, 13 bps higher than last quarter.
The improvement in the risk index* allowed CorpBanca to
Total operating expenses increased 18% when compared to the prior quarter due to an increase in administrative and other expenses.
| Mario Chamorro, CEO
“We are proud to say that the second quarter of 2010 has been one of the best quarters in the past years for Corpbanca, with earnings of Ch$30 billion. We reached a return on equity of 23.8%, one of the highest rates of the industry. We also increased our total loans, ending June 2010 with a market share 7.42%; the highest market share in our history. These results come from designing and implementing strategies that we consider consistent with future growth and earnings, so we expect to continue with positive results for the following periods, as we have done so far”. |
| * | Risk Index: Provision for loan losses/Total loans |
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August 27, 2010
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Management’s Discussion and Analysis
I) Financial Performance Review
Net income for the second quarter of 2010 was Ch$29.8 billion, as compared to Ch$26 billion for the first quarter of 2010. Total operating revenues reached Ch$87 billion, a 13.5% increase as compared to last quarter, while provisions for loan losses remained almost the same as last quarter.
Our condensed income statement for the three-month periods ending March 31 and June 30, 2010 expressed in millions of Chilean nominal pesos is as follows:
| For three-month period ended | |||||||||
| Mar-10 | Jun-10 | Change | |||||||
Net interest revenue | 53,884 | 61,609 | 7,725 | ||||||
Fees and income from services, net | 15,121 | 14,112 | (1,009 | ) | |||||
Treasury business | 6,363 | 10,906 | 4,543 | ||||||
Other revenue | 1,547 | 644 | (903 | ) | |||||
Total operating revenue | 76,915 | 87,271 | 10,356 | ||||||
Provision for loan losses | (15,341 | ) | (15,592 | ) | (251 | ) | |||
Operating expenses | (30,573 | ) | (35,942 | ) | (5,369 | ) | |||
Income attributable to investments in other companies | 23 | 261 | 238 | ||||||
Net Income before taxes | 31,024 | 35,999 | 4,975 | ||||||
Income taxes | (5,008 | ) | (6,224 | ) | (1,216 | ) | |||
Net Income | 26,016 | 29,775 | 3,759 | ||||||
Net interest revenues
Net interest revenues increased by Ch$7.7 billion or 14% as compared to the prior quarter. This is mainly a result of a higher increase in the UF (an inflation indexed unit of accounts) during the second quarter of 2010 of 1%, compared with an increase in the first quarter of 2010 of 0.27%. This highest interest revenue is explained by benefits from a long position in UF-denominated assets funded with peso-denominated liabilities. Other important issues that explain these results are the increase in 5% of total loans and an improved funding mix with lower funding cost related to the increase in non-interest bearing demand deposits as a percentage of our total liabilities that increased from 7.3% in March to 8.6% in June. This was offset by an increase of 100 bps in the Central Bank interest rate during the second quarter.
Our return on equity (ROE) for the first half of the year 2010 was 23.8%. This has been our highest ROE in the past years. The ROE of 2010 is as follows:
| Jan | Feb | Mar | Apr | May | Jun | |||||||||||||
Net Income (in millions of Chilean pesos) | 7,447 | 15,995 | 26,016 | 35,648 | 45,256 | 56,310 | ||||||||||||
ROE | 19.0 | % | 20.3 | % | 21.8 | % | 22.6 | % | 22.9 | % | 23.8 | % |
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August 27, 2010
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Fees and income from services
Net fees and income from services for the second quarter of 2010 totalled Ch$14.1 billion, a Ch$1 billion decrease compared to the prior quarter. The following table is a summary of our fees and income from services for the three-month periods ended March 31 and June 30, 2010 expressed in millions of Chilean pesos:
| For three-month period ended | |||||||
| Mar - 10 | Jun - 10 | Change | |||||
Bank(*) | 7,957 | 7,035 | (922 | ) | |||
Mutual Fund Management and Securities Brokerage Services | 2,964 | 2,707 | (257 | ) | |||
Insurance Brokerage | 1,737 | 2,335 | 599 | ||||
Financial Advisory Services | 2,104 | 1,687 | (417 | ) | |||
Legal Advisory Services | 359 | 349 | (10 | ) | |||
Total | 15,120 | 14,113 | (1,007 | ) | |||
| (*) | includes consolidation adjustments |
The decrease of Ch$0.9 billion in fee revenues from banking operations during the second quarter of 2010 was concentrated in the corporate segment, mainly because a decrease in up-front fees. Our retail segment increased its total fees in 10%, mainly explain by credit cards, ATM and consumer loans.
Insurance brokerage fees increased by 34% during the quarter. Our products and strategies helped the bank to capture the higher demand of insurances, which is explained by the recent earthquake and better economic outlook.
Our financial advisory services fees decreased by Ch$417 million during the second quarter of 2010 due the conclusion of large operations, some of them over USD$ 200 million, during the last quarter. Besides this decrease, our strategy of focusing on clients in a global way through our wholesale structure and analyzing the potential industries where our Financial Advisory Service team could add value continues in the same path. This explains why the fees from financial services are 6 times bigger than the same period a year ago.
Our legal advisory services area was created in January 2007 and its principal purpose is to provide legal advisory services related to our businesses. Legal advisory fees almost remained the same during the second quarter of 2010 as compared to the previous quarter.
Trading and investment income – Net Foreign exchange gains and losses
Trading and investment income primarily includes the results from our trading portfolio financial assets (interest, marked-to-market adjustments, gains and losses from sales), gains and losses from our derivative trading portfolio, and gains and losses from financial investments available-for-sale.
Net foreign exchange gains and losses include both the results of foreign exchange transactions as well as the recognition of the effect of exchange rate fluctuations on assets and liabilities stated in foreign currencies and loans and deposits in Chilean pesos indexed to foreign currencies.
Derivatives and financial securities that may provide effective economic hedges for managing risk positions are treated and reported as trading.
The following table is a summary of our trading and investment income and net foreign exchange gains and losses for the three-month periods ending March 31 and June 30, 2010, expressed in million of Chilean pesos:
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August 27, 2010
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| For three-month period ended | |||||||||
| Mar - 10 | Jun - 10 | Change | |||||||
Trading and investment income: | |||||||||
Trading securities | 3,849 | 190 | (3,659 | ) | |||||
Derivatives held-for-trading | 5,606 | 18,091 | 12,485 | ||||||
Available-for-sale investments and other | 1,854 | (3,322 | ) | (5,176 | ) | ||||
Total trading and investment income | 11,309 | 14,959 | 3,650 | ||||||
Net foreign exchange transactions | (4,947 | ) | (4,053 | ) | 893 | ||||
Net gains (losses) from treasury business | 6,363 | 10,906 | 4,543 | ||||||
Total income from our treasury business during the second quarter of 2010 increased by Ch$4.5 billion as compared to the prior quarter. This increase is explained by higher income from our trading instruments, which was partially offset by a decrease in our trading instruments and available for sale investments. The negative number in net foreign exchange transactions is mainly as a result of the change in the Chilean/USD exchange rate from Ch$523.86 to Ch$547.40. It is important to mention that CorpBanca covers through derivatives all its positions in foreign currency to avoid any currency risk, so the negative number of foreign exchange transactions if offset by a positive number explained by derivatives.
However, the previous chart does not reflect the entire result of our trading investments, which impacts other parts of the financial statements. For example our income from interest of the portfolio of available for sale investments doesn’t appear in the chart.
Provision for loan losses
The following table provides information relating to the composition of our provisions for loan losses for the three-month periods ending March 31 and June 30, 2010, expressed in million of Chilean nominal pesos:
| For three-month period ended | |||||||||
| Mar - 10 | Jun - 10 | Change | |||||||
Commercial, net | (4,997 | ) | (7,598 | ) | (2,601 | ) | |||
Mortgage, net | (1,233 | ) | (657 | ) | 577 | ||||
Consumer, net | (8,650 | ) | (6,720 | ) | 1,930 | ||||
Net charge to income | (14,888 | ) | (14,980 | ) | (92 | ) | |||
Our provision for loan losses during the second quarter of 2010 was Ch$15 billion, almost the same when compared to the prior quarter.
The increase in provision for loan losses in commercial loans and the decrease in consumer loans is explained as a consequence of the increase/decrease of our loan portfolio structure during the second quarter. The improvement in asset quality explains why total provision for loan losses remained the same besides the increase in total loans. Also, but in a lesser extent, the increase in the exchange rate also explains the increase in the commercial loans.
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August 27, 2010
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Operating expenses
The following table provides comparative information relating to our operating expenses for the three-month periods ending March 31 and June 30, 2010, expressed in million Chilean nominal pesos:
| For three-month period ended | |||||||
| Mar - 10 | Jun - 10 | Change | |||||
Personnel salaries expenses | 16,601 | 17,454 | 853 | ||||
Administrative and other expenses | 10,374 | 12,709 | 2,335 | ||||
Depreciation, amortization and impairment | 1,735 | 1,721 | (14 | ) | |||
Other operating expenses | 1,863 | 4,058 | 2,195 | ||||
Total operating expenses | 30,573 | 35,942 | 5,369 | ||||
Total operating expenses increased by 18% during the second quarter when compared to the last quarter. Personnel salaries expenses increased by Ch$853 million. This is explained by an increase in our number of employees of 4.5% during the second quarter and an increase in compensation payments. This was offset by a decrease in bonuses paid during this quarter.
Administrative and other expenses also increased by Ch$2.3 billion, mainly as a result of an increase in advertisement.
The increase of other operating expenses is because of an increase in additional provisions for loan losses.
As part of our strategy, we continue to maintain our efficiency leadership through our cost control culture. Our consolidated efficiency ratio (operating expenses / operating revenues) for the second quarter of 2010 was 36.8%, the same as previous quarter.
II) Assets and liabilities
Loan portfolio
Our total loan portfolio (excluding loans and receivables to banks) totalled Ch$5,322 billion as of June 30, 2010, representing an increase of 5% when compared to the prior quarter.
The following table provides comparative information related to our loan portfolio for March 31 and June 30, 2010, expressed in millions of Chilean nominal pesos:
| Mar-10 | Jun - 10 | Change | |||||
Wholesale | 3,822,183 | 4.056.251 | 234.068 | ||||
Commercial | 3,240,901 | 3,429,845 | 188,944 | ||||
Foreign trade | 234,967 | 281,004 | 46,037 | ||||
Leasing and factoring | 346,315 | 345,402 | (913 | ) | |||
Retail | 1,230,947 | 1,266,636 | 35,689 | ||||
Consumer | 414,081 | 406,599 | (7,482 | ) | |||
Mortgage loans | 816,866 | 860,037 | 43,171 | ||||
Total loans | 5,053,130 | 5,322,887 | 269,757 |
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Over a quarter-on-quarter basis our wholesale portfolio increased by 6%. This increase is primarily a result of commercial operations, which increased Ch$189 billion.
Our market share increased 13 bps during the quarter, from 7.29% in March to 7.42% in June. For corporate and commercial loans, our market share at the end of June 2010 was 9.15%, 20 bps higher than our market share at the end of March 2010.
This quarter’s increase in retail loans was due to mortgages loans that increased 5%, besides the consumer loan decrease of Ch$7 billion. The decrease in consumer loans is related to Banco Condell, our low income retail bank, and is consistent with our strategy of increasing our profits in a reduced controlled portfolio. This strategy is the reason why we experienced an increase in profits despite a decrease in consumer loans. Net income before taxes of Banco Condell during the second quarter was 44% higher than the first quarter.
Our market share in consumer loans decreased from 4.72% in March 2010 to 4.54% in June 2010, as we explained before, this is explained by Banco Condell. On the other hand our market share in mortgage loans increased 9bps during the quarter, ending the second quarter of 2010 at 4.67%.
Securities Portfolio
Our financial investments totalled Ch$975 billion as of June 30, 2010, almost the same amount as last quarter.
The following table provides comparative summary of our investment portfolio for the periods ended March 31 and June 30, 2010, expressed in millions of Chilean nominal pesos:
| Mar - 10 | Jun - 10 | Change | |||||
Trading portfolio financial assets | 91,153 | 111.714 | 20.561 | ||||
Financial investments available-for-sale | 880,956 | 863.443 | (17.513 | ) | |||
Financial investments held-to-maturity | — | — | — | ||||
Total financial investments | 972,109 | 975.157 | 3.048 |
Our investment portfolio consists of trading and available-for-sale securities. Trading instruments correspond to financial instruments acquired to generate gains from short-term price fluctuations, brokerage margins, or that are included in a portfolio with a pattern of gaining profit in the short-term. Trading instruments are stated at fair value.
Investment instruments are classified in two categories: held-to-maturity investments and instruments available-for-sale. Held-to-maturity investments include only those instruments which the Bank has the capacity and intent to hold until maturity. We currently do not have held-to-maturity investment. All other investment instruments are considered available-for-sale. Investment instruments are initially recognized at cost, which includes transaction costs. Instruments available-for-sale at each subsequent period-end are valued at their fair value according to market prices or based on valuation models. Unrealized gains or losses arising from changes in the fair value are charged or credited to equity accounts.
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August 27, 2010
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Funding strategy
The International and Treasury Division is responsible for providing liquidity, determining the funding gaps, managing the investment portfolio and foreign currency positions.
The following table summarizes our funding structure as of March 31 and June 30, 2010, in million Chilean nominal pesos:
| Mar-10 | Jun - 10 | Change | |||||
Checking accounts | 327,037 | 368.363 | 41.326 | ||||
Other non-interest bearing deposits | 147,651 | 199.431 | 51.780 | ||||
Time deposits and savings accounts | 3,590,544 | 3.609.853 | 19.309 | ||||
Repurchase agreements | 736,041 | 622.908 | (113.133 | ) | |||
Mortgages bonds | 261,231 | 251.278 | (9.953 | ) | |||
Banking bonds | 415,909 | 449.822 | 33.913 | ||||
Subordinated bonds | 252,213 | 254.320 | 2.107 | ||||
Domestic borrowings | 43,401 | 30.889 | (12.512 | ) | |||
Foreign borrowings | 352,548 | 385.401 | 32.853 |
Our current funding strategy is to continue to utilize all sources of funding in accordance with their costs, their availability and our general asset and liability management strategy. During the fourth quarter of 2009 we increased our amount of subordinated bonds. During the second quarter of 2010 our funding strategy was mainly driven by increasing our checking accounts and other non-interest bearing deposits, decreasing our funding cost. The increase in these two items relies on our strategy focused on in increasing our non interest bearing funding through cash management services in order to straighten our economic capital position and higher income client’s checking accounts in the retail world.
Shareholders’ Equity
We are the 4th largest private bank in Chile, based on our shareholders’ equity of Ch$ 501 billion and our loans of Ch$ 5,322 billion as of June 30, 2010. We have 226,909,291 thousand shares outstanding and a market capitalization of Ch$1,203 billion (based on a share price of Ch$5.3 pesos per share) as of June 30, 2010.
III) Other Related Information
Senior Unsecured Term Loan Facility
In July 2010, CorpBanca entered into aSenior Unsecured Term Loan Facility that amounted USD$ 167 million. This loan has an ending date of two years and it was coordinated by BNP Paribas. Citibank, Commerzbank , Standard Chartered and Wells Fargo participated among others. This transaction has re-opened this market to Chilean banking institutions.
Ratings
In June 2010, Feller-Rate published CorpBanca’s local rating, increasing its classification from AA- to AA. On the other hand, Fitch-Ratings improved CorpBanca’s outlook from negative to stable.
If you are interested in more information you may find the final reports in our web page.
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August 27, 2010
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CorpBanca’s Conference Call on Second quarter 2010 Results on Monday, August 30th, 2010
You are invited to participate in CorpBanca’s (NYSE: BCA, Santiago: CORPBANCA) conference call to discuss theSecond quarter 2010 Results and respond to investor questions.
Time: | 11:00 am (Santiago, Chile) | |
| 11:00 am EDT (US) | ||
| 16:00 pm (UK) | ||
Call Numbers: | U.S.A. participants please dial 1866 819 7111 | |
| Outside the US please dial +44 1452 542 301 | ||
| UK participants please dial 0800 953 0329 | ||
Chairperson: Mr. Eugenio Gigogne, Chief Financial Officer
You should dial in 10 minutes prior to the commencement of the call.
For your convenience,a 24 hour instant replayfacility will be available, following the completion of the conference call,until Monday, September 6th, 2010.
Slides and audio webcast:
There will also be a live -and then archived- webcast of the conference call with PowerPoint slides through the internet accessible through the website of Capital Link at www.capitallink.com. Please click on the button “SECOND QUARTER 2010 FINANCIAL RESULTS WEBCAST”. The webcast will also be available on the company’s website at www.corpbanca.cl. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
To listen to the replay,please call:
Instant Replay Number U.S.A.: 1866 247 4222 Access Code: 2339939# |
Instant Replay Number OTHER: +44 1452 550 000 Access Code: 2339939# |
Instant Replay Number U.K.: 0800 953 1533 Access Code: 2339939# |
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August 27, 2010
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Consolidated Statements of Income (unaudited)
| For the three months ended | ||||||
| (Expressed in millions of Chilean pesos) | Mar-10 | Jun-10 | ||||
OPERATING INCOME | ||||||
Interest revenue | 83,368 | 102,874 | ||||
Interest expense | (29,484 | ) | (41,265 | ) | ||
Net interest revenue | 53,884 | 61,609 | ||||
Fees and income from services, net | 15,121 | 14,112 | ||||
Trading and investment income, net | 11,310 | 14,959 | ||||
Foreign exchange gains (losses), net | (4,947 | ) | (4,053 | ) | ||
Other operating revenue | 1,547 | 644 | ||||
Operating revenues | 76,915 | 87,271 | ||||
Provisions for loan losses | (15,341 | ) | (15,592 | ) | ||
Net operating revenues | 61,574 | 71,679 | ||||
Personnel salaries and expenses | (16,601 | ) | (17,454 | ) | ||
Administration expenses | (10,374 | ) | (12,709 | ) | ||
Depreciation, amortization and impairment | (1,735 | ) | (1,721 | ) | ||
Other operating expenses | (1,863 | ) | (4,058 | ) | ||
Net operating income | 31,001 | 35,737 | ||||
Income attributable to investments in other companies | 23 | 261 | ||||
Net loss from price-level restatement | 0 | — | ||||
Income before income taxes | 31,024 | 35,998 | ||||
Income taxes | (5,008 | ) | (6,224 | ) | ||
Income for the period | 26,016 | 29,774 | ||||
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Consolidated Balance Sheets (unaudited)
| (Expressed in millions of Chilean pesos) | Mar-10 | Jun-10 | ||||
Assets | ||||||
Cash and due from banks | 149,179 | 166,772 | ||||
Items in course of collection | 171,188 | 213,171 | ||||
Trading portfolio financial assets | 91,153 | 111,714 | ||||
Financial investments available-for-sale | 880,956 | 863,443 | ||||
Financial investments held-to-maturity | — | — | ||||
Investments purchased under agreements to resell | 107,277 | 38,286 | ||||
Derivative financial instruments | 129,014 | 160,856 | ||||
Loans and receivables to banks | 289,559 | 126,266 | ||||
Loans and receivables to customers | 5,053,129 | 5,322,886 | ||||
Allowance for loan losses | (97,400 | ) | (99,582 | ) | ||
Loans and receivables to customers, net | 4,955,729 | 5,223,304 | ||||
Investments in other companies | 3,583 | 3,583 | ||||
Intangibles | 12,858 | 12,149 | ||||
Premises and equipment, net | 54,898 | 53,812 | ||||
Income tax provision—current | — | 458 | ||||
Deferred income taxes | 17,760 | 18,835 | ||||
Other assets | 87,415 | 93,285 | ||||
Total Assets | 6,950,569 | 7,085,934 | ||||
Liabilities: | ||||||
Deposits and other sight liabilities | 474,688 | 567,794 | ||||
Items in course of collection | 144,101 | 191,769 | ||||
Securities sold under agreements to resell | 736,041 | 622,908 | ||||
Deposits and other term liabilities | 3,590,544 | 3,609,853 | ||||
Derivative financial instruments | 112,971 | 120,298 | ||||
Borrowings from financial institutions | 368,163 | 390,434 | ||||
Debt instruments | 929,353 | 955,420 | ||||
Other financial obligations | 27,786 | 25,856 | ||||
Income tax provision—current | 9,898 | 8,785 | ||||
Deferred income taxes | 16,087 | 16,309 | ||||
Provisions | 35,118 | 54,330 | ||||
Other liabilities | 16,008 | 21,131 | ||||
Total Liabilities | ||||||
Shareholders’ equity: | 6,460,758 | 6,584,887 | ||||
Capital | ||||||
Reserves | 342,371 | 342,379 | ||||
Valuation gains (losses) | 14,865 | 14,868 | ||||
Retained earnings: | 1,123 | (3,220 | ) | |||
Retained earnings from prior years | 116,445 | 116,445 | ||||
Profit for the period | 26,016 | 56,310 | ||||
Less: Accrual for mandatory dividends | (13,008 | ) | (28,155 | ) | ||
Minority Interest | 1,999 | 2,420 | ||||
Total Shareholders’ Equity | 489.811 | 501,047 | ||||
Total equity and liabilities | 6.950.569 | 7,085,934 | ||||
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Selected Performance Ratios (unaudited)
| As of or for the three month period ended | ||||||
| Mar-10 | Jun-10 | |||||
Solvency indicators | ||||||
Basle index(5) | 13.28 | % | 12,68 | % | ||
Shareholders’ equity / total assets | 7.02 | % | 7,07 | % | ||
Shareholders’ equity / total liabilities | 7.55 | % | 7,61 | % | ||
Credit quality ratios | ||||||
Risk index (Allowances / total loans ) | 1.93 | % | 1,87 | % | ||
Provisions for loan losses / Total loans(1) | 1.21 | % | 1,17 | % | ||
Provisions for loan losses / Total assets(1) | 0.88 | % | 0,88 | % | ||
Provisions for loan losses / Gross operating income | 19.9 | % | 17,9 | % | ||
Provisions for loan losses / Net income | 59.0 | % | 52,4 | % | ||
Profitability ratios | ||||||
Net interest revenue / Interest-earning assets(1)(2) | 3.40 | % | 3,88 | % | ||
Gross operating income / Total assets(1) | 4.43 | % | 4,93 | % | ||
Gross operating income / Interest-earning assets(1)(2) | 4.86 | % | 5,50 | % | ||
ROA (before taxes), over total assets(1) | 1.79 | % | 2,03 | % | ||
ROA (before taxes), over interest-earning assets(1)(2) | 1.96 | % | 2,27 | % | ||
ROE (before taxes)(1) | 25.4 | % | 28,7 | % | ||
ROA, over total assets(1) | 1.50 | % | 1,68 | % | ||
ROA, over interest-earning assets(1)(2) | 1.64 | % | 1,88 | % | ||
ROE(1) | 21,92 | % | 25,18 | % | ||
Efficiency ratios | ||||||
Operating expenses / Total assets(1) | 1.76 | % | 2,03 | % | ||
Operating expenses/ Total loans(1) | 2.42 | % | 2,70 | % | ||
Operating expenses / Operating revenues | 39.7 | % | 36,5 | % | ||
Earnings | ||||||
Diluted Earnings per share before taxes (Chilean pesos per share) | 0.1367 | 0,1586 | ||||
Diluted Earnings per ADR before taxes (U.S. dollars per ADR) | 1.3052 | 1,4499 | ||||
Diluted Earnings per share (Chilean pesos per share) | 0.1147 | 0,1312 | ||||
Diluted Earnings per ADR (U.S. dollars per ADR) | 1.0945 | 1,1992 | ||||
Total Shares Outstanding (Thousands)(4) | 226,906,772.0 | 226.909.290,6 | ||||
Peso exchange rate for US$1 | 523.86 | 547,10 | ||||
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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. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release and Corp Banca 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.
CONTACTS:
Eugenio Gigogne
CFO, Corpbanca
Santiago, Chile
Phone: (562) 660-2559
investorrelations@corpbanca.cl
John Paul Fischer
Investor Relations, CorpBanca
Santiago, Chile
Phone: (562) 660-2141
john.fischer@corpbanca.cl
Nicolas Bornozis
President, Capital Link
New York, USA
Phone: (212) 661-7566
nbornozis@capitallink.com