Q2 2024 Banco Itau Chile Earnings Call Transcript
Key Points
- Banco Itau Chile (XSGO:ITAUCL) achieved a strong position in investment banking, ranking third in M&A deals and second in both equity and debt capital markets.
- The bank's investment business showed market-leading growth, with a notable increase in assets under management and a high Net Promoter Score (NPS) of 78.
- Banco Itau Chile (XSGO:ITAUCL) maintained a solid return on tangible equity of 15.2% in Chile, demonstrating resilience in its financial performance.
- The bank's efficiency ratio was 42.7%, better than the industry average, indicating effective cost management.
- Banco Itau Chile (XSGO:ITAUCL) made significant progress in its ESG initiatives, achieving 100% coverage in measuring financed carbon emissions and improving its PCAF score by 6%.
- Recurring net income decreased by 3.7% quarter-on-quarter and 32.8% year-over-year, impacted by lower financial margins and increased cost of credit.
- The bank experienced a significant decrease in financial margins with the market, primarily due to lower gains from fixed income instruments.
- Non-interest expenses increased by 12.1% year-over-year, driven by cost growth in Colombia and the appreciation of the Colombian peso.
- Loan growth in Chile was slower than the industry average, with a nominal increase of only 0.7% compared to the previous quarter.
- The cost of credit rose by 36.6% year-over-year, reflecting challenges in managing credit risk and recoveries.
Ladies and gentlemen, thank you for standing by and welcome to the Banco Itaú Chile second quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)
I would now like to turn the conference over to your speaker for today Ms. Claudia Labbe, Head of Investor Relations. Please go ahead.
Good morning. Thank you for joining our conference call of our second quarter 2024. I would like to remind you that our remarks may include forward-looking information and our actual results could differ materially from what is discussed in this presentation.
I would also like to draw your attention to the financial information included in this management discussion and analysis presentation, which is based on our managerial model in which we adjust for non-recurring events and apply managerial criteria to disclose our income statement.
Please remind that since the second quarter 2019,
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