Chilean lender Bci reports assets of US$61bn, dethrones BancoEstado
Chilean commercial lender Bci has overtaken BancoEstado, Santander and Banco de Chile to become the biggest bank in the country by assets.
The development reflects the impact of Bci's recent acquisition of Florida lender TotalBank via the former's existing US subsidiary, City National Bank of Florida.
At the end of June, Bci held assets of 39.4tn pesos (US$61.3bn), up from 36.7tn pesos a month earlier.
In comparison, at the end of June state lender BancoEstado held 37.7tn pesos, while commercial banks Santander and Banco de Chile reported 37.6tn pesos and 34.4tn pesos, respectively.
Bci's purchase of TotalBank has also boosted the size of the system's combined loan portfolio, watchdog Sbif said in a report. At end-June, the portfolio was 6.56% bigger than it was 12 months earlier.
Banking association Abif, meanwhile, cited the impact of the country's strengthening economy.
At the end of June, Bci's loan book stood at 28.8tn pesos, up from 26.7tn pesos in May, making the bank the second-biggest by loan book after Santander, which reported 29.2tn pesos.
The system NPL ratio (90 days past-due or more) stood at 1.93%, down from 1.95% in May.
BOTTOM LINE
For January-June, Chile's banks posted a profit of 1.30tn pesos, up 2.71% year-on-year.
Profits for June were 235bn peso, up 2.83% month-on-month. Sbif attributed the monthly increase mainly to lower net provisions and an increase in investment income, which was partly offset by a smaller interest margin.
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