CorpBanca first quarter income up 9.6% despite flat loan growth

- Tuesday, May 17, 2011

CorpBanca first quarter income up 9.6% despite flat loan growth

Chile's fifth largest bank, CorpBanca (NYSE: BCA), saw first quarter pretax earnings rise 9.6% compared to 4Q10, to 29.8bn pesos (US$62.8mn), despite lending showing virtually no growth during the quarter.

Total loans hit 5.46tn pesos as of March 31, virtually unchanged compared to December 31, 2010.

The bank's loan market share fell to 7.02% as of end-March from 7.30% as of December 31, 2010, due to a decrease in commercial loans, the bank said in its latest earnings release.

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To read the bank's full earnings release in English, go to this link