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- S&P confirma calificación de 'mxAAA' a la emisión de certificados bursátiles de largo plazo por hasta MXN2,500 millones de Banco de Chile; la perspectiva es estable
- Standard & Poor's aplica sus criterios de calificación actualizados a 21 bancos y entidades relacionadas en América Latina
- Standard & Poor's asigna calificación de 'A' a emisión de certificados bursátiles por MXN1,500 millones de Banco de Chile
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MeneameThis year will see increasing regulation in Chile's financial system, but this trend is not expected to have a significant impact on earnings, Deutsche Bank (NYSE: DB) said in a report.
The maximum interest rate is expected to decline to 45% from 50%, retailers could be forced to disclose information to the country's credit bureau and the corporate tax rate will be discussed, according to the report.
Banks could also move to the Basel II accord, which would lead to a 1% decrease in capital requirements and also reduced dividend payouts, although no time period is set for this, said Deutsche Bank.
SECTOR OUTLOOK 2012
Chilean banks' total loan growth is expected at 12% in 2012, after a 17% increase in 2011, reflecting lower forecast GDP growth, and asset quality is also expected to deteriorate slightly, the report said.
Deutsche Bank has reduced earnings estimates for the banking sector by 2% in 2012, reflecting 4Q11 results. Banco de Chile's (NYSE: BCH) earnings are expected to decline 2% this year and rise 7% in 2013 after a 13% increase last year, while Santander Chile (NYSE: SAN) is expected to increase earnings by 16% in 2012 and 10% in 2013 after a 12% decline last year.
The investment bank projects ROE of 25.0% for Banco de Chile and 24.2% for Santander Chile in 2012.
To read the full report, go to this link
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