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Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items] |
Schedule of valuation techniques and inputs |
Type of Financial Instrument | Valuation Method | Description: Inputs and Sources
Local Bank and Corporate Bonds | Discounted cash flows model | Prices (internal rates of return) are provided by third party price providers that are widely used in the Chilean market. Model is based on a Base Yield (Central Bank Bonds) and issuer spread. The model is based on daily prices and risk/maturity similarities between Instruments.
Offshore Bank and Corporate Bonds | Prices (internal rates of return) are provided by third party price providers that are widely used in the Chilean market. Model is based on daily prices.
Local Central Bank and Treasury Bonds | Prices (internal rates of return) are provided by third party price providers that are widely used in the Chilean market. Model is based on daily prices.
Mortgage Notes | Prices (internal rates of return) are provided by third party price providers that are widely used in the Chilean market. Model is based on a Base Yield (Central Bank Bonds) and issuer spread. The model takes into consideration daily prices and risk/maturity similarities between instruments.
Time Deposits | Prices are provided by third party price providers that are widely used in the Chilean market. Model is based on daily prices and considers risk/maturity similarities between instruments.
Cross Currency Swaps, Interest Rate Swaps, FX Forwards, Inflation Forwards | Forward Points, Inflation forecast and local swap rates are provided by market brokers that are widely used in the Chilean market Offshore rates and spreads are obtained from third party price providers that are widely used in the Chilean market. Zero Coupon rates are calculated by using the bootstrapping method over swap rates.
FX Options | Black-Scholes Model | Prices for volatility surface estimates are obtained from market brokers that are widely used in the Chilean market.
Schedule of fair value of Financial Assets/Liabilities on the balance sheet |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held-for-trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the Chilean government and Central Bank |  |  | 178,692 |  |  |  | 93,032 |  |  |  | 1,344,780 |  |  |  | 1,030,657 |  |  |  | ― |  |  |  | ― |  |  |  | 1,523,472 |  |  |  | 1,123,689 |
Other instruments issued in Chile |  |  | 1,663 |  |  |  | 3,272 |  |  |  | 107,078 |  |  |  | 316,971 |  |  |  | 20,866 |  |  |  | 55,094 |  |  |  | 129,607 |  |  |  | 375,337 |
Instruments issued abroad |  |  | 4,446 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 4,446 |  |  |  | ― |
Mutual fund investments |  |  | 87,841 |  |  |  | 373,329 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 87,841 |  |  |  | 373,329 |
Subtotal |  |  | 272,642 |  |  |  | 469,633 |  |  |  | 1,451,858 |  |  |  | 1,347,628 |  |  |  | 20,866 |  |  |  | 55,094 |  |  |  | 1,745,366 |  |  |  | 1,872,355 |
Derivative contracts for trading purposes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  | ― |  |  |  | ― |  |  |  | 735,444 |  |  |  | 956,632 |  |  |  | ― |  |  |  | ― |  |  |  | 735,444 |  |  |  | 956,632 |
Swaps |  |  | ― |  |  |  | ― |  |  |  | 738,130 |  |  |  | 1,761,952 |  |  |  | ― |  |  |  | ― |  |  |  | 738,130 |  |  |  | 1,761,952 |
Call options |  |  | ― |  |  |  | ― |  |  |  | 4,839 |  |  |  | 4,961 |  |  |  | ― |  |  |  | ― |  |  |  | 4,839 |  |  |  | 4,961 |
Put options |  |  | ― |  |  |  | ― |  |  |  | 120 |  |  |  | 1,076 |  |  |  | ― |  |  |  | ― |  |  |  | 120 |  |  |  | 1,076 |
Futures |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |
Subtotal |  |  | ― |  |  |  | ― |  |  |  | 1,478,533 |  |  |  | 2,724,621 |  |  |  | ― |  |  |  | ― |  |  |  | 1,478,533 |  |  |  | 2,724,621 |
Hedge derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedge (Swaps) |  |  | ― |  |  |  | ― |  |  |  | 1,116 |  |  |  | 32 |  |  |  | ― |  |  |  | ― |  |  |  | 1,116 |  |  |  | 32 |
Cash flow hedge (Swaps) |  |  | ― |  |  |  | ― |  |  |  | 34,298 |  |  |  | 61,562 |  |  |  | ― |  |  |  | ― |  |  |  | 34,298 |  |  |  | 61,562 |
Subtotal |  |  | ― |  |  |  | ― |  |  |  | 35,414 |  |  |  | 61,594 |  |  |  | ― |  |  |  | ― |  |  |  | 35,414 |  |  |  | 61,594 |
Total |  |  | ― |  |  |  | ― |  |  |  | 1,513,947 |  |  |  | 2,786,215 |  |  |  | ― |  |  |  | ― |  |  |  | 1,513,947 |  |  |  | 2,786,215 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the Chilean government and Central Bank |  |  | 99,132 |  |  |  | 66,953 |  |  |  | 65,090 |  |  |  | 42,109 |  |  |  | ― |  |  |  | ― |  |  |  | 164,222 |  |  |  | 109,062 |
Instruments issued in Chile |  |  | ― |  |  |  | ― |  |  |  | 747,653 |  |  |  | 1,221,862 |  |  |  | 23,021 |  |  |  | 7,069 |  |  |  | 770,674 |  |  |  | 1,228,931 |
Instruments issued abroad |  |  | ― |  |  |  | ― |  |  |  | 108,544 |  |  |  | 19,853 |  |  |  | ― |  |  |  | ― |  |  |  | 108,544 |  |  |  | 19,853 |
Subtotal |  |  | 99,132 |  |  |  | 66,953 |  |  |  | 921,287 |  |  |  | 1,283,824 |  |  |  | 23,021 |  |  |  | 7,069 |  |  |  | 1,043,440 |  |  |  | 1,357,846 |
Equity instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instruments issued in Chile |  |  | ― |  |  |  | ― |  |  |  | 8,939 |  |  |  | 7,446 |  |  |  | ― |  |  |  | ― |  |  |  | 8,939 |  |  |  | 7,446 |
Instruments issued abroad |  |  | 723 |  |  |  | 955 |  |  |  | ― |  |  |  | ― |  |  |  | 89 |  |  |  | 96 |  |  |  | 812 |  |  |  | 1,051 |
Subtotal |  |  | 723 |  |  |  | 955 |  |  |  | 8,939 |  |  |  | 7,446 |  |  |  | 89 |  |  |  | 96 |  |  |  | 9,751 |  |  |  | 8,497 |
Total |  |  | 99,855 |  |  |  | 67,908 |  |  |  | 930,226 |  |  |  | 1,291,270 |  |  |  | 23,110 |  |  |  | 7,165 |  |  |  | 1,053,191 |  |  |  | 1,366,343 |
Total |  |  | 372,497 |  |  |  | 537,541 |  |  |  | 3,896,031 |  |  |  | 5,425,113 |  |  |  | 43,976 |  |  |  | 62,259 |  |  |  | 4,312,504 |  |  |  | 6,024,913 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative contracts for trading purposes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forwards |  |  | ― |  |  |  | ― |  |  |  | 631,089 |  |  |  | 673,932 |  |  |  | ― |  |  |  | ― |  |  |  | 631,089 |  |  |  | 673,932 |
Swaps |  |  | ― |  |  |  | ― |  |  |  | 854,708 |  |  |  | 2,097,022 |  |  |  | ― |  |  |  | ― |  |  |  | 854,708 |  |  |  | 2,097,022 |
Call options |  |  | ― |  |  |  | ― |  |  |  | 2,921 |  |  |  | 1,529 |  |  |  | ― |  |  |  | ― |  |  |  | 2,921 |  |  |  | 1,529 |
Put options |  |  | ― |  |  |  | ― |  |  |  | 1,534 |  |  |  | 2,209 |  |  |  | ― |  |  |  | ― |  |  |  | 1,534 |  |  |  | 2,209 |
Futures |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |
Subtotal |  |  | ― |  |  |  | ― |  |  |  | 1,490,252 |  |  |  | 2,774,692 |  |  |  | ― |  |  |  | ― |  |  |  | 1,490,252 |  |  |  | 2,774,692 |
Hedge derivative contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedge (Swaps) |  |  | ― |  |  |  | ― |  |  |  | 6,164 |  |  |  | 9,286 |  |  |  | ― |  |  |  | ― |  |  |  | 6,164 |  |  |  | 9,286 |
Cash flow hedge (Swaps) |  |  | ― |  |  |  | ― |  |  |  | 31,818 |  |  |  | 34,443 |  |  |  | ― |  |  |  | ― |  |  |  | 31,818 |  |  |  | 34,443 |
Subtotal |  |  | ― |  |  |  | ― |  |  |  | 37,982 |  |  |  | 43,729 |  |  |  | ― |  |  |  | ― |  |  |  | 37,982 |  |  |  | 43,729 |
Total |  |  | ― |  |  |  | ― |  |  |  | 1,528,234 |  |  |  | 2,818,421 |  |  |  | ― |  |  |  | ― |  |  |  | 1,528,234 |  |  |  | 2,818,421 |
| (1) | As of December 31, 2019, 98% of instruments of Level 3 have denomination "Investment Grade". Also, 100% of total of these financial instruments correspond to domestic issuers.
Schedule of reconciliation between the beginning and ending balances of instruments classified as Level 3, whose fair value is reflected in the financial statements |
|  | 2018 |
|  | Balance as of January 1, 2018 |  |  | Gain (Loss) Recognized in Income (1) |  |  | Gain (Loss) Recognized in Equity (2) |  |  | Purchases |  |  | Sales |  |  | Transfer from Level 1 and 2 |  |  | Transfer to Level 1 and 2 |  |  | Balance as of December 31, 2018 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held-for-trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other instruments issued in Chile |  |  | 8,012 |  |  |  | 176 |  |  |  | — |  |  |  | 48,740 |  |  |  | (36,062 | ) |  |  | — |  |  |  | — |  |  |  | 20,866 |
Subtotal |  |  | 8,012 |  |  |  | 176 |  |  |  | — |  |  |  | 48,740 |  |  |  | (36,062 | ) |  |  | — |  |  |  | — |  |  |  | 20,866 |
Financial assets at fair value through OCI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other instruments issued in Chile |  |  | 46,265 |  |  |  | 2,539 |  |  |  | (292 | ) |  |  | — |  |  |  | (20,520 | ) |  |  | — |  |  |  | (4,971 | ) |  |  | 23,021 |
Equity instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instruments issued abroad |  |  | 50 |  |  |  | — |  |  |  | 39 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89 |
Subtotal |  |  | 46,315 |  |  |  | 2,539 |  |  |  | (253 | ) |  |  | — |  |  |  | (20,520 | ) |  |  | — |  |  |  | (4,971 | ) |  |  | 23,110 |
Total |  |  | 54,327 |  |  |  | 2,715 |  |  |  | (253 | ) |  |  | 48,740 |  |  |  | (56,582 | ) |  |  | — |  |  |  | (4,971 | ) |  |  | 43,976 |
|  | 2019 |
|  | Balance as of January 1, 2019 |  |  | Gain (Loss) Recognized in Income (1) |  |  | Gain (Loss) Recognized in Equity (2) |  |  | Purchases |  |  | Sales |  |  | Transfer from Level 1 and 2 |  |  | Transfer to Level 1 and 2 |  |  | Balance as of December 31, 2019 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held-for-trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other instruments issued in Chile |  |  | 20,866 |  |  |  | (38 | ) |  |  | — |  |  |  | 48,017 |  |  |  | (26,504 | ) |  |  | 13,368 |  |  |  | (615 | ) |  |  | 55,094 |
Subtotal |  |  | 20,866 |  |  |  | (38 | ) |  |  | — |  |  |  | 48,017 |  |  |  | (26,504 | ) |  |  | 13,368 |  |  |  | (615 | ) |  |  | 55,094 |
Financial assets at fair value through OCI: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other instruments issued in Chile |  |  | 23,021 |  |  |  | 968 |  |  |  | (517 | ) |  |  | — |  |  |  | (18,177 | ) |  |  | 1,774 |  |  |  | — |  |  |  | 7,069 |
Equity instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instruments issued abroad |  |  | 89 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 96 |
Subtotal |  |  | 23,110 |  |  |  | 968 |  |  |  | (510 | ) |  |  | — |  |  |  | (18,177 | ) |  |  | 1,774 |  |  |  | — |  |  |  | 7,165 |
Total |  |  | 43,976 |  |  |  | 930 |  |  |  | (510 | ) |  |  | 48,017 |  |  |  | (44,681 | ) |  |  | 15,142 |  |  |  | (615 | ) |  |  | 62,259 |
| (1) | It is recorded in the income statement under "Net financial operating income"
| (2) | It is recorded in Equity under "Other Comprehensive Income"
Schedule of transfers between levels for financial assets and liabilities whose fair value is recorded in the consolidated financial statements |
|  | Transfers from level 1 to level 2 |
|  | 2018 |
Financial assets |  | MCh$ |
Financial assets held-for-trading instruments |  |  |
From the Chilean Government and Central Bank |  |  | 496 |
Instruments issued abroad |  |  |  |
From the Chilean Government and Central Bank |  |  | ― |
|  | Transfers from level 2 to level 1 |
|  | 2018 |
Financial assets |  | MCh$ |
Financial assets held-for-trading instruments |  |  |  |
From the Chilean Government and Central Bank |  |  | ― |
Instruments issued abroad |  |  |  |
From the Chilean Government and Central Bank |  |  | ― |
|  | Transfers from level 1 to level 2 |
|  | 2019 |
Financial assets |  | MCh$ |
Financial assets held-for-trading instruments |  |  |  |
From the Chilean Government and Central Bank |  |  | 84 |
Financial assets at fair value through OCI |  |  |  |
From the Chilean Government and Central Bank |  |  | ― |
|  | Transfers from level 2 to level 1 |
|  | 2019 |
Financial assets |  | MCh$ |
Financial assets held-for-trading instruments |  |  |
From the Chilean Government and Central Bank |  |  | 17 |
Financial assets at fair value through OCI |  |  |  |
From the Chilean Government and Central Bank |  |  | ― |
Schedule of impact on the fair value of Level 3 financial instruments using alternative assumptions that are reasonably possible |
|  | As of December 31, 2018 |  |  | As of December 31, 2019 |
|  | Level 3 |  |  | Sensitivity to changes in key assumptions of models |  |  | Level 3 |  |  | Sensitivity to changes in key assumptions of models |
Financial Assets |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Financial assets held-for-trading |  |  |  |  |  |  |  |  |  |  |  |
Other instruments issued in Chile |  |  | 20,866 |  |  |  | (26 | ) |  |  | 55,094 |  |  |  | (466 | )
Subtotal |  |  | 20,866 |  |  |  | (26 | ) |  |  | 55,094 |  |  |  | (466 | )
Financial assets at fair value through OCI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt instrument: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other instruments issued in Chile |  |  | 23,021 |  |  |  | (195 | ) |  |  | 7,069 |  |  |  | (86 | )
Equity instrument: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Instruments issued abroad |  |  | 89 |  |  |  | ― |  |  |  | 96 |  |  |  | ― |
Subtotal |  |  | 23,110 |  |  |  | (195 | ) |  |  | 7,165 |  |  |  | (86 | )
Total |  |  | 43,976 |  |  |  | (221 | ) |  |  | 62,259 |  |  |  | (552 | )
Schedule of fair values of the financial assets and liabilities that are not recorded at fair value in the statement of financial position |
|  | Book Value |  |  | Fair Value |
|  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | 880,081 |  |  |  | 2,392,166 |  |  |  | 880,081 |  |  |  | 2,392,166 |
Transactions in the course of collection |  |  | 289,194 |  |  |  | 331,420 |  |  |  | 289,194 |  |  |  | 331,420 |
Investments under resale agreements |  |  | 97,289 |  |  |  | 142,329 |  |  |  | 97,289 |  |  |  | 142,329 |
Subtotal |  |  | 1,266,564 |  |  |  | 2,865,915 |  |  |  | 1,266,564 |  |  |  | 2,865,915 |
Loans and advances to banks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic banks |  |  | 99,776 |  |  |  | 149,974 |  |  |  | 99,776 |  |  |  | 149,974 |
Chilean Central Bank |  |  | 1,100,831 |  |  |  | 630,053 |  |  |  | 1,100,831 |  |  |  | 630,053 |
Foreign banks |  |  | 293,777 |  |  |  | 360,054 |  |  |  | 286,063 |  |  |  | 358,542 |
Subtotal |  |  | 1,494,384 |  |  |  | 1,140,081 |  |  |  | 1,486,670 |  |  |  | 1,138,569 |
Loans to Customers at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  | 15,209,534 |  |  |  | 16,039,411 |  |  |  | 14,949,852 |  |  |  | 15,988,330 |
Residential mortgage loans |  |  | 8,017,743 |  |  |  | 9,163,019 |  |  |  | 8,451,099 |  |  |  | 9,888,506 |
Consumer loans |  |  | 4,113,977 |  |  |  | 4,181,609 |  |  |  | 4,116,261 |  |  |  | 4,215,509 |
Subtotal |  |  | 27,341,254 |  |  |  | 29,384,039 |  |  |  | 27,517,212 |  |  |  | 30,092,345 |
Total |  |  | 30,102,202 |  |  |  | 33,390,035 |  |  |  | 30,270,446 |  |  |  | 34,096,829 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current accounts and other demand deposits |  |  | 9,584,488 |  |  |  | 11,326,133 |  |  |  | 9,584,488 |  |  |  | 11,326,133 |
Transactions in the course of payment |  |  | 44,436 |  |  |  | 98,869 |  |  |  | 44,436 |  |  |  | 98,869 |
Obligations under repurchase agreements |  |  | 303,820 |  |  |  | 308,734 |  |  |  | 303,820 |  |  |  | 308,734 |
Saving accounts and time deposits |  |  | 10,656,174 |  |  |  | 10,856,618 |  |  |  | 10,632,350 |  |  |  | 10,795,125 |
Borrowings from financial institutions |  |  | 1,516,759 |  |  |  | 1,563,277 |  |  |  | 1,506,940 |  |  |  | 1,555,129 |
Other financial obligations |  |  | 118,014 |  |  |  | 156,229 |  |  |  | 119,024 |  |  |  | 160,361 |
Subtotal |  |  | 22,223,691 |  |  |  | 24,309,860 |  |  |  | 22,191,058 |  |  |  | 24,244,351 |
Debt issued |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Letters of credit for residential purposes |  |  | 15,040 |  |  |  | 10,229 |  |  |  | 15,982 |  |  |  | 11,081 |
Letters of credit for general purposes |  |  | 1,328 |  |  |  | 669 |  |  |  | 1,411 |  |  |  | 725 |
Bonds |  |  | 6,772,990 |  |  |  | 7,912,621 |  |  |  | 6,897,317 |  |  |  | 8,340,272 |
Subordinated bonds |  |  | 686,194 |  |  |  | 889,895 |  |  |  | 732,611 |  |  |  | 1,004,621 |
Subtotal |  |  | 7,475,552 |  |  |  | 8,813,414 |  |  |  | 7,647,321 |  |  |  | 9,356,699 |
Total |  |  | 29,699,243 |  |  |  | 33,123,274 |  |  |  | 29,838,379 |  |  |  | 33,601,050 |
Schedule of figures by hierarchy, for financial assets/liabilities not measured at fair value on the balance sheet |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | Estimated Fair Value |  |  | Estimated Fair Value |  |  | Estimated Fair Value |  |  | Estimated Fair Value |
|  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  | 880,081 |  |  |  | 2,392,166 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 880,081 |  |  |  | 2,392,166 |
Transactions in the course of collection |  |  | 289,194 |  |  |  | 331,420 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 289,194 |  |  |  | 331,420 |
Investments under resale agreements |  |  | 97,289 |  |  |  | 142,329 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 97,289 |  |  |  | 142,329 |
Subtotal |  |  | 1,266,564 |  |  |  | 2,865,915 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 1,266,564 |  |  |  | 2,865,915 |
Loans and advances to banks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic banks |  |  | 99,776 |  |  |  | 149,974 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 99,776 |  |  |  | 149,974 |
Central bank |  |  | 1,100,831 |  |  |  | 630,053 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 1,100,831 |  |  |  | 630,053 |
Foreign banks |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 286,063 |  |  |  | 358,542 |  |  |  | 286,063 |  |  |  | 358,542 |
Subtotal |  |  | 1,200,607 |  |  |  | 780,027 |  |  |  | ― |  |  |  | ― |  |  |  | 286,063 |  |  |  | 358,542 |  |  |  | 1,486,670 |  |  |  | 1,138,569 |
Loans to Customers at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 14,949,852 |  |  |  | 15,988,330 |  |  |  | 14,949,852 |  |  |  | 15,988,330 |
Residential mortgage loans |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 8,451,099 |  |  |  | 9,888,506 |  |  |  | 8,451,099 |  |  |  | 9,888,506 |
Consumer loans |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 4,116,261 |  |  |  | 4,215,509 |  |  |  | 4,116,261 |  |  |  | 4,215,509 |
Subtotal |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 27,517,212 |  |  |  | 30,092,345 |  |  |  | 27,517,212 |  |  |  | 30,092,345 |
Total |  |  | 2,467,171 |  |  |  | 3,645,942 |  |  |  | ― |  |  |  | ― |  |  |  | 27,803,275 |  |  |  | 30,450,887 |  |  |  | 30,270,446 |  |  |  | 34,096,829 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current accounts and other demand deposits |  |  | 9,584,488 |  |  |  | 11,326,133 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 9,584,488 |  |  |  | 11,326,133 |
Transactions in the course of payment |  |  | 44,436 |  |  |  | 98,869 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 44,436 |  |  |  | 98,869 |
Obligations under repurchase agreements |  |  | 303,820 |  |  |  | 308,734 |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 303,820 |  |  |  | 308,734 |
Savings accounts and time deposits |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 10,632,350 |  |  |  | 10,795,125 |  |  |  | 10,632,350 |  |  |  | 10,795,125 |
Borrowings from financial institutions |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 1,506,940 |  |  |  | 1,555,129 |  |  |  | 1,506,940 |  |  |  | 1,555,129 |
Other financial obligations |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 119,024 |  |  |  | 160,361 |  |  |  | 119,024 |  |  |  | 160,361 |
Subtotal |  |  | 9,932,744 |  |  |  | 11,733,736 |  |  |  | ― |  |  |  | ― |  |  |  | 12,258,314 |  |  |  | 12,510,615 |  |  |  | 22,191,058 |  |  |  | 24,244,351 |
Debt Issued |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Letters of credit for residential purposes |  |  | ― |  |  |  | ― |  |  |  | 15,982 |  |  |  | 11,081 |  |  |  | ― |  |  |  | ― |  |  |  | 15,982 |  |  |  | 11,081 |
Letters of credit for general purposes |  |  | ― |  |  |  | ― |  |  |  | 1,411 |  |  |  | 725 |  |  |  | ― |  |  |  | ― |  |  |  | 1,411 |  |  |  | 725 |
Bonds |  |  | ― |  |  |  | ― |  |  |  | 6,897,317 |  |  |  | 8,340,272 |  |  |  | ― |  |  |  | ― |  |  |  | 6,897,317 |  |  |  | 8,340,272 |
Subordinate bonds |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | ― |  |  |  | 732,611 |  |  |  | 1,004,621 |  |  |  | 732,611 |  |  |  | 1,004,621 |
Subtotal |  |  | ― |  |  |  | ― |  |  |  | 6,914,710 |  |  |  | 8,352,078 |  |  |  | 732,611 |  |  |  | 1,004,621 |  |  |  | 7,647,321 |  |  |  | 9,356,699 |
Total |  |  | 9,932,744 |  |  |  | 11,733,736 |  |  |  | 6,914,710 |  |  |  | 8,352,078 |  |  |  | 12,990,925 |  |  |  | 13,515,236 |  |  |  | 29,838,379 |  |  |  | 33,601,050 |
Assets |  | Liabilities
- Cash and due from banks |  | - Current accounts and other demand deposits
- Transactions in the course of collection |  | - Transactions in the course of payments
- Investment under resale agreements |  | - Obligations under repurchase agreements
Schedule of offsetting of financial assets and liabilities |
|  | Effect of offsetting on balance sheet |  |  | Related amount not offset |
|  | Gross amount |  |  | Amounts offset |  | Net amounts reported on the balance sheet |  |  | Financial Instruments |  |  | Financial Collateral |  |  | Net amount |
|  | MCh$ |  |  | MCh$ |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
As of December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  |  | 1,513,947 |  |  | ― |  |  | 1,513,947 |  |  |  | (1,007,130 | ) |  |  | (30,036 | ) |  |  | 476,781 |
Derivative financial liabilities |  |  | 1,528,234 |  |  | ― |  |  | 1,528,234 |  |  |  | (1,007,130 | ) |  |  | (233,450 | ) |  |  | 287,654 |
|  |  | Effect of offsetting on balance sheet |  |  |  | Related amount not offset |
|  |  | Gross amount |  |  | Amounts offset |  |  | Net amounts reported on the balance sheet |  |  |  | Financial Instruments |  |  |  | Financial Collateral |  |  |  | Net amount |
|  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  |  | MCh$ |  |  |  | MCh$ |  |  |  | MCh$ |
As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial assets |  |  | 2,786,215 |  |  | ― |  |  | 2,786,215 |  |  |  | (2,113,970 | ) |  |  | (43,337 | ) |  |  | 628,908 |
Derivative financial liabilities |  |  | 2,818,421 |  |  | ― |  |  | 2,818,421 |  |  |  | (2,113,970 | ) |  |  | (418,988 | ) |  |  | 285,463 |
Fair Value - not measured at fair value |
Disclosure of detailed information about financial instruments [line items] |
Schedule of valuation techniques and inputs |
Type of Financial Instrument | Valuation Method | Description: Inputs and Sources
Local Bank and Corporate Bonds | Discounted cash flows model | Since inputs for these types of securities are not observable by the market, we model interest rate of returns for them based on a Base Yield (Central Bank Bonds) and issuer spread. These inputs (base yield and issuer spread) are provided on a daily basis by third party price providers that are widely used in the Chilean market.
Offshore Bank and Corporate Bonds | Discounted cash flows model | Since inputs for these types of securities are not observable by the market, we model interest rate of returns for them based on a Base Yield (US-Libor) and issuer spread. These inputs (base yield and issuer spread) are provided on a weekly basis by third party price providers that are widely used in the Chilean market.

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