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Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of redesignated financial assets and liabilities [text block] [Abstract]

Schedule of fair value of financial assets liabilities on the balance sheet

		Level 1								Level 2								Level 3								Total
		2020				2021				2020				2021				2020				2021				2020				2021
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Financial Assets
Financial assets held-for-trading
From the Chilean government and Central Bank			75,701				169,067				4,083,591				3,303,055				―				―				4,159,292				3,472,122
Other instruments issued in Chile			1,002				3,061				99,302				214,337				5,494				51,484				105,798				268,882
Instruments issued abroad			164				―				—				—				―				―				164				―
Mutual fund investments			400,902				135,691				—				—				―				―				400,902				135,691
Total			477,769				307,819				4,182,893				3,517,392				5,494				51,484				4,666,156				3,876,695
Derivative Instruments
Derivative contracts for trading purposes
Forwards			―				―				551,964				742,545				―				―				551,964				742,545
Swaps			―				―				2,013,247				1,958,242				―				―				2,013,247				1,958,242
Call options			―				―				269				4,509				―				―				269				4,509
Put options			―				―				1,462				199				―				―				1,462				199
Futures			―				―				—				—				―				―				—				—
Subtotal			―				―				2,566,942				2,705,495				―				―				2,566,942				2,705,495
Hedge derivative contracts
Fair value hedge (Swaps)			―				―				―				―				―				―				—				—
Cash flow hedge (Swaps)			―				―				51,062				277,803				―				―				51,062				277,803
Subtotal			―				―				51,062				277,803				―				―				51,062				277,803
Total			―				―				2,618,004				2,983,298				―				―				2,618,004				2,983,298
Financial assets at fair value through other comprehensive income
Debt instruments (1):
From the Chilean government and Central Bank			―				507,368				163,600				1,981,482				―				―				163,600				2,488,850
Instruments issued in Chile			―				―				860,327				540,756				36,596				25,203				896,923				565,959
Instruments issued abroad			―				―				―				―				―				―				—				—
Subtotal			―				507,368				1,023,927				2,522,238				36,596				25,203				1,060,523				3,054,809
Equity instruments:
Instruments issued in Chile			―				―				6,869				5,499				―				―				6,869				5,499
Instruments issued abroad			670				841				―				―				91				25				761				866
Subtotal			670				841				6,869				5,499				91				25				7,630				6,365
Total			670				508,209				1,030,796				2,527,737				36,687				25,228				1,068,153				3,061,174
Total Financial Assets			478,439				816,028				7,831,693				9,028,427				42,181				76,712				8,352,313				9,921,167
Financial liabilities
Derivative contracts for trading purposes
Forwards			―				―				637,164				505,463				―				―				637,164				505,463
Swaps			―				―				2,130,393				2,264,132				―				―				2,130,393				2,264,132
Call options			―				―				306				2,726				―				―				306				2,726
Put options			―				―				2,099				459				―				―				2,099				459
Futures			―				―				―				―				―				―				―				―
Subtotal			―				―				2,769,962				2,772,780				―				―				2,769,962				2,772,780
Hedge derivative contracts
Cash flow hedge (Forwards)			―				―				―				88				―				―								88
Fair value hedge (Swaps)			―				―				6,519				608				―				―				6,519				608
Cash flow hedge (Swaps)			―				―				65,172				―				―				―				65,172				―
Subtotal			―				―				71,691				696				―				―				71,691				696
Total Financial liabilities			―				―				2,841,653				2,773,476				―				―				2,841,653				2,773,476

(1) As of December 31, 2021, 100% 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

		2020
		Balance as of January 1, 2020				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, 2020
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Financial Assets
Financial assets held-for-trading:
Other instruments issued in Chile			55,094				(708	)			—				49,424				(98,316	)			—				—				5,494
Subtotal			55,094				(708	)			—				49,424				(98,316	)			—				—				5,494
Financial assets at fair value through OCI:
Debt instruments:
Other instruments issued in Chile			7,069				323				(647	)			71,539				(70,897	)			29,209				—				36,596
Equity instruments:
Instruments issued abroad			96				—				(5	)			—				—				—				—				91
Subtotal			7,165				323				(652	)			71,539				(70,897	)			29,209				—				36,687
Total			62,259				(385	)			(652	)			120,963				(169,213	)			29,209				—				42,181

		2021
		Balance as of January 1, 2021				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, 2021
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Financial Assets
Financial assets held-for-trading:
Other instruments issued in Chile			5,494				(503	)			—				42,484				(3,160	)			7,169				—				51,484
Subtotal			5,494				(503	)			—				42,484				(3,160	)			7,169				—				51,484
Financial assets at fair value through OCI:
Debt instruments:
Other instruments issued in Chile			36,596				1,084				(3,168	)			10,212				(20,453	)			6,399				(5,467	)			25,203
Equity instruments:
Instruments issued abroad			91				—				(66	)			—				—				—				—				25
Subtotal			36,687				1,084				(3,234	)			10,212				(20,453	)			6,399				(5,467	)			25,228
Total			42,181				581				(3,234	)			52,696				(23,613	)			13,568				(5,467	)			76,712

(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 reconciliation between the beginning and ending balances of instruments classified as Level 3, whose fair value is reflected in the financial statements

		Transfers from level 1 to level 2
		2020
Financial assets		MCh$
Financial assets held-for-trading instruments
From the Chilean Government and Central Bank			425
Instruments issued abroad
From the Chilean Government and Central Bank			―

		Transfers from level 2 to level 1
		2020
Financial assets		MCh$
Financial assets held-for-trading instruments
From the Chilean Government and Central Bank			109
Instruments issued abroad
From the Chilean Government and Central Bank			―

		Transfers from level 1 to level 2
		2021
Financial assets		MCh$
Financial assets held-for-trading instruments
From the Chilean Government and Central Bank			933
Financial assets at fair value through OCI
From the Chilean Government and Central Bank			―

		Transfers from level 2 to level 1
		2021
Financial assets		MCh$
Financial assets held-for-trading instruments
From the Chilean Government and Central Bank			―
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, 2020								As of December 31, 2021
		Level 3				Sensitivity to changes in key assumptions of models				Level 3				Sensitivity to changes in key assumptions of models
		MCh$				MCh$				MCh$				MCh$
Financial Assets
Financial assets held-for-trading
Other instruments issued in Chile			5,494				(8	)			51,484				(506	)
Subtotal			5,494				(8	)			51,484				(506	)
Financial assets at fair value through OCI
Debt instrument:
Other instruments issued in Chile			36,596				(525	)			25,203				(782	)
Equity instrument:
Instruments issued abroad			91				—				25				—
Subtotal			36,687				(525	)			25,228				(782	)
Total			42,181				(533	)			76,712				(1,288	)

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
		2020				2021				2020				2021
		MCh$				MCh$				MCh$				MCh$
Assets
Cash and due from banks			2,560,216				3,713,734				2,560,216				3,713,734
Transactions in the course of collection			163,252				326,446				163,252				326,446
Investments under resale agreements			76,407				64,365				76,407				64,365
Subtotal			2,799,875				4,104,545				2,799,875				4,104,545
Loans and advances to banks
Domestic banks			259,788				159,987				259,788				159,987
Central Bank of Chile			2,380,033				1,090,000				2,380,033				1,090,000
Foreign banks			299,377				279,764				297,778				278,813
Subtotal			2,939,198				1,529,751				2,937,599				1,528,800
Loans to Customers at amortized cost
Commercial loans			17,120,207				19,353,491				16,968,143				18,449,013
Residential mortgage loans			9,352,720				10,307,542				10,075,011				9,753,455
Consumer loans			3,628,656				3,931,344				3,711,582				3,899,940
Subtotal			30,101,583				33,592,377				30,754,736				32,102,408
Financial instruments at amortized cost			—				839,744				—				764,528
Total			35,840,656				40,066,417				36,492,210				38,500,281
Liabilities
Current accounts and other demand deposits			15,167,229				18,542,791				15,167,229				18,542,791
Transactions in the course of payment			882,944				210,479				882,944				210,479
Obligations under repurchase agreements			288,917				95,009				288,917				95,009
Saving accounts and time deposits			8,899,541				9,140,006				8,885,015				9,145,192
Borrowings from financial institutions			3,669,753				4,861,865				3,415,959				4,325,869
Other financial obligations			191,713				274,618				217,311				299,452
Subtotal			29,100,097				33,124,768				28,857,375				32,618,792
Debt issued
Letters of credit for residential purposes			6,532				4,011				7,201				4,214
Letters of credit for general purposes			254				105				280				110
Bonds			7,700,402				8,557,279				8,390,594				8,397,835
Subordinated bonds			886,407				917,510				1,004,196				869,364
Subtotal			8,593,595				9,478,905				9,402,271				9,271,523
Total			37,693,692				42,603,673				38,259,646				41,890,315

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
		2020				2021				2020				2021				2020				2021				2020				2021
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Assets
Cash and due from banks			2,560,216				3,713,734				—				—				—				—				2,560,216				3,713,734
Transactions in the course of collection			163,252				326,446				—				—				—				—				163,252				326,446
Investments under resale agreements			76,407				64,365				—				—				—				—				76,407				64,365
Subtotal			2,799,875				4,104,545				—				—				—				—				2,799,875				4,104,545
Loans and advances to banks
Domestic banks			259,788				159,987				—				—				—				—				259,788				159,987
Central Bank of Chile			2,380,033				1,090,000				—				—				—				—				2,380,033				1,090,000
Foreign banks			—				—				—				—				297,778				278,813				297,778				278,813
Subtotal			2,639,821				1,249,987				—				—				297,778				278,813				2,937,599				1,528,800
Loans to Customers at amortized cost
Commercial loans			—				—				—				—				16,968,143				18,449,013				16,968,143				18,449,013
Residential mortgage loans			—				—				—				—				10,075,011				9,753,455				10,075,011				9,753,455
Consumer loans			—				—				—				—				3,711,582				3,899,940				3,711,582				3,899,940
Subtotal			—				—				—				—				30,754,736				32,102,408				30,754,736				32,102,408
Financial instruments at amortized cost			—				764,528				—				—				—				—				—				764,528
Total			5,439,696				6,119,060				—				—				31,052,514				32,381,221				36,492,210				38,500,281
Liabilities
Current accounts and other demand deposits			15,167,229				18,542,791				—				—				—				—				15,167,229				18,542,791
Transactions in the course of payment			882,944				210,479				—				—				—				—				882,944				210,479
Obligations under repurchase agreements			288,917				95,009				—				—				—				—				288,917				95,009
Savings accounts and time deposits			—				—				—				—				8,885,015				9,145,192				8,885,015				9,145,192
Borrowings from financial institutions			—				—				—				—				3,415,959				4,325,869				3,415,959				4,325,869
Other financial obligations			—				—				—				—				217,311				299,452				217,311				299,452
Subtotal			16,339,090				18,848,279				—				—				12,518,285				13,770,513				28,857,375				32,618,792
Debt Issued
Letters of credit for residential purposes			—				—				7,201				4,214				—				—				7,201				4,214
Letters of credit for general purposes			—				—				280				110				—				—				280				110
Bonds			—				—				8,390,594				8,397,835				—				—				8,390,594				8,397,835
Subordinate bonds			—				—				—				—				1,004,196				869,364				1,004,196				869,364
Subtotal			—				—				8,398,075				8,402,159				1,004,196				869,364				9,402,271				9,271,523
Total			16,339,090				18,848,279				8,398,075				8,402,159				13,522,481				14,639,877				38,259,646				41,890,315

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, 2020
Derivative financial assets			2,618,004				—				2,618,004				(2,258,554	)			(85,614	)			273,836
Derivative financial liabilities			2,841,653				—				2,841,653				(2,258,554	)			(218,329	)			364,770

		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, 2021
Derivative financial assets			2,983,298				—				2,983,298				(2,042,009	)			(327,840	)			613,449
Derivative financial liabilities			2,773,476				—				2,773,476				(2,042,009	)			(275,191	)			456,276

X

- Definition

The disclosure of fair value of financial instruments, not measured at fair value in statement of financial position.

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No definition available.

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The disclosure of impact on the fair value of financial instruments using alternative assumptions that are reasonably possible related to significant unobservable inputs.

+ References

No definition available.

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The disclosure of level hierarchy classification of other assets and liabilities not measured at fair value on the balance sheet.

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Financial Assets and Liabilities [Table Text Block]

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The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
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The disclosure of the offsetting of financial assets and financial liabilities. [Refer: Financial assets; Financial liabilities]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 7
-IssueDate 2021-01-01
-Section Offsetting financial assets and financial liabilities
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The disclosure of significant inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when measuring the fair value of assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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