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Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity

27.

Equity:

(a)

Capital

(i)

Authorized, subscribed and paid shares:

As of December 31, 2022, the paid-in capital of Banco de Chile is represented by 101,017,081,114 registered shares (101,017,081,114 in 2021), with no par value, subscribed and fully paid.

	As of December 31, 2022
Corporate Name or Shareholders’s name	Number of Shares		% of Equity Holding
LQ Inversiones Financieras S.A.		46,815,289,329		46.344	%
Banco Santander on behalf foreign investors		5,152,721,486		5.101	%
Banchile Corredores de Bolsa S.A.		5,136,168,146		5.084	%
Inversiones LQ-SM Limitada		4,854,988,014		4.806	%
Banco de Chile on behalf State Street		4,578,821,545		4.533	%
Banco de Chile on behalf of non-resident third parties		4,469,302,412		4.424	%
Banco de Chile on behalf Citibank New York		2,114,554,951		2.093	%
Ever Chile SPA		1,888,369,814		1.869	%
Inversiones Avenida Borgoño SPA		1,190,565,316		1.179	%
Ever 1 BAE SPA		1,166,584,950		1.155	%
Larraín Vial S.A. Corredora de Bolsa		992,600,803		0.983	%
J P Morgan Chase Bank		912,758,708		0.904	%
Banco Santander Chile		727,463,267		0.720	%
A.F.P Cuprum S.A. for A Fund		665,713,252		0.659	%
A.F.P Habitat S.A. for A Fund		574,953,861		0.569	%
BCI Corredores de Bolsa S.A.		520,057,341		0.515	%
Valores Security S.A. Corredores de Bolsa		516,590,290		0.511	%
Inversiones CDP SPA		487,744,912		0.483	%
A.F.P Capital S.A. for A Fund		475,086,799		0.470	%
Santander S.A. Corredores de Bolsa Limitada		462,028,745		0.457	%
Subtotal		83,702,363,941		82.860	%
Others shareholders		17,314,717,173		17.140	%
Total		101,017,081,114		100.000	%

	As of December 31, 2021
Corporate Name or Shareholders’s name	Number of Shares		% of Equity Holding
LQ Inversiones Financieras S.A.		46,815,289,329		46.344	%
Banchile Corredores de Bolsa S.A.		5,745,082,033		5.687	%
Inversiones LQ-SM Limitada		4,854,988,014		4.806	%
Banco Santander on behalf foreign investors		4,562,248,706		4.516	%
Banco de Chile on behalf State Street		3,654,038,675		3.617	%
Banco de Chile on behalf of non-resident third parties		3,528,713,024		3.493	%
Ever Chile SPA		2,201,574,554		2.179	%
Ever 1 BAE SPA		2,104,584,950		2.083	%
Banco de Chile on behalf Citibank New York		2,053,637,155		2.033	%
Inversiones Aspen Ltda.		1,594,040,870		1.578	%
Inversiones Avenida Borgoño SPA		1,190,565,316		1.179	%
Larraín Vial S.A. Corredora de Bolsa		1,085,751,023		1.075	%
J P Morgan Chase Bank		1,063,239,108		1.053	%
A.F.P Habitat S.A. for A Fund		611,001,048		0.605	%
Santander S.A. Corredores de Bolsa Limitada		586,905,632		0.581	%
BCI Corredores de Bolsa S.A.		540,263,012		0.535	%
Inversiones CDP SPA		487,744,912		0.483	%
Valores Security S.A. Corredores de Bolsa		473,695,265		0.469	%
BICE Inversiones Corredores de Bolsa S.A.		462,020,571		0.457	%
A.F.P Cuprum S.A. for A Fund		457,880,375		0.453	%
Subtotal		84,073,263,572		83.226	%
Others shareholders		16,943,817,542		16.774	%
Total		101,017,081,114		100.000	%

(ii) Shares:

The following table shows the share movements from December 31, 2020 to December 31, 2022:

	Total
	Ordinary Shares
Total shares as of December 31, 2020		101,017,081,114

Total shares as of December 31, 2021		101,017,081,114

Total shares as of December 31, 2022		101,017,081,114

(b)

Approval and payment of dividends:

At the Bank Ordinary Shareholders’ Meeting held on March 17, 2022, the distribution and payment of dividend No. 210 of Ch$5.34393608948 per share of the Banco de Chile was approved, with charge to the net distributable income for the year ended as of December 31, 2021. The dividends paid in the year 2022 amounted to Ch$539,827 million.

At the Bank Ordinary Shareholders’ Meeting held on March 25, 2021, the distribution and payment of dividend No. 209 of Ch$2.18053623438 per share of the Banco de Chile was approved, with charge to the net distributable income for the year ended as of December 31, 2020. The dividends paid in the year 2021 amounted to Ch$220,271 million.

(c)

Provision for minimum dividends:

The Chilean Corporations Law mandates a minimum distribution of 30% of distributable income. Accordingly, the Bank recorded a liability under the line item “Provisions” for an amount of Ch$422,830 million (Ch$237,877 million in December 31, 2021) against “Retained earnings”.

(d)

Earnings per share:

(i)

Basic earnings per share:

Basic earnings per share are determined by dividing the net income attributable to the Bank ordinary equity holders in a period between the weighted average number of shares outstanding during that period, excluding the average number of own shares held throughout the period.

(ii)

Diluted earnings per share:

In order to calculate the diluted earnings per share, both the amount of income attributable to common shareholders and the weighted average number of shares outstanding, net of own shares, must be adjusted for all the inherent dilutive effects to the potential common shares (stock options, warrants and convertible debt).

The following table shows the income and share data used in the calculation of EPS:

	As of December 31,
	2022		2021		2020
Basic earnings per share:
Net profits attributable to ordinary equity holders of the bank (in million Chilean pesos)		1,445,799		1,056,316		401,629
Weighted average number of ordinary shares		101,017,081,114		101,017,081,114		101,017,081,114
Earning per shares (in Chilean pesos)		14.31		10.46		3.98
Diluted earnings per share:
Net profits attributable to ordinary equity holders of the bank (in million Chilean pesos)		1,445,799		1,056,316		401,629
Weighted average number of ordinary shares		101,017,081,114		101,017,081,114		101,017,081,114
Assumed conversion of convertible debt		—		—		—
Adjusted number of shares		101,017,081,114		101,017,081,114		101,017,081,114
Diluted earnings per share (in Chilean pesos)		14.31		10.46		3.98

As of December 31, 2022 and 2021, the Bank does not have instruments that generate dilutive effects.

(e)

Other comprehensive income:

Below is the composition and changes of accumulated other comprehensive income as of December 31, 2022 and 2021:

	Elements that will not be reclassified in profit or loss												Elements that can be reclassified in profit or loss
	New measurements of net defined benefit liability and actuarial results for other employee benefit plans			Fair value changes of equity instruments designated as at fair value through other comprehensive income			Income tax			Subtotal			Fair value changes of financial assets at fair value through other comprehensive income			Cash flow accounting hedge			Participation in other comprehensive income of entities registered under the equity method			Income tax			Subtotal			Total
	MCh$			MCh$			MCh$			MCh$			MCh$			MCh$			MCh$			MCh$			MCh$			MCh$

Opening balances as of January 1, 2020		—			6,181			(1,603	)		4,578			13,857			(81,040	)		(19	)		18,523			(48,679	)		(44,101	)
Other comprehensive income for the period		—			(862	)		233			(629	)		(7,675	)		10,358			(4	)		(725	)		1,954			1,325
Balances as of December 31, 2020		—			5,319			(1,370	)		3,949			6,182			(70,682	)		(23	)		17,798			(46,725	)		(42,776	)

Opening balances as of January 1, 2021		—			5,319			(1,370	)		3,949			6,182			(70,682	)		(23	)		17,798			(46,725	)		(42,776	)
Other comprehensive income for the period		—			(1,196	)		254			(942	)		(51,650	)		182,376			2			(45,393	)		85,335			84,393
Balances as of December 31, 2021		—			4,123			(1,116	)		3,007			(45,468	)		111,694			(21	)		(27,595	)		38,610			41,617

Opening balances as of January 1, 2022		—			4,123			(1,116	)		3,007			(45,468	)		111,694			(21	)		(27,595	)		38,610			41,617
Other comprehensive income for the period		(130	)		179			(12	)		37			48,076			(215,476	)		(169	)		58,977			(108,592	)		(108,555	)
Reclassifications from reserves		(208	)		—			57			(151	)		(2,340	)		—			—			—			(2,340	)		(2,491	)

Balances as of December 31, 2022		(338	)		4,302			(1,071	)		2,893			268			(103,782	)		(190	)		31,382			(72,322	)		(69,429	)

(f)

Retained earnings from previous years:

During the year 2022, the Ordinary Shareholders Meeting of Banco de Chile agreed to deduct and withhold from the year 2021 liquid income, an amount equivalent to the value effect of the monetary unit of paid capital and reserves according to the variation in the Consumer Price Index, which occurred between November 2020 and November 2021, amounting to Ch$253,094 million.