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Current Tax and Deferred Taxes | 12 Months Ended
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Dec. 31, 2024
Current Tax and Deferred Taxes [Abstract] |
Current tax and deferred taxes |
16. | Current tax and deferred taxes:
| (a) | Current Tax:
The Bank and its subsidiaries at the end of each year, have constituted a First Category Income Tax Provision, which was determined based on current tax regulations, and has been reflected in the Statement of Financial Position net of taxes to be recovered or payable, as applicable, as of December 31, 2024 and 2023, according to the following detail:
|  | 2024 |  |  | 2023 |
|  | MCh$ |  |  | MCh$ |
Income taxes |  |  | (333,719 | ) |  |  | (298,877 | )
Less: |  |  |  |  |  |  |  |
Monthly prepaid taxes |  |  | 483,615 |  |  |  | 429,554 |
Credit for training expenses |  |  | 1,820 |  |  |  | 2,300 |
Other |  |  | 8,021 |  |  |  | 7,409 |
Total tax (receivable) payable, net |  |  | 159,737 |  |  |  | 140,386 |
Tax Rate |  |  | 27.00 | % |  |  | 27.00 | %
|  | 2024 |  |  | 2023 |
|  | MCh$ |  |  | MCh$ |
Current tax assets |  |  | 159,869 |  |  |  | 141,194 |
Current tax liabilities |  |  | (132 | ) |  |  | (808 | )
Total tax receivable (payable), net |  |  | 159,737 |  |  |  | 140,386 |
| (b) | Income Tax:
The Bank’s tax expense recorded for the years ended December 31, 2024, 2023 and 2022 is detailed as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Income tax expense: |  |  |  |  |  |  |  |  |
Current year taxes |  |  | 339,604 |  |  |  | 268,318 |  |  |  | 369,711 |
Tax from previous period |  |  | (5,343 | ) |  |  | 620 |  |  |  | 2,931 |
Subtotal |  |  | 334,261 |  |  |  | 268,938 |  |  |  | 372,642 |
(Credit) charge for deferred taxes: |  |  |  |  |  |  |  |  |  |  |  |
Origin and reversal of temporary differences |  |  | (1,482 | ) |  |  | 44,545 |  |  |  | (91,001 | )
Subtotal |  |  | (1,482 | ) |  |  | 44,545 |  |  |  | (91,001 | )
Others |  |  | 822 |  |  |  | 8,631 |  |  |  | 7,568 |
Net charge to income for income taxes |  |  | 333,601 |  |  |  | 322,114 |  |  |  | 289,209 |
| (c) | Reconciliation of effective tax rate:
The following table reconciles the income tax rate to the effective rate applied to determine the Bank’s income tax expense as of December 31, 2024, 2023 and 2022:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Tax rate % |  |  | MCh$ |  |  | Tax rate % |  |  | MCh$ |  |  | Tax rate % |  |  | MCh$ |
Income tax calculated on net income before tax |  |  | 27.00 |  |  |  | 427,161 |  |  |  | 27.00 |  |  |  | 457,958 |  |  |  | 27.00 |  |  |  | 468,453 |
Additions or deductions (*) |  |  | (5.92 | ) |  |  | (93,726 | ) |  |  | (8.04 | ) |  |  | (136,285 | ) |  |  | (10.93 | ) |  |  | (189,722 | )
Other |  |  | 0.01 |  |  |  | 166 |  |  |  | 0.03 |  |  |  | 441 |  |  |  | 0.60 |  |  |  | 10,478 |
Effective rate and income tax expense |  |  | 21.09 |  |  |  | 333,601 |  |  |  | 18.99 |  |  |  | 322,114 |  |  |  | 16.67 |  |  |  | 289,209 |
(*) | The deductions of the tax rate for 2024, 2023 and 2022 mainly relate to permanent differences between tax and financial accounting rules.
| (d) | Effect of deferred taxes on income and equity:
The effects of deferred taxes on assets, liabilities and income accounts are detailed as follows:
|  | Balance as of |  |  | Effect |  |  | Balance as of |  |  | Effect |  |  | Balance as of |
|  | December 31, |  |  |  |  |  |  |  |  | December 31, |  |  |  |  |  |  |  |  | December 31, |
|  | 2022 |  |  | Income |  |  | OCI |  |  | 2023 |  |  | Income |  |  | OCI |  |  | 2024 |
|  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |  |  | MCh$ |
Debit differences: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowances for loan losses and provision for contingent loans |  |  | 213,784 |  |  |  | (52,432 | ) |  |  | — |  |  |  | 161,352 |  |  |  | 184 |  |  |  | — |  |  |  | 161,536 |
Personnel provision |  |  | 20,228 |  |  |  | 4,176 |  |  |  | — |  |  |  | 24,404 |  |  |  | 232 |  |  |  | — |  |  |  | 24,636 |
Staff vacations provisions |  |  | 11,139 |  |  |  | 886 |  |  |  | — |  |  |  | 12,025 |  |  |  | (463 | ) |  |  | — |  |  |  | 11,562 |
Accrued interest adjustments from impaired loans |  |  | 10,305 |  |  |  | 4,632 |  |  |  | — |  |  |  | 14,937 |  |  |  | 1,597 |  |  |  | — |  |  |  | 16,534 |
Staff severance indemnities provision |  |  | 1,368 |  |  |  | (136 | ) |  |  | 20 |  |  |  | 1,252 |  |  |  | (217 | ) |  |  | (31 | ) |  |  | 1,004 |
Provisions of credit card expenses |  |  | 9,146 |  |  |  | 711 |  |  |  | — |  |  |  | 9,857 |  |  |  | 1,111 |  |  |  | — |  |  |  | 10,968 |
Provisions of accrued expenses |  |  | 11,829 |  |  |  | (1,092 | ) |  |  | — |  |  |  | 10,737 |  |  |  | (506 | ) |  |  | — |  |  |  | 10,231 |
Adjustment for valuation of investments and equity instruments at fair value through OCI |  |  | 3,533 |  |  |  | — |  |  |  | (3,256 | ) |  |  | 277 |  |  |  | — |  |  |  | 198 |  |  |  | 475 |
Leasing |  |  | 89,821 |  |  |  | 13,531 |  |  |  | — |  |  |  | 103,352 |  |  |  | 7,591 |  |  |  | — |  |  |  | 110,943 |
Incomes received in advance |  |  | 9,012 |  |  |  | (3,863 | ) |  |  | — |  |  |  | 5,149 |  |  |  | (1,035 | ) |  |  | — |  |  |  | 4,114 |
Exchange rate difference |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Property and equipment valuation difference |  |  | 403 |  |  |  | 2,473 |  |  |  | — |  |  |  | 2,876 |  |  |  | 3,924 |  |  |  | — |  |  |  | 6,800 |
Other adjustments |  |  | 32,382 |  |  |  | (1,060 | ) |  |  | — |  |  |  | 31,322 |  |  |  | (10,174 | ) |  |  | — |  |  |  | 21,148 |
Total Debit Differences |  |  | 412,950 |  |  |  | (32,174 | ) |  |  | (3,236 | ) |  |  | 377,540 |  |  |  | 2,244 |  |  |  | 167 |  |  |  | 379,951 |
Credit differences: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible |  |  | 16,965 |  |  |  | 7,745 |  |  |  | — |  |  |  | 24,710 |  |  |  | 5,913 |  |  |  | — |  |  |  | 30,623 |
Property and equipment valuation difference |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transitory assets |  |  | 7,953 |  |  |  | 921 |  |  |  | — |  |  |  | 8,874 |  |  |  | 852 |  |  |  | — |  |  |  | 9,726 |
Loans accrued to effective rate |  |  | 2,441 |  |  |  | 43 |  |  |  | — |  |  |  | 2,484 |  |  |  | (151 | ) |  |  | — |  |  |  | 2,333 |
Prepaid expenses |  |  | 2,688 |  |  |  | 8,197 |  |  |  | — |  |  |  | 10,885 |  |  |  | (4,485 | ) |  |  | — |  |  |  | 6,400 |
Exchange rate difference |  |  | 3,406 |  |  |  | (1,770 | ) |  |  | — |  |  |  | 1,636 |  |  |  | (835 | ) |  |  | — |  |  |  | 801 |
Activated bond placement expense |  |  | 5,810 |  |  |  | (553 | ) |  |  | — |  |  |  | 5,257 |  |  |  | (362 | ) |  |  | — |  |  |  | 4,895 |
Other adjustments |  |  | 5,501 |  |  |  | (2,212 | ) |  |  | (1 | ) |  |  | 3,288 |  |  |  | (170 | ) |  |  | — |  |  |  | 3,118 |
Total Credit Differences |  |  | 44,764 |  |  |  | 12,371 |  |  |  | (1 | ) |  |  | 57,134 |  |  |  | 762 |  |  |  | — |  |  |  | 57,896 |
Total Debit (Credit), net |  |  | 368,186 |  |  |  | (44,545 | ) |  |  | (3,235 | ) |  |  | 320,406 |  |  |  | 1,482 |  |  |  | 167 |  |  |  | 322,055 |
Reconciliation to Statement of Financial Position
|  | 2024 |  |  | 2023 |
|  | MCh$ |  |  | MCh$ |
Deferred tax assets |  |  | 322,221 |  |  |  | 320,406 |
Deferred tax liabilities |  |  | (166 | ) |  |  | — |
Total deferred taxes |  |  | 322,055 |  |  |  | 320,406 |

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