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REPORTING SEGMENTS | 12 Months Ended
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Dec. 31, 2018
Reporting Segments |
REPORTING SEGMENTS | NOTE 04 REPORTING SEGMENTS The Bank manages and measures the performance of its operations by business segments. The information disclosed in this note is not necessarily comparable to that of other financial institutions, since it is based on management’s internal information system by segment. Inter-segment transactions are conducted under normal arm’s length commercial terms and conditions. Each segment’s assets, liabilities, and income include items directly attributable to the segment to which they can be allocated on a reasonable basis. Under IFRS 8, the Bank has aggregated operating segments with similar economic characteristics according to the aggregation criteria specified in the standard. A reporting segment consists of clients that are offered differentiated but, considering how their performance is measured, are homogenous services based on IFRS 8 aggregation criteria, thus they form part of the same reporting segment. Overall, this aggregation has no significant impact on the understanding of the nature and effects of the Bank’s business activities and the economic environment. The Bank has the reportable segments noted below: Retail Banking Consists of individuals and small to middle-sized entities (SMEs) with annual income less than Ch$1,200 million. This segment gives customers a variety of services, including consumer loans, credit cards, auto loans, commercial loans, foreign exchange, mortgage loans, debit cards, checking accounts, savings products, mutual funds, stockbrokerage, and insurance brokerage. Additionally the SME clients are offered government-guaranteed loans, leasing and factoring. Middle-market This segment is made up of companies and large corporations with annual sales exceeding Ch$1,200 million. It serves institutions such as universities, government entities, local and regional governments and companies engaged in the real estate industry who carry out projects to sell properties to third parties and annual sales exceeding Ch$800 million with no upper limit. The companies within this segment have access to many products including commercial loans, leasing, factoring, foreign trade, credit cards, mortgage loans, checking accounts, transactional services, treasury services, financial consulting, savings products, mutual funds, and insurance brokerage. Also companies in the real estate industry are offered specialized services to finance projects, chiefly residential, with the aim of expanding sales of mortgage loans. Global Corporate Banking This segment consists of foreign and domestic multinational companies with sales over Ch$10,000 million. The companies within this segment have access to many products including commercial loans, leasing, factoring, foreign trade, credit cards, mortgage loans, checking accounts, transactional services, treasury services, financial consulting, investments, savings products, mutual funds and insurance brokerage. This segment also consists of a Treasury Division which provides sophisticated financial products, mainly to companies in the Middle-market and Global Corporate Banking segments. These include products such as short-term financing and fund raising, brokerage services, derivatives, securitization, and other tailor-made products. The Treasury area may act as brokers to transactions and also manages the Bank’s investment portfolio. Corporate Activities (“Other”) This segment mainly includes the results of our Financial Management Division, which develops global management functions, including managing inflation rate risk, foreign currency gaps, interest rate risk and liquidity risk. Liquidity risk is managed mainly through wholesale deposits, debt issuances and the Bank’s available for sale portfolio. This segment also manages capital allocation by unit. These activities usually result in a negative contribution to income. In addition, this segment encompasses all the intra-segment income and all the activities not assigned to a given segment or product with customers. The segments’ accounting policies are those described in the summary of accounting policies. The Bank earns most of its income in the form of interest income, fee and commission income and income from financial operations. To evaluate a segment’s financial performance and make decisions regarding the resources to be assigned to segments, the Chief Operating Decision Maker (CODM) bases his assessment on the segment’s interest income, fee and commission income, and expenses. Below are the tables showing the Bank’s results by reporting segment for the years ended December 31, 2018, 2017 and 2016 in addition to the corresponding balances of loans and accounts receivable from customers:
|  | For the year ended December 31, 2018
| Loans and accounts receivable at amortised cost (1) | Net interest income | Net fee and commission income | Financial transactions, net (2) | Expected credit losses | Support expenses (3) | Segment`s net contribution
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Retail Banking | 20,786,637 | 949,764 | 220,532 | 19,694 | (287,739) | (553,157) | 349,094
Middle-market | 7,690,380 | 272,912 | 36,746 | 16,848 | (26,314) | (92,377) | 207,815
Commercial Banking | 28,477,017 | 1,222,676 | 257,278 | 36,542 | (314,053) | (645,534) | 556,909
Global Corporate Banking | 1,613,088 | 96,722 | 35,064 | 57,340 | 2,339 | (64,913) | 126,552
Other | 123,309 | 94,970 | (1,457) | 11,200 | (5.694) | (11,486) | 87,533
Total | 30,213,414 | 1,414,368 | 290,885 | 105,082 | (317,408) | (721,933) | 770,994
Other operating income |  |  |  |  | 23,129
Other operating expenses and impairment |  |  |  |  | (32,381)
Income from investments in associates and other companies |  |  |  |  | 5,095
Income tax expense |  |  |  |  | (167,144)
Net income for the year |  |  |  |  | 599,693
(1) Corresponds to loans and accounts receivable at amortised cost under IFRS 9, without deducting their allowances for loan losses. (2) Corresponds to the sum of the net income from financial operations and the foreign exchange profit or loss. (3) Corresponds to the sum of personnel salaries and expenses, administrative expenses, depreciation and amortization.
|  | For the year ended December 31, 2017
| Loans and accounts receivable from customers (1) | Net interest income | Net fee and commission income | Financial transactions, net (2) | Provision for loan losses | Support expenses (3) | Segment`s net contribution
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Retail Banking | 19,233,169 | 970,332 | 206,449 | 20,595 | (293,956) | (534,970) | 368,450
Middle-market | 6,775,734 | 264,663 | 36,280 | 13,751 | (19,235) | (91,882) | 203,577
Commercial Banking | 26,008,903 | 1,234,995 | 242,729 | 34,346 | (313,191) | (626,852) | 572,027
Global Corporate Banking | 1,633,796 | 100,808 | 27,626 | 50,714 | 6,440 | (62,685) | 122,903
Other | 83,215 | (9,112) | 8,708 | 44,692 | 4,496 | (15,356) | 33,428
Total | 27,725,914 | 1,326,691 | 279,063 | 129,752 | (302,255) | (704,893) | 728,358
Other operating income |  |  |  |  | 62,016
Other operating expenses and impairment |  |  |  |  | (74,057)
Income from investments in associates and other companies |  |  |  |  | 3,963
Income tax expense |  |  |  |  | (145,031)
Net income for the year |  |  |  |  | 575,249
(1) Corresponds to loans and accounts receivable from customers, without deducting their allowances for loan losses. (2) Corresponds to the sum of the net income from financial operations and the foreign exchange profit or loss. (3) Corresponds to the sum of personnel salaries and expenses, administrative expenses, depreciation and amortization.
|  | For the year ended December 31, 2016
| Loans and accounts receivable from customers (1) | Net interest income | Net fee and commission income | Financial transactions, net (2) | Provision for loan losses | Support expenses (3) | Segment`s net contribution
| MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$ | MCh$
Retail Banking | 18,604,936 | 931,105 | 196,845 | 21,141 | (323,888) | (529,909) | 295,294
Middle-market | 6,396,376 | 244,960 | 30,851 | 19,577 | (26,748) | (83,412) | 185,228
Commercial Banking | 25,001,312 | 1,176,065 | 227,696 | 40,718 | (350,636) | (613,321) | 480,522
Global Corporate Banking | 2,121,513 | 95,105 | 25,077 | 55,927 | 7,579 | (53,935) | 129,753
Other | 83,606 | 10,196 | 1,651 | 43,713 | 974 | (19,649) | 36,885
Total | 27,206,431 | 1,281,366 | 254,424 | 140,358 | (342,083) | (686,905) | 647,160
Other operating income |  |  |  |  | 6,427
Other operating expenses and impairment |  |  |  |  | (69,136)
Income from investments in associates and other companies |  |  |  |  | 3,012
Income tax expense |  |  |  |  | (109,031)
Net income for the year |  |  |  |  | 478,432
(1) Corresponds to loans and accounts receivable from customers, without deducting their allowances for loan losses. (2) Corresponds to the sum of the net income from financial operations and the foreign exchange profit or loss. (3) Corresponds to the sum of personnel salaries and expenses, administrative expenses, depreciation and amortization.

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