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Equity | 12 Months Ended
--- | ---
Dec. 31, 2019
EQUITY |
EQUITY | NOTE 24 EQUITY
a) | Capital
As of December 31, 2019 and 2018 the Bank had 188,446,126,794 shares outstanding, all of which are subscribed for and paid in full, amounting to Ch$891,303 million. All shares have the same rights, and have no preferences or restrictions. The activity with respect to shares during 2019, 2018 and 2017 was as follows:
|  | SHARES As of December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Issued as of January 1 |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
Issuance of paid shares |  |  | - |  |  |  | - |  |  |  | - |
Issuance of outstanding shares |  |  | - |  |  |  | - |  |  |  | - |
Stock options exercised |  |  | - |  |  |  | - |  |  |  | - |
Issued as of December 31, |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
As of December 31, 2019, 2018 and 2017 the Bank does not have any of its own shares in treasury, nor do any of the consolidated companies. As of December 31, 2019 the shareholder composition was as follows:
Corporate Name or Shareholder's Name |  | Shares |  |  | ADRs (*) |  |  | Total |  |  | % of equity holding |
Santander Chile Holding S.A. |  |  | 66,822,519,695 |  |  |  | - |  |  |  | 66,822,519,695 |  |  |  | 35.46 |
Teatinos Siglo XXI Inversiones Limitada |  |  | 59,770,481,573 |  |  |  | - |  |  |  | 59,770,481,573 |  |  |  | 31.72 |
The Bank New York Mellon |  |  | - |  |  |  | 24,822,041,271 |  |  |  | 24,822,041,271 |  |  |  | 13.17 |
Banks on behalf of third parties |  |  | 15,957,137,883 |  |  |  | - |  |  |  | 15,957,137,883 |  |  |  | 8.47 |
Pension funds (AFP) on behalf of third parties |  |  | 9,995,705,956 |  |  |  | - |  |  |  | 9,995,705,956 |  |  |  | 5.30 |
Stock brokers on behalf of third parties |  |  | 5,551,024,270 |  |  |  | - |  |  |  | 5,551,024,270 |  |  |  | 2.95 |
Other minority holders |  |  | 5,527,216,146 |  |  |  | - |  |  |  | 5,527,216,146 |  |  |  | 2.93 |
Total |  |  | 163,624,085,523 |  |  |  | 24,822,041,271 |  |  |  | 188,446,126,794 |  |  |  | 100.00 |
| (*) | American Depository Receipts (ADR) are certificates issued by a U.S. commercial bank to be traded on the U.S. securities markets.
As of December 31, 2018 the shareholder composition was as follows:
Corporate Name or Shareholder's Name |  | Shares |  | ADRs (*) |  | Total |  | % of equity holding
Santander Chile Holding S.A. |  |  | 66,822,519,695 |  |  |  | - |  |  |  | 66,822,519,695 |  |  |  | 35.46 |
Teatinos Siglo XXI Inversiones Limitada |  |  | 59,770,481,573 |  |  |  | - |  |  |  | 59,770,481,573 |  |  |  | 31.72 |
The Bank New York Mellon |  |  | - |  |  |  | 26,486,000,071 |  |  |  | 26,486,000,071 |  |  |  | 14.05 |
Banks on behalf of third parties |  |  | 15,451,106,985 |  |  |  | - |  |  |  | 15,451,106,985 |  |  |  | 8.20 |
Pension funds (AFP) on behalf of third parties |  |  | 9,033,172,896 |  |  |  | - |  |  |  | 9,033,172,896 |  |  |  | 4.79 |
Stock brokers on behalf of third parties |  |  | 4,773,558,507 |  |  |  | - |  |  |  | 4,773,558,507 |  |  |  | 2.53 |
Other minority holders |  |  | 6,109,287,067 |  |  |  | - |  |  |  | 6,109,287,067 |  |  |  | 3.25 |
Total |  |  | 161,960,126,723 |  |  |  | 26,486,000,071 |  |  |  | 188,446,126,794 |  |  |  | 100.00 |
| (*) | American Depository Receipts (ADR) are certificates issued by a U.S. commercial bank to be traded on the U.S. securities markets.
As of December 31, 2017 the shareholder composition was as follows:
Corporate Name or Shareholder's Name |  | Shares |  | ADRs (*) |  | Total |  | % of equity holding
Santander Chile Holding S.A. |  |  | 66,822,519,695 |  |  |  | - |  |  |  | 66,822,519,695 |  |  |  | 35.46 |
Teatinos Siglo XXI Inversiones Limitada |  |  | 59,770,481,573 |  |  |  | - |  |  |  | 59,770,481,573 |  |  |  | 31.72 |
The Bank New York Mellon |  |  | - |  |  |  | 31,238,866,071 |  |  |  | 31,238,866,071 |  |  |  | 16.58 |
Banks on behalf of third parties |  |  | 13,892,691,988 |  |  |  | - |  |  |  | 13,892,691,988 |  |  |  | 7.37 |
Pension funds (AFP) on behalf of third parties |  |  | 6,896,552,755 |  |  |  | - |  |  |  | 6,896,552,755 |  |  |  | 3.66 |
Stock brokers on behalf of third parties |  |  | 3,762,310,365 |  |  |  | - |  |  |  | 3,762,310,365 |  |  |  | 2.00 |
Other minority holders |  |  | 6,062,704,347 |  |  |  | - |  |  |  | 6,062,704,347 |  |  |  | 3.21 |
Total |  |  | 157,207,260,723 |  |  |  | 31,238,866,071 |  |  |  | 188,446,126,794 |  |  |  | 100.00 |
| (*) | American Depository Receipts (ADR) are certificates issued by a U.S. commercial bank to be traded on the U.S. securities markets.
b) | Reserves
During 2019, on the Shareholders Meeting held in April, it is agreed to capitalize on reserves 40% of retained earnings from previous years, equivalent to $236,761 million ($141,204 and $141,706 million in the year 2018 and 2017 respectively). As a result of the purchase of Santander Consumer S.A., the Bank has recorded negative equity effect of MCh$37,041, since the Bank apply "predecessor accounting method", and the difference between the consideration transferred and the acquired net asset is recorded in equity, within reserves. See Note 3.
c) | Dividends
The distribution of dividends is detailed in the Consolidated Statements of Changes in Equity.
d) | As of December 31, 2019, 2018 and 2017 the basic and diluted earnings per share were as follows:
|  | As of December 31,
|  | 2019 |  | 2018 |  | 2017
|  | MCh$ |  | MCh$ |  | MCh$
a) Basic earnings per share |  |  |  |  |  |
Total attributable to the shareholders of the Bank |  |  | 619,091 |  |  |  | 595,333 |  |  |  | 562,801 |
Weighted average number of outstanding shares |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
Basic earnings per share (in Ch$) |  |  | 3.285 |  |  |  | 3.159 |  |  |  | 2.986 |
Basic earnings per share from continuing operations (in Ch$) |  |  | 3.276 |  |  |  | 3.139 |  |  |  | 2.972 |
Basic earnings per share from discontinued operations (in Ch$) |  |  | 0.009 |  |  |  | 0.020 |  |  |  | 0.015 |
b) Diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Total attributable to the shareholders of the Bank |  |  | 619,091 |  |  |  | 595,333 |  |  |  | 562,801 |
Weighted average number of outstanding shares |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
Adjusted number of shares |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |  |  |  | 188,446,126,794 |
Diluted earnings per share (in Ch$) |  |  | 3.285 |  |  |  | 3.159 |  |  |  | 2.987 |
Diluted earnings per share from continuing operations (in Ch$) |  |  | 3.276 |  |  |  | 3.139 |  |  |  | 2.972 |
Diluted earnings per share from discontinued operations (in Ch$) |  |  | 0.009 |  |  |  | 0.020 |  |  |  | 0.015 |
As of December 31, 2019, 2018 and 2017 the Bank does not own instruments with dilutive effects.
| e) | Other comprehensive income from available for sale investments and cash flow hedges:
|  | For the years ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  | MCh$ |  | MCh$ |  | MCh$
Debt instruments at FVOCI |  |  |  |  |  |
As of January 1, |  |  | 6,962 |  |  |  | 1,855 |  |  |  | - |
Gain (losses) on the re-measurement of debt instruments at FVOCI, before tax |  |  | (17,775 | ) |  |  | 6,609 |  |  |  | - |
Recycling from other comprehensive income to income for the year |  |  | 39,997 |  |  |  | (1,502 | ) |  |  | - |
Available for sale investments |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | - |  |  |  | - |  |  |  | 7,375 |
Gain (losses) on the re-measurement of available for sale investments, before tax |  |  | - |  |  |  | - |  |  |  | (10,384 | )
Recycling from other comprehensive income to income for the year |  |  | - |  |  |  | - |  |  |  | 4,864 |
Subtotals |  |  | 22,222 |  |  |  | 5,107 |  |  |  | (5,520 | )
Total |  |  | 29,184 |  |  |  | 6,962 |  |  |  | 1,855 |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | 9,803 |  |  |  | (3,562 | ) |  |  | 2,288 |
Gains (losses) on the re-measurement of cash flow hedges, before tax |  |  | (49,163 | ) |  |  | 14,048 |  |  |  | (5,850 | )
Recycling adjustments on cash flow hedges, before tax |  |  | (1,075 | ) |  |  | (683 | ) |  |  | - |
Amounts removed from equity and included in carrying amount of non-financial asset (liability) which acquisition or incurrence was hedged as a highly probable transaction |  |  | - |  |  |  | - |  |  |  | - |
Subtotals |  |  | (50,238 | ) |  |  | 13,365 |  |  |  | (5,850 | )
Total |  |  | (40,435 | ) |  |  | 9,803 |  |  |  | (3,562 | )
Other comprehensive income, before taxes |  |  | (11,251 | ) |  |  | 16,765 |  |  |  | (1,707 | )
Income tax related to other comprehensive income components |  |  |  |  |  |  |  |  |  |  |  |
Income tax relating to debt instruments at FVOCI |  |  | (7,756 | ) |  |  | (1,810 | ) |  |  | - |
Income tax relating to available for sale investments |  |  |  |  |  |  | - |  |  |  | (473 | )
Income tax relating to cash flow hedges |  |  | 10,918 |  |  |  | (2,646 | ) |  |  | 908 |
Total |  |  | 3,162 |  |  |  | (4,456 | ) |  |  | 435 |
Other comprehensive income, net of tax |  |  | (8,089 | ) |  |  | 12,309 |  |  |  | (1,272 | )
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Shareholders of the Bank |  |  | (8,856 | ) |  |  | 11,353 |  |  |  | (2,312 | )
Non-controlling interest |  |  | 767 |  |  |  | 956 |  |  |  | 1,040 |
The Bank expects that the results included in "Other comprehensive income" will be reclassified to profit or loss when the specific conditions have been met.

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