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Risk Management (Tables)

12 Months Ended

Dec. 31, 2019

Risk Management [Abstract]

Schedule of quality assets and its related provision

The following table shows quality assets and its related provision, based on our internal scoring policy as of December 31, 2019 and 2018:

		December 31, 2019
		Individually assessed
Commercial		Stage 1				Stage 2				Stage 3				Total Individual				Percentage				Stage 1				Stage 2				Stage 3				Total ECL Allowance				Percentage
Portfolio		MCh$				MCh$				MCh$				MCh$				%				MCh$				MCh$				MCh$				MCh$				%
A1			99,042				-				-				99,042				0.30	%			2				-								2				0.00	%
A2			907,659				37				-				907,696				2.78	%			443				-								443				0.05	%
A3			2,418,990				61				-				2,419,051				7.41	%			2,617				-								2,617				0.29	%
A4			3,262,671				7,184				-				3,269,855				10.01	%			4,399				22								4,421				0.49	%
A5			2,188,717				22,163				-				2,210,880				6.77	%			7,618				515								8,133				0.91	%
A6			1,086,401				47,157				487				1,134,045				3.47	%			6,461				1,410				208				8,079				0.90	%
B1			-				603,201				-				603,201				1.85	%			-				12,641				-				12,641				1.41	%
B2			-				82,781				560				83,341				0.26	%			-				3,773				205				3,978				0.44	%
B3			-				85,034				817				85,851				0.26	%			-				3,367				261				3,628				0.40	%
B4			-				83,039				50,662				133,701				0.41	%			-				4,085				21,910				25,995				2.90	%
C1			-				45,433				113,004				158,437				0.48	%			-				3,516				50,440				53,956				6.02	%
C2			-				8,865				66,965				75,830				0.23	%			-				614				28,504				29,118				3.25	%
C3			-				15,762				32,839				48,601				0.15	%			-				221				11,281				11,502				1.28	%
C4			-				2,405				38,967				41,372				0.13	%			-				170				20,039				20,209				2.26	%
C5			-				847				44,057				44,904				0.14	%			-				43				27,586				27,629				3.08	%
C6			-				998				52,649				53,647				0.16	%			-				12				35,732				35,744				3.99	%
Subtotal			9,963,480				1,004,967				401,007				11,369,454				34.80	%			21,540				30,389				196,166				248,095				27.69	%

		Collectively assessed
		Stage 1				Stage 2				Stage 3				Total Group				Percentage				Stage 1				Stage 2				Stage 3				Total ECL Allowance				Percentage
		MCh$				MCh$				MCh$				MCh$				%				MCh$				MCh$				MCh$				MCh$				%
Commercial			3,839,143				240,100				413,628				4,492,871				13.75	%			35,887				25,555				197,032				258,474				28.84	%
Mortgage			10,275,966				457,948				529,081				11,262,995				34.47	%			8,446				14,509				78,104				101,059				11.28	%
Consumer			4,963,047				292,718				290,430				5,546,195				16.98	%			67,396				50,808				170,263				288,467				32.19	%
Subtotal			19,078,156				990,766				1,233,139				21,302,061				65.20	%			111,729				90,872				445,399				648,000				72.31	%
Total			29,041,636				1,995,733				1,634,146				32,671,515				100.00	%			133,269				121,261				641,565				896,095				100.00	%

		December 31, 2018
		Individually assessed
Commercial		Stage 1				Stage 2				Stage 3				Total Individual				Percentage				Stage 1				Stage 2				Stage 3				Total ECL Allowance				Percentage
Portfolio		MCh$				MCh$				MCh$				MCh$				%				MCh$				MCh$				MCh$				MCh$				%
A1			29,998				-				-				29,998				0,10	%			2				-				-				2				0,00	%
A2			1,074,789				-				-				1,074,789				3,56	%			525				-				-				525				0,06	%
A3			2,699,684				309				-				2,699,993				8,94	%			2,526				-				-				2,526				0,29	%
A4			3,200,608				16,546				-				3,217,154				10,65	%			8,865				323				-				9,188				1,04	%
A5			1,755,259				26,141				-				1,781,400				5,90	%			11,296				453				-				11,749				1,33	%
A6			935,499				45,671				-				981,170				3,25	%			6,975				2,213				-				9,188				1,04	%
B1			-				494,915				187				495,102				1,64	%			-				14,107				79				14,186				1,61	%
B2			-				81,955				156				82,111				0,27	%			-				2,786				66				2,852				0,32	%
B3			-				67,089				614				67,703				0,22	%			-				3,841				233				4,074				0,46	%
B4			-				47,653				45,480				93,133				0,31	%			-				2,488				19,688				22,176				2,51	%
C1			-				46,383				108,325				154,708				0,51	%			-				2,548				48,147				50,695				5,75	%
C2			-				15,678				39,246				54,924				0,18	%			-				1,261				18,171				19,432				2,20	%
C3			-				19,655				26,204				45,859				0,15	%			-				733				10,803				11,536				1,31	%
C4			-				3,560				32,445				36,005				0,12	%			-				246				17,077				17,323				1,96	%
C5			-				703				64,762				65,465				0,22	%			-				32				40,541				40,573				4,60	%
C6			-				1,525				69,511				71,036				0,22	%			-				35				43,310				43,345				4,91	%
Subtotal			9,695,837				867,783				386,930				10,950,550				36,24	%			30,189				31,066				198,115				259,370				29,39	%

		Collectively assessed
		Stage 1				Stage 2				Stage 3				Total Group				Percentage				Stage 1				Stage 2				Stage 3				Total ECL Allowance				Percentage
		MCh$				MCh$				MCh$				MCh$				%				MCh$				MCh$				MCh$				MCh$				%
Commercial			3,616,969				232,472				386,154				4,235,595				14,02	%			43,541				24,574				179,317				247,432				28,04	%
Mortgage			4,341,740				249,039				285,510				4,876,289				16,14	%			70,904				54,372				159,066				284,342				32,23	%
Consumer			9,258,962				447,496				444,523				10,150,981				33,60	%			9,006				15,102				67,162				91,270				10,34	%
Subtotal			17,217,671				929,007				1,116,187				19,262,865				63,76	%			123,451				94,048				405,545				623,044				70,61	%
Total			26,913,508				1,796,790				1,503,117				30,213,415				100,00	%			153,640				125,114				603,660				882,414				100,00	%

Schedule of mortage and other loan

Collectively assessed					Individually assessed
Mortgages	Other loans	Revolving (Credit cards)	Collectively assessed  SME		Individually assessed SME	Middle market	Corporate and Investment Banking
39.57 %	39.11 %	15.73 %	39.11 %		22.69%	4.5 %	Santander Group criteria

Qualitative criteria for SICR Stage 2:

The qualitative criteria is based on the existence of evidence that leads to an automatic classification of financial instruments in stage 2, mainly 30 days overdue and restructured. Thresholds of SICR are calibrated based on the average ECL of exposures that are 30 days overdue or with a level of credit risk considered to be "significant".

Collectively assessed					Individually assessed
Mortgages	Other loans	Revolving (Credit cards)	Collectively assessed SME		Individually assessed SME	Middle market	Corporate and Investment Banking
Irregular portfolio > 30 days	Irregular portfolio > 30 days	Irregular portfolio > 30 days	Irregular portfolio > 30 days		Irregular portfolio > 30 days	Irregular portfolio > 30 days	Irregular portfolio > 30 days
Restructured marked for monitoring	Restructured marked for monitoring	Restructured marked for monitoring	Restructured marked for monitoring		Restructured marked for monitoring	Restructured marked for monitoring	Restructured marked for monitoring
					Clients that are considered to be substandard or in incompliance (pre-legal action)	Clients that are considered to be substandard or in incompliance (pre-legal action)	Clients that are considered to be substandard or in incompliance (pre-legal action)

Schedule of modified loans

		As of December 31, 2019																As of December 31, 2018
		Stage 1				Stage 2				Stage 3				Total				Stage 1				Stage 2				Stage 3				Total
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Gross carrying amount			29,041,636				1,995,733				1,634,146				32,671,515				26,913,508				1,796,790				1,503,116				30,213,415
Modified loans			-				512,529				611,316				1,123,845				-				582,513				815,094				1,397,607
%			-				25.68	%			37.41	%			3.44	%			-				32.42	%			54.23	%			4.63	%
ECL allowance			133,269				121,261				641,565				896,095				153,640				125,114				603,660				882,414
Modified loans			-				36,329				242,649				278,978				-				44,099				323,802				367,901
%			-				29.96	%			37.82	%			31.13	%			-				35.25	%			53.64	%			41.69	%

Schedule of risk concentration

The following table shows the risk concentration by industry, and by stage before ECL allowance of loans and account receivable at amortised cost:

		December 31, 2019																December 31, 2018
		Stage 1				Stage 2				Stage 3				Total				Stage 1				Stage 2				Stage 3				Total
Commercial		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
loans
Manufacturing			1,110,484				107,356				67,974				1,285,814				992,786				92,931				54,048				1,139,765
Mining			280,297				123,005				3,739				407,041				182,342				21,821				4,585				208,748
Electricity, gas, and water			309,941				22,907				8,196				341,044				384,288				22,365				2,279				408,932
Agriculture and livestock			1,020,857				172,984				93,440				1,287,281				934,199				166,271				100,781				1,201,251
Forest			132,483				17,035				15,689				165,207				120,371				9,402				14,115				143,888
Fishing			223,980				24,879				7,695				256,554				238,348				11,104				3,569				253,021
Transport			665,570				64,115				34,192				763,877				716,493				55,011				37,802				809,306
Communications			206,660				28,122				6,168				240,950				178,215				30,407				7,222				215,844
Construction (*)			782,265				85,435				106,568				974,268				723,600				88,691				93,747				906,038
Commerce			2,655,982				110,326				30,107				2,796,415				2,950,517				189,623				199,924				3,340,064
Services			2,971,563				190,097				204,472				3,366,132				1,771,595				81,159				12,915				1,865,669
Other			3,442,541				298,806				236,395				3,977,742				4,120,052				331,470				242,097				4,693,619
Subtotal			13,802,623				1,245,067				814,635				15,862,325				13,312,806				1,100,255				773,084				15,186,145
Mortgage loans			10,275,966				457,948				529,081				11,262,995				9,258,962				447,496				444,523				10,150,981
Consumer loans			4,963,047				292,718				290,430				5,546,195				4,341,740				249,039				285,510				4,876,289
Total			29,041,636				1,995,733				1,634,146				32,671,515				26,913,508				1,796,790				1,503,117				30,213,415

(*) In 2019 we improved the classification of our construction loans, reassigning loans for real state rental investment companies to services.

Schedule of macro economical forward

The annual growth forecasts for the most relevant macroeconomic variables for each of our scenarios are as follows:

		Average estimates 2020 - 2021
		Unfavorable scenario 2				Unfavorable scenario 1				Base scenario				Favorable scenario 1				Favorable scenario 2
Official interest rate			0.25	%			0.50	%			1.59	%			3.20	%			4.42	%
Unemployment rate			7.31	%			6.96	%			6.50	%			6.04	%			5.70	%
Housing Price growth			(1.70	)%			1,04	%			4.67	%			8.30	%			11.04	%
GDP growth			(1.16	)%			0.67	%			3.12	%			5.56	%			7.40	%
Consumer Price Index			(0.26	)%			1.07	%			2.82	%			4.57	%			5.90	%

Schedule of probabilities

The probabilities for the scenarios must total 100% and be symmetrical.

Local scenario							Global scenario
		Probability weighting							Probability weighting
Favorable scenario 2			10	%			Favorable scenario 1			30	%
Favorable scenario 1			15	%			Base scenario			40	%
Base scenario			50	%			Unfavorable scenario 1			30	%
Unfavorable scenario 1			15	%
Unfavorable scenario 2			10	%

Schedule of allowance sensibility

The ECL allowance sensibility to future macro-economic conditions is as follows:

		December 31, 2019				December 21, 2018
		MCh$				MCh$
Reported ECL allowance			896,095				882,414
Gross carrying amount			32,671,515				30,213,415
Reported ECL Coverage			2.74	%			2.92	%
ECL amount by scenarios
Favorable scenarios 2			797,501				745,089
Favorable scenarios 1			835,956				815,113
Base scenarios			884,480				879,358
Unfavorable scenarios 2			929,802				949,329
Unfavorable scenarios 2			962,437				970,563
Coverage ratio by scenarios
Favorable scenarios 2			2.44	%			2.46	%
Favorable scenarios 1			2.56	%			2.69	%
Base scenarios			2.71	%			2.90	%
Unfavorable scenarios 2			2.85	%			3.13	%
Unfavorable scenarios 2			2.95	%			3.21	%

Schedule of financial assets and associated collateral

The following table show the maximum exposure to credit risk by class of financial asset, associated collateral and the net exposure to credit risk:

		As of December 31,
		2019																2018
		Maximum exposure to credit risk				Collateral				Net exposure				Associated ECL				Maximum exposure to credit risk				Collateral				Net exposure				Associated ECL
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Commercial loans			15,928,491				8,180,015				7,748,476				506,670				15,254,838				7,369,291				7,885,547				506,908
Mortgage loans			11,262,995				10,725,604				537,391				101,059				10,150,981				9,699,324				451,657				91,270
Consumer Loans			5,546,195				748,577				4,797,618				288,467				4,876,289				754,920				4,121,369				284,342
Total			32,737,681				19,654,196				13,083,485				896,196				30,282,108				17,823,535				12,458,537				882,520

(*) Includes Loans and account receivable at FVOCI

Schedule of financial assets and off-balance sheet commitments

Below is the distribution by financial asset and off-balance sheet commitments of the Bank's maximum exposure to credit risk as of December 31, 2019 and 2018, without deduction of collateral, security interests or credit improvements received:

				As of December 31,
				2019				2018
				Amount of exposure				Amount of exposure
		Note		MCh$				MCh$
Deposits in banks		5			2,693,342				1,240,578
Cash items in process of collection		5			355,062				353,757
Financial derivative contracts		8			8,148,608				3,100,635
Financial assets held for trading		6			270,204				77,041
Loans and account receivable at amortised cost / Loans and account receivable at FVOCI		9 /10			31,841,485				29,399,589
Debt instrument at fair value through other comprehensive income		11			4,010,272				2,394,323
Off-balance commitments:
Letters of credit issued					140,572				223,420
Foreign letters of credit confirmed					70,192				57,038
Performance guarantees					1,929,894				1,954,205
Available credit lines					8,732,422				8,997,650
Personal guarantees					451,950				133,623
Other irrevocable credit commitments					485,991				327,297
Total					59,129,994				48,345,002

Schedule of fair value of derivative instruments

Below, there are additional details regarding our exposure for those countries classified above 1 and represents our majority of exposure to categories other than 1, Below we detail as of December 31, 2019, considering fair value of derivative instruments.

Country		Classification		Derivative Instruments (adjusted to market) USD				Deposits USD				Loans USD				Financial investments USD				Total Exposure USD
China		2			0.00				0.00				7.23				0.00				7.23
Colombia		2			1.24				0.00				0.00				0.00				1.24
Italy		2			0.00				1.36				0.32				0.00				1.68
Mexico		2			9.42				0.04				0.00				0.00				9.46
Panama		2			1.50				0.00				0.00				0.00				1.50
Peru		2			2.20				0.00				0.00				0.00				2.20
Uruguay		2			0.00				0.00				0.10				0.00				0.10
Total					14.36				1.40				7.65				0.00				23.41

Our exposure to the group is as follows:

Counterpart		Country		Classification		Derivative instruments (market adjusted) MUSD				Deposits MUSD				Loans MUSD				Financial Investments MUSD				Exposure Exposure MUSD
Banco Santander España (*)		Spain		1			319.0				54.8				0.4				0.0				374.20
Santander UK		UK		1			24.0				2.0				0.0				0.0				26.00
Banco Santander Mexico		Mexico		2			9.4				0.0				0.0				0.0				9.4
Total							352.4				56.8				0.4				0.0				409.6

(*) The total amount of this exposure to derivative instruments must be compensated daily with collateral and, therefore, the net credit exposure is USD 0.

Schedule of security interests, collateral, or credit improvements

Below is the detail of security interests, collateral, or credit improvements provided to the Bank as of December 31, 2019 and 2018,

		As of December 31,
		2019				2018
		MCh$				MCh$
Non-impaired financial assets:
Properties/mortgages			23,371,510				22,047,354
Investments and others			2,785,219				2,200,776
Impaired financial assets:
Properties/ mortgages			101,456				119,181
Investments and others			525				865
Total			26,258,710				24,368,176

Schedule of liquidity portfolio

The management of the Bank's liquidity portfolio is performed by the Financial Management Division under rules determined by the ALCO.

		As of December 31,
		2019				2018
		MCh$				MCh$
Financial investments for trading			270,204				77,041
Available for sale investments			4,010,272				2,394,323
Encumbered assets (net) (1)			(380,055	)			(48,843	)
Net cash (2)			2,384,323				149,321
Net Interbank deposits (3)			(281,620	)			967,095
Total liquidity portfolio			6,013,124				3,538,937

(1) Assets encumbered through repurchase agreements are deduced from liquidity portfolio.

(2) Cash minus reserve requirements. As is presented in Note 5 the reserve requirements are established by the monthly average reserves that the bank must maintain in accordance with regulation governing minimum reserves.

(3) Includes overnight deposits in Central Bank, domestic banks and foreign banks.

Schedule of exposure to liquidity risk

The following table displays the actual derived percentages as calculated per above:

		As of December 31,
		2019 %				2018 %
30 days			63				(20	)
30 days foreign currency			-				-
90 days			79				(37	)

Schedule of breakdown by maturity

Below, is the breakdown by maturity, of the liability balances of the Bank as of December 31, 2019 and 2018:

		Demand				Up to 1 month				Between 1 and 3 months				Between 3 and 12 months				Subtotal up to 1 year				Between 1 and 3 years				Between 3 and 5 years				More than 5 years				Subtotal after 1 year				Total
As of December 31, 2019		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Obligations under repurchase agreements			-				380,055				-				-				380,055				-				-				-				-				380,055
Checking accounts, time deposits and other time liabilities			10,439,705				5,184,567				4,905,414				2,417,703				22,947,389				357,856				163,121				21,883				542,860				23,490,249
Financial derivatives contracts			-				422,749				427,825				951,684				1,802,258				1,253,280				1,180,948				3,154,168				5,588,396				7,390,654
Interbank borrowings			94				363,560				624,167				1,141,824				2,129,645				387,936				2,237				-				390,173				2,519,818
Issue debt instruments			-				285,159				759,519				1,044,674				2,089,352				2,394,850				2,042,292				2,974,229				7,411,371				9,500,723
Lease liabilities			-				-				-				26,061				26,061				45,978				36,393				50,062				132,433				158,494
Other financial liabilities			161,021				5,155				30,969				28,888				226,033				83				99				143				325				226,358
Subtotal			10,600,820				6,641,245				6,747,894				5,610,834				29,600,793				4,439,983				3,425,090				6,200,485				14,065,558				43,666,351
Contractual interest payments			10,473				148,731				267,994				1,727,401				2,154,599				1,720,990				1,653,500				3,101,084				6,475,574				8,630,173
Total			10,611,293				6,789,976				7,015,888				7,338,235				31,755,392				6,160,973				5,078,590				9,301,569				20,541,132				52,296,524

As of December 31, 2019, the scheduled maturities of other commercial commitments, including accrued interest, were as follows:

Other Commercial Commitments		Up to 1 month				Between 1 and 3 months				Between 3 and 12 months				Between 1 and 5 years				More than 5 years				Total
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Performance guarantee			144,364				544,370				899,437				312,559				22,292				1,923,022
Confirmed foreign letters of credit			25,491				1,808				11,306				31,587				-				70,192
Letters of credit issued			30,555				348				33,439				70,924				-				135,266
Pledges and other commercial commitments			30,357				9,009				317,824				94,561				-				451,751
Total other commercial commitments			230,767				555,535				1,262,006				509,631				22,292				2,580,231

		Demand				Up to 1 month				Between 1 and 3 months				Between 3 and 12 months				Subtotal up to 1 year				Between 1 and 3 years				Between 3 and 5 years				More than 5 years				Subtotal after 1 year				Total
As of December 31, 2018		MM$				MM$				MM$				MM$				MM$				MM$				MM$				MM$				MM$				MM$
Obligations under repurchase agreements			-				48,545				-				-				48,545				-				-				-				-				48,545
Checking accounts, time deposits and other time liabilities			9,027,434				5,248,418				4,108,556				3,326,199				21,710,607				191,547				6,137				63,988				261,672				21,972,279
Financial derivatives contracts			-				131,378				120,361				349,551				601,290				495,789				471,185				949,464				1,916,438				2,517,728
Interbank borrowings			39,378				16,310				404,575				1,188,692				1,648,955				139,671				-				-				139,671				1,788,626
Issue debt instruments			-				71,465				39,267				745,830				856,562				2,431,849				1,549,743				3,277,079				7,258,671				8,115,233
Other financial liabilities			179,681				934				2,412				22,844				205,871				9,261				92				176				9,529				215,400
Subtotal			9,246,493				5,517,050				4,675,171				5,633,116				25,071,830				3,268,117				2,027,157				4,290,707				9,585,981				34,657,811
Contractual interest payments			4,918				82,292				158,760				812,920				1,058,890				1,156,262				1,110,918				1,537,385				3,804,565				4,863,456
Total			9,251,411				5,599,342				4,833,931				6,446,036				26,130,720				4,424,379				3,138,075				5,828,092				13,390,546				39,521,266

As of December 31, 2018, the scheduled maturities of other commercial commitments, including accrued interest, were as follows:

Other Commercial Commitments		Up to 1 month				Between 1 and 3 months				Between 3 and 12 months				Between 1 and 5 years				More than 5 years				Total
		MCh$				MCh$				MCh$				MCh$				MCh$				MCh$
Performance guarantee			663,642				188,147				905,554				163,506				33,356				1,954,205
Confirmed foreign letters of credit			3,842				9,128				33,177				10,891				-				57,038
Letters of credit issued			12,469				110,970				54,015				45,937				29				223,420
Pledges and other commercial commitments			22,128				63,230				41,637				6,628				-				133,623
Total other commercial commitments			702,081				371,475				1,034,383				226,962				33,385				2,368,286

Schedule of high, low and average levels

High, low and average levels for each component and year were as follows:

VaR		2019 USDMM				2018 USDMM
Consolidated:
High			15.78				5.23
Low			1.33				1.21
Average			3.06				2.01
Fixed-income investments:
High			9.77				2.54
Low			1.18				1.19
Average			2.33				1.71
Variable-income investments
High			-				0.01
Low			0.01				-
Average			-				-
Foreign currency investments
High			6.05				4.29
Low			0.10				0.09
Average			1.60				1.14

Schedule of market risk

Market risk – Financial management portfolio – December 31, 2019 and 2018

		2019								2018
		Effect on financial income				Effect on capital				Effect on financial income				Effect on capital
Financial management portfolio – local currency (MCh$)
Loss limit			100,000				275,000				48,000				192,001
High			32,719				273,473				43,742				189,725
Low			12,686				145,338				27,854				170,450
Average			24,719				228,772				37,569				180,972
Financial management portfolio – foreign currency (Th$US)
Loss limit			30				75				30				75
High			20				35				12				38
Low			5				1				4				(10	)
Average			12				12				9				22
Financial management portfolio – consolidated (in MCh$)
Loss limit			100,000				275,000				48,000				192,002
High			34,462				271,989				45,492				192,848
Low			15,236				143,836				29,167				168,766
Average			27,918				227,303				38,908				182,557

Schedule of levels of basic capital and effective net equity

The levels of basic capital and effective net equity at the close of each period are as follows:

										Ratio
		As of December 31,								As of December 31,
		2019				2018				2019				2018
		MCh$				MCh$				%				%
Basic capital			3,390,823				3,239,546				6.96				7.72
Regulatory capital			4,304,401				4,101,664				12.86				13.40

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